IRAQ'S CURRENCY REFORM : DELETING ZEROS IN 2024

DINAR REVALUATION UPDATE: THE IMPORTANCE OF THE CBI AUCTIONS : TO CONTROL THE EXCHANGE RATE, 25 AUGUST

The Central Bank of Iraq's Billion Dollar Auction in August 2024

The Central Bank of Iraq (CBI) has recently conducted auctions that resulted in sales exceeding one billion dollars within a week in August 2024. This significant financial activity reflects the bank's role in managing the country's foreign currency reserves and economic stability. 1

Auction Details and Sales Figures

During the week in question, the CBI conducted auctions for five days, selling a total of 277,127,456, slightly lower than the previous week's total sales of $1,384,031,047.

Daily Sales Highlights

Highest Sales: The highest dollar sales were recorded on Wednesday, reaching 268,304,025.

Foreign Exchange and Cash Sales

Sales for foreign exchange amounted to 68,650,000.  1

Economic Context

The CBI's role in managing foreign currency auctions is crucial for Iraq's economic stability. These auctions help in controlling the exchange rate and ensuring a steady supply of foreign currency for various economic activities. 2

The Central Bank of Iraq sells more than a billion dollars in its auction within a week, 25 AUGUST

 The all out deals of hard cash by the National Bank of Iraq during the previous week, which was the closeout opened last week, added up to more than one billion bucks.

According to a correspondent, the Central Bank sold one billion, 135 million, 635 thousand, and 274 dollars over the course of the past week and the five days that the auction was open, at a daily rate of 277 million, 127 million, and 456 dollars. This was lower sales than the previous week, when sales totaled one billion, 384 million, 31 million, and 47 dollars.

The most noteworthy dollar deals were on Wednesday, when they arrived at 283 million, 616 thousand, and 416 bucks, while the least deals were on Tuesday, when deals arrived at 268 million, 304 thousand, and 25 bucks.

According to our correspondent, foreign remittance sales for the previous week totaled 1 billion, 66 million, 985 thousand, and 274 dollars—a 94% increase over cash sales of 68 million, 650 thousand dollars.

:ALL BASES ARE BEING LOADED" BY GINGER, 25 AUGUST

 💢In GLL Chat, we had an interesting conversation regarding these events playing out - and everyone wants to know RV There Yet? 

Thought it would be beneficial to share this in hopes it might help someone else:  8.22.24

💢Ginger: When the trigger event happens, that's when the Camper Event is gonna happen. I've said this for years. This is what we're waiting for. And the wishful guru predictions about "notifications today/tomorrow" won't happen until this trigger event takes place, whatever they are gonna use. I give helpful details about this in Chronicles of an Ambassador Part 6. https://t.me/+M4A2VkWkzoo4MjVh

💙Member:  I do understand this.  I guess I got excited when Skipper said Wild Wednesday and "ramping up quickly".  I thought an event was finally coming. 

💢Ginger: I was just given a vision that might help us understand. 

We're really fortunate to have Skipper and other military alliance connected folks sharing information with GLL. When Skipper was talking about things escalating, and Wild Wednesday and ramping up quickly he definitely means our Special Friends are super busy. Things are absolutely happening. Close to a thousand corrupt banker types were arrested recently because they were impeding the flow of processes for The Camper Event - just as one example. 

The vision I just got (thanks AA Hamiel) was "All bases are being loaded". Vision of Baseball field. ⤵️

Massive movement. Everyone. Everything in place - with the Win at endgame being the focus. 

The soon-coming announcement of King Charles' (imminent death / funeral arrangements being made now) lets us know how close we're getting to the next big score. This has been a marker I have been waiting for, watching for - a long time. More here: https://t.me/c/1553385444/57818

I have every confidence that things are being paced for our Win. 😁😉✅ 

On strictly the banking GCR side of the coin, we've been really clear on what non-negotiable markers we must look for - as these must happen before we, in Tier 4B go "camping". 😇  https://t.me/c/1553385444/57829  & https://t.me/c/1553385444/57830  & https://t.me/c/1295992458/798009

💙 Member: Skipper made it sound imminent.  Guess it was kicking off behind the scenes again. 

