DINAR REVALUATION REPORT: International Cooperation and Commitment, 3 SEPT

 International Cooperation and Commitment

In September 2024, the government, under the leadership of Yasser Al-Awadi, emphasized its commitment to fighting corruption and ensuring that the law is upheld and enforced at all levels. This dedication to transparency and accountability is crucial in maintaining public trust and fostering an environment conducive to sustainable development and economic growth.

The Al-Awadi government is not alone in its efforts. It is part of a global movement, as evidenced by the 17th Meeting of the Working Group on the Fight Against Corruption and Money Laundering held in the United Arab Emirates in September 2024. 2 This international collaboration underscores the shared belief that corruption is a global issue requiring a concerted response.

Strengthening Institutions and Transparency

In line with the theme of the 14th Annual Conference of Heads of Anti-Corruption Agencies in Commonwealth Africa, "Strengthening Institutions and Promoting Transparency: A Means of Fighting Corruption in Commonwealth Africa," the Al-Awadi government is focusing on institutional reforms. 3 By enhancing the capacity of anti-corruption agencies and promoting transparency, the government aims to reduce opportunities for corruption and increase public confidence in the administration.

Private Sector and Civil Society Engagement

Recognizing the importance of a multi-sectoral approach, the government is also working to increase the involvement of the private sector and civil society in anti-corruption policies.  4 This inclusive strategy ensures that the fight against corruption is not solely the responsibility of the government but is a collective effort involving all segments of society.

Innovative Strategies and Capacity Building

To effectively tackle corruption, the Al-Awadi government is developing innovative training programs and technical assistance initiatives. 5 These measures are designed to equip public officials with the necessary skills and knowledge to combat corruption in their respective domains.

The Role of Transparency in Public and Private Sectors

Transparency is a key component of the government's anti-corruption strategy. By promoting transparency in both public and private sectors, the government is working to create a culture of integrity and accountability. 6 This is crucial in building a society where corruption is not tolerated and where citizens can have confidence in their institutions.

Conclusion

The Al-Awady government's fight against corruption is a multifaceted effort that involves international cooperation, institutional strengthening, private sector engagement, and innovative capacity-building strategies. Through these initiatives, the government seeks to create a more transparent and accountable system that benefits all citizens.

"THE SUCCESS OF THE MONETARY REFORM DEMANDS THIS" BY FRANK26, 3 SEPT

 KTFA

FRANK26: "THE SUCCESS OF THE MONETARY REFORM DEMANDS THIS"..........F26

Al-Awady: The government stresses the need to continue fighting corruption and all forms of violations of the law

9/1/2024

Government spokesman Bassem Al Awadi said today, Sunday, that the government stresses the need to continue fighting corruption and all forms of violations of the law, in continuous and close cooperation with the judicial and legislative authorities.

 

Al-Awadi said in a statement received by {Euphrates News} that "the government is following up, based on its commitment and legal responsibilities, the misleading campaigns that aim to obstruct its work in various fields, including what was reported of inaccurate information that contains innuendo, and some of which included direct accusations against the government regarding issues that are currently under judicial review," stressing that "the executive authority is awaiting what it will issue in this regard, with the government's continued emphasis on adhering to the law and respecting judicial decisions."

He added, "The government stresses the need to continue fighting corruption and all forms of infringement of the law, in continuous and close cooperation with the judicial and legislative authorities. It also relies in this regard on the vigilance and awareness of the citizen so that he does not fall victim to those who distort the facts and deliberately mislead public opinion."

Al-Awadi pointed out that “there are those who are working to drag the government and distract it from its national approach through desperate attempts that do not stand up to the real and actual legal procedures that the government is working to implement and support.” The past two years of the government’s term have proven the strength of the will in this direction, and the continuous determination to implement reforms and not to be lenient in public rights, no matter the pressures and consequences.

 

LINK

LATEST FROM SANDY INGRAM, 3 SEPT

 Sandy Ingram

 The Iraqi Ministry of Finance revealed...the country's financial revenues in 5 months surpassed 54 trillion dinars, approximately $41.3 billion.  

Wow. 

 Data released by the Finance Ministry for the months of January, February, March, April and May 2024 showed oil exports are still the main resource for Iraq's general budget representing 89%...Non-Oil revenues were 6.78 trillion dinars, approximately $5.2 billion...

--

 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.

