Hi Mnt Goat, Thank you for all your hard and dedicated work in keeping us informed about the dinar. Do you have any idea about what we will be looking at in fees/spreads when we go to the bank to exchange? And is it negotiable? Same question regarding taxes, so many so called gurus over the years have said you won’t have to pay any income tax on what you exchange, I personally find that astonishing anyone would think the ‘IRS’ wouldn’t be right there with their hand out when we finally exchange. Please let us know your thoughts and/or concerns in regards to these few questions. And again, thank you for all that you do for each and everyone if us.
Mnt Goat answer:
First of all, the IRS will not be at the bank during your exchange. The banks will not be taking out any taxes on exchanges. They never do for hard currency. It will be up to you to file afterwards maybe quarterly if your proceeds are high enough. Consult with a professional to find out this limit otherwise you will file annually as normal. Unless the IRS officially makes a separate ruling on these currency exchanges, they do not fall under the category of minor exchanges up to $250, anything over this is taxable and not exempt. This will most likely be considered a capital gain and subjected to its rules. I am not a tax advisor or financial planner and so when the time comes, please consult a professional. If the situation changes from the current IRS code, the IRS will have to issue something is writing for us.
WARNING * WARNING *WARNING
I want to WARN everyone now. Regardless of what you think about these intel gurus, YouTube intel sites and other idiots then have done more harm than good to the community of investors in these currencies, especially in the Iraqi dinar. People get desperate for information and so they believe almost anything no matter how preposterous and fake it is. Just google “Iraqi Dinar revalue” as see the mountains of crap that comes up.
Again I ask everyone to stay firm and don’t sell you dinar. This is going to happen. We must continue to pray and pray hard. The world, not just your country, is at war. It is a new kind of war. It is a war of propaganda and spirituality. The satanic entities are running ramped. Like Joe Biden says in his campaign trail, he is battling for your souls, “The Soul of the Nation”. They almost have complete control over you now as it’s down now in 2024 to the final battles in this war.
I encourage everyone to listen to Julie Green’s and Kim Clement’s prophetic words this week. God is going to suddenly turn this around and the Iraqi dinar revaluation is part of the turnaround too. The prophets tell us this summer is NOT going to be the usual lazy, hazy days of laying back and enjoying the summertime. It is going to be filled with turmoil, earth changes (volcanoes, earthquakes, tornadoes, etc) and chaos. It is not going to be pretty! Get ready and be ready!
This was another hard Newsletter to write because I wanted to bring some very good news and could not. Yes, the currency reform process is in motion as the CBI is still attempting to manage the parallel rate of the black market. This inability still has lots to do with Iran as Iran is still stealing millions each week from Iraq through the banks. I even went so far as to hold off on publishing the Newsletter yesterday in the hope that I would have some very good news for you after my weekly call today, Wednesday to my CBI contact in Iraq. So, what I was told is still the same old, same old. The project to delete the zeros is still on hold. The education articles and news media reports have also been put on hold for now. The issues with the Iranian bombings in Iraq and Syria of US bases is not helping the situation either. Of course the Iranian backed politicians are pushing for the removal of US troops from Iraq. They would luv to fill the gap and occupy Iraq as a puppet country of Iran. But there are still enough true Iraqi patriotic politicians involved who like to see Iraq return to a TRUE sovereign country once again. And so, like in the US with the threat of the globalist ideology, the Iraqis also face this threat of an Iranian takeover of their country. Based on this I was told there is no way the US is going to signoff and allow a reinstatement of the dinar.
Remember we need security and stability in Iraq first and foremost to getting the dinar reinstatement. We have been told this over and over again in the past by both the CBI and the GOI. So, what will (has) contributed to destabilizing the security and stability of Iraq and the region?
Many of my blog readers ask me if the American forces will withdrawal from Iraq. I have to tell you it will NOT happen any day soon. Having said that let’s look deeper into this subject matter since this is a key event that could greatly impact our investment.
As investors in Iraq this would of course be disastrous for us, not saying what would happen to the Iraqi people and their suffering once again under an Iranian rule. The stability and security of Iraq would be greatly affected. It boggles my mind to see that Iraq has not yet made the effort it needed to provide the necessary security for its own country. But look at what President Biden is doing with the open borders in the US and so go figure. But remember Iraq is under certain restrictions too that prohibit them from a buildup of the forces needed to combat these kinds of threats. There are also Iraqi /Iranian sympathizers that still think Iran is on their side. It is a delicate situation in Iraq with the occupying Iranian militia leftover from 2014 ISIS invasion. I always said since 2014 that this would come to haunt Iraq and so it has.
