A Government Source Reveals A Package Of Measures To Address The Difference In The Exchange Rate
Economy | 11/14/2023 Baghdad - Mawazine News Today, Tuesday, the government took a package of measures to address the difference in the dollar exchange rate.
A government source said in an interview with Mawazine News, “Among the measures is organizing the import process and ensuring the entry of the largest number of merchants and importers to the foreign currency sales window by facilitating account opening procedures, deposit operations, and other procedures related to issuing the importer’s identity, which will facilitate the (know your customer) requirements for the category.” Merchants and importers.
He continued, "The government and the Central Bank are conducting ongoing negotiations with the Iranian side to regulate trade between the two countries and make the best options regarding payment of dues and amounts, and discussions are taking place at a good pace."
He stressed that "Prime Minister Muhammad Shiaa Al-Sudani directed work on a number of important projects to ensure that the poor and middle-income groups are not affected by the exchange rate difference, as the Ministries of Commerce and Health are working to import important materials and provide them in Iraqi dinars at stable prices, an example of which is the food basket project (which prevails at stable prices)."
And the pharmaceutical basket, the construction basket, and the basket of reserve materials for the transportation sector... some of which work began a while ago.”
He pointed out that "the government is now working on an (equal deal) project to exchange trade and imports with some countries, such as China and India, and in their own currencies from Iraq's main trading partners, such as India, China, and some neighboring countries."
He explained, "The government is currently studying establishing a free zone to import materials and then market them to the private sector and ensure their delivery to the consumer at competitive prices and in the Iraqi dinar, in addition to studying a re-export project, and there are important discussions in this regard."
He stated that "the government issued a series of measures to develop electronic payment systems and reduce dependence on cash... and a series of other decisions will be issued in the coming days regarding pricing and incentive policy for services provided through electronic payment."
He continued, "The Prime Minister directed the activation of a joint committee between the government, the central bank, and the private sector, under the supervision of his office, to hold serious discussions with the US Treasury regarding transfers through the foreign currency selling window, and the committee has begun its meetings from now."
He continued, "The government is holding ongoing discussions with the Central Bank of Iraq on a number of topics, including facilitating procedures related to Iraqi banks importing the (cash) dollar. This process has already begun with some banks importing the dollar, and the process will expand to include other banks, and work is also underway to proceed."
By concluding agreements to supply the currencies of some countries to be provided through banks and banking companies to meet the needs of Iraqi pilgrims going to those countries without the dollar currency.” https://www.mawazin.net/Details.aspx?jimare=237763
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: Good Evening All. Hope everyone had a good day today.
MZ: We have some very interesting chatter this evening. I have gotten this from many banking sources that they are expecting instructions very soon. Specifically instructions for “Foreign Currency Exchanges”!!! This is the event that we are looking for. I have heard this now from 3 different banking sources.
MZ: So Nobody knows the exact date…but they are expecting instructions at any moment and are prepared. They know it’s coming. Banking people from the mid-level up know it’s coming and are prepared for it. IMO this is great news.
MZ: “BRICS currency to be more attractive than US dollar, pound and Euro: Minister” He says this new currency is becoming more and more attractive because of commodities. What happens every time fiat crashes? Commodities rule the day.
MZ: Morgan Stanley is now troubled and under investor concern. The big banks are now troubled . We are one incident away from a landslide.
Member: Big story for me today was that Michael Burry closed his S&P and Nasdaq short position … lost 40% ( 1.6 bulky)!!
Member: Mark- RV before Thanksgiving ?
Member: Yes- let us see the end of this movie before Thanksgiving.
Member: I don't know when "the event" is coming, but I'm sure feeling really good these days.
Member: Nader said he was surprised he didn't wake up to it this. a m
Member: Thank you Mark for all your time and all you do you are so much appreciated
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Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary,medical opinions or many guests on this stream……just RV/currency related topics.
