Inflation going down, will help thea IQD BY NADER FROM MID EAST, 13 NOV

Iraq Plans To “Neglect The US Dollar” And Parliament Proposes “Diversifying Foreign Currency Baskets, 13 NOV

 Iraq Plans To “Neglect The US Dollar” And Parliament Proposes “Diversifying Foreign Currency Baskets”

Baghdad today - Baghdad   The House of Representatives Finance Committee said today, Monday (November 13, 2023), that there is a necessary and important need to diversify the basket of foreign currencies in Iraq and not rely on the US dollar in commercial transactions.

Committee member Moin Al-Kazemi told “Baghdad Today” that “the basket of foreign currencies in Iraq must be diversified and not relied on the dollar in commercial transactions, whether external or even internal, as this reduces American dominance over the Iraqi economy.”

He added, "The Iraqi economic ground is ready and prepared to strengthen banks in various foreign currencies and not be limited to the US dollar, and there is a real trend by the monetary authority in this matter, and the coming days will witness various commercial transactions through the UAE dirham as well as the Chinese yuan and other currencies, and this will reduce demand." On the dollar, and it will have an impact on reducing the dollar exchange rate in the parallel market.”

Last Saturday (November 11, 2023), a government source in Iraq said that officials from the Central Bank of Iraq held “intensive meetings” with American officials in Abu Dhabi in recent days to discuss external transfers to cover imports.

The source added, according to what was reported by the “official agency,” that “Iraq has strengthened its assets denominated in the yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about 12 billion dollars annually.”

The source stated that the oil-exporting country also moved to strengthen its assets in UAE dirhams and is negotiating to increase its assets denominated in euros to finance trade with the European Union, according to what was reported by Iraqi news agency “Inaa.”

The source added that negotiations with the American side reached a set of decisions and mechanisms that contribute to facilitating procedures for foreign transfers related to imports through the foreign currency sales window.

He added, "It was agreed to enhance the advance balance of five Iraqi banks in their dollar accounts with Jordanian banks and transfers via JP Morgan Bank," noting that "the problems related to the rejected transfers were resolved, and it was agreed that the rejection of transfers should be based on strong reasons."

He continued: “There were also other meetings that brought together one of the Emirati banks, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks,” indicating that “things are going well in this aspect, as all technical details related to the issue have been resolved, and it is expected to begin.” The mechanism for enhancing balances in UAE dirhams during the next few days.”

He stressed that "there are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union," noting "an increase in the number of banks whose balances in Chinese yuan are being enhanced through the Singapore Development Bank."

The source also reported that bank accounts had begun to be opened in Indian rupees for a number of Iraqi banks at the same correspondent, the Singapore Development Bank (New Delhi branch), and operations to enhance the balance of two Iraqi banks had actually taken place as a first stage, and it is expected that this mechanism will contribute to financing Iraq’s imports from India, especially medicines and materials. Food, which is estimated at about $3 billion.  LINK

Anti-Corruption Commission: Arrest Of Major Figures Involved In Manipulating Exchange Rates, 13 NOV

 Anti-Corruption Commission: Arrest Of Major Figures Involved In Manipulating Exchange Rates

November 13, 2023   Baghdad/Al-Masala Al-Hadath: The head of the supporting team of the Supreme Anti-Corruption Commission, Abu Ali Al-Basri, revealed on Monday that large corruption files had been opened, and that no one would protect those manipulating the dollar exchange rates.

Al-Basri said in a statement followed by Al-Masala, “The Anti-Corruption Committee has large operations in the governorates of Baghdad, Basra, Salah al-Din, and Anbar, as well as other operations in various places.”

He pointed out, “The committee’s work continues against those accused in corruption cases, and it was recently able to arrest 22 people involved in corruption operations,” noting, “The Anti-Corruption Committee is now carrying out major operations, some of which have affected people who had red lines on them.”

Al-Basri pointed out, “The Anti-Corruption Committee will not compliment anyone and has no red lines for anyone,” noting that “some files related to corruption need detailed study, and the committee has opened many files related to previous contracts concluded in state institutions.”

He continued, “The Supreme Anti-Corruption Committee also opened the file of financial inflation and it affected large people,” stressing, “There is coordination with Interpol regarding those wanted in corruption cases, and this includes even dual nationals.”

Al-Basri added, “The competent authorities have moved to a new stage in the file of combating corruption, preserving public money, returning stolen funds, and preventing any new transgression.”

He stated, “The government is serious about combating corruption and has modern treatment methods, including automating state institutions.”

Al-Basri explained, “The Supreme Committee has complete information about speculators at the exchange rate, and it will reach them, and no one will protect them,” pointing out, “Merchants who manipulate the exchange rate will be deprived of obtaining the dollar through the electronic platform at the Central Bank, and there is joint work and effort.” It is carried out by various state agencies, starting with the support team, various agencies, the judiciary, and the Integrity Commission.”

He stated, “There is a major campaign to monitor the market and illicit sales, and the supporting agency was able to arrest major figures who were involved,” noting, “The process of obtaining the dollar and foreign trade has exceeded 90% through the electronic platform and that things are moving in the right direction.”

He stressed that “the state provides great support for many goods and also provides many facilities to merchants,” explaining that “the inflation index has decreased in Iraq compared to many countries, including neighboring countries.”   https://almasalah.com/archives/72967

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

 Frank26 (KTFA)

[Iraq boots-on-the-ground report]

FIREFLY: On television they are showing Sudani again in Kurdistan…they are still having talks with the WTO…That caught us by surprise…They are saying from the WTO that they are doing the final edits to conclude the post ascension of Iraq into the WTO…

FRANK: You got shoulder to shoulder.  There are no problems! …The WTO is not in Baghdad anymore, they’re in Kurdistan… Wow, this is getting serious!

