Iraqi Dinar🎉 Even Bigger Announcement Tonight 2024🔥iraqi dinar news toda...

Iraqi Lawmaker criticizes Central Bank, Government over currency crisis

 Shafaq News/ Raed al-Maliki, a member of Iraq's Legal Committee, announced on Tuesday efforts to hold the Central Bank of Iraq (CBI) and the government accountable for their "failure" to address the crisis of the depreciating Iraqi currency and the significant gap between the official exchange rate and the parallel market rate.

In a statement, al-Maliki highlighted the "continued inability of the Central Bank and the government to stabilize the dinar and reduce the disparity between the exchange rates, leading to substantial financial losses and exacerbating the suffering of citizens."

"The CBI's ongoing failure and the government has resulted in the squandering of trillions of dinars and the enrichment of corrupt individuals at the expense of the people," al-Maliki said. "Most goods are now priced based on the much higher parallel market rate rather than the official rate."

Al-Maliki outlined several key aspects of the failures of the government and the Central Bank. Firstly, he noted the government's "inability" to define Iraq's stance towards countries prohibited from using US dollars, such as Iran and Syria, and its "failure" to reach an agreement with the United States on this matter, unlike other nations that have managed to find solutions.

Secondly, al-Maliki pointed out the government's failure to control border crossings and informal trade. He emphasized the "lack of a unified customs policy and the existence of over 32 unofficial border crossings in the Kurdistan Region."

The third failure, according to al-Maliki, is the government's neglect of small traders. "With more than 400,000 small traders in Iraq relying on the parallel dollar market to avoid official procedures and taxes, their needs remain unaddressed."

Al-Maliki also criticized the Central Bank and the government for their inability to curb speculation and commissions within banks. "Banks are buying dollars at the official rate and selling them at higher prices without facing any legal consequences."

Finally, al-Maliki highlighted the issue of corruption related to providing dollars for travelers, stating that the "scheme has cost 600 billion dinars (about $458 million), with dollars being allocated for fictitious travel purposes without proper verification.

"These points represent the main reasons behind the ongoing currency crisis and the waste of resources," al-Maliki said, noting the involvement of Arab and foreign banks in the currency auction, which has increased their profits at Iraq's expense.

Al-Maliki vowed to use all constitutional, legal, and public means to confront this mismanagement and called on lawmakers from other blocs to support these efforts to protect the interests of the Iraqi people.

" Zimbabwe wants to go international with their currency" BY ARIEL, 11 JULY

 ARIEL

Breaking News Zimbabwe wants to go international with their currency. Which is now endorsed by the Monetary Fund. Do you all have your Zim-Notes? Because this country is ready to start trading in the international markets again. The 1st known bond in history dates from circa 2400BC in Nippur, Mesopotamia (ironically modern-day Iraq). 

It guaranteed the payment of grain by the principal. The surety bond guaranteed reimbursement if the principal failed to make payment. Corn was the currency of that time period. Zim-Notes are considered bonds. 

Do you understand why Zimbabwe is going Gold-back with their currency? 

Do you understand that it was impossible to pay the Zim Bonds out before now?  

That the country had to go back to precious metals? In May 2023 Zimbabwe released a gold-backed digital currency for peer-to-peer and peer-to-business transactions as well as to act as a store of value as the country’s currency continues to lose ground against major currencies. Holders of physical gold coins, "at their discretion", will be able to exchange or convert, through the banking system… into gold-backed digital tokens,” the Reserve Bank of Zimbabwe said in a statement inviting individual and corporate entities to use the digital currency that can be bought either in Zimbabwean dollars or foreign currency. This proves to you all what I have been yelling from the mountain tip. We are moving into a system where all currency will be accepted. Metals Electronic Paper Digital Period. We are not moving into the model where oligarchs like Kraus Schawb wanted to remove those options and only allow CBDC for all users whether we wanted it or not. Which of why at one point he was urging western nations to abandon the dollar or paper currency outright.

Quote

Gold Telegraph 

@GoldTelegraph_

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1h

Zimbabwe wants to join BRICS. Now, they have a gold-backed currency, which the International Monetary Fund has endorsed.

NADER FROM MID EAST: Iraq's Banking Overhaul: Restructuring & Mergers Explained

Turkish Defense Minister vows security corridor; Iraq condemns incursion

 Shafaq News/ On Wednesday, Turkish Defense Minister Yasar Guler confirmed that his country is determined to establish a security corridor 30-40 kilometers deep along the borders with Iraq and Syria and cleanse the region of what he described as “terrorists.”

In a statement from the Turkish Ministry of Defense, Guler emphasized Turkiye's goal to “establish a fully independent defense industry through local and national production, enhancing the economy and contributing to Turkiye's independence.”

"The mentioned (war) technologies are different, starting with land, sea and air vehicles, drones, helicopters, weapons, smart munitions, missiles, air defense systems and electronic warfare," he added. 