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On Sun. 19 Nov. all banks must be compliant with Basel 3 and ISO20022, the global standard for financial information over the new Global Financial System on the new Star Link Satellite System. If not, they cannot function as a bank. ISO2002 was set to revolutionize the way financial transactions were communicated, enhancing efficiency and reducing risk. Also on Sun. 19 Nov. was the Global Currency Reset implementation date for HSBC, JP Morgan, Citi Bank, Credit Swisse, Wells Fargo, Bank of America and other major financial institutions around the World.
On January 20, 2024 the fiat US Dollar would be replaced by the gold/asset-backed US Note; all such gold/asset-backed currencies across the Globe would be on par 1:1 with each other, Social Security benefits will be much higher and the SS R&R payments would start on a monthly basis.
In three to six months the Rodriguez Trust will begin to administer “universal basic income” for citizens of all GESARA-compliant countries. The amount per individual or family will depend on the status, needs, employment level and age of the person/family and will work to encourage people to work if they can.
Global Currency Reset:
Tues. 14 Nov. Wolverine: “I have word that this may happen tonight at midnight Reno time. Today my contact, who is a very high up Bond Holder, was adamant that this will happen this week.Yesterday(Mon. 13 Nov.) he was told it would happen before midnight Reno time last night. Of course, that didn’t happen, but it needs to happen soon because the World is in a complete financial chaos.”
Tues. 14 Nov. Bruce: OnTues. 14 Nov. aMilitary source said this could happen at any min., or by this weekend. The US Treasury wants the Zim redemption done by Wed. 22 Nov. before Thanksgiving. Redemption Center heads want the exchanges done and 90% of the Centers closed by that same
Wed. 22 Nov.
Tues. 14 Nov. TNT: “They’re supposed to announce sometime this week that Iraq is an active member of the World Trade Organization, and they have to have an international currency to do that. Their guy in Iraq said that the new rate was supposed to show up on Forex today, but it didn’t. The banks had meetings today at the branch level and were told that the RV is happening right now. It could be at any moment.”
Tues. 14 Nov. MarkZ: “I have gotten from three different banking sources that they are expecting instructions for foreign currency exchanges very soon. Nobody knows the exact date. Banking people from mid-level up know it’s coming. It could go any day.They want things completed, fully active and everything done by Jan. For that to happen it could go any day. I heard one banking story from a local bank. After telling a person that investing in currencies was not a good thing….yesterday the teller asked if he still had those currencies as he just heard they will be exchanging them soon.”
NESARA and GESARA have been activated. NESARA was about 68% implemented, while GESARA was about 46% implemented.
Overnight Sun. 15 Oct. the Banks completed the remaining layers of payments, plus the IMF and World Bank held their last meeting.
By Mon. 16 Oct. the Iraqi Dinar had revalued and began trading on the back screens of the Forex.
On Fri. 27 Oct. the Dinar went international according to Alex Collier and the US began pulling 3,600 US troops out of Iraq so Iraq could declare Iraq a Sovereign Nation.
Around Mon. 30 Oct. the country of Columbia revalued their currency – so now we have at least two countries – Iraq and Columbia – which have revalued their currencies, perhaps more.
Oct. 31 All Hallows Eve Middle Eastern nations no longer accepting the fiat Petro US Dollar for oil trade, was expected to soon cause a devastating Stock Market Crash – bringing in the need for a Global Currency Reset.
November, 2023: The Emergency Broadcast System, or Emergency Alert System, or Emergency World System will activate in November.
On Thurs. 2 Nov. Donald Trump posted “It’s Time” and stated that the biggest event we will have in this country will happen this month of November 2023.
Fri. 3 Nov. 10:42 am: Dubai International Financial Center gave Greenlight for XRP and the House Financial Services Committee passed a bill to prevent the Federal Reserve from creating a Central Bank digital currency.
Sat. 4 Nov. NESARA/GESARA was activated; the US was no longer privately owned by foreign entities and under the Restored Republic (designed after the Republic of 1873); the gold/asset-backed BRICS countries were paying with their own currency for international trade (the demise of the fiat US Dollar) and the new gold/asset-backed US Note went live according to Dr. Charlie Ward, Head of the Redemption Committee for the Global Currency Reset.