💢Ginger: Excellent point. Please keep in mind that Skipper always says, "I'm not a currency guy." That isn't his wheelhouse. His area of expertise is strictly in Military Alliance Logistics. Logistics Do Not Lie - (where On-Demand Supplies needed to get the job done GO!). He's the man that sends the Special Friends what they need for their Whoop-Assery-Duties. They count on Skipper to send them the goods which help them exterminate the rats! 😉😌 Are you with me?  So, it's extremely wise to check out what Skipper drops for us as far as hints to what he sees from his unique vantage point. (Of course, due to OPSEC, he is limited in what he can share.) 

This should not be interpreted as him speaking, specifically on the "Camper Event". He and I work like a Fist- Bump Team. He has clues that I/we need to know.  This also helps to clear any fog in my own hypotheses. Plus I can pray about these matters and connect in with Celestial Alliance as needed for certain confirmations.  I hope this clarifies things. 😇🌸😁❣️ 

~ Ginger, Ambassador for God's Abundance with the New Earth Alliance #GLL #RVThereYet #HappyCampers #LetsDoThis 🔥

It's Done & Announcement Soon?🚩Iraqis Massive Purchasing Power!🤔Dinar RV...

DINAR REVALUATION UPDATE: TURKEY & IRAQ MAKING AN EFFICIENT TRADE CORRIDOR BETWEEN ASIA & EUROPE, 25 AUGUST

Development Road Project: Turkiye to Host Regional Summit on Multi-Billion-Dollar Initiative

As part of its ongoing efforts to enhance regional connectivity and economic growth, Turkiye is set to host a pivotal summit with Iraq, Qatar, and the United Arab Emirates (UAE) on August 29, 2024, to advance the Development Road project. 1 This ambitious initiative seeks to link the Iraqi port of Basra on the Persian Gulf to Turkiye and beyond through an extensive rail and road network, aiming to significantly reduce the cost and time of trade between China and Europe.

The Development Road Project: A Strategic Link

The estimated $20 billion project was formalized during Turkish President Recep Tayyip Erdogan’s official visit to Baghdad in April 2024.  1 It will connect Basra’s al-Faw port, currently under construction, to Turkiye via a 1,275-kilometer (792-mile) rail and road network. The meeting, to be held at the historic Dolmabahce Palace in Istanbul, will bring together relevant ministers from all four countries to make significant decisions regarding the project’s progress. 1

Economic and Strategic Importance

Iraq is home to roughly 10% of global oil reserves and accounts for 5% of global production. Energy will play a pivotal role in the scheme, with the project expected to significantly reduce the cost of trade between China and Europe.  1 Turkish academic Nejat Tamzok highlighted the strategic importance of the project in a recent essay, noting that it could reduce transport times between Shanghai and Rotterdam from 33 days to 15 days, offering an alternative to the Suez Canal. 1

Potential Investors and Sponsors

Qatar and the UAE are potential investors in the project, which was formalized during Erdogan’s official visit to Baghdad in April 2024. 1 The initiative is expected to consolidate economic ties between the two neighbors and turn Iraq into a transit hub, connecting Asia and Europe with a link between the country’s Grand Faw Port in the oil-rich south and Turkiye in the north. 3

Advancing the Project

Turkiye is moving into a critical phase following the signing of the memorandum of understanding on the Development Road Project. Transport and Infrastructure Minister Abdulkadir Uraloğlu announced that the first Four-Minister Summit would address every detail of the project, with sides making key decisions. 3 The summit is expected to contribute significantly to Turkiye’s economic growth and regional development by creating a reliable and efficient trade corridor between Asia and Europe.

