Friday, December 1, 2023
Iraq’s Al-Rafidain Bank Extends Issuance of Reconstruction Bonds; Iraq Joins EBRD as New Shareholder, 1 DEC
Iraq’s Al-Rafidain Bank Extends Issuance of Reconstruction Bonds; Iraq Joins EBRD as New Shareholder
In an economic move guided by the Ministry of Finance and the Central Bank of Iraq, Al-Rafidain Bank, Iraq’s largest bank, has declared the extension of its reconstruction bonds issuance to citizens. These bonds are accessible until November 9, 2023 and are presented in two denominations: a 500,000 Iraqi dinar bond and a 1,000,000 Iraqi dinar bond.
Details of the Bonds
The 500,000 Iraqi dinar bond carries a 6% annual interest rate paid semi-annually over a two-year term. On the other hand, the 1,000,000 Iraqi dinar bond offers an 8% annual interest rate, also paid semi-annually, but over a four-year term. Citizens aiming to acquire these bonds are required to apply directly to the bank with their identification documents. Upon payment, they will be given a receipt which they are advised to maintain until the bond is prepared.
Trading and Expiry of the Bonds
The bonds are eligible for trading in the securities market, providing ample opportunities for bondholders. In terms of their longevity, the bonds hold a validity of 10 years post their due date. After this period, they are moved to the Ministry of Finance. As a significant financial advantage, these reconstruction bonds are exempt from taxes according to the Federal Budget Law No. 13 of 2023.
EBRD’s Support and UNDP’s Initiative
Alongside this development, the European Bank for Reconstruction and Development (EBRD) has marked Iraq as its newest shareholder, signifying the bank’s commitment to finance Iraq’s green transition and fortify its banking sector. Iraq’s inclusion in the EBRD’s southern and eastern Mediterranean (Semed) region is part of a broader shareholder expansion, extending into sub-Saharan Africa. Furthermore, the United Nations Development Programme (UNDP) has initiated the first joint dialogue on reintegration and social cohesion in Ninewa Governorate. This dialogue convened a varied set of opinion leaders to deliberate on ways to reestablish the communal bonds that once united their communities before the ISIS insurgency seven years ago.
"STATUS OF THE RV" BY MNT GOAT
STATUS OF THE RV
So here we go again. Yet more proof that Iraqi’s economy does not need to grow any more at this time in order to get to the value of the dinar to what we need for a fair and honest rate reflected.
I quote from one of today’s articles – “The Prime Minister’s philosophy confirms that economic reform cannot be achieved without reforming the banking system, and therefore the priority begins with reforming the financial system.”
What does this part of the article fully mean?
Yes, the “priority” begins with reforming the financial system and currency reform is a large part of the financial system. Remember I have been telling you about this in the “White Paper” (a set of comprehensive reforms in 3 areas, stock market, banking and finance).
The article is referring to the pillars of financial reform for Iraq and starts with the banking and financial reforms. It say the currency reform is a priority as it is all part of the effort of the financial reforms. Iraq will never be able to raise enough the money alone to rebuild Iraq and its economy unless they first complete the needed banking and financial reforms needed to attract investors. Yes, they could have rebuilt Iraq already many times over in the past with all the stolen money by corruption schemes and greed.
It is said that trillions of dollars have been stolen from Iraq. How did this happen? We all should know by now it was by corruption, but this reason is not enough to give us the full picture. What allowed the corruption to take place and was it all even intentional? In other words, a set-up right from the beginning when these sanctions were placed on Iraq? Even the invasion itself was under false pretense and fraudulent reasons. Yes, FRAUD in Iraq has caused this situation.
So what allowed the corruption to take place AND for so long, knowing darn well it was devastating Iraq or would devastate Iraq?
- The UN sanctions placed on Iraq (oil for food in 1991)
- US Treasury OFAC sanctions placed on the Iraqi dinar.
- Stripping the Iraqi dinar off of FOREX
This was all done to prevent terrorists from using the dinar to finance terrorism in the Iraq and in the middle east. But was it successful? Did it really work and what took the U.S. and Iraq so long to figure it out. Instead of allowing dinars to fund terrorists it allowed, through corruption, to use even a more globally accepted currency, the global median of exchange currency, the U.S. Dollar to fund terrorists. Does this seem weird to you?
Yes, the bad guys kept figuring out ways to get around the sanctions. So’, after all was said and done these sanctions on Iraq proved to do more harm than good.
