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AN ECONOMIC EXPERT IDENTIFIES 5 REASONS FOR THE CONTINUOUS RISE OF THE DOLLAR AND THE FALL OF THE DINAR IN IRAQ, 13 OCT

 AN ECONOMIC EXPERT IDENTIFIES 5 REASONS FOR THE CONTINUOUS RISE OF THE DOLLAR AND THE FALL OF THE DINAR IN IRAQ, 13 OCT

Today, Tuesday (October 10, 2023), economic expert Nabil Al-Marsoumi made observations about the decline in the value of the Iraqi dinar compared to the US dollar in the “black” parallel markets, specifying (5) reasons for the occurring fluctuation.

Al-Marsoumi said in a post on Facebook, followed by “Baghdad Today”, and commenting on the measures to control exchange rates, that “The Central Bank of Iraq wants to ban cash and support electronic payment, as private banks use the cash they buy from the Central Bank to finance trade with Iran.” And Syria.”

Regarding granting the dollar to travelers, he explained that “it does not reach them, so the demand for the cash dollar increases,” indicating that “the current exchange rate crisis is not only monetary and technical, but is essentially a political and economic crisis, and those who believe and promote that the general level of prices are not affected by the rise in the parallel dollar are delusional.”

Earlier today, Tuesday (October 10, 2023) , economic affairs expert Nasser Al-Kanani warned that the dollar exchange rate would exceed the barrier of 200 thousand dinars.

Al-Kinani said in an interview with “Baghdad Today” that “if the dollar exchange rate continues to rise without real measures, the price will exceed 200 thousand at the end of this year.”

He added, “This is because the government and the central bank continue to take ill-considered decisions.”

Yesterday, Monday, the Parliamentary Finance Committee revealed its move to investigate the Jordan National Bank’s acquisition of 70% of the currency selling window in Iraq.

Committee member Moeen Al-Kazemi told Baghdad Al-Youm, “The Parliamentary Finance Committee will move to investigate the issue of the Jordan National Bank’s acquisition of 70% of the currency selling window, and we will work to host officials at the Central Bank in order to follow up on this file.”

Al-Kadhimi stated, “The government and the Central Bank are still working to launch reform packages in order to control the rise in dollar prices and end the difference in the dollar exchange rate in the parallel market, and the coming days may witness the launch of new reform packages.”

"RV UPDATE" BY MILITIAMAN, 13 OCT

 Militia Man 

 Al Sudani was in Russia...one of the things he said is they're going to be doing business between the Iraqi dinar and the Russian ruble in commercial dealings...

Article VIII implicitly states no member may impose without the Fund's approval restrictions on the performance of payments and transfers related to international commercial transactions ...

 Article 14 implicitly indicates if the member is prepared to accept the obligations (which we haven't quite seen yet)...contained in sections 2, 3 and 4 of Article VIII it says thus the agreement encourages the free movement of capital between countries and the transfer of balances between other members...to facilitate the performance of international payments and work to create a stable exchange rate system which provides the appropriate foreign investments...

Article VIII...is the freedom of movement of capital.  If you don't have it and you're not released to get it, you're not going anywhere. 

A FORMER OFFICIAL COMMENTS ON THE DECLINE IN THE VALUE OF THE IRAQI DINAR, 13 oct

 A FORMER OFFICIAL COMMENTS ON THE DECLINE IN THE VALUE OF THE IRAQI DINAR, 13 oct

Former MP and member of the Parliamentary Finance Committee, Muhammad Al-Shabki, made a special statement to Earth News Agency, where he discussed developments in the economic situation in Iraq and the impact of the fluctuation in the value of the Iraqi dinar against the US dollar.

Al-Shabki stressed that “this fluctuation comes in the context of the Central Bank taking a series of measures to unify the exchange rate in the coming period, stressing that the goal of these measures is to limit the negative effects of the parallel market and manipulation of the exchange rate and its impact on the general economic market in Iraq.”

Al-Shabki added: “It appears that there are efforts being made to attack these measures by some parties, exchange companies, and banks, with the aim of increasing pressure on the Central Bank and its governor, by trying to postpone the implementation of these measures.” It is expected that there will be an increase in these pressures in the future, including increased pressure on the government to prevent unification of the exchange rate and control the parallel market price.”

He concluded by saying: “We hope that the Central Bank will remain steadfast and independent, stand against pressure and rumors, and continue to implement international standards and prudent measures that will improve and stabilize Iraq’s economy and exchange rate.”

