Parliamentary Opinion: Iraq Is Experiencing Stable Economic Conditions With A Financial Surplus
Economy | 09/25/2024 Mawazine News – Baghdad The Parliamentary Finance Committee confirmed that Iraq's financial and economic situation is good, and that revenues exceed the fears resulting from the possibility of a global decline in oil prices.
Member of the Parliamentary Finance Committee, Jamal Kocher, stated in a statement that "oil prices have not fallen to worrying levels, and therefore we are now in a stable economic situation with a financial surplus, and therefore we cannot talk about a crisis unless oil prices fall to less than $70."
He stressed that "Iraq has gone through many economic and oil crises in the past, but the financial situation has remained stable and there is no fear of a current crisis." https://www.mawazin.net/Details.aspx?jimare=255398
Today, we've got some exciting news about the US Treasury's support for the Central Bank of Iraq (CBI).
This is a significant development, particularly because in recent weeks, there have been claims that Iraq now has full control over its own money.
This article dives into the significance of this development, the implications for Iraq's economic future, and the key steps that have brought Iraq to this critical juncture.
Let’s explore why this support is so crucial for Iraq and how it ties into the larger narrative of the country's economic reform and stabilization.
The US Treasury and the CBI: A Longstanding Partnership
#Historical Context
The relationship between the US Treasury and the Central Bank of Iraq dates back to the early 2000s. Post-Saddam Hussein, Iraq was in the throes of rebuilding its economy, and the US played a vital role in establishing a new financial system. For many years, Iraq relied heavily on international support, particularly from the US, to stabilize its currency and manage its monetary policy.
Over the years, Iraq has made substantial strides in modernizing its banking system, improving regulatory oversight, and combating financial crimes such as money laundering and terrorist financing. The recent declarations of support from the US Treasury are particularly noteworthy because they come at a time when Iraq is asserting full control over its financial system. This evolution marks a significant milestone that many have been anticipating for years.
Iraq's Control Over Its Money: A New Era
Achieving Financial Independence
One of the most exciting recent developments is the affirmation that Iraq now has full control over its money. This milestone is significant as it signifies that Iraq is no longer dependent on foreign powers for managing its monetary affairs. The CBI has been diligently working to build a robust financial infrastructure that allows Iraq to independently manage its currency, control inflation, and ensure economic stability.
This newfound control is crucial as Iraq seeks to reestablish the true value of the Iraqi dinar. For years, the dinar has been artificially suppressed, with its value largely dictated by external factors and sanctions. Now, with the country assuming full control over its currency, the stage is set for a potential revaluation, significantly boosting the purchasing power of Iraqi citizens and positioning Iraq as a more competitive player in the global economy.
The Project to Delete the Zeros: A Critical Reform
What is the Project?
Another key aspect of Iraq's financial reform is the much-discussed project to delete the zeros. This initiative involves redenominating the Iraqi dinar by removing three zeros from its currency. For example, if the dinar were to be revalued as part of this project, 1,000 dinars would become one dinar. This effectively increases the currency's purchasing power and simplifies financial transactions.
#US Treasury’s Endorsement
The US Treasury’s endorsement of Iraq's progress in this area is particularly significant because it suggests that the country is close to implementing this long-awaited reform. Deleting the zeros is seen as a critical step in Iraq's monetary reform, one that could set the stage for the dinar’s eventual revaluation and integration into the global financial system. The exact timeline for this reform remains unclear, but the US Treasury’s public statements of support indicate that Iraq is moving in the right direction.
The CBI has been working tirelessly to ensure that the necessary infrastructure is in place for this reform. The US Treasury's backing further strengthens the case that this project is on the verge of completion.
Anti-Money Laundering and Electronic Transfers: Key Priorities
Combating Financial Crimes
One of the main reasons the US Treasury has been so vocal in its support of the CBI is Iraq's progress in combating money laundering and transitioning to electronic transfers. For years, Iraq struggled with widespread corruption and financial crimes, which severely undermined the stability of its banking system. However, under the leadership of the CBI and with support from international partners, Iraq has made significant progress in addressing these issues.
