We can see there's a push now to get the projects...up and and running. There's going to have to be spending ...but we haven't seen it openly yet. This is all about Iraq's future. They're going to need to be Article VIII complaint exchange rate fairly quickly...
When they say, "Iraq is the heart of BRICS but yet still under the American tutelage..." Why? Are they saying Iraq has a job to do? Are they saying Iraq has something left to do to make some changes? ...Does that sound like change in your exchange rate? That's what it sounds like...to me. Are they going to go international to the private sector?Yeah. Are they going to have the World Trade Organization knocking on the door? Yeah. All these different things are phenomenal items to pay attention to.
Article quote: "Two urgent decision to enhance the ability of the Iraqi dinar against foreign currencies "...That sounds like you're going to raise the exchange rate...This is a sign change is coming... we're in the process of watching it.
The parallel market is an illegal market...it's a manipulation situation and It's not something that's going to last forever...raising the value to an International acceptable exchange rate, Article VIII compliant will make that go away. The private sector along with the CBI is moving in that direction...You can't buy real estate...cars and you're gonna have to buy gold in Iraqi dinars...
Do I have to reiterate again that no one, including myself, can tell you the date of the RV? In fact, I don’t even think the CBI knows until they get closer. But what I do know and so should you by now is that the CBI is still planning to conduct the project to delete the zeros and to follow that forward with the reinstatement of the dinar back to FOREX. They are working through a plan. Their plan gets stalled, such as for Covid, etc, and other issues.
Like for instance since January the CBI is having a problem controlling the parallel market rate. This is something we read about almost daily. So, within Iraq itself even there are two rates, the official rate and parallel rate. But remember the positive side is that the CBI did accomplish bringing the reserves to where it is today and keeping them there. At one point they inched close to 30 billion, but now are back to the highest ever with 113 billion. That is also needed to RV. Is the glass half empty or half full?
As you may know, I try to listen to all the RV conference calls. I do that so I can clarify what is mostly garbage information and scams. I do that in the effort to help my listeners and all the dinar holders. So, recently on a YouTube presentation some lady told her audience that an intel guru denied the fact that there could be an in-country rate in Iraq for the dinar. Really I said. How stupid can someone be?
Of course in such a forum these comments are taken out of context and is why these fly-by YouTube presentations on the RV are foolish. They do it just for the clicks and $$. They really don’t care if you fully understand. We should not be listening to this crap.
But let me explain about this comment about never having an separate in-country rate. Folks there is already a separate in-country rate in Iraq for the dinar and there has been one since 2003-2004. So where in hell has this person been. The worst part he claims to be an intel guru. This example is just what I mean of all the misinformation and pretenses of these know-it-all people to be an intel guru.
Iraq has been on an “artificial” sanctioned rate since they have been pulled off of FOREX in 2003 and were put in Chapter VII following the invasion of Kuwait. The fact that they have the large 3 zeros notes prove it. So, there can be no argument. Guys like this are idiots. They are part of the problem and not the solution in understanding this investment.
At that time in 2003-2004 the Iraqi dinar was re-pegged solely to the dollar in a de facto type peg. To buy oil, customers had to pay in dollars known today as “petro-dollars” So over the years we have seen the dinar rate change but this is an “artificially” manipulated rate and not a “free” float. This is important concept to understand. A free float is subjected to investors buying and selling a currency or stock on the open and free international market. The demand drives up the rate. Get it?
As I presented scenarios to you in the past about the rate of these 3 zero notes the rate is already close to 1:1 only they added 3 zeros to the currency. By adding these three zeros it circumvents any real profit for us investors until they delete the zeros and issue the newer notes.
Our 3 zero notes then will still be valid currency, thus we multiply the new rate times the notes face value. The IMF and the CBI told us years ago they are not going to swap out the 3 zeros notes for the newer lower denominations at a fraction of the value. The 3 notes will be “legal tender” for up to 10 years but not in general circulation and used primarily for interbank transactions. Just like there are very large US dollar notes too that still exist but do you see them in general circulation in the public wallet? The banks call this “public” vs “institutional” use.
Series 1934 gold certificates ($100; $1,000; $10,000; and $100,000) were issued after the gold standard was repealed and gold was compulsorily confiscated by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102). Thus the series 1934 notes were used only for intragovernmental (i.e., Federal Reserve Bank) transactions and were not issued to the public.
Although they remain legal tender in the United States, high-denomination bills were last printed on December 27, 1945, and were officially discontinued on July 14, 1969, by the Federal Reserve System due to “lack of use”. The lower production $5,000 and $10,000 notes had effectively disappeared well before then.
