"RV UPDATE" BY KAPERONI, 10 MAY

 Kaperoni  

 It...is preposterous to think that you're going to walk into a bank and exchange Iraqi dinar for US cash. It is a fact that most Emerging Market countries are very volatile, banks by nature are very conservative.  Not happening...Market makers, ECNs or established financial institutions would make more sense to manage incremental gains.

 It is critical to understand that if the Central Bank of Iraq plans to end the auctions by the end of the year there must be a new mechanism in place or there would be no method to maintain stability of the dinar.  So for the central bank to announce that they plan to end the auctions they are in essence announcing, that they plan to float the dinar. Floating the dinar provides the new tools for the central bank to maintain stability.  Therefore, this announcement to end the auctions confirms (despite what some may say), Iraq will float their currency.

Article:  "Al-Rayes: The path of development is the first gateway to sustainable economic advancement"  If and when the Iraqi dinar begins to float supply and demand based on Iraq's economic success will take over.  Only with the success and growth of Iraq's own economy can the dinar go up in value. How fast and the pace are determined by those factors.

Article:  "The most difficult option.. Warnings of the danger of floating the Iraqi dinar without achieving an important condition” As I have mentioned numerous times, a float is coming for the Iraqi dinar. The question is.. when will they have sufficient diversification of the economy to support such an event?

 A country's currency is not some random act. An exchange rate is based on many factors including: reserves, GDP, economic growth etc. Iraq has a long ways to go and must pass laws to encourage investment. Only with the success of Iraq's economy can the dinar rise in value.

[aka Kaperoni]  

Article:  "Advisor to the Association of Banks: The Central Bank is following a consistent approach to achieving banking reform" 

 Quote:  "the management of the Central Bank of Iraq plans to gradually cancel the window for selling foreign currency during the year 2024, until it leaves it completely."  ...this is huge news... Iraq cannot end the auctions unless they have an alternative to the auctions... which means they plan to float the dinar by the end of the year...floating the dinar will give them a new mechanism to maintain the dinar, the CBI will buy and sell blocks of dinar like other central banks do to maintain their currency... 

 They will also have to use dinar to pay for goods and services which will make the dinar internationally traded...they want the banks and Iraq to establish relationships around the world with International standards and full compliance which means that means IMF Article XIV...This seems pretty clear and excellent news. We very well see that Iraqi dinar float on the global market at the end of this year or early next year...I think it's very promising...it definitely is very good news. 

https://dinarevaluation.blogspot.com/2024/04/analysis-of-iraq-news-by-kaperoni-11.htm

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-kaperoni-7-may.html

Iraqi Dinar | WTO Big Announcement About IQD New Rate And Rv | Dinar New...

The Governor Of The Central Bank And The French Ambassador Discuss Developments In The Banking Sector, 10 MAY

 The Governor Of The Central Bank And The French Ambassador Discuss Developments In The Banking Sector

 May 09, 2024  The Governor of the Central Bank and the French Ambassador discuss developments in the banking sector  His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received His Excellency the French Ambassador in Baghdad, Mr. Patrick Durel.

  The meeting discussed ways to strengthen banking relations between the two countries, and

 His Excellency the Governor gave a comprehensive explanation of the relations and economic conditions, as well as the government’s directions in consolidating the foundations of the national economy and diversifying it in light of the state of security stability achieved in Iraq,

explaining the plan to restructure government banks that enjoys regular support and follow-up from Before the Prime Minister, indicating that this plan will change the map of the banking sector and its reality in Iraq.

 His Excellency also pointed to the rapid developments in organizing, monitoring and analyzing foreign transfer operations and covering foreign trade in accordance with best international practices and standards, which are receiving great praise and attention from international and regional organizations.

For his part, His Excellency the Ambassador expressed satisfaction with the developmental and economic developments he observed in Iraq, especially during his tour of the provinces,

 expressing his country's readiness to strengthen and develop banking relations with Iraq,

explaining that economic relations between the two countries are growing at the level of entry of French companies and the use of their expertise in investment projects.

 His Excellency the French Ambassador invited His Excellency the Governor of the Central Bank of Iraq, after making the necessary arrangements, to visit the financial and banking institutions in France, especially the Central Bank of France.    

It is noteworthy that the  Central Bank of Iraq owns deposits and accounts with the Central Bank of France, and  they have had distinguished cooperation relations over many years.

 Central Bank of Iraq  information Office May 9, 2024  https://cbi.iq/news/view/2574    

"RV UPDATE" BY SANDY INGRAM, 10 MAY

 Sandy Ingram 

 The World Bank is working with the Iraqi Finance Minister to implement banking reform as quickly as possible...things are happening fast.

Shocking documents from Iraq's Federal Board of Supreme Audit have uncovered a massive corruption scheme.  Over 151,000 citizens were involved in the illicit buying of US currency...[They] obtained dollars at the official state rate for travel purposes but never left the country.  The black market refers to them as "ghost travelers". 

