Tuesday, August 27, 2024

DINAR REVALUATION UPDATE: IRAQ HAS EXPANDED ITS LITS OF ACCEPTED CURRENCIES IN FOREIGN TRADE, 27 AUGUST

Discover the Impossible.

Iraq's Foreign Trade Currency Options in 2024

The economic landscape of Iraq has been undergoing significant changes in 2024, especially concerning its foreign trade currency options.  In an effort to diversify its currency transactions and reduce dependency on the US dollar, Iraq has expanded its list of accepted currencies for foreign trade. This move follows a series of financial reforms aimed at modernizing the country's banking system and tackling money laundering. 

Diversifying Currency Options for Foreign Trade

Merchants in Iraq now have the option to use the euro, Chinese yuan, Turkish lira, Emirati dirham, and Indian rupee for financing foreign trade.  This shift is particularly significant for merchants importing goods from countries like China, who can now pay in Iraqi dinar to Iraqi banks, avoiding the need for US dollars.

Impact on Trade and the Economy

International Transactions Through SWIFT

The adoption of the international financial messaging system known as SWIFT by Iraq's banking sector has facilitated a substantial increase in overseas dollar transactions.  This move is part of a broader strategy to reduce the misuse of hard currency reserves for financial crimes and to evade sanctions, particularly those imposed by the United States on Iran.

Trade Dynamics

Iraq's primary exports, notably crude oil, have traditionally been traded in US dollars. However, the diversification of currency options is expected to enhance trade with countries preferring alternative currencies.  The country's main export partners in 2022 included India, China, the United States, South Korea, and Greece, while imports came chiefly from the United Arab Emirates, China, Turkey, India, and South Korea.

Challenges and Opportunities

Reducing Oil Dependence

With a significant portion of its economy tied to oil, Iraq faces medium-term vulnerabilities due to oil price volatility.  The government is focusing on reducing oil dependence and ensuring fiscal sustainability while protecting social and investment spending. This will require controlling the public wage bill and increasing non-oil tax revenues.

Boosting Economic Growth

Higher economic growth is necessary to absorb the rapidly expanding labor force and boost non-oil exports. This will involve enabling private sector development, including labor market reforms, modernization of the financial sector, and restructuring of state-owned banks, pension, and electricity sector reforms. 

Conclusion

The diversification of currency options for foreign trade in Iraq reflects the country's ongoing efforts to modernize its financial systems and reduce economic vulnerabilities. By expanding the range of accepted currencies, Iraq aims to strengthen its trade relations, improve fiscal sustainability, and foster greater economic growth.

NEWS RECAP : Exclusive: Iraq to end all dollar cash withdrawals by Jan. 1 2024, central-bank official says, 27 AUGUST

 NEWS RECAP: 0CT /2023
(Reuters) - Iraq will ban cash withdrawals and transactions in U.S dollars as of Jan. 1 2024 in the latest push to curb the misuse of its hard currency reserves in financial crimes and the evasion of U.S. sanctions on Iran, a top Iraqi central bank official said.
The move aims to stamp out the illicit use of some 50% of the $10 billion that Iraq imports in cash from the New York Federal Reserve each year, Mazen Ahmed, director-general of investment and remittances at the Iraqi central bank (CBI), told Reuters.
It's also part of a broader push to de-dollarize an economy that has seen the greenback preferred over local notes by a population weary of recurring wars and crises following the 2003 U.S. invasion.
People who deposit dollars into banks before the end of 2023 will continue to be able to withdraw funds in dollars in 2024, Ahmed said. But dollars deposited in 2024 could only be withdrawn in local currency at the official rate of 1,320.
The parallel market rate of the Iraqi dinar sat at 1,560 on Thursday, roughly 15% percent below the official rate.
"You want to transfer? Transfer. You want a card in dollars? Here you go, you can use the card inside Iraq at the official rate, or if you want to withdraw cash, you can at the official rate in dinars," Ahmed said.
"But don't talk to me about cash dollars anymore."
A central bank statement later said the ban on cash dollar withdrawals would only apply to accounts receiving transfers from abroad.
Iraq has already set up a platform to regulate wire transfers that make up the bulk of its dollar demand and that used to be a hotbed of fake receipts and fraudulent transactions that siphoned dollars to Iran and Syria, both countries under U.S. sanctions
Set up in concert with authorities in the U.S., where Iraq's$120 billion in reserves from oil sales are held, that system was now nearly airtight, Ahmed said, providing dollars at the official rate to those engaged in legitimate trade such as imports of food and consumer goods.


