Question: What’s the story of the rumored $28.50 contract rate on the dinar?
MarkZ: WE have seen that rumor since the early days…it sounds great but don’t know how accurate it is. Maybe it means what our purchasing power will be when we go back to the gold standard? That would actually make some sense.
Comment: It looks like the Iraqi budget needs to be published in the Gazette before it becomes legal. If they are waiting on that it may be Wed or Sat …or it becomes legal 15 days from yesterday?
MarkZ: Exactly...At this point we are expecting it to be published in the Gazette [Wednesday] or Saturday... There is a mechanism to RV in the budget. And I have a ministry contact in Iraq who still thinks we will see a new rate with the budget.
Whether that is Wed. or Sat…we will see... This contact works in the government in Iraq.
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Question: ...is it true the Budget has nothing to do with the rate. It’s dependent on oil?
MarkZ: Yes and no…in the budget they left a mechanism for a revaluation based on rates and oil production. ….They can do the budget without the rate change- does it make sense to do that? NO….because they have been running over a 30% deficit each year.
I have been unable to find a complete copy of Iraq’s budget that was passed to look for a rate.
I do not think the new rate is in the budget that was passed …yet. They have the mechanism for changing the rate in there though. So they can do that rate change at anytime...They are still showing the official rate of 1310….
It happened like this in Kuwait also…that although they had started the RV process. Kuwait was still showing the official rate for awhile.
Comment: Maybe they are waiting to put the new rate in the Gazette- either Wed or Sat?
Abadi's coalition compares the decision to end UNAMI's mission with the exit of the Americans: negotiations will last for two years - urgent
Baghdad Today - Baghdad
Aqeelal-Rudaini, a leader of the Victory Coalition led by former PrimeMinister Haider al-Abadi, said on Saturday (June 8, 2024) that the Iraqigovernment is serious about removing US forces from Iraq, while notingthat negotiations in this regard will extend for two full years.
Al-Rudaini said in an interview with "Baghdad Today", that "the negotiations of Baghdad and Washington on the removal of US forces from Iraq are continuing according to the data and assurances of the Prime Minister's Office, and we do not believe that they will end within a year if we know that the closure of the headquarters of the United Nations mission will take two years, let alone with large forces on the ground and have communication with joint operations."
He added that "the removal of US forces will take two years or more, but in any case the government is serious in this regard and is continuing its negotiations by a higher committee for coordination, pointing out that what strengthens Baghdad's position in the negotiations is the ability of its forces to hold the reins of the border and internal security file and succeed in confronting terrorism and dismantling its cells."
Al-Rudaini pointed out that "the removal of US forces cannot be overnight, and negotiations will determine the time limit, but it is certain that Baghdad's decision in this direction is past and it is serious at the same time."
Prime Minister Mohamed Shia al-Sudani stressed on Tuesday (June 4, 2024) that the UN Security Council's decision to end the work of the UNAMI mission in Iraq does not mean a break with the United Nations.
A statement by the Prime Minister's Information Office said that the recent Security Council decision to end the work of the UNAMI mission in Iraq came at the request of Iraq, indicating that it represents international recognition of the progress made in the Iraqi arena.
He added that the termination of UNAMI's work does not mean a break with the United Nations and specialized international agencies, noting that international organizations have reached a positive performance evaluation for Iraq that supports stability.
The UN Security Council unanimously decided, on Friday (May 31, 2024), to terminate the United Nations Mission in Iraq (UNAMI) at the request of Baghdad, and to have the date of withdrawal by the end of 2025, after its presence in Baghdad for more than 20 years.
Parliamentary Services: The government has completed 65% of its program, and the next stage will include new projects
The Parliamentary Services Committee confirmed today, Saturday, that the current government has completed 65% of its service program, pointing out that the next stage will include the entry into force of new projects.
Baqir Al-Saadi, a member of the Parliamentary Services Committee, told Al-Furat News Agency, “The current government has completed 65% of its service program, as service and housing projects have been started, the completion rate of which has reached approximately 20%.”
