"SUMMARY OF TNT CALL" BY CARPATHIA VIA RVHIGHLIGHTS TELEGRAM ROOM, 4 JUNE

 FROM CARPATHIA:

  I listened to the TNT Tony call to try to get more context about the budget and timing. This is a short transcript of the call:  PER TONY: "It was supposed to happen Saturday night, but then it was to happen on Sunday due to a hiccup, and it is supposed to happen tonight. 

 So the real deal is that it did not go on Sunday, because the finance committee did not do their part in Iraq, did not do their vote. There was a small hiccup.  But as I have sent out on Twitter, the Vote has gone through the finance committee and vote has gone through the House of Representatives. Those are the things we wanted to see.

 We are hoping to see a rate, we know there is a new rate, and we know it is going through. All banks are HIGH HIGH alert. They were told yesterday, but it took some time, as some bank contacts called me last evening and some in the morning, that they were all put on high alert starting last night through Thursday morning.

 They said by Thursday morning, definitely,, you are going to have people walking in your door, a bunch of brand new customers (that was yesterday). Talking to them today, they do have pending rates and some of them are saying we are waiting right now to be notified of the release of the 800 numbers. Let's hope it happens.  Federal reserve said they were just called in within the last hour. Everyone is to report to their station. 

Right now as we speak.  With all this excitement, everything is pending, and I will give praise where praise is due, Ray has been telling you guys about the Venezuelan Bolivar, rate predictions, right now, rate prediction for Bolivar on screen right now is 0.36 and is climbing.   Ray predicts between 22 and 55. It is at 0.36 and climbing right now. It is on the bank screen at this time.   Today is a good day. 

 We have nothing to do but wait for the announcement. They are passing out money in Iraq. Activating projects.  We are at a good time we just have to wait.  Not sure if it is 72 minutes or 72 hours. The rate has not been announced the rate there yet, but maybe they wait till Wednesday for the gazette.  But everyone I talk to they say they are trying to go anytime now.  But we are there. The rates are good. Everyone is excited. So I hope you guys are ready.   "

Iraqi Dinar | Big News Release From Iraq IQD Holder Chill Now | Dinar Ne...

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External accellation of the banks of Iraq: very advanced in electronic banking services, 4 JUNE

External accellation of the banks of Iraq: very advanced in electronic banking services

Economy News – Baghdad

The Union of Arab Banks confirmed, on Monday, that Iraq is very developed in electronic banking services, while pointing out that the Iraqi banking sector is ancient and its role is vital in economic development.

The Secretary-General of the Union of Arab Banks, Wissam Fattouh, said: “There is a denial of dealing in dollars and not sanctions, as sanctions mean inclusion on the sanctions list,” pointing out that “the effect of deprivation is almost parallel to the sanctions because banks are difficult for them to operate without the dollar currency, which represents the international trade currency.”

Fattouh added, “The Iraqi banking sector is a long-of-lod sector with a history, with total assets of $157.9 billion, and even deposits followed by more than $100 billion. This sector is therefore important and its role is vital in the economic development of the heart of the country.”----

He stressed “the need to apply international standards, especially with regard to standards and laws applicable to combating money laundering and the financing of terrorism.”

He pointed out that “the strategy is involved between the Union of Arab Banks and the Association of Iraqi Private Banks, to reach this already required goal, and to train and qualify Iraqi cadres in particular.”

He pointed out that “there has been a great partnership between Iraq and the United States of America for decades and trade exchange, especially after Prime Minister Mohammed Shiaa Al-Sudani made the important historic visit to the United States of America.”

He noted that “the biggest role today is how we protect the Iraqi banking sector, and that trade exchange is actually carried out through Iraqi banks and not through other banks.”

“Iraq is very developed in electronic banking services, and the challenge today for the Iraqi banking sector remains the compliance challenge,” he continued.

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https://economy-news.net/content.php?id=43974

"RV UPDATE" BY KAPERONI, 4 JUNE

 Kaperoni

  ...The dinar to float at well over a dollar. Unlikely, the dinar when it floats will be whatever the current exchange rate is and could rise gradually accordingly.

  Community comment: "Today the cbi says there are no new printing of bills"  

That is correct.  The Central Bank does not randomly print currency unless it's to replace damaged or worn out notes. There is no need for a new currency unless it is warranted.  Moving to digital will eventually reduce physical notes.

 Question: ---- "They have a very largebudget ,without an increase in rate how do they meet the projects that is lined up?"

  External expenses are paid in dollars since their primary revenue is dollars. Dinar is used to pay salaries, etc. in country.

 CCommunity Comment: "Hopefully in the next 5 yrs we will see an appreciation of the currency  price, based on the last year of progress."  I agree!  Iraq has an excellent opportunity now to diversify their economy and develop  the banking system.  

 Much of the float articles that we have seen have concerns about speculators that is because they are referencing dealers speculating within the country.   That will not happen.

 All of these changes that they're talking about pertain to monetary policy. They have nothing to do with the exchange rate. Whether or not the exchange rate goes up or not is directly related to the economic success thereafter.

By the end of the year when the Central Bank of Iraq ends the currency auction, only transfers  amongst established Iraqi banks and regional or International banks will occur.  In other words, the float of the dinar and  transfer of funds will be institutional.

 What this means for us is the future of the dinar exchange rate is directly tied to the  capital flowing through the CBI, economic growth, and success of Iraq. As Iraq prospers, so will the dinar!  Though we may not see  the dinar exchange rate improve initially. This is a significant change in monetary policy for the Central Bank of Iraq. Some 20  years in the waiting.  