The Transition to Electronic Transfers
The transition to electronic transfers is a particularly important development because it allows for greater transparency and accountability in financial transactions. By moving away from cash-based transactions, Iraq can better track and regulate the flow of money within its economy, making it harder for criminals to launder money or finance illegal activities.
The US Treasury has been closely involved in these efforts, providing technical assistance and support to the CBI as it works to modernize its financial infrastructure. In recent weeks, US Treasury officials have publicly praised Iraq for its progress, highlighting the country's commitment to implementing reforms that will reduce financial crimes and improve the overall integrity of its banking system.
This progress is crucial because it paves the way for Iraq's reintegration into the global financial system. As the country continues to implement these reforms, it will be better positioned to attract foreign investment, stimulate economic growth, and improve the standard of living for its citizens.
The Withdrawal of US Troops: A Symbol of Confidence
Growing Stability
Another significant development is the gradual withdrawal of US troops from Iraq. While the presence of US forces has been a source of security for many years, their departure symbolizes growing confidence in Iraq's ability to manage its own affairs. The fact that the US is comfortable reducing its military presence in the country suggests that Iraq is becoming more stable both politically and economically.
Increasing Self-Reliance
For years, Iraq has been reliant on external support both militarily and financially. However, as the country strengthens its institutions and assumes greater control over its monetary policy, it is becoming increasingly self-reliant. The withdrawal of US troops is not only a sign of Iraq's progress but also a testament to the country's growing sovereignty.
The Bigger Picture: Iraq’s Economic Rebirth
Signs of Transformation
Taken together, these developments paint a picture of a country on the brink of an economic rebirth. For years, Iraq has been held back by war, sanctions, and financial mismanagement. However, the progress being made today suggests that the country is on the cusp of a major transformation.
The US Treasury's support for the CBI is a critical component of this transformation. By working together, these two institutions are laying the groundwork for a more stable and prosperous Iraq. The CBI's efforts to reform the country's financial system, coupled with the US Treasury's backing, are helping to create an environment that is conducive to economic growth and development.
Challenges Ahead
While there are still challenges ahead, the signs are overwhelmingly positive. The CBI has made tremendous strides in recent years, and with the continued support of the US Treasury, Iraq is well-positioned to emerge as a stronger and more stable economy in the years to come.
What Lies Ahead: The Timing of the Revaluation
Anticipating Change
While the exact timing of Iraq's revaluation remains uncertain, the developments discussed above suggest that the country is moving closer to this long-anticipated event. The support of the US Treasury, the progress in combating money laundering, and the transition to electronic transfers all point to a country that is ready to take the next step in its financial evolution.
The Significance of Revaluation
For many, the revaluation of the Iraqi dinar represents the culmination of years of effort and anticipation. It is seen as a key moment in Iraq's economic recovery, one that will restore the true value of the dinar and improve the standard of living for Iraqi citizens. While the exact timing remains unclear, the signs are increasingly positive, and many believe that the revaluation is now within reach.
Iraq’s Bright Financial Future
A Vote of Confidence
The US Treasury's support of the Central Bank of Iraq is a critical development that cannot be overstated. It represents a vote of confidence in Iraq's ability to manage its own financial affairs and signals that the country is on the cusp of major economic reforms.
Nearing a Pivotal Moment
As Iraq continues to implement key reforms, such as the transition to electronic transfers and the project to delete the zeros, it is becoming increasingly clear that the country is nearing a pivotal moment in its financial history. While the exact timing of these changes remains uncertain, the progress being made today suggests that Iraq's future is bright.
Thank you for staying informed on this exciting journey for Iraq's economy. Please subscribe to our channel and support us. You guys have a great day!
The Iraqi Dinar has long captivated investors with the promise of substantial revaluation. With various experts and gurus offering insights, the landscape can often be confusing. However, some common threads of understanding can help demystify the situation. This article aims to synthesize recent updates from various prominent voices in the Dinar investor community, providing a clearer understanding of what to expect.