Advisor to the Iraqi Prime Minister for Security Affairs, Khaled Al-Yaqoubi, confirmed today, Sunday (January 28, 2024), that Baghdad is trying to reach a formula with the American side to confront the threats, in reference to the recent attacks that targeted American bases. He explained, and I quote from the article – “Baghdad agrees with the Americans that the lesson of 2014 should not be repeated, in reference to the attacks launched by ISIS in Iraq,” stressing that “the lessons of the past are present to the Iraqis and Americans.”
If an American withdrawal would be disastrous since it has been leading the international coalition in Iraq since 2014, analysts find that and I quote – the “possible withdrawal” may leave the country under a security risk, and that it is not yet ready to deal with the deep challenges, starting with from the “strong” factions supported by Iran, to the ISIS terrorist cells that are still present, all the way to the factions’ control over Iraq’s money and capabilities.”
An American withdrawal similar to the 2011 by president Obama could jeopardize Baghdad’s ability to confront ISIS, or Popular Mobilization Forces groups such as: Kata’ib Hezbollah and Harakat al-Nujaba, which warned It may overthrow the Iraqi government if Iran requests it.
Hang on there is also some good news….
The Central Bank of Iraq decided just recently to restore the mechanism for financing Iraq’s foreign trade, starting next March. This is all part of slowly phasing out the electronic platform as they said they would do as 2024 rolls on. The Central Bank said in a letter addressed to the banks, which Al-Iqtisad News reviewed, that for the purpose of organizing financing operations for requests to enhance external balances, it was decided to implement the new requirements and mechanisms starting from March 1, 2024.
He added that banks wishing to enhance their balance with correspondent banks in all currencies should appoint an external auditor for the purposes of reviewing transfers in advance of the process of sending transfers. Banks wishing to enhance the balance must provide us with information about the names of the companies they wish to contract with within a maximum period of February 29, 2024. So, basically what the CBI wants is to know where the money is going and for the banks to certify it, by auditing.
Central Bank Governor: We prevented banks and companies from obtaining the dollar... and work on the electronic platform will end during the current year
1/31/2024
The Governor of the Central Bank, Ali Al-Alaq, confirmed: “The bank prevented a number of banks and companies from obtaining the dollar for not adhering to the requirements,” indicating: “The electronic platform will end its operation during the current year.”
Al-Alaq said in an interview with the official agency: “The banks against which decisions are issued are only prevented from obtaining the dollar and can carry out their normal activities,” noting that: “Banks can correct their conditions and obligations required to enter into their foreign transactions.”
He added: "The Central Bank has reached the final stages of regulating external transfers to banks, and the bank has continuous reviews, and banks that apply the standards are allowed to obtain the dollar."
Al-Alaq continued: “The US Treasury praised the Central Bank’s provisions for banks, which included conditions and standards for external transfers and the opening of accounts with internationally accredited foreign banks,” denying the issuance of decisions by the US Treasury to punish a number of Iraqi banks with the exception of Al-Huda Bank and the Chairman of its Board of Directors. LINK
Article: "Romanowski regarding the US Treasury’s visit to Iraq: enhancing cooperation between the two countries”
Quote: “The United States and Iraq share the goal of supporting a sound and strong financial system in Iraq, which will attract investment and ultimately benefit the Iraqi people. She added: I am pleased with the visit of US Treasury Undersecretary Ryan Nelson to Iraq, stressing that this visit has strengthened this important cooperation."
Article: "The Credit Bank of Iraq achieves a profit of 17.5 billion dinars during the year 2023”
Quote: "For the year 2023... its assets rose to 507.7 billion dinars, while it was 406.7 billion dinars in the year 2022, a growth rate of 24.8%...The bank's profits grew by 63.5% during the year 2023 compared to the year 2022, which reached 10.7 billion dinars”
Clare: With the closure...the dollar price decreased
1/20/2024
The main stock exchange in the capital, Baghdad, closed today, Saturday, due to the decline in the exchange rate of the dollar against the Iraqi dinar.
