Saleh: The Central Bank's Dollar Reserves Are Solid And The GDP Rate Is Very Optimistic, 26 JULY

 Time: 2024/07/25 09:45:53 Read: 1,898 times  {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed the cohesion of foreign reserves, especially the dollar, at the Central Bank of Iraq.

Saleh told Al Furat News Agency, "Covering urgent expenses in dollars, as they represent the desired demand for foreign currency, in addition to the level of sufficiency of incoming foreign currency flows and the level of maintaining the country's reserves of the total foreign currency held by the Central Bank, is subject to two main factors."

He explained that the first factor is "the nature of the oil asset cycle, which is still at its highest levels of global price increases due to the strength of global demand for energy, and that economic expectations indicate that potential price fluctuations towards a decline are still out of reach and are largely linked to the end of military operations in Ukraine, and the return of the flow of Russian gas and oil, especially to European markets, as the Russian Federation is the second largest oil-producing country in the world and leads the production and export of gas to major consumer markets in the European continent directly."

The other factor, according to Saleh, “is related to the surplus in the current account of the Iraqi balance of payments, as estimates issued by international financial institutions indicate that this percentage of the surplus in the current account of the Iraqi balance of payments to the country’s gross domestic product is no less than {positive 6%}, which is a very optimistic positive percentage.”

He explained that "both factors indicate the cohesion of the country's foreign reserves, which are generated by high oil export revenues to date, versus control over outward cash flows of foreign currency to meet local demand for imported goods, services and foreign benefits, as the current account of the balance of payments indicates that it is in a positive and stable position and is consistent with the general budget's spending tendencies during the current fiscal year 2024."  LINK

"TV saying CBI banks are offering a 10% gain on any investment opportunities" by FIREFLY, 26 JULY

[Iraq boots-on-the-ground report]  

 FIREFLY: August is looking good...a lot is coming to a point in August.  Iraq is opening up 4 military manufacturing plants...to produce military equipment and weapons.   Isn't that saying the sanctions will be off?  

FRANK:  Your country has no sanctions.... whatsoever of any kind. 

 FIREFLY:TV saying CBI banks are offering a 10% gain on any investment opportunities. 

 FRANK:  Shoot, I might even come there!  They're going to give you 10% on your money if you open the bank account?  ...Are you kidding me?  You talk about incentives...

--

FIREFLY: My bank guy did say dropping the zeros does not change the value.

  FRANK:  He's right.  Because it's going to be 1 to 1 with the American dollar.  It doesn't affect it inside.  It will effect it outside.  No it will not change it.  When it floats it will change it. 

 FIREFLY: Poor countries with terrible inflation, they drop [zeros] in order to lop.  We are not like that.  We drop to add value.  It's all inflation based.

    FRANK: Yes, you drop to add value inside of your country...They wanted to be at least 1 to 1 with the American dollar in order to add this value to your currency.  That's why he means that dropping the zeros won't add value to your currency...Then your currency will float on the International market and the value of your currency goes up outside your country as well.  Inside, it will go from 1320 to at least 1 American dollar in order to add value which is purchasing power...If it was a lop they would be adding zeros. 

https://dinarevaluation.blogspot.com/2024/07/iraq-boots-on-ground-report-by-firefly_0236214999.html

Iraqi Dinar🎉 Iraq Monetary Reform Major Announcement Today 2024🔥iraqi di...

Parliamentary Finance: The Central Bank Of Iraq’s Measures To Change The Exchange Rate Did Not Achieve Results, 27 July

 Economy | 12:32 - 07/25/2024  Mawazine News – Baghdad  The Parliamentary Finance Committee confirmed, on Thursday, that the procedures of the Central Bank of Iraq to change the exchange rate of the dollar in the local Iraqi markets did not have any effect and did not achieve any real actual result, revealing a legal violation related to the Governor of the Central Bank of Iraq, Ali Al-Alaq.