"STATUS OF THE RV" BY DINAR IRAQ & DONG VIETNAM, 13 OCT

 STATUS OF THE RV

In one of the articles from this period of today’s news, Advisor to the Prime Minister for Investment Affairs, Muhammad Al-Najjar, on Wednesday explained that what is happening in this transformation and this process of currency reform is that we are trying to return everything to the global system, which all Iraqi governments were late in this action, and some of them completely ignored the requests directed, (yes, they shunned Dr Shababi in 2011-2013 for his efforts) and these requests are correct in reality.

Al-Najjar also pointed out that what we were supposed to do in six years, we are trying to accomplish in one year, and this greatly affected the exchange rate of the dollar, adding that the second thing that happened was the presence of major corruption within a group of banks and banking companies, which led to smuggle dollars.

(This shows us the current urgency of getting the process completed and confirms that this is the year they want to complete the currency reform.)

Then in another of the articles from today, Al-Shabki added and I quote from the article: “It appears that there are efforts being made to attack these measures by some parties, exchange companies, and banks, with the aim of increasing pressure on the Central Bank and its governor, by trying to postpone the implementation of these measures.”

It is expected that there will be an increase in these pressures in the future, including increased pressure on the government to prevent unification of the exchange rate and control the parallel market price.

He then concluded by saying: “We hope that the Central Bank will remain steadfast and independent, stand against pressure and rumors, and continue to implement international standards and prudent measures that will improve and stabilize Iraq’s economy and exchange rate.”

(So, you can see there are elements that do not want the currency reform to be completed since the goose with the golden eggs will end.

I assure you it will end and end soon!

This corruption will not continue.)

In today’s news we also find out that the Parliamentary Finance Committee member Moeen Al-Kazemi told Baghdad Al-Youm will move to investigate the issue of the Jordan National Bank’s acquisition of 70% of the currency selling window, and we will work to host officials at the Central Bank in order to follow up on this file and what is going on here.

Al-Kadhimi stated and I quote from the article: “The government and the Central Bank are still working to launch reform packages in order to control the rise in dollar prices and end the difference in the dollar exchange rate in the parallel market, and the coming days may witness the launch of new reform packages.”

Then on Wednesday, the State of Law Coalition revealed a new government project related to trade exchange between Iraq and three countries to adopt currencies other than the dollar to deal with several countries, including China, Iran and Russia, stressing that this project should work to reduce the demand for dollars in the Iraqi markets.

So, this was their big announcement this week for reform package to control the rise in the dollar prices.

We will absolutely not see the reinstatement prior to early January and January 2024 at the earliest.

-Can we maybe see the in-country RV soon, as part of the process of conversion to the newer lower denominations? :

This is possible and it may occur around December according to my source in the CBI.

-Will the bombing in Israel affect the currency reform process? :

It will affect the process as caution to any fallout in Iraq must be taken.

It may destabilize the region and Iraq included.

Remember Iraq needs a level of STABILITY and SECURITY to complete the reforms.

The terrorist organization itself has mentioned Iraq in particular and wants to destabilize the region of the middle east once again.

These are wicked evil people who want to destroy any hope in the people of the region and the west.

They have close ties to Iran and more than likely used weapons purchased from the 6 billion dollars just released to Iran.

Hamas and Palestine ties to weapon stashes left in Afghanistan too are now under investigation.

The truth will come out and the prophets tell us there are ties too to what is going on in the Ukraine to this Israeli bombing on Saturday.

Remember that our prophets are telling us that this period beginning with the new Hebrew year starting in mid-September would be turbulent, in fact the most turbulent yet up until December and early January.

These prophetic words also give me hope that the reinstatement of the Iraqi dinar is part of this turn around.

I know this reinstatement process has to continue to the end and is going to move quickly now and has to move now that of the Israeli bombings.

The Israeli bombings will be retaliated by Israel and it will be swift.

Already they have rounded up the perpetrators in country.

They are planning a massive evasion of Gaza and the prime minister has told the people the army will end this terrorism once and for all this time.

DINAR IRAQ & DONG VIETNAM

Iraq's BRICS Entry | Affects the US Dollar and the World Economy | Iraqi...

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 13 OCT

 [Iraq boots-on-the-ground report] 

 FIREFLY: The television said the dinar will be replacing the dollar and the auctions will come to an end, 

then the CBI can control the exchange rate totally and we will be no black market anymore..

.The television says the Federal Reserve is still in control of the financial budgets but expects this to end in two weeks...

FIREFLY:  Sudani said the banks that did not have our money that we deposited have basically been using that money on the black market to make money with a high exchange rate and this will stop. 

 They better come up with the month to pay our deposited money back or actions will be taken by the CBI toward these banks.  He spoke to high end corruption and how this too will end.  

FRANK:  I knew Sudani had everything under control but this is a little surprising to me.  It is very good news.