Thursday, August 8, 2024
The Iraqi Central Bank Resolves The Controversy Over Reconsidering The Dollar Exchange Rates, 8 AUGUST
August 7, 2024 Baghdad/Iraq Observer The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Wednesday, that the financial situation in Iraq is proceeding as planned, while noting that the
controversy over the dollar exchange rates has been resolved.
Al-Alaq said in a press interview followed by “Iraq Observer,” that “there are external and local challenges, but in general, the financial situation in Iraq is still proceeding within what is planned in the state’s general budget,” indicating that “there is high coordination between the central bank and the president.”
The ministers and the Ministry of Finance are committed to ensuring the financial aspect of its continuity, stability and sustainability.”
He added, “We are currently working closely, almost daily, with the Ministry of Finance in order to implement the financial plan drawn up in the general budget, in a way that ensures coverage of its objectives, programs, and existing needs,” noting that
“for the first time, by virtue of the new Budget and Financial Management Law, allocations for governorates and ministries have been rotated.”
Therefore, there is broad coverage of the needs of the financial side, and for the first time, the size of the balances held by the ministries and governorates is large, enabling them to perform their role.” He stated that
“the Central Bank is undergoing a major transformation process in reorganizing foreign trade in a way that secures several goals at the same time, and among these goals is the transparency of external transfer operations that begin from the transfer process and the transferor to the final beneficiary and to the exporter through all data, documents and information that enhance And it matches reality,” he explained, explaining that
“this process is taking place for the first time in the history of Iraq and involves international auditing institutions that scrutinize the information before it reaches the implementation stage, as long as the process meets all the local conditions and standards represented by the Anti-Money Laundering and Terrorist Financing Law or international standards then.”
These transfers will proceed, but if there is any deficiency, defect, or suspicion, they will be immediately rejected and returned.” He stated that
“the previous audit process was taking place, but in a subsequent process, and
the audits may continue for years, but now the process does not proceed unless it is sound in all its aspects, parties, documentation, reinforcements, and facts on which it is based,” explaining that
“any transformation process requires time and understanding between all parties and also to acceptance.” He stressed that
“the level of acceptance of this new system has included large and medium importing companies, thus ensuring all their imports with high smoothness, and this matter is very necessary,” pointing out that
“the problem of small traders, some of whom have entered this process and others are still hesitant to enter or are looking for... Other means to cover his foreign trade, either to escape tax or customs accountability or the procedures required by the process of opening accounts.”
He stated that “what we are focusing on in the current and next stage is to make everyone involved in sound fundamentalist channels,” pointing out that
“the presence of these small traders outside the system puts pressure on the dollar monetary market and causes its rise.” He pointed out that
“there are solutions that we are working on with international and financial institutions in order to organize the trade process of small merchants,” explaining that
“a meeting was held yesterday in this regard as a continuation of previous meetings, and
we need some time to organize this remaining process of foreign trade.”
Regarding other currencies, Al-Alaq confirmed that
“the Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies, which are currencies that represent a large weight in foreign trade, as
there was a pause for a period due to a new regulation aimed at providing adequate control over these operations, because we discovered in the previous formula that there is some fraud in the use of currencies.”
These channels are either for unrealistic exporters or for returning sums from one country to another,” he explained, explaining that
“a new auditing mechanism has been put in place, carried out by an international company, and
we have finished organizing this process and it is now being launched again.” He pointed out that
“all commercial external transfer operations are subject to review by the competent international company, which is an intermediary between the Iraqi banks and the correspondent bank, in order to reassure the correspondent bank that these operations are sound and audited,” pointing out that
“some banks have correspondent banks and others do not have correspondent banks.”
It is internationally accredited, and now it is seeking to do so, but it is long overdue, and the
Central Bank is constantly urging the opening of relationships with correspondent banks, because the Iraqi Bank without external correspondents is considered a local bank and cannot open to the world.”
He stressed that “after our banks got to know the banks and realized the importance of these relationships, they began to move against those banks, and the Central Bank, for its part, supports and helps this trend.”
https://observeriraq.net/المركزي-العراقي-يحسم-جدل-إعادة-النظر-ب/
Was Deep State Interference Exposed in Blocking Iraq’s Currency RV? BY AWAKE IN 3D, 8 AUGUST
Recent leadership changes at Iraq’s Central Bank have raised suspicions of a hidden agenda. Could deep state operatives be behind the move to obstruct Iraq’s currency revaluation?
