Sunday, June 30, 2024
Iraqi Dinar: IBBC ISSUES MAJOR NEW PAPER ON DE-DOLLARISATION OF IRAQ , 30 JUNE
Iraqi Dinar: IBBC ISSUES MAJOR NEW PAPER ON DE-DOLLARISATION OF IRAQ
Professor Frank Gunter publishes a new paper commissioned as part of a series by IBBC's advisory council on the challenges of de-dollarisation for Iraq.
The Advisory Council members and IBBC members have actively contributed to the paper in the past 4 months. It will be presented online on the 18th June in a webinar and in person at the Spring Conference on 2nd July. The Arabic translation will be published soon.
Previous advisory papers include 2020, 'Iraq 2020: Country at the Crossroads', 'Corruption Worse Than ISIS: Causes and Cures Cures for Iraqi Corruption', 'Seaports and Airports of Iraq: Rules Versus Infrastructure' and 'Privatization of State-Owned Enterprises'.
Professor Gunter provides an analysis of the drivers of impact on the dinar exchange rate and examines how best to deal with the parallel market of dinars to dollars. He outlines the practical policy initiatives that should reduce the gap between the official and parallel exchange rates in the medium-term.
In particular he lauds the Government of Iraq on its commitment to tackle corruption and to modernise the banking system in one fell swoop but warns of the pressure on the dinar exchange rate as budgets are overstretched and the new banking recipients (state banks) receive the liquidity to enable the economy to perform.
He writes 'All three of these forces - the anti-corruption effort, the banking liberalization, and the lavish 2023-2025 budget - will create challenges for the management of the dinar exchange rate. One could argue that over the last two decades the Government of Iraq (GoI) had little control over its exchange rate; that exchange rate policy was determined by other sectors of the political economy in Iraq.
In particular he lauds the Government of Iraq on its commitment to tackle corruption and to modernise the banking system in one fell swoop but warns of the pressure on the dinar exchange rate as budgets are overstretched and the new banking recipients (state banks) receive the liquidity to enable the economy to perform.
He writes 'All three of these forces - the anti-corruption effort, the banking liberalization, and the lavish 2023-2025 budget - will create challenges for the management of the dinar exchange rate. One could argue that over the last two decades the Government of Iraq (GoI) had little control over its exchange rate; that exchange rate policy was determined by other sectors of the political economy in Iraq.
But even if this is true, the level of the exchange rate and changes in that level are believed by many Iraqis and foreigners as providing valuable insight into the quality of economic management in Iraq.
This importance is exemplified by the current efforts to de-dollarize the Iraqi economy while there is excess demand for dollars. This excess demand is shown by a parallel exchange rate of roughly 1500 dinars per dollar compared to the official exchange rate of 1310 dinars per dollar.
An important cause of this exchange rate gap is that the GoI, with the strong encouragement of the U.S. Federal Reserve, is attempting to reduce the use of the U.S. dollar in both Iraq's internal economy and its external transactions. Since 2003, the U.S. dollar has facilitated economic growth in Iraq by providing a widely accepted medium of exchange for purchases as well as a reliable store of value for savings. In the long run, whether de-dollarization will have a significant adverse impact on the Iraq economy will depend on how rapidly the GoI can increase both the efficiency of alternative mediums of exchange and the perceived security of alternative stores of value.'
© Newshounds News™
Source: Iraq Business News
"RV UPDATE" BY WOLVERINE, 30 JUNE
Sat. 29 June 2024 Wolverine
“The news has been overwhelming coming from so many sources. Some say it’s starting tonight. Some say it’s already started. They’re getting ready in Iraq for the RV tomorrow (Sun. 30 June 2024). …The latest is that you should get ready.
It’s really coming. The G-20 (an intergovernmental forum comprising 19 sovereign countries) gave the release and emails for the Internet Group will be coming out sometime between Mon. 1 July and Fri. 5 July.
…Some Bond People have already been paid. They aren’t answering my calls because they are under NDAs. Be responsible with your money. Use it wisely. You will be an NDA and you cannot talk about the RV. If you talk about it you will get your money frozen and you won’t get it.
I’ll be going silent for about three months. Get ready for tomorrow (Sun. 30 June 2024) for the biggest celebration you have ever had because that’s when the RV is coming out – about mid day in Iraq. This is not a false alert because it is really coming. I can’t wait because all that hate I have been hit by will go away. God Bless you. I love you. Welcome to the new World. Bye Bye.”
Joe Biden just experienced a full-blown coup. Coffee with MarkZ and the ...
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Coffee with MarkZ and Michael Cottrell Friday 6-28-2024
Member: TGIF Beautiful Z Family! Sending Much Peace, Love & Harmony
Member: I can’t believe how fast the weeks go by! It’s already Friday again!
Member: Good Morning. Is it Fantastic Friday or Freaky Friday? Lol
Member: Are we there yet-LOL.
MZ: With what I am hearing from the banking side…..this may be it. I am feeling exceptionally good as to where we are at right now.
MZ: News is pointing to right after July 4th from the banking side.
MZ: I continue to get similar things for between the 4th and the 15th out of Iraq. I am hopeful this is accurate
MZ: There is a lot of disinformation out there….Hang on and don’t ride the roller coaster.
Member: RV- I hope it’s real and we are not just being strung along.
MZ: When there is something real and actionable- I will share it. Hang on…We are watching it wind down to completion.
MZ: Bonds and CMKX and Prosperity packages are quiet. Lots of chatter about preparations- but no details are being shared right now.
Member: Frank 26 says Sudani has signed the budget
Member: Iraq has passed the 2024 Budget schedules into law and should be in the Gazette this weekend or next Wednesday.
Member: Wolverines says people are being paid , soon this will be over.
Member: My local bank in Georgia, United Community, as of Monday launched a new website with a digital platform and wealth management.
Member: I went to my bank yesterday and was told it would be closed for the next three days to change the system.
Member: Looks like most of the good news comes out of BRICS lately…..They have a lot of things happening.
MZ: Is BRICS to launch a Gold-Backed Currency this August?
MZ: “BRICS Gold Backed Currency to launch at 2024 Summit?” It is now widely suspected and anticipated that BRICS will announce the details if not the actual gold backed currency in August at the BRICS summit.
MZ: Will they give us the framework or the actual currency???? According to ministers in Russia, India and China…. – the new currency is ready and tested…..That could explain the 1300 tons of gold missing in China. It may have been tucked away to back the MBridge new currency. .
Member: I sure hope we are not waiting for the new BRICS currency for the reset/rv???
MZ: Japan is coming out with new currencies for July!
Member: I heard that we're waiting for the announcement from the USA to confirm the New USN gold backed currency.
Member: What is your gut feeling on when the RV may hit
MZ: My gut is screaming between now and the 15th.
MZ: I will be back stateside for July 4th to visit family and medical reasons…….Not because of the Potential RV. I would love to exchange while I am there though.
Member: Hoping your exchange dream for over the 4th comes true Mark….for us all.
MZ: As slow as Fridays are I may not do a podcast tonight. I need the rest.
Member: MatkZ, Mods and everyone! I wish everyone a blessed weekend!
Member: Still hoping, Wishing and praying this is our weekend.
Mr. Cottrell Joins the stream today. Please listen to replay for his information and opinions.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
Al-Mandalawi: US Congress' draft against the head of the judiciary is a dangerous precedent and a violation of Iraq's sovereignty
Baghdad-INA
Acting Speaker of Parliament , Mohsen Al-Mandalawi, confirmed on Saturday, that the US Congress’ draft against the head of the judiciary is considered a dangerous precedent and affects Iraq’s sovereignty.
A statement by the media office of the Speaker of Parliament on behalf of Al-Mandalawi was quoted as saying - received by the Iraqi News Agency (INA): “What was reported by American media regarding the submission by Republican Congressman Mike Waltz of a draft law amendment and its inclusion of a clause affecting the head of the Supreme Judicial Council, Faiq Zidan, is a dangerous precedent this is added to the record of the actions of the Biden government, which openly supported the most horrific mass massacre committed by Zionist gangs against the people of Gaza, and today it threatens to attack the sovereignty of states and their symbols without a legal justification that allows it to do so."
