"THE GOI TALKS TO PARLIAMENT ABOUT THE MONETARY REFORM" BY FRANK26, 30 JULY

 KTFA

FRANK26:"THE GOI TALKS TO PARLIAMENT ABOUT THE MONETARY REFORM".......F26

Parliamentary Committee to Nina: These are our observations on the Central Bank’s measures to confront the rise in the dollar exchange rate

7/29/2024

The Parliamentary Committee on Economy, Industry and Trade disclosed a number of observations related to the Central Bank's measures to confront the rise in the dollar exchange rate against the dinar.

Member of the committee, MP Osama Al-Badri, stated that "there are different observations and points of view regarding the current measures of the Central Bank of Iraq in light of the lack of control over the rise in the exchange rate of the currency."

He explained that "the instability of the exchange rate has caused the emergence of the parallel market and increased the economic burden on citizens in light of the rise in prices due to the fluctuation of the exchange rate, and this requires the Central Bank's management to take effective measures to limit the impact of the parallel market."

He added that "the Central Bank needs to adopt more decisive policies and coordinate with government agencies to achieve tangible economic stability," calling on the Central Bank to take serious steps to reduce the gap between the official exchange rate of 1320 dinars per dollar, and the parallel market and ensure price stability. 

LINK

 

"QUICK UPDATE" BY ARIEL, 30 JULY

 Ariel - Pray it’s so 🙏

Quick Update 🇮🇶

This turn about came out of nowhere that no one was expecting that held up the reinstatement of the Iraqi Dinar that was just settled. You cam not tell me this process isn't wrapping up. Al-Nusairi stated that this negotiation process will not take long. Now you have the Kurdistan region satisfied with the budget. 

"Babaki said in an interview with “Baghdad Today” that “the wise policy of the current regional government enabled it to resolve the complex disputes with Baghdad, especially in the field of salaries and budget.” End quote.

Iraqi Dinar Revaluation us Treasury Shoinly Announced IQD RV

Stock Exchange Achieves Positive Results For The Second Day In A Row

 Market  Economy News – Baghdad  The stock market index rose by 0.18% on Monday, for the second day in a row.  During today's session, 4.2 billion shares were traded, worth 1.7 billion dinars.

It also witnessed the execution of 526 transactions on the shares of 30 traded companies.

The shares of 7 companies rose, while the shares of 11 other companies fell.

97 views  07/29/2024 - https://economy-news.net/content.php?id=45719

RV UPDATE BY MNT GOAT, 30 JULY

 Mnt Goat 

...the CBI very distinctly told us this procedure of the Project to Delete the Zero is NOT a lop...they described what a lop is and how it is used in times to relieve the stress on a currency due to hyperinflation...They are averaging now about a 3-4% inflation rate with the highest of 9% when they did the de-dollarization in 2023. So, the tool of the “lop” does not apply.

Mnt Goat 

  ...the Project to Delete the Zeros and the Dr Shabibi plan... was developed by the CBI and the IMF...It is a sound plan and they told they will execute it “when the conditions are right”...

the three zero notes are not being obsoleted after the deadline in Iraq is over to turn them in...These notes will be used for “interbanking of international transactions” ...where large sums of cash must be transferred...The CBI told us this many times in articles...the CBI did tell us there will “probably” be at least a 10 year use of these notes by the banks for this purpose. Yes, eventually these notes will become obsoleted but we will be way out of this and exchanged by then.

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"Q & A" WITH MNT GOAT

Q & A

Question from clayrich6a2b498e66:

Hi MG, I read your example of the project to delete the zeros is supposedly to work, if I am reading what you describe correctly they will replace the 25K notes with 25 notes of equal value, essentially a LOP, and also from the exchange rate, but that does not solve the problem of current prices of goods, for example a loaf of bread let’s say is priced in the market for 25k for the sake of argument, if they make the 25k note equal to a 25 note, the price of the bread is still 25k, how do they plan to overcome this new difference?

Answer Mnt Goat:

Guten Tag clayrich. Hope you are fine today. I read you question and I have to say I am glad you asked it because you are a bit confused.

First of all, the IMF is not going “lop” the Iraqi dinar. A “lop” is a tool the IMF uses to restart a currency from massive inflation. A good example is the Zimbabwe dollar when in 2016 they gave the citizens weeks to turn in the 100 trillion notes for $25 US dollars each. After the deadline they were worthless. We also have articles for Iraq telling us they WILL NOT lop the....FOR READ MORE: https://dinarevaluation.blogspot.com/2024/06/q-with-mnt-goat-10-june.html

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"Q & A" BY MNT GOAT

Q & A

Question from carolyncoffen:

Good morning, Mtn Goat,
I read an article earlier coming out of Iraq, stating the best way to protect your future wealth after the RV was to purchase ‘Government Bonds.’ Are we able to purchase those bonds? Thank you for your time and consideration. Have an awesome weekend.

Answer Mnt Goat:

Guten Tag Carolyn again. Seems you are victim of rumors off the internet. Don’t believe everything you hear. They are using all kinds of propaganda to push consumers in different directions, the direction they want. I am not sure what you mean by asking will you be able to purchase the government bonds. Do you mean from the bank when you exchange or meet with a wealth manager? A..FOR READ MORE: https://dinarevaluation.blogspot.com/2024/02/q-by-mnt-goat-7-feb.html

MILITIAMAN: IQD Update - Iraq Dinar News - World Bank - Central Bank under fire? - A...

Iraq's Oil Reserves Are In Excess Of The Classification

 Time: 2024/07/29 Read: 2,275 times   {Economic: Al Furat News} Oil expert Hamza Al Jawahiri revealed, today, Monday, the quantities of unclassified oil reserves in Iraq.

Al-Jawahiri told {Euphrates News} that: "The oil companies operating in Iraq are developing the fields primarily and there are always increases in production from the fields that are being developed," noting that "Iraq is committed to its share within OPEC countries and cannot export quantities larger than those allocated."

He added, "Iraq now has more than one million barrels of oil in excess of the classification and it is kept in the wells and cannot be produced because the quantity of production and manufacturing is limited."

Al-Jawahiri explained that "the companies produce the oil and deliver it to Iraq and they are the ones who dispose of the quantities they sell."

Iraq aims to increase its oil reserves to 160 billion barrels, which coincides with its efforts to raise crude production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in gas, according to data obtained by the Energy Research Unit (based in Washington).

Iraq's oil reserves are the fifth largest in the world, accounting for 8% of the total global crude reserves, and represent approximately 12% of OPEC reserves, and 17% of proven reserves in the Middle East.

According to the latest estimates issued by Oil & Gas Journal, Iraq's proven oil reserves amounted to about 145.019 billion barrels by the end of 2023.

Oil Minister Hayan Abdul Ghani expressed his hope that the country's oil reserves would exceed 160 billion barrels, during the launch of two new licensing rounds to invest in 29 fields, in addition to exploration blocks for oil and gas.

Abdul Ghani confirmed that the government will support the winning companies and provide them with the necessary facilities.

Iraq, a founding member of OPEC, announced its commitment, like other countries, to reduce voluntary production to support prices affected by economic uncertainty.  LINK