Central Bank of Iraq: Government banks and some exchange companies continue to sell dollars to travelers through airport counters
🔹The Central Bank confirms that sales of dollars to travelers at airport counters will continue through government banks and some exchange companies
🔹Central Bank: No change to the mechanism for selling dollars to travelers
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TNT reportedly had two confirmed bank storys that people of his went into Wells Fargo in Vegas and we're told there's a $2.98 rate on Iraq Dinar.
They also reported that ZIM was the "sleeper currency" (that it's actually going to be redeemed) but that there was a capital gains document that would have to be signed claiming 20% tax to be collected in 2025.
That was apparently for ZIM.
There are treaties in place for Dinar and I believe Dong.
So for what it's worth, Tony says that the "event" (meaning a rate on bank screens) has already occurred but that authorization hasn't been given to start RV.
I don't know how this Wells Fargo was able to offer anyone anything prior to us all getting word
a. Question from acetone: Historical Precedents: Historically, redenominations typically affect all holders of the currency equally, regardless of their location.
Mnt Goat Answer: For the larger 3 zero notes inside Iraq the citizens will be given a time period to swap them out. There will be ONLY one IQD rate, get it? The first rate is a redenomination rate inside Iraq and it will be a change to the official CBI rate, get it. Any banks outside Iraq will have to follow the same rate. This is why they placed a bookmark or linked rate on FOREX bak to the CBI official rate. Get it. It is already in place.
Inside Iraq this official rate will be greater than the dollar. This is why they are so concerned about the parallel rate vs the CBI official rate. They need to have the official rate over a dollar, not under. This is to suck in all these 3 zero notes. People will need an incentive. Get it? If the IQD is greater than the dollar why would the citizens not swap them out? If they don’t and hold on to them then that is what happens, when it happens. No one has a crystal ball and no one can force them to do anything. But the CBI told us there will be a deadline and inside Iraq for the general population these 3 notes will expire (not null and void, just expired), so there will be a deadline to turn them in. Remember at this point the IQD is NOT yet on FOREX. I have been saying this all along. This is a two-stage process. Did you listen to me? Go read my blog. Here is the link for the process again.
FINANCE MINISTER TO US EMBASSY: IRAQ HAS GREAT ECONOMIC POTENTIAL
Finance Minister Taif Sami received a delegation from the US Embassy today, Sunday, to discuss ways to enhance economic and financial cooperation between the two countries, in addition to discussing a number of issues of common interest.
According to the ministry’s statement, a copy of which was received by {Euphrates News}, Sami stressed: “The Iraqi government’s keenness to strengthen its relations with the United States in various fields, including the economic and financial fields.”
She pointed out that “Iraq has great economic potential, and that the Iraqi government is working to create a favorable investment environment to attract foreign investments.”
For their part, the delegation stressed the “United States’ readiness to support Iraq in its efforts to achieve economic development, expressing their welcome for cooperation with Iraq in various fields, including the financial and business sector.”
The statement said, “The meeting discussed the challenges facing the Iraqi economy, ways to enhance American investment in Iraq, and cooperation in the field of combating money laundering and terrorist financing.”
(Ok, nice to have meetings. Yes meetings, after meetings and yet more meetings, yet nothing really changes to anyone’s great benefit. How many more discussions and meetings? Are you tired of it yet? Hey…Iraq and US stop dragging the tail and bring some real, tangible progress to Iraq. Oh…but would this interfere with your schemes of corruption? Is that why all the delays?)
I wish I had some fantastic news for you today. Iraq just keeps moving along. In the recent past my CBI contact told me they intended to launch a new third strategy for reforming and developing the banking sector for the years 2024-2026.
At that time, it was also told to me that this would be kicked off by the Project to Delete the Zeros in mid-June and so we still wait.
Meanwhile in other conversations since we were told why the Project to Delete the Zeros is stalled. I will not get into details of these reasons again today as I feel we must just buckle down and wait for this Biden administration to end, at least the part that is controlling the US Treasury and pretending to work with Iraq.
Again, I have to ask as to why the reinstatement has not already occurred, if no other rate on FOREX than to reflect the assets of the oil rentier economy already established and ongoing as we know it prior to 1990.
Prior to 1990, the rate of the dinar was hovering around $3.22.
So why are they still artificially suppressing the rate now? Now, it’s 1/6 of a penny?
The war has been over for 21 years, all of Chapter VII sanctions are lifted a year and a half ago, Iraq is producing 1/3 more oil than in 1990, their monetary reserves are the highest in history, up to 150 tons of GOLD and many more other marketable assets are now in motion.
Oh…did I mention the de-dollarization and all the banking and anti-corruption measures already put in place.
I believe it is this “all or nothing” attitude that is holding back Iraq as it needs its currency back online now. This is especially true for attracting foreign investors. It does not take a rocket scientist to see it.
So today let’s just sit and realize reality. Joen Biden may not even be alive as far as we know. He has not been seen in public for close to a week now, which is very unusual for any president, even FDR during WW2. He or someone is pretending to be Joe, is using social media to communicate with the citizens. No this is not some backwards third world country, this is actually happening in the U.S.A. right now!
What is the latest news?
