LATEST UPDATE FROM DINARLAND @DINARREVALUATION

“FOR THESE REASONS, IT IS IMPOSSIBLE FOR IRAQ TO JOIN BRICS”, 26 OCT

 “FOR THESE REASONS, IT IS IMPOSSIBLE FOR IRAQ TO JOIN BRICS”

10/26/2024

There are many reasons behind Iraq not joining the BRICS group, the first of which is that the Iraqi economy is a rentier economy par excellence and depends on oil as a main source of income.

In this context, economic researcher Safwan Qusay confirmed that the Iraqi economy is a dollar economy par excellence, as the Central Bank’s reserves exceed $108 billion in the US Federal Reserve, as well as 145 tons of gold.

Qusay said, that “Iraq is not thinking of transforming into a BRICS economy because the volume of the trade dollar from the US dollar gives the Iraqi economy the power to exchange with most of the world’s economies that still do not have a unified currency, and it seeks to enhance confidence in local currencies for the purpose of trading between the economies of those countries by increasing the gold reserves of those countries.”

He added that “Iraq is currently moving towards enhancing the value of the Iraqi dinar and making it a stable value, and there can be direct dealings between Iraq and the countries that belong to BRICS through the exchange of local currencies between them.”
…..
He continued, “the BRICS group is an attempt to reduce the costs of mutual investments and mutual trade transactions and to create a financial system away from the SWIFT system.”  He pointed out that “Iraq is currently in compliance with the SWIFT international financial transfer system and is succeeding in the process of developing these standards in order to gradually be able to combat money laundering and study the levels of risk internationally through international correspondent banks that deal within the global SWIFT system.”

Political interests

The economic expert pointed out that “BRICS is a promising economy, but it is built on political interests more than economic interests between countries, so what hinders this group is the shift from political orientations to financial and economic orientations and the need for confidence in global currencies to increase the volume of global trade and global financial stability.”
….
For his part, oil expert Bilal Khalifa confirmed that the BRICS group, which was launched in the Russian city of Kazan, took place under abnormal circumstances.REPORT THIS AD

Khalifa said, that “two wars are raging in the world, which are the Ukraine war and the Gaza and Lebanon war, and there is a third hidden war that is happening without the media shedding light on it, which is the internal war in Sudan.”  He added that “the common factor between the three wars is that the two conflicting parties represent the conflict between the eastern and western axes, meaning that the war between them is actually happening, but indirectly.”

He continued, “in the midst of these circumstances, the war is escalating, with war and conflict between the two parties, but this time in a different form, namely political and economic conflicts and wars, through holding a BRICS summit in the Russian city of Kazan, with the attendance of the leaders of the founding countries of the group (China, India, Russia, Brazil and South Africa) along with the leaders of the previously joined countries, except for the Crown Prince of Saudi Arabia.”

He pointed out that “as for Iraq, especially after 2003, the reason for the regime’s lack of regularity in BRICS combines two things: the first is its lack of interest in the first place, and the reason for that is its lack of awareness, due to the lack of advisory consultants and such matters that do not concern the ruling system, and the second is an unjustified fear of the unstable regime from America’s wrath!!  All of this indicates a great weakness in anticipating the future and moving towards multilateralism.”

"BANKERS ARE ANGRY" BY TEXAS SNAKE, 26 OCT

 TEXAS SNAKE

Fri. 25 Oct. 2024 Texas Snake

 Bankers are angry. Those in control of releasing the GO button for the Global Currency Reset didn’t give the announcement they were expecting.

 Especially since the redemption center people had been ready and waiting since 8:00 am.

NADER FROM MID EAST: lets have fun

Hybrid Monetary Policy” Sudanese adviser reveals the new step of the Central Bank, 26 OCT

 The economic adviser to Prime Minister Mahar Mohammed Saleh, on Saturday, explained accurate details about the importance and reasons for the Central Bank of Iraq’s decision to reduce the interest rate.

The useful summary.. In the important news, you will find it on the Al-Furat News channel on Telegram. To subscribe, click here

Saleh told {Al-Furat News} that he said: “It is clear that the monetary policy of the Central Bank of Iraq has been to meet the requirements of growth in real economic activity by activating its operational objectives aimed at reducing the cost of credit and financing within the joints of the economic system in general and banking in particular.”'

He explained, “The Central Bank, through its decision issued under its October 24, began to reduce the interest rate of monetary policy (which is the price at which the Central Bank of Iraq deals with the banking system) by about 200 percentage points, by the interest under which the Central Bank deals with banks from 7.5% to 5.5%, which means that the Central Bank of Iraq follows an expansionary policy in targeting the money supply and in a manner commensurate with activating the real sector in the national economy and addressing unemployment indicators in the macroeconomics.”

According to the statement of the economic adviser to the Prime Minister, “Despite the above, the bank did not overlook in its new policy the importance of continuing to control the local liquidity levels and conducting high sterilization operations for it, by introducing debt instruments called Islamic depositary certificates and with a return that increases with the prolong the period of extinguish of those securities borted by the banking system, which are one of the sovereign debts that can be mortgaged or deducted in the secondary market, which is one of the preferred debts.”

He added, “The monetary policy of the central bank has given a reference to the financial and banking system that its easy or flexible policy adopted by the bank in moving the liquidity of the economy is under continuous control in order to play the role of the monetary authority in combating inflationary activities and imposing economic stability as its first central objective.”

Saleh concluded by saying, “Between expanding the movement of the liquidity of the economy as an expansionist policy and the imposition of control over liquidity sets by introducing debt instruments in return at the same time in parallel, we can call the current monetary policy of the Central Bank of Iraq as {a hybrid flexible monetary policy}.”
The bank decided to reduce the interest rate from 7.5% to 5.5%, as well as to reactivate the securities (Islamic certificate of deposit and cash transfers) according to an annual plan and two terms: with a return of 4% for 14 days and a return of 5.5% for 182 days.

Ragheed

https://alforatnews.iq/news/سياسة-نقدية-هجينة-مستشار-السوداني-يكشف-خطوة-البنك-المركزي-الجديدة

RV UPDATE BY MIKE BARA, 26 OCT

 MIKE BARA

90% sure the “Bondholder” got paid. Working on confirmation.

----

LATEST FROM MIKE BARA

Crown fell out again. Gotta find $2 grand to get it fixed. Right before Christmas. Great. 

MIKE BARA

UPDATE

 1. I know for a fact (not hearsay) of TWO whales who were called to Zurich on Sunday night to cash-in on their bonds. One of them who was to check in has now gone completely silent (NDA).

2. BRICS Summit opens today.

3. The Gazette in Iraq is published every Wednesday and Saturday.

4. 3:15.

https://dinarevaluation.blogspot.com/2024/10/rv-update-by-mike-bara-22-oct.html

MILITIAMAN: MM&C News Reporting-Iraqi Dinar-Article 140-Budget Tables- Final Account...