JEFF: " THE RATE WILL CHANGE ON A SUNDAY MORNING" @DINARREVALUATION

RV UPDATE BY MARKZ, 15 OCT

  MarkZ   

[via PDK]  

 Let’s start with this one from the WTO: “Congratulations to 23 participants (Iraq being one of those) for completing WTO ascension training and market access negotiations on goods”

  This tells us Iraq is preparing for that ascension. I continue to hear out of Iraq that they hope for that announcement this week.  

In Numbers.. The 2024 Budget And The Rate Of Iraqi Oil Sales, 15 OCT

 In Numbers.. The 2024 Budget And The Rate Of Iraqi Oil Sales

Time: 2024/10/14 08:02:11  Read: 1,326 times  {Economic: Al Furat News} The Prime Minister’s advisor for financial affairs, Mazhar Muhammad Salih, stated that the 2024 budget, which entered into force, had a “precautionary deficit” of about 64 trillion dinars.

Saleh said in a press statement that the average Iraqi oil sales for 2024 are estimated at no less than $75 per barrel, noting that the general financial need for {bridge loans} (which are short-term loans) to address the possibility of a deficit may not exceed 10 trillion dinars in all cases, which are borrowing amounts permitted under Law No. 13.

The financial advisor added that the country's {financial life} in 2024 is proceeding smoothly, wondering, otherwise how did the Ministry of Finance issue 2024 in cooperation with the Central Bank of Iraq {Achievement Bonds} for public subscription?

Saleh explained that these bonds are denominated in Iraqi dinars and come in multiple categories, including a category of 500,000 Iraqi dinars for two years with an annual return of 6.5%, indicating that these bonds are a safe investment, as the government is committed to paying annual interest on them, and they are an integral part of bridging the deficit in the general budget for the year 2024, which means that they will come into effect.  LINK

EXCERPTS FROM MARKZ: " REDEMPTION CENTERS ARE WORKING THIS WEEKEND" @DI...

CONFIRMATIONS FROM CBI CONTACT BY MNT GOAT

 EXCERPTS FROM MNT GOAT

I have also had confirmation from my CBI contact that I am seeing these reforms within the correct light and should continue. I was also told that these reforms in the ISX are not going to drag out and the plan is to accomplish them in the next few months, prior to the end of the year. Opps… there is another end of year benchmark.

CBI INTEL CONTACT 

Now we hear first hand what my CBI contact told us was taking place to clean up and enforce the banking laws.

THE CENTRAL BANK OF IRAQ DECIDES TO CLOSE THE BABYLON BANK 

The Central Bank of Iraq decided to close the Babylon Bank.

According to a document issued by the Central Bank of Iraq, addressed to the Babylon Bank, and received by “Al-Eqtisad News”, it decided to “refer the bank to forced liquidation based on the provisions of Article No. 69 of Banking Law No. 94 of 2004.

He added: “Appointing Ahmed Abdul Mahdi Nehme as liquidator of your bank.”

(This is the US Treasury inside Iraq as the strong arm to enforce Iraqi banking laws, something that was difficult for the CBI to do without repercussions from political members who used the banks to steal. So, now we hear first hand what my CBI contact told us was taking place to clean up and enforce the banking laws.)

https://dinarevaluation.blogspot.com/2024/09/cbi-intel-contact-by-mnt-goat-27-sept.html

Iraq Increases Reserves at IMF by 50%, 15 OCT

 A meeting of the Iraqi Cabinet this evening approved an increase in Iraq's quota at the International Monetary Fund (IMF) by 831.9 million Special Drawing Rights (SDR), equivalent to 1.45 trillion Iraqi dinars [$1.1 billion] based on the exchange rate as of October 8, 2024.

This 50-percet increase in Iraq's previous quota will enhance the country's voting power within the IMF.

The additional allocation will be included in the 2025 budget.

The IMF created SDRs as an international reserve asset to supplement member countries' official reserves; they are not a currency, but rather a claim on freely usable currencies of IMF member countries. They serve as a potential source of liquidity for IMF member nations.

SDRs represent a weighted basket of major international currencies, and can he held as part of a country's foreign exchange reserves. Adding SDRs to a country's international reserves makes it more resilient financially.

FRANK26: " THE NEXT STEP IS TO INTRODUCE THE LOWER NOTES AND THE NEW EXC...