Al-Atwani: Exchange rate stability is a central issue for the state, 6 AUGUST

 The head of the Finance Committee in the House of Representatives, Atwan Al-Atwani, confirmed on Sunday that the stability of the exchange rate is a central issue for the state, while he pointed out that the housing initiative achieved positive results.

The media office of the head of the Finance Committee in the House of Representatives stated in a statement, which was reviewed by "Al-Eqtisad News", that "Al-Atwani chaired the committee meeting that hosted the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, to ​​discuss the monetary policy file in the country."

He added that "the meeting reviewed a number of issues, most notably the issue of the electronic platform and the procedures related to it in order to facilitate work and economic stability, in addition to the issue of banks and the mechanism for developing the money transfer process."

He continued that "the meeting witnessed important interventions by committee members on banks' initiatives to provide real estate and housing loans, and ways to facilitate procedures and ease conditions for citizens in the process of applying for housing units in complexes."

Al-Atwani stressed, according to the statement, that "the widening gap between the official price of selling the dollar and the parallel market price creates a state of economic and financial instability," stressing that "the stability of the exchange rate is a central issue for the state."

The head of the Finance Commi ttee noted that "there is a duality in the issue of imposing US sanctions between Iraqi banks and correspondent banks, which requires the Central Bank of Iraq to move effectively and address this crisis, in addition to tightening control over the work of private banks, in a way that ensures the integrity of all their procedures and work."

Al-Atwani added that "the housing initiative has achieved positive results, and therefore we are pushing towards supporting and continuing it in order to expand the list of those covered by housing loans, and contribute to resolving this crisis."

He continued that "the stability of the monetary market has a direct impact on the general financial situation," adding that "the labor market is unstable in terms of selling currency, which casts a shadow over the general monetary situation."  link

RV UPDATE BY MARKZ, 6 AUGUST

 MarkZ   

[via PDK] 

  Question:  What does it mean for us now that the CBI was taken over by the US Treasury? 

 MarkZ:  The CBI was not completely taken over by the US Treasury...Nobody panic. What I was told is the last few Iraqi banks that had “issues” with money being filtered towards Iran…5 banks to be exact are being cleaned up… I was told they are being cleaned up so they can pull the trigger. The world is desperate for this (RV) to happen.  I think the UST being there is a good sign. There is a lot of pressure on Iraq to pull that trigger.

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 

🔥 Iraqi Dinar 🔥 WOW! Believe it 🔥 Today IQD Value to Dollar RV News Guru...

Central Bank Governor: Our foreign exchange reserves are sufficient to create balance in the market, 6 AUGUST

The Governor of the Central Bank, Ali Mohsen Al-Alaq, confirmed today, Sunday, that our foreign currency reserves are sufficient to create balance in the market. The media office of the head of the Finance Committee in the House of Representatives said in a brief statement received by Al-Mutalaa, that "the Governor of the Central Bank, Ali Mohsen Al-Alaq,

provided a full briefing during his hosting of the Finance Committee on the reasons for the fluctuation of the exchange rate, the mechanism of the electronic platform and its role in controlling internal and external trade, the housing initiative file, US sanctions on Iraqi banks, and the status of the cash reserve of hard currencies at the Central Bank of Iraq."

Al-Alaq stated, according to the statement, that "our reserve of hard currency is sufficient to create balance in the market," indicating that "the Central Bank sells more than $ 250 million daily to meet the requirements of foreign trade," indicating that "85 percent of foreign transfers are currently taking place between Iraqi banks and correspondent banks, without going through the US Federal Reserve."

He pointed out that "the housing initiative is of great importance to the bank, and that the volume of loans granted within the real estate initiative amounts to 10 trillion dinars," adding that "the Central Bank is now heading to cover the financing of the construction of 23,000 housing units, and priority will be given to completed residential complexes."  link

RV UPDATE BY BREITLING, 5 AUGUST

 Breitling

  Put on your big-boy pants.  The whole point of this is watching so we know where we are at, whether we stay in or move to a different investment...I clearly stated and I'm going to repeat it right now - I've always been pro the dinar revaluing, there are certain things that have to happen.  That's never changed.  But what's coming up and our policy towards Iraq has put me into neutral zone...Right now I'm not getting out.  Let's see what happens that comes on down the road. 

 United States sanctioned the living hell out of Iran.  Iran is using the banks and financial system Iraq has to move around that to get U.S. dollars and we [The United States] are sick and tired of it...We're changing the policy...

The Central Bank of Iraq, they want to do what Washington wants them to do.  They want to be part of the International community.   But the problem is there are these private banks and different financial instruments in Iraq that are completely in bed with Iran. 

 There seems to be a problem with separation.  So the United States is going to punish Iraq for not being able to handle it correctly is what's going to happen...The United States is saying enough is enough, we're not screwing around anymore.  We're protecting the financial system as much as possible but it's being abused by people who don't like us...

Everybody's Pumped & Excited!🚩Is It Rumor That RV Has Started?🤔Dinar RV ...

Al-Sudani discusses with Allawi the government's efforts and serious steps to achieve economic reform, 5 AUGUST

 Prime Minister Mohammed Shia Al-Sudani received today, Sunday, former Prime Minister and head of the Iraqi National Accord Party, Iyad Allawi.

The government statement, a copy of which was received by {Euphrates News}, stated: “The meeting witnessed a discussion of the general conditions in the country, and a discussion of the government’s efforts and serious steps to achieve economic reform, which is the basis for developing all vital sectors, and improves the economic and living conditions of citizens in all parts of Iraq.”

He pointed out that "the meeting addressed the situation in the region and the challenges it faces in light of the increasing frequency of bloody attacks by the Zionist occupation authorities against the Palestinian people in Gaza, and the emphasis on Iraq's sovereignty and security, which is a gateway to the region's security and stability."  link