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-kaperoni-25-may.html

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-kaperoni-26-may.html

Iraqi Dinar | CBI Governor Ali Alaq Revealed New Exchange After Approval...

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Iraqi Central Bank reports surge in bank account growth, 4 JUNE

Iraqi Central Bank reports surge in bank account growth

Shafaq News/ The Central Bank of Iraq (CBI) announced on Monday a significant increase in the growth rate of bank accounts over the past years in the country.

According to a CBI statement, the growth rate of bank accounts surged by 90% from 2018 to 2019, reaching a total of 12.5 million accounts.

The growth rate peaked in 2020, maintaining a 90% increase, with the number of bank accounts hitting 12 million. However, the rate dropped significantly in 2021 to its lowest level at 10%, totaling 1.5 million accounts.

The Central Bank highlighted a rebound in 2022, with a 30% increase, bringing the number of accounts to 4.5 million. This upward trend continued in 2023, with a 54% rise, resulting in 8 million bank accounts.

shafaq.com

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"RV UPDATE" BY MILITIAMAN, 4 JUNE

  Militia Man 

  Article: "Parliamentary Finance resumes its meetings regarding the budget in preparation for voting on the schedules"  Quote: "Parliament decided, according to the agenda, to hold its twenty-seventh regular session next Monday..."   I am not sure how long voting will take on the paragraph. But, if they are going to vote to do a budget at 1310 that would have a deficit of 64 trillion that would not be good for the people and they want to see another term in office they'll need the 3 zeros to be removed from the exchange rate. If there isn't a removal by Al-alaq they'll be in a pickle be sure.

That vote [scheduled Monday 3:00pm Baghdad time vote on the 2024 budget tables] is prior to markets opening in the United States in New York.  Will they vote?  Will they do it?  We're going to find out.

 The House of Representatives will vote next Monday on the budge schedules...We've been waiting for it... Is it important?  Is it not important?----  

 Obviously it's a focus.   Article Quote: "Mustafa ... announced the House of Representatives intends to vote on the financial budget tables for the year of 2024...It will be held at 3:00 in the afternoon on Monday." 

 I don't think anybody's going to be able to prove me wrong, you drop the three zeros, the exchange rate changes from 1 USD to 1.32 just like al-Sudani says.  Do the math it comes out to .76, apply the real effective exchange rate and that's where the show starts big time... .76 is $0.76 - it's slightly less than the dollar.  

That's value.  It's not .0007 something.  It's value.  That's what they're talking about - Bringing value to the currency.  That's what Al-Alaq is there for.

 Article quote: "If we assume the Central Bank issues a new currency this will not affect the exchange rate of the Iraqi dinar." 

 This guy is not wrong...It won't in my view.  The exchange rate will affect the new small denominations though...If they change the value of the exchange rate by dropping the three zeros, therefor the new denominations will be affected by it, which will be value.   It's pretty simple.

 If you raise the value of the currency it's going to have a ripple effect...Instead of being a pebble...or a brick in the pond this might be a boulder.  There's going to be some waves.  The World Bank, IMF, US Fed, US Treasury...Bank of International Settlements, everybody's going to need to know what you're going to do and when you're going to do it and pretty close. 

 They're not going to be broadcasting it like everybody thinks, 'What's the date and what's the rate?'  That's not how it works.  But we study it close enough to where...we can see it can't be far off...

If they're going to have liquidity and they don't have it now it's going to require new small category denominations to be in circulation.  Just as al-Alaq's project to delete the zeros would require new denominations.   Did they do that in 2018 and have them in storage?  I believe they did...

They increased that gold supply by about 40 tons...Their currency reserves are around $110 billion.  They have a massive amount of wealth.  They have the ability to support their imports for about 16 months they say, which is about 5x what they need.  That's important.  They don't want to reduce those.  They'd like to keep them on hand...Iraq has a good foundation for Alaq to do what he's supposed to do and it'll only get better if he does.

If they change the value of their currency they're going to have more surpluses...The oil price is about $70 in the 2023 budget.  That hasn't changed for '24 or '25 because that's a tripartite budget.  They got a surplus.  Oil is somewhere around $80.  It's been as high as $91ish.  The expectations of oil is to be somewhere in the neighborhood of $80/$90 and they even talk about $100/barrel...Iraq is going to be sitting pretty good...They have phosphates...sulfur...natural gas...Those non-oil revenue streams...taxes and tariffs are going to come online...Iraq has a good foundation for Alaq to do what he's supposed to do.

 Iraq is moving forward.  They've got huge reserves...increased their gold, they're going to have the private sector, their stock exchange is going to be one to reckon with.  It's an emerging market and a lot of money is going to be start flowing...

If they go on the Forex system it's going to be international.  It's going to be fast and furious. 

 Could they do something within the county prior to that?  

Sure, why not, educate the citizens, do what they got to do...

 Question:  People want to know if they can drag this out until next year? 

 Militia Man: We don’t know the timing. But, I don’t think we are even close to go that long. There is way too much going on in the world and this is not only about Iraq. Remember all boats rise with the tide...I believe Iraq is ready to go with the rest of the world. Along with other countries like the Vietnamese dong. 

Are they going to change the value of their currency...? 

 I'm pretty sure they are going to need to to pay for all these [reconstruction] objects...rebar, the cement - all that stuff is expensive at 1310.  It's not so expensive if it's back at a 'previous era'....If they have the true value, their real effective exchange rate, it's going to be far cheaper...

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-militiaman-25-may.htm