DINAR REVALUATION REPORT: Central Bank of Iraq and the Iraqi Dinar's Forex Market Presence, 30 AUGUST

Central Bank of Iraq and the Iraqi Dinar's Forex Market Presence

The Central Bank of Iraq's (CBI) restrictions on the exchange and trading of the Iraqi dinar (IQD) have been significant factors in the currency's absence from the Forex market. 1 These limitations have made it challenging for Forex traders to access and trade the IQD, affecting its liquidity and appeal as an investment option. 1 As of August 30, 2024, the CBI's policies toward the IQD remain restrictive, impacting its potential for inclusion in the global foreign exchange markets. 1

Iraq's Shift in Currency Policies

In a recent development, Iraq has announced plans to restrict all internal trade to the Iraqi dinar from the following year. 6 This policy is designed to help control the black-market exchange rate and reduce the country's dependence on the US dollar. 6 The Central Bank governor, Ali Al Alaq, has stated that the new measures align with international standards and anti-laundering laws.  6

Impact of US Regulations

US regulations governing international money transfers have played a significant role in Iraq's decision to reevaluate its currency policies. 2 Since November 2022, stringent US measures have been in place to curb the diversion of US dollars to Iran, Syria, and Lebanon via Iraq's Central Bank foreign currency auction. 2 These actions have contributed to the fluctuating black market exchange rate and increased demand for dollars in Iraq. 2 The US Federal Reserve has also blacklisted several Iraqi banks suspected of money laundering and suspicious transactions.  6

Iraq's Response to Currency Instability

In response to the currency instability, Iraq has taken steps to strengthen its financial system and counter illicit finance. 3 The CBI has increased overseas dollar transactions through the official global SWIFT system, which has resulted in a significant rise in regulated transactions. 4 The central bank's vice governor, Ammar Khalaf, reported that transactions through the electronic platform have grown from 200 million, which reflects the size of Iraq's economy. 4

Money Changers' Strike

Iraqi money changers have responded to these restrictions by initiating a nationwide strike earlier this month, protesting the central bank's policies. 5 The Coordination Committee for Money Exchange demanded that the central bank rescind limitations on foreign currency trading and provide greater industry support. 5

Outlook for IQD's Forex Market Presence

The future of the IQD in the Forex market remains uncertain. 1 The CBI's ongoing efforts to control the black market and stabilize the dinar's value may eventually lead to a change in restrictions and a potential increase in the currency's liquidity. 1 However, as of August 30, 2024, no official announcements have been made regarding any changes to the current restrictions on IQD trading in the Forex market. 1

"THE CBI IMPLEMENTED RESTRICTION ON THE EXCHANGE AND TRADING OF THE IQD" BY SANDY INGRAM, 30 AUGUST

 Sandy Ingram 

 ...Important reason the IQD is not on the Forex Market is that the Central Bank of Iraq has implemented certain restriction on the exchange and trading of the Iraqi dinar, making it less accessible for Forex Traders...Will the CBI change these restrictions and allow the IQD to be traded in the Forex market?  

[We] do not have an answer to this question.  We hope so.

Sandy Ingram  

 Building and growing your financial bases will be easier when you have money...The name of the game to replenish your wealth means that you invest in positive cash flow business ventures even if you go out and buy a Pizza Hut just as long as it has a positive cash flow to help support your lifestyle that you would like to live in.  

You replenish your wealth by investing in business ventures that will bring you more monthly income.  That's how you maintain and generate and grow your wealth.

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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

V

ALAQ CONFIRMS 3 ZEROS NOTES TO COEXIST FOR A DECADE 2024

Iraq signs agreement with two international companies to improve water management, 30 AUGUST

 Shafaq News / The Iraqi Ministry of Water Resources announced on Wednesday the conclusion of a contract with two foreign companies for the purpose of “securing a sustainable water future, developing irrigation systems and addressing the impact of climate change on rivers, without disclosing its financial cost.

This came during the chairmanship of the Minister of Water Resources Aoun Dhiyab Abdullah of the first meeting of the steering committee to launch the first modernization project for the strategic study of water and land resources in Iraq, in the presence of the Italian Ambassador to Iraq Maurizzio Griganti, MP Sanaa Al-Luhaibi and the Committee on Agriculture, Water and Parliamentary Marshes on the Public Hall of Irrigation and Reclamation Projects.