This discussion of the sanctions on Iraq and their impacts, bring us to yet another very interesting article in today’s news. I quote from the heading of the article – “ADVISER TO THE PRIME MINISTER: ECONOMIC POLICY IN IRAQ IS MOVING TOWARDS IMPLEMENTING THE PRINCIPLE OF MONETARY SOVEREIGNTY ” .
When I read this article my jaw dropped as I could hardly contain myself. WOW! WOW! WOW! I called on my hubby and one of my daughters to show them the article. I asked them if I was dreaming. That is how POWERFUL this article really is in today’s news. So, what does it tell us. It tells us flat right out in the open that Iraq is about to take complete control over their currency again. WOW! What are the ramifications of their new, soon to be “monetary sovereignty”? Well… read the definition of the term below. It is being used by Saleh in the article and then go read the full article.
Monetary sovereignty is the power of the state to exercise exclusive legal control over its currency, broadly defined, by exercise of the following powers:
- Legal tender – the exclusive authority to designate the legal tender forms of payment.
- Issuance and retirement – the exclusive authority to control the issuance and retirement of the legal tender.
The financial advisor to the prime minister Saleh, goes on to say in the article and I quote again- “confirmed today, Tuesday, that the economic policy in Iraq is moving towards implementing the principle of monetary sovereignty. This has reinstatement and RV written all over this statement. Folks, this is their words not mine. I am not giving some intel guru rubbish or rumors.
Then Saleh goes on to say more and I quote – “A country other than the dinar with in-country pricing; because monetary duality has harmed the economy. ” He then went on point out and I quote – “at the same time that there is a tendency to diversify currencies for travel purposes and not be limited to the dollar.”
Folks he is talking about the program rate and how it has harmed the Iraqi dinar or any countries currency when they use this same tactic to sole peg any currency just to the dollar. He goes on to say it has to be changed from a sole peg to a diversity of currencies. WOW! Again they basket of currencies that is coming as their new dinar peg. I also showed you other articles in the past weeks on this diversity of currencies and so we know the re-peg of the dinar is coming shortly.
So, all you intel gurus out there who think the economy must first grow in order to revalue and reinstate the dinar don’t know what the hell you are talking about. This article proves it. Go read it for yourself. It is their words not mine. You can bash me all you want but it’s still not reality and not going to make any difference. But I will say “I told you so” later and I will enjoy it too because I really, really sick and tired of all the stupidity and rumors about this investment by idiots who have no clue what they are talking about.
The rate is NOT going to start at 1/6 f a penny and climb from there when it does get reinstated. Right now the banks are showing a rate of $3.81 and so what is this for? How can it when it will be assigned into a new peg, to a new basket of currencies and off the de facto peg of the sole U.S. dollar. Are you listening Mr. Guru? Do you get it?
Yes, finally. The rate has to reflect the TRUE rate of the value of the assets Iraq now holds. Not the value of an intentional, sanctioned, suppressed currency. Why would they even bother to do all this work for the banking, financial and currency reforms if they were just going to leave the rate at 1/6 of a penny? I don’t get the guru mentality of some. Really now how stupid to even think this with all the information we received over these last eleven months alone.
I can see that many want to know what my CBI conversation included in my Wednesday 11/29 call to Iraq and so I will let you know now. It is through the generosity of your gifts, by the way, that I can afford these calls to Iraq. Thank You!
So ,what we talked about first was the announcement of the accession to the WTO. One of my readers asked me to ask and so I did. When will this take place? I was told it was scheduled for last week but is delayed for sometime in December and maybe even in January. It will not be announced until the reinstatement occurs.
Next, I was told the project to delete the zeros is on track for the month of December but they would not give me a more definite date. We will watch and wait for it.
They told me the committee is now working on the re-education program to the citizens teaching them how the dinar will be changed in the near future. I was told they could not push out the education of the newer lower denominations and swap out until it is happening and the currency swap is in full motion. This is new to me since I always thought they would do this months prior. But this is going to be close to the actual events.
I was told there would be a certain designated time period to bring in the dollars and swap them out for “electronic dinars” at the banks. After this period the dollar would still be accepted but the rate would be much worst for the dollar as the dinar would climb.
Speaking of electronic banking, I asked about this in more detail. I said that I read so many articles over the last 17 year about the Point of Sale (POS) for merchants and electronic banking. But why has Iraq not yet converted? Why do I still read articles about the necessity to do it?
I was told that the equipment is expensive and someone has to wire and hook it all up. I was reminded that Iraq is backwards to the developed countries and never had these devices before. I was told that the CBI funded many devices initially and paid work teams even to wire and install them. But these funds ran out and not everyone was connected. Some merchants still also like to have hard currency and coins in their hands and are reluctant to take advantage of the latest technology thus the CBI has to sell them on the idea. But it is all working and only takes time. This process will not stop or holdup the currency reform that is coming as there are already many more merchants who are connected than not.
