[via PDK] Question: What does you gut say Mark? MarkZ: My gut feels it will be at the bridge of 2023 to the first of January.
[via PDK] “Iraq’s ports emerge as key transit points amidst international shipping route changes” With the unrest in the Red Sea…they have found alternative paths through Iraq using ports, rails and trucks. I think this one is big and solidifies Iraqs position in the international world. They are also shoring up their financial world and Iraq’s position as a trade hub. They are going to need a currency to go with it…especially once the de-dollarize. Question: What does your gut say? MarkZ: That we may be in the last week or the last days of this thing.
[via PDK] Comment: Exchanges should not be taxed…but, be prepared. MarkZ: That’s the way I look at it... memo from the US State Dept. directly about Iraq...The last sentence says “ There are no taxes or subsidies on purchases or sales of foreign exchange.” [NOTE: Always consult with your tax professional at the appropriate time to determine the right tax for your unique circumstances.]
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.
State of law: The election of the Speaker of Parliament will be decided in the first session
Information / Baghdad.. The representative of the State of Law coalition, Bahaa al-Din al-Nouri, confirmed on Thursday that the election of the new speaker of parliament will take place during the first session of the next legislative term on the ninth of January, indicating that there is no agreement to hold an extraordinary session before the start of the legislative term to provide the Sunni forces with the last opportunity. Agreeing on one or more candidates for the position.
Al-Nouri said in a statement to Al-Maalouma, “The political forces are still reaching understandings regarding choosing a candidate for the position of Speaker of the House of Representatives, and the dispute still exists between those forces.”
He added, “The political forces will not embarrass the Sunnis by collecting signatures to hold an extraordinary session before the start of the next legislative term in order to give them another opportunity to conduct negotiations to choose one or more candidates for the position.”
He explained that “the Constitution and the internal regulations of the House of Representatives require the political forces to choose the Speaker of the House of Representatives in the first session after the expiration of the membership of the former president dismissed on fraud charges.”
Al-Nouri pointed out that “the selection of the Speaker of the House of Representatives will take place during the first session of the House on the ninth of next month.”
I don't believe in redemption center. I don't believe in that. I believe in banks and exchange offices. I don't believe in redemption centers.
I'm waiting for the first week of January to see what's happening. The 1st of January they will make a decision. They will make a lot of decision next.
I'm not saying the rate is going to change the 1st of January but things going to be stronger, a lot stronger. Once they start using the dinar they're going to be a lot stronger...
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.
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.
Information/Exclusive.. Former member of the House of Representatives, Ghaleb Muhammad, revealed on Thursday the reasons that stand in the way of resuming exports from the Kurdistan region, while stressing that the problem lies in the contracts concluded by Kurdistan with the companies responsible for the operations of extracting and exporting oil. In an interview with the Maalouma Agency, Muhammad said, “The contracts included a full partnership with the Kurdistan government to extract and export oil,” noting that “the contracts were recorded at very high amounts that the central government cannot pay.” He continued, “Finding appropriate solutions for these contracts lies in adding new articles to the general budget law for the year 2024,” pointing out that “the central government has the right to take the necessary measures and decisions to resume oil exports.” He added, “Turkey was the largest beneficiary of exporting oil directly from the region through its own companies,” adding that “the problem lies in the contracts that Kurdistan concluded with the companies responsible for the operations of extracting and exporting oil.” A member of the House of Representatives, Thaer Makhif, had, in an interview with the Maalouma Agency, attributed the disruption of the resumption of the Kurdistan region’s oil exports to his government’s persistence in the law and the constitution, while he stressed that the procedures and decisions issued by the central government will bind the region to all laws.
Why are we seeing reports of a meeting with the IMF in Jordan and a meeting with the Department of the Treasury and the US Federal Reserve in Dubai?
...The meeting with the IMF had to do with the IMF staff team helping the Iraqi authorities reform the banking system...This meeting more than any other tells us Iraq may be preparing to join the global financial network, aka Forex Market...Here's the bottom line. Iraq has never really been on the Forex market. These reports IMPLY Iraq is headed in the direction of international currency inclusion while using its own currency for transactions within th country beginning January 1, 2024.
A drone attack on a military base hosting US troops near Erbil in northern Iraq...caused casualties...Iran-backed militants claimed responsibility for the attacks...The attacks occurred on December 25th.
Inflation...political stability... balance of payment...national debt...recession - each of these seven categories helps determine the currency rate of any country...We want to wish each of you a happy holiday..
Article: "Iraq links Baghdad US embassy attackers to security services"
The attacks against US forces have continued. The Iraqi government said several people who are alleged to have attacked the US embassy in Iraq last week have links to the country security services...
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.
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.
[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 country has no tax on foreign income, capital gains, inheritance, stock profits, wealth or gifts...The former Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, obtained Dominica citizenship in 2017 along with his wife and two children and did not renounce it upon his appointment as governor of the CBI which was clear violation of article 18 paragraph 4 of the Iraqi Constitution. He held the position of governor of the Central Bank of Iraq from September 2020 until his removal by the current prime minister on January 23, 2023.. .
There are corruption questions...a legal complaint... has been filed due to the loss and depletion of millions of dollars regarding forged import documents.
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.
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: " Good News for Investors: US Treasury Continues to Omit Vietnam Currency Off Currency Manipulator's List"
Vietnam was not included on the US Treasury Department currency manipulators list this time. The list comes out twice a year and includes countries that may have surpassed the value of their currency. When a country does this it cheats investors on potential profits...Iraq is rebuilding after the war so is not yet subject to currency manipulation lists...
On Wednesday the Prime Minister of Iraq's advisor took the lead from the Central Bank of Iraq and announced Iraq has the largest foreign currency reserves in its' history and that the exchange rate treatment package aims to prevent profiteering at the expense of the economy...
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 country has no tax on foreign income, capital gains, inheritance, stock profits, wealth or gifts...The former Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, obtained Dominica citizenship in 2017 along with his wife and two children and did not renounce it upon his appointment as governor of the CBI which was clear violation of article 18 paragraph 4 of the Iraqi Constitution. He held the position of governor of the Central Bank of Iraq from September 2020 until his removal by the current prime minister on January 23, 2023...
There are corruption questions...a legal complaint... has been filed due to the loss and depletion of millions of dollars regarding forged import documents.
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.
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: "Good News for Investors: US Treasury Continues to Omit Vietnam Currency Off Currency Manipulator's List"
Vietnam was not included on the US Treasury Department currency manipulators list this time. The list comes out twice a year and includes countries that may have surpassed the value of their currency. When a country does this it cheats investors on potential profits...Iraq is rebuilding after the war so is not yet subject to currency manipulation lists...
On Wednesday the Prime Minister of Iraq's advisor took the lead from the Central Bank of Iraq and announced Iraq has the largest foreign currency reserves in its' history and that the exchange rate treatment package aims to prevent profiteering at the expense of the economy...
