More and more people are talking about it. Even Jaimie Dimon [CEO of JPMorgan Chase] said the dinar was going to be the economic savior of the entire world. Sudani has already told us they are going to increase the value and remove the zeros. It’s going to happen.
“Vietnam Central Bank plans forex intervention” They are ready to defend and strengthen its currency. You are finally starting to see it in the news...
Question: So has RV started? I believe it has started and is not going back.
US delegations have been going back and forth to Iraq for some time- in preparation. Over the weekend we had Sudani point blank saying that they are preparing and it would be the CBI’s responsibility for a revaluatuion. Things are phenomenal.
FRANK26:"LOL... AND FRANK26 REFUTES HIS NAYSAYERS... RASPBERRY!!!"..........F26
The US Treasury praises the actions of the government and the Central Bank in the Washington meetings
4/23/2024 Baghdad
Samir Al-Nusairi
During the visit of the Prime Minister to Washington and his meeting, in the presence of the Governor of the Central Bank, with the US Treasury delegation, and the negotiations that took place regarding the financial and banking reform strategy implemented by the government and the Central Bank, the American side emphasized its praise of the reform measures and steps, which resulted in organizing foreign trade financing and complying with international standards in 2023 and the past months of 2024, and to bridge part of the gap between the official price and the price equivalent to the dinar exchange rate against the US dollar. This refutes the criticisms, allegations and media exaggerations of some satellite channels by insulting the Central Bank and the banking sector and pointing out some violations in the issue of controlling the monetary dollar, which were addressed at the time of the beginning of the application of the electronic platform. What is important and what must be confirmed now is that 100% of the external transfers that were made were in accordance with the relationship What is new between our banks and international correspondent banks, in accordance with the instructions and mechanisms of the electronic platform, are sound and transparent transfers in accordance with international standards, and that the window for selling foreign currency is an economic indicator that achieves one of the objectives of monetary policy.
“Accusing the Central Bank and banks of wasting foreign currency without evidence proving the existence of suspicions of corruption, money laundering, or currency smuggling, and the proposition that says selling currency is a waste of public money is a description that has nothing to do with the economic process.”
It must be noted that “the process of the currency sale window began to be implemented by the Central Bank on 10/4/2004 in implementation of Article 28 of the Central Bank Law No. 56 of 2004, which allows the Central Bank to buy and sell foreign currency, and this process has continued to meet the needs of the Ministry of Finance for currency.” The local government, for the purposes of the operating budget, purchased the dinar from the public for the purpose of controlling liquidity levels, which is known as the monetary sterilization process on the one hand, and to recycle the dinar and resell it to the Ministry of Finance for the purposes of paying salaries and wages, securing government expenditures, as well as meeting and covering imports, and maintaining the stability of the exchange rate targeted by the Central Bank.
“The foreign currency selling window is considered one of the largest open market operations in controlling local liquidity levels and putting the cash surplus on its proper paths. It is a good economic indicator and achieves one of the goals of monetary policy, and this is consistent with the multi-dimensional functions that the Central Bank of Iraq performs, as it is concerned with financial stability.” It manages the payments system, manages foreign reserves, licenses and monitors banks and financial institutions, and sets preventive controls, in addition to other tasks related to monetary issuance and publishing economic data, indicators and forecasts.”
“The basic tasks carried out by the central bank are to manage monetary policy, which aims to control inflation, stimulate the economy, balance the balance of payments, and achieve monetary stability.”
Some other guru says, 'Oh, they're waiting for Article VIII.' Man, when you hear someone say that you got to run as far away from them as possible. Article VIII is ancient history. It's older than mythology ...They've been in Article VIII for over a year and a half. Catch up.
Community comment: "Please explain there's no chance of a LOP."
Anybody that thinks this is a LOP you have to run away from them...they have no idea what they are talking about. A LOP adds zeros to the exchange rate. An RV and RI removes zeros.
Sudani is going to be sharing with the Iraqi citizens soon. I still hold to what I told you, they want to put screens up. I know I have been mocked about it and laughed at about it. But everything I say I'm mocked at and laughed at until a few days or a few weeks later, there it is...I believe Sudani is waiting for those screens to be put up.
FRANK26: "SHOULDER TO SHOULDER WITH FOOTBALL PADS ON"..............F26
The regional government sends non-oil revenues to Baghdad
4/24/2024
The Kurdistan Regional Government announced, on Wednesday, that non-oil revenues would be sent to the account of the Federal Ministry of Finance.
A statement stated that the Kurdistan Regional Council of Ministers held its regular weekly meeting, headed by Prime Minister Masrour Barzani, and discussed a number of important files on the agenda.
In the first paragraph of the meeting’s agenda, the Minister of Finance and Economy presented a report on the steps taken by the ministry regarding the region’s salaries for the month of April, noting that the official audited and approved salary lists for this month were sent to the Federal Ministry of Finance during the past few days, and it included all the information. Necessary. The minister expected that salaries would be sent through the same mechanism that was followed last month, similar to the salaries of employees in the rest of Iraq.
In the context of his report, which he prepared in conjunction with the negotiating delegation, the Minister of Finance and Economy presented a set of mechanisms through which the obligations of the regional government regarding non-oil revenues can be implemented, as well as how these revenues can be shared with the federal government. The Council of Ministers directed the Ministry of Finance and Economy and the negotiating delegation to transfer the federal public treasury’s share of non-oil revenues generated in the region to the account of the Federal Ministry of Finance, in accordance with applicable federal laws.
Regarding the issue of localization of the region’s salaries, the Council of Ministers considered this issue important, and stressed that the Kurdistan Regional Government is not and has never been against nationalization, and the region has already begun, for a long time, the process of localizing the salaries of litigants within the framework of the (My Bank Account) project, based on what was stated in Ministerial formation work programme.
The Council of Ministers stressed that discussions with the federal government are focused on the Emiratisation mechanism, and not on the essence of the Emiratisation process itself, and therefore addressing the issue requires finding a common understanding that is in the interest of salary recipients, and ensuring that the process is completed easily and smoothly through banks approved and approved by the Central Bank. Confirming that the (My Account) project met all the conditions and requirements of the Central Bank of Iraq.
People are still asking about the deletion of the zeros. They want to know how that's going to change the exchange rate...April 28, 2011 Article "Iraq plans to change currency: Three zeros will be removed from IQD" Quote: "The Iraq government plans to chop three zeros off the national currency. It should make transactions easier and enhance the exchange rate...the government announced they were close to completing plans for a re-denomination
."
I told you guys it's called a re- denomination, a lop, the removal of the zeros, the deletion of the zeros, reducing the zeros, it's all the same thing. Quote: "Three zeros would be removed from Iraq's currency...and old bank notes will gradually be phased out. For example this would make the IQD 1000 note into IQD 1 note..." This is taking it from 25,000 dinar to 25...25000 dinar times the current exchange rate .00076 = $19. When we do the deletion of the zeros, the zeros are gone. 25 dinar x .76 = $19...This is deletion of the zeros. This is lopping of the currency...