A bank story: A little state bank in Texas…A member asked a teller if there was a new bank system…and was told “could be” and then when asked if they exchanged foreign currency…they said “yes, we will be”...this is interesting from a smaller state bank. Seems more and more banks are reporting massive changes.
It is totally coming...Just because it hasn’t happened yet, doesn’t mean it’s not happening...there is no negative news. There is nothing telling us it isn’t moving forward anymore.
There is a lot of anticipation for this weekend. Bank/Redemption contacts say they are on call this weekend…and have an hour notification time. They have one hour- if called to go in. This was from 2 different contacts from 2 different states that said the same thing. This is very positive.
To confront the electricity crisis...a parliamentary call to oblige state departments to adopt solar energy
6/22/2024 Baghdad
The Parliamentary Electricity and Energy Committee called, on Saturday, to oblige state departments to adopt a solar energy system to confront the electricity crisis in the country.
The committee said in a statement, seen by Al-Iqtisad News, that “in light of the climate that the country is experiencing, with temperatures rising above 50 degrees Celsius and increasing power outages, the citizen is suffering from a real crisis of energy shortages. The committee calls on the government to :
1- Reconsidering the mechanism for distributing electrical energy, rehabilitating generating units, and maintaining the dilapidated network, and the need to take urgent measures to address the above problems.
2- The committee calls on the Ministry of Electricity to bear full responsibility for providing electrical energy to citizens and distributing electricity fairly.
3- The committee calls on the Prime Minister and the Minister of Electricity to replace the general managers and branch managers who were proven to be negligent in performing their duties in overcoming the crisis. And those who have held positions for long periods.
4- Requesting the Prime Minister to oblige all state departments and the private sector to install and establish a solar energy system at a rate of 25% of their departments’ consumption, provided that it is implemented during a period not exceeding three months.
5- Activating and adapting the Central Bank’s initiative regarding solar energy for citizens and accelerating its implementation in order to support the national grid.
6- The Ministry of Oil must provide the fuel share for stations under construction and invest in the associated gas.
7- Intensifying the efforts of the Ministry of Electricity and accelerating the transformation of the electricity system into a smart network and implementing all projects that will preserve the use of electrical energy in the optimal way.
The committee confirmed, according to the statement, “that it will approve the evaluation form for general managers and branch managers and submit it to the Council of Ministers and the Ministry of Electricity to take the necessary measures according to the evaluation issued by the committee.” LINK
FIREFLY:Measures by the CBI they say will reduce the dollar rate...They say it will help reduce the dollar rate in coming days.
FRANK: The only measure the CBI is taking to reduce the amount of dollars in your country is the introduction of a new exchange rate that will add value to your currency, to your lower notes, and eradicate the need of using any foreign currency. This is the goal of the monetary reform process...I agree, in the coming days this mechanism...will bring forth value to your currency and continue to remove the American dollar from your society.
FIREFLY: International finance team is on the television channel one...They're saying the economic reform is Iraq is at an increasing rate and we have invested over $2 billion in Iraq.
FRANK: This is the international finance community. They all know what's going on. When they say your economic reform has increased...
what they're talking to you about without saying it, because they cannot, is the float.
FIREFLY:My bank guy said...Sudani...sent Alaq out in February...to announce to everybody that we were going to have a change in our exchange rate. Then Sudani comes out and talks to us about it as well...in March...considering a change in our currency to 1.32 from 1320. Now that the budget is about to be revealed he strongly suggests to me that we will be seeing the new exchange rate at 1.32 instead of 1320.
FRANK: They keep the exchange rate at 1320 to give you more purchasing power...They are about to give this power to you.
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FIREFLY: Gold reserves over 145 tons TV says.
FRANK: No...It's not 145 tons. It's a lot more.
They're never going to tell you the right amount...It's a heck of a lot more than that. Notice every time they talk to you about their gold it just gets bigger and bigger. That is because of the success that is going on with the rewriting of the contracts and the success of the monetary reform...
FIREFLY: My bank friend...reminded me...remember back in February of this year when Alaq came out and he talked to us on television and he said, Iraqi citizens the project to delete the zeros still exists. He didn't say the plan is to LOP our currency. They are two totally different things. We are deleting zeros and adding value.
FRANK: I love this because it's coming from the horse's mouth, a man of authority who knows what he's talking about...
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FIREFLY: They told us...due to typo errors in the printing of the budget it will be reaudited and sent back to gazette...after EID holiday...All sound little fishy to us...An Iranian proxy saying budget is under appeal but we see nothing official of that...We trust it is going to be in gazette after EID holiday...
FRANK: They know what you are about to receive - your purchasing power. They know it's going to be extremely difficult for them to steal this value, this currency, so in the last nanosecond, just before Sudani and Alaq present the new exchange rate and the lower notes to you they do everything possible to prevent you from receiving your blessing...
Parliamentary Economy explains...Does the fluctuation of oil prices affect the economy of Iraq?
Baghdad
The Parliamentary Oil and Gas Committee confirmed today, Saturday, that the fluctuation in oil prices does not affect the Iraqi economy.
Committee member Ali Saadoun Al-Lami said, “The 2023 budget tables came to the House of Representatives when a barrel of oil was calculated at 74 dollars.”
Al-Lami added, “There are 10 moving dollars on the price of a barrel, so the rise or fall of oil prices does not affect the economy.” LINK
[Response to Guru Kaperoni's post 6-21-2024 below]
I have...reviewed several different sources who all report the "new pipeline project at an amount estimated at approximately 6.5 billion Iraqi dinars ($4.9 billion)" is, in fact, accurate and written the same in all the sources.
Just because [Guru] Kap doesn't want it to be true doesn't mean it is a mistake or misprint.
Kaperoni
Just because the central bank is changing monetary policy doesn't mean the exchange rate is going to rise. Only with the success and growth of Iraq's economy can the dinar go up in value.