DINAR REVALUATION

Friday, June 14, 2024

Jon Dowling & Nicholas Veniamin The Final Phase Of The Global Currency R...

Iraq Confirms To The United Nations Fund The Success Of The Experimental Population Census Activities, 13 JUNE

Iraq Confirms To The United Nations Fund The Success Of The Experimental Population Census Activities

Money and business Economy News – Baghdad Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, announced today, Wednesday, the success of the pilot census activities in Iraq, while the United Nations Population Fund confirmed its full readiness to provide all types of support to ensure the success of the general population census.

A statement from the Ministry of Planning, received by Al-Iqtisad News, stated that “Deputy Prime Minister - Minister of Planning Muhammad Ali Tamim received the Regional Director of the United Nations Population Fund, Laila Bakri, and her accompanying delegation, which included the Fund’s resident representative in Iraq, Nestor Ohanji, and a number of... Specialists and experts.”

He pointed out, "During the meeting, prospects for joint cooperation between the two sides were discussed, especially with regard to population issues, confronting climate change, and economic diversification. "

The statement added, "The Minister reviewed the ongoing preparations and procedures to implement the general population and housing census, which is scheduled to be conducted next November."

The Minister of Planning confirmed, "The success of the pilot census activities, which will end tomorrow, Thursday," praising "the level of support provided by the United Nations Population Fund for the census activities."

For her part, Bakri expressed “the Fund’s readiness to provide all possible types of support to ensure the success of the population census, given the importance of this project in formulating policies and long-term development plans.” 06/12/2024 - https://economy-news.net/content.php?id=44255

"RV UPDATE" BY MNT GOAT, 14 JUNE

Mnt Goat

...traders can’t trade the Iraqi dinar since OFAC sanctions are still on the currency and have not yet been lifted. It would be illegal and very risky to put any of the dinar in investment portfolios at this time... there is no back screen trading platform, so even if they did want to trade the dinar how would investors do it?

If you step outside of Iraq, when they finally do reinstate the dinar, the exchange of the three zero notes...will exchange to whatever the currency exchanges i.e. FOREX rate is at the time.

...the IMF is not going “lop” theIraqi dinar. A “lop” is a tool the IMF uses to restart a currency from massive inflation. ...We also have articles for Iraq telling us they WILL NOT lop the dinar. They do not have massive inflation and so this tool of a lop is not necessary. That is why they call it the “project to delete the zeros” and not a ”lop”.

Breaking News: Iraqi Dinar Exchange Rate and Budget Plan Explained

IRAQIS RESORT TO “GOLD BULLION” INSTEAD OF MONEY, AND THE BANKING SYSTEM IS DYING, 14 JUNE

IRAQIS RESORT TO “GOLD BULLION” INSTEAD OF MONEY, AND THE BANKING SYSTEM IS DYING

Today, Wednesday (June 12, 2024), financial affairs expert Mustafa Hantoush revealed the reason why Iraqis are resorting to purchasing gold bullion in abundance during the current period.

Hantoush said in an interview with “Baghdad Today” that “recently, the demand for buying gold bullion has increased significantly by citizens, especially those with large sums of money. They have begun to save that money through these bullion instead of depositing their money in banks.”

He stated that “the reason why citizens resort to buying gold bullion to save their money is as a result of the weakness of the banking system, lack of confidence in this system, and fear for their money due to American sanctions. This is why we see the majority of Iraqis turning towards gold bullion, especially in light of the high prices of the yellow metal and the stability of this price and its lack of fluctuation like the dollar.” .

From mid-December 2022 until now, the Iraqi dinar has continued to fall against the US dollar, until it reached the level of 1,610 dinars against one dollar at a time when the official price of the dollar is 1,300 dinars.

With the decline of the national currency and the rise in poverty and unemployment rates, Iraqi gold markets recorded a large demand from customers to buy the yellow metal amid warnings against buying counterfeit ones.

According to data from the specialized website “Bloomberg” , Iraq bought 33.9 tons of gold in the year 2022, while the Turkish Consul General in Erbil Hakan Karaçay revealed that Iraq imported Turkish gold worth $1.5 billion during the year 2021.

Iraq’s gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.

This increase indicates Iraq’s continued strategy to diversify its foreign reserves and enhance financial and monetary stability in the long term.

This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.

Many simultaneous factors are strengthening the record levels of gold, especially in light of the escalation of geopolitical tensions around the world, and in light of the state of “uncertainty” surrounding the global economy, which supports the trend towards the precious metal as a traditional safe haven in the face of market fluctuations and dire scenarios that impose themselves on the market. the scene.

Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as it ranks fourth after the Kingdom of Saudi Arabia, Algeria, and Morocco.

"RV UPDATE" BY MARKZ, 14 JUNE

MarkZ

[via PDK] ... Sudani told us that everything is now in the hands of the CBI…he was talking to Alaq at that time… so it’s the CBI ‘s job to change the rate.

“After returning it for the purpose of auditing –The Iraqi Gazette addressed parliament to send budget tables”

So they are expected to release it to the papers this week …There are a lot of people who believe we will see a rate when they do that. I do have a couple contacts in Iraq that believe we will see it then…They expect it to be published Saturday in the Gazette…I hope they are accurate.

Question: Is watching the HCLimplementation a good indicator?

It’s a very good indicator. I was told since very early in this process that this was a key indicator…along with the inversion in the bond markets which we have seen.