Remember the goal is to become a cashless society...Just because they're doing away with the US dollar has nothing to do with them changing the Iraqi exchange rate. I did say IMO towards the end of the first quarter, the beginning of the second quarter you might see a bump in the Iraqi dinar exchange rate only because of supply and demand. If they do away with using the US dollar and they start using Iraqi dinar more in country, that's going to strengthen the Iraqi dinar. Plus there's going be a much larger demand for the Iraqi dinar because the dollar won't be around anymore for them to use...
With them taking away the US dollar there's some logic to...an increase in Iraqi dinar.Will they? You're not going to see them go 1 for 1...
Nothing would make me happier than to be wrong about this. I would love to go, 'Oh, my gosh, everybody was right and I was wrong. Darn.' As I take my dinar down to the bank...It's not that simple. There are a lot of hurdles and...precautions countries have to take before you do anything that outrageous with your exchange rate. The best you can hope for is it goes up in increments...You're not going to see any huge significant change in the Iraqi exchange rate despite the fact they're taking away the US dollar.
Plasschaert sends an end-of-year message to the Iraqis: Bright opportunities are on the horizon
Shafaq News/ The Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, confirmed today, Saturday, that Iraq has an excellent opportunity for rapid progress in its sustainable development.
Plasschaert said in an end-of-year message followed by Shafaq News Agency: “Going back to last year, I said that, with political stability and bright opportunities on the horizon, Iraq has an excellent opportunity to advance rapidly in its sustainable development, and a year later, several important steps and promising initiatives have already emerged.”
She added, “While the country is in a position to seize the many opportunities available to it, doing so will not be an easy task, and therefore, I can only echo the words of Secretary-General António Guterres during his visit earlier this year: “The United Nations is committed to supporting Iraq.” To consolidate its democratic institutions and advance peace, sustainable development and human rights for all Iraqis.”
She continued by saying: “On behalf of the United Nations family in Iraq, I wish you all a happy New Year full of peace and wellness.”
[via PDK] Pretty quiet from Iraq so far today. One of my sources believe the local elections had some effect on our timing and are finishing the ballot counting before they release rates. If hes accurate…the counting should be finished in the next day or so, Possibly as early as today. I have one source in Iraq who believes they will release the rate in Iraq as soon as they finish seating these new electees. Possibly in a day or so or as early as today.
So far this morning - very quiet…no real changes since last night. There is nothing negative…Just no news saying anyone is spending any money yet this morning. Maybe we will get more news throughout the day today.
Comment: Iraq may be spending 80% of their 2023 budget to flood its citizens with dinar right before the RV. MarkZ: That makes a lot of sense. There was a lot of backlash in Kuwait because they did not do something similar. A lot of Kuwait people were caught without having Kuwait dinar because they were using US dollars.
FIREFLY: Television special is saying we are seeking monetary sovereignty over the dollar.
FRANK: Can't get any more straight forward to the point than that can we. When they say the word Monetary they mean money...They want your currency to dominate...They have told you after January 1st you will not be using anything but your sovereign national currency. To me that sounds like a currency that has great pride in being announced to the world. A currency that is about to go up in value. It does not sound like the continued sanctioned, programed rate that has robbed you citizens of your future...
FIREFLY: Sudani has statement to us citizens to be on watch for change in the dinar pricing for goods in our market.
FRANK: Realize that Sudani is telling you there is a change coming to the exchange rate of your sovereign national currency...He told you to look for it. That is simply amazing. It is part of the monetary reform education that is so loud even the man on the moon can hear it.
FIREFLY: Sudani didn't say the amount of the change that will occur, whether it was small or large. He just told us to watch in our markets for the dinar to increase and the plan they had to devour the parallel markets is all but complete.
FRANK: [Happy fist pump yes!] How much time is there left!?
Economic: For these reasons, dollar prices are gradual declining
On Saturday, the economic expert, Safwan Qusay, suggested that control over the exchange rate would continue and that it would gradually decline, attributing this to the fact that Iran and the sanctioned countries now have common financial systems that reduce the demand for the dollar from the Iraqi market or other markets.
