TNT UPDATE: .."SUDANI GOING TO TRY TO GET SANCTIONS OFF IRANIAN BANKS"..., 24 AUGUST

 TNT UPDATE 

GOOD MORNING TNT IT'S FRIDAY AUGUST THE 23RD 20241:09 PM

THIS MORNING WAS TOLD TODAY IS THE DAY BUT WE DON'T KNOW THE TIME1:10 PM

GOOD THING TO BRING PEACE OF MIND... DNC IS OVER...Aug 23

NEVER THOUGHT IT WAS RELATED... THE THINGS THAT ARE RELATED ARE GETTING BETTER 1:11 PM

AT THE END OF THE MONTH SUDANI GOING TO TRY TO GET SANCTIONS OFF IRANIAN BANKS  1:12 PM

OTHER GOOD NEWS ISRAEL ACCEPTED THE PROPOSAL FOR PEACE     1:12 PM

SO WE WAIT FOR HAMAS - COULD HAVE PEACE, NO RETALIATION   1:13 PM

WE WILL SEE WHAT MAKES REAL SENSE.   1:13 PM

READY FOR IT TO BE OVER... READY FOR NEXT GREAT THING.1:15 PM

IT MIGHT SOUND HORRIBLE.... BUT... YOU CAN'T SEND ME YOUR PROBLEMS  1:15 PM

CAN'T FIX THEM... i CAN'T LOAN MONEY OR GIVE MONEY OR TELL YOU WHERE TO GET MONEY... NO ONE IS GETTING ANY. 1:15 PM

IT DOES AFFECT ME... ALL YOU ARE GOING THROUGH... I FEEL FOR YOU EMOTIONAL MENTALLY. 1:17 PM

HAVE SENATORS AND CONGRESSMEN WAITING TO GET PAID... PAID SOME LAST FRIDAY AND SATURDAY 1:18 PM

ALL OF THEM DID NOT GET PAID... SOME ARE WAITING RIGHT NOW...1:18 PM

SOME TOLD GETTING PAID YESTERDAY... PENDING... PAID TODAY... BUT DIDN'T HAPPEN...1:18 PM

SENATORS AND CONGRESSMEN NEED TO WAIT, TOO1:19 PM

ALL IS DONE... WAITING FOR EMAILS TO COME THROUGH THE SYSTEM Aug 23

IT'S NOT IRAQ IT'S NOT THE BANKS... ALL IS DONE THEY DID ALL THEY WERE SUPPOSED TO DO..1:19 PM

ALL HAVE DONE WHAT SUPPOSED TO DO BUT GO.... HOLD-UP SEEMS TO BE WHAT IS GOING ON IT THE MIDDLE EAST.1:20 PM

WAS HAPPY WHEN SAW THE AGREEMENT NOT TO INVOLVE IRAQ.... DON'T USE US AS A BATTLE GROUND... WOULD AFFECT THE WHOLE REGION 1:21 PM

WITH THESE THINGS OVER... COULD TAKE OFF... IRAQIS BEING TOLD ANY DAY... COMING DAYS.... SHOULD BE OVER TOMORROW1:22 PM

3 LETTER AGENCIES.... WAITING... TODAY AFTER 51:22 PM

ON WED WAS TOLD THEY WERE LOADING THE CODES TO RELEASE IT RIGHT THEN... OBVIOUSLY DIDN'T RELEASE.1:22 PM

GIVING ALL INFO... NOT HIDING INFO - ALL WE CAN DO IS WAIT FOR THE FINALIZED AGREEMENT WHICH CAN HAPPEN AT ANY MOMENT.

"PARLIAMENT... STOP ASKING STUPID QUESTIONS!!!" BY FRANK26, 24 AUGUST

 KTFA

FRANK26: "PARLIAMENT... STOP ASKING STUPID QUESTIONS!!!"..............F26

Is Iraq heading towards printing new paper currency?

8/22/2024

 

Baghdad
 

The Parliamentary Finance Committee confirmed, on Thursday, that there is no intention to print new paper currency.

Committee member Moeen Al-Kazemi said in a statement followed by "Al-Eqtisad News": "There is no intention to print new paper currency at the Central Bank," noting that "the Ministry of Finance began funding ministries and governorates with salaries two days ago."

