"RV UPDATE" BY SANDY INGRAM, 1 JAN

 Sandy Ingram 

 In January 2024 foreign currencies will no longer be allowed inside Iraq and any violations will be criminalized.  The Iraqi dinar will be used for all transitions. 

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. 

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-sandy-ingram-30-dec.html

 

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.

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 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...

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-sandy-ingram-25-nov.html

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-sandy-ingram-30-nov.html

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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...

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-sandy-ingram-25-nov.html

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-sandy-ingram-27-dec.html

iraqi dinar🔥RV Processing Thrills Great News Unveiled🔥iraqi dinar news t...

Parliamentary Finance Reveals The Reasons For The “Fluctuation” Of Dollar Prices At The End Of The Year, 1 JAN

 Parliamentary Finance Reveals The Reasons For The “Fluctuation” Of Dollar Prices At The End Of The Year

Economy |Baghdad today – Baghdad   Today, Sunday (December 31, 2023), member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, revealed the reasons for the recent fluctuation in the exchange rates of the dollar against the Iraqi dinar in local markets.

Al-Kadhimi said in a statement exclusively to “Baghdad Today” that “the exchange rates of the dollar against the Iraqi dinar on the black market have their reasons, including speculators,” noting that “there are unreal prices raised by stock exchange owners on social media for the purpose of benefiting.”

The member of the Finance Committee pointed out that “part of the dollar’s decline is the small withdrawal by traders coinciding with the end of the year 2023.”

He added, "The Central Bank of Iraq provides 150-200 million dollars daily at the official exchange rate of 1,320 Iraqi dinars."

Today, Sunday (December 31, 2023), the exchange rates of the dollar against the dinar recorded a slight increase in the local markets in the capital, Baghdad .

The "Baghdad Today" correspondent said, "Selling prices in money exchange shops in the local markets in the capital, Baghdad, amounted to 153,000 dinars for every 100 dollars ."

He added, "The purchase price amounted to 151,000 dinars per 100 dollars."

For more than a year, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system “SWIFT , ” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets .

The exchange rate in the parallel markets is still recording a significant increase compared to the official rate, which amounts to 1,320 dinars per dollar.  LINK

"NPCI launches ASBA-like facility for secondary market" , 1 JAN

 "NPCI launches ASBA-like facility for secondary market"

The National Payments Corporation of India will begin it's beta testing of their new foreign currency exchange mechanism and more in their Secondary Market on January 1st, 2024.

This means that the actual transaction will only be completed when confirmation on both sides of a trade are confirmed. T+1 settlement processing will take place all in one day.

Only a select few countries have been chosen to test this Secondary Market. The US, Indonesia, Iraq, Vietnam, and a few other countries will be processing their new local currencies on this new digital payment system.

This new digital payment settlement mechanism will support the following:

* key stakeholders
* clearing corporations
* stock exchanges
* depositories
* stockbrokers
* banks
* UPI app providers
* And much more...

Now, we are expanding and testing the new system with several countries in January 2024.  

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Iraqi Dinar $3+ Exciting News Dinar News Update Dinar IQD Iraqi Dinar 2 ...

On The Last Day Of The Year.. The Dollar Rises In Baghdad And Erbil With The Closure, 1 JAN

 On The Last Day Of The Year.. The Dollar Rises In Baghdad And Erbil With The Closure

Market  Economy News – Baghdad  The prices of the US dollar against the Iraqi dinar closed on Sunday with an increase in Baghdad and Erbil.  Dollar prices recorded an increase with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 152,450 Iraqi dinars per 100 dollars, while this morning it recorded 152,150 Iraqi dinars per 100 dollars.

Selling prices increased in banking shops in local markets in Baghdad, as the selling price reached 153,500 dinars per 100 dollars, while the purchase price reached 151,500 dinars per 100 dollars.

In Erbil, the dollar also recorded an increase, as the selling price reached 152,300 dinars per 100 dollars, and the purchase price reached 152,200 dinars per 100 dollars.

https://economy-news.net/content.php?id=39037

"RV UPDATE" BY KAPERONI, 1 JAN

 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