💢Mike: OK, I hate to be the Bara of bad tidings, but I just got info from "The Bondholder" — who is not a bond holder but a bond broker waiting to be paid commissions by the US government for bringing in historic bonds — to the effect that he won't be paid until Tuesday.
We were hoping he'd been paid already. This would clear the way for Tier 4B, us, to be paid out.
We were all hoping and waiting for some announcement or notifications this weekend.
That can still happen, but IMO we don't get paid until after guys like him get paid. So we wait... and hope.
The total sales of the Central Bank of Iraq from the hard currency of the US dollar with which the auction opened last week amounted to more than $1 billion.
Last week, the Central Bank sold 1 billion, $378 million, $407 billion and for the auction for the 5 days, 758 million, and $877 million, and $81, up from last week, which was $1 billion, 115 million,99,000, and $967.
The highest dollar sales were for Wednesday, with sales of 280 million and 112 thousand, and $188, while the lowest sales were for Sunday, with sales of 269 million, 320 thousand and $104.
Put that overseas remittance sales last week amounted to one billion, 264 million, 25 thousand and $407, an increase of 91% compared to cash sales of $114 million, 860,000 dollars.*
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While sales went in the form of cash and remittances abroad to finance foreign trade, while the sale price of the amounts of documentary credits and international settlements for electronic cards was 1310 dinars per dollar, and the sale of remittance amounts abroad was 1310 dinars per dollar, while the cash sale price was 1305 dinars per dollar.
Question: "Do these ATM machines have the lower notes?" Software definitely. [I'll] text Aki [Walkingstick's Iraqi Bank friend] about the notes.
Don't be dismayed if the rate is still the same in the budget when it comes out on Saturday...because Sudani is dealing with this [57 trillion] thievery...He could release an "operational" budget. [Iraqi bank friend Aki - highest level banking meeting update] Sudani is putting contracts in place to be implement inside of Iraq. Sudani has been doing this with thousands of contracts. "In the coming days" is what they told us that these contracts will be fulfilled in IQDs for most of the budget's proje...FOR READ MORE:
[Iraqi bank friend Aki - highest level banking meeting update]
Sudani is putting contracts in place to be implement inside of Iraq. Sudani has been doing this with thousands of contracts. "In the coming days" is what they told us that these contracts will be fulfilled in IQDs for most of the budget's projects...Those contracts will be fulfilled for their value but paid in IQD's only. -----
[Information from Iraq bank owner #1 friend] Ever since Sudani came back from Washington DC the government of Iraq...has been in the process of making...videos, commercials, advertising. Sudani has been doing this on behalf of the executive level of all the pr...for read more:
Iraq, US Discuss Formation of Joint Business Council
ERBIL — The President of the Federation of Iraqi Chambers of Commerce (FICC), Abdul Razzaq al-Zuhairi, and the US Ambassador to Iraq, Alina Romanowski, engaged in discussions on Thursday to form a joint business council.
According to a statement from the FICC, the meeting focused on expanding trade and economic connections between Iraq and the United States, as reported by the Iraqi News Agency (INA). Zuhairi emphasized Iraq's balanced relations with countries that support its economic development approach.
The discussions also covered strategies to increase trade volume between the two nations and explored opportunities for cooperation with Iraqi chambers of commerce to enhance economic partnerships and boost activities in both the public and private sectors.
Ambassador Romanowski highlighted the importance of overcoming challenges related to providing entry visas for investors and businessmen. Both parties expressed satisfaction with their collaborative efforts in trade and economic fields.
Floating the currency is the best option but only once they have created a diverse economy that is not dependent solely on oil.
...New currencies coming out in Iraq. Not true, the Iraqi dinar is the currency of Iraq. As far as any new smaller denominations, they will be introduced only as needed if and when the value increases and warrants so. There is no significant RV!
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...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.