Wednesday, November 15, 2023
"RV UPDATE" BY FRANK26, 15 NOV
Frank26: GREETINGS FAMILY,
I JUST WANTED TO SHARE SOMETHING WITH YOU IN MY OPINION IF I WAS THE CBI, I WOULD BE FOCUSING ON THE NEW EXCHANGE RATE AND THE NEW CURRENCY TO COME OUT TOGETHER.
WITH THAT SAID I WOULD LIKE TO SHARE MY OPINION, THAT SUDANI IS IN ERBIL WITH BARZANI, AND THEY ARE DEALING WITH THE LAST THREE PARAGRAPHS OF THE HCL. THEIR INTENT IS TO RELEASE IT VERY SOON
IF THAT IS THE CASE, THEN IN MY OPINION, THE NEW EXCHANGE RATE AND THE NEW LOWER NOTES SHOULD FOLLOW.
REMEMBER WHAT I’VE ALWAYS SAID, IN MY OPINION THE MOMENT YOU SEE THE HCL SECONDS LATER YOU WILL SEE THE NEW EXCHANGE RATE.
GOD BLESS YOU ALL…….FRANK26
[Bank Story]
I called JP Morgan Chase corporation office and I was told when the Iraqi dinar is reinstated...
FRANK: What?? Chase told you this?!
Bank Story: He said when the IQD is reinstated I am supposed to go to Houston, Texas Chase Bank and they would be able to exchange my currency and set up a private account there for me. I just wanted to share my JP Morgan Chase story with you. This is amazing isn't it?
FRANK: Follow up on this don't leave it there.
America Extends Iraq's Exemption From Sanctions Imposed On Iran, 15 NOV
America Extends Iraq's Exemption From Sanctions Imposed On Iran
Energy Economy News _ Baghdad The United States of America announced that it had extended for four months the exemption period granted to Iraq from sanctions related to dealing with Iran, allowing Baghdad to continue importing energy from the Islamic Republic.
A senior US State Department official told reporters, requesting that his name not be published, that "this measure will allow Iraq to use its own funds to pay the costs of importing electricity from Iran, which will be placed in Iranian accounts restricted in Iraq."
He added, "Iran will not be able to use this money except for humanitarian needs."
Due to the sanctions imposed by the United States on the Islamic Republic, Baghdad cannot directly pay Tehran for its imports of Iranian gas.
The senior American official explained that the total debt owed to Tehran by Baghdad in exchange for previous Iraqi imports of Iranian gas amounts to about 10 billion dollars.
To force Baghdad to pay its unpaid debts, Tehran regularly suspends its gas supplies to Iraq, which desperately needs these imports to operate electricity production plants.
Iranian gas supplies cover a third of the needs of electricity production plants in Iraq.
The exception also stipulates that a portion of Iranian gas funds be transferred to Oman.
This is the 21st time that Washington has extended this exception to the sanctions since 2018.
Although Iraq is an oil country, it relies heavily on Iran in the field of energy, as it imports a third of its consumption needs of gas and electricity from it due to its dilapidated infrastructure, which makes it unable to achieve self-sufficiency to meet the needs of its population of 40 million people.
Iraq currently produces 16,000 megawatts of electricity, which is much less than its estimated need of 24,000 megawatts, reaching 30,000 in the summer, while its population may double by 2050, which means an increase in its energy consumption, according to the United Nations.
The previous US administration, under President Donald Trump, withdrew from the nuclear agreement concluded with Iran and at the end of 2018 reimposed sanctions on the Islamic Republic.
Because of these sanctions, many countries and international companies refrain from dealing with the Iranian government or even with Iranian companies for fear of being affected by the sanctions.
