RV UPDATE BY PIMPY, 26 SEPT

 Pimpy  

Kuwait is not the same damn thing that's happening in Iraq.  Iraq's money is inflated.  Kuwait never had to inflate their dinars.  They never had large bank notes like Iraq does.  They never had to change them in for lower denominations.  None of That shit is true.

  Outside of the fact that they increased the value for the Kuwait dinar, nothing else matches...All Kuwait had to do was re-denominate their currency without deleting zeros.  They just changed the way Kuwait dinar looked.  That was it.  Iraq's case is a little bit different...they added 3 zeros.  They're talking about deletion of the zeros...

Pimpy

  Don't be discouraged.  Everything is on track.  Iraq is doing what they need to do to get out of  trouble.  Leaving the 3 zeros on puts a smile on my face.  Only if the exchange rate would change, that would be a great combination...

  I want the same thing you do.  Trust me, I would love nothing better to wake up in the morning and find out that the zeros are still on the dinar but they've magically changed the exchange rate to $3.22.  That would be awesome.

--

 Pimpy  

I want the same thing you do.  Trust me, I would love nothing better to wake up in the morning and find out that the zeros are still on the dinar but they've magically changed the exchange rate to $3.22.  That would be awesome.

Q & A WITH THE PROFESSOR

 Question: "What does Iraq need to do right now to reinstate their old rate of $3.22?" 

 Professor Boskin [of economics] graciously shared the following information which I am pleased to relay to you...It should be able to give you an idea of how far away this thing might be...The first thing he's talking about is implementing monetary reforms. 

 PIMPY:   We've been hearing about that for years so we know they definitely are implementing monetary reforms. 

PROFESSOR: ...The Central Bank of Iraq may consider removing zeros...

 PIMPY:    Obviously if they're going to remove the zeros off the currency, they're going to re-denominate and print new bank notes.  

PROFESSOR:  Establish a currency basket system...the value of the dinar would be determined against a weighted average of several currencies.Reduce their dependency on the dollar.

  PIMPY:  At the beginning of this year they were not supposed to use the US dollar anymore.

  PROFESSOR:  ...Focus on diversifying its economy beyond oil dependency ... 

PIMPY: Right now...only 89% of [the budget] is dependent on oil sales.  A lot better than where it was. 

 PROFESSOR: Improve trade balance...Enhancing exports...Reducing unnecessary imports ...thereby supporting a stronger dinar. 

 PIMPY:  They have things to trade but not a whole lot of options. 

 PROFESSOR:  Maintain internal stability...Monitor inflation rates...

 PIMPY:   Right now Iraq is somewhere around 5%...He's saying if they want to reinstate the $3.22 rate these things have to be taken care of.  I do find it interesting we've been listening to them talk about deleting the zeros and he's put that in here...A lot of this stuff Iraq has already started...Kudos to Al-Sudani. 

https://dinarevaluation.blogspot.com/2024/09/q-with-professor-by-pimpy-21-sept.html

CBI IS REVIEWING THE PROJECT DELETE ZEROS FROM DINAR TO BE APPLIED SOON ...

The Governor of the Central Bank announces the imminent adoption of the phone in completing banking operations in digital banks , 26 SEPT

 The Governor of the Central Bank announces the imminent adoption of the phone in completing banking operations in digital banks

9/25/2024  Baghdad - WAA - Wissam Al-Mulla

The Governor of the Central Bank, Ali Al-Alaq, announced today, Wednesday, the success of the digital transformation and electronic payment plan in Iraq, while stressing that digital banks will allow citizens to manage their operations through the phone.

Al-Alaq told the Iraqi News Agency (INA): "Through the data that was discussed in the electronic payment conference, it clearly indicates the success of the digital transformation and electronic payment plan, and the percentage rose from 20 percent a few years ago to 48.5 percent, which is double the percentage," indicating that "this percentage came during the last two years." 

He added that "there is a major transformation supported by a national strategy and a serious and direct government direction by the Prime Minister and giving the issue the momentum it deserves by providing the necessary infrastructure," explaining that "Iraq now has advanced infrastructure to accommodate electronic payment tools and financial services of all kinds so that we can soon move to the transformation to digital banks in which the mobile phone will be the one leading the various operations.

This facilitates services for citizens, reduces the chances of fraud, reduces the chances of corruption, and provides important data at the national level on the nature of transactions, their content, and oversight of them and the compliance achieved through the large system." 

