"RV UPDATE" BY SANDY INGRAM, 4 JUNE

 Sandy Ingram 

  No one in the Middle East wants big daddy America to make Iraq wealthy. Oh, wait, Iraq is already wealthy.  It's just a matter of maximizing, investing and building the infrastructure for long-term wealth...It's only a matter of time before Iraq opens the gates to massive success.

Last week marked a sensational milestone for the central bank of Iraq.  In a stunning financial twist, foreign remittance sales skyrocketed by a whopping 90%, surpassing cash sales by over $252 million...The majority of these sales...were strategically utilized to bolster balances abroad through remittances and credits.  By regulating the flow of foreign currency the central bank instills robust confidence managing Iraq's balance of payments.  

A [Community member] wrote and then deleted the following comment in response to...the results of the emergency budget meeting, 'The rate is still 1310 for the next budget year.  At least now everyone can shut down...until next year.'  Sandy Ingram:  No that is not true.  Things are happening in the Middle East, and they are happening fast. 

  Several members of the UN Security Council including Russia and china...backed Baghdad's request for the world body's political mission in Iraq to shut down by next year.  Washington did not immediately offer its support.

It is hard to believe Iraq did not have certain banking capabilities until now...We understand why my ex-husband a retired banker with the Federal Reserve Bank and his peers believed the dinar would not revalue.  It appears until Iraq updated its banking system the country could not participate in the global financial platforms...----The bankers in the US never explained the reasons for their negative attitude towards the Iraqi dinar.

The IQD was not convertible to other currencies on global markets before the 2003 invasion...Rates, which were $3.21 IQD to 1 US dollar in July 2003 means little if the currency is not exchangeable on global markets...----People with education in economics say the Iraqi currency will be readily available for exchange in US banks...The question then becomes - 

 How long will it take US banks to recognize the currency after the initial increase in Iraq?  Oh, you believe it will all happen on the same day? 

 We would hope so, however this is unlikely... Savvy investors may have to travel for the exchange rate...If Iraq says the IQD is worth 1 USD to Iraqi dinar will you wait for the United States to say the same thing or will you travel to a bank that says the Iraqi dinar value equals $1? ... We hope the naysayer are right and we can all walk into our banks in the United States and exchange our IQD bank notes for US dollars

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-sandy-ingram-13-may.html

 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

The Future of the IQD:UN Security Council's Decision to End Mission/Iraq...

Latest Exchange Rates Between IQD vs USD Today 2024🔥iraqi dinar rate upd...

Al-Faw port: Iraqi insistence and Kuwaiti envy, 4 JUNE

Al-Faw port: Iraqi insistence and Kuwaiti envy

The geological area of Iraq changed the development of land and ocean transport, in the district as well as in the whole world, and everybody in Iraq understood that there is an extraordinary fortune possessed by this country that will produce a colossal spending plan that surpasses the oil financial plan that it claims.

This makes Iraq a business community in the core of the world and interfaces its mainlands through a little geological region called “Al-Faw”. Iraq is at present structure the biggest port to oblige merchandise and freight coming from the far east to the far west through this area.

This made Iraq’s adjoining nations dread the port of Al-Faw, and they attempted to have a portion of it by broadening rail lines or opening area streets to take part in it. There are different nations that attempted to impede “Iraq’s vocation” with some jealousy, for example, Kuwait, which needs to construct a port to choke the port of Al-Faw.

It appears to be that America is one of the greatest allies of Kuwait in its undertakings, through news sources caution against the Kuwaiti Mubarak Port, and this was accounted for by the American “Bloomberg” organization, that the Territory of Kuwait is attempting to help out China to restore the gigantic Bay port venture known as Mubarak Port, which expects To be a significant business place at the northern finish of the Bay.

The recovery of the task came around 10 years after development halted – when it was just somewhat finished – as it was impacted by Iraq’s aggressive arrangement to make a $17 billion street and rail line organization to support exchange the locale, in which Turkey, Qatar and the UAE likewise take part, aside from Kuwait, as per the organization. .

A Chinese designation visited the Bay state and met with Kuwaiti authorities to hold “top to bottom specialized and field conversations” about the development of Mubarak Al-Kabeer Port and different undertakings, as per what the Kuwait News Organization revealed.

The resident researcher at the Arab Gulf States Institute in Washington, Christine Smith Diwan, stated, “It is clear that if Kuwait does not move forward, it will fall behind.” This is now occurring.”

In spite of the fact that it is a significant partner of the US in the Center East and quite possibly of the most extravagant country on the planet because of its oil holds, Kuwait’s improvement objectives have long endured because of political unevenness, as was as of late affirmed by the Emir’s suspension of Parliament.

The recovery of the port arrangement demonstrates that “the Emir of Kuwait intends to utilize Parliament’s suspension to push ahead with projects that are slowed down by conflicts among administrators and priests,” as indicated by “Bloomberg.”

