IRAQ IS STRENGTHENING THE IRAQI DINAR THRU THE DE-DOLLARIZATION 2024

DINAR REVALUATION REPORT: "THE CBI AIMED TO STRENGTHEN THE IRAQI DINAR" , 3 SEPT

 Impact of Iraq's Currency Basket Diversification on Dollar Demand

In September 2024, Iraq's Central Bank embarked on a significant initiative to diversify its currency basket, marking a pivotal step in the country's financial strategy [1].

 This move was spurred by the successful negotiations in Washington, which underscored the necessity for Iraq to reduce its heavy reliance on the US dollar [1].

 The diversification aims to decrease the demand for the dollar within Iraq's commercial transactions, thereby enhancing the country's economic resilience and sovereignty [1].

Context of Diversification Efforts

Iraq's decision to diversify its currency basket was informed by several factors.

 Firstly, the country sought to mitigate the risks associated with overdependence on the US dollar, given the potential for geopolitical tensions to influence exchange rates [1]. 

Secondly, the Central Bank aimed to strengthen the Iraqi dinar by limiting the dominance of foreign currencies in local transactions [6]. This move was also a response to the illicit activities and tax evasion facilitated by a thriving black market for dollar transactions [6].

Shift in Currency Usage

The Iraqi government's prohibition on the use of USD for domestic transactions in May 2023 was a bold step towards de-dollarisation [6]. 

This was complemented by the decision to permit trade with China to be settled in the Chinese Yuan (CNY), further diversifying the country's currency portfolio and strengthening its economic ties with China [6].

Challenges and Opportunities

The path to de-dollarisation, however, is fraught with challenges. 

Public confidence in the Iraqi dinar is a critical hurdle, with many individuals preferring the perceived stability of the US dollar [6]. 

Moreover, Iraq's financial system and economy must be robust enough to support a transition away from the global reserve currency [6].

Despite these challenges, diversification presents Iraq with the opportunity to enhance its economic independence and reduce vulnerability to external economic shocks [1]. By reducing the demand for the dollar, Iraq can assert greater control over its financial system and potentially stabilize its domestic currency [1].

International Repercussions

The international implications of Iraq's de-dollarisation efforts are significant. Other countries, such as China and BRICS members, have also advocated for de-dollarisation to diminish US economic and political influence [6]. Iraq's move could encourage a broader trend towards diversifying global currency usage, potentially leading to a more balanced international monetary system [6].

Conclusion

Iraq's Central Bank's diversification of its currency basket is a strategic move aimed at reducing the country's reliance on the US dollar. 

By decreasing the demand for the dollar in commercial transactions, Iraq is working towards greater economic stability and independence. 

While challenges remain, the long-term benefits of this initiative could significantly bolster the Iraqi economy and contribute to a more equitable global financial landscape [6].

ABOUT THE SUCESS OF THE RECENT NEGOTIATIONS IN WASHINGTON BY MILITIAMAN, 3 SEPT

 Militia Man 

 Article: "After the success of the recent negotiations in Washington...the Central Bank succeeded...in diversifying the basket of commercial currencies.  Indicating this will lead to a significant decrease in the demand for the dollar...

This meeting with...the Central Bank of Iraq...US Federal Reserve and US Treasury, which lasted for 3 days..." 

 Commercial currencies with the Iraqi dinar.  They're not going to do that at 1310...

When things change everybody's going to be ready to do business with Iraq.

 One of the hopes is Iraq is going to try to work with other countries in the region to defend their currency.

  They're going to try to keep it as stable as they possibly can.  Having flexibility to the exchange rate so they can move it a little bit here and there so they can inject money, take money out or buy and sell the dinar etc is something they've got on their mind.

'RI is Done & Awaiting The Markets Reopening'🚩Are We At The End?🤔Dinar R...

DINAR REVALUATION REPORT: Overview Schlumberger's Training Agreement with Iraq: Enhancing Skills in the Oil Sector, 3 SEPT

Overview

Schlumberger's Training Agreement with Iraq: Enhancing Skills in the Oil Sector. 

In a strategic move to boost the technical and engineering capabilities of Iraq's oil sector workforce, Schlumberger, the world's leading oilfield services company, has signed a cooperation agreement with the Arab Institute for Oil at the Iraqi Ministry of Oil. 3 This partnership is part of the ministry's broader strategy to enhance the skills and expertise of its employees, ultimately contributing to the country's oil industry development.

Key Objectives

The agreement aims to provide specialized training and development programs for the sector's workforce, focusing on technical and engineering skills. 1 By leveraging Schlumberger's expertise, the initiative seeks to improve the performance of Iraq's oil industry employees, which is crucial for the sector's long-term growth and competitiveness.

Stakeholder Perspectives

Deputy Minister for Extraction Affairs, Bassem Mohammed Khudair

Khudair emphasized that the memorandum of understanding aligns with the ministry's strategy to develop technical and engineering skills within the oil sector. This partnership is seen as a significant step towards achieving the ministry's goals in improving workforce performance.

Schlumberger's Executive Director in Iraq, Waseem Al-Azmeh

Al-Azmeh highlighted Schlumberger's commitment to using its expertise to develop the skills of Iraq's oil sector employees. The company views this partnership as an opportunity to contribute to the country's oil industry development and workforce enhancement.

