Economic Thrills Is Vietnam Dong About to Exceed $2.80 Vietnam's Economi...

"RV UPDATE" BY MILITIAMAN, 8 DEC

 Militia Man 

 Article  "...A campaign to support the Iraqi dinar and make it the gateway to bustling the country." They're talking about the Iraqi dinar...They're not talking about the Euro ...[or] all the other currencies ...They're saying we're going to do trade in the dinar and it's going to be the gateway...

  Bilateral trade...Multilateral trade, Multilateral banking - all of these things show Iraq is going international...I believe I'm going to be 100% right.   The evidence is clear as day.

 Article quote 'They're preserving the foreign cash reserves of Iraq in the central bank so  it's a benefit for the country thus they will control the movement of speculators on the black market putting pressure on the  dollar circulating on the parallel market and unofficial outlets.'  The black market, parallel market, the illicit market, whatever  you want to call it is going bye-bye.  

Iraq’s Financial Crisis: Parliament Member Reveals Loss of 35 Trillion Dinar, 8 DEC

 Iraq’s Financial Crisis: Parliament Member Reveals Loss of 35 Trillion Dinar

On Thursday, Mohammed Al-Nouri, a member of the Iraqi Parliament’s Finance Committee, disclosed the disappearance of a staggering 35 trillion Iraqi dinars in printed currency, shedding light on the challenges besieging Iraq’s financial system. The revelation, made to the Al-Sumaria satellite TV channel, underscores the prevalence of smuggling, which accounts for 60-70% of the country’s financial activity.

Roots of the Financial System’s Failure

The roots of the financial system’s failure, according to Al-Nouri, lie in the dominance of certain parties and the quota system within financial institutions. The lack of electronic automation and final accounts in banks exacerbates the issue. With more than 73 private banks, Iraq’s banking system is under considerable strain. Al-Nouri stressed the urgent need for an independent financial system to restore economic balance in the country.

Government Banks and the Central Bank

The government banks, Al-Nouri said, find themselves tied down by the Ministry of Finance and the Prime Minister’s Office. Mismanagement at the Central Bank has had a detrimental effect on the dollar exchange rate and the budget. The United States’ Federal Reserve plays a decisive role in Iraq’s monetary policy, with funds being provided only with American approval.

Smuggling and Its Impact on Revenue

Al-Nouri also highlighted the rampant smuggling in Iraq under the current government, which has turned the country into a hub for drugs. The smuggling of imported goods such as cigarettes, gold, mobile phones, and alcohol has severely affected the country’s revenue. Dollar sales in Iraq are insufficient to meet the country’s needs due to smuggling, which necessitates stricter control of open and party-dominated ports.

Economic Impact and Dependence on the United States

The loss of the Iraqi dinar has inflicted significant economic damage, suspending small projects and construction loans. The Iraqi economy is heavily reliant on the United States, with sanctions from the U.S. Federal Reserve causing a surge in the exchange rate. The financial dealings have been further affected by missiles targeting Ain Al-Assad base and the embassy. The shocks to the economic system underline the urgent need for reform and greater control over financial institutions.

https://bnn.network/finance-nav/iraqs-financial-crisis-parliament-member-reveals-loss-of-35-trillion-dinar/

Iraq’s Prime Minister Calls for Justice following Attack on U.S. Embassy, 8 DEC

Iraq’s Prime Minister Calls for Justice following Attack on U.S. Embassy

In an unequivocal denouncement, Prime Minister Mohammed Shia’ Al Sudani of Iraq, the Commander-in-Chief of the Armed Forces, has called for the relentless pursuit and justice against those behind the attack that targeted the U.S. Embassy in Iraq. The assault involved projectiles fired at the embassy, marking a significant escalation in a series of similar incidents.

Unacceptable Attacks on Peace and Stability

Al Sudani was firm in his stance that such attacks on diplomatic missions are unjustifiable and unacceptable, irrespective of the reasoning or delusions that might lie behind these disgraceful acts. He stated that the perpetrators are a detriment to Iraq’s stability and security and present a distorted image of the Iraqi people’s will. This misrepresentation does not echo the national decisions that have been formally expressed by the Iraqi government on several occasions.

