PIMPY: Kuwait is not the same damn thing that's happening in Iraq., 27 SEPT

  Breaking Down the Latest News on the Iraqi Dinar: What You Need to Know

 Mark Z's Announcement: What Was Said?

Recently, Mark Z delivered some exciting news concerning the Iraqi Dinar, which has sparked renewed interest in the currency. According to Mark Z, the deletion of zeros from the Iraqi Dinar is under active consideration. This type of currency reform could significantly impact the Dinar's value and the broader Iraqi economy.

 Reviewing the Deletion of Zeros

Mark Z mentioned that the Central Bank of Iraq (CBI) is constantly reviewing the deletion of zeros. For those unfamiliar, this means that the CBI is contemplating removing three zeros from the currency — transforming a 25,000 Dinar note into a 25 Dinar note. Similar reforms have been implemented by other countries to stabilize their economy and curb inflation.

This is not the first time such discussions have been on the table. In his analysis, Mark Z likened this review process to what occurred in Kuwait post-hyperinflation, implying that Iraq was following a similar path.

Setting the Record Straight: Misconceptions About the Kuwaiti Dinar

Mark Z's comparison to Kuwait's economic reforms has been met with skepticism. Pimpy, provided a counter-narrative to debunk the inaccuracies in Mark Z's claim. According to Pimpy:

- **Kuwait’s Situation**: The Kuwaiti Dinar was never inflated to the extent of the Iraqi Dinar. Kuwait did not have high-denomination banknotes such as Iraq's 25,000 notes.

- **Currency Reform in Kuwait**: Instead of removing zeros, Kuwait changed the appearance of their notes to prevent their currency from being stolen or used illegitimately post the Iraq invasion. The value was restored once the situation was stabilized, but there was no direct correlation to deleting zeros.  

Pimpy emphasized that Iraq's situation is distinct from Kuwait's. The current discussion surrounding the deletion of zeros mainly aims to simplify transactions and help stabilize the economy, rather than copying a historical precedent incorrectly understood.

 The Role of Restrictions

Another critical point mentioned in the discussion was about the "no restrictions on our balances in America." This statement refers to the accessibility of Iraqi financial assets held in the United States. Essentially, it means that Iraq can now utilize its funds without restrictions imposed by US regulations or sanctions, allowing for better economic management and flexibility in international trade.

 What Does This Mean for Investors?

Investors should be aware of several key points when considering the impact of these discussions on the Iraqi Dinar:

 Ongoing Review by the Central Bank of Iraq

The fact that the CBI is actively contemplating the deletion of zeros suggests that the authority is looking for ways to stabilize and enhance the currency's value. This ongoing analytical process indicates that changes could be on the horizon, but the exact timeline and implications remain uncertain.

Economic Indicators

Several economic indicators need to be analyzed to understand the potential impact better:

- **Inflation Rates**: The deletion of zeros could help manage inflation by making the currency more manageable.

- **Currency Stability**: Removing zeros could also make transactions simpler and restore confidence in the Iraqi Dinar.

- **Economic Health**: Achieving economic stability requires a holistic approach, encompassing various reforms beyond currency adjustments.

 Public Perception and Market Reactions

The success of such a policy also depends on public perception and market reactions. If not handled correctly, it could lead to confusion and lack of trust in the currency. 

The Truth Behind the Prospects

Despite the excitement and speculation, investors must remain grounded. Pimpy's investment chat stresses the importance of scrutinizing the information being shared. While the news sounds promising, the realities of economic reform are complex and multifaceted.

How Should You Respond?

If you are contemplating investment based on these developments, consider the following steps:

 Do Your Research

Understand the broader implications of the announcements. Look into historical precedents, but also understand the unique circumstances that differentiate Iraq from other countries like Kuwait.

 Evaluate the Risks

Investments, particularly in foreign currencies, carry inherent risks. Evaluate your risk tolerance and understand the potential volatility associated with such investments.

Stay Informed

Follow reliable sources and updates from financial news and the Central Bank of Iraq. Staying informed will help you make better decisions based on accurate information.

