...when you go to the bank to exchange the US Treasury is going to fund the initial exchange for the bank. It is all electronic...The US Treasury will own then own dinar. These banks will then turn a profit with the US Treasury for being the broker in the exchange.
It will benefit them to collect as much of the 3 zero notes as possible...
The US Treasury will keep a certain amount of the three zero notes for inter-banking and global trade with Iraq... Iraq has already guaranteed oil credits at so much a barrel...
The US Treasury fully intends to also sell these oil credits at a profit margin to other countries needing the Iraq oil.
I have asked my CBI contact multiple times on the fixed credit rate and I got varied amounts from $30 – 35 a barrel. So, it is not like Iraq has to shell out trillions back to the US to cover the cost of the funds for the exchanges...
THE GOVERNMENT IS HELPLESS.. THE DOLLAR CONTINUES TO DESTABILIZE THE ECONOMY IN IRAQ
The dinar exchange rate crisis against the dollar has been ongoing in Iraq since late last year, and has been witnessing fluctuations despite measures taken by the country’s central bank to stabilize the currency.
It is worth noting that the fluctuation of the dollar exchange rate negatively affects the economic reality of Iraq in the first place, but there are those who exploit this issue for personal interests, such as currency smuggling traders and price speculators.
Regarding this matter, the economic expert Qasim Balshan says that the discrepancy in the dollar exchange rates is a door to corruption, given that there are private banks and companies that deal with the Central Bank of Iraq, and not everyone has the right to buy the currency auction.
Balshan said in an interview with Al-Maalouma Agency, “The state did not take real, actual measures to protect the Iraqi dinar, and all that was circulated were media statements that have no benefit on the ground.”
He pointed out that “there are influential political figures and blocs behind the rise in the dollar exchange rate.” Over the past years, the United States of America has prevented Iraq from achieving economic stability to achieve its strategic interests through its foreign policy and imposing sanctions and restrictions on financial transactions.
In this context, State of Law MP Firas Al-Maslamawi says that the US Federal Reserve is besieging Iraqi liquidity through the dollar.
Al-Maslamawi said in an interview with Al-Maalouma Agency, “The means of delivering the dollar and its restriction by the Federal Bank cast a shadow over the creation of liquidity in the Ministry of Finance,” noting that “the external liquidity file requires a high-level government effort in order to solve this issue and increase the quantities of dollars flowing into Iraq.”
Due to global sanctions, Iraq is forced to rely on the dollar for global trade, making its economy vulnerable to exchange rate fluctuations and US policy measures.
FIREFLY:Some new financial guru here saying the new hybrid monetary plan will bring more alliance on the dinar instead of the dollar restrictions.
Saying it will make the dinar a base currency and a base currency is the main currency in a group of currencies that are traded in the international Forex...
He's saying they are going on Forex soon.
FRANK: When they talk to you about a base currency, they are trying to tell you your nation will become a financial central hub with many currencies coming in from around the world that will play an important part in the international float of the Iraqi dinar in order to reach the real effective exchange rate. Forex is but one example of how they will do this.
PRIME MINISTER: THE NECESSITY OF STRENGTHENING IRAQ’S POSITION TO BE AT THE FOREFRONT OF THE REGION’S COUNTRIES IN THE TECHNOLOGICAL ASPECT
Prime Minister Mohammed Shia al-Sudani stressed, on Sunday, the necessity of strengthening Iraq’s position to be at the forefront of the countries of the region in the technological aspect.
The Prime Minister’s Media Office said in a statement, seen by “Al-Eqtisad News”, that “Prime Minister Mohammed Shia Al-Sudani chaired the second meeting of the Supreme Committee for Artificial Intelligence.”
He added that “Al-Sudani listened, at the beginning of the meeting, to the government plans related to developing aspects related to artificial intelligence for employees, educational and educational sectors, and the agriculture and water resources sector, in addition to reviewing the legislative policy; in order to prepare a draft law regulating the work of artificial intelligence applications.”
He continued that “Al-Sudani reviewed the details and proposals related to introducing the subject of computers and artificial intelligence into the curricula of the Ministry of Education in the next academic year, stressing the need for every school to have a smart screen and an internet connection to establish a special laboratory for artificial intelligence, stressing the need to strengthen Iraq’s position to be at the forefront of the countries of the region in the technological aspect, with its various capabilities and potentials in this field.”
He explained that “Al-Sudani agreed to launch an initiative aimed at attracting competencies from abroad in the public and private sectors, including leaders and employees, by training 100 digital leaders as a first stage, and informing them of the latest experiences in this field, under the supervision of international experts, in order to create and implement policies in order to raise the quality of services provided to citizens.”