Iraqi Dinar Guru News Highlights (8/29/24)

Iraq is preparing a special plan for the salaries of its employees that cost 10 trillion dinars, 29 AUGUST

 Shafaq News / The Finance Committee in the Iraqi Parliament revealed, on Thursday, its intention to prepare a special plan to unify the file of the salary scale of employees, indicating that its implementation costs 10 trillion dinars.

The member of the committee, Moeen Al-Kazimi, explained to Shafak News Agency that the Parliamentary Finance Committee had earlier hosted the government committee concerned with the file of unifying the salary scale of state employees, and that it is working to find the necessary financial liquidity to achieve this unification.

He added that the number of employees exceeds 4 million, and that the unification of their salaries requires about 10 trillion dinars, which requires financial allocations and the amendment of the salary scale.

Al-Kazimi pointed out that the Council of Ministers is the entity concerned with amending the salary scale by approving a law on salaries or the Civil Service Law and sending it to the House of Representatives.

About 70% of Iraq’s estimated five million employees are calling for a change in the salary scale due to what they see as “injustice and unfairness” compared to their peers in other ministries that give much higher allowances. Employees have threatened to continue the demonstrations if the procrastination and procrastination of their rights have continued since 2008.

The capital Baghdad and a number of governorates witnessed periodic demonstrations demanding the amendment of the salary scale, as thousands of employees went out in mass demonstrations heading to the Green Zone in the center of the capital demanding the amendment of the salary scale in light of the high annual inflation rate.

Prime Minister Mohammed Shia Al-Sudani describes the file of amending the salary scale as a “sensitive matter”, stressing working to “reach a formula for achieving justice.”

https://shafaq.com/ar/اقتصـاد/العراق-يعد-خطة-خاصة-لرواتب-موظفيه-تكلف-10-تريليونات-دينار

LATEST FROM JON DOWLING, 29 AUGUST

 JON DOWLING

Well folks it’s official: the current and soon to be former Central bank Governor of Iraq Ali Allaq announced in DC that Iraq is ending the currency auctions this year! That means the dinar is official reinstating this year and sooner than later. We’re moving forward folks.

Israel also told PM Sudani f he wants a second term, he has to reinstate the Dinar globally. Keep praying and staying on gratitude! 

@JonDowling

---

Jon Dowling

 Cue the song by Europe- The final countdown! We're awaiting several events over the next four weeks to occur.

 Namely XRP to be fully released by the SEC that they will not appeal the case.

 The Dinar to reinstate, 

cryptos to start the bull cycle after the fifty basis point interest rate starts on September 18th and the deep state tries to arrest President Trump.

 Putin annihilates Ukraine with the MOAB and then runs with XI into Taiwan for the China Taiwan short invasion. Exciting times just around the corner.

https://dinarevaluation.blogspot.com/2024/08/were-awaiting-several-events-over-next.html

Evening News with MarkZ. 08/29/2024

DINAR REVALUATION REPORT: Central Bank of Iraq's Unannounced Visit to the United States in August 2024, 29 AUGUST

 Central Bank of Iraq's Unannounced Visit to the United States in August 2024

The Central Bank of Iraq (CBI) embarked on a discrete visit to the United States in late August 2024, focusing on discussions about the Iraqi banking sector and its evolving dynamics. 1 This trip, led by Governor Ali al-Alaq, aimed to address key issues surrounding the restrictions placed on the use of the US dollar by private Iraqi banks and the implications for future bilateral banking relations. 3

Purpose of the Delegation's Visit

The CBI delegation's primary objectives included reviewing the current state of Iraq's banking sector and exploring the potential elimination of the existing currency platform at the start of the following year. The discussions envisioned a shift towards a reliance on correspondent banks, a move that could tighten restrictions on private Iraqi banks and affect competition in the sector, potentially tilting the scales in favor of Jordanian banks with established American correspondent relationships.  3

Addressing US Dollar Restrictions

A significant part of the agenda dealt with the restrictions on the use of the US dollar by several private Iraqi banks. This issue, among others, has been a point of contention, with the delegation seeking to negotiate and understand the implications and requirements for Iraqi banks operating under these constraints. 5

Consulting for Banking Sector Reform

The Central Bank of Iraq was also in the process of contracting Oliver Wyman, a leading consulting firm, to conduct a comprehensive study aimed at reforming the Iraqi banking sector. The insights from this study were expected to guide future reforms and set a roadmap for the restructuring and improvement of the private banking sector in Iraq. 3

Lack of Public Announcement

Notably, the Central Bank's visit was not publicly announced, leading to surprise among some economists. The timing of the visit was considered crucial, given the ongoing discussions and developments in the Iraqi banking sector. 

Central Bank of Iraq on ‘unannounced’ visit to America, 29 AUGUST

 Shafaq News / An informed source revealed, on Thursday, an unannounced visit of the Central Bank of Iraq that is currently taking place to the United States of America, to discuss the developments in the Iraqi banking sector.

The source told Shafaq News that a delegation from the Central Bank of Iraq, led by the Governor of the Central Bank Ali Al-Alak, and a number of directors general, are visiting the United States of America, since the 26th of this month, to discuss the developments of the banking sector and the restriction on the use of the dollar imposed on a large number of private banks.

He pointed out that the Central Bank delegation discussed the abolition of the platform at the beginning of next year, and relying on correspondent banks, which will increase the imposition of restrictions on Iraqi private banks, and abolishing competition completely in favor of Jordanian banks that have American correspondent banks.

The source pointed out that the Central Bank is close to signing a contract with Oliver and Iman, the consultancy for the Iraqi Development Path, to conduct a study on the reform of the Iraqi banking sector, in order to adopt it by the Central Bank in the coming period, and consider it a roadmap for the reform of the private banking sector.

On the other hand, a number of economists were surprised that the Central Bank of Iraq did not announce the visit to America, especially as it comes at a very important time.

https://shafaq.com/ar/اقتصـاد/البنك-المركزي-العراقي-في-زيارة-غير-معلنة-لى-مريكا

Gifting Letter for Currency FROM MARKZ, 29 AUGUST

Gifting Letter for Currency

(Template)

Date:

To: [name and address of person being gifted the currency]

I/We [name of gift-giver(s)] intend to make a GIFT of $ [dollar amount of gift or currency to be given: ex: Dong, Dinar, Zim ect] to [name(s) of recipient(s)] , my/our [relationship, such as son or daughter] , to be applied toward the purchase of property located at: [address of the house you’re buying, if known] .

There is no repayment expected or implied in this gift, either in the form of cash

or by future services, and no lien will be filed by me/us against the property.

The SOURCE of this GIFT is: [describe the investment, bank, or other account the

gift is coming from] .

Signature of Donor(s): ________________________

Print or Type Name of Donor(s):

Address of Donor(s): Street, City, State, Zip:

Telephone Number(s) of Donor(s):

Email Address of Donor(s):