I knew that the CBI had a PLAN. And that this needed to happen 1st before Iraq could make may changes to their rate. So here we are At The End of 2024 and many have attacked me like I have some control over the CBI's PLAN.
I don't, I have just shared their PLAN not MINE.
The CBI said QUOTE Sep 4th 2024
During the year 2024 and until now, 95% of the transfer process(imports) from the electronic platform to the correspondent banking mechanism directly between it and Iraqi banks has been achieved, which means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan.
See pinned post By-The-End of 2024.
So, if you knew that this was a PLANNED event to happen at the end of 2024 You would not have fallen for the Guru, clickbaters BS like they told you almost every week that it was going to RV.
I can't imagine why someone would put people through that psycholocal hell. But they did. But, I did not because I knew this was a PLANNED event.
FRANK26: "SUDANI SETTING THE BOUNDARIES FOR THE REFORMS".......F26
Call to demarcate the maritime borders between Iraq and Kuwait in full
12/26/2024
The joint ministerial meeting between the Cooperation Council and the United States of America was held in New York, headed by Mohammed bin Abdulrahman Al Thani, Prime Minister and Minister of Foreign Affairs of the State of Qatar, Chairman of the current session of the Ministerial Council of the Cooperation Council, and Anthony Blinken, Secretary of State of the United States of America, with the participation of the foreign ministers of the Cooperation Council countries, Jassim Al-Badawi, Secretary-General of the Cooperation Council for the States of the Gulf.
Regarding Iraq and Kuwait, the ministers affirmed, according to the ministerial statement, their joint commitment to the strategic partnership between the GCC and the United States, and to building on the achievements of previous ministerial meetings, including the last meeting held in Riyadh on April 29, 2024, to enhance consultation, coordination and cooperation in all fields.
The Ministers recalled their decisions taken at their meeting on September 18, 2023, and stressed the importance of Iraq’s commitment to Kuwait’s sovereignty and territorial integrity and respect for international agreements and United Nations resolutions, especially Security Council Resolution 833, regarding the demarcation of the borders between Kuwait and Iraq.
They called for the full demarcation of the maritime border between Kuwait and Iraq beyond border point 162, and called on the Iraqi government to ensure that the 2012 Kuwait-Iraq agreement regulating maritime navigation in Khor Abdullah remains in effect.
The Ministers expressed their support for Security Council Resolution 2732 (2024), which mandated the Secretary-General of the United Nations to facilitate progress towards resolving all outstanding issues between Iraq and Kuwait, including the return of all Kuwaiti and third-country nationals or their remains and the return of Kuwaiti property and the national archives.
The Ministers noted the important role that the United Nations is currently and in the future playing in implementing Security Council Resolution 1284 and ensuring continued progress in resolving these issues, and called on Iraq to make every effort to reach a solution to all the issues concerned.
FRANK26: "THE HISTORY & THE REASON FOR THE ENDING OF THE CBI AUCTIONS"......F26
Iraqi dinar falls a week before dollar selling platform closes
12/26/2024
For days now, the Iraqi markets have witnessed a noticeable decline in the value of the Iraqi dinar against the US dollar , amidst confirmations by Iraqi financial experts that this rise is due to the imminent closure of the foreign currency selling platform,specifically the dollar, by the Central Bank of Iraq as part of a series of reforms it had pledged at the beginning of last year.
For about 18 years, the Central Bank of Iraq has been carrying out dollar sales operations against the Iraqi dinar with the aim of maintaining a stable value for the dinar and reducing the burden of speculation in the market. However, a number of reasons prompted it to stop what is known locally as the “dollar auction,” including dollar smuggling operations to neighboring countries and huge money laundering crimes , which Washington says are in the interest of Iranian parties, most notably the Iranian Revolutionary Guard.
Today, Thursday, the value of the Iraqi dinar decreased against the dollar, by 1520 dinars per dollar, after it had maintained a value of between 1480 and 1500 dinars per dollar in the parallel market, while the value set for the dinar by the Central Bank is 1320.
In this regard, member of the Finance Committee in the Iraqi Parliament, Mohammed Radhi, told Al-Araby Al-Jadeed, “The decline in the value of the dinar in the parallel market, not its official value, is due to the imminent suspension of the dollar selling platform by the Central Bank. This step caused fear in the local market, which prompted traders to increase demand for the dollar from the parallel market, which led to its rise.”
He expected the rise to be temporary for a period of time, "after getting used to stopping the platform and adopting the normal thing, which is going to banks and official banks to conduct foreign commercial transfers," stressing that "the Central Bank of Iraq has expanded the basket of foreign currencies that can be dealt with and ended reliance on the dollar only, and this diversity will reduce the dollar exchange rate in the parallel market and raise the value of the Iraqi dinar in the future, and the tasks of the Central Bank will be limited in the coming days only to monitoring and following up on the work of local banks covered by direct foreign commercial transfers, and not selling the dollar to merchants."
In contrast, the financial and economic advisor to Prime Minister Mohammed Shia al-Sudani, Mohammed Saleh, said in press statements today, Thursday, that "the difference between the two exchange rates in the market is basically stable for reasons related to controlling the sale of cash dollars from legal outlets to travelers in an organized manner and subject to a precise rule of compliance and auditing, in addition to the ability of the traveler to obtain other permitted amounts through payment cards in all their forms, and in sufficient and comfortable amounts at an exchange rate of 1320 dinars per dollar."
Saleh added, "It is expected that the market, due to the end of the previous foreign transfer platform and the transition to new mechanisms to enhance foreign currency to meet the banks' needs for foreign currency to finance foreign trade, was accompanied by a wave of misinformation, misunderstanding and confusion that was exploited by the parallel market and speculators for quick profit."
The financial and economic advisor to the Prime Minister considered that this increase is "called a temporary market bubble that is built on unrealistic speculations and disappears over time, which requires attention to the phenomenon of exploitation and profiteering generated by false and baseless information."
In early 2023, Iraq announced the adoption of an electronic platform to monitor the movement of dollar sales and money laundering operations, following warnings issued by the Federal Reserve (the US central bank), in addition to the Treasury Department punishing several local banks for their involvement in suspicious activities. A statement by the bank stated that "it was decided to expand the external transfer channels for local banks to include new currencies: the Jordanian dinar and the Saudi riyal, and to allow Iraqi banks to finance trade with Turkey in euros after it was previously limited to using it with European Union countries, in addition to transfers available in US dollars, Emirati dirhams, Chinese yuan and Indian rupees."
Previous decisions by the US Treasury to impose sanctions on 18 Iraqi banks for financial dealings with Iran and others linked to money laundering operations caused a swift backlash inside Iraq, causing the value of the dinar to decline and depositors to flock to the sanctioned banks to withdraw their dollar deposits. With more than $113 billion in reserves in the United States, Iraq relies heavily on Washington’s goodwill to ensure that its oil revenues and cash are not subject to US sanctions.
Last October, the US government rejected an Iraqi request for $1 billion in cash from the Federal Reserve from Iraqi funds generated from oil revenues, due to its opposition to efforts to curb excessive dollar circulation and stop illicit cash flows to countries banned by the US Treasury.
Iraq has been directly INTERNATIONAL all of 2024.