The contact also told me that the rate is going to change very soon but not backwards only forwards, meaning to go up in value and not down. I was also told that as an investor we will like the final rate. Again, it was emphasized to me that there would first be an in-country rate (close to USD 1 to IQD 1) during the swap-out in Iraq of the three zero notes and then later a new rate once the dinar is liberated back to the foreign currency exchanges and re-pegged. At this point the in-country rate goes away. There will NEVER be two rates. My contact wanted to emphasize this and could not emphasize it enough to me. I guess they are hearing all about all this stupid guru talk coming from the U.S. fighting but the in-country vs FOREX rates. They wanted to make this point very clear to me that this is the process. When the in-country rate comes out there is little we, as investors, can do to exchange and our turn-out will come later, if we so choose to give up our dinars.
My contact then shared something with me that was curious but not amazing to me. It said that no matter what you hear on your news in your county do not expect any FOREX until at the earliest in early 2024. Trust me I tried to get a more definitive target period but the contact would not give it up..lol..lol.. 😊 So, what does this tell us? This tells me all these idiotic intel gurus telling us it must go by the end of November are full of sh_t! There is no way and I just confirmed. Beside they have not yet even started the swap-out part ofthe process. Go figure! When I listen to these intel gurus like TNT or Bruce the idiot for the Big Stupid Call, I can see through their lies and laugh at the seriousness of their stupidity because I know much better now. I guess I always have since I base my intel on FACTS and not a guessing game of false lies and rumors.
I will tell you what is going to happen in the long run. This RV and Restatement will happen shortly and is going to ultimately play out just as I am following the plan laid out by Dr Shabibi, the IMF and the World Bank in 2011. They may be faced with many obstacles and their targets may get moved but they will succeed i teh long-term.
Do you know why?
Because now is the time. There is the political will having parliament and the prime minister backing it all up. They also have a CBI governor who whole-heartedly knows this is the next step and has to happen or else……
That is all that is going to happen. In the long run Mnt Goat will not get any rewards or metals for my efforts and all the hard work for all these years. My satisfaction will be to see that many of you, and I hope all of my readers, have been listening to me and had learned something from this journey in both areas of corrupt politics and financials. I also hope that many of you will be more careful and not be taken in by charlatans and their lies but rather have learned to do your own research.
I will eventually publish the name and address to our gasthaus and look forward to talking in person with each of you fine people someday and sharing yet more dinar stories.
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Dollar sees decrease against Iraqi dinar in Baghdad and Erbil markets, 1 DEC
Dollar sees decrease against Iraqi dinar in Baghdad and Erbil markets
Shafaq News/ The US dollar declined against the Iraqi dinar on Thursday in Baghdad and Erbil markets, with the closure of the central Al-Kifah and Al-Harithiya stock exchanges.
In Baghdad, as the exchanges closed, the dollar's value dropped to 155,900 Iraqi dinars per 100 dollars, contrasting with the morning rate of 156,500 dinars per 100 dollars.
The exchange shops in local markets also witnessed a decrease, with the selling price at 156,750 Iraqi dinars and the purchase price at 154,750 dinars for every 100 dollars.
In Erbil, the dollar exhibited a downward trend, with the selling price at 156,200 dinars per 100 dollars and the purchasing price at 156,100 dinars for every 100 dollars.
https://shafaq.com/en/Economy/Dollar-Sees-Decrease-Against-Iraqi-Dinar-in-Baghdad-and-Erbil-Markets
Evening News with MarkZ. 11/30/2023
A slight rise in oil prices, and attention is turning towards the OPEC+ meeting, 1 DEC
A slight rise in oil prices, and attention is turning towards the OPEC+ meeting
Oil prices rose slightly today amidst anticipation of the OPEC+ meeting.
The OPEC+ meeting is today, with talks focused on additional production cuts. However, details still need to be agreed upon.
The price of Brent crude futures increased by approximately 0.16% and reached $83.23 per barrel.
The price of US crude futures increased by 0.23%, reaching $78.02 per barrel.
During November, industrial production in China contracted for the second consecutive month and missed analysts’ expectations.
This month’s Manufacturing Purchasing Managers’ Index fell slightly to 49.4, compared to October’s 49.5 and Reuters’ forecast of 49.7.
US Energy Information Administration data showed a sudden increase of 1.6 million barrels in US inventories last week.
Iran's President Raisi killed in helicopter crash, 20 MAY
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