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

Bank refuses to receive Iraqi dinar, 18 OCT

 A citizen A. H. sent a message to the “Open Door” page urging Prime Minister Mohammed Shia al-Sudani, Central Bank Governor Ali Mohsen al-Alaq, and the relevant authorities to take the matter into consideration and take the necessary steps.

In his message, the citizen stated: I went to a government bank in Baghdad on Thursday, October 10, to pay $78 for a visa to one of the Asian nations. Everything was satisfactory, the bank was well-managed and well-organized. I was hopeful about that, but when it was my turn to deposit the money and write the paper, the employee surprised me by saying that we do not deal in dinars and refused to accept any money in Iraqi dinars. I informed him that Master or Visa could be used to pay, given that both cards are issued by the same bank, but he again refused and asked me to deposit only in dollars. At the point when I asked him where I can get the dollars from now, he let me know that there is a trade office nearby the bank that you can purchase from.”

I was considerably more shocked that an administration bank wouldn’t acknowledge the Iraqi dinar and encouraged me to purchase from an unfamiliar trade office. In any case, I was compelled to visit the exchange office, where I was informed that the selling price was 1545 dinars for every dollar. I was unsure whether to purchase at the comparable price or decline. It would mean that the visa would not be processed if I refused. Despite my dissatisfaction with the price and the bank’s actions, I decided to purchase.

Standing in front of the bank gate, one of them casually stated to me: We should purchase at the market cost.” I responded, “Yes, regrettably.”

I left the bank in the wake of finishing the exchange, and many inquiries were at the forefront of my thoughts, including the number of individuals that were in my circumstance and why an administration bank rejects the Iraqi dinar. I remembered that when I applied for residency in Turkey years ago, they only accepted money in Turkish lira and refused to accept any foreign currency. The same is true in other countries like Jordan, the UAE, and others.

The most pressing concern on my mind is: In the midst of this, how will currency speculation be dealt with?

TNT TONY UPDATE, 18 OCT

 TNT Tony 

 Everything that was holding up the RV has been settled. The RV was supposed to happen on Saturday. 

Tony says there’s not going to be a war over there. The banks have a date and time. It’s between now and Sunday.

 Could be two hours after this call. Tony will not be given a date and time beforehand.

 We will have 10 days to redeem Zim, after that we’re out of luck. 

According to the three letter agencies it’s going to happen before Sunday. 

Everyone is excited for the rv again (because there isn’t going to be a war)

TIDBITS FROM MARKZ: "IRAQ IS PREPARING FOR THE ASCENSION TO THE WTO" @DI...

MP: The birth of Diyala Oil Company is imminent.. 3 economic benefits, 18 OCT

 On Thursday, MP Mudhar Al-Karwi confirmed that the Diyala Oil Company will soon be established.

“The idea of establishing the Diyala Oil Company was proposed four years ago, in light of the presence of nine to ten oil and gas fields in the province, the majority of which are not invested, with the exception of the Khana oil field and the Mansouriya gas field,” Al-Karwi stated in an interview with However, as a result of the ministry’s referral of other fields, including the Khashm Al-Ahmar field, in the previous licensing round, all conditions are now favorable for laying the initial foundations for its establishment.”

He added, “The record of laying out Diyala Oil Organization was introduced to the State leader during his visit to Baquba yesterday, and he vowed to put it on the plan of gatherings with the Service of Oil to continue with it, focusing on that laying out the organization has three advantages, the most noticeable of which is modifying the improvement of the leftover fields, making the ways for additional positions, and making a monetary recuperation, particularly in the prompt area of the fields.”

He said, “Diyala is an oil and gas province at the same time, and a large portion of its lands have not been subject to exploration, despite all indications that it contains good reserves of oil and gas,” and he was referring to Diyala.

It is imperative that the Service of Oil alluded, in its last cycle, 3 oil and gas fields for advancement in Diyala, the most noticeable of which is Al-Khashm Al-Ahmar gas field, which contains gigantic stores.

DINAR REVALUATION UPDATE : IMF RESERVE OF IRAQ INCREASED & IRAQ WTO MEMBERSHIP, 18 OCT

 DINAR REVALUATION UPDATE

Summary

Exciting updates on the potential revaluation of the Iraqi Dinar, with critical economic developments signaling imminent changes in the currency landscape.

Highlights

• 🔔 Currency Revaluation: Discussions on a possible deadline for the Dinar’s revaluation are intensifying.
• 🏦 Cash Deposit Centers: Iraq is setting up cash centers to collect and deposit stashed Dinars.
• 📈 IMF Reserves: Iraq increased its reserves at the IMF by 50%, boosting its influence.
• 🗣️ Banking Reforms: The Central Bank is activating banking reforms, indicating upcoming changes in currency exchange.
• 🌍 WTO Membership: Iraq is close to joining the World Trade Organization, which may impact its economy significantly.
• 💰 HCL Completion: The completion of the Hydrocarbon Law is linked to the new exchange rate.

Key Insights

• 🔍 Market Anticipation: The agreement among sources about a deadline for the Dinar’s revaluation heightens market anticipation and speculation. This collective insight suggests a convergence of expectations within the financial community.

• 🔧 Banking Infrastructure: The establishment of cash deposit centers marks a pivotal step in Iraq’s economic reform, aimed at integrating more currency into the formal banking system, which is vital for future monetary stability.

• 📊 Strengthened Position: Iraq’s increase in IMF reserves enhances its leverage in international finance, positioning it as a more influential player in the Arab region and improving its economic prospects.

• 🔑 Monetary Reform: The activation of banking reforms by the Central Bank signifies a shift towards modernizing Iraq’s financial system, which is essential for establishing a stronger currency.

• 🌐 WTO Membership Benefits: Joining the WTO is a strategic move that could lead to increased foreign investment and economic diversification, critical for the Dinar’s stability and growth.

• 📉 Oil Price Concerns: While Iraq’s economy has improved, reliance on oil revenues poses risks, especially with projected decreases in oil prices, which could impact government finances.

• ⚖️ Effective Exchange Rate: The expectation of a reinstated or revised exchange rate reflects the broader economic reforms, suggesting a profound change in how the Dinar will be valued globally.

RECENT UPDATES FROM IRAQ BOOTS ON THE GROUND BY FIREFLY @DINARREVALUATION