Iraq's Auctions: Currency, Corruption, and Closure in 2024 BY DINAR REVALUATION, 19 AUGUST

Iraq's Auctions: Currency, Corruption, and Closure in 2024

In 2024, Iraq's auction scene has been marked by significant events, ranging from a historic currency rarity to the central bank's efforts to stabilize the economy and combat corruption, all culminating in the anticipated closure of the dollar selling window by year-end. 2

Currency Auctions: A Rarity Leads the Way

A rarity from Iraq, a 1931 1 Dinar note graded PMG 64 Choice Uncirculated, was a highlight in the Crown Currency auction, scheduled to conclude on May 31, 2024. 1 This vibrant blue note, featuring King Faisal I, was created late in his reign and is among more than 600 world banknotes certified by Paper Money Guaranty® (PMG®) offered in the auction. With only one higher-graded example out of 72 in the PMG Population Report, this rare note underscores the historical and numismatic significance of Iraqi currency.

Central Bank's Forex Auctions: Managing the Economy

The Central Bank of Iraq (CBI) has been actively managing the country's monetary policy through its foreign currency auctions. In March 2024, CBI's US dollar sales exceeded 4,086,748,847—92% of the total sales. These auctions enable banks and financial organizations to buy and sell foreign currency, primarily the US dollar, to meet various needs and stabilize the local currency exchange rate.

On May 31, 2024, CBI auctioned over $274 million, with remittances significantly outweighing cash sales. 2 The bank covered these transactions at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements, while the rate for cash transactions stood at 1,305 dinars per dollar.

Corruption and Reforms in Iraq's Banking System

Iraq's banking system has faced significant challenges, including corruption and money laundering, despite ongoing reforms.  4 In May 2024, the central bank banned 197 companies from participating in foreign currency auctions as a measure against money laundering and terrorism financing. 2 These measures, along with the adoption of the SWIFT system, reflect efforts to control inflation, manage liquidity, and maintain confidence in the national currency.

The Dollar Auction's Gradual Closure

By the end of 2024, the central bank plans to completely cancel the dollar auction, maintaining it only for audit and statistical purposes. 2 This move is aimed at enabling Iraqi banks to establish stronger relationships with the global and regional banking sector, adhering to international standards. The cancellation of the dollar auction marks a significant step towards enhancing the sobriety of the Iraqi banking sector and its commitment to international requirements.

Conclusion

Iraq's auction landscape in 2024 has been a mix of historical currency rarities, efforts to stabilize the economy through forex auctions, and significant reforms aimed at combating corruption. The anticipated closure of the dollar selling window by year-end signals a new phase in the country's banking and financial systems, reflecting ongoing efforts to align with international standards and practices.

Iraq Auction Ends This Year!🚩Exchange Notification Next Week?🤔Dinar RV U...

LATEST FROM SANDY INGRAM, 19 AUGUST

 Sandy Ingram 

 Iraq just delayed the US group exit.  It's a big deal.  Iraq has chosen to delay the announcement of a departure date for the US-led military coalition. 

 This comes amidst escalating tensions between Israel and Iran...Currently around 2,500 US troops remain in Iraq...This delay in setting a withdrawal date underscores the Iraqi government's challenging position amidst internal and external pressures.  Stay tuned for more updates as this situation continues to unfold.

Sandy Ingram 

 Research says 70% of all lottery winners are broke within 3 to 5 years after they win the lottery.  These numbers are almost as high for ex-NFL football players who once they are no longer playing football go broke...  They're doing exactly what I am strongly recommending you don't do.  They are living off their winnings.  You want to get into a mindset of replenishing your wealth.  It will be easier to build more wealth once you have wealth.  Money begot money.  Money attracts money.

Sandy Ingram 

 The news from the Middle East has gone haywire.  There appears to be consistent and organized misinformation coming out of the Middle East.  [I] will do everything in [my] power to report correct and confirmed news reports...

 Sandy Ingram  

 Iraq did not follow Kuwait's revalue path.  The Untied States pulled back on financial support for Iraq's revalue shortly after the invasion was over when they made the decision that were not in alignment with economic growth for Iraq.  It's been 20 years and the currency still has not been revalued...

We are learning more about why including issues like the IMF will not support a currency adjustment until the county has more income streams outside the oil industry, implementing banking reform that ties into international banking standards and providing housing for the hundred of thousands of people who have been misplaced due to decades of war, not to mention...corruption.

Sandy Ingram  

 Question: "How is Iraq going to do business in the international market with such a low currency rate?"  