The Minister of Water Resources said during his speech that “the ministry contracted with the coalition of the Italian companies Hydronova and the Jordanian Concord to launch the project of updating the strategic study related to the preparation of a national road map for the development of water resources and the development of their use, while referring to the determination and establishment of the time program for the implementation and rehabilitation of the infrastructure necessary to achieve water and food security, energy security and environmental conservation.”

He added that “water resources are a vital artery for the sustainability of economic, social and environmental development, while in light of the accelerated climate changes, population increase and challenges, it was necessary to update the strategic study to adapt to changes and realities on the ground and face current and future challenges.”

He explained that “the success of the project depends largely on cooperation between all concerned authorities in the water sector and the unification of efforts to achieve common goals and implement their outputs in order to build a sustainable future for our future generations.”

For his part, the Italian ambassador said, “The project is a decisive step towards securing a sustainable water future for Iraq, as well as developing vital irrigation systems, addressing the impact of climate change on rivers, addressing salinity in the Shatt al-Arab and enhancing the capacity and safety of the Mosul Dam and all Iraqi artificial water basins.”

The ceremony was also interspersed with the presentation of an explanatory film highlighting the achievements of the strategic study and the main areas of modernization, and a speech by Andrea Kataruzi, head of the advisory group to prepare the study.

https://www.shafaq.com/ar/سیاسة/العراق-يوقع-اتفاقية-مع-شركتين-دوليتين-لتحسين-دارة-المياه

IRAQ BOOTS ON THE GROUND REPORT BY FIREFLY, 30 AUGUST

 Frank26  

[Iraq boots-on-the-ground report] 

 FIREFLY: They tell us no matter what the dinar is stable and it is strong.

  FRANK:  A program rate is not stable or strong...It's completely  worthless.  It's not strong.  It's not stable.  What are they telling the citizens? 

 FIREFLY:  New changes once they are implemented and take hold it will be a backbone of security for our economy and our banking system.  

FRANK: That's why Alaq is in  New York right now.  Security and stability being established for the monetary reform...What are they trying to tell you?  That you  have a new exchange rate...lower notes coming to you.  None of this is going to work at a program rate.  It can only work with the  new exchange rate to add purchasing power...  

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PROJECT DELETE ZEROS: " THE CITIZENS WON'T EVEN FEEL IT WHEN THEY SWITCH OVER TO THE NEW EXCHANGE RATE"  BY FIREFLY, 29 AUGUST

  Frank26 

  [Iraq boots-on-the-ground report]  

 FIREFLY:Mr. Sammy [Iraqi bank manager friend] said the CBI wants the entire deletion of the 3 zero project to go smooth and have very little impact on the citizens...That's why the whole thing is going digital.  This way the CBI can switch out currencies so easily...  

FRANK:  Brilliant Sudani!  Brilliant Alaq!  Brilliant Dr. Shabibi wherever you may be, Rest In Peace.  

FIREFLY:  It's going to be automated and the citizens won't even feel it when they switch over to the new exchange rate. 

'They won't even feel it' is the words from Saleh.  Saleh also say the solution coming will lower the dollar exchange rate.

https://dinarevaluation.blogspot.com/2024/08/project-delete-zeros-citizens-wont-even.html

OPEC Secretary General's Key Visit to Baghdad: Strengthening Oil Market ...

Oil Minister and OPEC Secretary General discuss cooperation in stabilizing markets, 30 AUGUST

 Economic: Al-Furat News} Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani received on Wednesday the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Ghais.

A statement from the ministry, a copy of which was received by {Euphrates News}, said that “during the meeting, they discussed strengthening and expanding the horizons of bilateral cooperation between the ministry and the Organization of the Petroleum Exporting Countries (OPEC), in addition to cooperation and coordination with allied producing countries from outside the organization, in order to stabilize global markets.”

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) had arrived in Baghdad on an official visit during which he was meeting a number of officials in the ministry and the government.

https://alforatnews.iq/news/وزير-النفط-وأمين-عام-أوبك-يبحثان-التعاون-في-تحقيق-استقرار-الأسواق