Look at the opportunity for Iraq. They're saying, 'Hey, we need to sell energy in these other currencies.' The United States is like'No problem. We don't care. We're expanding our markets anyways.'
There might have been in the past a situation where if Iraq sold energy in other currencies that we lost market share. But that's not the case coming down the road... Iraq...figured out a plan to go forward to be able to sell to as many customers as possible.
That's how they want to add value to the currency is taking that route. It's good for the United States. It's good for Iraq...
LOP - If they're going to LOP they don't need to shut the dollar off in their country. They don't need to reduce their money supply. They don't need to get rid of the 50 dinar note.
They don't need to pass banking laws. They would have said that's what they wanted to do. They said they wanted to add value to their currency and that's it.
Iraq’s Prime Minister Accuses Israel of Genocide at Cairo Peace Summit, 22 OCT
In a world caught in the throes of conflict and upheaval, it is the voices of leaders that often echo the loudest, defining the narrative of our times. Such a voice was heard at the Cairo Peace Summit, where the Prime Minister of Iraq, Mohammed Shiaa Al Sudani, accused Israel of violating international law and committing acts of genocide against the Palestinian people.
Sounds of War, Cries for Peace
Al Sudani’s remarks came amidst the simmering heat of the Cairo Peace Summit, a conclave of leaders from various nations, convened to discuss the ongoing conflict between Israel and Palestine. The Iraqi Prime Minister’s words painted a harsh picture of Israel’s actions – targeting civilians in schools, hospitals, mosques, and churches, actions he labeled as war crimes. His call to arms was not for more violence, but for an end to the Israeli occupation and an immediate cessation of the suffering of the Palestinian people.
Al Sudani’s plea extended beyond the immediate crisis. He highlighted the need for international bodies to enforce their resolutions related to the Palestinian issue and called for a comprehensive exchange of prisoners and detainees. These demands, while specific, were symbolic of a broader call for justice and accountability in a conflict that seems to have been forgotten by the world.
An Echoing Humanitarian Crisis
The leaders at the summit sought to delve into the historic roots of the Israeli-Palestinian conflict, pushing for a resolution based on the two-state solution and the Arab Peace Initiative. However, much of the discourse was dominated by the humanitarian crisis unfolding in Gaza and the desperate need for immediate action. The healthcare system in Gaza is teetering on the brink of collapse, with hospitals overwhelmed and scarce resources dwindling. Médecins Sans Frontières has warned of catastrophic levels of need, and doctors have voiced concerns about the lives of premature babies being at risk due to a lack of fuel.
The Struggle for Aid
The issue of aid delivery to Gaza was also prominently addressed at the summit. While the Rafah crossing between Egypt and Gaza has been opened to allow in a limited amount of aid, this is seen as barely a drop in the ocean compared to the scale of the crisis. Aid agencies and officials are caught in a tug-of-war with Israel to allow the delivery of essential supplies such as fuel for hospitals and water desalination systems.
The international community, represented by leaders and foreign ministers from Turkey, Japan, Germany, and Norway, among others, expressed deep concern over the situation in Gaza. Their calls for an immediate ceasefire and the protection of Palestinian rights echoed through the halls of the summit. The UN Secretary-General, António Guterres, urged all parties to take action to end the crisis and provide continuous aid to Gaza.
Yet, even as words of peace and pleas for action filled the air, the Israeli military continued its airstrikes on Gaza, targeting militants who were firing rockets and anti-tank missiles near the border with Lebanon. The war continues unabated, claiming lives and displacing people, casting a long shadow over the summit’s aspiration for peace.
In the wake of the Cairo Peace Summit, the world is left with a stark reminder of the ongoing conflict and an urgent call to action. The international community must heed these calls, support the rights of the Palestinian people, and work towards a comprehensive resolution to the conflict. The echoes of the summit, filled with both hope and despair, ring loudly, urging the world to listen and act.
IQD investors outside of Iraq may have difficulty exchanging the currency. Why?
Because we will not have access to IQD banking. 2. The IQD may not be available on the Forex market thus not exchangeable by US banks...In other words it is not beyond the US Federal Bank to help Iraq come up with a plan that could exclude individuals with Iraqi dinar but include different countries around the world...