Beginning in July 1969, the Federal Reserve began removing high-denomination currency from circulation and destroying any large bills returned by banks. As of May 30, 2009, only 336 $10,000 bills were known to exist, along with 342 remaining $5,000 bills and 165,372 remaining $1,000 bills
Large denominations of United States currency greater than $100 were circulated by the United States Treasury until 1969. Since then, U.S. dollar banknotes have been issued in seven denominations: $1, $2, $5, $10, $20, $50, and $100. This process is similar to what they intend to do with the Iraqi dinar only we will see it happen in a shorter period of time. So I don’t want to have any negative comments that the Iraqi dinar 3 zero notes are going to be null and voided and we investors will be screwed. This is just FEAR and WORRY! 😊 Relax and just wait.
This is why we need them to issue the lower denominations. So, when they do reach around 1000 program rate (probably more like just under 1000) they plan to drop the zeros. The rate then changes by just moving the decimal place over by 3. Get it? It is really that simple. So, based on what I just told you, does Iraq have an in-country rate?
More stupid guru talk de-bunked! 😊
But this in-country RV rate will not remain long. They will then move to FOREX after waiting a period of time as they “adjust for inflation”, which they are now doing. This is right out of Dr Shabibi’s plan. In each country, for instance the USA, will have an exchange rate for the dinar based on their economy and currency being exchanged.
For the dinar rate it would then be consistently the same rate even in Iraq if they are using FOREX to exchange. In the country of Iraq, however the CBI could in fact still impost their own exchange rate as their official rate. It is highly unlikely they would take this forever but might do it for the first few months. It could be more or less than FOREX. But why would they? They might do it based on their economy for instance and adjustments for inflation. But why would anyone want to exchange in-country of Iraq if it was less than the FOREX rate? This would force the people to go outside Iraq and exchange for the higher rate. Don’t you think?
What else is new?
So, there it is! Finally we read the news we have been waiting for. In the Information / Baghdad, a member of the parliamentary finance committee, Hussein Munis, stressed just last Sunday the need to put an end to the window of selling currency in Iraq. He describes it as the one-eyed American policeman. But what does he mean by this statement of a “one-eyed American policeman” ?.
According to the analysis of the American Institute, “Decades after the Iraqi invasion of Kuwait in 1990, Iraq is still practically under the influence of dozens of UN resolutions and sanctions as a result of Saddam Hussein’s aggression against Kuwait. Despite Iraq’s formal removal from Chapter VII sanctions of the UN Charter in June 2013, and its commitment to pay the final dues that exceeded $50 billion in compensation to Kuwait in 2022, there are some issues that remain between the two countries, as Iraq struggles to obtain the status of a “natural state” and integrate into the international community.
What Hussein Munis is also meaning is that the three reform packages launched by the Central Bank of Iraq have proven to be a failure in the framework of reducing the turmoil of the dollar market. The US is basically a “bully” wanting to keep the process of Chapter VII sanctions on Iraq while we all know the last of the Chapter VII sanctions have been “fully” lifted as of 2022 when Kuwait’s war reparations where fully paid as required to meet the sanctions requirements.
Why does the US not want to ditch the dollar entirely in Iraq?
It uses Iraq to prop up the demand for the dollar and if the demand is high in Iraq (and other countries) the dollar is “king” and it remains of some value. Since the US is printing so much “fiat currency”, especially under the Biden Administration, as it is not backed with enough assets, it relies mostly on speculation and demand to hold any real value.
This is why I keep telling my readers that in order to move to the next stage of the currency reform plan of Dr Shabibi, they must first deal with the very corrupt Biden administration which supports the Obama plan to first revive the Iraqi economy then give them back their currency. But what comes first the cart or the horse? As Iraq will need an international currency to get off sanctioned like economy and have an international currency status of a “natural state” and integrate into the international community.
What is the Iraqi Stack Exchange (ISX) really all about?
Iraq simply will not and cannot measure up to the Obama plan, now Biden’s plan, without the reinstatement. They tried their own Iraqi Stack Exchange (ISX) and this did not work, as they intended and thought they could work around and bypass FOREX to sell the dinar. This strategy was their international strategy and it did not work. It could not work.
Why did it not work?
The ISX could only work if it was linked to the NY Stock Exchanges for Iraq companies and then the dinar would have to be traded on the exchanges as well. Oh..but investors are NOT flocking to the dinar, as they? Why?
There is still too much risk in the dinar as the US still has too much control over the country. Investors know that a currency must be free to float and backed by more than the just the US dollar. Currently the dinar is in a funky kind of state. Although it is officially off the de facto peg to the dollar, this did not make much of a difference if you don’t do all the other measures also necessary, like repeg it to a basket of other currencies to support it. So, the dinar still has the stigma of terrorism and corruption schemes of Iraq associated with it. This is at the heart of the problem with their dinar.
So, this three-year budget will be a test for the corruption schemes which will almost certainly try to prevail to steal the money allocated through the budget. Why is it taking so long to roll out the funds? Now you know why.
