The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, confirmed on Monday that the adoption of an audit company for foreign remittances is an important step to enhance the stability of the dollar and achieve monetary policy goals.
Saleh explained, in a statement to the official agency, that “the approval of an audit company for external transfers will provide additional guarantees for the integrity of compliance processes and the speed of functionality in market transactions, especially external transfers.”
He added that this will enhance the efficiency of the cash market thanks to the clear information it provides, which contributes to the stability of transactions and raising the level of certainty in the market.
Saleh pointed out that this step will achieve two main objectives of monetary policy: the first, to improve the control of local liquidity and control the growth rates of the money supply; and the second, to stabilize the exchange market by strengthening the role of the official market and the superiority of its positive effects on the parallel market.
He added that the two goals are related to the role of monetary policy in stabilizing prices and containing inflationary expectations, which ensures stable real flows through the stability of the external value of money and this corresponds to the stability of the speed of circulation of money internally and the general demand for money in the national economy.
❇In the days to come, you might see some frenzied posts regarding the RV aka The Camper Event
·For those who do not know, this is regarding foreign currency revaluation, which will take place, globally.
❇I will not take time to explain or describe this in greater detail simply because this is the '11th hour' & those who know, know & those who don't - that's perfectly alright 🙂🙏. At this late hour, it's not necessary that you understand the details since you're not vested or involved🙂🙏
❇Some members here are speculators in this opportunity in effort to bless others in the world thru humanitarian efforts
·That being said, urgent announcements will be made in the days to come that are specific to *these individuals*, particularly
·Please understand that these individuals (likely historical bond holders) will be signing a non disclosure agreement (NDA) and will not be able to discuss any details pertaining to this opportunity / rates / appointment or outcome. 🤐
·I'm letting you all know *now*, so that you will know that we must collectively protect these humanitarians and not say or do anything that will cause them to violate their NDA's. That includes asking questions with earnest expectations of getting them answered.
·Your admins are not the kind of people who would be rude or inattentive & ignore your questions. But respectfully, I must submit to you that many people are counting on the collective humanitarians in this group - and these folks cannot do *anything* to slip up & violate their NDA.
·With that being said, any questions asked (by those who are curious or wondering what's going on, must be ignored) - *and we ask your patience & understanding as to the reason why*. No one is intentionally going to ignore questions; but they must remain quiet on the subject of the Camper Event until their NDA commitment is over.
❇THOSE OF YOU INVOLVED - your Admin team will be watchful and the notifications will be shared here, multiple times, so that no one misses out on HOW to set up your exchange or redemption appointment
❇FOR THOSE OF YOU NOT INVOLVED - when that happens, do not ask "What is this all about?". As it will be too late to grasp the concept this late in the game, anyways. 🙏
·We will recycle this message on repeat to ensure the members have ample opportunities to see this
·We must do this, 1st, to protect the humanitarian members from saying anything to violate their NDAs
·We must do this 2nd to quell any curiosity or probing from members who are not aware or involved & just curious to know more ❇After we observe that members are notified to make their appointments, the admins will be asked to ⚠️delete ANY POSTS made in regards to RV or foreign currency, altogether. ⚠️ ONLY these topics will be prohibited 🚫
·Other conversation regarding NESARA / GESARA will be acceptable
·Please hear my heart - we don't want anyone feeling left out or ignored - so we're letting everyone know up front how things have to be, 1 - to protect the speculators in this group and 2 - to keep this group open and operational after these events occur.
·Please kindly understand that other RV Intel-Specific-Groups are having to go Silent for the duration of the NDA (which *could* be 90 days plus). So, unless we all want *this* group to go MUTE for months, we ALL must collectively understand the WHY'S and ramifications.
·Please kindly understand, that if one generous soul gives details about their appointment or exchange rates (after signing a legally-binding NDA) then their account will be frozen and their $ clawed back and assimilated elsewhere. They may then labor for humanitarian good but they shall no longer have any part in funding it.
·This is the reality and the gravity of responsibility that lies with each humanitarian (here) and each Admin, and myself - to protect the greater good. 🤐💜🤐🙏
Prime Minister Mohammed Shia al-Sudani confirmed on Sunday that his government intends to link Iraq's electricity with Kuwait and the Gulf Interconnection Authority at the end of 2024, and then move to link with Saudi Arabia to diversify energy sources when demand increases during peak times in the country.
Al-Sudani said in a speech during the opening of the Iraqi-Turkish electricity linkage project, "The value and importance of this project is that it had been suspended since 2004, and it had been planned since the nineties of the last century, and today it has been completed in coordination with the Turkish Ministry of Energy."