Bruce: On Wed. 8 Nov. the Military gave the GCR a go ahead, the Green Light from Treasury was turned on and Activation Codes were entered into the Redemption Centers that allowed the new currency rates to go from the back screens to the front screens.
Wed. 8 Nov. the Military gave the GCR a go ahead; the Green Light from the US Treasury was turned on; Activation Codes were sent to the US Treasury; the Iraqi Government released to the US Treasury the new International Rate for their Dinar and Codes were entered at the Redemption Centers that allowed the new currency rates to go from the back screens to the front screens.
On Thurs. 9 Nov. RV exchanges started in the UK and France, with the country of Columbia beginning within days.
The Iraqi Dinar has a new rate in-country and their ATM machines have put out the lower denominations of the new Dinar.
Iraq needs to publish their new international rate in order to become fully compliant and a member of the World Trade Organization and to be part of ISO20022. ISO20022 allows for all currencies to exchange for international trade is connected to Star Link Satellite System.
A Military source said this could happen at any min., or by this weekend.
The US Treasury wants the Zim redemption done by Thanksgiving.
Redemption Center heads want the exchanges done and 90% of the Centers closed by Wed. 22 Nov.
I need to review a specific article from today’s news in detail. The title of the article is “PLANNING: THE PRIORITY IN NEXT YEAR’S BUDGET WILL BE TO BASICALLY COMPLETE THE GOVERNMENT PROGRAM” and you can find the entire article in the Articles Section below.
The issue in the article, I believe, is going to be pivotal in the coming months for Iraq. I will comment on this article as my base however many of the other articles in today’s news also backup and support my commentary.
So, first let refresh your memory of the issue at hand and then we will walkthrough the article(s).
How does the CBI get US dollars?
Since the US invasion of Iraq, the World Bank and the US Treasury have been providing the necessary funds to its central bank (CBI), with funds received estimated at 10 billion dollars or more annually. This money is from its oil sales (petro dollars), so it is placed in a fund in the Federal Bank when a buyer pays for Iraqi oil.
Why is oil paid for only in petro-dollars?
Based on Security Council Resolution 1483 issued in May 2003, the principle of accumulating oil revenues in an account for oil receipts at a global bank was approved, and the Federal Reserve Bank in New York was chosen for this purpose. Oh…was this just a coincidence that a US owned Bank would get to hold all this money which has now accumulated to over $115 billion plus US dollars. WOW!
The demand for these US dollars, as a result of the currency auctions, is used to pay for imports. It disperses the funds to pay for the economy of Iraq. This works by having the dollars printed by the US Treasury debited from the Iraq account and then flown by the US Air Force to Iraq every couple months by plane. We were told this done in loads of $100 dollar bills rapped and stacked on skids.
Just recently Iraq seeked to obtain one billion dollars in cash from these funds above and beyond their normal drop of cash. Surprising, the US Treasury bank rejected this request, under the pretext that it conflicts with its efforts to stop the flow of dollars out of the country. Just recently however these funds were delivered to Iraq.
About Today’s Article:
In one of today’s articles, we learn that the Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, confirmed on Tuesday that next March 2024 the White House plans to renew the Federal Bank’s authorization to deposit Iraq’s funds from oil exports, despite the fact that the Iraqi balances in the Federal Bank will be frozen. This is not good news for us or Iraq as Iraq wants this process I decribed above to end and to put all this money into a separate “sovereign fund” under the direct control of the CBI.
So, my questions now are: if Iraq is truly a sovereign nation (as they were declared last December 2022) and there are no longer any sanctions on them, then why are they still forced to have oil sales in US Dollars and have their funds deposited into a US Treasury bank? UN resolution 1483 should end and why is it going to be renewed again?
Saleh also says, in an interview with the Maalouma Agency, and told us investors that the reserves of the Central Bank of Iraq have been subject to the diversification rule since 2006, and represent the investment portfolio of the monetary authority. This to me means that the CBI already has the authority to diversify it’s monetary reserves.
