Thursday, January 25, 2024
Reuters, citing 4 sources: The withdrawal of American forces from Iraq is not imminent, 25 JAN
Reuters, citing 4 sources: The withdrawal of American forces from Iraq is not imminent
Reuters: The process of ending the US military presence in Iraq may take from several months to years
4 sources told Reuters: The American ambassador delivered a message to the Iraqi Foreign Minister related to ending the international coalition and establishing bilateral relations.
"RV UPDATE" BY KAPERONI, 25 JAN
Kaperoni
The dinar either rises gradually over time as Iraq's economy prospers reducing the money supply or Parliament will authorize the deletion of zeros reducing trillions to billions and a LOP. Not what we want to see.
there is no way Iraq can RV the Iraqi dinar with [120] trillion dinar in circulation. No country could afford. Iraq's total net worth is only around $16 trillon dollars.
There is no significant RV of the Iraqi dinar. And if the dinar does ever go up in value, it will be based on the success and growth of Iraq's own economy. There are no shortcuts.
Article: "Ali Al-Alaq, the current governor of the Central Bank of Iraq confirms that Iraq's money supply exceeds 100 trillion dinar."
If and when the Central Bank decides to increase the value of the Iraqi dinar more than likely it will be based on some type of gradual float as a result of the success and growth of Iraq's own economy and an increase in GDP.
I hope each and every one of you find success in this investment...It may take time. It may be another 1 to 5 years. I certainly hope not but I believe things could happen quickly over the next 36 to 48 months. It all depends on Iraq.
...We all know things don't happen fast in Iraq. Iraq has a lot of work to do in order to succeed. The first of which is pass over 100 stalled laws through Parliament to encourage investment in Iraq. And at the same time the Central Bank of Iraq has to continue reforms to the banking system, digitalization, and apply monetary tools to meet compliance .
A country's exchange rate is the result of the success and growth of their own economy. When you have a weak economy, you have a weak exchange rate. