Mazhar Muhammad Saleh: Our Cash Reserves Are The Highest And There Are No Fears Of The Dollar Rising

 Mazhar Muhammad Saleh: Our Cash Reserves Are The Highest And There Are No Fears Of The Dollar Rising

Economical 07/09/2024   Baghdad: Al-Sabah   Yesterday, Monday, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Saleh, commented on the return of the rise in the exchange rates of the US dollar against the Iraqi dinar in local markets.

 Saleh explained,   “The fixed exchange rate system in Iraq is based on international reserves, which are the highest in the history of Iraq and its monetary policy, as the foreign currency covers a percentage of more than 100% of the total currency currently exported.”

He added,  "In view of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in the country does not constitute any relative importance in influencing the stability of the general price level, as

 that general price level has become stable in its components and trends as a result of the influence of the official exchange rate factor."

Currently, the dominant factor in financing foreign (import) trade, amounting to 1,320 dinars per dollar, is a stable trend in the exchange rate and revolves around the stable external value of the dinar,

which is embodied by the state of stability in the relative prices of goods and services to a large extent, as annual inflation in the country does not exceed only 3%. According to Saleh,

based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, whose value as liquid foreign assets exceeds $100 billion, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that is affected by the parallel exchange market in periods.

Short periods due to urgent international or regional political events here and there or in adapting some instructions regulating the monetary market.

 The Sudanese advisor for financial affairs said that after the disappearance of the phenomenon of dollarization in internal transactions, especially in contracts, obligations and payments inside the country since last year and its legal ban, the parallel exchange market has begun to have its general effects today only on a narrow economic scope of prohibited transactions practiced by informal markets. At a rate of 10% of the total supply and demand transactions for the currency.  Saleh stressed that

“the stability of the exchange rate of the dinar to the dollar that the country is witnessing, even in the secondary markets mentioned above, is a real and established stability.

Rather, it is derived from the strength of the influence of the price and quantitative factors of the monetary and financial policies and their integration in imposing overall price stability in the country and containing the inflationary expectations that were caused by the forces of The parallel exchange market during the past years.  The financial advisor concluded his speech by pointing out that

 “the secondary (irregular) market, due to the freedom of external transfer, is under the influence of the official exchange market rate, whose operations are constantly expanding in the interest of dealing with the fixed official exchange rate.”   https://alsabaah.iq/99176-.html    

JUDY NOTES, 9 JULY

 Judy Note: What we think we know as of Tues. 9 July 2024:

There will be an Internet Blackout.

• The White Hat Military is in control of the redemption process, which has released funds across the World for the Global Currency Reset.

• All banks have signed Non Disclosure Agreements.

• The GCR funds come directly from the US Treasury Department of Defense Operations – that go out to Treasury Departments in other countries.

• Japan has revalued their currency.

• Bond Holders have begun to be paid in Brazil.

• Notifications have gone out to Tier 4a, a small group of Tier4b and some Bond Holders.

• Sat. 6 July 2024 Wolverine.  “It has started. It is a process hopefully completed by the 20th. I’m hoping to get the Green Light in a few days.”

• Sat. 6 July 2024 MarkZ: “More and more sources are telling me that serious money movement and us moving towards the banks somewhere around the weekend of Fri. – Mon.  12th-15th. No one knows the exact timing but they are certainly preparing lots of bank contacts for that time period, so I think it may speak well to where we may be on that.”

• Fri. 5 July 2024 Texas Snake: “Well folks it’s not like we haven’t heard this before but, I just got off a call from Hong Kong, London, NYC, Reno, and me. They are indicating that certain bond holder groups are having funds disbursed to paymasters over this weekend and that we as currency holders should remain vigilante for notifications this coming week.  An FYI only as banker has not suggested same.

• Sun. 7 July 2024: NESARA & QFS Plan: The Process of RV Redemption Started, Actual Signature Forms like NDA and Post-Redemption Plan Documents – Trust the Plan! – American Media Group (amg-news.com)

MILITIAMAN: Iraq Dinar-IQD Update-Key Global Factor-PM Al-Sudani-Monetary Reforms-St...

Excessive Issuance Of New Currency: Will It Push The Iraqi Economy Towards The Abyss?

 Excessive Issuance Of New Currency: Will It Push The Iraqi Economy Towards The Abyss?

July 8, 2024 Last updated: July 8, 2024  Hussein Al-Falluji*    In light of the economic challenges facing Iraq, the importance of issuing new currency appears as an important tool of monetary policy that can be used to achieve economic growth and financial stability.

Unfortunately, these funds have been ineffectively directed over the past twenty years towards consumer sectors instead of productivity, in addition to using this tool to fill the budget deficit to cover salaries and the operational budget.

This ill-advised directive, coupled with the dominance of the public sector and neglect of the private sector, led to increased inflation and depletion of the hard currency balance.

 Hence, there is a need to reconsider the use of this important tool and adopt a new strategy that focuses on directing funds towards productive sectors that generate income in hard currencies and supporting the private sector.

 The economic situation in Iraq

 According to available statistics, the volume of cash issued at the end of 2017 amounted to more than 44 trillion Iraqi dinars, while the volume of the monetary mass exceeded 103 trillion Iraqi dinars at the end of 2023.

 All of this money was directed towards the salaries and subsidies sector instead of being directed towards productive sectors.