As for Iraq, the Iraqi National Security Ministerial Council condemned on Wednesday the Turkish army’s incursion into the Duhok Governorate, and sent a high-level delegation to the Kurdistan Region to formulate a unified position on Iraqi sovereignty.

The spokesperson for the Commander-in-Chief of the Armed Forces, Brigadier General Yahya Rasool said in a statement, “Prime Minister Mohammed Shia Al-Sudani, the Commander-in-Chief of the Armed Forces chaired a Ministerial Council for National Security meeting, where the issue of interventions and violations by Turkish forces in the border areas was discussed,” noting that "the Turkish military incursion and the violation of Iraqi lands were rejected”. 

Moreover, the meeting emphasized “Turkiye's need to observe good neighborly principles, deal diplomatically with the Iraqi government, and coordinate on security issues,” calling on “all parties and national forces to support the government’s position,” reiterating “Iraq's constitutional and legal stance against attacks on its territory or the use of Iraqi soil as a base for attacks on neighboring countries.”

Earlier today, residents of the village of Koherzi closed the main road between Al-Amadiya district and the Deraluk sub-district in Duhok governorate, protesting against the Turkish artillery shelling that hit their village.

This escalation is linked to the Turkish military's expansion of its operations in the area over the past two weeks, citing the objective of combating PKK elements that have been active in the region for decades.

Areas in Al-Amadiyah and some areas of the Kurdistan Region are subjected to almost daily airstrikes, targeting PKK elements and leaders present there.

The Turkish Armed Forces have been conducting cross-border military operations against the PKK in Northern Iraq since the 1980s.

In July 2015, a two-and-a-half year-long ceasefire broke down, and the conflict between Ankara and militants of the PKK – recognized as a terrorist organization by Turkiye, the US, Russia, and the European Union – entered one of its deadliest chapters in nearly four decades.

Since that date, the conflict has progressed through several phases. Between roughly 2015 and 2017, the violence devastated communities in some urban centers of Turkiye's majority Kurdish southeast and – at times – struck into the heart of the country's largest metropolitan centers. From 2017 onward, the fighting moved into rural areas of Turkiye's southeast.

As the Turkish military pushed more militants out of Turkiye, by 2019, the conflict's concentration shifted to northern Iraq and northern Syria, where the Turkish army has established several military bases at strategic points in the Matin mountain range, citing the expulsion of Kurdistan Workers' Party militants as justification.

In a TV interview last February, the President of the Kurdistan Region, Nechirvan Barzani, was asked if Turkiye coordinates with Erbil when launching strikes against PKK in the region; Barzani explained, "The PKK is a severe headache for the Kurdistan Region and Iraq as well. They do not value the legitimacy of the Kurdistan Region's institutions and threaten Turkiye from our territories. While we completely reject the principle of turning the lands of the Kurdistan Region into a source of threat to our neighbors, whether this neighbor is Turkiye or Iran."

He rejected that PKK, as opponents of Tehran and Ankara, "make the Kurdistan Region a safe area to create problems for these countries. It is very unfortunate that the PKK plays a very negative role in this context and uses the mountainous areas of the Kurdistan Region and tries to create problems for Turkiye. This is absolutely unacceptable from our side."

On many occasions, Ankara urged the Iraqi government to label the PKK a "terrorist" organization. On the other hand, Baghdad frequently called for an end to the presence of Turkish military forces on its land, demanding that Turkiye stop its attacks and respect Iraq's sovereignty.

LATEST FROM PIMPY, 11 JULY

 Pimpy 

 Be careful of the hopium.  I said this and I'll say it again, the value of the Iraqi dinar will increase but there's a possibility it might not happen the way you're being told...

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Pimpy 

 Community Comment:  "The CBI is going to wait until they're forced to increase their purchasing power." 

 No.  The CBI is going to wait until it's necessary to increase the exchange rate.  Just because everybody out here that owns Iraqi dinar feels like it should be done and they want it done today doesn't mean it's going to happen.  They have to do what's right for the Iraqi people.

 Question:  "Can someone please explain why Pimpy is in this? 

 Does he or does he not believe in the RV? 

 I'm Pimpy and I can answer that question.  Do I believe the Iraqi dinar can revalue?  Yes.  I'm in this because I think the Iraqi dinar will revalue.  As a matter of fact it's revealed a few times...

July 18th is going to be good.  They get to go there, meet with the World Trade Organization.  

There's going to be information and reforms and requests made by the WTO that they are going to hand off to Iraq.  Iraq is going to go over there and drop off additional materials that was requested from the last meeting and ask questions to make sure their accession into the World Trade Organization continues to go as smoothly as possible.  As far as the exchange rate is concerned, no it's not going to be brought up there because that's not the job of the WTO.

https://dinarevaluation.blogspot.com/2024/07/latest-from-pimpy_0721358472.html

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