If we do not address this issue there is a real possibility we may have difficulty exchanging the IQD for the USD.[Note: Be sure you're on the Dinar Guru Alert list to stay informed about possible exchange procedure updates. Blue box at top of this page...it's free.]
Iraq has a secret asset many people are not aware of...the ancient city of Babylon is only 54 miles from the capital city of Baghdad.
The gold deposits have not changed. The only difference Iraq was busy drilling for oil...It is reported gold production value could someday rival or equal oil production value...
This massive amount of gold is still in place in Iraq today. The eastern Baghdad region, the western desert and the Kurdistan area have all been discovered to have enormous gold deposits. Mining operations are currently underway...
The Governor of the Central Bank sets criteria to achieve exchange rate stability
10/21/2023
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, the progress of several measures to move to the digital economy in direct coordination with Prime Minister Muhammad Shiaa Al-Sudani, while pointing to standards that maintain the stability of the exchange rate.
Al-Alaq said, in his speech during the first banking conference of the Central Bank of Iraq, that “the conference is being held within the framework of continuing efforts to strengthen the banking sector to achieve a stable, safe and effective financial system in light of the rapid changes, developments and challenges that the world is witnessing in the transformations of the structure, financial systems and work rules and the accompanying changes.” Significant progress in the use of financial technologies.”
He added, "Following developments to arrange priorities in the infrastructure of financial systems and business rules is the strategic goal to employ this experience in the right and safe directions and to study the risks associated with it."
He continued, "This is done through: consolidating the compliance rules stipulated in the Anti-Money Laundering and Combating the Financing of Terrorism Law No. 39 of 2015, and applying international practices and standards in a way that preserves the integrity of the financial system from local and international risks and procedures, and in a way that ensures the transparency and safety of financial operations, as well as the transition... From cash economy to digital economy.
He pointed out that "these rules are what preserve the integrity of the financial system, and even protect Iraq from serious risks," noting that there is "a close relationship between the application of these standards and the smooth flow of transfer operations and maintaining the stability of the exchange rate."
He noted that "the phenomenon of the monetary economy constitutes a major obstacle to the optimal employment of cash and the development and stimulation of the economy, and a major challenge to achieving the objectives of monetary policy in achieving monetary stability. It also weakens control and oversight of the movement of funds and increases the risks of financial crimes and illicit practices."
He stressed that "many measures are being worked on regarding the transition to the digital economy, in direct and continuous coordination between the government represented by Prime Minister Muhammad Shiaa Al-Sudani personally, the Central Bank, and the relevant authorities."
This Saturday morning, the first banking conference of the Central Bank of Iraq began in Erbil Governorate. LINK
I missed this one when it first came out. Reuters Article: "Exclusive: Iraq to end all dollar cash withdrawals by Jan 1, 2024, central-bank official says"
We should see how this affects the value of the Iraqi dinar. I have a feeling come 2024 we're going to start seeing those increments happen. They're' not going to be large but at least they're going to be heading in the right direction.
Stopping the use of the US dollar is a major step towards strengthening the Iraqi dinar.
My concern at the moment is whether or not Al-Sudani is going to be able to keep Iraq out of the middle of the crap that's going on over there..
.95% of the people around the world just want peace and to live and do their own thing...As far as Iraq and dinar is concerned, as long as they stay out of trouble and don't get involved then they should be just fine.
Article: "Iraq to charge Customs Duties/Taxes "Exclusively in Iraqi Dinars" This is awesome. There we go - De-dollarizing, heading in the right direction.
In Iraq they have the ability IMO to do a controlled free float...People ask me , 'Why doesn't Iraqi dinar free float?' Because it could be very very risky. They could benefit from it. They might go in the right direction. People might think they have something to offer...worth investing into, that they have a bright strong future...which I think Iraq does and I think they could benefit from being on the Forex but they have to have the restrictions removed off their currency...Iraqi dinar is on the local one [Forex]. They're not on the big Forex.
There's still problems with the exchange rate...Right now the solution they've come up with is increasing the interest rates for customers if they deposit their money and leave it there [In a bank].
7.5% is a pretty good size interest rate if you're going to leave your money in a deposit at your bank. In the past we used to have stuff like that but we don't anymore unfortunately.