He then went on to add, these reserves vary, according to the international standard investment guides for reserves issued by the International Monetary Fund, between various currencies such as the euro, monetary gold, the pound sterling, the Chinese yuan, and the Japanese yen, in addition to the US dollar.
The Sudanese financial advisor explained, “These currencies are in different proportions, and according to the weight of the foreign currency in Iraq’s foreign trade, stressing, there is no objection to intensifying diversification into other currencies in addition to the dollar, which essentially represents the currency of oil revenues. Sounds to me like they want to diversify as they have not yet done so to any extent, even though the IMF allowed it since 2006. Why is this?
But how will obtain these foreign currencies to pay for imports unless they change over how their oil is paid? Yes, sounds to me its time to move away from the sole petro-dollar. But will the US allow them to do this? Think of all the Iraqi cash in the US banks.
Saleh also stated that the real purpose of the petro dollar and placing the money in a secured accounts in US banks was to be used to collect Kuwait war compensation amounting to 5%, and it was taken from the revenue from the export of every single barrel of oil or any products, if any,” adding, “The oil receipts account and the reserve account in dollars are still subject to protection according to the White House presidential order.” Which is renewed annually every year in the month of May. But we all know these war reparations with Kuwait are now over and payments are completed as of December 2022. So, this reason no longer applies either.
Saleh stressed, “Most of the issue relates to the aforementioned UN Security Council resolution regarding the oil receipts account opened in dollars at the Federal Reserve Bank.” No longer apply.
I told all my readers a long time ago that because they have taken so long to de-dollarize it will be hard to change the mindset and black market ways to sell the dollar and make money. So change is hard, but the US govt is finally stepping in this year to make the necessary changes. We can clearly see that Iraq could NOT have RV’d so many times with all the stupid claims by these stupid intel gurus. Still even now they persist its going to happen this week or next weekend. Idiots…all of them!
Then on Saturday 11/11 out pops a very interesting article.
Opening bank accounts in Indian rupees for Iraqi banks to finance trade worth $3 billion. The article added that Iraq has strengthened its assets denominated in the yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about 12 billion dollars annually. A government source in Iraq said that officials from the Central Bank of Iraq held “intensive meetings” with American officials in Abu Dhabi in recent days to discuss external transfers to cover imports. This is such good news I am dancing…la,la,la, 😊. This is a clear signal to us that Iraq is going to use other currencies in the dealings with other countries. But will the other countries also accept the dinar of Iraq in return? This will create a demand for the IQD, which is something they need to support the FOREX move.
My main point in all this commentary today is that I believe there is now an ongoing effort in the CBI and the Finance Committee to get off the petro-dollar and divert the oil revenues outside of the US banks to other investment options. Iraq has already talked about setting up multiple sovereign funds which could invest the excess oil revenues to pay for projects in the rebuilding of Iraq and thus eliminate the need to borrow to solve their budget deficits.
Oh…but the economic hitmen with in Iraq don’t like this idea and will push to prevent it. The IMF luvs to get these countries under their thumb with high or massive debt and thus never ending loans. This way they can control them. But I don’t think Iraq is going to fall for this game. Of course, this course of freedom will create some static as their financial planning is much more progressive than a third world country, which is how the US would luv to have them stay. But I believe this puppetry will not work and Iraq will be a truly sovereign nation once again ad get out from under the claws of the US government.
What else is new in the news?
An article came out from the planning committee of the cabinet for next year’s budget. The priority stated in next year’s budget will be to basically to continue with the government programs laid out and then to complete the government programs started this year. We know one of these programs already started this year was to revalue the dinar over $1 coordinated with the project to delete the zeros followed by the reinstatement. However, the best laid plans are for mice and men!
As I told everyone many times that when they begin raising the rate of the dinar they will monitor for inflation and the de-dollarization. This could take 3 days, 3 weeks or even 3 months. I never imagined it would take this long but it has. So, their plan is working but it did not work to completion and as easily as they wanted it to work in 2023. Simply put there was too much corruption with the US dollar. But I believe they never intended to Reinstate anyhow in 2023 and the plan all along was to take the year to de-dollarize and complete the rest of the banking reforms needed to go along with the process.