TNT UPDATE: " THE NEW LOWER DENOMINATION DINAR WERE BEING RELEASED TO THE STREETS IN IRAQ" , 27 AUGUST

TNT 
Mon. 26 Aug. 2024 TNT

 They tweeted a couple days ago that the new lower denomination dinars were being released to the streets in Iraq, which means that the rate change is soon to follow. Today they confirmed with their contacts that the lower denomination dinars were released on certain locations on the streets.
----

TNT TONY

  • Sat. 24 Aug. 2024 TNT Tony
  •  “Just got word that in Iraq the lower denoms are being released on the streets right now. Start poppin. It’s on its way.”
    ---

     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.

MILITIAMAN: IQD Dinar Update - Global Economics - Investments - Developments - Laws ...

DINAR REVALUATION UPDATE: The "Theft of the Century": Unraveling the Iraqi Tax Deposit Scandal, 27 AUGUST

 The "Theft of the Century": Unraveling the Iraqi Tax Deposit Scandal

In a startling exposé, the Iraqi Observer has illuminated the full narrative of the infamous tax deposit theft, referred to as the "theft of the century," shedding light on the pivotal role of Nour Zuhair Jassim in orchestrating the heist. 

Unveiling the Scheme

The General Tax Authority's secret report has unveiled the intricate details of how the theft unfolded, revealing a network of complicity and deception. Between September 9, 2021, and August 11, 2022, a staggering amount of 3.7 trillion Iraqi dinars, equivalent to approximately $2.5 billion, was systematically siphoned off. 

The Masterminds and the Shell Companies

The report implicates two key individuals, Nour Zuhair Jassim and Abdul Mahdi Tawfiq Mahdi, who utilized five shell companies as fronts for the illegal withdrawals.  These companies, Al Qant General Contracting, Humpback Whale General Trading, Baghdad Winds General Trading, Innovators for Oil Services, and Badia Al Masaa General Trading, served as conduits for the embezzlement, with each company receiving significant sums ranging from 433.015 billion dinars to 1.185 trillion dinars. 

The Auditors' Revelation

The auditors' investigation, which came to light recently, has exposed the depth of the fraud. The auditors discovered that the checks, totaling 247 in number, were cashed from a branch of the state-run Rafidain Bank housed within the tax commission. 

Political Ramifications

The scandal has cast a shadow over the Iraqi government, particularly the administration of former Prime Minister Mustafa Al-Kadhimi, who was in office when the theft occurred.  Current Prime Minister Mohammed Shia Al-Sudani, who assumed office in late 2022, has vowed to address the issue but faces significant challenges in light of Iraq's entrenched patronage system. 

Public Outrage and Parliamentary Inquiry

The public outrage sparked by the scandal has led to a parliamentary investigation into the sudden increase in taxes, which many suspect is an attempt to recoup the lost funds. 

The Aftermath

The repercussions of this theft continue to unfold, with growing demands for accountability and transparency in Iraq's governance. The scandal has become a rallying point for anti-corruption movements in the country, which has long struggled with systemic corruption. 


Secrets” Of The Theft Of The Century... “Iraq Observer” Publishes The Full Story From A To Z, 27 AUGUST

  August 26, 2024  Baghdad/Iraq Observer   A secret report prepared by the Iraqi General Tax Authority revealed the full story of the theft of tax deposits, or as it is known as the “theft of the century,” while  highlighting the role of Nour Zuhair, the most prominent accused of the theft.

 According to the report, which was reviewed by “Iraq Observer”, “after auditing the Authority’s deposit account in Rafidain Bank No. (60032), the facts contained became clear to us,” indicating that “during the period from (September 9, 2021) to (August 11, 2022). ) A total amount of three trillion, 701 billion and 380 million Iraqi dinars was withdrawn from the tax deposit account.


