Kurdistan Is Awaiting A Decision From The Central Bank Of Iraq To Prevent Dealing In Dollars, 26 DEC

 Kurdistan Is Awaiting A Decision From The Central Bank Of Iraq To Prevent Dealing In Dollars, 26 DEC

The Minister of Commerce in the Kurdistan Government confirmed that the region only adopts the Iraqi dinar in transactions at the level of border crossings and airports, and said that measures to prevent the circulation of the dollar will include the real estate market, car trade, and other activities during the next year, if a decision is issued to that effect by the Central Bank of Iraq.

Kamal Muslim, Minister of Trade in the Regional Government, indicated that we are committed to all instructions and decisions regarding stabilizing the dollar exchange rate and increasing the value of the Iraqi dinar, as we deal in the Iraqi dinar exclusively at the level of border crossings and airports.

Emphasizing on the market level as well, we will commit to imposing dealing in the dinar if a decision is issued by the Central Bank requiring that it be used in all market transactions, such as buying and selling goods, homes, and cars in the Kurdistan region.

The Central Bank of Iraq decided earlier in 2023 to limit all local transactions to the Iraqi dinar, and after that the Ministry of Interior launched a campaign to prevent dealing in dollars in all governorates with the exception of the Kurdistan region, while indicating that the penalty for violating the law reaches 5 years in prison.    https://www.radionawa.com/all-detail.aspx?jimare=36771

JUDY NOTE, 26 DEC

 Judy Note: 

It is my personal opinion, and I could easily be wrong, that since on Sun. 31 Dec. 2023 the USD will be removed from US ATMs and the next day on Mon. 1 Jan. 2024 the new gold/asset-backed US Note cash will be introduced into US ATMs, plus since the new Global Financial System was believed to be going online for the General Public on  Mon. 1 Jan. 2024, and since the majority of Zim redemptions that were backing the reset, needed to complete by that same Mon. 1 Jan, that Tier4b (us, the Internet Group) notification window to set foreign currency exchange/Zim Bond redemption appointments could very well be between Tues. 26 Dec. and Sun. 31 Dec.

Iraqi dinar 🔥Iraqi bankers on Alert CBI big Move 🔥 Dinar revaluation lat...

Iraq to pay for imports from Turkey in Iraqi dinar, 26 DEC

 Iraq to pay for imports from Turkey in Iraqi dinar

Wadee Al-Handal, the Iraqi Private Banks League (IPBL) president, has announced that Iraq and Turkey will remain in constant communication in the coming days to fulfill their recent agreement on financing for foreign trade. The implementation of this agreement is being carried out under the direction of the Iraqi Government.

During a recent visit of Iraqi officials to Turkey, Al-Handal informed [the readers] that an Iraqi-Turkish committee was established. The committee aims to finance commerce and promote financial cooperation between the two countries.

According to the president of the IPBL, Turkey has shown exceptional adaptability in commerce funding by enabling Iraqi importers to make payments in Iraqi dinar and paying Turkish exporters in Turkish lira .

Al-Handal believes that the agreements Iraq has reached with its neighbors to finance international commerce in local currency would cause the US dollar exchange rate to decrease in the parallel market.

The president of IPBL announced that small-scale merchants importing goods from Turkey can finance those imports in Iraqi dinars through private banks in Iraq.

Al-Handal mentioned in the previous month that recent actions taken by the Central Bank of Iraq (CBI) and the government in relation to trade financing with various currencies, including the euro, UAE dirham, Chinese yuan, and Indian rupee, are a step towards decreasing the exchange rate of the US dollar in the parallel market.

Iraqi private banks are expanding international relations to facilitate financing Iraqi trade with other countries.

"RV UPDATE" BY MILITIAMAN, 26 DEC

  Militia Man 

 They've met their new international compliance requirements.  The banks are facilitating currency movements and international trade going forward.  Really this is a very good sign that what we've been dealing with and what we've been waiting for is knocking on the doorsteps.  It is really good.

Keep positive.   Keep upbeat.  There's nothing bad as far as I can see at the moment.  We'll see.  Anything can happen.  Anything can change..

What I've always said is it makes more sense for Iraq to have a managed float which is effectively a fixed exchange rate...1 to 1 or 2 to 1, 3 to 1, 4 to 1 whatever they decide to do it makes it easier the higher that exchange rate is to defend...Having a...3 years budget keeps it stable...pricing stays stable.  

Anybody that says it's going to float to from a relatively low range to a high range over time they don't understand.  Article quote:  "The exchange rate will be fixed especially since it's been fixed in the federal budget law for 3 years says Saleh..."  This is coming from the advisor.  Don't talk about float.  It just doesn't make sense to anybody.

Since November of last year they have been working to do what?  Get rid of the parallel market.  And how are they doing that?  They're populating banks with many other currencies.  They're doing all those things that are necessary to do what?  Be article VIII compliant, to have a single currency, not a dual currency country.  They're getting rid of multi-currency practices.

  They're talking about reducing Iraq's dependence on oil.  Dependence on oil is going to go away because they have non oil related products...services...and sectors .  That's going to be from the taxes and tariffs at the borders, imports, exports, natural resources.  They're going to have other than just oil.  They're going to have other circumstances...They're talking about 350 million ton of sulfur...They're trying to achieve sustainability for the private sector..

Everybody knows Iraq is about to go International and they're going to have a digital transformation ...When they have this investment budget and they start spending...Iraq is going to be filthy rich with revenue streams from the electronic borders, agriculture, tourism... mining, sulfur, phosphates...they're going to have revenue like no other.  

There isn't anything else like it, in my lifetime, that I can see is going to trump Iraq... Don't forget...Iraq has a massive amount of hydrogen for clean energy...nobody else is talking about it...The amount of money and revenue streams Iraq is going to have is almost incomprehensible...It really is intense on how much money these guys are going to make on a regular basis..

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-militiaman-21-dec.html

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-militiaman-22-dec.html

Bankers on Alert: CBI's Measures and the Path to Forex Opening this Week...

Parliamentary Finance: We will reconsider interest rates on bank loans for three categories, 26 DEC

 Parliamentary Finance: We will reconsider interest rates on bank loans for three categories

Representative Mudar Al-Karawi, a member of the Parliamentary Finance Committee, announced on Monday that the committee plans to discuss revising interest rates for loans in three installments.

In an interview, Al-Karawi expressed that loans in all their forms play a crucial role in stimulating the economy and creating employment opportunities, particularly in the private sector. This is because most loans facilitate the establishment of various forms of private sector opportunities.

“He stated that loans given to retirees, people with limited income, and others should be treated differently in terms of reducing interest rates as much as possible. This is because the interest they currently bear is a significant financial burden that affects thousands of families.”

During a recent meeting, he mentioned that his committee would collaborate with relevant authorities to explore the option of re-evaluating the financial benefits offered to retirees. The goal is to provide greater flexibility and reduce the benefits on loans granted to them. The committee aims to develop a new vision that takes into account the needs of retirees and helps them manage their finances more effectively.

Iraqi banks offer financial loans in various forms, but the high interest rates burden many people.