 If this money had been dealt with wisely and scientifically and pumped into the industrial, agricultural, tourism and mining sectors, the economic situation in Iraq would have been much better than it is now.

Focusing on productive sectors such as tourism, industry, and agriculture can contribute significantly to increasing GDP and improving living standards.

For example, investing in tourism infrastructure development and tourism promotion can attract foreign tourists and increase hard currency revenues.

 Likewise, supporting industry and agriculture to meet the needs of the local market contributes to increasing the gross domestic product and preventing the exit of hard currencies by adopting modern technologies and improving the quality of products, which enhances competitiveness in global markets.

 Reconsidering and scientifically dealing with the new monetary issuance instrument could help in restructuring the national economy effectively and sustainably.

This strategy can contribute to improving the balance of payments by increasing exports and reducing dependence on imports.

 Supporting the agricultural sector to meet the needs of the local market and exporting the surplus using advanced technology and developing storage and transportation facilities can improve the quality of crops and increase the volume of exports.

 In addition, the development of local industries reduces the need to import goods, which preserves hard currency within the country.

 Directing funds towards productive rather than consumer sectors also helps reduce inflation resulting from increased demand without a corresponding increase in production.

 Increasing the flow of hard currencies into the economy enhances the stability of the local currency and reduces exchange rate fluctuations.

 In this way, sustainable economic stability can be achieved that strengthens the national economy and achieves tangible improvements in the standard of living.

 Implementation and monitoring

To ensure the success of this strategy, it is necessary to develop a comprehensive plan and economic feasibility studies to determine priorities and target projects.

 There must be a monitoring and evaluation system to ensure that funds are used effectively and that desired objectives are achieved.

 Cooperation with international financial institutions and strategic partnerships with the private sector can enhance the effectiveness of implementation.

 On this occasion, we demand stopping the issuance of cash for the purposes of filling the deficit in the operating budget, and emphasizing strict commitment to directing any new funds issued towards the productive sectors instead of pumping them into the consumer sectors.

 This wise channeling of funds will contribute to achieving sustainable economic development and improving the economic situation in Iraq.

 *Independent politician    

https://mustaqila.com/الإفراط-في-إصدار-النقد-الجديد-هل-سيدفع/     

LATEST FROM FNU LNU

  Fnu Lnu   

Community Comment:  "Wealthy people invest their initial profits. The first person they hire is a financial advisor.   The second...is a tax professional" 

 This is not what you do with your initial profits. What you do is construct a financial fortress by setting up an ASSET PROTECTION PLAN!  Lawsuits, taxes, and probate, are the wealth killers... Failing to set up an asset protection plan will almost guarantee that you will be sued. There are people who make a living seeking out the wealthy and then suing them.  The first person you seek out is an asset protection professional of which there are few.  

1% of all attorneys hold themselves out as AP specialists. After the RV, they will be booked up solid for months. Your AP specialist will have the proper CPA's to maintenance your wealth protection structure. The average CPA doesn't even know how to file the proper forms for a Charitable Remainder Unitrust report for the IRS. So, hire your AP professional...

stay away from Financial Advisors who push foolishness like Muni Bonds, IRA's, 401K's. Mutual Funds, and other worthless paper-based assets.   Certified investors have access to high-yield investments the common folk do not. Those are your path to multi-generational wealth.

Iraqi Dinar✅Wow Its Massive Iraqi Dinar Again Traded On Forx Market | Ir...

"SECURITY FOR THE MONETARY REFORM" BY FRANK26

 KTFA

 FRANK26: "SECURITY FOR THE MONETARY REFORM".............F26

Central Bank hosts meeting to regulate e-commerce in Iraq

 

July 07, 2024

 

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired the meeting of the Diwani Order Committee (24079) to regulate e-commerce in Iraq with the participation of the concerned authorities.
During the meeting, the draft e-commerce and consumer protection system was discussed through the controls discussed by the attendees, through the registration procedures and obtaining a license to practice this trade.
The committee contributed to defining the service provider and granting him a license through an electronic platform established by the Ministry of Trade. The committee members stressed the need to establish controls for granting a license to those wishing to practice e-commerce in a manner that preserves the rights of all parties.
The attendees agreed to submit the "system paper" to the Council of Ministers for review and approval to proceed with work on it.
 
Central Bank of Iraq
Media Office
July 7, 2024

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https://cbi.iq/news/view/2612

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The Central Bank submits the system paper on e-commerce to the Sudanese

7/7/2024

The Central Bank of Iraq submitted, on Sunday, the "system paper" to the Council of Ministers regarding the regulation of e-commerce in Iraq.

The bank stated in a statement received by Mawazine News Agency, that "the Governor of the Central Bank, Ali Mohsen Al-Alaq, chaired the meeting of the Diwani Order Committee (24079) to regulate e-commerce in Iraq with the participation of the concerned authorities."

During the meeting, the draft e-commerce and consumer protection system was discussed through the controls discussed by the attendees, through the registration procedures and obtaining a license to practice this trade," noting that "the committee contributed to defining the service provider and granting him the license through an electronic platform established by the Ministry of Trade."

The members of the committee stressed "the establishment of controls for granting the license to those wishing to practice e-commerce in a way that preserves the rights of all parties," while the attendees agreed to submit the "system paper" to the Council of Ministers for review and approval to proceed with work on it.

LINK