"RV UPDATE" BY PIMPY, 15 DEC

  Pimpy  

 Question:  "Can Iraq get into the World Trade Organization with the currency exchange rate of 1310 to 1 US dollar?"  

One of the key requirements for joining the WTO is establishing a convertible currency at a "realistic exchange rate"...the exchange rate of 1310 to 1 USD raises concerns about the convertibility and stability of Iraq's currency... There is no specific threshold for what constitutes a "realistic" exchange rate...It has to be a stable currency which means... Iraq must have a stable economy...When 95% of your budget is totally relied on oil sales that is not a stable economy.  Iraq is going to have to build their private and public sectors...

Can Iraq go into the World Trade Organization with an exchange rate of 1310 dinar?  Yes...if the dinar is stable.

When this thing happens and it's gonna happen...we have no idea about 2024.  That doesn't mean it can't happen in 2024.  I'm anticipating a rate change happening in the first quarter as they get away from using the dollar and they use the dinar more, as they start doing business with these countries they did a currency swap with, the demand for dinar will increase and is it'll go up in value.

Sudanese: Economic reform is the gateway to financial and banking reform, 15 DEC

  Sudanese: Economic reform is the gateway to financial and banking reform

12/14/2023

The Prime Minister, “Mohamed Shiaa Al-Sudani,” said today, Thursday, that: “Economic reform is the gateway to financial and banking reform,” while noting that “the government is committed to providing the dollar at the official rate, and stressed its keenness to end the suffering Kurdistan employees due to the delay in their salaries” 

Al-Sudani said in a televised interview followed by “Al-Mutalaa” that: “Conducting the population census is the first step in implementing Article 140 of the Constitution. It was postponed to May 2024 after it had been scheduled.”

It was held this year due to the provincial council elections,” pointing out, “It is time to remove the outstanding problems between Baghdad and Erbil, which lie in the border crossings and the budget.” He added, “We went to borrow from the Ministry Finance to pay the salaries of Kurdistan Region employees, and we are in favor of finding a solution with a legal amendment that considers Kurdistan Region employees as equal to the rest of Iraq’s employees,” stressing that “the government is keen to end the suffering of the Kurdistan employees’ salaries crisis.”

He stressed on the part of Another, “Economic reform is the gateway to financial and banking reform, and the issue of the exchange rate requires this reform, and we are committed to providing the dollar at the official rate to merchants, investors, contractors, students, and travelers.”

He pointed out that “95 percent of our trade now passes through Through the electronic platform, there are those who circumvent the law and buy the dollar at the parallel price. Because he does not want to apply legal procedures.” He stressed, “We will not accept that the official dollar price is equal to the parallel price; Because this encourages smuggling.”

Regarding foreign trade, Al-Sudani said: “There is no problem on the Iranian side in dealing commercially with Iraq in the dinar or toman currencies.”

He continued: “The problem of commercial transfers to Turkey was solved by opening accounts in the Turkish lira.” He stressed that “food prices maintained their stability, despite the attempts of manipulators to speculate on the price of the dollar.”  LINK

"RV UPDATE" BY MARKZ, 15 DEC

  MarkZ

  [via PDK]  A lot has happened over the 14th and the 15th and more is expected to happen over the next couple of days. We have seen tremendous progress over the last few days…behind the scenes...I absolutely think we are finally here.

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.

  In Iraq:  “Central Bank achieves a new step in the right direction to regulate foreign trade.”  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. 

Most of my Iraqi people think we are within a couple of days. My banking people think we are within a couple of days. Just remember we don’t know the timing.  But I am super excited.

Iraqi Dinar🔥Iraq Will Be Another Dubai Very Soon Today 2023🔥iraqi dinar ...

A banking expert answers: Is it possible to ban dealing in the dollar?, 15 DEC

 A banking expert answers: Is it possible to ban dealing in the dollar?

12/14/2023  Private|..

Banking expert, Mahmoud Dagher, on Wednesday, ruled out the possibility of the Central Bank of Iraq preventing dealing in dollars in the country.

Dagher told Jarida , “The Central Bank cannot prevent dealing in the dollar, as there is nothing in the banking law or in the instructions of the Central Bank that supports this approach, so they have no right, and dealing in the dollar will continue as dealing with the dinar.”

He stressed that “there are huge bank accounts for depositors in dollars, so it is unlikely to prevent dealing with it,” stressing the necessity of “arranging the status of the dinar instead.” LINK

"RV UPDATE" BY WALKINGSTICK, 15 DEC

 Walkingstick

  They have told them [Iraqi citizens] a change is coming.  Do you need another clue?  Come January 1st what are the citizens supposed to do?  What are they supposed to use? 

 Should they continue to use a worthless currency?  Should they continue to live in misery, poverty, when they were promised other things?  Iraq will be another Dubai.  What more can the CBI do after the first?  Reinstate and float.  That will make the Iraqi citizens very happy... 

 Why only [spend] 20% [of their budget] in 11 months?  IOO they're waiting for a new exchange rate.  They're going to use their currency...pressure will be reduced on the citizens by adding value to their currency...Stop using the dollar on January 1, 2024 because the monetary reform education is the key and we're telling you what we are doing.  IMO they are telling them all so they will understand where the monetary reform process is at at this moment.

 Why only [spend] 20% [of their budget] in 11 months?  IOO they're waiting for a new exchange rate.  They're going to use their currency ...pressure will be reduced on the citizens by adding value to their currency...

Stop using the dollar on January 1, 2024 because the monetary reform education is the key and we're telling you what we are doing.  IMO they are telling them all so they will understand where the monetary reform process is at at this moment.

 The 1st of January is when no other currency will be used by Iraqi citizens inside the country except their own currency.  Don't you think that's a clue!  They are pretty much telling you without telling you.  Can you pick up on this intent?  You don't have to be a detective to pick up on a clue like this!

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-walkingstick-14-dec.html

We beg for our money from them… Where is the sovereignty!! Central Bank: Washington agreed to meet Iraq’s request for cash shipments for the year 2024, 15 DEC

 We beg for our money from them… Where is the sovereignty!! Central Bank: Washington agreed to meet Iraq’s request for cash shipments for the year 2024, 15 DEC

The Central Bank announced Thursday, the American side’s approval to meet the Central Bank of Iraq’s requests for cash shipments for the year 2024.

The bank said in a statement, “The delegation of the Central Bank of Iraq concluded its meetings with the delegation of the US Federal Reserve and the US Treasury 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.”

The bank indicated 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, and the meetings witnessed a number of understandings that aim towards building the capabilities of Iraqi banks and enhancing their compliance with international standards.”

The bank continued, “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 reduce Gradual reliance on the electronic platform will be completed within the next year and limited to recording financial transfers for the purposes of control, auditing and analysis.

For his part, the Governor of the Central Bank of Iraq stressed that “the Central Bank is determined to support Iraqi banks, enhance their capabilities and prepare them to work in accordance with international practices.”

burathanews.com