Selling prices in money exchange shops in local markets in Baghdad reached 153,250 Iraqi dinars for 100 dollars, while purchasing prices reached 151,250 dinars for 100 dollars. LINK
Article: "Dollar prices decline in Baghdad and Erbil with the closure"
WORLD ECONOMIC FORUM ANNUAL MEETING
ACHIEVING SECURITY AND COOPERATION IN A FRACTURED WORLD
A Conversation With Mohammed Shyaa Al Sudani, Prime Minister of Iraq
January 18, 2024 10:30–11:00 CET
A conversation with Mohammed Shyaa Al Sudani, Prime Minister of Iraq Simultaneous interpretation in English and Arabic>
Centre for Regions, Trade and Geopolitics
The Forum's Centre for Regions, Trade and Geopolitics is helping stakeholders shape progress on global and regional priorities within the most complex geopolitical and geo-economic landscape in decades.
Clare: International Finance Corporation: We want to expand our business in Iraq as an investment region
1/17/2024 Baghdad
The International Finance Corporation announced, on Wednesday, its desire to expand its work in Iraq as an attractive region for investment.
The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani met in Davos with a delegation from the International Finance Corporation/IFC, headed by Executive Vice President Mokhtar Diop.”
The statement added, "The meeting witnessed a review of the prospects for cooperation between Iraq and the international institution, a member of the World Bank Group, in light of the Iraqi government moving forward with economic reforms and implementing major strategic and investment projects."
Al-Sudani confirmed, according to the statement, “the government’s readiness to develop the scope of cooperation and partnership with the international institution, especially after the signing of a contract between the Civil Aviation Authority and the international institution to prepare an investment portfolio regarding the Baghdad International Airport development project to be on the same level as international airports, and compatible with international standards in a comprehensive manner.”
For its part, the International Finance Corporation delegation expressed its desire to expand its work in Iraq as an attractive region for investment, as well as to participate in the Strategic Development Road project and the major projects attached to it. LINK
Article: "The House of Representatives discusses the latest requirements for Iraq’s accession to the World Trade Organization" Quote: "... Iraq has completed all the requirements for joining the World Trade Organization in 2023, and only legislation remains."
Article: "Al-Sudani leaves Baghdad for Switzerland to attend the Davos Forum" Quote: "On Monday, Iraqi Prime Minister Muhammad Shiaa Al-Sudani left the capital, Baghdad, for Switzerland to participate in the 54th session of the Davos Economic Forum."
Article: "With the exception of Iraq...the World Bank announces a rise in food sector inflation in the world" Quote "...the International Monetary Fund announced a decrease in the inflation rate in Iraq, which is expected to stabilize due to the policy of the Central Bank of Iraq and the impact resulting from raising the exchange rate of the Iraqi dinar..."
Article: "An Iraqi delegation heads to Washington within days, followed by a visit to Sudan" Quote: "Iraqi delegation will head to Washington within days, followed by a visit by Prime Minister Muhammad Shiaa Al-Sudani."
Article: "Selling an Iraqi currency dating back to the era of “King Ghazi” for 100 thousand pounds sterling" Quote: "A very rare Iraqi currency dating back to the royal era was sold in the country, today, Monday, at a fantastic price of 100,000 pounds sterling, or approximately 187 million Iraqi dinars ."
Article: "Expectations that the decline in dollar prices will bring benefits to the Iraqi individual " Quote: "In order to reduce the price of the dollar in the local market, the Central Bank of Iraq specified, yesterday, Sunday, the entities covered by receiving their external transfers in cash in the dollar currency, starting from January 2, 2024. "
Article: "A financial expert points out the reasons for the continuous decline in the dollar exchange rate" Quote: "On Monday, financial expert Nabil Al-Ali attributed the continued decline in the exchange rate of the US dollar towards the Iraqi dinar to...the change in the attitudes of merchants and public opinion through their conviction of the strength and status of the dinar...The dollar exchange rates against the Iraqi dinar will continue to decline, thus touching the official rate specified by the Central Bank ."
Article: "The Iraqi Dinar Overthrows The Dollar And Wins The Struggle To Control The Regular Market” Quote “The US Treasury continues its cooperation with the Central Bank of Iraq,as many Iraqi banks have now formed relationships with international banks for the first time.”
Article: " CBI Governor: Int'l welcome to the Iraqi banking sector’s commitment to compliance rules " Quote: " For the first time, Iraq is witnessing the reorganization of the external transfer process through correspondent banks, instead of the Central Bank or the Federal Bank being the executive interface for this process.”
Article: "CBI Governor: Int'l welcome to the Iraqi banking sector’s commitment to compliance rules" Quote: "For the first time, Iraq is witnessing the reorganization of the external transfer process through correspondent banks, instead of the Central Bank or the Federal Bank being the executive interface for this process.”
