"Strong Economy, Strong Dinar" in Iraq: Insights from Economist Al-Badrani
As of August 30, 2024, discussions surrounding the Iraqi economy and the potential strength of the dinar continue to be influenced by various factors. An article titled "Strong Economy, Strong Dinar" by economist Al-Badrani offers insights into the relationship between economic stability and currency strength in Iraq.
Economic Stability and Currency Strength
Al-Badrani emphasizes the critical link between a strong economy and a strong national currency. Iraq, as a country heavily reliant on oil revenues, faces challenges in diversifying its economy and ensuring fiscal sustainability. The economist argues that a diversified economy, reduced oil dependence, and fiscal adjustments are crucial for long-term economic health and the strength of the dinar.
Recent Economic Reforms
In June 2023, Iraq's parliament approved a record-breaking three-year budget totaling 198.9 trillion Iraqi dinars (approximately US$153 billion), marking the largest in the country's history and the first multiyear budget. This move is viewed as a step toward addressing unemployment, poverty, and improving government services, which are key to enhancing the economy's resilience and the dinar's strength.
Challenges and Opportunities
Despite these reforms, Iraq faces significant challenges, including pervasive corruption, inadequate public services, and political instability. These issues have hindered economic progress and contributed to public discontent. However, there are positive strides in human rights and governance, which could potentially create a more stable environment for economic growth.
Perspective on Currency Value
Critics argue that the current forex rate for the dinar does not accurately reflect the true value of the currency given Iraq's oil economy. Al-Badrani's article suggests that the dinar's value is suppressed, and a more realistic rate would better represent Iraq's economic potential.
Path Forward
Al-Badrani's article highlights the need for Iraq to progress economically to strengthen the dinar. This includes private sector development, labor market reforms, financial sector modernization, and restructuring state-owned banks. Addressing these areas could lead to higher economic growth, a stronger dinar, and reduced vulnerability to oil price volatility.
Conclusion
The strength of the Iraqi dinar is inextricably linked to the country's economic health. Al-Badrani's analysis underscores the importance of comprehensive economic reforms and diversification to ensure long-term stability. As Iraq continues to navigate its economic challenges, the strength of the dinar will remain a key indicator of the country's overall economic performance.
FIREFLY:Saleh on TV right now and he just told us that the project to delete the zeros is ruled out at this present time...Then he turns around and says we need to reduce the amount in the budget from trillions to billions and then ends the conference talk by saying many have called for the removal of the three zeros which would increase the dinar...We are both in shock and stunned because he said one thing and then he said another thing.
FRANK: What he's telling you is exactly right...it doesn't make any sense...This is B.S. It is a lie...Trust me, nothing is stopping the purchasing power that is coming to you Iraqi citizens. Nothing...China did the same thing back in the 90s...They came out with a full page article in their newspaper saying there were not sign to increase the value. 3 days later they increased the value.This may be the same scenario. A diversion for speculators.
Al-Sudani Directs Formation of Committee to Review Financial and Legal Observations on Oil Companies' Transfer
In a significant move, Iraq's Prime Minister, Mohammed Shia al-Sudani, has taken the initiative to establish a special committee aimed at scrutinizing the financial and legal implications of the decision to transfer oil companies. This decision comes within the broader context of al-Sudani's efforts to reform and stabilize Iraq's economy, which heavily relies on oil revenues.
The Need for Review
The review process is crucial for ensuring that the transfer of oil companies aligns with Iraq's national interests and complies with international standards. By directing a thorough examination of the financial and legal aspects, al-Sudani demonstrates a commitment to transparency and good governance.
Financial Observations
The financial impact of transferring oil companies involves assessing the potential gains and losses for the Iraqi economy. This includes evaluating the companies' current contributions to the state budget, potential revenue from the transfer process, and the long-term economic benefits or drawbacks.
Legal Observations
The legal review will focus on ensuring that the transfer is conducted according to Iraq's laws and regulations. This includes confirming that all parties involved adhere to contractual obligations and that any legal frameworks governing the transfer are respected.
Committee's Role
The committee tasked with reviewing the financial and legal observations will have a comprehensive mandate. It will be responsible for analyzing the implications of transferring oil companies and providing recommendations to the Prime Minister. The committee's findings will play a crucial role in shaping future policies regarding the oil sector in Iraq.
Impact on Iraq's Economy
Iraq's economy is heavily dependent on oil revenues, making the committee's review a critical factor in the country's economic stability. The outcome of the review could influence future investments, partnerships, and the overall direction of Iraq's energy sector.
International Relations
The decision to transfer oil companies and the subsequent review by the committee could also impact Iraq's international relations. It signals to global partners that Iraq is committed to prudent management of its resources and to maintaining a stable economic environment.
