Question: "Is the rate and the [lower] currency gonna come out together?" I think yes. This is why I think yes. First, because they cannot change an exchange rate with a big numbers [rate] and Second, they cannot change a [lower] currency with the small exchange rate...If you change, you've gotta change both. If you take the 3-zeros from the currency, you're gonna have to take the 3-zeros out of the exchange rate in the same time. That's what I think.
Happy New Year, best wishes and all that stuff...A lot of people are sending me messages going like do you see any changes? ...I don't know why you're asking me that. What you guys heard? Who told you anything? Some people wrote me tonight at midnight the currency will be launched. Some people said their new rate will come out tonight at midnight ...I didn't see anything like that. They didn't say they're going to change the rate tonight. They didn't say they're coming out with currency tonight... They'll never tell you they're coming out with it...I'm not expecting anything tonight...
To prevent wasting money, a parliamentary committee calls on the government to expedite sending the oil law
Information / Baghdad.. On Tuesday, member of the Oil, Gas and Natural Resources Committee, Nazem Al-Shibli, stressed the need for the government to expedite sending the oil and gas law to the committee for study and approval to control the pace of revenues from the sale of oil.
Al-Shibli said in an interview with the Al-Ma’louma Agency, “The Oil and Gas Law regulates the method of extracting oil and oil revenues in accordance with the interpretations of the Iraqi Constitution in the section on the distribution of natural resources.”
He added, “The government is required to send the oil and gas law for study and approval in the House of Representatives to control the pace of oil exports.”
He explained that “enacting the law is sufficient to resolve disputes between the region and the center,” stressing that “accelerating the adoption of the oil and gas law is a guarantee in the export, sale and investment of Iraqi oil wealth, not that it remains without a law.”
In a previous statement to Al-Maalouma, former MP Jassem Al-Bayati accused the Kurdistan Region of obstructing the passage of any consensual formula regarding the oil and gas law, indicating that the rampant corruption in the Kurdistan oil sector is one of the most important reasons for the delay in passing the law.
People have been asking, 'Why is the Iraqi dinar one rate in Iraq and a different rate online...?' There are two major reasons for the different rates. 1. The Iraqi government imposes strict currency controls to limit the flow of dinars out of the country. This creates a dual exchange rate system: Official rate - fixed rate imposed by the Central Bank of Iraq...Market Rate - Freely fluctuating rate is used for private transactions and most imports... 2. The IQD is not widely traded internationally ...Limited demand for dinars outside Iraq weakens its value on
the international market. But...they are now saying speculation about a potential revaluation of the Iraqi dinar sometimes influences online prices... Speculation investors, that's us. We are causing fluctuations in the currency value...
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.
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...
Parliamentary Economy determines the features of the impact of “dollarization” in 2024
Information / Baghdad.. On Tuesday, member of the Parliamentary Economics Committee, Hussein Habib, identified the most prominent features of the impact of the continued dependence on the dollar on the country’s economy during 2024.
Habib said in an interview with Al-Maalouma, “Any decrease in the exchange rate of the dollar against the dinar is positive and will enhance the value of the latter and address the price pressure suffered by millions of people below the poverty line in the country, but on the other hand, any decrease cannot be achieved through wishes, but rather according to mechanisms.” An organization that adopts Ofoq addresses the reason for the demand to buy the dollar from the parallel market.”
He added, “Dollarization has created exceptional conditions for Iraq’s economy in light of the import of approximately 90% of the market’s needs from abroad. That is, we export the dollar in the absence of industry, not to mention the impact of other sectors, including hospitals, because large numbers of citizens are forced to travel for the purpose of treatment and spend large sums of money.”
He pointed out that “dollarization, in reference to the parallel market, will remain influential in the economy as long as there is an absence of industry and production in large proportions, pointing to the necessity of openness to safe investment that attracts capital and restores its inflow in terms of rehabilitating services and opening horizons that contribute to expanding the circle of dependence of the dinar instead of the dollar in Internal financial transactions.
The dollar exchange market witnessed a gradual decline before it rose again in recent days amid uncertainty in its activity.
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
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
Coffee with MarkZ, MiltiaMan, and the joined by Andy Schectman. 01/03/2024
Member: Good morning Mark, mods and patriots
Member: It is a great day to be alive. Rejoice and be glad in it.
MZ: Here is the illustrious MilitiaMan…Welcome. About the de-dollarization on the 1st and 2nd …many did not see it….but are still hopeful…Iraq still says they are moving forward. What are you hearing?
MM: The first thing I looked at this morning was the IMF report that came out yesterday. It says they have low inflation, good employment, the outlook looks good. There was some negatives since OPEC is cutting oil….but, the non-oil revenues should kick in …taxes, tariffs, agriculture and tourism is big. And of course the development road project. Once they start building millions of houses in 10 cities….I am sure the WTO wants to have their hand in that.
MM: An article came out yesterday saying Iraq had been given the green light for International Institutions to invest in Iraq. My opinion on that is they are going to accept the obligations for article 8 compliance. Which means they are going to adjust their exchange rate.
