DINAR REVALUATION

Monday, December 25, 2023

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Iraq Nears End of Dollar Struggle Amidst Financial Reforms and Rising Dinar, 25 DEC

Iraq Nears End of Dollar Struggle Amidst Financial Reforms and Rising Dinar

As Iraq inches closer to the resolution of its dollar conundrum, a recent statement from a media advisor to Prime Minister Mohammed Shia al-Sudani has confirmed the near-end of this struggle. The U.S., represented by Ambassador Alina L. Romanowski in Baghdad, has pledged its support to the Iraqi government’s efforts by offering dollar services.

Renewed Confidence Between Baghdad and Washington

The Iraqi government’s commitment to financial reforms and the resolve to rectify institutional practices have fostered a renewed sense of confidence between Baghdad and Washington. Romanowski has lauded the mutual cooperation between the U.S. Treasury Department and the Central Bank of Iraq. The budding relationships between Iraqi banks and international banks are viewed as a positive stride towards reforming the banking sector.

Washington’s Refusal and the Rising Dinar

This announcement follows a report by The Wall Street Journal, revealing that Washington had declined Iraq’s request for $1 billion in cash from the Federal Reserve. This refusal was attributed to the efforts to curb Baghdad’s dollar use and halt illegitimate cash flows to Iran. Contrarily, the Central Bank of Iraq had previously announced that dollar payments from the Federal Reserve were on track, adhering to a schedule mutually agreed upon by both institutions. Simultaneously, the value of the Iraqi dinar has seen a surge for the first time in about a year following the formation of the current government. This government has been combating currency speculators and manipulators while addressing the currency sale window used for financing import and export operations.

A Hopeful Start to 2023 for Iraq

Prime Minister al-Sudani has initiated the formation of an Iraqi-Turkish committee to streamline trade and strategic partnership between the two nations and bolster Iraqi merchants’ imports in Iraqi dinars. Despite the preliminary local election results announced a week ago, the final results are yet to be declared, leading to public confusion. Nevertheless, the U.S. ambassador reiterated the continuation of dollar services to Iraq, and Prime Minister al-Sudani appeared confident as he inaugurated the Freedom Bridge in Baghdad, indicating a hopeful start to 2023 for Iraq.

https://bnnbreaking.com/world/us/iraq-nears-end-of-dollar-struggle-amidst-financial-reforms-and-rising-dinar/

"RV UPDATE" BY NADER FROM MID EAST, 25 DEC

Nader From The Mid East

Article quote: "Salih the financial advisor to the Prime Minister confirmed that the dollar exchange rates in the parallel market began to approach the official price set at 1320 per dollar after recent measures taken by the central bank and the Iraqi government..."

That's what's slowing down all this process. It's people still using the dollar in Iraq. Even me, I use the dollar in Iraq. When I was there last week I use a dollar in Iraq. Why? Because it's a lot easier. It's smaller. You don't carry a lot. You carry $500, $600, $700 with you, $1000 max...If I didn't have the dollar and If the dinar for me to carry...it would be a lot in my pockets..

The facts are the facts. If they delete the dollar, if they take off the dollar from the markets in Iraq, they're going to have to come out with a small category of dinar. That's it. Why? Because it's too much dinars to carry...I'm not going to cary 150,000 dinars in my pockets. I'm not going to do that. I prefer to have $100 than 150,000.

Everybody's asking me what's going on. What's the news. The news, you will see it on the 1st of January - what exactly is going on. They already gave you a date. I told you the 1st of January we'll be out of the dollar. We will not work with the dollar anymore in Iraq.

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-nader-from-mid-east_0350340910.html

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Sudanese adviser on the dollar: The battle is nearing the end, 25 DEC

Sudanese adviser on the dollar: The battle is nearing the end

Mawazine News – Baghdad

Media adviser to Prime Minister Hisham Al-Rikabi confirmed on Sunday that our battle with the dollar is nearing an end.
Al-Rikabi said in his tweet, followed by Mawazine News, that “the will of the Sudanese government to carry out reform within financial institutions in Iraq and the insistence on correction, were important factors in strengthening confidence between Baghdad and Washington, and constituted a positive step in achieving success within the banking sector.”
He noted that “we said it earlier and we confirm it today, our battle with the dollar is nearing an end.”

https://mawazin.net/Details.aspx?jimare=239579

"RV UPDATE" BY FRANK26, 25 DEC

Frank26

Article: "Media Advisor to the Prime Minister: Our battle with the dollar is almost over" THE SANCTIONED PROGRAM RATE IS ALMOST OVER!

The HCL is waiting for what you're waiting for, what the contracts are waiting for, what everybody's waiting for - the new exchange rate. You see the new exchange rate you got the HCL automatically. It has no choice but to come out hand in hand. One feeds the other. But only once can feed the other, not both ways. It's not symbiotic.

Question: " When we go to exchange is the removal of the 3-zero notes going to affect the value of our dinar?" If you look at the American currency...we actually have a $500...$1,000...$10,000 bill...but after World War II our country become very powerful and we got rid of the 3 zeros just what Iraq is doing but we didn't do it physically. We did it on our exchange rate... Those zero notes are still legal tender...

The dollar is slowly going down in value inside of Iraq. The Iraqi citizens are removing the dollar from their lives whether it be usage in commercial transactions, business, at the markets. By doing that they're using their currency the way they were told to do. That action is causing the dollar to lose ground and the Iraqi dinar to gain ground.