Today we have a couple articles which talk about this problem. I quote from Sudani – “warning that the corrupt are waiting to pounce on the budget.”
Do you remember the “Pillars of Financial Reform” in the White Paper? They are NOT talking about developing so much the ISX as they are talking about the international foreign stock market as a currency market for Iraq (FOREX). Get it? They desperately need to be listed back on it.
The RV precursor economic development plan of the past president Obama is foolish and will NEVER work. The CBI director Ali Alaq is now acting nothing more than a puppet as he is following orders from the US and we can now clearly see the lack of independence in the CBI when we read the articles today. This is why the current US administration under the former Obama plan for Iraq must be cancelled and a new plan devised that will actually work for Iraq. It has been long enough to realize they must put the horse before the cart!
The Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, received on Thursday, a high-ranking delegation from the World Bank headed by Mr. Farid Belhaj, Vice President of the World Bank for the Middle East and North Africa.NO! They are not meeting to plan the RV. How silly and stupid to think this even that this visit was solely for the RV. The article tells you exactly what they met for and it could have included currency reform too.
So here is what they did tell us they talked about:
I quote- “During the meeting, they discussed the efforts of the Central Bank of Iraq to organize and consolidate external transfers in accordance with the requirements of compliance and international standards, and to encourage merchants to enter the electronic platform to buy dollars by providing facilities and simplifying tax and customs procedures that the government is making anticipated amendments to”.
But if you have been listening to my preaching today,…lol..lol..lol…😊 you know that this is all for nothing as crimping down on the currency auctions is not working and will not work. It is a useless effort by the CBI and this meeting was useless and just all “show and tell”. We all know what must be done and it is eliminating dollars from Iraq and this included the currency auctions. This means getting rid of the auctions altogether and allowing Iraq to use the dinar internationally. They can only do this if they are back on FOREX – the horse after the cart…. 😊
But what if countries don’t want the dinar? How will Iraq then buy imports?
Trust me on this one – countries around the world will luv to get their grimy little hands on the Iraq dinar (IQD) if it was worth more than the dollar and was traded internationally on the stock markets. Oh boy, would they…. So you see Iraq could use their dinar if the Chapter VII like sanctions would actually be “fully” lifted as they are supposed to be lifted already for over 6 months.
The key is to be “fully” lifted as they are supposed to be lifted already”
I rest my case today…lol..lol..lol…. 😊
Sorry I am not going to lie to you today and tell you the RV is going to happen any day this week or even over the weekend. I certainly wish I could but I simply do not see the measures in place right now to release the dinar and finally liberate it. However, I do see a huge spark of hope coming between now and December as the Biden administration may be on its way out and a new plan put in place for Iraq by the new administration. Yes, the wicked witch may soon be dead….. 😊 Iraq could be set free soon.
MORE THAN 250,<> PEOPLE WHO RECEIVE MORE THAN ONE SALARY FROM THE IRAQI STATE.
Economy Baghdad News
Jamal Kojar, a member of the parliamentary finance committee, revealed that there are more than 250,<> people who receive more than one salary from the Iraqi state.
Koger said, in a press interview, seen by “Economy News”, that “the number of government official employees differs from the number of salary recipients, as there are more than 4.074 million employees in Iraq working in state departments and institutions, but there are currently about nine million people receiving salaries in Iraq and in different forms and addresses such as retirees, martyrs, social welfare, missing persons and political prisoners.”
He added that more than 250,6 employees in Iraq receive more than one salary, while there are those who receive multiple salaries.
(This is one way they steal from the budget. Oh…these corrupt in Iraq are cunning and have ways to do it. Why does the government not crack down or find other ways to pay them to make it much more transparent?)
More news…
DISPUTE BETWEEN THE IRAQI AND TURKISH GOVERNMENT OVER OIL EXPORT OPERATIONS THROUGH THE TURKISH PORT OF CEYHAN IS AT THE HEART OF SOLVING THE OIL AND GAS LAW
The American Foreign Policy newspaper revealed in a report published, on Friday (August 25, 2023), that the dispute between the Iraqi and Turkish government over oil export operations through the Turkish port of Ceyhan is still continuing without any signs of imminent solutions, stressing that the dispute is now “affecting and destroying” the region, and beyond.
The newspaper stated, according to what was translated by “Baghdad Today”, that the agreement concluded fifty years ago between the two countries on exporting oil through the port of Ceyhan is still so far without solutions, despite the visit of Turkish Foreign Minister Hakan Fidan to Baghdad and the announcement of the imminent “achievement of a historic visit to the president.” Turkish Recep Tayyip Erdogan to Iraq.