MM: They talk about the exchange rate in the IMF document today. A brief snippet about increasing the exchange rate and purchasing power…... You all may want to go read it. I think this report was a good indicator.
MM: Yesterday the PM (Sudani) was talking about the existence of financial reform and stability. They are going to switch to an electronic system in the government itself, and within 6 months they will no longer use cash for payments.
MM: Today we have the retirees supposed to be paid. They will have to do their banking with ATM cards …This should tell us if the operational side of the budget for 2023 is exposed. We need to see how they pay all the contracts and tenders for the year 2023.
MM: I do not think they can afford to pay for all those houses and businesses and roads with an exchange rate of 1310. I don’t think there is enough dinar in the world to do all of that .
MZ: I agree with you. There is no future for them without an improved exchange rate
Member: . Militia Man & Crew - so what happens with all the 2023 Budget that Iraq didn't spend??? Can they double up and spend it in 2024?
MM: I think they have already spent it and have not shown us yet
MZ: That’s what I think …maybe all the checks just havn’t cleared yet.
MM: In an article the budget has 7.6 billion in surplus which tells us they are not telling the whole truth. But the government granted the authority to continue spending the 2023 budget and the spending can continue with the 2024 budget. That is what we are seeing in the news today.
Member: What happens to dinar holders if Iraq goes cashless?
MZ: They are not trying to remove all cash. They are trying to streamline government to not use cash to stop corruption.
MM: There is going to be a need for new small category notes (lower denominations) and a need for coins or fils….They will have those. It will be no different than here. Many people do not carry cash anymore……but many do….just less.
MZ: If all the cash is removed from government payments ext….removes this historic problem of corruption.
Member: What happens if they just print new notes and the dinar we hold are not good anymore?
MZ: That will never be accepted in the international world. You would have to have a closed economy to do that…..like N. Korea. You cannot do that to the international world though.
MM: We can clearly see the people behind this – the WTO, The IMF, The world Bank….the BIS , the Federal Reserve bank….The US, Canada, The UK…all kinds of countries hold dinar in their foreign reserves. Iraq cannot just say…”Sorry guys- we aren’t paying you” That is not going to happen. We are talking trillions. Look at the US- The US embassy in Iraq is one of the biggest in the world. One of our presidents said we are going to get paid back for this.
MM: They are planning big things over the next few months and need an exchange rate to match. Sudani has been moving on steroids to get this done.
MZ: And with the government forcing the use of dinar only from now on….they need to have a higher value….or these people who have the green light to come in and start building are not coming……
MM: If they have a REER (Real Effective Exchange Rate) based on true values….from oil, natural gas, borders, tourism, taxes and tariffs……..it’s going to be phenomenal…and that is what they are working on. I think everyone should be excited as we are watching it unfold.
MM: We should all have confidence that what we are invested in is coming to fruition. That is my belief….everything is very positive.
MZ: I am being told from my folks on the street over there to watch in the coming days or weeks for the rate of dinar on the prices of goods to change. To me this signals there is going to be a substantial change. And they told us they are going to implement their economic reforms in the month of January. And the exchange rate is a key issue in those.
MM: Iraq is moving to a digital era and there is going to be a major announcement with respect to that- from the Prime Minister’s advisor…..this was 6-7 days ago. And all the banks will be working this weekend….I think that is interesting.
MZ: Are you feeling very confident right now?
MM: Oh yes……If they were given the green light for the international community to come in and trade….they are going to have to have article 8 compliance at some point. The expectation on the ground….is for more purchasing power and the dinar is going to be stronger than the dollar soon.
MZ: And they built a mechanism in the 3 year budget for a value change….
MM: and this budget is for 2023, 2024, and 2025.
MZ: Thank you MilitiaMan……Its always great hearing from you.
Mod: THANK YOU, MILITIA MAN, YOUR TIME WITH US IS APPRECIATED!!
PLEASE FOLLOW AND SUBSCRIBE TO MILITIA MAN & CREW: https://www.youtube.com/@MilitiaManCrew ALSO FOUND ON Patreon community that is CONTENT DEEP at https://www.patreon.com/mmandcrew
Member: Went to my bank yesterday. Asked my banker if he had new currency for me. He smiled and said “not yet”.
Barclays bank here in london Uk are up to speed with the RV – woohoo
Member: Chase bank told me Monday that they are exchanging dinar now and I have a phone appointment today at 9:30 to find out the rate
Member: I wonder-Are they waiting on the US to announce the new gold backed US Note first???
Member: Who is Mr C and what is his official title and why does he get “codes” and what are the “codes”. What happens when he puts in the “codes”? PLEASE answer these questions
MZ: Just watch this video and listen to Mr. C tell you all about it https://www.youtube.com/watch?v=jBCd_0prXj8
Member: Thanks Mark, MM, and Andy….Everyone have a great day
Andy Schectman from Miles Franklin joins today. Please listen to the replay for his information and opinions….
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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.