Common Myths and Misconceptions
No Need for International Travel
One common myth is that investors will need to travel internationally, to countries like Jordan, Egypt, or Syria, to exchange their Dinars for US Dollars. Guru Fuu assures investors that this is not the case. The process will be straightforward and localized, negating the need for inconvenient travel.
Unrealistic Revaluation Rates
Another misconception is the expectation of a 10-cent revaluation. This rate is unfounded and does not stand up to scrutiny. Historically, the Iraqi Dinar was set at a rate of $3.22 to 1 Dinar when the main resource was oil. While Dr. Shabibi, a preeminent expert, has suggested that Iraq could sustain a rate of $16 to 1 Dinar, this seems overly optimistic. A more reasonable rate, as suggested by Guru Fuu, would be around $4.80 to 1 Dinar.
Insights from Influential Voices
Frank 26 and the Timeline
According to Frank 26, there is speculation about when we might see significant changes to the Dinar's value. Firefly's local banking expert, Mr. Sammy, predicts that these changes could happen by the end of the year or possibly in 2025. However, Frank believes that things could accelerate and occur as soon as within three months, highlighting the importance of staying informed and prepared.
Militia Man on Removing Zeros
Militia Man provides a detailed analysis of the recent articles discussing the removal of zeros from the Iraqi Dinar. This process involves adjusting the nominal value of the currency, not merely the currency bills themselves. For example, if the value today is 0.076, removing three zeros would translate to a value of 76. This technical adjustment could substantially impact the currency's perceived value.
Samson and US-Iraq Relations
Samson's updates bring to light recent discussions between the Iraqi Prime Minister and the US Secretary of State about ending the International Coalition presence in Iraq. This step is crucial as it reflects Iraq's increasing sovereignty and stabilization, which are essential components for any significant economic reform, including currency revaluation.
Claire on Currency Auctions
Claire highlights Iraq's intent to end currency auctions, as noted in a discussion between the Prime Minister and the US Treasury. By reducing dependence on these auctions and ensuring greater control over foreign remittances, Iraq is setting the stage for a more stable and reliable currency framework.
Banking Perspectives
Mark Z's Insights
Banking chatter has been another hot topic among investors. Mark Z relays exciting updates from banking insiders who have seen emerging rates, although these are yet to be confirmed. Multiple sources across different banking institutions agree on a rate of $3.57 on their screens, indicating a potential consensus on this valuation. Such consistent information from varied sources lends credibility to these claims, ensuring investors remain hopeful and vigilant.
The Bigger Picture: Iraq on an International Stage
Jeff's Assessment
Jeff stresses that all current developments, including the Iraqi Prime Minister Sudani's presence at the UN, are steps toward Iraq gaining international standing. This increased recognition and participation on the global stage provide a conducive environment for the Dinar's revaluation.
Conclusion: Staying the Course
Investing in the Iraqi Dinar requires patience and a keen understanding of various economic indicators and geopolitical developments. By debunking common myths and tuning in to the insights provided by knowledgeable gurus and experts, investors can make more informed decisions. Maintaining a realistic perspective on potential revaluation rates and timelines is crucial, as is staying updated on meaningful developments that could impact the currency's value.
The journey of the Iraqi Dinar is far from over, and while the landscape is complex, the potential rewards for astute and informed investors could be substantial. The key is to remain vigilant, skeptical of unrealistic claims, and ready to act when the right moment arrives.
PDK Note: I only transcribe RV/Financial news and intel. Not political opinions or most guests on this podcast. If a podcast is mostly political…I may not post much of it at all. Thank you
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good Morning….. Is this another “Groundhog Day” or will something happen???
Member: I honestly FEEL this thing is ready to pop. Oct 1st is the beginning the Fiscal Year of both USA and Iraq. We will know much by Tuesday. Imo
Member: Yes… Oct 1st seems promising
MZ: Dry on the RV front overnight….but, I have had confirmations from bond groups to bankers who are now expecting this weekend they will be full blown working.