Conclusion
Prime Minister al-Sudani's directive to form a committee for reviewing the financial and legal observations of the decision to transfer oil companies is a significant step toward ensuring Iraq's economic stability and compliance with international standards. The review process will be closely watched by both domestic and international stakeholders as it could have far-reaching implications for the future of Iraq's oil industry.
Al-Sudani Directs The Formation Of A Committee To Review The Financial And Legal Observations Of The Decision To Transfer Oil Companies
Local | 03:25 - 08/31/2024 Mawazine News – Baghdad Prime Minister Mohammed Shia al-Sudani directed today, Saturday, to form a committee to review the Cabinet's decision to transfer the salaries of the Ministry of Oil companies to central financing.
Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani said in a statement received by / Mawazine News /, "The government and the Ministry of Oil, in their keenness to support workers in the oil sector, Prime Minister Mohammed Shia al-Sudani directed to form a committee to study and review all financial and legal observations of Cabinet Resolution No. 24600 of 2024
and correct it in a way that ensures the preservation and non-touching of salaries, incentives and profits of members of oil companies and formations."
He added, "This came based on the observations of the Ministry of Oil pursuant to its letters No. (W/644 on 8/21/2024) and (W/666 on 8/28/2024)," stressing that "this issue is receiving attention and follow-up from the leadership of the oil sector, which confirms its keenness to support the rights, duties and interests of workers in oil companies and formations, in a way that ensures a free and dignified life." https://www.mawazin.net/Details.aspx?jimare=254245
Welcome everybody to the big call tonight. It is Thursday, August 29 and you're listening to the big call – welcome everybody all over the globe, everywhere that you can hear my voice in big call universe, and we should be averaging well over 17 and a half million listeners internationally, not including our US and maybe Canadian citizens, but whatever our listeners here, let's do this. I'm going to pray the call in
Okay, let's get into intel a little bit. All right. First, you know how we used to have, like Tuesday night, we didn't have any rates on the bank screens. And what's interesting is now we have grayscale which means you can't read the rates on redemption center screens, which we could see last Tuesday, but tonight, we can only see bank screen rates, which are not the highest rates, by the way, now all that's going to change over the weekend, so don't worry about it.
But I'm just saying right now that'll all change. But for right now, redemption center screens are gray scale. You can't read them.
The bank rates not on line last Tuesday are on today. So what that just tells us, remember how we were trying to get the quantum financial system fully implemented throughout the globe. Guess what?
We heard a thought that the globe, the global financial system based on asset backed gold backed currencies, is fully implemented and ready to go – okay - So what's the status.
Okay, so that's a great thing. It's all good. And that happened, very much. Probably pretty close, 8 clock, Eastern tonight. As I got the call is, like, five minutes after eight, and Eastern time. I said well . That's, that's great. that's great, because that just happened. So that's great news for us.
That's something we were waiting too happen – and not only the redemption center which we had last Tuesday - fully integrated - But now all the banks, tier 1234, all over the globe, all banks, everything is totally, totally integrated. And that's great news. We've got that
Now - a point about rates. Somebody is saying, Oh, you you can't the rates that you're going to get are going to be the same at redemption centers as they are in banks. No, they're not. They're not going to be the same at all.
In fact, just the screen rate at banks on the dinar three times higher on redemption center screens, 3X higher on the dong -. We've got a rate on the bank screen, going to be twice as high in the redemption center.
Yes, I know what those rates are, but I'm not going to be able to bring them up tonight. Trust me when I tell you, you want to call the toll free number when it's available, you set up your exchanges and redemption of zim at the redemption centers.
And the next thing I've got about that is the toll free number - when you call it and you're getting a call center, one of 3 call centers - I think they're going to do it east coast. I mean Eastern Time, central time, Mountain Time, and Pacific.
And I don't know what they're going to do as far as Hawaii and Alaska goes as far as the timing on that, but by calling the 800 number, you'll be able to find out, and you'll get, I believe it's going to be An AI generated response to you
So my point in saying this is, if we call on a day that happens to be, for example, Labor Day here in the United States, you might just get an AI generated system that allows you to put in your numbers, put your zip code, because they have all the zip codes in the in the US, and probably I can't speak to Canada, but I believe Canada can use that number and see what happens
Canada? We know that for Canada, while I'm on that subject is HSBC is the lead bank in Canada with RBC to have merged with Scotia Bank. I'm gonna say a yr ago might be less than that. Scotiabank the secondary bank along with RBC merger in the Scotia and I think those that's a great backup bank, if you will In addition to HSBC,
HSBC is the biggest bank that's being used internationally. But we also have Banco Santander, Santander Bank for Latin America - they are a go to bank as well. And I'm thinking that's it should be I’m not positive. I think that's going to be Mexico, Central America, South America, all on Santander Bank.