He added, "The next stage will include the entry into force of new projects from the 2004 and 2025 plans, and reconstruction will begin as soon as possible, in addition to allocating financial sums in the budget, which amounted to 2 trillion dinars, in addition to the amounts allocated from the Food Security Law, which reached the share of projects in the southern governorates." 27 trillion dinars.
He stressed, "The current budget is large and specializes in the service aspect."link
FIREFLY: He [Alaq? Saleh?] told us he's going to announce the third strategic phase of the banking system that will improve our monetary reforms...
FRANK: Put your seatbelt on. Phase three will introduce to you the new categories of notes, the new lower notes, which obviously needs a new exchange rate.
FIREFLY: Television is showing Sudani is asking questions about 57 trillion that was left over from the '23 budget and nobody seems to know where this money is...There is no end to the corruption. Obviously, our leader Sudani is protecting the monetary reform by not exposing the new exchange rate to these bad people.
FRANK: 57 trillion dinars is missing from the budget of '23? ...Let's pray that he can find that money because if I was Sudani I'm not going to release any exchange rate. I'm not going to do anything with the contracts.
[Iraq boots-on-the-ground report]
FIREFLY: TV says the budget didn't go to the president for signature but to the publishing in gazette...When the budget is in the Gazette it will go live
. So that means a new exchange rate will come soon to correct that new budget because it can't handle all of these projects at a program rate, correct?
FRANK: That is correct. It is also the monetary reform plan of Dr. Shabibi.
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FIREFLY:Television is showing a report on paper from IBBC on the de-dollarization inside of Iraq. They're telling us they've been doing it all this time...They even talk about that part from the World Bank discussion on changing the dinar exchange rate.It's powerful. This is all on the news.
FRANK: The monetary reform education to you citizens will get very loud...
FIREFLY:Sudani didn't say anything about the rate inside of the budget. They didn't say a word. COM didn't say anything. COM saw the budget with Sudani. We see them sitting there and they're looking it over but nothing is announced except the approval and that it's going to the House of Parliament now.
FRANK: You know very well what' going on. He will protect the budget until the very last nano second.
FIREFLY: The news has that specialist...talking about the best way to fill in the gap for the dinar and the dollar (illegal market). He's telling us the best thing for it to do this is to float...Saleh now talking saying the CBI is the only one that can control this needed float.
FRANK: They're going to float your currency because with a float they can come out at a higher rate than 1 to 1...this is a reinstatement of your exchange rate...The fact that they're talking about floating all day long...is because this is the next step in the monetary reform. Once they give you the new exchange rate and your new currency seconds later your currency will start to float...on international platforms
FIREFLY: The news has that specialist...talking about the best way to fill in the gap for the dinar and the dollar (illegal market). He's telling us the best thing for it to do this is to float...Saleh now talking saying the CBI is the only one that can control this needed float.
FRANK: They're going to float your currency because with a float they can come out at a higher rate than 1 to 1...this is a reinstatement of your exchange rate...The fact that they're talking about floating all day long...is because this is the next step in the monetary reform. Once they give you the new exchange rate and your new currency seconds later your currency will start to float...on international platforms
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FIREFLY: Ever since Sudani came back from Washington DC he has been talking to us about metal coins and paper fils. He said the coins are both silver and gold...
FRANK: The monetary reform education is being presented to the Iraqi citizens...
FIREFLY: International Development Bank opens in Erbil.
FRANK: Notice how they are preparing your banks in many ways to receive the new exchange rate when Sudani releases it. They talked to you about the float...the basket... the lower notes...the old lower notes, your history...Now they're going to tell you Iraqi citizens about your banks...they are educating you on the many services that your banks will be offering you once this exchange rate is released.
FIREFLY: Television says Iraq is now producing 1 million liters of gasoline on a daily basis with the new refineries...They are saying we will have enough gasoline for our self sufficiency of our county and also for global trading on the market..
FIREFLY: They said our success is from the visit to the United States of America because it lifted almost all sanctions on our banks and others are close to being lifted too.