This is why Iraq will need to increase the value of its currency.  Currency values... act as a silent force influencing a country's global competitiveness.  When a country's currency value is low it can impact it's ability to compete...Iraq's top trading partners are China, India, South Korea and on the sidelines Iran.  However things are about to change and fast.  The development road project places Iraq right in the middle of the global financial markets.  [We] have little doubt the Iraqi dinar will increase in value but we don't know when or how much.

A major financial change in Vietnam...Decree 52 regulates non-cash payment in Vietnam and will significantly alter Vietnam's financial landscape...Decree 52 marks a significant milestone in Vietnam's journey towards a cashless economy.  If you have VND bank notes you will need to find out how you can comply with Decree 52 as a foreigner.  [We] will research the topic and report back as soon as we understand the procedure.  According to the news report the banks have 24 months to comply...

https://dinarevaluation.blogspot.com/2024/07/rv-update-by-sandy-ingram-20-july.html

DINAR REVALUATION : ANALYSIS OF MNT GOAT POSTS : Mnt Goat Answers Your B...

The IMF's Role in Iraq's Economic Policies Post-2024 Dinar Revaluation by DINAR REVALUATION, 19 AUGUST

The IMF's Role in Iraq's Economic Policies Post-2024 Dinar Revaluation

Since the 2024 revaluation of the Iraqi dinar, the International Monetary Fund (IMF) has played a significant role in shaping Iraq's economic policies and promoting fiscal sustainability. 6 In a staff concluding statement issued after the 2024 Article IV consultation, the IMF highlighted several key recommendations for Iraq to address its economic vulnerabilities and ensure long-term stability.  6

Reducing Oil Dependence and Fiscal Adjustment

The IMF urged Iraq to reduce its dependence on oil revenues and implement significant fiscal adjustments to ensure fiscal sustainability.  6 They recommended focusing on controlling the public wage bill and increasing non-oil tax revenues as a means to stabilize the economy and reduce the impact of oil price volatility. 6

Promoting Private Sector Development

To support higher economic growth and absorb the rapidly expanding labor force, the IMF advised Iraq to enable private sector development. 6 This includes labor market reforms, modernization of the financial sector, and restructuring of state-owned banks. 6

Pension and Electricity Sector Reforms

The IMF also called for reforms in the pension and electricity sectors to improve efficiency and reduce fiscal burdens. 6 These reforms are essential for Iraq to achieve sustainable, inclusive, and private sector-led growth. 6

Executive Board Assessment

The IMF Executive Board, after concluding the 2024 Article IV consultation, agreed with the staff's appraisal and emphasized the importance of sound macroeconomic policies and structural reforms for Iraq. 7 They acknowledged the risks associated with ongoing regional conflicts and Iraq's dependence on oil prices. 7 The Board underscored the need for Iraq to secure fiscal and debt sustainability through appropriate policy adjustments. 7

SOURCES: 

https://www.imf.org/en/News/Articles/2024/03/01/mcs030324-iraq-staff-concluding-statement-of-the-2024-imf-article-iv-mission 

https://www.sciencedirect.com/science/article/pii/S092180092100080X 

https://www.imf.org/en/News/Articles/2024/05/15/pr24165-imf-concludes-2024-article-iv-consultation-with-iraq

SUMMARY OF RV UPDATES BY WOLVERINE, 19 AUGUST

 WOLVERINE

Fri. 16 Aug. 2024 Wolverine

 “Exciting things have happened, but I’m not allowed to say what. People are expecting something Sun. night 18 Aug. Just to let you know guys is to get ready.

 I’m sorry that I can’t say anything as everyone is under total NDA now and soon I will be as well. That opera will be release any day now. Thank you for all the support you have all given me as this is one of the most hardest things that I have done in my life as it has control our way of life for years and played with our emotions. 

We have seen so many of our compatriots that did not make it and thankfully their family will cross the finish line for them. During this journey I never thought that I was going to be attacked viciously and even to this day the attacks are still continuing. 

I know within my heart that I’m doing God’s work and that too many of you are suffering and you need hope and a messenger to know what is going on. As soon as I’m under NDA you won’t hear from me anymore but my job has been completed and I can leave with good conscience that I have done everything possible to help you. The opera will be release once I receive the green light.

 Don’t forget the Get Together in February 2025 here in Sydney as we are planning to have the biggest party that Sydney has ever held with all these patriots coming from so many countries. Remember that it’s going to be a gala night and so wear your best clothes everyone. I’ll let you all know the day and the address of the Get Together. Love you all. Your friend Wolverine.”

 https://dinarevaluation.blogspot.com/2024/08/latest-from-wolverine-17-august.html 

 Thurs. 15 Aug. 2024 Wolverine

“Exciting things happened today but I’m not allowed to say what. People are expecting something Sun. night 18 Aug. I hope to have some good news for the Tier4b Group tomorrow Fri. 16 Aug.”