Qusay told “ Jarida ”, “The policy of diversifying currencies at the level of Iraqi banks and the desire of merchants to obtain goods immediately away from the electronic platform by dealing in the Emirati dirham, the Turkish lira, the Indian rupee and other currencies, which can reduce the waiting period for these merchants.” Thus, part of the demand that was fed through the parallel market, especially for small merchants, withdraws into the banking system, and thus the demand for the dollar in the informal market gradually decreases.”
Qusay expressed his hope that “the Central Bank’s measures will succeed in finding an appropriate mechanism to deal with imports from the sanctioned countries, through the joint account window with Oman or Qatar, to feed the private sector, especially the Iranian one, with a portion of the funds supervised by the US Federal Reserve, so that the dollar will decline in the informal market.”
It is clear, according to Qusay, that “Iran has gradually found alternatives to the local market. It is dealing with Russia directly and with China, and part of the reason for the gradual decline, which may be below 1,500 during the coming period, is that the Iranians and the sanctioned countries have joint financial systems that reduce… “Demand for the dollar from the Iraqi market or other markets.”
He explained, “The volume of trade exchange with the Iranian side for the year 2023 decreased to 6 billion, while it had reached 10 billion dollars annually or more. This indicates that Iranian merchants have begun to deal with other countries such as China, India, and Russia, and thus the demand for those who trade has decreased.” By exporting goods and recovering their money from the informal market.”
At the conclusion of his speech, Qusay suggested that “control of the exchange rate will continue and it will gradually decline until it returns to the regular price, even after a while.”
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: Merry Christmas to all!
Member: Happy Christmas Adam……(Tomorrow is Christmas Eve) LOL
Member: I got some exciting news from a bond holder-They had a notary come over yesterday to sign papers for Reno
MZ: There is very interesting and back and forth in the historic bond market right now. Some people are being told very different things then what others are being told.
MZ: Pretty quiet from Iraq so far today. One of my sources believe the local elections had some effect on our timing and are finishing the ballot counting before they release rates. If hes accurate…the counting should be finished in the next day or so, Possibly as early as today.
Member: Are you hearing anything on the Venezuelan Bolivar?
MZ: We are hearing some interesting things on the Bolivar. “Venezuela unveils official exchange rate for sovereign bolivar” It appears they are making moves to prop up their currency in a big way…..
Member: The bolivar is now showing on the XE currency converter 35.471 to 1USD
MZ: That is a substantial change in value. Unfortunately we cannot exchange it yet…but we are looking for places.
Member: I went to the bank the other day and they told me exchanges are not taxed. This is in Canada.
Member: Exchanges should not be taxed…but, be prepared.
MZ: That’s the way I look at it. We have shared this memo from the US State Dept. directly about Iraq. Go to section 6 Financial Sector: The last sentence says “There are no taxes or subsidies on purchases or sales of foreign exchange.” https://www.state.gov/reports/2022-investment-climate-statements/iraq/
MZ: MilitiaMan just came out with wonderful recap on articles from Iraq this week. He is pointing out all the business and countries now dealing directly with Iraq. Be sure to go watch it.
MZ: Nader is doing a live Q&A right now…be sure to go listen to that as well
Member: Wolverine said his high up contact Mauricio said we're going to have a very merry Christmas.
MZ: “The election results will witness changes after the special vote is counted” They are finishing the counting of local elections …
MZ: I have one source in Iraq who believes they will release the rate in Iraq as soon as they finish seating these new electees. Possibly in a day or so or as early as today.
MZ: “ BRICS : US dollar reserves fall 6.5%, but local currencies rise 3.65 %” Amongst the BRICS countries they are unloading their US dollars to support their local currencies.
MZ: From Watcher Guru and the official BRICS twitter account posts this “ How Bitcoin can help the BRICS alliance ditch the US dollar” In other words crypto/blockchain coins can help them break the western hegemony. This one is important to pay attention to. It’s the future of money.
Member: I am hearing lots of stories about “rates on bank screens” but how many can actually exchange now?
MZ: Maybe a handful if the bank teller messes up. But then I would guess it would be corrected or reversed until it is time.
Member: Merry Christmas everyone. Hope everyone has a blessed weekend and can be with family and loved ones. Thanks for all you do Mark and Mods.
Member: Merry Christmas to All and to All, a good night.
Member: And God Bless us everyone!!!
“THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IS IN MARKZ’S OPINION ONLY
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