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UNSHACKLING THE IRAQI DINAR , 16 NOV

 UNSHACKLING THE IRAQI DINAR

On January 1, 2024, Iraq will ban all transactions involving the US dollar.

The primary objective behind this decision is to wrest control over a fluctuating black market exchange rate and bolster the utilization of the Iraqi dinar.

The catalyst for this transformation has been an extended bout of currency instability, culminating in escalating prices and waves of civil unrest over the past half-year.

The dinar’s precarious trajectory has been further exacerbated since November 2022, largely attributed to stringent US regulations governing international money transfers.

These measures stem from deliberations in Washington regarding the diversion of US dollars to Iran, Syria and Lebanon via Iraq’s Central Bank foreign currency auction.

This strategic transition raises pertinent questions about the future standing of the US dollar as the predominant global reserve currency, hinting at the dawn of a more multipolar world order.

Iraq’s historical attachment to the US dollar for international dealings, reserve holdings and oil trading has been a longstanding tradition, but it comes with its set of complications.

Iraq possesses over $100 billion in reserves parked in US banks, rendering it highly dependent on US officials’ goodwill to avert economic catastrophe.

Since 2003, all revenues from Iraqi oil have been channeled into an account under the purview of the US Federal Reserve, effectively granting Washington a lever to influence Iraq’s economic landscape and exert political pressure.

Furthermore, the capricious nature of the US dollar, combined with shifts in US fiscal policies and economic sanctions, has rendered Iraq susceptible to considerable financial vulnerabilities, eroding its monetary sovereignty and obstructing the pursuit of economic diversification.

Iraq’s shift towards de-dollarization holds promise on multiple fronts.

Firstly, diversifying currency reserves helps mitigate the risks associated with the oscillating value of the US dollar, bolstering economic stability.

Additionally, the adoption of alternative currencies can pave the way for expanded trade prospects and draw investments from non-US quarters, fostering economic expansion and reducing susceptibility to geopolitical influences.

Iraq’s de-dollarization strategy is intrinsically tied to its pursuit of greater economic self-reliance and enhanced sovereignty.

As it stands, the local currency, the Iraqi dinar, maintains an exchange rate of approximately 1,300 dinars per US dollar.

Secondly. Iraq’s move to de-dollarize reflects a global trend where nations aim to reduce reliance on the US dollar in international trade.

China and Russia spearhead this effort, advocating for the use of their currencies, the yuan and ruble, in global transactions.

China’s recent purchase of LNG using the yuan from the UAE, and India’s agreement with the UAE to settle trade in rupees, exemplify this shift.

Furthermore, the Brics New Development Bank is advancing de-dollarization by welcoming new members such as the UAE, Saudi Arabia, Egypt, Argentina, Iran and Ethiopia and initiating a 3-year de-dollarization plan, with a focus on fostering local currency lending, diminishing dependence on the dollar and further challenging its global reserve currency status.

Third, China’s expanding economic influence in Iraq, closely linked to its BRI, plays a pivotal role in Iraq’s de-dollarization journey.

The BRI presents opportunities for trade, infrastructure growth and investments in Iraq.

China actively promotes the internationalization of the yuan which could assume a more substantial role in Iraq’s economy.

However, it’s important to note that the yuan faces certain limitations, particularly due to capital controls that currently restrict fund transfers in and out of China.

Despite Beijing’s ongoing efforts to enhance the international use of its currency, the yuan’s share in global trade transactions remains relatively modest at approximately 4.5%.

However, the question of whether the US dollar can maintain its status as the world’s primary reserve currency can no longer be disregarded.

Despite the uncertainties that lie ahead, Iraq’s shift away from the dollar offers a glimpse into a changing world order, where the dollar’s supremacy encounters growing obstacles.

Published in The Express Tribune, November 14th, 2023.

"RV UPDATE" BY BREITLING & KAPERONI, 16 NOV

  Breitling   

Iraq right now they simply don't know what to do.  That doesn't mean they can't revalue their currency and add value to it tomorrow.  The can do it.  They can get away with it.  They could maintain a rate.  But I'm telling you right now what's going on between Israel and Hamas and their watching the response from Iran and Saudi Arabia, they don't know what to do.  So they're probably going to be a little bit trigger shy.  Am I getting out?  Nope...

 Kaperoni 

 We found out very quickly many years ago that there would never be an RV of the Iraqi dinar or the term reinstatement.  Those are made up terms and will not happen.  If this is something new to you to hear it's probably best that you learn it now because there will be no single RV or overnight RV or reinstatement of the Iraqi dinar.  The Iraqi dinar is not a lottery ticket...If the dinar is ever going to go up in value it will go up gradually as a result of the success and growth of their own economy...

Al-Alawi expresses his support for economic transformation and stresses the importance of dealing in multiple currencies, 16 NOV

 Al-Alawi expresses his support for economic transformation and stresses the importance of dealing in multiple currencies

Al-Alawi expresses his support for economic transformation and stresses the importance of dealing in multiple currenciesToday, Tuesday, Member of Parliament Jassim Al-Alawi expressed his opinion on the current economic transformation, pointing out the importance of dealing in multiple currencies instead of relying exclusively on the US dollar.