--

WOLVERINE

• Wed. 14 Aug. Wolverine: “Things are happening that are confidential and I cannot discuss, but I hope to have absolutely great news for you tomorrow.”

--

WOLVERINE

• Mon. 12 Aug. 2024 Wolverine
•  “My friends this is the week of miracles as the Precatorias are now very close to be release now and we should have more miracles from other platforms as well. I’m still a firm believer that this week the opera will be release. God bless you all.” Wolverine
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WOLVERINE LIVE CHAT 9/8/2024: 

That's all! It's all started! I was on a Zoom call a few hours ago at about 4am. This came in Reno: There was a meeting in Reno, a big meeting, and they discovered that many Dinars and Zim, Precatorios and other bonds were fraudulent. There is a lot of fraud. They also discovered that some of these bonds were used in terrorism. They have to check everything, many bad apples on this trip, they have all been caught. I said this before: be careful who you buy bonds from. If you buy on EBAY, it is a risk you are taking. He doesn't know if those bonds are registered or under contract. They are not authenticated. An expert has to review them at the exchange center to authenticate them. And they may say, "Sorry, your bonuses aren't real, they're worthless." There are drug brokers selling bonds for $60, for example, but they are not authenticated. So if you go to EBAY and buy Yellow Dragon bonds for 12 dollars, thinking you saved money. 

When you go to the redemption center and have loose bonds, Yellow Dragons, German bonds, etc., loose bonds, NOT boxes, they will go through the expert process to be authenticated. If they are not real, they will reject you. I have always been honest with you about purchasing through the correct channels. 

We have experts with our Yellow Dragon Bonuses. We have attorneys, and all bonds have been authenticated, placed under contract, registered and everything is ready to go. The boxes are all sealed. Our whale can't open them. This happens to most whales, as all the boxes are sealed and cannot be opened. 




However, this is good news as we know they are making things safe and taking care of us. They are authenticating the bonds and making sure there are good people on this journey. Also, at 3 pm Brazil time, what I have been told by several sources in Brazil, is that Tier4B was released – the notifications were released. If that's true, that will create a ripple effect from Reno and other platforms. 

It is from two platforms in Brazil, which are San Paolo and Brasilia. 




People have received notifications of bondholders ready to go to Reno. One person, a large bondholder, a very good friend of mine and this person, has millions of boxes... That person was notified. They are flying to Reno tomorrow and I was elated for that person. 

Another person who lives here in Australia was notified that they will have to fly to Brazil to prepare the Medbeds. Medbeds are ready! Medbeds are real!

So everything is ready for this month: the month of August is the month of our blessing. Everything comes from. 




I received another call from a platform, elated, shouting Hallelujah – They received the call that on August 15 their funds will be released. 

Precatoria – it is taking a little longer. All funds will go to QFS accounts. They are waiting to get the green light. 

I was on a Zoom call with my platform a few minutes ago, which came to me via audio of Skye saying that you will receive a Q phone when you go to your Medbeds, and also a replicator, but these are people who have humanitarian projects. That's great! 

If there are no projects, you will receive them later.

A replicator is like a microwave that does everything. I'm sure you've seen the videos. They are huge and you will probably have to install them in your house. 

Things are definitely happening. 

Furthermore, I have been in contact with the next politician of my country in Chile. He has a huge humanitarian project: a railway system from Chile to Brazil that costs billions of dollars and he will be able to do it, and he has people designated to do it and he has shown me the map. He is a good Christian and conservative. He is no longer a politician because it is a corrupt system.

TRANSLATION IN SPANISH

 CHAT EN VIVO DE WOLVERINE 8/9/2024: 

¡Eso es todo! ¡Todo ha comenzado! Estuve en una llamada de Zoom hace unas horas aproximadamente a las 4 a.m. Esto llegó en Reno: Hubo una reunión en Reno, una gran reunión, y descubrieron que muchos bonos Dinars y Zim, Precatorios y otros eran fraudulentos. Hay mucho fraude. También descubrieron que algunos de estos bonos se usaron en terrorismo. Tienen que verificar todo, muchas manzanas podridas en este viaje, todas han sido atrapadas. Dije esto antes: tenga cuidado a quién le compra bonos. Si compra en EBAY, es un riesgo que está tomando. No sabe si esos bonos están registrados o bajo contrato. No están autenticados. Un experto tiene que revisarlos en el centro de canje para autenticarlos. Y pueden decir: "Lo siento, sus bonos no son auténticos, no valen nada". Hay corredores drogadictos que venden bonos po...FOR READ MORE: https://dinarevaluation.blogspot.com/2024/08/latest-from-wolverine-15-august.html

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