DINAR REVALUATION

Thursday, May 9, 2024

What US Bankers Never Told Us About Iraq's Banking System #iraqidinar BY SANDY INGRAM

IRAQ NEWS RECAP: Iraq’ Central Bank holds the Finance ministry responsibility for devaluating the Dinar, 9 MAY

Iraq’ Central Bank holds the Finance ministry responsibility for devaluating the Dinar

Shafaq News / The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhaif, on Sunday, said that the finance ministry holds the responsibility for lowering the value of dinar by a significant rate, considering the issue directly affected the Iraqi market.

"The Ministry of Finance requested to increase the the exchange rate to dinar against the dollar, which caused market turmoil, but still, the situation is still under control" he said in an interview on Al-Iraqiya channel.

He added, "In 2014, The World Bank had asked Iraq to raise the dollar exchange rate to 1500 dinars."

The governor concluded, "The high exchange rate has an unintended effect on people in poverty whom the Ministry of Finance is responsible for supporting them."

He called on the Ministry of Finance to "enhance the customs and border crossings to secure the more revenues.”

Iraq’s central bank increased the sale price of U.S. dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to compensate for a decline in oil revenue due to low crude prices, the bank said on Saturday.

The central bank of Iraq said the key reason behind the dinar’s devaluation was to close the gap of widened 2021 budget inflation after a collapse in global oil prices, a major source of Iraq’s financial resources. For his part, the head of the State of Law Coalition, Nouri al-Maliki, warned on Sunday of the "serious catastrophic" repercussions threatening the state and society due to the devaluation of the local currency, demanding that the government have a role in protecting the citizen, which will result from this measure.

The devaluation decision came as a preemptive move to prevent “draining Iraq’s foreign reserves” and help government to secure public servants’ salaries, the bank said.

For its part, Nuri Al-Maliki, the former Iraqi PM said in a tweet that devaluating the Iraqi dinar must take into account the citizens’ economic situation, as this step would self-inflict destructive repercussions on economy. It would be catastrophic, if it is not accompanied with intervention from the government to help people.

JUDY NOTES, 9 MAY

Global Currency Reset:

Judy Note: It is my understanding that if you do your exchange at a Redemption Center rather than at a bank, you will be open to receive a higher rate on your exchange. (Zim Bonds must be redeemed at a Redemption Center and cannot be redeemed at a bank). You can set an appointment at a Redemption Center by following instructions sent out in Wells Fargo emails. Such instructions will also be made available on various Dinar Websites and be printed in my Updates as soon as they become available.

Apparent Timing:

Wed. 1 May: The Global Currency Reset of 209 countries began.

Fri. 3 May: Iraq celebrated their financial inclusion in the Global Financial System. Columbia, Brazil, Chile Paymasters began RV-ing.

Sat. 4 May: Foreign Currency Exchange Regulations were completed.

Mon. 6 May: Wells Fargo gave the Green Light for the Global Currency Reset.

https://dinarchronicles.com/2024/05/09/restored-republic-via-a-gcr-update-as-of-may-9-2024/

Banking Industry Something Big Going To Happen Today 2024🔥iraqi dinar ne...

CBI sells +$275 million in forex on Wednesday, 9 MAY

CBI sells +$275 million in forex on Wednesday

Shafaq News/ The Central Bank of Iraq (CBI) auctioned more $275 million on Sunday with remittances outweighing cash sales by a huge margin.

According to a CBI report, the Bank sold a total of $275,539,423 during today's auction. It covered these transactions at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements of electronic cards, while the rate stood at 1,310 dinars per dollar for foreign transfers and cash transactions.

The report detailed that the majority of the sales ($262,059,423) went to feed foreign balances in the form of transfers and credit transactions. The remaining $13,480,000 were allocated for cash deals.

Cash deals were made by six banks, while 15 banks met the requests relevant to external balances. A total of 98 exchange and brokerage companies took part in the auction.

"RV UPDATE" BY WALKINGSTICK, 9 MAY

Walkingstick

The value of their currency is determined by the resources tapped and untapped. The futures of Iraq are astronomical. You have no idea, investor of the Iraqi dinar, what you have invested in. Phosphates...sulfur...diamonds...gold...silver...oil, gas, all the mining companies are lining up and it's all these industries, they are the factors that will drive the dinar up internationally.

You cannot have any restriction on your currency if you belong to the SAP. You cannot be on a program rate. A program rate is a restricted currency is it not? Sure it is...This is a very advanced system...The SAP has the same qualifications as the WTO.

In fact SAP is part of the WTO...The restriction on currencies that the WTO says you cannot have is the same restrictions that SAP says...They run the same program systems.

The main reason why they're going to float the Iraqi dinar is to build confidence in the country of Iraq. A float brings in these investor that Sudani has been signing left and right. These investors will watch the float and as the float increases they will say to themselves, 'Hey, maybe I should invest in this currency.' ...The float is to build confidence in the country and in the currency of Iraq.

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-walkingstick-8-may.html