Truist bank is also a major Tier 1 bank now because they merged with SunTrust Bank, and truist is also player as well. But if you're in the continental US, you don't have to worry about it. You just dial the number, put in whatever your information is going to be, and you will get directed to a redemption center close to your zip code - It might be 30 or 40 minutes away.
It could be five minutes away. You shouldn't have anybody Way Out West, where the driving distances are longer. You shouldn't have to drive more than let's call it 60 - 70 miles, maybe 80, maybe in Montana or Wyoming, or in some other states, you know, where you got some really long distances, but you got realized in Texas, which is a whole other country, or could be, you know, you could drive an hour and a half and not be at the end of your ranch - I think it's crazy - It's true with some of those places. All right, so that's what's going to happen.
Now let's, let's nail this timing down a little bit. All right, we've got information pointing to us getting notified. Well, let's go back -- on Sunday night, after the Forex on that five o'clock Eastern the Forex opens back up for trading.
And so we're going to see all new rates on all currencies Sunday night. Now we're not going to see them at the people going into the redemption centers would see them, and if anybody's happy to go into their bank – these are workers, not us on Sunday, they might see new rates.
They should see all brand new rates Sunday night period. Now – we would see them, probably Tuesday since Monday is a holiday. But my belief is - we don't have this absolute, but my belief is we can get notified on Monday which is is labor day here in the United States - and then set our appointments and start on Tuesday.
Tuesday's the third of September. So be prepared to look for that, that scheduling, that could be what we're looking at there. All right, let's go back and see what else we want to bring out.
Jeannie always prompts me on a few things like RNR and debt relief and all that. Okay, here's the latest information from this evening on debt relief on this is mortgages being zeroed out - and Credit card debt eliminated.
Those two are going to crank up, starting the fourth, fifth and sixth of September – and if my calendar is right, that is Wednesday -Thursday and Friday of next week, that's when that stuff's coming out, and it takes all the way to the 15th of September to complete. So if you don't get to your credit card heavily wiped out, or you don't need anything from the bank about your mortgage - you know, at least let it happen between the fourth, fifth, sixth and the 15th.
It will take a while to get all of that done. That's definitely debt jubilee, and maybe you'll be fortunate enough to get an announcement about complete debt lease. All right, I'll be looking for that.
What about R&R? I call it restitution reclamation allowance. That is supposed to kick in in the first week of September, which is next week, sometime in the first week. Now it may again, not be there for all of us, but it should be there within that first week, which starts for us a banking week the main week - It starts, of course, on Tuesday, which is the third, so third, fourth, fifth, sixth, seventh, somewhere in that range, we should get R and R, Restitution, Reclamation allowance.
Now if you're exchanging, your R&R is already in, in fact - everybody's already in their quantum accounts, quantum accounts. So if you're exchanging, you need to get an appointment for your exchanges and redemption of Zim.
And then you should have - when you're getting into your quantum account card, you should be able to see that balance that is already in your quantum account. And then what you'll do is you'll go through your exchange, you'll get your zim done, you'll get your currencies done, and you'll be you'll be loaded up with an amount that will go into your quantum account, on top of your R&R, or in addition to your R&R - Then you can move.
So what it amounts to is you're going to be able to see that total in your account and then move whatever funds you think you're going to need for the first 30 / 60, or 90 days. And keep changing that a little bit. Sometimes it's 30 days, sometimes it's 90 days. We'll see what it is. Don't worry about it.
You'll be able to move plenty of money that you won't be able to spend in the first 60 to 90 days. But you will be able to move some of that money
And you might, maybe, maybe not, a billion dollars into what I call your master account, your primary account at Wells. And then if you've got LLC, your projects, or you've got trust, set up your projects. What ever you.ve got set up You can set up individual bank accounts for those LLC - that's what I'm going to do for LLCs, and I'm going to set up bank accounts for each one of those. They're all under my master trust, okay, and my primary account would be under my master trust from that.
So let's see what else.
Yeah, all right what’s going on right now is there are global arrests that are taking place that we're pretty far along on, but we need to get further along as a percentage - so that we can go forward - And I can tell you, we're at the point right now where we don't have that far to go to get to the number that they want to say before they release everything to us
I think we could easily make it by the weekend, which could be Saturday, could be Sunday, could be Monday. But here's the beauty of it, the forex you know, closes down tomorrow at five o'clock for 48 hours - it comes back up Sunday evening at five. And then, you know, we'll have all brand new rates coming up then after it's been on forex. They'll be brand new rates.