 [We] are thinking the Iraqis sold the dollars for more money than they invested.  As a result of the corruption Iraq's Central Bank employees, private banks, currency exchange companies and tourism firms were all involved.  This is a $600 million corruption scam involving the US dollar... 

When in Washington, DC he [Al-Sudani] met with the chair of the governing board of the JP Morgan Development Finance Institution (DFI), Daniel Zelikow.  Prime Minister Al-Sudani received Mr. Jamie Dimon, the CEO of JPMorgan Chase, and his accompanying delegation on Wednesday during his visit...In Davos, Iraqi Prim Minister al-Sudani with Mr. Khaled Haballah, the regional CEO of JPMorgan Chase for the Middle East and North Africa...

 Al-Sudani met with the Iraqi community in Washington DC and other American states on the sidelines of his official visit to the United States.  Al-Sudani conveyed gratitude to the Iraqi communities in the US and throughout the world, emphasizing that Iraq is for all Iraqis and that the country needs the knowledge, experiences, opportunities and initiatives of Iraqis in the U.S. 

 The prime minister indicated the Iraqi government is working on establishing a department for expatriate affairs to be able to communicate effectively with the Iraqi community around the world...

On April 15th President Joe Biden will hold Prime Minister Al-Sudani of Iraq at the White House.  This meeting is a crucial opportunity for the United States and Iraq to discuss common priorities and strengthen their bilateral partnership.

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-sandy-ingram-17-april.html

Al-Sudani met with the Iraqi community in Washington DC and other American states on the sidelines of his official visit to the United States.  Al-Sudani conveyed gratitude to the Iraqi communities in the US and throughout the world, emphasizing that Iraq is for all Iraqis and that the country needs the knowledge, experiences, opportunities and initiatives of Iraqis in the U.S. 

 The prime minister indicated the Iraqi government is working on establishing a department for expatriate affairs to be able to communicate effectively with the Iraqi community around the world...

On April 15th President Joe Biden will hold Prime Minister Al-Sudani of Iraq at the White House.  This meeting is a crucial opportunity for the United States and Iraq to discuss common priorities and strengthen their bilateral partnership.

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-sandy-ingram-17-april.html

🔥 Iraqi Dinar 🔥 After 9 Years 🔥 News Guru Intel Update Value IQD Exchang...

Why Jordanian National Bank And Gulf Banks? Economist Explains, 10 MAY

 Why Jordanian National Bank And Gulf Banks? Economist Explains

 May 9, 2024  Baghdad/Iraq Observer  Economic expert Abdul Karim Al-Issawi said:

 “Today, foreign banks operating in Iraq, including banks owned by Jordanian shareholders, stand out for their confidence rooted in relations with international correspondent banks, and  this makes them work in a more serious banking manner.

 In contrast, Iraqi banks face... Local challenges in building relationships with correspondent banks due to their leadership that is unable to develop management professionally.”

 Al-Issawi told the Iraq Observer Agency:  “The leadership of Iraqi banks has affected the confidence of international bodies in them, in addition to concerns about their ownership and association with suspicious figures, which hinders their development and progress.”

 He continued:   “This was not limited to Jordanian banks only, as it revealed the adoption of other Emirati and Gulf banks in Iraq, and this reality will displace Iraqi banks because they are weak.” 

He pointed out that: “The Iraqi banking reality may turn into an oligopolistic market.”

 But he stressed that the United States of America has not lifted the sanctions on government banks that were imposed on some of them because they were accused of dealing with Iran and Syria, which are subject to strict American sanctions.  https://observeriraq.net/لماذا-الاهلي-الاردني-والمصارف-الخليج/   

"RV UPDATE" BY MARKZ, 10 MAY

 MarkZ  

 [via PDK] 

  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.

 The crackdown has been extreme on leaks …Which is probably the best news of the day.  I personally think they are trying to keep things quiet right here at the finish line.

I did have multiple bankers over the weekend get notified and are beginning training today.  They are “Training to handle foreign currency exchanges”. Some of the currencies mentioned are exactly what we are holding...And they are being trained on them...They need to know the security features on the various bills in order to verify them on site. That is what they are training on... NOW - THIS WEEK-IMMEDIATELY!!!  These are banking people who have never been trained before…these are some of the ones the banks had told them “No, this is never going to happen” and now suddenly the banks come to them and say “You have got to get trained now - this week - immediately”...Gave me a good warm and fuzzy feeling today.

There was interesting money movement over the weekend according to my best group contacts.   It is clearly positioned to go...

 Article: “Kuwaiti Dinar to US Dollar-Top 10 highest valued currencies in the world in 2024” 

 This article was in the Indian Express. And the Iraqi dinar used to have that number one spot.  Comment:  I would expect Iraq to be worth more that Kuwait.  MarkZ:  Absolutely.  And when Iraq was the most valuable currency in the world they had not yet developed their natural gas reserves…and were not pumping nearly as much oil as they are now. Every part of Iraq is now in better shape than when they had the most valuable currency in the world.

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