MZ: A number of groups have been organizing in the hopes they will see the release very early next week.
MZ: I am hearing wonderful chatter and if even half of it comes to fruition it will be one heck of a week for us. Looking at the last day of September and first of October (Monday and Tuesday)
MZ: The big news in the DC area is a stop gap bill to avert the government shutdown. In the senate 78 to 18 to do the stop gap spending.
Member: They all need to go and take the debt they caused with them
Member: I honestly don’t believe Congress has had a balance budget in my lifetime and I’ve been around a while!
Member: Question mark: does it have to be printed in the gazette before we exchange or can we go privately before public/iraq public knows?
Member: I believe All private groups will go before public knows about it……hope we in the internet group on dinar sites are included in those groups.
Member: Thank You Mark, Zester and Mods..
Mark, I would really like to wake up one day to you telling me I don’t have to go to work. Can you make it happen for the love of God??
Member: Just praying super hard this is our “golden” weekend.
Iraq Ranks Eighth Among The Largest Importers Of American Rice
Wednesday 25 September 2024 | Economic Number of readings: 120 Baghdad / NINA / While the United States of America represents less than 2% of global rice production, it ships nearly 5% of global exports, and is currently the fifth largest exporter. Therefore, exports are important for the rice industry in the United States, as about 45% of the crop is exported each year.
According to the US Department of Commerce, "Iraq ranked eighth in the largest importer of American rice for the year 2023."
The ministry stated in a table that "the countries importing American rice for the year 2023, Mexico came in first place as the largest importer of American rice with 638.1 thousand tons, followed by Central America in second place with 633.3 thousand tons, followed by Haiti in third place with 421 thousand tons, Japan comes in fourth with 293 thousand tons, and Canada comes in fifth with 250.7 thousand tons.
"
She added, "Colombia came in sixth place with 136 thousand tons, South Korea came in seventh place with 132 thousand tons, Iraq came in eighth place with 111.3 thousand tons, Saudi Arabia came in ninth place with 109.6 thousand tons, Venezuela came in tenth place with 82.4 thousand tons, Jordan came in eleventh place with 64.8 thousand tons, Taiwan came in twelfth place with 56.1 thousand tons, the Dominican Republic came in thirteenth place with 25.9 thousand tons, and the United Kingdom came in fourteenth place with 24.9 thousand tons." https://ninanews.com/Website/News/Details?key=1157403
GOOD AFTERNOON SUPERFANTASTIC TNT FAMILY. TODAY IS HUMPDAY WEDNESDAY, SEPTEMBER 25TH, 2024. 1:08 PM
OKAY GUYS. I WOULD ASSUME THERE IS NO RV TODAY BECAUSE BLOGTALK IS WORKING! 1:08 PM
I WANT TO EXPLAIN SOME THINGS TO YOU - I KNOW I'M GOING TO GIVE YOU TOO MUCH INFORMATION 1:09 PM