(The reason stated in the article above it the real reason why the Oil and Gas law is delayed. Please read the full article. Iraq will most likely have many future amendments to their new Oil and Gas law. Why do they try to bundle every issue into the law to start? This is what take so damn long. But of course they are Arabic and this is their nature.)
More news….
EXPECTATIONS OF A RISE IN THE EXCHANGE RATE TO NEW LEVELS… HUGE BUDGET SUMS WILL DEVOUR THE DOLLAR FROM THE MARKET – URGENT
Today, Saturday (August 26, 2023), the expert in economic affairs, Hammam Al-Shamma, expected that the dollar prices would record a new rise with the start of budget projects, while he confirmed that the rise does not affect commodity prices in the local markets only, but also major service projects.
Al-Shammaa told “Baghdad Today” that “the rise in the exchange rate of the dollar and the fluctuation of its prices is not limited to the local market and raising the prices of foodstuffs and commodities only, but also extends its impact on the implementation of service and strategic projects,” noting that “economic instability has many consequences.”
He added, “We expect that with the start of implementing large service projects in Iraq after the budget enters into force, there will be a new rise in the exchange rates of the dollar, as exchange operations in the market and demand and supply operations will have an impact on the rise again, and this may appear during the next few days.”
More news….
SHANKALI OPENS FIRE ON THE GOVERNMENT REGARDING THE DOLLAR: THIS IS HOW CAMELS ARE SUPPLIED!
Yesterday, Sunday, a member of Parliament attacked the Iraqi government and the Central Bank of Iraq because of their failure to control the exchange rate of the dollar.
Majid Shankali said in a tweet, what he reads, that the government is completely unable to control the exchange rate of the dollar against the dinar, despite all the packages of measures launched by the Central Bank, and on the contrary, the measures taken by the government against some currency traders have increased the complexity of the scene and negatively affected the movement of the market is so that they have the right to say, this is how the camels are supplied.
More news….
MP HUSSEIN MOANS STRESSES THE NEED TO PUT AN END TO THE WINDOW OF SELLING CURRENCY
Information / Baghdad.
A member of the parliamentary finance committee, Hussein Munis, stressed on Sunday the need to put an end to the window of selling currency in Iraq, describing it as the one-eyed American policeman.
Moanis said in a statement received by Al-Maalouma that “the three reform packages launched by the Central Bank of Iraq have proven to be a failure in the framework of reducing the turmoil of the dollar market.”
He added that “the reform packages, after their failure, have become an end to the (window of selling currency), because they have become just (a one-eyed American policeman who sees only Iran), which made the Central Bank not entrusted with monetary policy in the country.”
(This is a WOW!!! article. It took them long enough to see what we have seen for almost a decade now. 😊. But I reality they too know what they must do but pressures from the US in keeping them still under the sanctions of Chapter VII when in FACT they have already been fully released. Go figure. This is what we have read in multiple other articles lately. It is slowly coming to a head with the US. They must release Iraq from the sanctioned process of dealing with the dinar. We know it and Iraq knows it, the only solution to get rid of the dollar is to make the dinar stronger than the dollar and to use the dinar internationally to import goods and services into Iraq. We know the value is in the dinar and so why delay the process any longer.)
More news….
IRANIAN FOREIGN MINISTRY: A BLACK SPOT IN OUR RELATIONS WITH IRAQ MUST BE REMOVED WITHIN A MONTH
On Monday, a spokesman for the Iranian Foreign Ministry announced that the Iraqi government had pledged to disarm “opposition” armed groups in Iraq by September.
In a press conference followed by “NAS” (August 28, 2023), the Iranian Foreign Ministry spokesman, Nasser Kanaani, said, “Our position is clear regarding America’s behavior in the region. The American presence is absolutely illegal.”
(The “black spot” is the US in Iraq. Of course Iran does not want the US in Iraq and it doesn’t take a rocket scientist to see why. They want Iraq as a full puppet state of Iran and the US is the only obstacle preventing it.)
More news….
PARLIAMENT RULES OUT PASSING THE OIL AND GAS LAW DURING THE CURRENT LEGISLATIVE TERM
Despite the resolution of the majority of the articles of the oil and gas law, the articles related to the management of oil fields are still a point of contention between the political forces, which would delay the passage of the law during the current legislative term, according to representatives.
There are no new developments surrounding the oil and gas law that has been stalled for years, as it is still in the process of political meetings that have delayed sending it to Parliament, which is unlikely to reach the enactment of legislation during the current season.
The law that serves all oil-producing governorates in terms of wealth distributionrequires the participation of experts and specialists in the meetings around it due to its maturity, with the need to remove the political agenda from a parliamentary point of view.
(They are NOT talking about wealth distribution directly to the people. They mean distribution of oil funds to run the governments of the provinces. Get it? Stop your thinking that they are going to load some card with money for the people from oil revenues. This is will NEVER happen in Iraq.)
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