Member of the Finance Committee, Mohammed Nouri, said in an interview followed by / Mawazine News /, that "the Central Bank of Iraq is still continuing its wrong procedures that did not have any effect and did not achieve any real actual result in changing the exchange rate of the dollar in the local Iraqi markets, which was negatively reflected on the Iraqi reality and inflation rates rose significantly in the past days."

He added, "There is work on this issue by the Parliamentary Finance Committee, whether it was interrogations or changing the Governor of the Central Bank due to the legal age, as he exceeded the legal age, and this is a violation of the Civil Service Law,"

noting that "many topics will be addressed by the Council in the coming days, especially the dollar file due to the major delays, in addition to the control of foreign banks owned by owners of foreign capital, which causes a disruption to national security and Iraqi economic security."

For some time now, the dollar price has been declining in the parallel market, where it has stabilized at 145,000 dinars per 100 dollars throughout the past period, but it has risen again to exceed 150,000 dinars a few days ago.

Since the beginning of last year, Washington has intervened to limit the smuggling of dollars from Iraq, which has led to the dollar price rising in the local market to a record level of 170,000 dinars per 100 dollars, due to the decline in the Central Bank's dollar sales, given that it is subject to the international "SWIFT" financial system.

It is noteworthy that the Central Bank has decided to finance trade in euros, Chinese yuan, Emirati dirhams and Indian rupees, in steps to reduce demand for the dollar. https://www.mawazin.net/Details.aspx?jimare=251934

"He said everyone gets paid at the same time" BY MARKZ FROM REDENCION 2020 ( ENGLISH & SPANISH), 26 JULY

REDEMPTION2020

 MARKZ and company - Podcast from last night 24-7-24. The most outstanding

But let's leave all this aside. Any good news from your bonus guy? ...because the news for me between the NDAs, the craziness, the ups and downs, I choose not to share too much because it's crazy.

*Well, their news was that they reached an agreement. Everything was settled yesterday and today is the deadline to pay and he hopes to be paid on Friday. 

He said everyone gets paid at the same time. Now, remember, he is a broker, that means he gets paid a commission for the business he brought in.  

That would imply that the bonds they have brought have been put in Ledger and, in other words, the guy who receives the commission for the bonds he brings is the last guy to get paid, therefore, that implies that his bondholders they got paid If he comes back tomorrow, then we will be next. 

We have to be next and that's the rumor going around around that. I simply refused to share. But now that someone has published it, I want to say that the room here belongs to the German Bonds people. 

I think the 24 Bonds, all of this has been agreed upon and tomorrow (today) should be when they let it explode. And then give us announcements on the monetary side within 48 hours. So I mean, yeah. 

But let's wait and see, I'm not going to drive myself through hoops and say that's it, I can retire now. I sell everything, I quit my job. Tell the boss I gave him my notice... so he can bite me in the ass again. I won't do that again.

Wait until you have spending capacity, withdraw money into that account, and make sure you know what the tax rate/tax is, if applicable. (If there were to be...)

TRANSLATION IN SPANISH: 

REDENCION2020

 MARKZ y compañía - Podcast de anoche 24-7-24. Lo más destacado

Pero dejemos todo esto de lado. Cualquier buena noticia de tu chico de bonos? ... porque las noticias para mí entre las NDAs, la locura, los altibajos, elijo no compartir mucho porque es una locura.

*Bueno, su noticia fue que llegaron a un acuerdo. Todo quedó arreglado desde ayer y hoy es el plazo para pagar y espera que le paguen el Viernes. 

Dijo que a todos se les paga a la vez. Ahora, recuerde, él es un corredor, eso significa que se le pagan una comisión por el negocio que él trajo.  

Eso implicaría que los bonos que han traído los han puesto en Ledger y, en otras palabras, el tipo que recibe la comisión por los bonos que trae es el último chico para que le paguen, por lo tanto, eso implica que sus tenedores de bonos cobraron. Si él regresa mañana, entonces seremos los siguientes. 

Tenemos que ser los siguientes y ese es el rumor dando vueltas alrededor de eso. Simplemente me negué a compartir. Pero ahora que alguien lo ha publicado, quiero decir que la habitación aquí es de la gente de Bonos alemanes. 