Lawless Elements Undermining Iraq

The Prime Minister referred to these groups as lawless elements that do not represent Iraq’s will. He warned against actions that undermine Iraq’s stability, internal security, and political reputation. These activities, particularly when they target secure locations safeguarded by international law and conventions, are deemed  terrorist acts. Al Sudani’s stern words come in the wake of an assault on the US embassy in Baghdad’s heavily fortified Green Zone, which has been the target of numerous attacks recently.

Defense of Iraq’s Sovereignty

Al Sudani reaffirmed that the Iraqi security forces and government agencies, each within their jurisdiction and duty, will continue to protect diplomatic missions and uphold international treaties. The Prime Minister vowed that the offending elements would face relentless pursuit and resistance in defense of Iraq’s sovereignty and the stability achieved through a long history of significant sacrifices. He also highlighted the presence of roughly 2,500 US troops in Iraq and about 900 in Syria, part of efforts to prevent a resurgence of the Islamic State group.

As this situation unfolds, the world watches closely, hoping for a swift resolution that upholds Iraq’s sovereignty and maintains international peace and security.

https://bnn.network/world/iraq/iraqs-prime-minister-calls-for-justice-following-attack-on-u-s-embassy/

Iraqi Dinar-Currency Swaps and Positive Signals for Iraq's Currency Reva...

Kuwait Central Bank implements measures to rein in Dollar use in Banks and Exchanges, 8 DEC

  Kuwait Central Bank implements measures to rein in Dollar use in Banks and Exchanges

According to this policy, the exchange rate of the dinar is determined based on a specially weighted basket of currencies from countries with significant commercial and financial ties to Kuwait

The Central Bank of Kuwait has communicated to local banks that it will not cover dollar purchases directed to exchange companies if such acquisitions are intended for speculation or investment purposes, reports Al- Rai daily quoting informed sources. The Central Bank emphasized that it will consistently supply any quantities of the dollar directed towards meeting the needs of customers engaged in money transfer operations.

Sources elucidated that the Central Bank has informed local banks that they are permitted to continue procuring dollars to fulfill transactions with their customers, a practice that remains unchanged. However, banks are now required to ensure that the dollar amounts acquired from the Central Bank for exchange companies are primarily aimed at fulfilling the needs of their customers exclusively. Any shortfall in this regard must be independently covered by the bank. It was further explained that any purchases of dollars by banks or exchange companies for investment, commercial, or speculative objectives must be covered by the bank or company’s own Cooperaresources.

This can include utilizing its existing stock of the currency or acquiring it through the open market or other alternatives distinct from the Central Bank’s facilities.

The Central Bank is positioned to cater to the foreign currency needs of banks, aligning with the approach taken by other central banks in the region that adhere to a fixed exchange rate with another currency. Highlighting Kuwait’s exchange policy for the dinar, the sources emphasized its objective of maintaining the relative stability of the dinar’s price against other currencies. According to this policy, the exchange rate of the dinar is determined based on a specially weighted basket of currencies from countries with significant commercial and financial ties to Kuwait.

The sources underscored the effectiveness of the Central Bank’s policy in achieving a notable degree of relative stability in the dinar’s exchange rate against major global currencies. link

No vacation until the end of the year.” The Minister of Finance issues a directive to the employees of the Budget Department, 8 DEC

 No vacation until the end of the year.” The Minister of Finance issues a directive to the employees of the Budget Department, 8 DEC

 Minister of Finance, Taif Sami, today, Friday, December 8, 2023, directed the employees of the Budget Department to continue official working hours on Fridays and Saturdays until the end of the current year 2023.

The ministry stated in a statement received by Al-Sumaria News, “Minister of FinanceSublime spectrumI directed the continuation of official working hours for Budget Department employees on Fridays and Saturdays until the end of the current year 2023.  link