He added,  “The amount was withdrawn using 247 bank instruments by third parties that do not represent the original depositing parties nor the General Tax Authority,” pointing out that  “the parties to whom the total amount was disbursed are five companies, namely:

 A. Al Qant General Contracting

for. Humpback Whale General Trading

T. Baghdad Winds General Trading

 Th. Innovators for oil services

C. Badia Al Masaa General Trading.

According to the confidential report prepared by the General Tax Authority, it was found that  “the five companies in whose names these amounts were withdrawn are owned by only two people, namely Nour Zuhair Jassim and Abdul Mahdi Tawfiq Mahdi.” 

The report indicates that  “during the period referred to (September 9, 2021 to August 11, 2022), the five companies withdrew the amounts listed below:

A. Al-Qant General Contracting Company:  1.185 trillion dinars

 for. Humpback Whale General Trade Company:  982 billion dinars

 T. Badia Al Samaa General Trading Company:  624 billion dinars

 Th. Baghdad Winds General Trade Company:  477 billion dinars

 C. Mbdoun Oil Services Company:  433.015 billion dinars

 He stated that “all the amounts withdrawn from its bank account were withdrawn in cash and by hand,” pointing out that  “the largest instrument disbursed was in the amount of 44 billion dinars, and that the smallest instrument was in the amount of 10 million dinars, and the  companies that withdrew the funds had no tax deposits.” 

He noted that  “the five companies are newly established companies with small capitals.  The two companies, Al-Qant and Mbdoun, were founded in 2021, and  the other three companies were recently established.”  

https://observeriraq.net/خفايا-سرقة-القرن-عراق-اوبزيرفر-تنشر/     

LATEST FROM TEXAS SNAKE, 27 AUGUST

 TEXAS SNAKE

Will read all your posts and hopefully the banker will have something positive I can share with y'all tomorrow.

---

TEXAS SNAKE

Nothing to share just wanted to let you folks I was still around

--

 TEXAS SNAKE

Well folks everything remains very positive for our anticipated event so continue to pray this event in for the sake of the world's economy as well as each of us participants.  GOD Bless each member.

---

TEXAS SNAKE

Banker indicates many positive items are pointing to Thursday, we shall see.

----

TEXAS SNAKE

AUGUST 03


 love this room now, Leaves TS to be free to speak, admins never jump in cause issues and people have continued to come in and all seem to keep to the subject, truly the room has become what we all wanted it to be.


It is presently 3:10 AM in Bagdad Monday morning and additional info is coming forward over and above what was shared on the Conf Call I was included in last night.  Still very encouraged about tomorrow in US as well as this coming week.


You are correct it will be Monday when the banker calls me in the morning.

----


AUGUST 06

Well foiks truly wish I had something to report but with all the NDA;s being issued it is much harder to obtain anything of value.


AUGUST 07


Things are in positive motion folks hang in there, NDA's are the issue at present for status of our benefits to be realized but it is days not months


AUGUST 09

Texas Snake, [08/09/2024, 9:13:08 p. m.]:


While due to the many NDA's that those who have provided info to me has resulted in the limited info I can share we are still in a positive situation to realize our objective.  Wish I could share more of the particulars but cannot risk their safety.



Gonna be an early night forme as I need tp prepare a men's breakfast for our church in the morning but will open for a bit for you folks to share anything you may have.


LATEST REPORTS OF TEXAS SNAKE: 


RV UPDATE BY TEXAS SNAKE, 4 AUGUST


https://dinarevaluation.blogspot.com/2024/08/rv-update-by-texas-snake-4-august_01843290374.html 


RV UPDATE BY TEXAS SNAKE, 2 AUGUST


https://dinarevaluation.blogspot.com/2024/08/rv-update-by-texas-snake-2-august.html 


"WE ARE CLOSER EACH DAY" BY TEXAS SNAKE, 1 AUGUST


https://dinarevaluation.blogspot.com/2024/08/we-are-closer-each-day-by-texas-snake-1.html


TIDBIT FROM MNT GOAT, 25 DEC

  Mnt Goat     “REASONS FOR THE DELAY IN SENDING GENERAL BUDGETS IN IRAQ AND ITS ECONOMIC REPERCUSSIONS”    ...Iraq is trying desperately to...