"RV UPDATE" BY PIMPY, 16 OCT

 Pimpy

  Question: "Please explain what you mean by dirty float."  There are different monetary policies that people could put into place to control their exchange rates.  A dirty float is a free float with the government's ability to intervene at any time.

 There's no proof whatsoever that anybody inside our congress hold Iraqi dinar.  Now I'm not saying they don't because the truth of the matter is most of them are in the know. 

So if something big is going to happen I guarantee they're going to have Iraqi dinar.  But where's the proof that congress has Iraqi dinar?  Where's the proof that Trump has it?  

You know that's a funny thing, I believe Trump was asked one time and he said he didn't have any at the time but was thinking about it..

Question: "I'm confused, are you for an RV or you saying it's not going to happen?"  What do you  mean?  

What part are you confused about?  I'm for an RV, hell yeah man! Let it happen tomorrow.  Geez.  I'm for an RV, I'm just saying  we're grounded...I'm not negative.  I'm telling you the truth...I'm saying the RV will happen in increments.  Are you talking about a reinstatement, the $3.22 rate?  No, that's not going to happen... 

 The one major issue with Iraq is they rely too much on oil.  I don't care what them guys tell you about, 'oh, they're article VIII compliant.' 

 That doesn't mean crap.  Compliant what?  Article VIII of what?  What article VIII are you talking about? 

 The biggest issue with Iraq besides the fact they don't have a stable economy and their government is not stable is they rely way too much on oil...

Al-Sudani Directs To Simplify Banking Procedures: We Are Determined To Implement Financial Reform, 16 OCT

 Al-Sudani Directs To Simplify Banking Procedures: We Are Determined To Implement Financial Reform

Economy News – Baghdad   Prime Minister Muhammad Shiaa Al-Sudani directed, on Sunday, to simplify all banking procedures, and to prepare a proposed list of facilities and simplified procedures to be submitted within a week.

Al-Sudani’s office stated in a statement, “Within the framework of his follow-up to the plan to implement financial and administrative reforms in the financial and banking sectors, Prime Minister Muhammad Shia’ al-Sudani chaired, this evening, Sunday, a meeting that included the Governor of the Central Bank and the directors of government banks, in which the procedures and work mechanisms taken to achieve... Banking reform, which constitutes one of the basic steps of financial and economic reform that the government adopts in its executive approach.”

Al-Sudani stressed, “Financial reform is not just a slogan, but rather a series of terms and procedures that the government is determined to implement without hesitation, and will face all the challenges and obstacles that hinder the implementation of systematic and thoughtful reform plans.”

Al-Sudani directed to "simplify all banking procedures, and prepare a proposed list of facilities and simplified procedures to be presented within a week, in addition to providing a summary of the obstacles that obstruct the banking reform process, and proposing effective and implementable treatments for them, in a way that helps in overcoming the approved traditional contexts, which prevent... Achieving the government’s goal of developing this important economic and service sector.”

156 views 10/15/2023 https://economy-news.net/content.php?id=36979

The Kurdistan Government Announces The Adoption Of The Iraqi Dinar Instead Of The Dollar In Customs Duties, 16 OCT

 The Kurdistan Government Announces The Adoption Of The Iraqi Dinar Instead Of The Dollar In Customs Duties

Monday 16, October 2023  Economical Number of readings: 268  Baghdad / NINA / The Kurdistan Regional Government announced, today, Monday, the adoption of the Iraqi dinar in customs duties instead of the US dollar.   The Regional Government's Media and Information Department said in a statement, "The Kurdistan Regional Council of Ministers decided to adopt the Iraqi dinar at all border crossings. "

The statement added, "All ministries are obligated to implement the decision, and in the event of a violation, legal measures will be taken against them."

https://ninanews.com/Website/News/Details?key=1084085

"RV UPDATE" BY MARKZ, 16 OCT

 MarkZ  

 [via PDK]  There are a lot of interesting articles on de-dollarization coming out of Iraq. “KRG to collect customs fees in dinar exclusively”  This is the Kurdish region in northern Iraq.  They have fully jumped on board with the de-dollarization effort.  Comment:  In Iraq –they took all the dollars out of the ATM’s - dinar only.  MarkZ:  Yes…it’s all part of the de-dollarization...I can tell you from my sources they agree…and Kuwait did the same thing before they RV'd.  Back then all fees and transaction had to also be paid in Kuwaiti dinar.  To me this tells us we are circling around the drain on finishing this thing.

