Starting today…a third of Iraq’s imports will be freed from the control of the dollar
2023-12-13 | 03:01
Starting today...a third of Iraqs imports will be freed from the control of the dollarThe Central Bank of Iraq announced today, Wednesday, the launch of the process of financing Iraqi imports from the Emirates with the Emirati dirham.
The Central Bank of Iraq stated in a statement received by “Al-Sumaria News”, “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hana Al-Rustamani, and during the meeting it was agreed to launch financial transfer operations between the two countries and finance trade and imports between Iraq.” And the United Arab Emirates in the UAE dirham currency through the First Abu Dhabi Bank.
The bank indicated that transfer operations in the UAE dirham will begin today, Wednesday, December 13, and the first phase of this agreement will be with five Iraqi banks, which will be gradually increased. He stated
that “this step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it serves… “Towards reducing dependence on the electronic platform for financial transfers and working in accordance with the normal international practices adopted in strengthening Iraqi bank balances for the purposes of financing trade.”
Iraq’s imports from the UAE annually amount to more than 20 billion dollars, most of which are considered re-exports of goods from other countries, out of total imports to Iraq. It amounts to 60 billion dollars annually.
Accordingly, this means that approximately 35% of Iraq’s annual imports will not be made through the dollar in the future.
I have to tell you I am disappointed at what I am hearing from Iraq. But there is some good news too and the bad news could change suddenly, as I am told.
No, the RV has not yet happened. I will address my conversation with my CBI contact from yesterday also later on in this section. First I want to address some more weird news that I feel is not giving the entire picture of what is going on in Iraq with the financial reform process. These articles can be deceptive if you didn’t already know better and read articles from the past that contradict them.
Today, Thursday (December 14, 2023), the Central Bank of Iraq announced the end of its meetings with the delegation of the Federal Reserve and the US Department of the Treasury in Dubai. The meetings resulted in a number of agreements related to supporting the policies of the Central Bank of Iraq in its orientation to support Iraqi banks in establishing relationships with correspondent banks and the gradual transition of operations to enhance the advance balance of the accounts of these banks, and this is consistent with what the Central Bank of Iraq previously announced in its plan to gradually reduce from relying on the electronic platform to ending its work within the next year2024 and limiting it to recording financial transfers for the purposes of control, auditing and analysis.”
According to the statement, the Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed that “the Central Bank is determined to support Iraqi banks, enhance their capabilities and prepare them to work in accordance with international practices,” while the statement explained that “it was agreed and approved by the above authorities to meet the requests of the Central Bank of Iraq for cash shipments for the year 2024″.
Meanwhile Iraqi Banking expert, Mahmoud Dagher, on Wednesday said it was impossible for the Central Bank of Iraq to prevent dealing in dollars in the country. He said and I quote from the article – “The Central Bank cannot prevent dealing in the dollar. There is nothing in the banking law or in the instructions of the Central Bank that supports this approach” He claimed they have no right, and dealing in the dollar will continue as dealing with the dinar. But what does this last statement really mean. Does it mean dealing in dollars in the hands of the citizen or the banks?
I want add that as investors we read the CBI policy that will begin Jan 1st 2024 and it did not say that there would be no dollars used in Iraq. What Ali al-Alaq did say as a new policy, is that the banks will still maintain accounts for depositors in dollars. However, within the country of Iraq, if these dollars are withdrawn from the banks they will be converted to dinar. This is the end result of the de-dollarization process of 2023.
So, in part Banking expert, Mahmoud Dagher is correct but in part is seems he is barking up the wrong tree in emphasizing to correct something that does not need correction. The CBI policy was stated very clearly and he should go read it first before publishing such statements. Such statements only add to the confusion in people’s minds. We have to be careful in the translation from Arabic to English as meanings are also lost.
Then there is Economist Ziyad Al-Hashemi who said on Wednesday that the financing process for the Development Road Project has reached a dead end, after Iraqi efforts to obtain the investment financing necessary to launch this project faltered. He added, the latest is the Turkish President’s efforts to persuade Qatar and the Emirates to invest in this project, which seems to have not led to a satisfactory result. Oh boy nothing but bad news today….But we know that China has already invested billions into the “Silk Road” project, as we read these articles too in the recent past. So, we must consider why Turkish, Qatar and Emirates investors do not, as this time, want to invest in this project. It is not that the project “faltered” but rather they do not wish to compete with China.
