Article: "Iraq to end all dollar cash withdrawals by Jan. 1 2024 - Central Bank official".
Iraq is back on track...starting January 1, 2024. The Central Bank of Iraq will only do banking with Iraqi citizens using the Iraqi dinar...
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.]
By U.S. Embassy In Baghdad October 22, 2023 The Department of State has updated the Travel Advisory for Iraq to reflect the ordered departure of non-emergency U.S. government personnel and eligible family members from U.S. Embassy Baghdad and U.S. Consulate General Erbil. Full text of Travel Advisory here . Additionally, please read the most recent Security Alert from October 18, 2023 below:
Demonstration Alert: U.S. Embassy Baghdad, Iraq (October 20, 2023)
Location: Baghdad, Iraq Event: U.S. Mission Iraq is monitoring calls for demonstrations throughout the country, including a large demonstration with potential for anti-U.S. sentiment in Baghdad on Friday, October 20 around the 14th of July Bridge.
The U.S. Mission continues to advise U.S. citizens to monitor local media for updates and to avoid protests and large gatherings. U.S. citizens should be aware of the potential for demonstrations and protests related to the ongoing events in Gaza to spread rapidly throughout Iraq. Such demonstrations can develop quickly without prior notice, often interrupting traffic, transportation, and other services, and sometimes turning violent.
The State Department’s Travel Advisory for Iraq remains at Level 4: Do Not Travel due to terrorism, kidnapping, armed conflict, civil unrest, and Mission Iraq’s limited capacity to provide support to U.S. citizens. For more information, please visit the Iraq Country Information page on travel.state.gov . Please also review what the U.S. government can and cannot do to assist you in a crisis overseas .
Actions to Take:
– Avoid the area of the demonstrations and large gatherings.
– Exercise caution if unexpectedly in the vicinity of large gatherings or protests.
Iraqi PM chairs meeting to discuss treasury account and electronic payment system, 22 OCT
Shafaq News / Today, Iraqi Prime Minister Mohammed Shia Al Sudani chaired a meeting dedicated to discussing the completion of the unified treasury account and the progress of the electronic payment system. The meeting also addressed challenges facing public and private sector institutions and electronic payment companies. The participants reviewed the facilities and incentives that can be provided to citizens and user entities to encourage electronic payments.
During the meeting, the officials examined the progress and necessary requirements to achieve the objectives. Prime Minister Al Sudani emphasized the need to prioritize encouraging the public sector and identifying any underperforming or lagging entities. They also approved a report containing recommendations to be presented to the Cabinet.
Furthermore, Al Sudani directed the activation of the Central Bank's (CBI) Payments Council and the importance of submitting a final report on the achievements for presentation at the Cabinet meeting. Concerning the completion of the unified treasury account, he stressed the need for all ministries to implement the fourth paragraph of Cabinet Resolution No. 3581 for the year 2023. This includes the swift formation of committees and the analysis of the stagnant bank accounts for each ministry within one month.
The meeting aimed to enhance the use of electronic payment methods in Iraq, streamline financial processes, and improve accountability in public financial management.
International and international pressure to pass the oil and gas law
{Politics: Euphrates News} KDP leader, Wafaa Mohammed Karim, revealed international and international pressure to pass the oil and gas law.
“The issue of passing the oil and gas law cannot be overcome if there is no political agreement on the draft law,” Karim told {forat News}.
"At the moment there are political parties that are not served by the passage of the law, but there is international and international pressure on the government to pass the law," he added.
Karim explained, the reason for this to "Iraq's position as the second oil-producing country in OPEC by exporting 4 million and 250 thousand barrels and does not yet have an oil export law."
It is noteworthy that since the first session of the House of Representatives, in 2005, the oil and gas bill has remained locked in drawers, as disagreements prevent its final approval.
After 18 years, he announced, in late August, the formation of a committee to draft an “oil and gas law and present it to the government and the House of Representatives.”
The committee formed between Baghdad and Kurdistan to draft an oil and gas law includes "the Minister of Oil, the Minister of Natural Resources in the region, the Director General of Sumo Company and the advanced staff in the Ministry of Oil, as well as the oil-producing provinces such as Basra, Dhi Qar, Misan and Kirkuk."
The Prime Minister, Mohammed Shia Al-Sudani, said at the beginning of last August that "the draft oil and gas law is one of the basic and important laws, represents a factor of strength and unity for Iraq, and it has been stuck for years, at a time that the country today is in dire need of its legislation and benefit from this natural wealth, in all fields and sectors, as well as the contribution of the legislation of the law to solving many outstanding problems."
The Prime Minister's financial adviser, Mazer Mohammed Saleh, confirmed in a press statement that accelerating the approval of the federal oil and gas project law in the House of Representatives as soon as possible will establish a stable national road map for investment and production for the country's main sovereign resource, which is oil and gas.
Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold accounts for more than 90 percent of Iraq's treasury resources.
Article quote: "The decision to collect fees in Iraqi dinars at border crossings is an important decision aimed at preserving the hard currency and also straightening the Iraqi dinar"
They have a goal of stop using the dollar and using the Iraqi dinar at the customs borders. Everybody should be clicking their ruby slippers because that's going to be a lot money. A lot of revenues are going to come through those borders.
Quote: "Any party that does not adhere to this decision will be subject to punishment." They're getting strict.
When people say there's not too much progress going on - well some of these things take a long time to put together and most of them are coming into fruition as we speak.
Iraqi-Saudi coordination council has played a major role with their bilateral relations. Iraq is doing a good job. If you've noticed in the news, Iraq is a mediator. It's almost like the Switzerland of the Middle East. Kudos to Al-Sudani...
They've increased the interest rate to encourage citizens to save their money.
They're going to be paying 7.5%... What's the main goal here?I think what they're really trying to do is to get large amounts of money off the street...mattress money is what they call it. They're still trying to get that money in...
Question "Many years ago Dr. Shabibi said the dinar would be able to support it up to $16. Would that still be true for the RI?"
No, it's far past that but it would be illogical to come out at $16 or $28 or whatever. You need that margin for the float.
You don't need it to show off. That's what Kuwait did and they realized their mistake...The next day
they brought it back down very quickly.
It gave a window for sharks and whales...and they made massive amount of money. Obviously it was done on purpose. And obviously the IMF doesn't allow that to happen again.
[Iraq boots-on-the-ground report]
FIREFLY: There's a restaurant coming into Iraq. It's called Johnny Rockets. It's a burger join.
FRANK: I told you the whole world is pouring in...When you stop and think about it, those places that are coming into your country, they're either stupid or they know exactly what the monetary reform is about to do for them and you Iraqi citizens...
The goal is to get to 1 to 1 for what reason?
To add purchasing power.
There is the key, to add purchasing power to the currency of Iraq. I didn't say the Iraqi citizens are going to get rich. I said to add purchasing power to buy good and services with their currency...