On Thurs. 25 Jan. the gold-backed US Dollar was introduced from the US Treasury in Reno.
The next day on Fri. 26 Jan. all 86 Global Currency Reset platforms were launched and loaded.
By Sun. 28 Jan. the new Iraqi Dinar Rate (which had been released in-country on Mon. 1 Jan.) and the new US Note were both trading on the Forex.
On Mon. 29 Jan. Tiers above Tier4b (Us, the Internet Group) began receiving notification for appointments and now some were in the process of exchanging.
The Central Bank of Iraq cancels the license of an Iranian bank
An Iranian bank branch in Iraq had its license revoked by the Central Bank of Iraq.
The bank said in a letter to the Iranian bank that “there is no point in continuing the practice of banking activities, in view of the losses incurred by the bank’s branch in Iraq, the limited activities it practices, and the inability to implement or expand the practice of banking activities, and therefore there is no point in continuing it.” This decision was made based on the Board of Directors’ decision No. (185) of 2023. It was decided to revoke the branch’s license in Iraq because it was operating there and facing international sanctions.
"The Bank Term Funding Program (BTFP) expire in March, and no new loans can then be taken out, but existing loans can be maintained until their term ends, which is one year after it was issued."
The existing loans will give Banks time to add new Basel 3 requirements to new loans (SOFR) going forward inside a gold backed economy.
Secured Overnight Financing Rate (SOFR) allows a borrowing of cash overnight that is collateralized and repurchased through the US Treasury securities.
This new repo Market mechanism (SOFR) will gradually be put into place to replace the old Libor contracts finishing up their contracts this year.
"1-, 3- and 6-month US dollar LIBOR settings continue to be published under an unrepresentative ‘synthetic’ methodology until end-September 2024. After this, publication will cease permanently."
By the end of the year, everything turns to gold. "All roads lead to gold, and gold will set us free."
Can Iraqi oil be sold in currencies other than the dollar?
Ziad Al-Hashimi, an economist, offered insight on the realities of requests to sell oil in currencies other than the US dollar.
“There are emotional parliamentary and non-parliamentary demands demanding that the Iraqi government sell oil in currencies other than the dollar,” Al-Hashemi stated in a post on the “X” platform that was then followed by “Jarida.”
The economic expert clarifies, “Theoretically, Iraq and other countries can sell their oil exports in any currency other than the dollar.” in reference to the rationale and viability of these requests. Although the state is allowed to make this option as a sovereign, oil is a political and economic weapon that directly affects the world economy. Dealing with oil as an export good requires extreme caution and awareness since everything associated with it has global economic and even political implications.
“There is a strong connection between a barrel of oil and the US dollar, which after 1973 was determined by what is called the petrodollar,” he continued. “Any violation of this rule will incur very large losses to Iraq, which will go to exchange rate differences between the dollar and the rest of the currencies.” The dollar is the currency used for global oil pricing.
Al-Hashimi declared, “In order to maintain their interests and strategic ties with the United States, the oil-producing nations only sell their oil in dollars. Iraq describes itself as a friend and even an ally of the United States, and its government has no desire to open a confrontation front with the Americans. As a result, selling oil for any currency other than the dollar is seen as a challenge to or preparation for entering into a conflict or state of war with the United States.
“Approximately 60% of the volume of global trade is priced, bought, and sold using the dollar,” he went on. “This gives countries that receive the dollar great flexibility and strength in managing their trade and imports.” Iraq will lose this crucial edge if oil is traded in currencies other than the US dollar.
“The decision to abandon the sale of oil in dollars is a huge strategic decision that carries risks and wide political and economic consequences that could negatively affect Iraq’s future for decades to come,” the economic researcher said in closing. As such, using this choice as an emotional response to the Fed’s penalties or as a way to vent frustration at the Americans makes no sense.
The Iraqi Central Bank is not going to come out and say, 'by the way you guys, tomorrow we're going to come out and drop the three zeros and guess what it's going to be at X [rate].' They're not going to do that. Nor is the...Finance Minister going to say, 'Hey by the way, I'm going to order the Central Bank of Iraq to what they got to to to change the value of the currency.' Nor is the US Treasury, US Federal Reserve, World Bank, IMF or Bank of International Settlements...
Article: "Postponing Electronic Application for Housing Funds"
They told us they were going to build hundreds of thousands of homes. They were going to have loans ready for them but they decided to postpone it.
Quote "...until new mechanisms for getting loans is approved...'
What's that about?
You were going to open up for loans for hundreds of thousands of housing units but you posted it for a 'mechanism'. What's their definition of mechanism? They don't say but we have to think - Writing up a mortgage at 1310 exchange rate and that changing the next day creates a problem...They need to know how much.
Iraq is doing a phenomenal job...Thinking that this is never going to get done? And we have issues?
Well of course. The Middle East has always got issues. But are they getting better? Yeah...Anybody and everybody that owns the Iraqi dinar...should have an idea where the Development Road Project is headed and where where their outlets are in the Mediterranean and in Europe. It'll make you wake up.