He added that "the cash mass required monthly to pay employees' salaries is estimated at four million employees and four million beneficiaries of the Retirement Authority and two million social care, which is approximately 7 trillion and 500 billion dinars."  He

continued that "this amount is prepared monthly and there is no shortage in this aspect, considering that the current export is approximately 3 million and 400 thousand barrels of oil at a price of more than $ 75 per barrel."

He explained that "providing the necessary liquidity is done by the Central Bank and delivered to the Ministry of Finance, which in turn delivers these numbers and the cash mass to the ministries and governorates, and there is no acute problem regarding cash liquidity."

LINK

LATEST FROM CLARE, 24 AUGUST

 Clare  

Article:  ”Is Iraq heading towards printing new paper currency?"  Quote "The Parliamentary Finance Committee confirmed, on Thursday, that there is no intention to print new paper currency."

Clare 

 Article Quote "The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh...pointed out that Iraqi oil sales are in dollars, and are deposited with the US Federal Reserve through an open account in the name of the Central Bank, which is managed by the bank on behalf of the Iraqi government."

Article "Is it time to remove the zeros?" Quote:  "with the use of electronic payment operations, the environment will be mature and acceptable for the idea of ​​implementing the decision to delete zeros, and the process will be automatic without the citizen feeling it. But is it time to issue the decision?"

--

Clare 

  Article: "Government advisor explains the possibility of using the dinar instead of the dollar in oil sales"  Quote: "Will it be a fixed exchange system supported by foreign reserves or will it be a flexible exchange system in which the (petrodinar) changes with the change in oil prices? These are paths that have no answers on the ground and are really very ambiguous"

Clare 

 Article: "Trade discusses the mechanism for Iraq's accession to the World Trade Points Federation"  

Quote: "The Private Sector Development Department discussed with the Departments of Foreign Economic Relations and Administrative and Financial Affairs at the Ministry of Trade, the mechanism for Iraq's accession to the Federal Union of World

Trade Points, the legal procedures for joining, and the benefits that the Iraqi sectors will obtain."

  Clare  

Article: "Is “floating the currency” a solution to the crisis of the high dollar in Iraq? A representative explains"

  Quote: "There are calls to float the exchange rate in Iraq...Floating the currency is a procedure based on liberalizing the exchange rate, leaving it to market factors (supply and demand), to determine its value without any form of intervention by the economic authority...There are two types of floating: the first is absolute floating, and the second type is managed floating, i.e. the type in which the central bank intervenes to direct the exchange rate up or down, as it sees fit to achieve the interests of the national economy."

Clare  

 Article: "US Treasury places Khamis Al-Khanjar on sanctions list"  

Quote:  "The US Treasury Department, through the Office of Foreign Assets Control (OFAC), has placed the head of the Sovereignty Party, Khamis Al-Khanjar, on the sanctions list of known individuals and entities with whom dealings are prohibited."

 Article:  "Central Bank Governor Participates in a Workshop Specialized in Electronic Payment"   Quote: "His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development."

RECENT REPORTS OF CLARE: 

"RV UPDATE" BY CLARE, 9 AUGUST

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-clare-9-august.html 

LATEST FROM CLARE, 6 AUGUST

https://dinarevaluation.blogspot.com/2024/08/latest-from-clare-6-august.html 

RV UPDATE BY CLARE, 4 AUGUST

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-clare-4-august.html

Jon Dowling Breaking News August 23rd 2024

DINAR REVALUATION UPDATE: ANALYSIS OF THE IRAQI DINAR'S PURCHASING POWER IN 2024, 24 AUGUST

Analysis of the Iraqi Dinar's Purchasing Power in 2024

In 2024, the purchasing power of the Iraqi dinar (IQD) is subject to a complex interplay of economic policies, global market dynamics, and domestic fiscal management. 2 As of the current year, Iraq has embarked on a significant shift towards de-dollarization, aiming to strengthen the dinar and reduce its vulnerability to external economic shocks.  2

De-Dollarization Efforts and Their Impact

On January 1, 2024, Iraq implemented a ban on all transactions involving the US dollar, marking a strategic move to stabilize the fluctuating black market exchange rate and bolster the use of the Iraqi dinar.  2