He continued: “Many requests have been submitted to the Central Bank to establish digital banks, and this is evidence that the trend is receiving the attention of investors. There are more than 60 requests that the Central Bank is currently examining carefully to be able to meet the requirements and conditions that achieve success, because we must ensure that the first step in digital banks is a successful step,” stressing “the conditions, controls and rules that digital banks operate under, but they represent a major shift in banking services, and through them, citizens will be able to manage their operations through mobile phones.”

He pointed out that "a large percentage of Iraqis own mobile phones, and this is an advantage that we must invest in to carry out this task."   LINK

RV UPDATE BY JEFF, 26 SEPT

 Jeff   

September has been the most active month and it's been the most informative with news, actions, everything.  

September has been their busiest month preparing for this rate change throughout this entire year.  That's not coincidental.  They're preparing for the rate change.  And they're preparing to go international.

Jeff  

 Pretty much everything happening right now, along with Sudani being in the UN, everything has to do with Iraq going international...

Jeff 

 We had five of these articles talking about deleting the zeros...and then one today, so six total within 3 days.  Very amazing ...

Removing zeros is getting rid of the large 3-zero notes and replacing them with smaller size currency notes but at an increased value.  So when the rate changes the large notes have the same purchase power before the rate change as the smaller notes after the rate changes.  They would have to increase the value for the currency, strengthen it, to delete the zeros...

This news is looking really good.

https://dinarevaluation.blogspot.com/2024/09/rv-update-by-jeff-25-sept.html

DINARLAND HIGHLIGTS!! @DINARREVALUATION

DINAR REVALUATION REPORT: US Treasury Support for Al-Sudani’s Reform Agenda in Iraq 2024, 25 SEPT

US Treasury Support for Al-Sudani’s Reform Agenda in Iraq 2024

The US Treasury has shown strong support for Iraqi Prime Minister Mohammed Shia Al-Sudani's economic reform agenda aimed at enhancing the country's economic landscape. 1 Al-Sudani’s media office highlighted that the Prime Minister received US Deputy Treasury Secretary Wally Adeyemo and several Treasury officials on Monday, where they discussed bilateral economic relations and reviewed government efforts and plans for economic and financial reforms. 1

Financial and Banking Reforms

Al-Sudani’s office stated that the government has made significant progress in financial and banking reforms. The country has completed 95% of banking transfers through the electronic platform, with the remaining 5% expected to be finalized by the end of the year. 1 Following this, Iraq will transition to the correspondent banking system, aligning with the government’s commitment to enhancing the capacity of Iraqi banks to meet global standards and support the country's investment environment.

Economic Growth and US-Iraq Relations

Adeyemo praised Iraq’s progress in economic and banking reforms, noting the country’s 6% economic growth rate that aligns with the government's development efforts. 1 He expressed readiness for cooperation and partnership to advance economic development. During his pivotal visit to the US in April 2024, Al-Sudani met with President Joe Biden and engaged with American businesses, the Iraqi community, and think tanks in Washington before heading to Houston to interact with US energy companies. 3

Security and Strategic Framework Agreement

The visit also covered security and strategic frameworks. The US and Iraq convened the Higher Coordinating Committee of the 2008 Strategic Framework Agreement, a critical framework for bilateral relations. 2 Discussions included the US military presence in Iraq and US Treasury sanctions, as well as bilateral security, trade, economic, energy, and cultural ties. 3

US Treasury: Supporters of Al-Sudani’s Reform Agenda , 25 SEPT

 US Treasury: Supporters of Al-Sudani’s Reform Agenda

9/24/2024 Baghdad

The US Treasury Department confirmed, on Tuesday, its support for Prime Minister Mohammed Shia al-Sudani's reform agenda.

The ministry said in a statement, seen by "Al-Eqtisad News", that "Deputy Secretary of the Treasury, Wali Adeyemo, met with Iraqi Prime Minister Mohammed Shia al-Sudani on the sidelines of the United Nations General Assembly to discuss reforming the Iraqi banking sector, financial relations with the United States, and combating illicit financing."

The statement added, "The Deputy Secretary of the Treasury congratulated Al-Sudani on the great progress Iraq has made in reforming the banking sector, which has led to expanding Iraq's international financial connectivity and increasing financial inclusion."

According to the Treasury statement, Adeyemo affirmed “Treasury’s support for the Central Bank of Iraq and Prime Minister Mohammed Shia al-Sudani’s reform agenda.”

The Deputy Treasury Secretary praised the growth of the non-oil economy in Iraq by 6.0 percent, asking about "the steps the Prime Minister is taking to diversify the Iraqi economy from hydrocarbons," according to the US Treasury statement.

Earlier on Tuesday, Prime Minister Mohammed Shia al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and a number of Treasury officials.   LINK