 Diversify Your Portfolio

Rather than putting all your eggs in one basket, diversify your investments to spread out risk. This strategy will help mitigate potential losses in any single investment.

Final Thoughts

The discussions around the Iraqi Dinar and the potential deletion of zeros are significant for those holding or considering holding the currency. While the news presents an optimistic outlook, it is crucial to approach it with caution and thorough consideration. Scrutinize information, understand the broader economic context, and make informed decisions. Remember, investments are not just about potential gains but also about managing risks and staying grounded amid speculation.

🚨 Breaking News: U.S. Greenlights Iraq's International Status! 💵

Al-Sudani concludes his visit to New York with a meeting with Guterres, who praised the discussions on ending UNAMI’s work in Iraq, 27 SEPT

 Al-Sudani concludes his visit to New York with a meeting with Guterres, who praised the discussions on ending UNAMI’s work in Iraq

Shafaq News / Prime Minister Mohammed Shia Al-Sudani ended his visit to New York with a meeting with the Secretary-General of the United Nations “António Guterres”.

Al-Sudani had concluded his participation in the work of the United Nations General Assembly on its 79th session, leaving the United States of America for Iraq at dawn on Friday Baghdad time.

A statement issued by the Sudanese media office said that the latter’s meeting with Guterres witnessed the review of all the files of constructive cooperation between Iraq and the United Nations, and the issues of joint work, as well as discussing the developments in the Middle East and the continuation of aggression against Lebanon and Palestine, and the great threat it poses to regional and international security and stability.

Al-Sudani expressed his appreciation for the principled positions expressed by the Secretary-General of the United Nations on the issue of “aggression” on Gaza, and condemning the “crimes” against humanity committed against the Palestinian people, as well as the attacks on Lebanon, describing these positions as respecting the foundations on which the international organization was built.

He reiterated Iraq’s thanks for the cooperation and support that United Nations agencies have always plaid in order to consolidate stability in Iraq, support the Iraqis in confronting ISIS, promoting the victory achieved thanks to the cohesion of the Iraqi people, and the assistance of friends and the international community.

According to the statement, the Prime Minister submitted to the Secretary-General of the international organization an invitation to visit Iraq and participate in the work of the Arab summit to be hosted by Baghdad in May 2025.

For his part, Guterres praised the relations between Iraq and the United Nations, describing them as ideal and excellent relations, and that the United Nations is interested in consolidating prosperity and progress, and achieving sustainable development for the Iraqi people.

He also expressed his gratitude for the joint constructive discussions that led to the termination of the work of the UNAMI mission in Iraq, and opening the horizons for cooperation in several fields with the competent UN agencies, the most important of which is supporting Iraq in facing the challenges of climate change, the rest of the economic challenges and social and service development programs that Iraq has made an important strides.

https://shafaq.com/ar/سیاسة/السوداني-يختتم-زيارته-لنيويورك-بلقا-غوتيريش-الذي-ثنى-على-نها-عمل-يونامي-بالعراق

PROOF OF IRAQ MOVING FORWARD: " IRAQ WAS NEVER INTENDED TO STAY ON THESE LARGER 3 ZEROS NOTES FOREVER" BY MNT GOAT, 27 SEPT

PROOF OF IRAQ MOVING FORWARD 

Then another article goes on to say “The Prime Minister stressed that the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform, and less than 5% remains to be completed by the end of this year, after which the transition to the correspondent banking system will take place”,

Does this mean the currency auctions as we know them today will end? Yes, I believe they are telling us they will end and the Central Bank will no longer support paying for imports in US dollars paid out of the CBI reserves. 

So the conversion of dinars to US dollars for this purpose WILL END. 

Instead, the Iraqi banks will work with “correspondent” banks in the countries they are doing trade with to pay for the goods and services.

 Looks to me that Iraqi merchants will take their Iraqi dinars and pay for the imports. The “corresponding” banks will then take the dinars and convert them to the currency used within the country of origin to pay for them.

EXAMPLE:

Let me give an example of the upcoming situation they just told us will begin in early 2025:script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-6009082504355829">

An Iraqi merchant buys a ship load of German beer. He then goes to an Iraqi bank and electronically pays for the beer in his dinars in his account.