 ...What one person calls a redemption center-another calls a bank. But overwhelmingly redemption centers are in banks…Banks that are set up with people trained to exchange currencies and all the procedures and equipment…. Call it whatever you want. Call it a “redeeming bank”…Most work in dual roles…in wealth management and will be assisting with exchanges when it happens…so most are already employed at banks.

  We are watching it happen…and yes it is just moving so slowly. Slowly, slowly then suddenly it’s going to go. BAM

Iraqi Dinar International Entry and $2.75 to Aspirations | International...

Sudanese advisor: 70% of Iraq's imports are with the BRICS countries, 16 OCT

  Sudanese advisor: 70% of Iraq's imports are with the BRICS countries

Economy News - Baghdad

The financial adviser to the Prime Minister, Mazhar Mohammed Saleh, revealed on Sunday that 70% of Iraq's imports are with the countries of the "BRICS" group.

Saleh told the official news agency, "The BRICS group includes Brazil, Russia, India, China and South Africa, where the origin of the name (BRICS or BRICS) was launched in 2001 by Goldman Sachs financial group economist Jim O'Neill to describe fast-growing economies that are expected to collectively dominate the global economy by 2050."

He added, "Iraq announced its desire to join the BRICS group, as there is an objective basis related to the links of the Iraqi economy with the markets of the BRICS countries themselves, as it reflects the current account of the Iraqi balance of payments with the countries of that economic group, which includes the strongest emerging markets in the world," noting that "there is a direct dependence of the BRICS group on an important percentage of Iraq's oil exports, which are not less than 55 percent, especially India and China.

He explained that "about 70 percent of Iraq's imports are currently with the BRICS countries themselves, which means that the trade partnership and Iraq's strong economic interests automatically push towards international economic cooperation with our country's trade partners, especially in the issue of looking towards wider areas in the flow of the group's investments, and obtaining advantages to join in a way that serves the future of sustainable development and the progress of the economy in our country."

He added that the "BRICS" group currently occupies about 27 percent of the world's land area and 42 percent of the world's population, with Brazil, Russia, India and China among the ten largest countries in the world in terms of population, area and GDP (according to the purchasing power parity criterion), and the last three countries (India, China and Russia) are potential emerging superpower countries, while all five countries in the BRICS group are also members of the the twenty, which includes the United States of America and the rest of the Group of Seven."

Earlier, Prime Minister Mohammed Shia al-Sudani confirmed Iraq's readiness to join the BRICS group, if it receives an invitation from the founding countries.

Parliamentary hosting of the Governor of the Central Bank of Iraq regarding the dollar exchange rate, 16 OCT

Parliamentary hosting of the Governor of the Central Bank of Iraq regarding the dollar exchange rate

The Parliamentary Finance Committee announced on Monday that it will host in the coming days the governor of the Central Bank of Iraq and its general directors regarding the lack of control over the exchange rate of the US dollar against the dinar

Committee member Mustafa Al-Karaawi told Shafaq News Agency, “The committee will host this week the Governor of the Central Bank, Ali Al-Alaq, and the general directors of the bank to find out the reasons for the rise and fall in the dollar exchange rate in the parallel market and who is the party concerned with implementing the reform packages launched by the Central Bank.”

He pointed out that "the instability of the dollar exchange rate has caused an economic problem, and there is no clear policy for the central bank," stressing that "the government must implement what the bank wants through the reform packages it launched, and therefore controlling the exchange rate is a shared responsibility." between the Central Bank and government agencies, especially those concerned with import and customs ports.” 

Al-Karawi pointed out that “hosting the bank’s governor will address the economic crisis, the rise and fall of the dollar, and the agreements the bank signed with the US Federal Reserve and the World Bank.”

The exchange rates of the US dollar have witnessed an upward increase against the Iraqi dinar for several months, and reached its peak this month when the price reached 1,655 dinars to one dollar, despite the government and the Central Bank setting an official exchange rate of 1,320 dinars to one dollar.   link