Creo que los 24 Bonos, todo esto se ha acordado y mañana (hoy) debería ser cuando lo dejen estallar. Y luego darnos anuncios sobre el lado monetario dentro de las 48 horas siguientes. Entonces quiero decir, sí. 

Pero vamos a esperar y ver, no me voy a conducir yo mismo entre los aros y decir eso es todo, ya puedo jubilarme. Vendo todo, renuncio al trabajo. Dile al jefe que le entrego mi aviso ... para que me muerda el trasero otra vez. No haré eso otra vez.

Espere hasta que tenga capacidad para gastar, retire dinero en esa cuenta y asegúrese de saber cuál es la tasa impositiva/impuesto, si corresponde. (Si llegara a haber...)

Breaking News: Key Washington Meetings Signal Major Changes for Iraq"

Al-Nusairi identifies treatments for the fluctuations in the dinar exchange rate and expectations of its return to the equilibrium price in the parallel market, 27 JULY

 The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, explained today, Thursday, that the stability of the exchange rate in the parallel market will remain in a state of fluctuation until the completion of the stages of financial and banking reform.

Al-Nusairi said, in an interview with "Al-Eqtisad News", that "the stability of the exchange rate in the parallel market will remain in a state of fluctuation until the completion of the measures currently taken to implement the stages of financial and banking reform specified in Axis Twelve and Articles 1 to 7 and the daily efforts made by the Monetary Authority to complete the regulation of foreign trade financing and strengthen and reform the public and private banking sector

Which focus on compliance with international standards and agreements and ongoing negotiations with the US Treasury and global banks and the completion of the selection of the international auditing company to audit foreign transfers for banks to enhance their balances in foreign currencies that deal in currencies other than the US dollar and the completion of the final agreements with Chinese correspondent banks to start dealing in the Chinese yuan after the temporary suspension of foreign transfers with China, as well as helping private banks find correspondent banks to deal with them after the Central Bank's decision to cancel the electronic platform inevitably during this year."

 He added, "The information confirms that there will be a breakthrough very soon by completing the above procedures and finding other correspondent banks to deal in Chinese Yuan, UAE Dirham and Euro. Efforts are also continuing with the US Treasury and the company tasked with auditing foreign transfers of the sanctioned banks in order to lift the restrictions on them by using the US dollar."

 Al-Nusairi explained: “What also needs to be completed to reform the private banking sector is taking the decision to merge the willing banks as well as the weak and troubled banks in order to reach the real size of banking activity that covers the actual need for economic requirements, and the urgent need to restore work when the electronic platform is cancelled,” stressing that “the important measure that the government is responsible for is to stop illegal imports and cancel unofficial border crossings.”

 He continued: “We must not forget, clearly and precisely, that there is an organized lobby working against achieving monetary stability, led and implemented by multiple parties linked to speculators and corrupt people who have an agenda to weaken the national economy and harm it by fabricating news, statements and short-sighted economic analyses and transforming them from reassuring news for the market and citizens into news that confuses the market and creates panic among citizens, and this is what is actually happening now.”

 Al-Nusairi explained that "the return of stability in the exchange rate to its targeted and balanced rates in the parallel trading market is achieved with the support of the relevant authorities in the government by activating other productive sectors and supporting the procedures of the Central Bank in implementing its plans to reform the financial and banking sector

And draw up clear financial policies in coordination with the monetary authority and its currently approved applications and tools and overcoming the challenges of achieving economic stability, which means achieving stability in the financial and monetary system.

This is not only the duty of the Central Bank alone, but rather it is a basic duty of financial policy and the government's methodology in managing the economy and activating sources of national income other than oil and supporting, protecting and encouraging local production and generalizing the activation of dealing in the Iraqi dinar in all internal monetary trading activities and expanding the use of electronic payment methods whenever possible."

He concluded his speech by saying: "My expectations are that the exchange rate will return to stability after completing the reform, regulatory and negotiation procedures, and this does not take a long time."  link