We have 15 rates on trade right now, because, the Iraq dinar it's not on that right now. But, it would be up ou know, my guess we have Sunday, it'll be coming in Sunday, and it'll probably be traded, you know, internationally, as an international currency on Sunday at five o'clock our time. Now trade earlier in other parts of the world, but for us, our traders here will start on starting at five o'clock Sunday evening. And it would be the benefactors of that at the redemption center when we set our appointments
So I think Monday is in play for receiving our toll free numbers, and, you know, by email and calling the AI generated call center. And maybe we'll get to a human being. Let's see. I think money we will probably raise that one way that could be the case for certain people that might have dong or the dinar
– The dinar rate is set for them to offer that to us at the contract, which is terrific, and as long where it'll be twice what the banks rate is, and I know what it is, and it's good, it's expected to be very good as well anymore, yeah, it'll be very good, which will so I can tell you that the zim is on par.
There's no restriction on two nodes of this, and the rest of it is that that's all BS, you know, that's just the Cabal putting out stuff, trying to get you to not buy more or whatever. I can see that.
But point is, you know, don't go to banks. Just use the redemption center. By the way, if you go to redemption center, as you're getting ready to go, they're going to give you a - if you're a zim holder, you will get a free queue. phone
And that's a basically a satellite phone that work from anywhere. And it works off the satellite system works off the we call the Starlink satellite System - So that'll be good for us and it's going to be something you don't ask questions about you just get home. And we'll figure it out. We'll figure it out when we get home - They are not giving us a lot of information about it, right?
So you guys have plenty of written notes down to remember, I hope I remember everything when I go in there. Think I will. And you know, it's not supposed to take more than 30 or 40 minutes for an appointment - So just consolidate your information. Make your presentation on your project, or projects very concise.
I mean no more than five minutes - you know, they want to hear what you're going to do. They don't have time to detail into a lot of detail about it. Just realize that, you know, it's something to be working on, and it's all going to be good. There's no reason to worry about it – you’ll be fine
Now, I think that I've covered everything I wanted to cover tonight, covered what Jeannie said. The only thing I don't want to say Social Security increases will be in September.
I think they will be and that means it should start first week September, if you're if you first Wednesday, but I think we should get it in the month September. We should get NESARA – GESARA yeah it would have been nice to get out is what, Charlie was working on exclusively on that now, we should get our R & R - debt jubilee - already for some people, we had a call today, someone that my head knows definitely one credit card, two credit cards, it may be happening in some areas already,
I think right when this came through, so mortgage zeroed out. Maybe a letter from our lending institution on that. So, look at your snail mail - I don't know if it's gonna be certified or registered but however it comes, if you get one from lenders, probably a good thing not a bad thing So Im going to say – that’s really what I had to say to everybody tonight,
Is this our last call? It is if we get the numbers over the weekend, or it's Monday, or whatever. Yep – I hope so - I know you guys are tired of hearing me, but let's be honest, this intel changes from day to day, and I'm just believing that we finally at the end.
And there's so much good stuff coming out with Iraq with their new rate coming up Sunday, international rate, and we’ve been occupied one floor in the Central Bank of Iraq. And we vacate that on Saturday. We no longer will be in that CBI on Saturday. I believe they're backing up Saturday, moving out. And remember the first business day for Iraq working day is on this Sunday.
So that’s good news too I just think we're all ready for this.to go don’t you - I am. I think we all are. Let's start off. -- I want to just say I want everybody to have a good Labor Day on Monday, you grill out Monday – you be careful with that. That's a great thing to do.
Most swimming pools where I grew up closed on Labor Day. That was the last day, I think it was the last day you could swim in the community pool. I don’t know where you live or whether that's still the case.
College has started in some areas already. Used to love when we went back to high school, we started back. It was actually after Labor Day - nowadays, kids are starting back in the second and third week of August. What's wrong with that picture? I didn't set the calendar for the schools, but I liked it when we when we got a way to go back to college, and we need to go back to class in high school until after Labor Day .
All right, let's go ahead and pray the call out. Thank you everybody. Thank you Sue, thank you Bob and thank you listeners Big Call universe all around the globe . And we are going to have a really great start in September. It looks like and I'll be you know you guys we will be in touch with you about projects, about veterans, retreat network and about the pastorial network. We will send out emails
But I want everybody to chill for at least two weeks after this goes maybe through most of September, because you're gonna have stuff to do. I'm gonna have stuff to do, and we'll touch, you know, we'll be in touch. We'll probably get together reading as we're doing some things, I think. But finally, let's rest after this. Have a good weekend, a great Labor Day and in the future. Okay, all right, everybody, thank you so much .