General Director of the Training and Development Department, Hisham Yass

Yass underscored that the partnership with Schlumberger is a crucial addition to the ministry's training program. It will be implemented through the Arab Institute for Oil, which is responsible for certifying training programs and ensuring their alignment with international standards.

Deputy Director of the Arab Institute for Oil, Ghaleb Mohammed Ali

Ali expressed optimism that the collaboration with Schlumberger will help achieve the ministry's objectives in workforce improvement. He sees this partnership as a valuable opportunity for Iraq's oil sector to benefit from Schlumberger's global expertise in training and development.

Potential Impact

The training agreement between Schlumberger and the Arab Institute for Oil is expected to have a positive impact on Iraq's oil sector. By equipping the workforce with advanced technical and engineering skills, the country aims to enhance its oil production capabilities, attract foreign investment, and position itself as a leading player in the global oil market.

Conclusion

Schlumberger's training agreement with Iraq's Arab Institute for Oil marks a significant milestone in the country's efforts to develop a skilled and competitive workforce in the oil sector. Through this partnership, Iraq aims to leverage Schlumberger's expertise to boost the technical and engineering capabilities of its oil industry employees, contributing to the sector's long-term growth and success.

Schlumberger signs Iraq Training Agreement, 3 SEPT

  Schlumberger signs Iraq Training Agreement

The Arab Institute for Oil and Schlumberger have signed a cooperation agreement at the Iraqi Ministry of Oil, focusing on training and development for the sector's workforce.

Bassem Mohammed Khudair, the Deputy Minister for Extraction Affairs, stated that this memorandum aligns with the ministry's strategy to enhance technical and engineering skills.

Schlumberger's Executive Director in Iraq, Waseem Al-Azmeh, emphasized the company's commitment to using its expertise to develop the skills of Iraq's oil sector employees.

Hisham Yass, General Director of the Training and Development Department, highlighted that this partnership is a significant addition to the ministry's training program, to be implemented through the Arab Institute for Oil, which is responsible for certifying training programs.

Ghaleb Mohammed Ali, the Deputy Director of the institute, expressed hope that this collaboration will help achieve the ministry's goals in improving the performance of its workforce.   link

LATEST FROM WOLVERINE, 3 SEPT

  Wolverine 

 [via Judy Byington] 

 Looks like everything has been lined up for Tues. 3 Sept...It’s going to be a shotgun start.  All contracts have been signed. Everything is ready to go. …Tier 1, 2, 3 and 4 banks around the world are fully integrated and ready for distribution. The RV is finally here.

---

 WOLVERINE

Sat. 31 Aug. 2024 Wolverine

 “Looks like everything has been lined up for Tues. 3 Sept. The Precatorias was supposed to go today, but now they are going to go on Tues. 3 Sept. It’s going to be a shotgun start. All contracts have been signed. Everything is ready to go. …Tier 1, 2, 3 and 4 banks around the world are fully integrated and ready for distribution. The RV is finally here. God bless. Your friend, Wolverine”

---

Fri. 30 Aug. 2024 Wolverine

 “I’ve been told that all platforms have been shut down. They are all now getting ready to release payment. Once the Precatorias start all Yellow Dragons Bonds from my platform will cease operations immediately.

• We are finally here after 30 years of waiting. We are actually here and ready to cross the finish line. It will be emotional for all of us when it hits us…

• Let’s start out with intel.. What I have been told is that the Precatorias is about to start this weekend. It is an old debt/money owed to the people of Brazil, and back in 2017, they went to court on this, and they finally won the case, and they will get the funds released, more than trillions of dollars involved.  This is another platform that has associated itself with the RV, globally and this is about to be released on the weekend. The QFS had a hiccup, so it was temporarily delayed.

• Zurich, I was told that this week all will get released. The codes are there so they can all get released. Not much to say as all is ready.

• My sources said the Philippines have started, not sure of the payments, the process?  But they said the engine has started.  East to west. Hopefully that is true.  This is from various sources saying things are coming out from Asia to the West.

• All the private platforms deals are being paid this week as well, by the new week – this is coming from Zurich as well…. Starting by the new week – Monday is Labor Day in the USA, so we are looking from Tuesday onwards

• When the Precatorias gets released, the Yellow Dragons from my platform sales cease immediately. If you are interested in those bonds before they close the doors. This came through last night so I wanted to let you know.

• I got a letter from an official in the Brazil and they are part of the RV process: “We close the week with the following report: the auditors of the World Bank and Peter Wong’s Platforms who arrived in Brazil on 08/27/2024 are packed and ready to return to the U.S.

• Since Monday 09/02/2024 is a holiday in the USA (Labor Day), there is no way to have banking hours on the Reno Platform (Nevada/USA), so it was defined in the meeting within the BACEN on the date of 08/29/2024 that the global START will take place on 09/03/2024 (next Tuesday), when then Brazil 2, the USA and the other countries that will make up this project that covers 47 countries (and their respective Central Banks), after several exhaustive tests and adjustments, will finally be able to synchronize and proceed simultaneously with the release and settlement of the financial operations of which they are part.

• I emphasize that in Brazil the released and approved operations to be paid are LTN and T*A, (like farmer’s claims) which were unified within the same platform).

• I also learned that the deadline for distributing the amounts in the payrolls of the Managers that will be received will begin on 4th of September and extended until 9/13/2024. “

https://dinarevaluation.blogspot.com/2024/08/they-are-all-now-getting-ready-to.html