Announcement of the start of the cancellation of the dollar in the trading of the “Brix” group, 31 DEC

  Announcement of the start of the cancellation of the dollar in the trading of the “Brix” group, 31 DEC

Iran, like other BRICS members, will abolish the use of the dollar in trade, economic and financial dealings within the group, and has already begun several steps in this direction.

“Within this organization, we have many planned tasks and joint work with other BRICS members,” Iranian Deputy Foreign Minister and Chief Negotiator Ali Bagheri Kayani announced this, an interview with Novosti correspondent.

“One of the most important actions was to eliminate the use of the dollar in commercial and economic transactions and financial cooperation. Activities like this have begun in the work of the BRICS, and we hope to strengthen and grow these activities in order to implement this task as soon as possible.”

The BRICS group includes Brazil, Russia, India, China and South Africa, but more recently 23 countries have already expressed a desire to join this economic bloc.

At the last summit held in Johannesburg in August, the UAE, Saudi Arabia, Iran, Argentina, Egypt and Ethiopia were officially invited to join the BRICS as of January 1, 2024.

https://almutalee.com/news/الإعلان-عن-بدء-إلغاء-الدولار-في-التعاملات-التجارية-لمجموعة-بريكس

"RV UPDATE" BY KAPERONI, 31 DEC

 Kaperoni  

I hope each and every one of you find success in this investment...It may take time.  It may  be another 1 to 5 years.  I certainly hope not but I believe things could happen quickly over the next 36 to 48 months.  It all depends on Iraq. 

...We all know things don't happen fast in Iraq. Iraq has a lot of work to do in order to succeed. The first of which is pass over 100 stalled laws through Parliament to encourage investment in Iraq.  And at the same time the Central Bank of Iraq has to continue reforms to the banking system, digitalization, and apply monetary tools to meet compliance.

 A country's exchange rate is the result of the success and growth of their own economy. When you have a weak economy, you have a weak exchange rate. Until Iraq passes laws, diversifies their economy and increases their GDP, nothing will happen with the dinar.  When Iraq passed their tripartite  3 year budget a few months back, it created the conditions for them to diversify and privatize their economy over the next three years.  Now Iraq is on the clock to accomplish such.

There's a new article out that many people are translating and confusing. They are not talking about an RV in Iraq, they are talking about the spread being in compliance early next year. 

 Just a reminder the spread is the difference between the official rate and the market rate or street rate and has been way out of whack recently in Iraq. This article simply means they expect the spread to come down closer to the official rate early next year. There is no RV.

    A very important statement was made back in 2020 by the prime minister's economic advisor Mohamed Salah who used to be Deputy Governor of the CBI under Shabibi. He stated that Iraq's entire wealth including all minerals in the ground amounts to only $16 trillion dollars. Knowing that information one can then determine that there is no way a significant RV could ever occur with over 90 trillion dinar in circulation.  It doesn't make sense...

 They...have to have the dinar stabilized within the country and within the 2% rule mandated by the IMF in order to then accept IMF article VIII and begin to float the dinar which would raise its value based on supply and demand.  All of these processes and or steps required time.

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-kaperoni-10-dec_0650267841.html

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-kaperoni-18-dec.html

🔥Iraqi Dinar🔥Pull the Trigger🔥News Guru Intel Update IQD Value to USD🤑💵🤑🎉

Turkmen leader: The region’s talk about the oil and gas law is a “lie”, 31 DEC

 Turkmen leader: The region’s talk about the oil and gas law is a “lie”, 31 DEC

Information / Baghdad…
Former MP Jassim Al-Bayati confirmed on Sunday that the region had previously rejected the oil and gas law, and will reject the law in its current form because it determines exports and imports and therefore will not meet its interests and desires.

Al-Bayati told Al-Maalouma, “The region is lying to itself when it talks about the oil and gas law and declares support for this law, because it will never be in its interest and will not meet its desires, as it will make all oil companies partners among themselves.”

He added, “The Kurds know that the oil and gas law will determine the amount of exports and imports, as the region will find that this law restricts it, and therefore the region’s talk about supporting the aforementioned law is nothing but a lie.”

He stated that “the region had previously rejected the oil and gas law since 2008, despite the Council of Ministers approving it at the time and sending the law to Parliament, but the Kurds rejected it, stood against it, and went out with demonstrations to reject the law.”

almaalomah.me

"RV UPDATE" BY PIMPY, 31 DEC

  Pimpy  

Looks like Iraq has put their ducks in a row.  They're getting ready to start the new year of 2024 doing exactly what they said they were going to do - stop using the US dollar, making sure the Iraqi dinar is stable before they do that.  

Community comment "Pimpy last month said he believed the dinar will revalue in 3 years so I  stopped listening..."  I didn't say it was going to revalue in 3 years.  I said it's going to go up in increments over three years.   Big difference.

You guys keep forgetting they rely way way too much on oil revenues for their budget.  That has got to change before you can really make any major changes to the Iraqi dinar exchange rate.. .

Article:  "Parliament is awaiting the 2024 budget schedules...preparing for major changes in numbers"  Remember I told you if they're going to make any kind of change to the exchange rate it would happen at the end of the year or before the beginning of this next year 2024.  The reason for that is businesses in Iraq have to prepare their budgets...based on what the government in Iraq does...The fact that they're saying they need to reconsider the total revenues and expenditures for the year make me wonder what it is they have up their sleeve.  There's no guarantees that's what's going to happen but if they are going to make a change to the exchange rate this would be the time to do it.

Iraq's Prime Minister Announces Plan to End US Coalition Presence RV on ...

Positive government steps to attract major international traders and companies, 31 DEC

 Positive government steps to attract major international traders and companies

The Federation of Iraqi Chambers of Commerce revealed the existence of positive government steps that will attract major merchants and international companies.

The president of the union, Abdul Razzaq Al-Zuhairi, told the Iraqi News Agency (INA): “Entering the electronic platform to pay taxes has become inevitable, and will be implemented within the time frame set by the General Tax Authority, but there is a major problem represented by small merchants who now represent the majority.

They are forced to... To go to the parallel market,” noting that “there has been an old fear for decades, between the merchant and the government.”

He pointed out that “a positive tax system has been launched, but we need to restore trust between the merchant and the government.”

He added, "The majority of the Iraqi market is made up of small merchants, due to the circumstances that Iraq went through," adding, "The equation will change during the coming period, and large international companies and labels and large merchants will enter the Iraqi market, while small merchants will be shoppers."

He stated that “taxes created a kind of gap and problems for many Iraqis, including the loss of files, the similarity of names, taking deposits without refunding them, calculating the tax twice, and other problems.”

He stressed that “the recent decision by Prime Minister Muhammad Shiaa Al-Sudani will change many of those problems mentioned above, but implementation needs to be strict.”

He pointed out that “Iraq deals with white money with countries around the world, so the issue of the electronic platform is positive, and it is a global step.”LINK