In the recent news there is always one or two articles that stand out that we need to address and talk about. The most important today is titled –“AL-NUSAIRI: IMPLEMENTING BANKING REFORM STRATEGIES IS THE MAIN PILLAR FOR REFORMING THE NATIONAL ECONOMY”. If you can please take some time and go read the article in the Articles Section of today’s Newsletter and then come back and read my discussion on it below.
The news from Iraq this period tells us the advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed on Monday, just yesterday, “that the banking reform and development strategy is the main pillar for reforming the comprehensive national economy.”
But we all already knew this, didn’t we? Iraq has been telling us this for years now and emphasizing it over again and over again and so again in today’s news. Their third strategy of banking reforms is based on the old strategy but just more of it as this new strategy. So why not explore it and get more details on it that we might be able to track some progress and understand more clearly what Iraq is doing.
THE NEW 3RD STRATEGY OF BANKING REFORM AND DEVELOPMENT:
Al-Nusairi said in a special interview with “Al-Eqtisad News” that “the strategy of banking reform and development is the basic pillar for comprehensive and radical reform of the national economy in line with what is stated in Article Twelve, Paragraph (7) of the government program”, which clearly and accurately stated that and I quote – “banking reform, with what it provides of a real and effective basis for the advancement of the Iraqi economy and the activation of investment through the restructuring and mechanization of government banks, reviewing their work, and stimulating and enabling private banks to be able to support investment and development in a real way.” Sounds like they have a solid plan to me. But why can’t they to get out of this stalemate and implement it fully? Is it the US that is holding them back?
I quote again – “Al-Nusairi touched on the “importance of the banking sector, as it occupies a vital position within the financial structure of the economyin mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform.”
He pointed out “the measures currently taken by the Central Bank with the support of the government to launch its new third strategy for reforming and developing the banking sector for the years 2024-2026 according to seven main objectives, 24 sub-objectives and 75 initiatives to implement the objectives focusing on:
achieving monetary and financial stability,
strengthening the banking sector,
enhancing digital transformation,
activating electronic payment,
enhancing financial inclusion,
maintaining a sound financial system,
developing the organizational structure and human resources,
strengthening the internal and external relations of the Central Bank,
the banking sector’s compliance with international standards.”
Al-Nusairi pointed out that “a national strategy for bank lending in Iraq for the years 2024-2029 was launched,
So have we now heard about these objectives before. Are these anything new to us? Of course, not but they must go deeper and this is what they are actually telling us now. Take for instance the digital transformation. What are the actual goals? I believe they need 100% of electronic payrolls for government employees and retirees. This way in order to get paid you will need a bank account, to which still many are reluctant to trust the banks. This will also make it cumbersome to stash and hoard money outside the banking system, as you will have to withdrawal it and it will be tracked.
Then, they need a certain % of the other population to have bank accounts and the use of debit cards. They need the ATMs installed and online, bla, bla, bla. You get the point. There is much more specific criteria only they are not telling us about it yet. Yes, we all know that Iraq has done some major work in all of these areas. But are they where they need to get according to the Barrack Obama 2012-2013 new criteria?
My question is this – Why are they mandating the strict adherence to this criteria? How many articles have we read already when the CBI says let us manage our own economy as we know what we are doing? The tell us the US is only hindering their progress not helping it. This has been their words not mine. My opinion does not matter much unless I can back it up with FACTS and I am trying to do so today.
So, obviously there is no RV yet and not back screen trading or other such nonsense, as many of these idiot intel gurus want you to believe. Again why would any investor pay up to $6 for a dinar when they can easily buy it from the Central Bank of Iraq for just 1/6 of a penny. Folks these lies just don’t make any sense. Think, think, think and use the brain God gave you.
Next, I wanted to cover some thoughts and questions on the minds of my readers. I like to publicly publish my answers on the blog since many more people can benefit from it too. I realize not everyone has been in this investment for as long as I have or many others. We have some newbies in our midst and with that comes newbie concerns.
US-IRAQ JOINT SECURITY DIALOGUE BEGINS IN WASHINGTON
US Ambassador to Baghdad Alina Romanowski announced today, Monday (July 22, 2024), the beginning of discussions between Iraq and America regarding the future of the international coalition mission.
Romanowski wrote in a post on the “X” platform, followed by “Mawazine News”, saying, “Today, the joint security dialogue between the United States and Iraq begins in Washington, DC.”
She added, “Security officials from the United States and Iraq will discuss the future of the international coalition mission and strengthening security cooperation between our two countries.”
The US Ambassador to Baghdad, Alina Romanowski, announced the start of the joint security dialogue between the United States of America and Iraq in Washington, today, Monday.
Romanowski said on her account on the “X” platform, “Security officials from the United States and Iraq will discuss the future of the international coalition mission and strengthening security cooperation between our two countries.”
Negotiations between Baghdad and Washington resumed last February, with the adoption of a deliberate and gradual reduction, leading to the end of the mission of the international coalition forces to combat ISIS, according to official Iraqi statements, to be followed by two other rounds in March and April.
There are about 2,500 American soldiers in Iraq, as part of the international coalition led by Washington since September 2014. The soldiers are distributed across three main sites in Iraq: Ain al-Assad base in Anbar, Harir base in Erbil, and Camp Victoria adjacent to Baghdad International Airport. In addition to the American forces, there are French, Australian, and British forces operating within the coalition forces, and others within NATO in Iraq.