FIREFLY: They are telling us they will be included in it because of what they have done with the monetary reform…

Question:
“Will there be a short time frame that the Iraqi citizens are informed of the rate change and able to benefit before the rest of the world finds out or do you feel we will all know when they know?”

We’ll all know at the same time...But a dinar is a dinar inside of Iraq.  It will not be affected by the external exchange rate as it grows it stays at whatever exchange rate they release it at internally. Will citizens become rich?  No, I wouldn’t say they’re going to be rich but they’re going to have a lot more purchasing power...

Iraq Dinar - Revalue- Central Bank of Iraq - US FED - Ease of Forex Tran...BY MILITIAMAN

Expectations of a change in the price of a barrel of oil in the 2024 budget, 13 NOV

 Expectations of a change in the price of a barrel of oil in the 2024 budget

Financial expert, Salah Nouri, expected a change in the price of Yarmil oil in the 2024 budget.

Nouri said {to Al-Furat News}: “There is little possibility of changing the price of a barrel of oil, because basically the Ministry of Finance approves the price of selling oil as a conservative one, that is, it is lower than the international price by about (10) dollars.”

He added, "With regard to the possible need to approve the 2024 budget law, despite the approval of the tripartite budget, there is an urgent need for it to be approved by the House of Representatives."

Nouri pointed out, “The approval will take place if the Ministry of Finance amends some articles of the 2024 budget that was previously approved. The House of Representatives will only discuss the amended paragraphs, and thus it will not delay in approving them.”

A financial advisor to Prime Minister Muhammad Shiaa Al-Sudani revealed to Al-Furat News the extent of the possibility of the need next year 2024 for legislation or amendment to the tripartite financial budget approved by Parliament last June.

Mazhar Muhammad Salih believes that the Federal General Budget Law of the Republic of Iraq No. 13 of 2023 represents an integrated financial plan for three years 2023, 2024 and 2025, and therefore there is no need for any new financial legislation, unless new financial and economic conditions arise that require the adoption of what requires an addition or Amending some constants and variables here and there. The government can go to the House of Representatives to approve the required partial amendments if the urgent need arises.

At dawn on June 12, the House of Representatives approved the draft financial budget law for the current year 2023 and the following years 2024 and 2025.

It is noteworthy that, on March 13, the Council of Ministers approved the largest financial budget in the country’s history, which exceeded 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit amounting to 63 trillion Iraqi dinars, taking advantage of the rise in oil prices, which constitutes more than 95 percent. % of the country's financial revenues.  link

BREAKDOWN OF GROUPS THAT WILL GO AHEAD OF TIER 4B – US, THE INTERNET GROUP, 13 NOV

 BREAKDOWN OF GROUPS THAT WILL GO AHEAD OF TIER 4B  – US, THE INTERNET GROUP

• SKR: Stands for Safe Keeping Receipt. This is where someone who is licensed and authorized to be a Paymaster (usually an attorney) represents a group of currency holders (were originally done prior to ZIMBABWE / ZIM being included in the offering for humanitarian projects). They sign a contract and agree to a specified rate. There are not and have not been any new SKR groups for several years.
• Prosperity Packages: These cover a very wide area. Includes funds from large trusts such as St. Germain, Rodriguez, Heritage and Mitterrand Trusts will be used to assist the Common Man and help with some debt relief.
• Adjudicated Packages: These are lawsuits where plaintiffs won the legal cases. The largest are: CMKX, Native American Claims, Farm Claims, and others. You will know if you are already a part of these.
• CMKX: A diamond mine that oversold stock with the help of the SEC. They were sued by key stockholders and won – often referred to as an Adjudicated Package.
• Farm Claims: Lawsuit that involved farmers who were unfairly taken advantage of by bankers. They sued and won.
• Currency Basket: Originally there were a few baskets with different countries’ currencies revaluing approximately six months apart. There are 22 currencies that are scheduled to go initially.
• Once all currency are asset backed, that currency will be exchanged at 1:1 and it will not matter if it is a Mexican Peso or a Dinar. The RV is about creating a level playing field. Not all currency rates will rise in value and some will fall.
• List of “currencies” :
  • US
  • UK
  • Kuwait
  • Canada
  • Mexico
  • Russia
  • China
  • Venezuela
  • Iranian Rial
  • IRAQ
  • Indonesia Rupiah
  • Malaysia
  • Vietnamese
  • Brazil
  • Saudi Arabia
  • Qatar
  • United Arab Emirates
  • Turkey
  • Afghanistan
  • India
  • Libya
  • Japan
• Zim is considered a bond, and will be a major part of the RV for humanitarian projects
• US bond market crash, visualized: You may have seen our post earlier where we reported US bank stocks hitting historic lows against the S&P 500 index due to a bond market collapse. https://t.me/multipolarmarket/6922
• We now have a detailed chart from the FT illustrating this: https://www.ft.com/content/06f851b4-5d16-4ba3-a4f3-3f18092af443
• The price drawdown over the past 18 months has led to a liquidity shortage among multiple market participants and has particularly affected regional banks. These institutions were forced to sell their bonded securities at a loss, exacerbating their financial difficulties. Moody’s estimates that US banks now have $650 billion in unrealized losses on such securities with Bank of America alone dealing with $130 billion.
• https://dinarchronicles.com/2023/11/13/restored-republic-via-a-gcr-update-as-of-november-13-2023/