KTFA FAMILY... READ THIS ARTICLE CAREFULLY & UNDERSTAND THE MISSION FOR ALAQ IN NY... HE MUST COME BACK SUCCESSFUL!!! BY FRANK26

 KTFA

FRANK26:KTFA FAMILY... READ THIS ARTICLE CAREFULLY & UNDERSTAND THE MISSION FOR ALAQ IN NY... HE MUST COME BACK SUCCESSFUL!!!

Economist: Kurdish traders' entry into the dollar selling platform contributed to lowering the exchange rate - Urgent

8/31/2024

Baghdad

Today, Saturday (August 31, 2024), the economic expert and academic at Cihan University, Nawar Al-Saadi, said that Kurdish traders benefited from the Iraqi government’s official dollar selling platform and contributed to reducing the exchange rate.

Al-Saadi told Baghdad Today, "There is an entry of traders from the Kurdistan Region into the official dollar selling platform, and these traders benefited from obtaining the dollar at the official exchange rate, instead of buying from the parallel markets that witness higher prices," indicating that "this influx of dollars into the market contributed greatly to increasing the supply, which led to reducing the price."

“The issue is not limited to this factor alone, as Iraqi markets suffer from frequent fluctuations due to economic and political instability, and speculators exploit any change in the market to achieve quick gains, which increases chaos in the exchange market,”  he added, noting that “rumors about possible changes in the exchange rate have prompted many to sell the dollar at low prices for fear of future declines, which has increased pressure on the dollar price.”

Al-Saadi said, "There are ongoing discussions between the Central Bank of Iraq and the US Federal Reserve, which could have a significant impact on the exchange rate," stressing that "the results of these meetings will be decisive in determining the future direction of the dollar price in the Iraqi market. If specific agreements are reached, we may see significant changes in the exchange rate based on those results."

It is noteworthy that the financial affairs specialist, Nabil Jabbar Al-Tamimi, confirmed on Saturday (August 3, 2024) that the dollar exchange rate in the parallel market will remain higher than the official price due to the failure of the Central Bank to find solutions for black transfers.

Al-Tamimi told Baghdad Today, "The continued rise in the dollar exchange rate in the parallel market is due to the continuation of black transfers to finance some foreign trade by some merchants, without finding any solutions for these merchants by the Central Bank of Iraq."

He explained that "the Central Bank of Iraq is required to find quick solutions and procedures for these traders, especially small traders, who have almost daily trade with Iran, Syria and some other countries banned from dealing in dollars."

He pointed out that "these traders are moving towards the black market in order to finance their trade, and this is what leads to the exchange rate remaining high in the parallel market by a large difference from the official price, and this is the responsibility of the Central Bank, as it is responsible for this file."

The dollar exchange rate returned to rise relatively today, touching 150 thousand on the stock exchange, maintaining this level since Eid al-Adha, where it rose from 1450 dinars to around 150 thousand dinars or less, and has stabilized in this range until now.

LINK

"THE DELETING THE ZEROS PROJECT IS BACK IN MAJOR CONVERSATIONS IN IRAQ" BY MARKZ, 2 SEPT

  MarkZ 

  [via PDK]

  The Deleting the zeros project is back in major conversations in Iraq.

 I want to make certain you all know how that process works. They raise the purchasing power…they increase the purchasing power of the dinar. Then they issue lower denominations.  They do not just chop off the zeros…..but using the large 3 zero notes would become unwieldy. They have been very clear on this from government documents, Sudani and Shabibi.

 MarkZ 

  [via PDK] 

  Comment:   ...13 Iraqi banks now trading international currency.  MarkZ:  I think that one is very important. They can now exchange back and forth in different currencies. The mechanism to exchange foreign currencies went live …I think this one is huge.

  I did get an update this morning from a redemption center contact. They very much still expect to be called into work this weekend.  Their chain of command said to expect to work before Tuesday.  This is excellent news.

 ...my redemption folks...are on call…but they have been told to expect to work at some point over this long weekend. Since it's Labor Day Weekend…This is unusual.

https://dinarevaluation.blogspot.com/2024/09/rv-update-by-markz-2-sept.html

Iraq's Bold Move: Oliver Wyman to Revamp Banking & Infrastructure!

