"RV UPDATE" BY JEFF. 7 JUNE

  Jeff 

 There's many disagreements with the budget, possibly causing it to be overturned via a court appeal...The actions of what was done with the budget was against what they were allowed to do so the legal system might be overturning the budget's approval...The House of Representatives...went beyond what they're allowed to do.  The fact that they approved the budget unlawfully might be getting overturned...The budget might get squashed...

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The budget got approved with the currency value at the Central Bank value of 1310 dinar per dollar.  That is not a rate change and no it can't just magically float up 1 to 1 in the way it sits right now.  Remember the budget is a law...Changing the currency value would be a revision to the budget law.  It would have to be amended somewhere during the term of the budget year or they'd have to wait till the next budget period to change the rate.  That's the scenario we're in as of right now...There are some disagreements with the budget.    We need to give those disagreements a few days to play out to see if they're going to...appeal the budget.

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I've seen quite a few different investors out there that are super excited that Iraq was going to be approving their budget within parliament Monday...That's a huge misunderstanding on your part if you're excited...The budgets are calculated off the value of the currency.  When a budget is implemented or while the budget is implemented the rate cannot

change...If this budget got approved Monday, the next time they could change the currency...rate, they would have to wait until mid-year (September or October) or a new budget period of 2025 (March to April)...Once this budget gets approved, that's the currency value that's locked in it...It can't be magically changed...It doesn't work that way.  

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The rate change is here...   Article: "Sudanese directs to hold an extraordinary session next Sunday to discuss the 2024 budget schedules"  The reason council of Ministers which normally meet on Tuesday are meeting on Sunday is they can only meet after the rate changes...They are reducing the deficit.  To reduce the deficit you have to reduce your expenses, cost and figures.  The only way they can do that is revaluing the currency...This step is contingent upon the rate change.  

 Article:   "Parliament expects the arrival of the 2024 budget schedules"  Quote "...There are efforts to guarantee the right of many segments in the items and schedules of the 2024 budget but they cannot be judged without waiting for the numbers they contain."

  The rate has to change before parliament can approve the amendments to this budget.  This is why I showed you the final countdown a few days ago because I knew this was coming forward and here it is for you...

Mid last week I posted  "The Final Countdown" 

  ...Here's the reason why right here...The approval of Iraq's budget is waiting on the rate change.  That's why it's been outstanding/ pending for 6 weeks.  This week we're entering into will be its seventh week.  In order for them to complete and approve, the budget is waiting for the rate to change ...You're seeing countless articles on this.  This is a critical piece to the timing of the rate change. 

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-jeff-1-may.html

The next big step in this is we want to see when Iraq will be amending their budget...They can amend it before or after the rate changes...

 This weekend coming up would be the historical anniversary date of when Kuwait reinstated their currency - March 24, 1991

 Iraq technically does not need to amend the budget if they're not changing their rate.  

The budget already covers their operating expenses.  But they would need surplus funds to cover the reforms.  The reforms are contingent upon the rate changing.  They can't bring these reform package forward if the rate does not change.  The only reason they're amending the budget is because the rate is changing...The step of amending the budget can happen either before or after the rate changes  ... They will probably announce Thursday or Friday as to when they plan to amend the budget, which they'll probably do around this weekend...

https://dinarevaluation.blogspot.com/2024/03/rv-update-by-jeff-22-march.html

PIMPY: Is God bringing people to the Iraqi dinar 06/06/24

An Iraqi economist criticizes the 2024 budget: operational par excellence, 7 JUNE

An Iraqi economist criticizes the 2024 budget: operational par excellence

On Thursday, monetary master Nabil Al-Marsoumi condemned the government spending plan for the year 2024, which is the biggest throughout the entire existence of Iraq, depicting it as functional second to none, taking into account that it isn’t essential for the advancement plan.

Al-Marsoumi told , “The financial plan has bountiful assets, adding up to 211 trillion Iraqi dinars, and this is an extremely huge sum, yet similar to the case in past Iraqi financial plans, it was distributed to social consideration, compensations, and different costs, and thusly a functional spending plan doesn’t change the quality and design of the Iraqi economy.” .

He added, “The spending plan is reliant upon oil and the degree of the backwardness is huge in the areas of modern and rural creation and functional administrations. The spending plan was not piece of the improvement plan, as there should be an improvement plan in the country each four or five years.”

Al-Marsoumi proceeded, “There is no essential instrument that disperses oil incomes to individuals and to the governorates, as the monetary portions to the governorates range between 7-20% of the financial plan.”