I MEAN TOO MUCH DETAIL. SO YOU WILL UNDERSTAND IT; BUT IT MAY GO OVER YOUR HEAD. 1:09 PM
WHY WE ARE WHERE WE ARE.......ON STANDBY - FIRST I'LL EXPLAIN THE SITUATION.........IRAQ WANTS THIS DONE BY MONDAY. THE UN AND US WANT IT DONE AFTER TUESDAY. 1:10 PM
THE REASON IT IS BEING DEBATED IS BECAUSE OF THE FISCAL YEAR. 1:10 PM
GOVT AGENCIES HAVE TO SPEND ALL THEIR MONEY BY THE 30TH - EVERY MONTH THE BANK HAS TO DO AN ACCOUNTING ON THE 30TH. 1:11 PM
I CAN GIVE YOU AN EXAMPLE; BUYING A HOME OR USING A CREDIT CARD. YOU HAVE AN END DATE. THEY HAVE TO RECONCILE ON ALL ACCTS. 1:12 PM
THE US HAS TO SPEND MONEY BY THE 30TH; THEY ARE GOING CRAZY RIGHT NOW. 1:12 PM
THEY ARE ARGUING ABOUT THE BUDGET RIGHT NOW AND THE POSSIBILITY OF A SHUTDOWN - MOST PEOPLE DON'T KNOW WHAT THE GOVT HAS TO DO. 1:13 PM
THE BANKS ARE TRYING TO JUSTIFY STARTING TODAY OR TOMORROW. NEED A PLAN FOR THE MONEY BY THE 30TH. THEY HAVE TO BE PREPARED TO MOVE THE MONEY BY THE 1ST OF OCT.1:14 PM
OUR MONEY IS NOT IN YOUR ACCT BUT IN THE BANK. THEY ARE RESPONSIBLE FOR IT. 1:14 PM
THEY HAVE TO JUSTIFY WHAT THEY DO WITH IT; SOMETIMES THEY CAN'T MAKE THAT DECISION QUICKLY. 1:14 PM
THEY ARE TRYING TO WORK SOMETHING OUT. - THE OTHER ISSUE IS THE NUMBERS HAVE TO STABILIZE1:16 PM
SUPPOSEDLY, TO MY UNDERSTANDING, EVERYTHING GOT CLEARED UP YESTERDAY; ALL THE LOGISTICS 1:16 PM
NOT SURE WHO WON ~ THE BANKS OR THE GOVT. THEY DID COME TO AN AGREEMENT. BUT I DON'T KNOW YET 1:16 PM
ITS SUPPOSED TO BE READY ANY MINUTE. THE RATES ARE LIVE 1:17 PM
IQD $3.57 KEPT JUMPING UP - VND .47 - $2.00 RATES ARE EXPECTED TO BE HIGHER ONCE THE RV STARTS THE ZIM .30. 1:18 PM
RATES ARE EXPECTED TO BE HIGHER ONCE THE RV STARTS. 1:18 PM
WHEN ITS APPLIED IT WILL BE .00000030 FOR THE 100 AND 50 TRILLION NOTES 1:18 PM
THIS WAS THE AGREEMENT - BOLIVAR IS .50 IDR $1.031:19 PM
THEY ARE GOING BACK AND FORTH; NEEDS TO BE STABLE. SOME BANKS SAYING ITS RESOLVED - HOPEFULLY COME TOGETHER TODAY AND WE CAN GO 1:20 PM
TWO ISSUES: THE NUMBERS AND THE TIMELINE TO GO - EVERYTHING IS DONE AND THESE WILL BE THE NUMBERS.1:20 PM
IRAQ HAS DONE EVERYTHING IT HAD TO; - IT BOILS DOWN TO THE NEXT 5 DAYS OR LESS BEING READY TO GO 1:21 PM
I WAS TOLD TO STAY BY MY PHONE. BE READY TO GO!1:21 PM
I WILL KNOW BEFORE YOU DO; EVEN BEFORE THE 800 #'S. I WILL BE EXCITED 1:22 PM
I AM WAITING FOR UPDATES FROM SOME PEOPLE TO TRACK DOWN MORE INFORMATION - NEED TO GET DETAILS ABOUT "LOGISTICS BEING FINALIZED" 1:24 PM
IT ALL GOT CLEARED UP YESTERDAY; BECAUSE OF WHAT I TOLD YOU GUYS, THE WHEN HAS GOTTEN WORKED OUT - AS SOON AS THEY GET THE NUMBERS STABILIZED WE GO. 1:25 PM
WHEN IT IS ALL STRAIGHTENED OUT THEY ARE GOING. THE BANKS ARE READY TO GO 1:25 PM
THATS THE PART WE ARE AT RIGHT NOW AT THIS POINT1:26 PM
EVEN THOUGH I JUST GAVE YOU THE ZIM RATE; THE BANK AND THE 3 LTR AGENCIES HAVE ALL AGREED ON THE 2008, 2009 NOTES FOR SURE1:27 PM
TAKE ALL YOUR ZIM NOTES WHEN YOU GO IN. TRY TO GET PAID ON ALL OF THEM, NO MATTER THE TYPE.