"ALAQ IS IN NEW YORK FOR THE SUCCESS OF THE MONETARY REFORM" BY FRANK26, 2 SEPT

 KTFA

FRANK26: "ALAQ IS IN NEW YORK FOR THE SUCCESS OF THE MONETARY REFORM"........F26

Central Bank meets with electronic payment companies and contracts with an international auditing firm in New York

8/31/2024

 

 Baghdad
 

The Central Bank of Iraq confirmed on Saturday that its governor, Ali Mohsen Al-Alaq, met with a number of electronic payment companies and signed a contract with an international auditing firm in New York.

The Central Bank said in a statement, seen by "Economy News", that the Central Bank delegation "headed by the Governor of the Central Bank Ali Mohsen Al-Alaq to the United States of America, discussed the use of electronic payment cards and ways to regulate and stimulate their use in line with Iraq's move towards electronic payment."

Al-Ban added that this came "during separate meetings with a group of companies such as (Visa, Mastercard and MoneyGram), as the international auditing firm (KPMG) presented an extensive analytical presentation of the uses of these cards, reinforced with recommendations and proposals to enhance organized use and accommodate the significant increase in citizens' use of these cards."

The statement stressed that the parties praised "during the negotiations the important steps to enhance the banking sector reforms, the most important of which is the contract that the delegation of the Central Bank of Iraq concluded with the company (Oliver Wyman) to conduct a comprehensive review of the conditions of Iraqi banks, especially banks prohibited from dealing in the US dollar, as the company will work to develop practical solutions to reintegrate these banks into the Iraqi and international banking sector, in addition to improving the level of banks' procedures in line with international standards, as this initiative aims to facilitate the process of establishing direct banking relations, and improve the quality and type of services provided by banks to serve the Iraqi economy, as the company is scheduled to start its work in the coming period."

LINK

LATEST BY CLARE, 3 SEPT

  Clare 

  Article: "Oliver Wyman Company and lifting sanctions on banks banned from the dollar "  Quote:  "A firm like Oliver Wyman can therefore help sanctioned Iraqi banks understand the sanctions imposed on them, work on strategies to mitigate their impact, and even help remove these sanctions in some cases."

---

Clare 

 Article: ”The Central Bank announces the participation of Iraqi banks in external transfers in multiple currencies"  

Quote: "The delegation of the Central Bank of Iraq in New York announced the start of the new phase of foreign transfer operations with the participation of (13) Iraqi banks"

 Article: " "Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency"

 Quote: "Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions...Explained that the three zeros added price and monetary inflation to the currency, starting with the Iran-Iraq war...generated inflation in the value of the currency.  

He pointed out that when prices rise, we need larger denominations of money to maintain the equivalence between price and money. For example, due to price inflation, 25 Iraqi dinars have become 25,000 dinars.  Saleh pointed out the importance of reducing the calculations that have reached trillions in recent years..."  

Article Continues "...adding that the process of raising three zeros does not only mean the value of the currency, but also the calculations and statistics...Removing three zeros from the currency, globally, requires two conditions: political stability and economic stability. 

When these two factors are available, countries resort to removing zeros from their currency, adding that the value is fixed and not affected. Rather, it is a relative change....The project to remove three zeros we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies.

https://dinarevaluation.blogspot.com/2024/09/latest-by-clare-2-sept.html

LATEST BY CLARE, 2 SEPT

  Clare 

 Article: ”The Central Bank announces the participation of Iraqi banks in external transfers in multiple currencies"  

Quote: "The delegation of the Central Bank of Iraq in New York announced the start of the new phase of foreign transfer operations with the participation of (13) Iraqi banks"

 Article: " "Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency"

 Quote: "Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions...Explained that the three zeros added price and monetary inflation to the currency, starting with the Iran-Iraq war...generated inflation in the value of the currency.  

He pointed out that when prices rise, we need larger denominations of money to maintain the equivalence between price and money. For example, due to price inflation, 25 Iraqi dinars have become 25,000 dinars.  Saleh pointed out the importance of reducing the calculations that have reached trillions in recent years..."  

Article Continues "...adding that the process of raising three zeros does not only mean the value of the currency, but also the calculations and statistics...Removing three zeros from the currency, globally, requires two conditions: political stability and economic stability. 

When these two factors are available, countries resort to removing zeros from their currency, adding that the value is fixed and not affected. Rather, it is a relative change....The project to remove three zeros we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies.

'Everybody Should Be Excited!'🚩Redemption Center on Stand By?🤔Dinar RV U...