LATEST FROM BREITLING, 15 AUGUST

 Breitling 

 What would happen if they did what Turkey did, they shifted their currency, they re-denominated, added value to it and tried to recreate the markets to get more customers and it doesn't work?  There's no place to  go.  It would be too tough.  Then they would really be dependent on the US dollar and then they would have no power over their own  economy.  That's what's at stake for Iraq.  They are in trouble.  They are in deep trouble...

Breitling 

 The key for Iraq - For them not to be dependent on the dollar.  If the economy is 100% energy then they're going to be 100% dependent on the US dollar. 

How do they get their currency outside of that? 

 They have to open up to doing business in completely different sectors... Then they can attach that part of the economy to the Iraqi dinar.  And they can add value to the dinar as they see fit.   That's always been the underlying goal of what we want Iraq to do...  

Breitling 

 I've gotten the weirdest hate mail with a capital H.  You people need to just suck it up.  I don't care if it's not what you want to hear...I'm just reporting what the policy in Iraq is and whether it's pushing our speculation forward or not.  That's all it is.  Nothing more than that.

Breitling

   I beg you.  Do not turn this investment into a religion and do not hide from facts...People that do that always have financial problems...You have to watch policy. 

Breitling  

 [Iraq's] policy has changed for the very first time since we've been in this...speculation together.  The policy is going to change on either side of the aisle...Iraq is going to be punished if they keep moving forward here [moving more and more pro-Iranian].  That's not good.  That's not positive for us.  

 The Untied States is trying to influence [Iraq] to do the right thing.  Hopefully they will do it and everything will be hunky-dory.  Well the reality is IMO if the CBI had that influence it would have been done already.  That's the problem.  That's why I'm in the neutral zone.  It sucks because I put my heart and soul into this.  Don't think for a minute I don't feel it because I do...This could mess up the timeline and push it back, maybe even permanently if Iraq can't handle these financial problems.

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-breitling-8-august.html

DINAR REVALUATION: Iraq's Central Bank Takes Bold Step in E-Payment Revolution!

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IRAQ IS DOING A BROADER INVESTIGATION INTO FINANCIAL IRREGULARITIES BY DINAR REVALUATION, 15 AUGUST

Iraqi Anti-Corruption Committee recovers $764 K in financial misconduct case

Shafaq News/ On Tuesday, the Iraqi Supreme Anti-Corruption Committee announced the recovery of one billion IQD ($764 K)to the state treasury,representing a portion of the total funds involved in a case of misconduct by a department of the Ministry of Trade, which unlawfully opened an account at a private bank.

Under the directives of the Committee's President, who emphasized the need to recover the full amount, one billion dinars were retrieved and deposited into the Ministry of Trade's Export Support Fund. This amount was transferred from the United Investment Bank via a check issued by Al-Rasheed Bank on July 11, 2024. The total recovered in this case amounts to 22 billion IQD ($16,808 M).

The statement further detailed that the Export Support Fund had deposited 69 billion IQD ($52,716 M)in the United Investment Bank in violation of Central Bank regulations. Upon requesting the funds, it was discovered that no money was available as bank officials had invested it. Consequently, the investigation led to the arrest of the former Director General of the Export Support Fund and other suspects.

ANALYSIS

The Iraqi Supreme Anti-Corruption Committee has successfully recovered $764,000, a portion of a larger sum involved in a financial misconduct case related to the Ministry of Trade. The recovered funds were deposited into the Ministry's Export Support Fund after being transferred from United Investment Bank via a check issued by Al-Rasheed Bank.

This recovery is part of a broader investigation into financial irregularities where the Export Support Fund had deposited 69 billion IQD ($52.7 million) at United Investment Bank in contravention of Central Bank regulations. The funds were found to be invested by bank officials, leading to the arrest of the former Director General of the Export Support Fund and others involved in the case. The total amount recovered so far in this case is 22 billion IQD ($16.8 million)

"THE PLAN FOR IRAQ IS TO RELEASE A FULLY CONVERTIBLE CURRENCY IN OCTOBER OF THIS YEAR" BY FIREFLY, 15 AUGUST

  Frank26   

[Iraq boots-on-the-ground report]  

FIREFLY: We have another guy on TV talking about the WTO accession...He is saying the plan for Iraq to release a fully convertible currency is in October of this year.  

FRANK:  The WTO guy needs to shut his mouth...You know very well what Sudani has promised you.  And you know very well it's coming...It's not the WTO's prerogative to tell the world this information.  The WTO is so desperate to get Iraq into the WTO so they can make money off of them...This guy is trying to spill the beans for his advantage.  All I know is that it is happening.

---

Frank26   [Iraq boots-on-the-ground report] 

  FIREFLY: [Bank friend] told me don't worry.  This may look like a disaster with the United States Treasury here but it's a good thing...They are here to help us to the next and final phase of the currency reforms.  Once the issues are fixed then we should see what we all have been waiting for.  It's good.  Trust me. 