According to the statement, Al-Mandalawi called on the Ministry of Foreign Affairs to “move through its diplomatic means and deliver a direct message of Iraq’s rejection, with all its authorities, of such offensive interventions, which came from the American Congressman, describing them as tools of influence for other countries,” stressing that “Iraq is a country with Sovereignty, and its relations with all countries are built on the basis of mutual respect."
Al-Mandalawi stressed, “The draft law to be submitted to Congress by the Republican representative, and if approved, will constitute a dangerous turning point that will affect, in one way or another, the nature of bilateral relations between the two countries."
Al-Mandalawi affirmed, “Parliament full support for the head of the judiciary and its absolute rejection of any abuse of his authority and all authorities,” stressing, “the Council Presidency’s keenness to follow up on these illegal acts and take everything necessary to reject them."
Acting Speaker of Parliament , Mohsen Al-Mandalawi, confirmed on Saturday, that the US Congress’ draft against the head of the judiciary is considered a dangerous precedent and affects Iraq’s sovereignty.
A statement by the media office of the Speaker of Parliament on behalf of Al-Mandalawi was quoted as saying - received by the Iraqi News Agency (INA): “What was reported by American media regarding the submission by Republican Congressman Mike Waltz of a draft law amendment and its inclusion of a clause affecting the head of the Supreme Judicial Council, Faiq Zidan, is a dangerous precedent this is added to the record of the actions of the Biden government, which openly supported the most horrific mass massacre committed by Zionist gangs against the people of Gaza, and today it threatens to attack the sovereignty of states and their symbols without a legal justification that allows it to do so."
According to the statement, Al-Mandalawi called on the Ministry of Foreign Affairs to “move through its diplomatic means and deliver a direct message of Iraq’s rejection, with all its authorities, of such offensive interventions, which came from the American Congressman, describing them as tools of influence for other countries,” stressing that “Iraq is a country with Sovereignty, and its relations with all countries are built on the basis of mutual respect."
Al-Mandalawi stressed, “The draft law to be submitted to Congress by the Republican representative, and if approved, will constitute a dangerous turning point that will affect, in one way or another, the nature of bilateral relations between the two countries."
Al-Mandalawi affirmed, “Parliament full support for the head of the judiciary and its absolute rejection of any abuse of his authority and all authorities,” stressing, “the Council Presidency’s keenness to follow up on these illegal acts and take everything necessary to reject them."
"RV UPDATE" BY BRUCE, 30 JUNE
BRUCE
Thurs. 27 June 2024 Bruce: On Thurs. 27 June a source at the Iraqi Airport in Baghdad used his Iraqi debit card with the new Iraqi Dinar rate on it to access funds. My sources say Tier 4b notification could come the last three days of this month – Fri, Sat or Sun. 28, 29, 30 June. Iraq was planning on celebrating their new Iraqi Dinar Rate on Sun. 30 June.
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Thurs. 27 June 2024 Bruce
All of my information tonight is coming from Iraq.
Thurs. 27 June 2024 Bruce: On Thurs. 27 June a source at the Iraqi Airport in Baghdad used his Iraqi debit card with the new Iraqi Dinar rate on it to access funds. My sources say Tier 4b notification could come the last three days of this month – Fri, Sat or Sun. 28, 29, 30 June. Iraq was planning on celebrating their new Iraqi Dinar Rate on Sun. 30 June.
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Thurs. 27 June 2024 Bruce
All of my information tonight is coming from Iraq.
Today one of our sources was at the Iraqi Airport in Baghdad and was able to use his Iraqi debit card to access funds. For him to do that he had to have the new Iraqi Dinar Rate.
My sources say Tier 4b notification could come the last three days of this month – Fri, Sat or Sun. 28, 29, 30 June.
Iraq was planning on celebrating their new Iraqi Dinar Rate on Sun. 30 June
The contract rate on the Dinar went up another dollar today. They will give that rate to you if you are a US citizen.
We don’t know when this is going to go. My Iraqi contact said our time was coming in a matter of days.
My sources say Tier 4b notification could come the last three days of this month – Fri, Sat or Sun. 28, 29, 30 June.
Iraq was planning on celebrating their new Iraqi Dinar Rate on Sun. 30 June
The contract rate on the Dinar went up another dollar today. They will give that rate to you if you are a US citizen.
We don’t know when this is going to go. My Iraqi contact said our time was coming in a matter of days.
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