FIREFLY:My bank friend said he heard in the rumor mill that we should revalue in country just above the dollar then we will see the launch of the deletion of the zeros and in a short time we should see the dinar on Forex.
When it goes to Forex the dinar will float and probably close to a controlled float... This is nothing from the top, it's just the word around our banking friends/ employees. We could be wrong but we feel something close to this will happen.
FRANK: All rumors originate from a source of truth. It's just exaggerated after that but all rumors originate from a source of truth...
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FIREFLY: The television was interviewing Sudani and asked him about the reforms and about the progress of the economy. He says we are stronger than ever and all projects are poised. He says the delete the zeros is still on the table as Iraq moves forward.
FRANK: It's encouraging to see Suandi repeat once again the same words...That means you're about to see it...He says the project is still alive...I'm excited that they talked about a fixed rate rate verses a float...They could float at a fixed rate and cap it very quickly. I've got a feeling that's exactly what they're going to do.
The International Chamber of Commerce (ICC) has expanded its presence in Iraq with the official launch of ICC Iraq at ICC’s Global Headquarters in Paris on Wednesday.
Reflecting ICC’s global reach, the new ICC national committee will promote ICC’s mission in Iraq, boosting the voice of Iraqi business and chambers worldwide.
The addition of ICC Iraq brings the current number of ICC national committees to 92.
An ICC Iraq delegation joined ICC leaders and staff at ICC’s Global Headquarters for an event marking the official launch, which was followed by a celebration at the Iraqi Embassy in Paris.
ICC Secretary General John W.H Denton said:
“The context in which businesses operate today is marked by geo-economic and geo-political tensions giving rise to instability, uncertainty and new challenges in Iraq and beyond. Bringing our mission to Iraq will deliver real value for Iraqi business and the real economies in which they operate.”
ICC Iraq will support ICC’s institutional objectives for business to foster peace, prosperity, and opportunity for all through local commissions on arbitration and ADR, digital economy, intellectual property, and trade and investment.
ICC Iraq’s founding members are Abdulrazaq Al-Zuheere, who serves as ICC Iraq Honorary Chair and President of the Federation of Iraqi Chambers of Commerce (FICC), Mohsin Al Hamed, Chair of ICC Iraq and Al-Asriya Groupand Ahmed Alyasiri, ICC Iraq Secretary General and International Organisation Consultant at FICC.
Through the national committee in their respective country, ICC members help shape ICC policies and alert governments to international business concerns.
The IQD is not officially trading on the Forex right now because it's part of their punishment, but it's listed there because they had a pairing at one time just like the [Venezuela] Bolivar...Once they've been paired before, even though they're in trouble and they might not be officially trading on the Forex, they're still listed as trading 1 to 1.
That doesn't mean that's what's happening, it's like a placeholder. Think of it as a book-marker. They're not officially trading at 1 to 1...A book-marker, that's all it is...When the time comes and they start trading on the Forex again...they're already set up and can start trading right away. That's the same with all currency exchange websites.
The IMF can't force countries to do a specific exchange rate. They can have input. They can talk to a county about their exchange rate but each country is sovereign. They're independent. No organization, whether it's IMF, World Bank, WTO, can force a country to use a certain exchange rate...
The Director General of the General Authority of Customs, Hassan Al-Okaili, counted today, Thursday, the value of customs financial revenues during the first half of this year, and while it was expected to reach 2 trillion dinars at the end of 2024, he touched on the ports of the Kurdistan region.
Al-Okaili said in a televised interview followed by “Economy News” that “the volume of revenues of the Al-Kimark Authority during the first half of this year reached 948.5 billion dinars.”
He added, “Last year, Al Kmark recorded revenues of 1.33 trillion dinars,” pointing out that “it is possible that the volume of revenues will reach 2 trillion dinars at the end of this year.”
Regarding the ports of the Kurdistan region, the Director General of the Customs Authority explained that “some goods enter through the ports of the Kurdistan region, whose revenues go to the regional government by a large percentage, and may exceed even the goods that enter through the federal ports.”
What's going on in Iraq is really really good. Last month you see me talking about this month, about July. I said from now to July 8th you'll get some good news and that's exactly what happened. You see every proof of possibility to revalue or reinstate. I think it's reinstatement more than revaluation.
Lots of things happening...I see good news coming up this week so stay tuned...What's happening now it's good. I can say we are very close.
Nader From The Mid East
Things have been moving a little bit from here to the 8th of July. I hope we have an answer cuz that's what they shooting for. I don't know if it's going to be good or bad...It's more good than bad but I don't want to say anything about that cuz if anything happen you're going to say, 'Hey, but you said this. You said that.'
SUMMARY OF RV UPDATES OF NADER FROM MID EAST, 21 JUNE
I know they working on the exchange rate from here to the 8th of July. We will have some good news I hope.
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Article: "Iraq Bulks Up Gold Reserves, Inch Up World Rankings" Quote: "Their holdings have grown to 145.7 tons, a bump of over 3 tons compared to 142.6 tons the previous month. This increase...is enough to nudge Iraq one spot higher in the WGC's global ranking, landing them 31st place out of 100 countries."
Last week...I said Iraq government start a new white paper, it's all about the currency. From here to the 8th of July we should have an answer. What they going to do - Are they going to change the exchange rate or not? That's what I said exactly. They're working on it. I know they created a white paper on that. The CBI... government of Iraq, the reserve and the IMF are all working on the same page on those white papers. I don't know if it's going to change or not...
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The UN agreement, 2003 when they invaded the country, now they said the last day is next year 2025. They been talking about the end of the war and this is one of them. That is very good news.
We talk about sovereignty, that's one of them. It's good for Iraq. It's going to make Iraq stronger and happier...Sudani what he's talking about the coalition gonna leave in 2025...it's official.
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'Nader you said it was going to happen in June.' No I didn't say in June happen.
I said June they're a possibility for them to work on the dinar because each time they worked on him it's between June and August...They created a new white paper. They're going to start working on the exchange rate and I think from here to the 8th of July. We'll see what's going to happen.
Iraq wanted to de-dollarize. They start de-dollarizing in January but it didn't work for them too much.
The government didn't expect that to happen even by telling them that the dinar are stronger...use the dinar instead of the dollar for the benefits of the country. They tried everything. Now, they said that plan didn't work so they come out to the new white paper...They realized they cannot do nothing without changing the exchange rate.
They're going to have to go down in the exchange rate for the de-dollarization...They're going to have to change their exchange rate...Between now and 8th of July we should have an answer...
what they going to do? Are they going to change the exchange rate...keep it the same...go up...go down?
I think they're going to have to go down on the exchange rate a lot for them to take off the dollar from the street.