DINAR REVALUATION

Monday, August 5, 2024

MILITIAMAN: Iraq Dinar - Iraq News - Iraq Central Bank - UST / US Federal Reserve - ...

Central Bank Governor Explains USD Price Fluctuation: 85% of Remittances Do Not Pass US Federal, 5 august

Mawazine News – Baghdad

Central Bank Governor Ali Mohsen Al-Alaq revealed on Sunday the reasons for the fluctuation of dollar prices, noting that 85% of remittances do not pass through the US federal.

A statement by the Media Department of Parliament received by (Mawazine News) said that “the Governor of the Central Bank provided a full briefing on the reasons for the exchange rate fluctuation, the mechanism of the electronic platform and its role in controlling internal and external trade, as well as the file of the housing initiative, the US sanctions on Iraqi banks, and the status of cash reserves of hard currencies with the Central Bank.” Al-Alaq explained, according to the statement, that “Iraq’s hard currency reserve is enough to create balance in the market,” noting that “the Central Bank sells more than 250 million dollars a day to meet the requirements of foreign trade.”

https://www.mawazin.net/Details.aspx?jimare=252729

"What has happened in Iraq is a mess and can be fixed sooner than we think" by MNT GOAT, 4 AUGUST

ALIA NASSIF: THE CENTRAL BANK “EXECUTED” IRAQI BANKS WITH NEW PROCEDURES

Member of Parliament Alia Nassif commented today, Tuesday, after granting a license to the Arab Jordanian Bank and the Emirates Federation to work in Iraq, stressing that this method is killing Iraqi banks.

Nassif said in a tweet on the (x) platform, which was followed by / Today’s News /, “In this way, Iraqi banks are being executed. A license has been granted to the Arab Jordanian Bank and the Emirates Federation to work in Iraq, and they will start their work at the beginning of next September, alongside the National Bank. The license will also be granted to two banks (Kuwaiti and Qatari), while many Iraqi banks continue to stop and more of them will be stopped due to the management of the Central Bank of Iraq, which did not address the problem during the past period, but rather worked to enter them into contracts with the K2.”

She added: “Paying them money without results. The banking sector is being punished for mistakes for previous years in which it was under the supervision of the same current management of the Central Bank, so why was this management not punished for failing to fulfill its duty to supervise the work of those banks?!

(You can’t escape reality by pointing the finger to someone else. What has happened in Iraq is a mess and can be fixed sooner than we think. Both the CBI, the Judicial system and the banks are at fault. The laws are already in place only no one is challenging the corruption or punishing those who break the law. Not to say there has not been some, but most have not been challenged even. Now once the Feds stepped in and threatened to stop the dollar flow, we can see some reaction to this.)

Iraqi Dinar News Today Surprising Developments in Iraq

An Economist Calls For Consideration Of The Work Of Jordanian Banks In Iraq , 5 AUGUST

Information/private.. economic affairs expert Ahmed Abd Rabbo called on the Central Bank of Iraq to reconsider the work of Jordanian and foreign banks in Iraq to evaluate their work compared to local Iraqi banks.

Abd Rabbo said in a statement to the “Al-Ma’louma” agency, “The Central Bank is working in a dualistic manner by not supporting the private banking sector and granting privileges to Jordanian banks,” noting that “foreign banks, especially Jordanian ones, control the file of financial transfers, in light of issuing sanctions against half of the local banking sector from By the US Treasury Department.

He added, “Today the Iraqi banking sector is facing a major problem and we fear it will be completely annihilated, as happened in the industrial and agricultural sectors and thus Iraq’s dependence on imports,” pointing out that “the Iraqi government must accelerate negotiations with Washington in order to lift the sanctions on Iraqi banks.” He called for "activating the principle of fines for unintended errors that occur in banks instead of penalties."

Specialists believe that the economic file cannot be handed over in this way, as it is a sovereign matter that affects the security and economy of the state, with these banks taking over and penetrating the economy to a great extent, which may make the Iraqi economy hostage to the Jordanian banks. https://almaalomah.me/news/72231/economy/اقتصادي-يدعو-للنظر-بعمل-المصارف-الأردنية-

"WHAT OF THE HCL? " BY MARKZ, 5 AUGUST

MarkZ

[via PDK]

What of the HCL?

We are watching what is going on in the Kurdish region and money is suddenly flowing. And they are saying things are now in Baghdad’s hands…I’m surprised we haven't seen that the HCL was done [last] week.

...this week has been great. There have been a number of key pieces come out of Iraq that made me feel warm and fuzzy.

MarkZ

[via PDK]

“ Government Advisor; Budget Implementation Instructions (Procedural Issue)“

They reiterated that the budget tables do not need to be posted in the Gazette. The budget has already been approved for 3 years. It is perfectly legal and they have worked through the implementation thereof. So why are they not posting budget tables in the Gazette?

I think there is an important reason – like a different value on the dinar.

The prevailing rumor is that the Green light was set yesterday …and will go sometime between now and the 5th…

Question: Do you really feel in your heart we are close?

MarkZ: I do…they are still saying between now and the 5th. Nobody knows the timing but it’s what many are looking at.

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-markz-3-august.html