There are as yet numerous obstructions that the venture might confront, as per Bloomberg, as the Bay as of now incorporates many significant ports, remembering those for Dubai and Abu Dhabi in the UAE.

Mubarak Al-Kabeer Port is immediate rivalry to the close by Iraqi port of Al-Faw, as  Baghdad dropped an oceanic understanding that permitted Kuwait access through the Khor Abdullah hall.

Noura Al-Mashaan, the Kuwaiti Minister of Public Works, paid a visit to the Mubarak Al-Kabeer Port project’s construction site on Boubyan Island. This was an official sign that the Gulf state is committed to the project, which Iraq opposes.

Al-Mashaan visited the Mubarak Port site, according to a statement from the Ministry of Public Works. He was accompanied by the Chinese ambassador to Kuwait and a technical delegation of experts and engineers from China and Kuwait who are experts in mega projects.

The visit came, as per the assertion, in execution of the notice of understanding connected with the foundation of the Mubarak Port undertaking, endorsed among Kuwait and China during the visit of the Emir of the country, Sheik Meshaal Al-Ahmad Al-Jaber Al-Sabah, to Beijing last September.

Kuwait didn’t formally declare the resumption of development work in Mubarak Port, situated on Bubiyan Island close to Iraq, a venture that  Baghdad has consistently dismissed.

Yet, Al-Qabas paper says that the Mubarak Port task “is at the front of the Kuwaiti scene formatively and financially with the beginning of the genuine resumption of its execution, and viable and reasonable advances are being taken towards this course, so it will be among the improvement projects that Kuwait is depending on during the following stage.”

In April 2011, Kuwait established the groundwork stone for the development of the Mubarak Al-Kabeer Port, whose cost is assessed at about $1.1 billion, on Boubyan Island, and its development will be finished in 2016, taking note of that the declaration of this enormous task was first given in 2007.

In July of that very year,  Baghdad formally requested that Kuwait stop work in Mubarak Port after a political discussion between the two nations, however the Bay state formally dismissed Iraq’s solicitation.

In 2013, the two nations finished up a consent to direct oceanic traffic in Khor Abdullah, which associates Iraq to the waters of the Bay.

The arrangement specifies that the waters of Khor Abdullah will be partitioned similarly between the two nations, in view of UN Security Chamber Goal 833 gave in 1993, which redrawn the boundaries right after the Iraqi attack of Kuwait.

Iraqis object to this understanding since they accept that it gives Kuwait the right to regional waters somewhere inside Iraq, which obstructs the development of sea exchange front of the nation’s restricted ports.

Notwithstanding, last September, the Iraqi High Court concluded that the Khor Abdullah Understanding, which controls sea traffic in the stream isolating Kuwait and  Baghdad, was unlawful.

The court legitimized its choice “for disregarding the arrangements of Article (61/Fourth) of the Constitution of the Republic of Iraq, which specified that the sanction cycle Worldwide settlements and arrangements will be directed by a regulation ordered by a 66% larger part of the individuals from the Place of Delegates.

So… the legitimate inquiry that can be posed is, what is the effect of Mubarak’s port on Al-Faw port? Will there be Mubarak’s capacity to smother Al-Faw and lose part of his abilities?

This was replied by the top of the Parliamentary Vehicle and Correspondences Board, Zahra Al-Bajari, who made light of the significance of Mubarak Port, which Kuwait is working to contend with the enormous Al-Faw port.

Al-Bajari told , “The Kuwaiti Mubarak Port won’t be monetarily practical except if Iraq goes towards opening a rail route admittance to this port, noticing that Kuwait is attempting to hurt Iraq by continuing work on the port task.”

She provided the following explanation: “The Kuwaiti Minister of Works approached the Chinese side to implement the agreement that Kuwait and Beijing concluded to complete the port.”

She added, “The public authority doesn’t mess around with finishing the huge Al-Faw port venture to serve Iraq monetarily,” calling attention to that “Mubarak Port won’t be valuable as Iraq keeps on chipping away at Al-Faw Port.”

She made sense of, “On the off chance that Iraq demands not opening a railroad street with the Kuwaiti port of Mubarak, then, at that point, this port will have no financial practicality by any stretch of the imagination, as Kuwait is attempting to find a land course to its port to convey products to different nations, and this course must be through Iraq.” “.

As far as it matters for him, the top of the getting sorted out body of the Belt and Street Well known Development, Hussein Al-Karaawi, said that the American side doesn’t believe Iraq should finish the huge Al-Faw port.

“The Al-Faw port project will have a major positive impact on the Iraqi economy, and this is something that intersects with the American will,” Al-Karaawi stated in an interview.

He called for “being proactive and being dependable to end the American presence in Iraq in execution of the Place of Delegates’ choice in 2020.”

He focused, “American tension forges ahead with Iraq to stop the wheel of its economy and home loan its capacities to it, to control Iraqi assets anyway it needs.”

“The American side of trying to disrupt large, strategic projects such as the large Al-Faw port project” was what he said.

"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