Views 34 11/15/2023 - https://economy-news.net/content.php?id=37548
Diversifying The Foreign Currency Commodity In Iraq..Does It Increase The Value Of The Dinar?, 15 NOV
Diversifying The Foreign Currency Commodity In Iraq..Does It Increase The Value Of The Dinar?, 15 NOV
November 14, 2023 Baghdad/Al-Masala Al-Hadath: The Finance Committee in the House of Representatives said, on Monday, that there is a necessary and important need to diversify the basket of foreign currencies in Iraq and not depend on the US dollar. Diversifying the basket of foreign currencies also helps enhance trade with other countries that use these currencies. It also contributes to increasing the attractiveness of foreign investments.
Members of the committee believe 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.”
The committee considers that the Iraqi economic environment is ready and prepared to strengthen banks in various foreign currencies and not be limited to the US dollar.
The committee expects that 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 the demand for the dollar, and will have an impact on reducing the dollar exchange rate in the parallel market.”
The currencies that could be useful to Iraq are the euro, as it is the second most widely used currency in the world, and it is a relatively stable currency, in addition to the Japanese yen, as a relatively stable currency, which is a basic currency in many financial markets, as well as the Chinese yuan, which is a rising currency, and a basic currency in Many emerging markets, in addition to the UAE dirham and the Saudi riyal, which is a basic currency in the Gulf region. https://almasalah.com/archives/72960
BRUCE'S INTEL (SPANISH & ENGLISH), 15 NOV
BRUCE 14 NOVIEMBRE 2023
"IRAQ NEWS ANALYSYS" BY MNT GOAT, 15 NOV
ECONOMIST: IT IS NOT POSSIBLE TO MINT AN IRAQI COIN CURRENTLY, AND INFLATION IS A THOUSAND TIMES HIGH
The economic expert, Abdul Rahman Al-Sheikhli, ruled out minting an Iraqi coin at the present time due to the high inflation of the dinar by 1,000 digits.
Al-Sheikhli said: For the program {Free Speech} broadcast by Al-Furat satellite channel this evening, it was said: “The issue of importing the dollar is not new. It was approved in 2010 by a measure by the Central Bank, and the new decision came at the request of merchants to cover the needs of the local market.”
He added, “The dollar in banking offices is either legitimate or through acquisition, and cash is sold to travelers, students, and patients abroad. The reality of the situation requires the presence of another source to provide the currency, and the Central Bank has obliged the import of the dollar exclusively through airports.”
Al-Sheikhly stressed that “the central bank will not be an intermediary in importing the dollar, but rather the banks that have relations with foreign banks and rely on their stock of the dollar.”
He also stated, “The political influence is very great on the economic process, which hinders its flexibility, and the entry of the imported dollar will be a competitive factor in the Iraqi street for the black and will have a very significant impact on reducing the price of the currency.”
Al-Sheikhli pointed out, “The most important factor in the fluctuation of the dollar is supply and demand, and the rise of the dollar and oil on balance contributed to raising the currency in the local market,” adding, “The US Federal Reserve does not delay remittances, but it audits them, and international standards for money laundering and supporting terrorism delay some attempts.”
He added, “Some banks operate in unprofessional ways, which led citizens to hoard currency and the need to restore confidence between the citizen and the banking system. The Prime Minister agreed with the Minister of Commerce to import materials at the official price and sell them at a discount.”
Al-Sheikhli added, “Iraq has inflation in the dinar, which is more than 1,000 and it is not possible to print coins at the present time. The Iraqi citizen must be educated to use the Visa card in his transactions.”
While he noted that “the Ministry of Finance’s intervention in raising the price of the dollar created a major problem,” calling on the Central Bank to “use its full independence and powers to control the price of the dollar, as the Central Bank is still deficient in resolving some of the existing problems,” concluding, “The American Federal Reserve has no authority over the Central Bank of Iraq.” Rather, it issues recommendations regarding violations.
FIREFLY: ECONOMIST ON TV ARE EXPLAININ THE PROCESS OF THE RV AND THAT THE PLANS OF RV IS DONE!!, 25 NOV
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Economist on television is explaining about how a revaluation works. They...
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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...