LATEST FROM MARKZ: " ..TOMORROW COULD BE OUR BIG DAY" , 3 SEPT

 MarkZ   

[via PDK]

  There is a lot of chatter about tomorrow being our big day. Guess we will find out then-if not sooner. Today banks are closed...

My Iraq folks are bouncing with anticipation for the next 3 days.We are hearing all kinds of rumors that everything started ripping yesterday and they are “releasing the hounds of the RV”...Tons of rumors. Tons of contacts saying “This is it”...  

Guess we will find out tomorrow...Stay calm...But I can tell you I’m blown away by the number of people convinced it's all about to be seen.

--

"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 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