The Governor of the Central Bank of Iraq revealed important figures about the Iraqi economy and its foreign currency reserves.
Ali Al-Alaq said during his participation in the Middle East Forum 2024 (Miri) session in Erbil, that “the volume of currency issued in circulation is approaching 100 trillion dinars,” indicating that “the cash reserve of foreign currency exceeds 100 billion dollars.”
He explained that “next year will witness major transformations in the restructuring of government and private banks.
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He pointed out that “the growth rate of the money supply rose from 46 trillion to 100 trillion within two years,” noting that “the external debt does not exceed 20 billion dollars.”
Al-Raqqa confirmed that “the inflation rate currently stands at 3.8%, which is a typical rate,” revealing that “the Central Bank has granted a license to 16 electronic payment companies.”
said all that is needed at this point is a new rate to push forward the remaining things.
The budget has not been released yet but it will be. Then the HCL also needs to be voted and we need the Speaker of the House.
All of these things are working together. To see that budget and the HCL we're going to need to see the Real Effective Exchange Rate.
FRANK: The Real Effective Exchange Rate will come when it starts to float. That's part two of the 'hybrid monetary reform plan'. Part One is to give you purchasing power. I agree with Mr. Sammy...
there are major events that are coming to an intersection that will collide with great force for your new exchange rate and currency.
The media department of the House of Representatives announced today, Wednesday, that tomorrow, Thursday, will be the date for the session to elect the Speaker of the House.
The department said in a statement received by “Mawazine News”, that “the agenda of the House of Representatives session for tomorrow, Thursday, will include the election of the Speaker of the House.”
Member: Can Iraq go very long with the new policy of not letting any more than one million dinar leave the country now per person?
MZ: No- not really …I don’t think they can very long now that they are shutting down the auctions …they have to bring in money from other countries until the dinar is more powerful.
Member: What about your bond holder? Is he liquid?
MZ: I am hearing “crickets” from the one bond holder that was supposed to have dollars by today. I am not too surprised…..either he is trying to figure out where it’s at…or he got it and went quiet. My suspicion is he has not been paid yet or does not have full access yet. .
Member: Bond folks are in the same position as we are. Waiting for the trigger
MZ: I totally agree
Member: Hello, my name is Bond….Paid Bond…..lol
MZ: Shaken or stirred?
Member: Any Redemption center news?
MZ: They are still waiting and still hopeful . My contacts who have been trained in exchanging foreign currencies (specifically the currencies we hold) also work in wealth management. They all know there will be a sudden injection of wealth. They are prepared and ready and just as frustrated and irritated as you and I are.
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Hello to all fellow Dinarians
MZ:: In Iraq: “Full decisions of the cabinet meeting” This is a long article….they are getting into the big, heavy decisions they have in front of them. The reforms going on in Iraq are impressive……Why do I point them out? Many are part of their white papers and banking and monetary reforms along with the increase of the purchasing power of the dinar.
MZ: “ Al Azim: Welcomes the holding of next Thursdays session to elect the speaker of Parliament” One of my sources in Iraq believes this is important and one of the reasons they have not pulled the trigger.
Member: There has not been a speaker in Parliament for close to 2 years…..it sucks they are just getting around to it…….sounds suspicious to me.
MZ: This is interesting: “ Coinciding with the dollar. Gold prices begin to rise in the Iraqi markets” the biggest thing is the amount of gold purchasing going on in the Iraqi markets. Not only by Central banks but also by individuals purchasing gold. Its almost as if everybody knows the world is going gold backed?
Member: Any news on the bonds side yet?
Member: I did get an update from a bond person who fully expects everything . They are waiting on a transaction to finish with full liquidity in the morning. I should know in the morning if he has liquidity..
MZ: Most however are anticipating it happening from this evening to midweek next week for their liquidity…..we are praying they get it. That will mean we have crossed the Rubicon.
Member: Mark, waiting on bonds in EU and HK to pay soon. Will let you know if it goes.
MZ : I’m waiting to hear if they are going in Hong Kong as well.
MZ: I am not overly optimistic though- This close to the election.
Member: unless the election is the diversion they need to release everything?
Member: Hey all. I remember someone in chat posted months ago that a bond flipper was paid and under an NDA until Thanksgiving. So perhaps before Thanksgiving for us may be a good bet.
Member: Does Mr. C still think it will happen before Thanksgiving?
MZ: He does – He thinks it will be in the next week or two since things are looking so good.
Member: Thanks Mark and mods…..be blessed.
Member: Enjoy the rest of your evening everyone…sleep well
Zester joins the stream tonight. Please listen to the replay for his opinions and information.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
