Sunday, May 5, 2024
"YES, IT DEPLETES IT... BECAUSE THE NEW EXCHNAGE RATE INTRODUCES THE LOWER NOTES. BY FRANK26, 5 MAY
KTFA
FRANK26: "YES, IT DEPLETES IT... BECAUSE THE NEW EXCHNAGE RATE INTRODUCES THE LOWER NOTES."..........F26
Economic: The fixed dollar exchange rate depletes Iraq's foreign currency reserves
5/3/2024
Economist Manar Al-Obaidi confirmed that the fixed dollar exchange rate adopted by Iraq depletes the country's foreign currency reserves.
Al-Obaidi said, “The only thing that is completely under the control of the Iraqi state is the exchange rate, which forcefully drains all foreign reserves to maintain an imaginary fixed price that traders benefit from to increase their profit margin.”
He added, "I never called for following a free-float policy. Rather, I called for a start to follow a compensation policy managed with a small volatility factor and gradually work to increase it until complete liberalization is reached."
He continued, “The alternative to maintaining the fixed exchange rate is to continue depleting the reserves until they run out and the oil market is exposed to very expected future fluctuations. Then, will we be forced, not given the choice, to an absolute floatation of the currency or a shocking reduction in the exchange rate, as happened in 2020, and then the risks will be greater and greater?”
"RV UPDATE" BY MILITIAMAN, 5 MAY
Militia Man
Rebuilding the country is not going to happen anytime soon with 1310...Obviously they've got something else in mind because they've already said they've launched the projects, therefore there's contracts involved. What the rates are with the contracts that's private information...They know how to keep things quiet until the right time...
Article quote: "The dangers of the exchange rate fluctuations in the event that demands for floating the dinar are met..." This is a topic that's been out there...fixed exchange rates... They're talking about a new exchange rate...fixed exchange rate or floating exchange rate. They're talking about it for one reason, because a new exchange rate is coming...A. Are they going to float the currency? B. Are they going to peg it to a currency or a basket of currency and fix it?...
Everything is falling in line for Iraq to go international. You haven't see the salaries paid yet...you haven't seen the oil start pumping yet into Turkey...Why? Because they haven't shown us or exposed an international real effective exchange rate. That's my view on it.
When you talk about drop the three zeros...Al-Sudani's goal is to bring purchasing power to the his citizens. When he said $0.76, that's purchasing power. It's not a lop. It's purchasing power. If you have a lop you don't have purchasing power, you just have a change in denomination...They're going to bring purchasing power to the citizens. All of that is happening before our eyes.
"IF THIS HAPPENS IN 72 THEN WE HAVE A NEW EXCHANGE RATE FOR ME & YOU" BY FRANK26, 5 MAY
KTFA
FRANK26:"IF THIS HAPPENS IN 72 THEN WE HAVE A NEW EXCHANGE RATE FOR ME & YOU"..........F26
Parliamentary Finance for Al-Furat News: The budget schedules will reach Parliament within 72 hours
5/4/2024
Al-Jubouri said {to Al-Furat News} that: “The budget schedules for the year 2024 have not been sent from the government yet, and the committee is fully prepared regarding them.”
He added, “The committee will not take more than 20 days to resolve the discussion of these schedules, but so far they are the corridors of the government.”
Al-Jubouri added, "We believe that the budget schedules will be sent within the next 72 hours, according to communications with the government."
From: Raghad Dahham
"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 5 MAY
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: Saleh is on television and he says it's time to float the dinar and get rid of the parallel market.
FRANK: Well thank you Saleh! ...Sudani says get out there and clean this [we're not going to float] mess up...Of course we're going to float.
FIREFLY: He says we have 10x the amount to support a new rate.
FRANK: This is the man Sudani sent to you...He's telling these economists ...don't understand the agreement the CBI made with the US Treasury concerning the new exchange rate or they are being paid by you know who to put out false information.
FIREFLY: The completion of the Investment Law is on television.
FRANK: That's big! That's Big! ...This is really good news.
FIREFLY: Saleh is on the television right now...saying that the parallel market is almost at the official exchange rate and that is the rate they're seeking. He calls on a floatation of the dinar saying to us this will get the rate where it needs to be.
FRANK: Oh my goodness it doesn't get any better than that...This is a deeper explanation to you Iraqi citizens on the next steps of the monetary reform the CBI is accomplishing with you.
All of this was the result of the agreement from the CBI meeting at the US Treasury...
FIREFLY: Some guy on television talking about advantages that we as Iraqi citizens are going to have with a fixed exchange rate pegged to a stronger currency. He says Iraq now has a soft peg and...the float is not necessarily as a fixed rate...
FRANK: The monetary reform education is explaining the reason why you don't need a basket...They are also expressing you don't need a float. That's because your reserves are so powerful...But IMO the float will occur because it needs to reach the real effective exchange rate of your currency on an International level.
They are also trying to explain to you you do not need to be pegged to any currency, not even the dollar.
FIREFLY: Saleh is saying the start of implementation of the government and banking reforms has started.
FRANK: Woohoo! ...The new exchange rate is the pivotal role they are about to give them...
https://dinarevaluation.blogspot.com/2024/05/iraq-boots-on-ground-report-by-firefly_0968153815.html
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