 This decision was precipitated by prolonged currency instability, exacerbated by stringent US regulations on international money transfers since November 2022. 2 The move towards de-dollarization is expected to enhance Iraq's monetary sovereignty and mitigate the financial vulnerabilities associated with fluctuations in the US dollar. 2

Fiscal Policies and Their Effect on the Dinar

Iraq's fiscal policies, particularly the large-scale budget expansions enacted in 2023 and 2024, have significantly impacted the dinar's purchasing power. 4 The 2023 budget, passed in June 2023, was Iraq's largest to date, totaling 198.9 trillion Iraqi dinars or approximately $153 billion. 3 Despite the potential for positive economic effects, such as funding for local investment projects and public sector employment, these expansive budgets have also contributed to imbalances, jeopardizing fiscal and external stability. 4

Challenges and Opportunities

The de-dollarization strategy presents both challenges and opportunities for the dinar's purchasing power. While diversifying currency reserves helps mitigate risks associated with the US dollar's volatility, the large fiscal expansions and lower oil prices could result in fiscal and external imbalances. 4 Inflation declined to 4% by the end of 2023, largely due to lower international food prices, the dinar's revaluation in February 2023, and the normalization of trade finance. 4 However, without policy adjustments, the risk of medium-term sovereign debt stress remains high. 4

Outlook and Recommendations

The International Monetary Fund (IMF) has emphasized the need for sound macroeconomic policies and structural reforms to secure fiscal and debt sustainability, advance economic diversification, and achieve sustainable, inclusive, and private sector-led growth. 4 The IMF's assessment underscores the importance of addressing the downside risks posed by regional conflicts and Iraq's heavy dependence on volatile oil prices. 4

Conclusion

The purchasing power of the Iraqi dinar in 2024 is influenced by a confluence of factors, including de-dollarization efforts, fiscal policies, and global market dynamics. While the Iraqi government's strategic moves aim to strengthen the dinar and enhance economic stability, challenges persist, necessitating careful policy adjustments and reforms to secure long-term fiscal health and economic diversification.

IRAQ BOOTS ON THE GROUND REPORT: "WE ARE GOING TO GET MASSIVE PURCHASE POWER" , 24 AUGUST

 Frank26  

[Iraq boots-on-the-ground report]

  FIREFLY:Mr Sammy [his Iraqi bank friend] said we're going to get massive purchasing power.  But others outside of Iraq, they will make millions. 

 FRANK:  I know it forwards and backwards, in fact I dream about it!  I know the process.

Frank26  

 [Iraq boots-on-the-ground report]   

FIREFLY:Sammy [Iraq bank manager] says we will continue to trade the three zero notes after the deletion project for 10 years.  It's not a lop.  This will be a powerful move. 

 FRANK:  I like it because this is the guy that works at the bank and he knows darn well what's about to happen...Once the 3 zeros are lifted your purchasing power will be at least equal to $1.00.  It may even be up to $1.30.  Then your country will be able to rebuild itself even faster...I'm excited for your future.  I'm equally excited for my future.

----

Frank26  

 [Iraq boots-on-the-ground report]   

 FIREFLY: Mr Sammy [his Iraqi bank friend] was explaining how our three zero notes will coexist for 10 years after they drop the three zeros...This is not a LOP...We don't have inflation like other neighboring countries around us that have to lop.  We can delete zeros and introduce...the lower notes because of the value that is being added.  That's purchasing power. 

 FRANK:  That's always been the plan...I can't believe they're going to vie you these 10 years that Dr. Shabibi wanted.  That's incredible...Wow!

FIREFLY:  Saleh was talking about the floats and he was also talking to us about fixed rates.  He's saying no decisions have been made.  They talked about the pros and the cons of each one of these options.  Then the CBI came out and said in the coming days we will make actions to lower the dollar exchange rate. 

 FRANK:   Can the CBI lower the dollar exchange rate?  No.  Yes! How? 

 FIREFLY: ...The CBI's job is not to control the dollar...They can't touch a dollar but...the CBI can touch the dinar...If they lifted the value of our currency wouldn't that bring down the value of the dollar in our country?...Let's see if that is the only thing the CBI could do to bring the dollar down is raise the dinar.  They say in coming days.https://dinarevaluation.blogspot.com/2024/08/latest-from-firelfy-22-august.html