We hold the highest currency reserve in the history of Iraq and the time for the stability of the dollar has begun – Sudanese Advisor
Wednesday, November 15, 2023
We hold the highest currency reserve in the history of Iraq and the time for the stability of the dollar has begun – Sudanese Advisor, 15 NOV
Revealing the “reasons” for the dollar’s decline in Iraq and expectations for the next step, 15 NOV
Revealing the “reasons” for the dollar’s decline in Iraq and expectations for the next step
Coffee with MarkZ and Andy Schectman. 11/15/2023
"RV UPDATE" BY MARKZ, 16 NOV
MarkZ
[via PDK] We have some very interesting chatter this evening. I have gotten this from many banking sources that they are expecting instructions very soon. Specifically instructions for “Foreign Currency Exchanges”!!! This is the event that we are looking for. I have heard this now from 3 different banking sources...Nobody knows the exact date…but they are expecting instructions at any moment and are prepared. They know it’s coming. Banking people from the mid-level up know it’s coming and are prepared for it. IMO this is great news.
... I am hearing- they want things completed and fully active and everything done by Jan. For that to happen it could go any day.
“Iraq plans “to neglect the US dollar ” and parliament proposes to diversify foreign currency baskets” Iraq will hold foreign currencies so they can do business in and around the middle east without the US. This story is bigger than it appears. It is all about de-dollarization.
We know Iraq plans to be de-dollarized by January 1st. So for Iraq to be de-dollarized by January 1st…then their oil profits, etc will no longer be going through the US system that it is going through now…AND, they will need a fully functional, international currency. We have a really good indicator of when this rv has to happen by. It makes logical sense for it to be sooner.This article is fantastic.
Kurdistan Council Reconsiders Decisions: A Fervor for Arts and Oil Rights, 15 NOV
Kurdistan Council Reconsiders Decisions: A Fervor for Arts and Oil Rights, 15 NOV
The Council of Ministers in the Kurdistan Region is set to reconvene, following a significant visit by Prime Minister Masrour Barzani to the Erbil Institute of Fine Arts Festival. The visit marked the Prime Minister’s commitment to fostering the arts and culture, which stand as potent symbols of the region’s rich history and national significance.
Reviving the Cultural Pulse
During his visit, Prime Minister Barzani expressed his full support for the blossoming of arts and culture in the region, a move that signifies the Kurdistan Regional Government’s (KRG) recognition of the importance of cultural preservation and its role in nation-building.
Securing Financial Rights
Enveloped within the Prime Minister’s engagements was a crucial meeting with Iraq’s Oil Minister. The primary focus of the discussion was the KRG’s adamant insistence that the federal government respect the constitutional rights of the Kurdistan Region, particularly concerning financial entitlements.
Oil Production: A Crux of Agreement
Further, the Iraqi oil minister elucidated his expectations of reaching an agreement with the KRG and foreign oil companies. This agreement aims to resume oil production from the oilfields within the Kurdish region within three days, a move that holds substantial implications for the region’s economy and its relations with Iraq.
Iraq Initiates Economic Measures Amidst Global Economic Fluctuations, 15 NOV
Iraq Initiates Economic Measures Amidst Global Economic Fluctuations, 15 NOV
As fluctuations in the exchange rate of the Iraqi dinar against foreign currencies, notably the US dollar, continue to unsettle the economy, the Iraqi government is initiating measures to steady the ship. In the center of the storm is Prime Minister Mohammed Shia al-Sudani, who has directed government bank managers to chalk out a plan within a month aimed at refining banking operations.
Transition to Electronic Banking
The plan, as it stands, includes a substantial leap from paper-based to electronic banking. The shift is expected to be complemented by the expansion of electronic payment services, thus paving the way for a more digitized financial landscape. Furthermore, the blueprint also entails developing a comprehensive vision for granting credit facilities and loans.
Trade Negotiations with Iran
Meanwhile, a government source has revealed that negotiations with Iran are underway. The discussions are aimed at regulating trade between the two nations. The proposed measures being considered include facilitating import procedures, establishing a free trade zone, and developing electronic payment systems.
Economic Fluctuations Elsewhere
While Iraq grapples with its economic challenges, France’s unemployment rate climbed to 7.4% in the third quarter, the highest since Q2 2022. A slowdown in economic growth in both Europe and globally has been cited by the French Finance Minister as the root cause for the increase. However, China offered a glimmer of hope as its industrial output and retail sales exceeded expectations in October, despite the real estate sector acting as a stumbling block to a full economic recovery. The Chinese government’s attempts to jump-start the economy post-COVID-19 through policy support measures have so far had only a modest impact.
US Sanctions Waiver
In another development, the Biden administration has extended a sanctions waiver for Iraq by four months, permitting the ongoing purchase of electricity from Iran. Critics argue that the extension rewards Iran amidst increasing pressure to discontinue support for proxy groups. Despite the backlash, the waiver maintains the provision for electricity proceeds to be transferred to accounts in Oman, converted into widely traded currencies, and used by Iran to buy non-sanctioned products. This move seeks to decrease Iran’s leverage over Iraq while keeping US Iran policy intact and sanctions unchanged.
The Central Bank Of Iraq Sells More Than $894 Million In Three Days, 25 NOV
The Central Bank Of Iraq Sells More Than $894 Million In Three Days Shafaq News/ The Central Bank of Iraq witnessed total sales of hard cu...
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...