In this context, Jassim referred, in a statement to an NRT Arabia correspondent in Baghdad, to the state of economic monopoly that the United States is witnessing and its restriction of economic operations in dollars, which causes embarrassment in the event of a dispute.

Jassim explained that any country that follows an American policy may face concealment of its dealings and the imposition of sanctions and pressure, which affects its economic reality and monetary circulation in that country.

He added, “This step taken by Iraq is not only an isolated step, but rather reflects a global trend towards liberating transactions from the dominance of the American economy.”

In a prediction for the coming period, Jassim expressed his expectation that currencies other than the dollar will enter Iraq, noting, “the presence of other currencies with a weight and size commensurate with the economic reality.”

He stressed that these currencies are widely circulated in Asian countries, including countries allied with Iraq, such as China and Russia, stressing that “converting to other currencies can provide broader economic opportunities and greater competition for the beneficiaries of these countries.”

nrttv.com

Washington waves the dollar bill.. The US Federal Reserve continues to tamper with the Iraqi dinar, 16 NOV

 Washington waves the dollar bill.. The US Federal Reserve continues to tamper with the Iraqi dinar, 16 NOV

Washington waves the dollar bill.. The US Federal Reserve continues to tamper with the Iraqi dinarInformation/report..

The American administration continues to work hard to destabilize the internal situation in Iraq, by creating many problems, which it has worked on over the past period, including those related to the security, economic, and even political aspects in light of the interference of its ambassador in Baghdad in issues outside her diplomatic work.

Over the past two years, the US Federal Reserve has worked to impose its unfair conditions aimed at weakening the Iraqi dinar against the dollar, under the pretext of ongoing smuggling operations.

The dollar selling market is witnessing a state of instability in light of the continuous rise and fall, which has created a worry in the Iraqi markets.

Representative Muhammad Al-Baldawi identified four factors behind the continued turmoil in the dollar market in Iraq.

Al-Baldawi said in an interview with “Al-Ma’louma” that “the post-2003 accumulations, the security unrest, and the lack of clarity of a comprehensive vision for reviving the national economy led to the dollar becoming an influential standard in the economy, especially since all the oil sold goes to a bank account in America before it is sold.” He arrives in Baghdad.

He added, “The turmoil occurring in the parallel market and the rise in the dollar exchange rate in recent weeks are clearly behind 4 important factors, most notably the US Federal Reserve’s delay in sending dollar shipments to the central bank and its repeated threats to impose sanctions on it within the framework of an American pressure policy that wants to directly strangle the national economy.” “.

He pointed out that “the economy is a clearly defined American game that is trying, through the dollar, to raise prices and create instability in the markets,” pointing out “the importance of reconsidering the diversification of the basket of currencies and seeking to end the file of dollarization in the markets by adopting the dinar to pay internal dues to reduce… Demand on the parallel market.

In turn, the Parliamentary Finance Committee revealed the details of the discussions between Iraq and America regarding the price of the dollar against the dinar, while indicating that the Central Bank of Iraq has developed solutions to control the continuous rise in exchange rates.

A member of the Finance Committee, Moeen Al-Kazemi, said in an interview with Al-Maalomah, that “the Central Bank is making intensive efforts through its discussions with the US Federal Reserve to ease restrictions on Iraqi banks, as well as developing practical solutions to liberalize the Iraqi currency by opening outlets in most countries of the world for dealing.” In various foreign currencies instead of the dollar.

He added, “The restrictions imposed by the US Federal Reserve and the failure to release Iraqi funds in dollars are behind political reasons for the purpose of its dominance over countries of the world, including Iraq.”

He pointed out that “Iraq receives approximately $10 billion monthly from selling oil, but it is deposited in the US Federal Reserve, which is constantly trying to obstruct its release.”

Al-Kadhimi continued, “The Central Bank has taken new measures by opening multiple outlets in countries around the world that deal in the currencies of the Chinese yuan, the Indian rupee, the European euro, and the Emirati dirham.”

It is noteworthy that the US sanctions are raising a wave of concern among the Iraqis, especially since all government and central bank measures have not succeeded in bringing the parallel exchange rate closer to the official rate.

almaalomah.me

Iraqi Dinar Float Impact How Iraq's $1.20 Beginnings Signal Global Changes!

"BANK STORY" BY FRANK26, 15 NOV

 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.  

BANK STORY MAN:  I called JP Morgan Chase financial office again just to make sure that it wasn't a fluke and reassuring myself...This time I got a different advisor...Guess what?  He told me the same thing...that Iraq was about to reinstate their currency...I wanted to find out in Houston area which JP Morgan Chase Bank would be exchanging the Iraqi dinar...He transferred my call to the JP Morgan Chase bank and a lady by the name of 'Ms Bank Lady' didn't deny anything.  I asked her and she suggested that I call back tomorrow and talk to one of the bank agents about setting up an appointment with them to find out how to do my exchange with the bank... 

FRANK:  This is incredible information.  I'm so glad you pursued it to the next level...