The US Dollar Is Rising Again, And The Iraqi Dinar Is Crying Out For Help
Economy | 05/08/2024 Mawazine News – Baghdad The exchange rates of the US dollar witnessed an increase today, Wednesday, in the capital, Baghdad, and Erbil, the capital of the Kurdistan Region, with the closure.
Dollar prices rose with the closure of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 145,750 dinars, as prices had recorded 145,500 dinars for every 100 dollars this morning.
Regarding the selling prices in the exchange shops in the local markets in Baghdad, they increased, as the selling price reached 146,750 dinars, while the purchasing price reached 144,750 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=247594
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
MZ: A packed morning with Mr. Cottrell joining first and then the illustrious Andy joining at about the 1-hour mark.
Member: Good morning, y’all. It’s Thursday! It’s May 9th. Mr.C is on a day early. Prayers we cross the finish, so we can start!
Member: Today was rumored to be when Iraq ascends to a full member of the WTO? Hope its true.
Member: Good morning everyone…..Happy Thursday
Member: one thing that would make Mothers Day just a bit better is a RV AMEN
Member: Praying Mark has exciting news for us today
MZ: Let’s start with a banking story. From a member: “So I went to BOA to close an account yesterday. I signed in with the hostess , sat down and waited and casually looked around at the offices- taking note of the personnel while I waited. A loan officer/banker came out of his office and asked what I needed. I said to close an account. He asked if I wanted to sign up for a loan or line of credit? I said no . I said no, not until the currency revalues will I be doing anything.
MZ: He said (without skipping a beat) JUNE. Why don’t you go into my office and I will be right in. I walked in and sat down. He knew about the RV, foreign currency trainings, what is happening in the markets….I asked him if his Merrill Lynch guy was up to speed? He said yes.
MZ: That is the crux of it…..I love these stories
Member: A lady in MilitiaMans chat said she got a call from JP Morgan/Chase to make an appointment and come in.
MZ: That does not surprise me. They are chomping at the bit and know it’s at any moment. They don’t want customers to go somewhere else.
MZ: The bond side is very quiet for me….Iraq is fairly quiet.
MZ: There have been a few humdingers from banking sources this week. Mostly banking people who used to tell me I was nuts to believe in the RV- are now training for exchanges. They tell me “all those years and you were right” which does make me feel good.
Member: I sure am looking forward to hearing that from my friends and family. They still think I am nuts for believing.
Mark, How confident are we that the RC (redemption center) rate on the Dinar may or may not be the same as the street/forex rate?
MZ: I am pretty confident…but it will be what ist going to be ….and whatever it is- will be a blessing.
Member: I will take whatever is offered and be thankful
Member: So are we waiting until June now?
MZ: Not necessarily- Most of my bankers think we will be done by June. So we would start in May. Most of my banking contacts think we will start in the month of May.
Member: How long do you think we will have to get to a RV center?
Member: At last report we may have 10 days to make appointments and at least 30 to exchange. Unless that has changed like everything else has.
Member: I hope there will still be exchanges on military bases…for safety and security
Member: Does the VND have a contract rate?
MZ: I wouldn’t call it a contract rate – more like a pre-negotiated fee/whatever for a maximum rate. The reason there is a contract rate on the IQD is the dinar for oil program …allowing them (US Treasury?) to exchange dinar for oil over time instead of all at once.
Member: MarkZ do you know if the multicurrency accounts are attached to the regular account or a QFS Acct.?
MZ: The QFS does not exist yet…until they flip the switch…..but its my understanding that every account will change to a QFS account once this goes.
Member: Does anyone know how many different currencies the bankers are being trained for?
Member: Mark said yesterday – all the currencies we hold.
Member: IMO we are definitely going to get a reset we have to pray that it's the good reset
Member: ALso keep praying for Okie he is doing well after his hand surgery but still need prayer
Member: The Titanic was built by professionals it sank. The Ark was built by an amateur and it didn't sink. Go figure that one out. May God richly bless you all.
Mr. Cottrell and Andy Schectman from Miles Franklin join the stream today. Please listen to the replay for their information and opinions.
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Mod: MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM
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Very encouraging fact that Iraq is going to such extreme lengthsto educate their citizens, even their youth, on preparing for massive economic inclusion.
Remember, they are expecting their financial windfall to come, and it’s not only from their increase in the IQD international exchange rate. But the citizens also will receive monetary stipends coming from sales from oil. This is a very exciting time for Iraq!! I’m super happy for them!!
Also, let’s remember the fact how Al Sudani had educated Iraqison the fact that their currency shall be much more valuable than the USD, therefore more desirable to hold. They’ve been given Q cards and moved to a digital banking system and highly encouraged to utilize the banking system to prepare them for this transition.
Prior to these educational efforts, 70% of Iraq citizens had never used a bank. Now, currently, only 20% – 30% are still transitioning over and are learning the benefit of getting away from USD. Using IQD is required inside country borders. The progress they’ve made has been fantastic.
A Sudanese advisor explains the financial financing to implement the development path
5/8/2024
Mazhar Muhammad Saleh, financial advisor to the Prime Minister, Muhammad Shiaa al-Sudani, explained the financial financing for the implementation of the development road project, which starts from the southernmost point of Iraq to its northernmost point, with a length of 1,200 km.
Saleh told {Al-Furat News} agency, “The development road is one of the most important strategic economic projects that achieve regional and international economic integration of our country with the world, in addition to being one of the largest accelerators of integrated investment at the level of the national economy, in terms of sectoral interconnection in various aspects leading to generating opportunities.” Accelerated growth in gross domestic product and intense investment momentum.”
He added, "It is known that the estimated cost of the project is about 17 billion dollars, especially for the completion stages within our country, as announced a while ago, and that the contributions of the regional countries benefiting from it will undoubtedly contribute to the financing due to cross-border interconnectedness, and we look forward to finalizing the preparation of the financing model and the nature of the contributions." national, regional and international finances to implement it.”
Saleh noted, “The principle of partnership between the state and the private sector for industrial cities and logistics services linked to the development road allows for high flexibility for national contributions to projects linked to the development road, in addition to the government’s financing role.”
He stated, "In any case, the financing vision will become more clear when that model is announced, especially what is terminologically called the financial completion of this vital, strategic project for Iraq, which links the trade and investment economies of the North and South of the world."
He continued, "The financial completion tasks within the financing model indicate ways of flowing additional funds to the project, through which funds are collected from knowledgeable investors or attracting new investors, according to the financial model that will be adopted, as the financing completion is used to finance the project's growth stages, expand the scope of work in it, or to cover expenses." Additional fees will be determined according to what will be determined by the approved technical economic feasibility study for the project in all its stages upon its final announcement.”