If you’re curious about what’s really going on with Iraq’s Central Bank, you’re not alone. Recent changes in leadership have sparked a lot of intriguing questions in my mind about Western (G7) deep state interference.
Mustafa Ghaleb Mukheef, the former Governor, has been replaced by Ali Mohsen Al-Alaq, but why? Some say it’s because of the Iraqi Dinar’s sharp decline, but there’s a deeper story here.
Mukheef might have been involved in a covert agenda by Western deep state operatives to block Iraq’s efforts to revalue its currency.
This article explains the allegations, the investigations, and what these events mean for the future of the IQD.
In This Article
- Leadership Changes Amidst Depreciation of the IQD Currency Rate
- Scrutiny of the New Acting Governor
- Investigations and Allegations of Mismanagement
- The Deeper Implications: Hidden Agendas
- The sudden replacement of Mustafa Ghaleb Mukheef, the Governor of the Central Bank of Iraq (CBI), has raised eyebrows. Was this merely a response to the depreciating value of the Iraqi Dinar (IQD), or are there deeper, more sinister reasons at play?
Leadership Changes Amidst Depreciation of the IQD Currency Rate
The Iraqi Dinar has depreciated significantly, losing around 7% of its value in just two months.
Mukheef’s replacement, Ali Mohsen Al-Alaq, who previously held the position from 2014 to 2020, has returned as the “acting” governor.
The conflicting reports about Mukheef’s departure—whether a resignation or dismissal by Prime Minister Mohammed Shia al-Sudani—add to the intrigue.
The depreciation of the IQD currency rate alone doesn’t seem sufficient to explain such drastic leadership changes. Could there be more to Mukheef’s exit than meets the eye?
Scrutiny of the New Acting Governor
Al-Alaq’s extended interim appointment has not gone without scrutiny.
Hadi Al-Salami, a member of Iraq’s Integrity Committee, disclosed ongoing investigations into Al-Alaq’s tenure. According to Al-Salami, the Prime Minister was urged to terminate Al-Alaq’s appointment due to alleged violations.
Despite these calls, Al-Alaq remains in his position, raising questions about his true role and influence.
Investigations and Allegations of Mismanagement
The Integrity Committee has referred several issues to the Integrity Commission and the Public Prosecutor, including alleged mismanagement of exchange rates and financial irregularities.
Substantial sums of money and benefits have reportedly accrued to various Arab and foreign banks, sparking further investigation.
Additionally, Al-Salami revealed that the Acting Speaker of Parliament has agreed to host Al-Alaq in upcoming sessions to address numerous questions about his actions as governor.
Al-Alaq’s defense centers on his claims of effective management and forthcoming discussions with the Federal Reserve and the US Treasury Department.
The Deeper Implications: Hidden Agendas
Mukheef’s replacement may not simply be about the depreciation of the IQD currency rate.
There are suspicions that Mukheef could have been a Western (G7) deep state operative, deliberately stalling Iraq’s progress towards the Iraqi Dinar revaluation.
Soran Omar, a member of the Iraqi parliament’s Economic Committee, announced that Al-Alaq has reached retirement age and submitted his resignation to the Prime Minister.
However, Al-Alaq’s continued presence, despite reaching the legal retirement age, suggests powerful backing that defies standard procedures.
The Bottom Line
The leadership changes at the Central Bank of Iraq raise more questions than answers.
While the official narrative cites the depreciation of the IQD currency rate, the persistence of allegations, the unusual circumstances surrounding appointments, and the shadow of potential Western deep state influence suggest a more complex reality.
ALSO READ: Iraq Reveals New IQD Dollar Rate and Denomination Goal
As Iraq faces critical decisions on the Iraqi Dinar revaluation, the true motivations behind these moves warrant closer examination.
Central Bank Governor: There Is No Intention To Reconsider The Dollar Exchange Rates And We Are Undergoing A Major Transformation Process, 8 AUGUST
Time: 08/07/2024 19:26:47 Read: 3,302 times {Economic: Al-Furat News} Central Bank Governor Ali Al-Alaq ruled out a change in the dollar exchange rates.
