Tuesday, May 14, 2024
"RV UPDATE" BY MARKZ, 14 MAY
MarkZ
[via PDK]
We are looking for a lot of information throughout the day today. Question: Are we close?
MarkZ: If all goes well today- we should know how close we are. And what we are hoping was initiated yesterday with a lot of funds...I have a good feeling about the next couple of days. I think we are going to see positive things today and tomorrow…to let us know where we are at in the process...
I still continue to hear phenomenal hopes from bankers for the coming days/weeks.
Question: Does the VND have a contract rate?
MarkZ: 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.
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.
Monday, May 13, 2024
The Association of Private Banks praises the direction of the Iraqi Central Bank to establish digital banks, 14 MAY
Economy News – Baghdad
The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, praised the Central Bank’s direction to establish digital banks to keep pace with the great development in the global banking sector.
In an interview with “Economy News”, Tariq said that “the world is moving towards digitizing banking services, and Iraq has started its first steps in establishing digital banks, as so far there is a licensed digital bank inside Iraq, and provides its services naturally to the public.”
He pointed out that “the Central Bank of Iraq issued the instructions for licensing banks, which specified their number not exceeding 10% of the total banks operating inside the country, with a capital of 100 billion dinars, provided that traditional banks participate by 30%.”
He added that “digital banks are similar to traditional banks, but differ that they do not have branches, and most of their services via mobile, noting that the size of central banks in the world has increased significantly and reached more than 500 digital banks.”
Tariq pointed out that “traditional banks still provide their services through applications, and they are keeping pace with the development in the banking sector.”
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Added 2024/05/13 – 9:55 AM
"RV UPDATE" BY PAULETTE,, 14 MAY
Paulette
It is great to see more articles regarding the "Float"...I strongly believe this is the early stages of the last push by the CBI to educate the Citizens prior to implementing the "Delete the Zeros" project...Patience all...this is slowly coming together.
If you go back and read articles after 7/1/23 you will see that Iraq is still under US/(UK) guardianship (receivership) ...There were calls then for the UN to lift this guardianship but [4/10/2024 Article "Our agency publishes the text of the request of the Prime Minister, Muhammad Shiaa Al-Sudani, to the Secretary-General of the United Nations, Antonio Guterres, to permanently end the work of the United Nations mission in Iraq."] may now be the first "Official" call that I have seen...The corrupt in the US do not want this to change.....The good news is that IMSO, their days are numbered...
Iraq's WTO Accession Package will likely not be submitted for adoption until MC14 which will be held in early 2026... It clearly was not submitted for adoption at MC13...I anticipate that by then we really won't care.
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Community Comment: " Iraq on May 9 ascends to FULL membership in the WTO" I hope you are correct regarding the WTO. However, the documentable facts and articles regarding this issue would say otherwise. Don't misunderstand, the documentable facts and articles are EXTREMELY positive. Iraq, under Sudani appears to be serious about becoming WTO members, opening the country to International trade, moving from a Rentier Economy to a Market Economy and finally implementing the Delete the Zeros Project. Everyone should be excited even if it takes months more to accomplish.
Article: "Specialist: Floating the dinar is economic suicide" As Saleh was stating but only stronger wording.
Article: "Al-Ardawi: The Sudanese government seeks to liberalize the Iraqi dinar and stabilize the economy" Quote: "The visit comes in a very heated situation and everyone is awaiting its outcomes, and the Sudanese carries...ideas and projects that move towards consolidating the relationship with the American side and transferring it from the process of guardianship to friendship...In a way that allows Iraq to assume its pivotal role in the region." As I have been stating...Iraq needs the US Guardianship to end!! (UN 1483)
Article quote: "Two Iraqi and American sources said that Prime Minister Muhammad Shiaa Al-Sudani will spend a week in the United States, including discussions with President Joe Biden, and a tour of 3 states." Will one State be Florida???? Mar-a-Lago???
IMO UN resolution 1483 will have to be lifted to allow Iraq to be totally sovereign as it established the US and UK as "occupying forces"...This is in essence "Guardianship" or "Receivership"...Absent the lifting, the US has to give Iraq permission to do most anything Internationally including "currency reinstatement"...I am hopeful that internal control of the money structure is exclusively in the hands of the CBI so they can at least move to the RD/RV stage of their monetary reform...If not, the upcoming US visit of Sudani may very well be pivotal... Saleh...recently stated he was unsure of the status of 1483 according to news articles...
This is clearly what the article said... They are weighing changing the rate from 1,320 dinars per dollar to 1.32 dinars per dollar. This is clearly 76 cents to 1 IQD...Currently the rate is 1,320 IQD to 1 USD. Looking it at the other way, this is 0.0007575 USD to 1 IQD. If they drop 1 zero from the exchange rate: 132.0 IQD to 1 USD or 0.007575 USD to 1 IQD. If they drop 2 zeros: 13.2 IQD to 1 USD or 0.07575 USD to 1 IQD. If they drop 3 zeros: 1.32 IQD to 1 USD or .7575 USD to 1 IQD. Therefore, 1.32 IQD to 1 USD is 76 cents to each IQD
...What we want to see posted on the CBI website as to how many IQD are required to purchase 1 USD is 1.00 or less. If they post 3.22 IQD to 1 USD, this would mean 31 cents per 1 IQD.
We want them to post .31 IQD to 1 USD which is then 3.22 USD to 1 IQD. Realize, they post how many IQD it takes to purchase 1 of another currency.
https://dinarevaluation.blogspot.com/2024/03/rv-update-by-paulette-14-march.html
Community Comment: "...The rate doesn't matter but "freedom of movement of capital" is important. That is Article 8 compliance." They cannot be Article 8 compliant if the country is functioning under a MCP. A MCP [Multiple Currency Practices] includes a parallel rate of greater than 2% of the official rate by IMF definition. Saleh said last year that the parallel rate is "REQUIRED" to be 2% or less of the official rate...This 2% or less needs to be maintained for a period of 90 days. The parallel rate is still around 14% difference.
Question: "I thought they met all the requirements [to join the WTO]?" All the articles say they have legislation that needs to be passed and the next meeting is in the "middle of the year.
Question: "When is Iraq supposed to be in the WTO?" Not before they pass needed legislation, eliminate the MCP [Multiple Currency Practices] and are recognized as having accepted IMF Article 8 obligations. Accession Committee next meeting with Iraq is planned for the "middle of the year".
https://dinarevaluation.blogspot.com/2024/03/rv-update-by-paulette-11-march.html
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