In the last week or so...there's probably five or six articles specifically talking about removing zeros from the Iraqi dinar...
Quote: "...this is done by removing a specific number of zeros from the nominal value of the currency."
From the value of the currency not the currency notes but the value of the currency...
Article: "Minister of Transport announces the establishment of the Joint Maritime Authority between Iraq and Britain"
...Massive amounts of trade is coming to the ports of Iraq... I suspect Al-Sudani and his teams are fully aware of the priorities needed to make it all happen.
They will need to have an international IMF Article XIV and Article VIII compliant currency.
One that the Central Banks can defend and likely in a very fast and efficient manner with the most advance systems in the world.
The focus in the future is going to be instantaneous cross border payments 365/24/7 and no blackouts with little cost. It is now the time to be paying attention...
ERBIL (Kurdistan24) – The Iraqi dinar has been steadily depreciating against the US dollar, driven by a confluence of factors related to regional tensions and domestic economic conditions.
Bilal Saeed, a trade and marketing consultant, has identified five key reasons for the dinar's decline.
The exchange rate of the US dollar against the Iraqi Dinar was between 151,700/151,800 IQD for 100 US Dollars in the Kurdistan Region today.
1- Regional Tensions: The ongoing conflict between Israel and Lebanon's Hezbollah has created a sense of uncertainty and fear in Iraq, leading to capital flight and increased demand for US dollars as a safe haven currency.
2- Domestic Protests: Anti-government demonstrations and protests sparked by Israeli attacks on Lebanon have further exacerbated the situation. Concerns over potential US retaliation against Iraqi Shiite groups, including Hashd al-Shaabi, have also contributed to market instability.
3- Government Spending: Increased government expenditures, financed primarily through the sale of US dollars, have put downward pressure on the dinar. As the government exchanges more dollars for dinars to fund its operations, the supply of dinars in the market increases, weakening its value.
4- Increased Demand for Dollars: Both Iraqi citizens and businesses have been seeking to acquire US dollars, either for investment purposes or to hedge against potential economic instability. This increased demand has driven up the price of the dollar relative to the dinar.
5- Remittances and Regulations: Restrictions on remittances and other regulatory measures have created excess demand for US dollars, as individuals and businesses attempt to transfer funds outside the country.
Saeed predicts that the Iraqi dinar will continue to depreciate against the US dollar as long as regional tensions, particularly the war between Israel and Hezbollah, persist.
The ongoing uncertainty and economic challenges facing Iraq are likely to further exacerbate the downward pressure on the dinar.
They tell you [Iraqi citizens] there is an imminent change coming to your currency almost every day now. That is very exciting. These are the words we've only dreamed about in the last 5 years.
To see them almost every day is rather shocking but very exciting right now...This is getting crazier and crazier every day with so much excitement and so much information about the monetary reform being sent directly pinpointed to you Iraqi citizens from Sudani.
They're giving them a date of when they're going to stop the auctions, the window. Now they tell them we're lifting three zeros, you're getting purchasing power.
They tell them you're getting the HCL. Then they go a step further and they said our currency is going to be stronger than the Jordanian dinar...It's going to be more than Jordan's currency...I believe they're going to reach the REER through the float at around $4.25...
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Frank26
Article: "The government forms a higher committee to adapt Iraq banks to International financial requirements" What does that mean? It means the Iraq dinar is going to float internationally in international markets.
But it's at a program rate?
No it's not.
But it has sanctions on the country?
No it doesn't. Wells Fargo says it's on the OFAC list,
that it's on the 'bad currency' list?
No it's not...That going international requires a new exchange rate. Yes it does.
Shafaq News/ A meeting is currently being held between the Iraqi Acting Parliament Speaker, Mohsen Al-Mandalawi, the Deputy Speaker, Shakhwan Abdullah, and the leaders of political blocs at the office of the "Sadikoun" parliamentary bloc to discuss controversial laws, a parliamentary source reported on Tuesday.
The source told Shafaq News, "The meeting is discussing the agreement to include the controversial laws for a vote in Wednesday and Thursday sessions,” indicating that “there are many laws disputed in parliament, including the Personal Status Law, the General Amnesty Law, and the Law on the Property Restitution Law.”
The amendment of the Personal Status Law has sparked widespread debate within Iraqi society, with both opponents and supporters voicing their opinions. The government has decided to discuss all the concerns raised about it through the Supreme Council for Women’s Affairs.
Opponents argue that the amendment permits child marriage and deprives wives of their rights to alimony and custody, in addition to relying on the religious texts of each sect and denomination as a reference for rulings instead of existing laws.
Since the formation of Prime Minister Mohammed Shia Al-Sudani’s government, the General Amnesty Law has faced an uncertain fate. While political consensus exists around its passage, observers suggest that certain political factions, particularly from the Shiite Coordination Framework, are deliberately delaying the law despite earlier promises made to Sunni parties as a condition for their participation in the government.
The Amnesty Law remains a key demand of Sunni blocs, who insisted on its passage during negotiations to form the current government, which includes Shiite, Kurdish, and Sunni groups. Sunni lawmakers argue that the law, along with security reviews in their governorates, is a central part of the government's platform.
Regarding the Property Restitution Law, Kurdish MPs and officials state that the bill pertains to properties that are returned to their original owners from the Kurds and Turkmen, which were confiscated under eight decisions issued by the dissolved Revolutionary Command Council between 1975 and 1979, aimed at conducting demographic changes in disputed areas.
If you take a close look at the article on the CFTC regarding their next meeting regarding clearing assets and their risks, you will notice that all the items on their agenda deal with clearing digital assets we have talked about this past year.
It is at this precise point of which assets trading with one another are because of a foreign currency exchange representation that is digitized and backed by gold.
This gives us a clue to where we are in the process of building the new digital asset based trading system. It is the exchange of money between countries in digital format that will become the protocols of the new Digital Financial System.
Could we see currency floats during high times of volatility this year? Yes, we might. And, the BRICS System just may be the cause of some of this with the introduction of their payment system and new payment coin being announced in October.
International Payment Systems integration (late this year going into early next year) will be the concluding steps we are looking for as we finalize regulatory laws (this year) that will enable us to move forward.
Many of theses laws are being finalized in the month of October 2024. Two will be done in November. Iraq will conclude their banking reforms in December. And then, we can begin to look for a Bretton Woods Agreement.