Al-Alaq said in a press interview with him:
- There is no intention to reconsider the dollar exchange rates
The Central Bank sells more than $250 million daily at the official price
The view that the price of the dollar has risen or fallen is not a correct indicator
We succeeded in controlling inflation compared to other countries
- We will reach 100 percent of foreign transfers without going through the US Federal Reserve by the end of this year
- The financial situation in Iraq is still proceeding within what is planned in the state’s general budget
- For the first time, under the new Budget and Financial Management Law, allocations to governorates and ministries are rotated
The Central Bank is undergoing a major transformation by reorganizing foreign trade
- Our procedures in foreign trade are conducted for the first time with the involvement of international institutions
The presence of small traders outside the system creates pressure on the market and the imminent launch of a mechanism to regulate their trade
We focus on getting everyone involved in sound fundamentalist channels
- The Central Bank opened channels for Chinese, Turkish, Indian and Emirati currency
- The imminent launch of a new audit mechanism for trade via foreign currencies
- All commercial external transfer operations are subject to review by the competent international company
- Meetings in New York at the end of August to discuss lifting sanctions on banks and reviewing transfer operations
- The dollar is not given to the traveler until after the departure stamp
The new mechanism guarantees 100 percent access of the dollar to the traveler, and we started with it in Baghdad, then Najaf, Basra, Erbil, Sulaymaniyah, and Kirkuk.
- A government move to increase capital support for the Real Estate Bank and the Housing Fund in the budget
The Bank’s initiatives have an exceptional role in trying to fill the housing deficit
- The capital increase paragraph for the Real Estate Bank and the Housing Fund in the budget has not been implemented yet
- We do not want bank financing to be a substitute for the investor’s obligations
We directed the Real Estate Bank to finance complexes with completion rates of 80 to 90 percent
https://alforatnews.iq/news/محافظ-البنك-المركزي-لا%C2%A0توجه-لإعادة-النظر-بأسعار-صرف-الدولار-ونخوض-عملية-تحول-كبرى
Bruce’s Big Call, 8 AUGUST
Bruce’s Big Call Dinar Intel Tuesday Night 8-6-24 REPLAY LINK Intel Begins 1:05:40
Welcome everybody to the big call. It is Tuesday, August 6th and you're listening to the big call from all over, big call universe, wherever you tuned in. I'm glad that you're here.
All right, let's talk about where we stand right now in terms of the Intel segment, we know that things are happening even in Iraq. For example, today, we found out that the head of the Central Bank of Iraq, Iraq, a l a K, Alak - resigned today, and we're not quite sure why, but I've got some idea why he might have resigned.
I know that we were, we kind of had yesterday - Oh guys, we could go, but there's one more thing, one more thing. And I thought, Oh no, what is it? Well, from last night until, let's call it late this afternoon, or not even late, until this afternoon, we had an issue, between Iraq the administration, and that ended up Being a result of them being the administration wanting to have a lower price for contract price of Iraqi oil that was to be sold - by Iraq which, which the price was, well, let's just say it was well into the higher Numbers and the contract rate would have been higher for us, and it was lowered by about 20% to meet the request.
Well, let's just call it the deep state. So that probably occurred as a temporary fix, but it should have solved the problem between the Iraq and and the administration - so that was something we were anticipating happening, and it did happen, to the point where now I think things can move forward
Now, in addition to that, we had situation where -- a situation that was based on electrical storms and severe thunderstorms in the area that were coming up from Hurricane Debby – from the Florida coast – the Gulf, and came across Panama, Florida and Georgia.
And then, skirting the Carolina, South Carolina got really whacked . And also, I think North Carolina, along the coast is also feeling that, and I don't know where that hurricane is now the Outer Bands turned off electricity, shut down electricity in South Carolina to where one of the banks of wells, Fargo Bank, could not be connected to the Wells Fargo redemption center, so we had disconnection between those two facilities such that they couldn't communicate rates and screens were down, electricity was down, and I think it electricity came back up late this afternoon, but it did not allow them to get codes entered that they wanted to get entered so they see what was going on with the screen rates.
