"RV UPDATE" BY CLARE, 8 MARCH

  Clare

  Article: "Saleh confirms Iraq's monetary sovereignty and reduces the effects of speculation in the parallel market" 

Quote: "Saleh noted that this confirms the monetary sovereignty of our country through the stability of the national currency and dealing in it alone without the participation of foreign currencies in internal economic operations.

  Article:  " Iraq is looking forward to joining the World Trade Organization"   Quote:  "Iraq has today become a major economic player on the world level and needs to harmonize Iraqi laws with international laws." 

 Article quote:  " Parliamentary agreement with the European Union mission: European financial and banking institutions are preparing to invest in Iraq "

Article: "Iraq completes requirements to join WTO”  Quote: "The Iraqi Minister of Trade, Atheer Al-Ghurairi, affirmed that Iraq fulfilled the conditions necessary to become a member of the World Trade Organization (WTO) following the completion of economic reforms and the enhancement of the investment climate."

Dinar RV News Today🔥Strategic Alliance: IFC & Iraq Spearhead Economic Ev...

The Central Bank renews its warning against financial fraud BY CLARE, 7 MARCH

The Central Bank renews its warning against financial fraud

3/7/2024

The Central Bank of Iraq warns the public of the existence of cases of financial fraud carried out by a number of exchange companies (not licensed by this bank) claiming to organize transactions for citizens for the purpose of purchasing cars for them.

The Central Bank of Iraq calls on the honorable public to verify and ensure the work of these companies through the official website of the Central Bank of Iraq through the following link: https://cbi.iq/page/25 , and to verify the financial institutions approved and licensed by the bank in (providing collection services). And electronic collection for the government sector) you can visit the following link: https://cbi.iq/page/94 .

Otherwise, please inform the relevant security authorities if such cases are detected.

 

Central Bank of Iraq
Information Office,
March 7, 2024

https://cbi.iq/news/view/2529

Among them is Iraq.. Five Arab countries with more than a thousand tons of gold reserves, 8 MARCH

 Among them is Iraq.. Five Arab countries with more than a thousand tons of gold reserves

Shafaq News / The World Gold Council announced on Thursday that five Arab countries, including Iraq, have more than a thousand tons of global gold reserves.

“The first five countries (Saudi Arabia, Lebanon, Algeria, Iraq and Egypt) have 1.47.3 tons, while the rest of the countries (Libya, Kuwait, the UAE, Jordan, Morocco and Bahrain) have 489.5 tons,” the council said in its latest schedule for March, seen by Shafaq News.

He added that “Iraq has maintained its 30th rank globally out of 100 countries listed in the table with the largest gold reserves, as it has not bought gold since May to reach its gold hold poss 142.6 tons, which represents 8.4% of the rest of its other reserves.”

The Council also pointed out that “the United States of America is on the throne of the rest of the countries with the largest possession of gold in the world at 8.133.5 thousand tons, followed by Germany 3.352.6 thousand tons, and then Italy came 2.451.8 thousand tons, while Bosnia and Herzegovina tailed 1.5 thousand tons.”

Based in the United Kingdom, the World Gold Council has extensive experience and deep knowledge of the factors causing the market change, and its members consist of the world’s largest and most advanced gold mining companies.

https://www.shafaq.com/ar/اقتصـاد/بينها-العراق-خمس-دول-عربية-تمتلك-كثر-من-لف-طن-من-احتياطات-الذهب

"RV UPDATE" BY MILITIAMAN, 8 MARCH

 Militia Man

  I got a lot of blowback from me using the word imminent.  I didn't use those words, that wasn't me talking.  It's not me telling you - They are telling us.

  Article:   "Iraq announces its imminent accession to the World Trade Organization" 

  I didn't say it other than reiterating what the quote is... They said that.

 Article "The dinar and the dollar" 

Remember Al Sudani told everyone that the Iraq dinar will return to its lofty economic value because the dinar is stronger than the dollar. 

 There are things that are coming back up.  This is Muhammad Rasheed, he's talking about the national currency...the dinar.  He's stating that the economic world is witnessing a qualitative boom in awareness.  A lot of people around the world are figuring this out and very soon it will overthrow the dollar.  So the dinar is going to be stronger.  Al-Sudani told us that...This guy Muhammad Rasheed is holding his feet to the fire...  

🔥 Iraqi Dinar 🔥 Breaking News: Dinar to Overtake Dollar? Expert Insights...

"RV UPDATE: " FREEDOM OF MOVEMENT OF CAPITAL" IS IMPORTANT" BY PAULETTE, 8 MARCH

PAULETTE 

IMO......All the articles say they have legislation that needs to be passed and the next meeting is in the "middle of the year......

My understanding is that Frank has also said that the rate doesn't matter but "freedom of movement of capital" is important.  That is Article 8 compliance.  They cannot be Article 8 compliant if the country is functioning under a MCP.  A MCP includes a parallel rate of greater than 2% of the official rate by IMF definition.  Saleh said last year that the parallel rate is "REQUIRED" to be 2% or less of the official rate.  We were taught here years ago that this 2% or less needs to be maintained for a period of 90 days.  The parallel rate is still around 14% difference.

While Iraq appears to be on the way to a full RI, I believe there will be an interim step very soon.  If they make the move I anticipate the MCP will be quickly eliminated and they can proceed to a full RI.

A RI is full Article 8 compliance and a return to the rate that reflects the True Value.  In 2009, the MOP/MOF stated move to 1.14-1.17USD/IQD and monitor for inflation up to 3 years and then move the rate to reflect the True Value of 3.208USD/IQD.  This was the plan of Dr S and it appears they are back on track following that plan.  Keep in mind that Ernst & Young stated $1.30 in 2010 and the SIGIR report stated that had the project to Delete the Zeros not been postponed, the IQD would have been brought on par with the USD.

I hope that helps