Monday, December 18, 2023
"RV UPDATE" BY FRANK26, 18 DEC
Frank26
On the 1st of January, you citizens of Iraq will no longer be able to use any foreign currency...Nothing except their currency. Their currency is worthless. Obviously they are cleaning the floor of the CBI from terrorism, counterfeiting, those in parliament that think they were going to take everything over again like Iran was planning but didn't work. This monetary reform education right now is extremely successful.
If you held your dinars for 1 year and you have the receipt to prove that, the date, then more than likely you'll be somewhere in the 20% range of taxes. If you...have no receipt, oh boy, you might be in the 40%. Yikes. You have 1 million, you'll have to give Uncle Sam $400,000. I'd rather give him $200,000 because I have a receipt where I've held my dinars for at least 1 year.Finance is discussing with the International Monetary Fund expanding the use of electronic payment devices, 18 DEC
Finance is discussing with the International Monetary Fund expanding the use of electronic payment devices, 18 DEC
Today, Monday, the Ministry of Finance discussed with the International Monetary Fund expanding the use of electronic payment devices.
The ministry stated in a statement received by Al-Sumaria News, “A delegation headed by the Minister of Finance, Taif Sami Muhammad, the advanced staff in the ministry, and a number of representatives of the ministries and the Central Bank of Iraq, participated in the meetings of the visiting mission ofInternational Monetary Fundexperts held in Jordan for the period from 12-14/17.” /2023″.
The meeting discussed, according to the statement, “the priorities for correcting public finances through structural reforms, represented by encouraging foreign trade payments to commercial banks and reducing dependence on cash, in addition to expanding the use of electronic devices.”POSand electronic payments and accelerating the completion of the restructuring of government banks.
On the other hand, the meeting discussed, according to the statement, “the actual expenses and revenues until September 2023 and the expected ones for the end of this year, and the spending ceilings for the year 2024, in addition to the appointments file contained in Budget Law No. (13) of 2023, financial reforms, bank structuring, and the automation of customs, taxes, and treasury accounts.” The unified and comprehensive banking system and the application of the POS electronic payment system for the purpose of maximizing revenues .
The statement added, “The meeting discussed supporting funds for which allocations are allocated in the general budget, in addition to structural reforms to support private sector development, increasing job opportunities, reforms of the retirement system and the social protection network, increased revenues and exports, higher economic growth, banking and electricity sector reforms, enhancing governance, and reducing corruption.”
As the meeting indicated, “roleCentral Bank of Iraq in tightening monetary policy appropriately with the aim of alleviating inflationary pressures by continuing to enhance liquidity management, as the Central Bank has achieved good progress in implementing technical assistance recommendations for managing local liquidity and bridging the time gap between auctions of bank instruments to ensure continuity of liquidity absorption. Sami explained, during the meeting, that “economic recovery is underway amid the return of commercial financing to normal and the large financial expansion, maintaining economic stability and the importance of coordination between monetary and financial policy and ensuring the sustainability of the need to gradually renew financial policy while maintaining spending on the necessary infrastructure and spending needs.” Social security, controlling the wage bill and increasing non-oil tax revenues. The Fund praised “the role played by member states in economic and financial reforms to achieve sustainable development goals.”
alsumaria.tv
"RV UPDATE" BY SANDY INGRAM, 18 DEC
Sandy Ingram
Article: "Iraqi council elections: Almost 17 million voters head to polls on Monday" Iraqis have begun voting for the first time in a decade to select new provincial council members who in turn will appoint governors...results are expected to be announced on Tuesday.
Iraq cuts oil production by 223,000 barrels per day voluntarily. Iraq is over 90% dependent on oil revenue and oil prices, therefore when OPEC speaks we listen and we listen very carefully, almost as carefully as when the CBI makes and announcement.
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-sandy-ingram-sheila-18-dec.html
Article: "CIA warns Baghdad of serious consequences if attacks against US personnel continue" Since October 17th the US presence in Syria and Iraq has been under constant threat.
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-clare-sandy-ingram-15-dec.html
[We] tried to ignore this news however, that is not possible Article: "Iraqi PM places security forces under investigation over US embassy attack" Iraq is doing what they can, but have not been able to stop the attacks against American Forces in Iraq. Article: "Iran-backed militia vows more attacks after US Embassy in Iraq comes under fire" When you attack the embassy of another country, this is far more serious.
The Central Bank of Iraq confirmed some Iraqi banks are transferring dollars from their accounts to intermediary banks who are distributing the dollars to their customers. The Central Bank of Iraq said this will contribute to reducing the exchange rate of the parallel dollar...[We're] thinking this is to keep the black market intact. This means the decision to only use Iraqi dinar in all transactions beginning January 1, 2024 may cause concerns and the Central Bank of Iraq is making moves to control any possible issues.
Article: "Inflation rate in Iraq declines in 2023 compared to 2022"
The Central Bank of Iraq announced the inflation rate decreased in 2023 compared to 2022. Inflation in Iraq reached approximately 3.7% in August 2023, compared to 4.4% in August 2022. Iraq's inflation rate is good compared to many countries where inflation has reached 30% and 40%...