So today another one bites the dust! Last week we read about the Central Bank of Iraq began covering retailers’ imports from Turkey with tens of millions of euros as an initial payment, in implementation of the banking arrangements agreement concluded with Turkey last week. This period of news we read news about another country with international payment arrangements made outside of using the US dollar. So recently the Governor of the Central Bank of Iraq, Ali Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hanaa Al-Rustamani. During the meeting, according to a statement by the Central Bank, a copy of which {Al-Furat News} received, “it was agreed to launch financial transfer operations between the two countries and to finance trade and imports between Iraq and the United Arab Emirates in the UAE dirhamcurrency(not the dollar) through the First Abu Dhabi Bank, as transfer operations in the UAE dirham began this day, Wednesday.” December 13.” WOW, WOW, WOW. This is all good news for our investment.
However, I also want to caution you as citizens of the U.S. Yes, this may be good for our reinstatement of the dinar process but there are ramificatios too. This de-dollarization can be very bad for the value of the dollar throughout the world. Remember the dollar is the standard of median of exchange throughout the world. It has helped stabilize the values of other currencies as it was the standard to which all other currencies gauged. But with the massive debt caused by careless spending, especially during the Biden administration, the dollar is actually worthless with over 35 trillion of national debt. It is only through the speculation and the petro-backing of the dollar called petro-dollars (selling oil in US dollars) that has kept the dollar a float though its high demand. But this too the Biden administration seeks to kill, talking now in the latest Summit on so-called climate change, to get off oil as a standard energy supply just decades away.
What does this all mean for Iraq?
Well…we already read multiple articles from Iraq pushing the U.S. to release their oil revenue funds from the US banks. Next will come selling oil outside of the petro-dollar. Trust me on this one it is coming. I know there are some intel gurus out there telling the dollar is “king” and will never fail. But at the same time they are ignorant people and do not keep abreast of just what is happening right in front of their noses.
If this fails then what? We are literally witnessing it fail right in front of our eyes. What will happen next?
There are many of these idiots selling you this concept of NESARA/GESARA which is of course all foolishness and I explained many times why this is so. However, one thing they do keep talking about if the reenacting of the Gold standard provisions for currencies. Folks, we can already see the seeds being planted right front of our noses. In fact, not only planted but already the new sprouts are arising out of the ground… So, what will the dollar be worth when we finally get to exchange? I fully believe we are going to see a crash with the turning into 2024. I am not a financial analyst and I surely am not qualified to give financial advise, but I too can see the crash coming. It is now just a matter of how severe will it be?
This crash is also confirmed by the modern day prophets as tell us do not FEAR. God is telling us it will be short-lived. PANIC and FEAR will only make it worst.
Back to the dinar revaluation…
Is this why the sudden de-dollarization we are witnessing taking place not just in Iraq, but in Iraq is this why they had to get off the sole de facto peg to the US dollar with the dinar? Do they want the dinar to crash?
So, there are multiple reasons why, what is happening in Iraq is happening. It is just not all about the revaluation. If it was then where is the currency swap out? It is mid-December already. Where are all the articles we were promised would happen with the re-education process to identify the newer lower denominations and explain to the citizens just how the swap out will work? Then today out pops an article telling us the currency auctions will not end in early 2024.
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good Afternoon Mark.!! Glad you’re safe.!!
MZ: I’m at the airport and hope the background noise isn’t too loud for you.
Member: Mark Z. Sound is good and we’re glad you’re good. Let’s get some good news there’s a lot of chatter out there.
Member: Bond holders around us say the feel very optimistic it's soon… was the news we got yesterday
MZ: Most of my Iraqi people think we are within a couple of days.
MZ: My banking people think we are within a couple of days. Just remember we don’t know the timing. But I am super excited.
Member: Frank26 said Iraq last changed their rate on 12/20/22. Seems they like that date.
Member: And Iraq will spend the other 80% of their budget right after that…wihin 5 days. Between the 20th and 25th…..
Member: It seems 2 me, IRAQ set the 20th 4 the flip. if they R going to spend the 80% at that time, retroactive to 1-1-23, wouldn't they want that CURRENCY VALUE 2 B much HIGHER?
Member: Frank26 said that they are making the 80% retro active back to Jan 1 and this would spend it all
MZ: In Iraq: “Central Bank achieves a new step in the right direction to regulate foreign trade.”
MZ: Also the CBI just wrapped up meetings with the US Treasury and the Federal Reserve about “ Becoming International” and they are content with the changes they have made for Iraq to be fully recognized internationally.
Member: I heard a rumor that the IMF has approved everything……and is done
Member: I heard the dong will come out at .47…Seems a bit odd as I thought it would come out closer to the dinar since they own so much of each others currency?