Now here's situation that was happening – day before yesterday would have been what Sunday, we had six currencies on the screens lit up with hard rates. In other words, not gray scale, not flickering rate with hard rates. And then yesterday we had six more currencies on the screens with hard rates, so we went to six to 12 currencies that were visible, and that went up
And then - at the redemption center - Actually, this was at the bank, at the lone starville Bank, a code was entered that was that was suggested to be entered by corporate this code was entered, and then all of a sudden, the screens went dark
I could have told you that news screens would go dark when they sent them that information said, go ahead and enter these codes, because they didn’t want anybody to remember those grades or to talk about that or look at it again. They did not want that to happen
So then today - We were told they put in the safe codes because they made the screens dark, they would have the screens up at between 930 10 this morning and see the remaining seven currencies that will go up in value, because we have a total of 19 -- 12 and seven is 19.
So those would have populated. We would have seen those but as a result of the power outage, the bank was not able to connect with the with the redemption center. I think they just needed the quantum computer to be completely interactive there. So we don't know what happened with those last 7 currencies.
We think they probably came up, but we just didn't see what they were. We didn't see, we didn't get the words of that happening. So tomorrow is a new day – they will probably try tomorrow and hopefully those will come up - Today is the sixth tomorrow is the seventh, which is Wednesday, Thursday is the eighth.
All know whose favorite number 8 is. We know China’s favorite number is eight, the number of new beginnings of financial prosperity. It would not surprise me if our start day is Thursday and maybe we get notified tomorrow.
We hope we have heard that we will or that we get notified overnight tonight, but I think it's very possible we get notified set appointments, and maybe we start on Thursday. I'm just saying 8 - 8 - 24, What's two x four? 8 8 8 , right? B I don’t know – Just saying ……
Saying it could be, that's what China and the elders want to do. As far as our start, it may be, we just don't know at this point, whether that's going to come into play or not. It would not surprise me, though, so if I get started, today didn't happen.
Tomorrow is in play. But we haven't heard anybody come in and say that would happen. None of our sources have gotten back to us to say that tomorrow is in play for numbers to come out and for us to serve appointments.
That is very interesting. We know that things are being done behind the scenes or a lot. There's a lot of things happening. We're told to sort of hang in there, stand by it's coming. We've heard all those things before. We've heard them all before. Now it's just a matter of us having faith, believing into this taking place, and just getting the result that we're looking for. So other than that, there's nothing major that I can think of that we have to talk about
All right, let's do this, you guys. I think we are at the point this was ready to go.
We had the one more thing yesterday that I believe they solved today. At least, I've heard that that was solved. Other than that, we did hear that. Let me get the dates right on this. I believe it was Saturday. We actually had the Saturday.
Saturday, we had the RV started, if you will, at 8am the morning with the payout of the CM KX adjudicated settlement, and also with the farm claims, and that night, at 8pm we heard that prosperity packages together.
Now I think they might have queued us up for that. They have not gone out. They were deciding on Friday, on Saturday, whether those were to go out by direct deposit or hand to hand delivery to the house, to the door to you. And I don't know if they made that decision.
I've been told they have and I've been told they have it. So whichever it is. We don't know which one it is, but if you're in a prosperity package, I'm sure you'll find out. So you're not officially please that we're going to take it and pile it on at the redemption center after exchanging currencies and redeeming Zim.
But now I'm not sure that they're going that route. They might do a direct deposit into into our bank accounts, or they could still do a hand to hand delivery to us, and we'll find out, but we don't know the answer yet would be, we thought it might start today. We thought it could have started yesterday, but it hadn't started yet. So that's prosperity packages.
So let's pray the call out. Let's look forward to an exciting week. After all, it is Tuesday, let’s see what the rest of the week has for us, and let's just believe for God to bless us in this way.
All right, everybody, thank you so much for listening. Thank you Sue, thank you Bob, thank you GCK and Pastor Scott, good to have you back. Thank you Pastor as well as Jeannie, thank you for your continued support. And we look forward to this going so let's get this thing, and let's look forward to receiving it in Jesus. name, amen, and amen. And I will turn off the recording. And we will go from there
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