He added, "The value of this project is that for the first time we have an international connection with neighboring Turkey and then to the European Union, and this is an important and strategic factor for energy at the future level."
Al-Sudani added, "After we were able to connect with the Jordanian side, and today with Turkey, and hopefully at the end of this year with Kuwait and the Gulf Interconnection Authority, then we will head to complete our important project with Saudi Arabia so that Iraq can complete its communication with the regional energy system in a way that allows for diversity and exchange in various conditions of peak electrical loads." LINK
Community Comment: "Does this have a negative, positive or neutral effect on our investment?"
Article: "Mazhar Muhammad Salih: Our cash reserves are the highest and there are no fears of the dollar rising"This is good news.
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Kaperoni
Question: "So the RV tomorrow 3:00? Lol" You need to change your thinking. There is no RV, never will be one. The only way that dinar can go up in value is 'gradually' over time based on the success and growth of Iraq's own economy.
Kaperoni
Article: "Establishment of the Commercial Arbitration Center in Iraq" Article quote: "the importance of commercial communication with various countries around the world and organizing relations in a way that achieves mutual benefit for all parties, especially as Iraq is on the verge of rejoining the World Trade Organization (WTO). He explained
that this project comes as one of the achievements within the file of Iraq's accession to the International Chamber of Commerce (ICC)." WTO requirement. Establishment of the Commercial Arbitration Center in Iraq
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Article quote: "new pipeline project at an amount estimated at approximately 6.5 billion Iraqi dinars ($4.9 billion)" Community Comment "The mathematical 'mistake' basically equals 1.32. This seems very very coincidental to the deletion of the zeros."Referencing the exchange rate in billions rather than trillions is an easy mistake to make. It happens all the time and everyone thinks there's something to it. Wrong.
Question: "What happens now that the auctions are soon to be over?
What does this mean for the Dinar holders out there Kap?" It means monetary policy is changing after 20 years to reflect the economic changes in Iraq. We'll have to wait and see what happens.
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Floating the currency is the best option but only once they have created a diverse economy that is not dependent solely on oil.
...New currencies coming out in Iraq. Not true, the Iraqi dinar is the currency of Iraq. As far as any new smaller denominations, they will be introduced only as needed if and when the value increases and warrants so. There is no significant RV!
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...The dinar to float at well over a dollar. Unlikely, the dinar when it floats will be whatever the current exchange rate is and could rise gradually accordingly.
Community comment: "Today the cbi says there are no new printing of bills"
That is correct. The Central Bank does not randomly print currency unless it's to replace damaged or worn out notes. There is no need for a new currency unless it is warranted. Moving to digital will eventually reduce physical notes.
Question: ----"They have a very largebudget ,without an increase in rate how do they meet the projects that is lined up?"
External expenses are paid in dollars since their primary revenue is dollars. Dinar is used to pay salaries, etc. in country.
CCommunity Comment: "Hopefully in the next 5 yrs we will see an appreciation of the currency price, based on the last year of progress."I agree! Iraq has an excellent opportunity now to diversify their economy and develop the banking system.
Much of the float articles that we have seen have concerns about speculators that is because they are referencing dealers speculating within the country. That will not happen.
All of these changes that they're talking about pertain to monetary policy. They have nothing to do with the exchange rate. Whether or not the exchange rate goes up or not is directly related to the economic success thereafter.
By the end of the year when the Central Bank of Iraq ends the currency auction, only transfers amongst established Iraqi banks and regional or International banks will occur. In other words, the float of the dinar and transfer of funds will be institutional.
What this means for us is the future of the dinar exchange rate is directly tied to the capital flowing through the CBI, economic growth, and success of Iraq. As Iraq prospers, so will the dinar! Though we may not see the dinar exchange rate improve initially. This is a significant change in monetary policy for the Central Bank of Iraq. Some 20 years in the waiting.
The Central Bank of Iraq announced on Sunday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 43 billion Iraqi dinars during the past three months.
A table of the bank, which Shafaq News Agency reviewed, showed that the fines imposed on banks and financial companies during the past three months, starting from last April until the end of last June, amounted to 43 billion, 465 million, 532 thousand, and 931 dinars.
The table showed that “the fines also included 102 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts, and grace periods.”
The table showed that "May witnessed the highest fines on banks and non-financial institutions, as these fines reached 34 billion, 2 million, 141 thousand, and 100 dinars, with 42 administrative penalties, while June witnessed the lowest fines, reaching 2 billion, 829 million, 157 thousand, and 288 dinars, with 30 administrative penalties."
The table did not show the names of the banks that were fined and subjected to administrative penalties.
The Iraqi Stock Exchange Investors Association had criticised the Central Bank of Iraq’s increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks. LINK