MZ: When we first got into this and looked at the Vietnamese dong we were hopeful it would come out around.30 to .36 cents. Which is still amazing. But I have not heard it was going to be that low. I am still hearing it will be between $2 and $3.
Member: Recently we've heard 11 million per 100T Zim. Is this the guru consensus or can we expect the previous range of 30-50M?? Is there a humanitarian trust to fund YUGE global projects?
MZ: That is not the consensus. I have one source who thinks it will be $41 million per one 100T note ….Others still claim it will be somewhere around $30 million per one 100T note. Reality is no one will know the rate until we get to the finish line.
Member: I am crossing my fingers, toes, leg & my eyes lol… that this is it, we are about to cross the finish line.
Member: Thank You So Much for all you do for us MarkZ…Safe travels.
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Dubai is hosting a meeting of delegations from the Iraqi Central Bank, the Federal Reserve, and the US Treasury, 14 DEC
Today, Thursday (December 14, 2023), the Central Bank of Iraq announced the end of its meetings with the delegation of the Federal Reserve and the US Department of the Treasury in Dubai.
The bank's media office stated in a statement received by "Baghdad Al-Youm", that "the delegation of the Central Bank of Iraq concluded its meetings with the delegation of the US Federal Reserve and the US Treasury Department in Dubai."
He added, "Representatives of the US Federal Reserve and the US Treasury appreciated the efforts made by the Central Bank of Iraq during the year 2023 to achieve compliance with the Iraqi banking system."
He pointed out that "the meetings resulted in a number of agreements related to supporting the policies of the Central Bank of Iraq in its orientation to support Iraqi banks in establishing relationships with correspondent banks and the gradual transition of operations to enhance the advance balance of the accounts of these banks, and this is consistent with what the Central Bank of Iraq previously announced in its plan to gradually reduce From relying on the electronic platform to ending its work within the next year and limiting it to recording financial transfers for the purposes of control, auditing and analysis.”
According to the statement, the Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed that “the Central Bank is determined to support Iraqi banks, enhance their capabilities and prepare them to work in accordance with international practices,” while the statement explained that “it was agreed and approved by the above authorities to meet the requests of the Central Bank of Iraq for cash shipments for the year 2024".
He pointed out that "the meetings witnessed a number of understandings that aim to build the capabilities of Iraqi banks and enhance their compliance with international standards." link
BANK STORY LADY: ...I got into the wealth department...The lady was very pleasant and nice and she said, ma'am I do have the currency...She explained they should be all set up a week from Friday.
FRANK: I guess it's no secret.
Bank Story Lady: I said I would love to be your customer. You respect me, I will respect you...I asked what would I need to do? She says just come right up in here to this branch office and we'll take care of you.
FRANK: They're ready to do exchange with any foreign currency but they're not ready for the dinar until a week from this Friday.
Bank Story Lady: ...I said I do have dinars, but I do have others...[she says] Yes ma'am we should be ready a week from Friday.
FRANK: They didn't deny the dinar will be exchangeable, they told you we'll be ready for the dinar a week from this Friday...that's the 21st or 22nd...
Parliamentary Budget: 2024 Will Not Stop The Disbursement Of The Tripartite Budget
December 13, 2023 Baghdad/Al-Masala Al-Hadath: The Parliamentary Finance Committee confirmed that the entry into the new year 2024 will not stop the disbursement of funds from the tripartite budget, given that it was approved for three years.
The head of the committee, Atwan Al-Atwani, said that the committee approved a tripartite government budget and there is no interruption in spending and disbursement, given that the approved budget is for (3) years to ensure the continuation of spending and contracting and the continuity of the government’s work throughout its years without faltering, as happened in the past and led to the budget being delayed for more than 6 months.
He added that with regard to the 2024 budget, the committee is communicating with the government while awaiting its schedules, and it is possible to complete the issue as soon as possible with the aim of sending it to the House of Representatives for a vote.
On June 12, the House of Representatives voted on the draft general budget law for the fiscal years (2023, 2024, 2025), after deliberations that began last Thursday.
The value of the current year’s budget amounts to 197 trillion and 828 billion dinars (about 152.2 billion dollars), with a total deficit of 64.36 trillion dinars (49 billion dollars), while the budget items for the years 2023 and 2024 have not been published.
The current year's budget estimates the price of a barrel of oil at $70, with a daily export volume of 3.5 million barrels per day, including 400,000 barrels per day from the Kurdistan region of Iraq.
Iraq is the second largest producer of crude oil in OPEC after Saudi Arabia, with an average daily production of 4.6 million barrels under normal conditions. https://almasalah.com/archives/76102