Collecting Parliamentary Signatures To Reject The Government’s Decision To Raise Gasoline Prices
Information / Baghdad...A parliamentary source reported, today, Wednesday, that a signature campaign had been collected within the House of Representatives to reject the government’s decision to raise gasoline prices.
The source, who preferred to remain anonymous, told Al-Maalouma, “The campaign will be launched when the House of Representatives sessions resume.”
He added, "Parliament representatives are convinced that raising gasoline prices did not come at the right time, and that it will constitute an economic crisis for citizens."
The Council of Ministers decided in a session on the 26th of last month to increase the price of improved gasoline to 850 dinars per liter and premium gasoline to 1,250 dinars per liter, starting from the first of next May. Ended 25 BC LINK
The Central Bank is preparing a report to lift the ban on 28 Iraqi banks
Today, Wednesday, the Parliamentary Investment and Development Committee revealed steps by the Central Bank to lift the ban on 28 banks, while indicating that the private sector will participate with the public sector in many strategic projects.
The head of the Parliamentary Investment and Development Committee, Hassan Al-Khafaji, said in a statement followed by “Al-Iqtisad News”: “The committee proposed to the Governor of the Central Bank, Ali Al-Alaq, to support private private banks and involve them in loans,” explaining that “the governor confirmed his support after lifting minor violations against some banks.” .
He pointed out that "the governor of the Central Bank promised to submit a report to the US Treasury to lift the ban on Iraqi banks, which number 28 private banks," expecting "the ban on those banks to be lifted during the coming period."
The Chairman of the Parliamentary Investment and Development Committee affirmed “his committee’s support for the private sector as it is the strategic partner and ally of the public sector, and a country cannot progress and prosper without the private sector,” pointing out that “the private sector will participate with the public sector in many important strategic projects, electrical, industrial, and others link
The CBI of Iraq showed us two articles from the CBI that they are not exceeding their cash credit amounts in loans giving out to people and companies. These loans provide liquidity for extra capital to help their banking system run more smoothly and profitably going forward.
In talking with our CBI banking contact, their inflation has come down and the country is working within normal ranges of a growing economy. All of this is being done without a change in their exchange rate so far.
If you look on the cbi.iq, you will notice that they still have no changes to their currency rates. One of the things that our CBI contact does discuss often is the price of gold. This is very important to all the countries because the second half of the year is when interest rates are expected to be lowered by the US.
This is already taking place among other countries, but the US is still waiting to see if our inflation numbers will level off some. This does not look to be the case, and this is why a new decentralized system utilizing tokenized assets is becoming necessary.
As the United States lags behind in lowering interest rates while other countries have moved ahead, this will give some of the new local currencies being traded around the world a time to gain some momentum in trade and strength.
By tokenizing all of our assets on the market, the part of that asset tokenized by gold will deflate the current inflated values we are presently experiencing on the market.
Once our tokenized assets are regulated at the end of May, we will be able to shift our attention towards a new digital payment system and a new digital asset based economy.
At that time, you can look for our Global Markets to move into real values. What will appear to be a crash is going to be a movement into real values going forward.
From that moment forward, the new cash credit for our banking system which includes Iraqi Dinar will be based on the authentic movement of gold no longer held down by a World Reserve Asset.
QUESTION: Mark, Where will the redemption centers be?
MZ: I have been told this over and over that the majority of the US -90% of us will have a RC within 50 miles of where we live. The only people who may have a longer drive are those in rural areas….low populations like the Dakotas and Wyo. They will not release exact locations before the event starts for security.
QUESTION: Mark- Which currencies do you consider “rock solid” as opposed to “throw of the dice” as to whether they are redeemable/exchangeable?
MZ: This is my opinion only. I am not giving any financial advice. But I like the dinar, dong, Indonisian Rupiah . Those are what I would go with first…Venezula (bolivar) is in my top 5 as well.
QUESTION: Mark, What are your thoughts on how the paying out of different "tiers" will be spaced out? What HAS to go first, if any?
MZ: We in tier 4 are supposed to go immediately following bonds. We have always been told that historic bond go first with 1%….then sovereigns, Indian nations, large church groups….. ect …then bond folks get their remaining 9% fiat….then BAM we all start making our appointments. At the same time SKR folks have gotten their payouts. I understand that the whole process should only be a week long and that the very first things we should see is bond folks getting dollars.
COMMENT: Mark, I would feel safe exchanging on a military base with all their security.
MZ: I would like to point that when we talk of redemption centers….these are redeeming banks …BANKS….not some sleezy back alley place. BANK locations with trained staff to exchange currencies and have equipment to verify foreign currency in front of us…..I do not understand the confusion and the fear that is out there. Makes zero cents to me why people are so confused.
MZ COMMENT ON TAX'S: I've posted this LINK a couple of times….. So no taxes on the exchange??? Read this from the US state Dept, on Iraq: Go to section 6 Financial Sector: The last sentence says “There are no taxes or subsidies on purchases or sales of foreign exchange.” https://www.state.gov/reports/2022-investment-climate-statements/iraq/
MZ: I am still hearing it is untaxed but we don’t know for certain. I have set aside extra currency to cover a tax if there is one.
Zimbabwe Set to Announce Fate of Local Currency After 73% Plunge - Bloomberg 4-3-24
Zimbabwe’s currency plunged to yet another record low as citizens rushed to the safety of the US dollar amid speculation an announcement from the central bank on the fate of the local unit is imminent.
The Zimbabwe dollar traded at 22,476 against the greenback, taking its losses this year to 73%, the world’s second-worst performance only after the Lebanese pound. A sense of urgency has gripped the nation after authorities brought forward the start date of the new governor, John Mushayavanhu, by a month.
The local media reported the move was made to announce a new currency plan that may include embracing the gold standard.
The southern African nation’s unstable currency risks sending the nation back into hyperinflation 15 years after its old local dollar had to be abandoned. The latest two Reserve Bank of Zimbabwe governors, John Mangudya and Gideon Gono, failed to bring order to the exchange rate despite multiple efforts.
These included the launch of gold coins and gold-backed digital tokens under Mangudya’s watch, while Gono repeatedly slashed zeros off banknotes as hyper-inflation spiraled and topped 231 million percent in 2008.
“What we are seeing is anxiety and people preferring to hold US dollars,” said Lloyd Mlotshwa, head of research at IH Securities, a Harare based brokerage. “This signals reverting to a place of safety ahead of the currency announcement.”
Local media reports at the weekend said Mushayavanhu, who assumed office on March 28 instead of as planned, may announce at the end of this week the new currency policy in a monetary policy statement, which has been delayed for almost two months.
The central bank has not given a date on the release of the monetary-policy statement that was originally scheduled for February but had been deferred to give policymakers time to finetune the currency plan.
David Mnangagwa, the country’s deputy finance minister, said last week the statement’s release was imminent, attributing volatility in the exchange rate to “anxiety and anticipation” over the policy’s delay.
Meanwhile, the premium for dollars in the parallel market over official rates has widened 60% to as much Z$36,000, according to which monitors the exchange rates.