---

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

IRAQ'S BOLD MOVE: DE DOLLARIZATION IN 2024

DINAR REVALUATION REPORT: Understanding the Fluctuation of Gold Prices in Iraq as of September 2024, 3 SEPT

 Understanding the Fluctuation of Gold Prices in Iraq as of September 2024

Gold, a timeless precious metal, has always held a significant place in the global economy, serving as a safe haven for investors and a store of value during times of economic uncertainty. 1 In Iraq, the story of gold price fluctuations in September 2024 is no different, influenced by a complex interplay of global factors rather than internal dynamics. 4

Global Influences on Gold Prices in Iraq

Central Bank Purchasing Trends

One of the most notable global drivers of gold's price surge has been the aggressive purchasing by central banks worldwide. Many countries seek to diversify their reserves, often turning to gold as a safe and stable asset. 2

Investment Strategies and Economic Indicators

The price of gold is highly sensitive to global economic conditions. Inflation rates, interest rate environments, and geopolitical tensions all impact gold's appeal as a safe haven investment.  1

Commodity Market Dynamics

Gold, as a commodity, is subject to global market forces. Supply and demand, influenced by factors such as industrial usage, jewelry demand, and speculative investment, drive its price fluctuations. 3

Iraq's Perspective on Gold as a 'Safe Haven'

Iraq's financial and economic advisor, Mazhar Salih, highlights that gold has historically been a safe haven for preserving wealth's purchasing power. 4 The Iraqi government encourages the import of gold, recognizing its role in wealth preservation at both state and individual levels.

Gold Prices in Iraq: Historical and Current Trends

As of September 2024, the price of gold in Iraq has been rising, influenced by global trends. Data from the International Monetary Fund shows that Iraq's gold reserves have also seen a significant increase, with the country holding approximately 148 tons of gold, constituting 10% of its foreign currency reserves. 4

Conclusion

The fluctuation of gold prices in Iraq during September 2024 is a reflection of broader global economic forces and investment strategies, rather than isolated domestic factors. As a globally traded commodity, gold's price is influenced by an array of international dynamics, from central bank purchasing to economic indicators and broader market conditions. 5

Al-Sudani's advisor explains the reasons for the fluctuation of gold prices in Iraq, 3 SEPT

 Al-Sudani's advisor explains the reasons for the fluctuation of gold prices in Iraq

The financial and economic advisor to the Prime Minister, Mazhar Salih, said today, Monday, that the reasons for the fluctuation of the price of gold in Iraq are not internal, but rather global, indicating that the Iraqi government encourages the import of gold because it is a “safe haven” for wealth.

At the state or individual level, gold has historically been a safe haven for preserving the purchasing power of wealth, as people keep gold for that purpose, and the cycle of gold assets between rising and falling is usually slow. If we take the cycle of assets, we find gold, almost as an average, as it is of constant value among other wealth,” Saleh told Al Furat News Agency, explaining that “society has historically been accustomed to keeping gold as a tendency to preserve personal wealth.”

He added, "In the modern era, the state keeps part of its foreign reserves supporting the national currency in gold. For example, Iraq keeps about 148 tons of gold, which constitutes 10% of its foreign currency reserves."

During the past month of February, Iraq's gold reserves witnessed a significant increase, as data from the International Monetary Fund showed that Iraq had increased its holdings of the precious metal by 3,079 tons, bringing the total to 145,661 tons.

He continued, "The reserves are a diversified investment portfolio of gold and currencies such as the dollar, euro, pound, yuan, yen, and others," describing this diversity as "based on basic global evidence, and it is not arbitrary."

He pointed out that "this evidence was made in agreement with the International Monetary Fund, in terms of the percentages of monetary gold that support and are considered a cover for the Iraqi dinar."

He stressed that the global standard for this is 10%, considering gold “not easy for fast payment operations and others, and it is heavy, but it is part of protecting reserves and confronting fluctuations in currency values.”

He explained that "the gold asset cycle is slow, so keeping it protects reserves from currency fluctuations. Iraq is not a maker of gold prices in global markets, but rather a recipient, because we are not a country that possesses gold wealth, but rather we import gold. Therefore, the entry of gold into

Iraq is a good wealth that is better than the entry of consumer goods that are not valuable and drain resources. Gold is a "precious wealth for the future," noting that "the gold discovered in the world is approximately 75%, and it is limited and not extensive, so central banks are pushing to keep a minimum amount of gold."

He stressed that "the policy of encouraging the entry of gold into Iraq is an import of wealth, and as assets they represent good stores of wealth, so the state encourages this and the customs taxes on them are moderate," indicating that "the gold markets in Iraq depend on two things: its price in the world and the extent of the rise or fall of the dollar, and we receive external visas at the value of gold and the dollar," considering encouraging the flow of gold into Iraq "a good thing. Recently, the price of gold has risen in Iraq, as the price of a mithqal (5 grams) has exceeded 500 thousand Iraqi dinars."   link

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.

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"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