This year we witnessed the parallel market manipulating the dollar against the official CBI rate, as these people stand to make a lot of money off the spreads they can get when the CBI cut back on the supply of the dollar. While the CBI holds firm on the official rate the black market uses their own rate over supply and demand à basic economics. These scandals first used the currency auctions to get dollars then when they too were closely monitored. They then resorted to the travel dollars to get a hold of the dollars via travel vouchers.
So, now there is good news in that they are rounding up and arresting these people who have intentionally manipulated the market. The CBI also announced they are allowing outside dollars to flow into the country so the dependency on the CBI cash reserves is lessened and the supply of dollars will increase the supply and pressure for the dollars. Also, the CBI announced come 2024 they intend to cut off all dollars. I am not totally sure how this action in 2024 will work as they will always need some dollars in country. Do they mean just cut off from the CBI supplying the dollars they are taking them from the reserves, such as the currency auctions? Will the flow of outside dollars into Iraq be enough to meet the demand to pay for imports?
I know there was a lot of excitement for an RV this weekend. It is Tuesday already and so where is it. It was rumored of a “guaranteed” time period for the RV. Oh…this is new one on me. Someone can actually tell us when it going to happen and guarantee it? How foolish and stupid rumor to be even passing this crap on to your listeners. I know these idiot gurus think they have such wonderful sources but I know who their sources are and they are not government sources I can assure you. There were even rumors that the newer lower denominations were out, like the 50 dinar and in ATMs. Really? Oh boy…here we go again with these ATMs…. lol..lol..lol.. 😊 😊 😊.
Once again just more lies stacked up more lies without any proof. Idiots getting rumors and then just spreading them like the idiots they are. Yes, TNT Tony and a few others match this description of idiocy. If the shoe fits wear it. Don’t get on your conference calls and bash all the other gurus for their stupidity, when you are right there with them all doing the same thing. Yes, all just unbelievable stupidity!!! In fact TNT Tony is the “king of bullshit”. 😊
So, the news was all very good this period. I encourage you to poke around the articles and read them. It’s not all of what we wanted, of course an RV would have been better. But I am NOT going to lie to you or pretend to have some secret high level govt sources, whispering in my ear. Reality is what it is. We will see the RV much sooner than later. We know now for sure it is on the slate of programs for Al -Sudani and Ali Al -Alaq to accomplish when they accepted their new positions. The GOI and the CBI are now working together in a joint effort to get it done. We know why the process was slowed down but not stopped. The political will to do it is still alive. Just be patient everyone, it’s coming sooner than later.
So, can you tie the woke policies in the US government and the mess this administration has made of the great country of the United States of America to what is happening in Iraq. I assure you this is part of the reason we have not yet seen the RV.
The Iraqi dinar currently stands at an exchange rate of 159,500 dinars for 100 dollars, a stark reflection of the current state of the Iraqi economy. This figure is a live measurement, an ongoing ticker that quantifies the health and stability of a nation’s financial state.
Current Exchange Rate of USD to IQD
The live exchange rate of 1 USD to IQD is 1307.6613. This rate is fluid, an ever-changing number that speaks volumes about the economic conditions of a region. This direct conversion from Dollars to Iraqi Dinar is a clear indication of the economic landscape in Iraq.
Shift in Currency Transactions
In a move that sparked international interest, Iraq announced a ban on all transactions involving the US dollar. The decision marks a shift towards utilizing the Iraqi dinar exclusively, a profound step towards economic self-reliance. The move is a response to currency instability and a strategic measure to strengthen the Iraqi dinar’s value.
Closing Exchange Rates
The closing exchange rates of USD to IQD in both Baghdad and Erbil provide a snapshot of the market conditions. These specific rates and market insights are a testament to the volatile nature of currency exchange and the fluctuating dynamics of the Iraqi economy.