 Dinars are then electronically sent to a German bank in Munich, Germany, as requested by the vender in Germany. The German bank converts the dinars to Euros and places them into the account of the vender (the brewery or wholesaler of the beer).

 Is this not exactly what we all hoped and wished to see for the last 2 decades? Yes, this normal international trade practices like all other countries and acceptance of the dinar globally.

 This is the final straw to ending the sanction like practices imposed upon Iraq due to the war.

 We all know that all provisions of Chapter VII were completed and Iraq FULLY released from the UN Chapter VII in December 2022.

 So it has taken this long to work out the process and finally get back to normal trade relations with the world. Part of this process is also to get back to normalizing their currency which also has to be set back to normal denomination of lower denominations on the face of the currency. 

Iraq was NEVER intended to stay on these larger 3 zero notes forever. Get it? It was part of the sanction process. Now the sanctions are over.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

NADER FROM MID EAST: lets have fun

Sudanese arrives in Baghdad, 27 SEPT

 Mawazine News – Baghdad

Prime Minister Mohammed Shia Al-Sudani arrives in the capital, Baghdad, after concluding his participation in the 79th session of the United Nations General Assembly, where he delivered Iraq’s speech and held a series of meetings, dialogue sessions, and press interviews, as follows:

■ Delivering Iraq’s speech at the Future Summit held on the sidelines of the United Nations General Assembly.
■ Meeting with the King of the Hashemite Kingdom of Jordan, King Abdullah II bin Al-Hussein. ■ Meeting with
the Turkish President, Mr. Recep Tayyip Erdogan.
■ Meeting with the President of the Republic of Cyprus, Mr. Nikos Christodoulides.
■ Receiving the President of the Republic of Kenya, Mr. William Ruto.
■ Receiving the Chairman of the Presidential Leadership Council of the Republic of Yemen, Mr. Rashad Mohammed Al-Alimi.
■ Receiving the Crown Prince of the State of Kuwait, His Highness Sheikh Sabah Khaled Al-Hamad Al-Sabah.
■ Receiving the Lebanese Prime Minister, Mr. Najib Mikati .
■ Meeting with the Prime Minister of the Netherlands, Mr. Dick Schoff.
■ Receiving the Prime Minister of Italy, Ms. Giorgia Meloni.
■ Meeting with the Prime Minister of Pakistan, Mr. Shehbaz Sharif
■ Reception of the Prime Minister of Greece, Mr. Kyriakos Mitsotakis.
■ Reception of the Prime Minister of Somalia, Mr. Hamza Abdi Barre.
■ Meeting with the Secretary-General of the United Nations, Mr. Antonio Guterres.
■ Reception of the US Secretary of State, Mr. Anthony Blinken.
■ Meeting with the United Nations High Commissioner for Human Rights, Mr. Volk Türk, at the United Nations Headquarters.
■ Reception of the Director-General of the International Organization for Migration / IOM, Ms. Amy Pope.
■ Reception of the Executive Director of the United Nations Children’s Fund / UNICEF, Ms. Catherine Russell
. ■ Reception of the Secretary-General of the Digital Cooperation Organization, Ms. Dima Al-Yahya.
■ Reception of the Executive Secretary of the Economic and Social Commission for Western Asia (ESCWA) at the United Nations, Ms. Rola Abdullah Dashti.
■ Reception of the US Deputy Secretary of the Treasury, Mr. Wali Adeyemo.
■ Reception of the US President’s Envoy for Kidnapped Affairs, Ambassador Roger Carcinese.
■ Receiving the CEO of Dubai Ports, Mr. Sultan Ahmed bin Sulayem.
● Participating in a dialogue session held as part of the 14th Concordia Summit.
● Participating in a dialogue session held by the American Chamber of Commerce and the Monitor.
▪︎ TV interview with CNN.
▪︎ Interview with the New York Times.

https://mawazin.net/Details.aspx?jimare=255471

EXCERPTS FROM MARKZ, 27 SEPT

 EXCERPTS FROM MARKZ

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.