Al-Monitor: Turkiye to host regional summit on multi-billion-dollar Development Road project, 25 AUGUST

 Shafaq News/ Turkiye will host a pivotal summit with Iraq, Qatar, and the UAE on August 29, aiming to advance the multi-billion-dollar Development Road project, which seeks to connect the Iraqi port of Basra to Turkiye and beyond through an extensive rail and road network, according to a report from the American news website Al-Monitor.

Turkiye is set to host a four-way summit on August 29 with officials from Iraq, Qatar, and the United Arab Emirates (UAE) to discuss the Development Road project, a multi-billion-dollar initiative that aims to link the Iraqi port of Basra on the Persian Gulf to Turkiye via a 1,275-kilometer rail and road network. Turkish Transport and Infrastructure Minister Abdulkadir Uraloglu confirmed the meeting, stating that relevant ministers from all four countries will convene at the historic Dolmabahce Palace in Istanbul.

“This summit will bring together the key decision-makers, and significant decisions will be made,” Uraloglu announced to Turkish state broadcaster TRT. He also revealed that Qatar and the UAE are potential investors in the estimated $20 billion project, which was formalized during Turkish President Recep Tayyip Erdogan’s official visit to Baghdad in April.

Based on Al-Monitor report, the project will connect Basra’s al-Faw port, currently under construction, to Turkiye, with the goal of reducing the cost and time of trade between China and Europe. The Iraqi government envisions the Development Road as a crucial link for international commerce, particularly energy trade, given Iraq’s status as home to roughly 10% of global oil reserves. According to estimates, the new route could reduce transport times between Shanghai and Rotterdam from 33 days to 15 days, offering an alternative to the Suez Canal.

Turkish academic Nejat Tamzok emphasized the strategic importance of the project in a recent essay for Eurasia Review, noting, “The Development Road includes not only transportation infrastructure but also energy transmission and communication lines. It’s expected to offer a faster trade route between China and Europe.”

However, Tamzok pointed out that the project faces stiff competition from other global initiatives, including China’s Belt and Road Initiative and the US-backed India-Middle East-Europe Economic Corridor. Iran, too, has rival plans to develop its ports as regional trade hubs, which could challenge the success of the Development Road. “Iran is concerned about any project that could diminish its political and economic influence,” Tamzok wrote, adding that Iraq is not part of China’s regional transport network, making Turkiye’s goal of becoming a direct corridor between China and Europe even more critical.

Moreover, the report affirmed that the upcoming summit follows a series of diplomatic efforts between Iraq and Turkiye aimed at improving bilateral relations. Erdogan’s visit to Baghdad, his first in 14 years, resulted in agreements on energy, trade, and water-sharing. Last week, Turkiye and Iraq also signed a “historic” military cooperation agreement, further strengthening ties between the two nations.

Turkiye’s ongoing military campaign against the Kurdistan Workers Party (PKK), based in northern Iraq, is a key aspect of its broader regional strategy. Ankara has emphasized that eliminating PKK militants from Iraq is essential for the success of the Development Road project and has called on Baghdad to fully support its anti-PKK efforts.

However, analysts remain cautious about the long-term prospects of Turkish-Iraqi cooperation. “Turkiye and Iraq have signed numerous agreements in the past, but many of them have not been fully implemented,” said Arzu Yilmaz, an associate professor at the University of Kurdistan Hewler in Erbil. Yilmaz expressed skepticism about the viability of the Development Road, particularly given the unresolved issues surrounding the existing Kirkuk-Yumurtalik oil pipeline, which has been closed since March 2023 following an international court ruling against Turkiye.

Water-sharing between Iraq and Turkiye is another unresolved issue, as Iraq faces severe droughts while Turkiye controls the headwaters of the Euphrates and Tigris rivers. Despite ongoing negotiations, a final agreement on water-sharing has yet to be reached.

As the August 29 summit approaches, the participating nations are expected to address these challenges and seek concrete steps to advance the Development Road project.

Disclaimer: The views presented by the author do not necessarily reflect the official standpoint of Shafaq News Agency.