  FRANK:   When your bank friend tells you to trust him, trust him...IMO he's absolutely 100% correct.

Frank26   [Iraq boots-on-the-ground report] 

 FIREFLY:Television now showing us articles, they're holding them up saying the HCL has been held up for 19 years as a hostage.  Now it's being presented to the House of Representatives. FRANK:  Your HCL is coming to you don't worry about it...Once you see the HCL you wee the new exchange rate.

 FIREFLY:Alaq has just retired from the CBI as the governor. 

 FRANK: Thank you for your service Alaq. Move over, the US Treasury is here. 

 FIREFLY:  Hours earlier Alaq was on Channel One saying don't believe the rumors and the TV said he was retiring.  Now he does retire.  

FRANK:  The US Treasury is not playing...https://dinarevaluation.blogspot.com/2024/08/latest-from-firefly-11-august.html

DINAR REVALUATION : What Dropping Zeros of Iraqi Dinar Means To Iraqis

IRAQ IS TAKING SIGNIFICANT STEPS TO REJUVENATE IRAQ'S INDUSTRIAL SECTOR BY DINAR REVALUATION, 15 AUGUST

PM Al-Sudani unveils plans to revitalize Iraq's industrial sector

Shafaq News/ The newly reformed Industrial Coordination Council, chaired by Iraqi Prime Minister Mohammed Shia Al-Sudani, held its inaugural meeting on Wednesday, signaling a renewed commitment to revitalizing Iraq's industrial sector. 

According to Al-Sudani's media office, the council, tasked with addressing longstanding challenges and promoting industrial development, adopted a series of strategic decisions aimed at bolstering national industry.

In his opening remarks, the Prime Minister emphasized that the council is "responsible for advancing the industrial sector by making decisions that will enhance industrial development and address all obstacles facing Iraqi industry."

Al-Sudani directed that the council's meetings prioritize key issues identified by a supporting committee, which includes directors-general from ministries involved in the industrial sector. He also called for the inclusion of officials responsible for industry-related agencies and entities in these discussions, underscoring the need for a comprehensive approach to industrial development.

Another point of discussion was the integration of industrial efforts between the Kurdistan Region and other governorates of Iraq. "Large markets, to be activated by the Ministry of Trade in cooperation with the private sector, will serve as venues for showcasing locally manufactured products. He also noted the progress made in localizing pharmaceutical and construction material industries."

The Prime Minister highlighted that the current administration has been proactive in identifying and addressing the challenges facing Iraqi industry since the beginning of its term. He cited promising partnerships with major industrial nations such as Japan, Germany, and France, supported by sovereign guarantees, as critical steps towards revitalizing the sector.

During the meeting, the council reviewed working papers presented by the Ministries of Electricity and Industry, as well as advisors to the Prime Minister's Office. These documents outlined strategies for industrial development and proposed enhanced cooperation between the private sector and government ministries.

https://shafaq.com/en/Economy/PM-Al-Sudani-unveils-plans-to-revitalize-Iraq-s-industrial-sector

ANALYSIS

Iraqi Prime Minister Mohammed Shia Al-Sudani is taking significant steps to rejuvenate Iraq's industrial sector. The newly reformed Industrial Coordination Council, under his leadership, recently convened to tackle longstanding issues and push for industrial growth.

Key points from the inaugural meeting include:

• Council Responsibilities: The council is charged with overcoming obstacles in the industrial sector and advancing its development through strategic decisions.
• Inclusive Approach: Al-Sudani stressed the importance of involving officials from relevant ministries and industry agencies to ensure a comprehensive strategy.
• Regional Integration: Efforts will be made to better integrate industrial activities between the Kurdistan Region and other parts of Iraq.
• Market Activation: Plans include creating large markets, in collaboration with the private sector, to showcase and promote locally manufactured products.
• International Partnerships: The administration is actively pursuing partnerships with industrialized nations such as Japan, Germany, and France, backed by sovereign guarantees.

The council also reviewed documents from the Ministries of Electricity and Industry, focusing on strategies for industrial advancement and enhanced cooperation with the private sector.

RV UPDATE BY MARKZ, 15 AUGUST

 MarkZ 

  [via PDK]  Here’s a good one... “Parliamentary committee for Nina-A government team is preparing a new draft of the oil and Gas Law”  

 They are letting us know they are moving forward…meetings are happening and they are moving towards completion.

Well this is the craziest thing…the CBI have started sending out procedures and instructions on how to handle exchanges to banks….  ...It is clear to me that they are preparing ...You can go to the CBI and read it yourselves.

 Question: What are the higher rates you are hearing Mark? 

 MarkZ:   I cannot tell you….but they are supposedly higher than I was previously sharing…. I was warned to stop sharing rates.