Now over the weekend - this is where it gets fun…There was a lot of conversation and many stories about needing to have a committee for “repricing”...
Why do they need to reprice?
Maybe they are getting ready to change the value of the dinar? This is HUGE . And they were very up front over the weekend on “Removing the zeros” and this process provides more purchasing power…they call this the “mechanism to delete the zeros” This process requires increasing purchasing power when deleting the zeros…this was a huge weekend...As they increase their value they need to update their bills including the lower denominations
One of the articles I like the most from Iraq: “ITC hosts Iraq National trade forum” With support from Iraq’s national Trade center and the government, and a joint agency of the UN and the World Trade Organization. The entire goal of this is to foster International trade, and import and export opportunities in business on the international stage.
We will host the Governor of the Central Bank and the directors of licensed banks - Parliamentary Integrity
Member of the Parliamentary Integrity Committee, Abdul Amir Al-Mayahi, said that the Central Bank directed the banks to deliver external transfers in dollars, but some of them did not comply with the instructions, and we will take quick decisions against them, indicating that there is talk within the committee to host the Governor of the Central Bank, Ali Al-Alaq, and the directors of licensed banks, in the coming days, Against the background of these violations.
Al-Mayahi explained, in an interview with the official newspaper, followed by the 964 Network , that “banks’ violation of instructions regarding converting customers’ transfers in foreign currency into the Iraqi dinar at a price set by the state at 132 causes serious harm to customers, due to the price difference,” calling it “a violation, despite From the directive of the Central Bank dated 12/31/2023, and its confirmation on 1/2/2024, then reaffirming the instructions for a period not exceeding nine days on 1/11/2024 on the necessity of adhering to the instructions of the Central Bank and taking into account the rights of customers.”
Al-Mayahi added, “The Central Bank directed that customers be given their transfers in dollars, not Iraqi dinars, and that the banks should inform the Central Bank of the amounts they need for cash dollars to meet their customers’ requests,” indicating that “the banks, unfortunately, did not respond to the call of the Central Bank, did not implement the instructions, and are still delivering external transfers to customers in dinars.” .
He pointed out that “the Integrity Committee will have a major role in relation to these violations, especially since there is talk within the committee to start hosting the Governor of the Central Bank and the advanced staff in the coming days, in addition to the directors of licensed banks to examine the violations committed by them.”
Al-Mayahi stated, “Council of Ministers Resolution No. (23.26) of 2023 emphasized taking into account dealing in the Iraqi currency and supplying the dinar, and this does not apply to converting foreign remittances to the dinar,” and said: “This is a clear violation and quick decisions will be taken regarding it by the committee.” link
IMO the monetary exchange rate has been monitored to deal with internal inflation in the country of Iraq. The RV phase of the monetary reform brought forth all the calculations in order to succeed with the citizens first...Therefore when they reprice the market in Iraq get excited.
"BANK STORIES" BY WALKINGSTICK & FROG VIA BEARDED PATRIOTUSA, 25 FEB
WALKINGSTICK
[Mr. IT Guy Bank Story]
My brother asked [JP Morgan Wealth Manager] whether he could bypass the US dollar and exchange straight from the IQD to gold and silver and the private banker said he didn't know but he would find out and call him back.
MILITIA MAN: My understanding is that is possible...I have been told some time ago by more than one source that if the currency is traded on the FX...an international acceptable foreign exchange currency...they'll take that currency in exchange for precious metals.
My wife and I...were looking for a Chase branch that had JP Morgan Wealth Management printed on the door as well as Chase...I'm in a large metropolitan area...We found one near us...My brother took it upon himself to call the branch yesterday. He specifically asked for a private banker...My brother asked him if they exchange foreign currencies and if he was aware of the Iraqi revalue of their currency.
The private banker said yes he was and that they would be exchanging at that location...and names and numbers he's taking will get priority over anybody else that calls or walks in after the revalue..
As soon as it hits Forex he's going to start making phone calls...He told my brother they were expecting a number of people to be coming in and were preparing for that, a bunch of new people with wealth is...exactly what he told my brother...They're planning on having police officers available at the location for those customs that are planning on leaving the establishment with large sums of cash...
MILITIA MAN: ...Is it a coincidence that this expert came out tonight and talked about deletion of the zeros? We're going to find out. It's pretty interesting stuff.
Today I decided that I was going to go to several banks just to verify what we have all been hearing. So I went to the first bank it was Wells Fargo.
The manager told me that she has been with the bank for 17yrs, I kid you not, she said 17yrs and she has heard about the Iraqi Dinar the whole time she has worked there and she thinks it's a scam. At that moment I decided that was not the bank for me so I thanked her and left.
Next I went to a 2nd bank, another Wells Fargo. They told me that they do Foreign Currency Exchanges but not the Iraqi Dinar and probably never will exchange the dinar.
At that moment I decided that was not the bank for me so I thanked him and left.
My 3rd stop was Chase Bank.
A man from one of the cubicles approached me and asked if he could help. I said I would like to speak with the manager. He said she is in a meeting but I could wait for 5-10 minutes and she will be available. He said while your waiting is there something I can help you with. I said it's about foreign currency so I would prefer to talk to the manager.
He said come with me I can get you going in the right direction. I said have you heard about the revaluation of the currency.
He said YES i have. I said do you believe it is going to happen so.
He said, yes I do. I asked if they exchange at the branch or send it out. He said we do everything at this branch.
I asked if they exchange Iraqi Dinar, he said not at the moment but we have some customers like you. I said OK what does that mean.
He said how much do you have and I said I am not comfortable sharing that information. He said not a problem is it over 100,000 because if it is I will schedule you an appointment with an advisor and someone else (I forget the title of the 2nd person).
If it's below 100,000 it would be with someone different.
I have an appointment with 2 people tomorrow (not to exchange) but meet with them.
He said get all your questions and information together for your meeting. I thanked him and left feeling much better that the information we are being told is really happening.
Government work to complete the 2024 budget schedules
The Ministry of Planning confirmed today, Monday, the continuation of its work to complete the 2024 budget schedules.
Ministry spokesman, Abdul Zahra Al-Hindawi, said, “Work is continuing to complete the 2024 budget schedules in coordination with the Ministries of Finance and Oil and the relevant authorities, so that they will be discussed soon by the government and then sent to the House of Representatives.”
He explained, "The budget tables include the volume of revenues for the year 2024 and the volume of expenditures in their operational and investment aspects."
Finance Minister Taif Sami confirmed, during her meeting with the Finance Committee, that “employees’ salaries for the year 2024 are fully insured,” indicating that “the release of the salaries of the region’s employees for the current month is subject to the submission of lists of names, and we have stipulated nationalization to disburse them during the coming months.”
She added, "The Ministry has begun launching financing for the operational budget," noting that "the 2024 budget tables will soon be sent to the Council of Ministers for approval and sending them to Parliament." link
Article: "The dinar and its three zeros - is it time to symak the dinar and return to the dinar 1980"
IMO [symak means make] What's so big about 1980? So you want to return the dinar to the 1980's? By 1971, '72, '73, the Iraqi dinar on the international market was $3.778. Then...it was reduced on purpose to $3.2169 in 1980.
Iraq is one step ahead of us. The Iraqi citizens...are already taking their 3-zero notes and taking them to the bank and opening accounts because they know the monetary reform has educated them...All of a sudden bank accounts just exploded in Iraqi banks...