He called attention to that “functional spending took up 74% of the endorsed spending plan, with around 95% on oil send out imports, while speculation spending added up to 55 trillion dinars, including 1,321 tasks, 470 of which were slacking in execution because of the absence of monetary portions. The public authority is likewise finishing execution.” Significant ventures connected with framework and other business and modern tasks that play significant future financial parts, like Al-Faw Port and the improvement street.”

"RV UPDATE" BY MILITIAMAN, 7 JUNE

  Militia Man

  If all you [Iraqi citizen] own is dollars and they change the value to a real effective exchange rate, back to where it was in the previous era, they say back to 1980...Sudani said the dollar is going to be weaker or he  said it in a way that the dinar is going to be stronger than the dollar...That's the whole goal.  You drop the three zeros from the  currency, you're going to add value.  That's all there is to it.  That's how it works.  That's just not my opinion as far as I'm  concerned. 

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Article:   "The delete the Iraqi dinar zeros reoccurring invitation and existing challenges" 

 That was February 25, 2024.  It's sill in the the news this year.  July 26, 2023 Al-Alaq said the project still existed... Quote: "When this is done correctly we can expect Iraq to become a strong dinar that is considered a store of value and perhaps even stronger than the dinar that was before 1980."  That's a pretty big deal...

 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

Iraqi Dinar✅Congrats IQD Holder's Get Ready For Changed Their Dinar's To...

Canadian Foreign Ministry: We Will Reduce Our Diplomatic Presence In Iraq In 2025, 7 JUNE

 Canadian Foreign Ministry: We Will Reduce Our Diplomatic Presence In Iraq In 2025

Thursday 06, June 2024 20:13 | Political Number of readings: 107  Baghdad / NINA / The Canadian Ministry of Foreign Affairs announced its intention to reduce its diplomatic presence in Iraq, after the end of its country’s strategy to confront the threat of ISIS in the coming year.

A Canadian Foreign Ministry spokesperson told the Kurdish media network Rudaw: “Canada’s Middle East strategy, which was originally created to confront the direct threat posed by ISIS in Iraq and Syria, and its effects on neighboring countries Lebanon and Jordan, will end in March 2025.”

The spokesman added, "When the strategy ends, Canada's diplomatic presence in Jordan and Iraq will be reduced, and our office in Erbil in the Kurdistan region will be closed. "

He stressed that Canadian embassy officials in Iraq will “actively” maintain regular communication with officials and people in the Kurdistan region.

A Canadian Foreign Ministry spokesman explained that these changes are consistent with the process of refocusing government spending, indicating that in the 2023 budget, the Canadian government committed to reducing spending by $14.1 billion over the next five years, starting from 2023-2024.

Canada is a member of the US-led international coalition against ISIS, which was formed in 2014 after the organization took control of large areas of Syrian and Iraqi territory./End 9 https://ninanews.com/Website/News/Details?key=1131079

"RV UPDATE" BY NADER FROM MID EAST, 7 JUNE

Nader From The Mid East  

The UN agreement, 2003 when they invaded the country, now they said the last day is next year 2025.  They been talking about the end of the war and this is one of them.  That is very good news. 

 We talk about sovereignty, that's one of them.  It's good for Iraq.  It's going to make Iraq stronger and happier...Sudani what he's talking about the coalition gonna leave in 2025...it's official.

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'Nader you said it was going to happen in June.'  No I didn't say in June happen. 

 I said June they're a possibility for them to work on the dinar because each time they worked on him it's between June and August...They created a new white paper.  They're going to start working on the exchange rate and I think from here to the 8th of July.   We'll see what's going to happen.

Iraq wanted to de-dollarize.  They start de-dollarizing in January but it didn't work for them too much. 

 The government didn't expect that to happen even by telling them that the dinar are stronger...use the dinar instead of the dollar for the benefits of the country.  They tried everything.  Now, they said that plan didn't work so they come out to the new white paper...They realized they cannot do nothing without changing the exchange rate.

They're going to have to go down in the exchange rate for the de-dollarization...They're going to have to change their exchange rate...Between now and 8th of July we should have an answer...

 what they going to do?  Are they going to change the exchange rate...keep it the same...go up...go down? 

 I think they're going to have to go down on the exchange rate a lot for them to take off the dollar from the street.

https://dinarevaluation.blogspot.com/2024/06/rv-update-by-nader-from-mid-east-1-june.html