Wealthy Iraqis move to the Caribbean. Guess who's on the list? ...The leader of the Kurdistan region and the former governor of the Central Bank of Iraq and other businessmen suspected of corruption...Iraq's politician are monitored by the organized Crime and Corruption Report Project (OCCRP)...This is part of the effort to catch
individual involved in corruption.... The project reported the purchase of Dominica (tiny Caribbean island) citizenship...enabling them to travel worldwide without a Visa...This country's visa is magical. Citizens can travel to 144 countries without a visa..
The reason countries have foreign reserves is to make sure that a country has backup funds if its national currency rapidly devalues or becomes entirely worthless. It's common practice for central banks of different countries around the world to hold large amounts of reserves of foreign exchange. Most of these reserves are held in US dollars since it is the most traded currency in the world...The amount of monies a country holds in its reserves has a lot to do with the county's currency rate...Iraq has the largest foreign currency reserves in its' history.
Article: "Inflation rate in Iraq declines in 2023 compared to 2022"
The Central Bank of Iraq announced the inflation rate decreased in 2023 compared to 2022. Inflation in Iraq reached approximately 3.7% in August 2023, compared to 4.4% in August 2022. Iraq's inflation rate is good compared to many countries where inflation has reached 30% and 40%...
Wealthy Iraqis move to the Caribbean. Guess who's on the list? ...The leader of the Kurdistan region and the former governor of the Central Bank of Iraq and other businessmen suspected of corruption...Iraq's politician are monitored by the organized Crime and Corruption Report Project (OCCRP)...This is part of the effort to catch
individual involved in corruption....The project reported the purchase of Dominica (tiny Caribbean island) citizenship...enabling them to travel worldwide without a Visa...This country's visa is magical. Citizens can travel to 144 countries without a visa..
The reason countries have foreign reserves is to make sure that a country has backup funds if its national currency rapidly devalues or becomes entirely worthless. It's common practice for central banks of different countries around the world to hold large amounts of reserves of foreign exchange. Most of these reserves are held in US dollars since it is the most traded currency in the world... The amount of monies a country holds in its reserves has a lot to do with the county's currency rate...Iraq has the largest foreign currency reserves in its' history.
"RV UPDATE" BY MILITIAMAN, 18 DEC
Militia Man
They have a paragraph in the laws that may need an amendment. It has to deal with the average production cost per barrel [of oil]...it's used to be $8 but now it's $21...
When they change the value of the currency it's going to need to be adjusted according for a fair valuation for how much money is it going to cost to get it out of the ground. That's going to be relevant to what's the dinar worth because we're not going to be using the dollar, we're going to be using the dinar...
Article: "A STATEMENT ISSUED BY THE IRAQ ECONOMIC CONTACT GROUP OF THE GROUP OF SEVEN COUNTRIES, THE EUROPEAN UNION, AND THE WORLD BANK" This data supports all that we have been seeing where Iraq is going international. It is coming out strong and to the point from the horse's mouths. For those that doubt it still.. Good luck.
We had some problems with the embassy recently...They put the army out from the 12th, a couple days back, through the 20th. So you kind of go, wow. They're really focusing in on the 20th. Again, they are telling us a story. Whether that is an indicator or not it's going to be determined. Don't think that we're telling you it's going down on the 20th because that's not what we said and that's not what I'm telling you. But it's fascinating stuff...
Romanowski [US Ambassador to Iraq] had her G7 meeting...She's taken photo op with the G7 supporting the reforms of Iraq. That's powerful stuff.
Article quote: "...during the coming year the Iraq economic contact group will further cooperation to support the development of the economic and financial sector in Iraq including prime minister Al-Sudani's policies to enhance the value of the dinar...This is a clear announcement of the new policies regarding the dinar during the transitional period..." That's a drop the mic you guys. Phenomenal...In other words if you're going to enhance the value of the dinar something is going to change.
Article "STATEMENT OF THE IRAQ ECONOMIC CONTACT GROUP OF THE G7, EUROPEAN UNION AND WORLD BANK " This is the road map they have been using to show the world their intentions.
They have every intention to see Iraq succeed and get back into the international arena and into her rightful place in the international financial system! We can see by the evidence over the last few months that support they are getting down to the wire...
Iraq is presenting that they're going international and they have been talking about it for a long period of time.
The dollar is going away between now and the 20th for commercial purposes. It will not be used as of the same data for taxation in the country... Will they still be able to buy dollars to travel. ..? Yes. Will they be able to use the dollar for transactions in country for commercial purposes? Answer, No. Will they be able to use any other currency other than the dinar for commercial purposes within the country as of January 1, 2024? ...the answer is no... Standby for this to get really exciting because everything we're seeing is telling me that we've never been here before...
Article: "Samsung: Iraq represents the most prominent market in the Middle East" The Iraqi markets are going to explode. Samsung is going to be there all along the way. They will not be alone be sure. Having an early start is a big deal...Iraq's private sector is going to be on fire.
Al Sudani has established a "Unique private sector development council..." ...Giving credibility to the private sector is getting ready to explode. It's going to be phenomenal.
If the Finance Minister needs to work to the end of the year to make sure that everything's sorted and ready to go and do it right and do it properly so the Iraqi citizens get what they deserve which is purchasing power. I think it's a phenomenal situation. I think everybody can clearly see...they're doing it and it's coming to fruition...
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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...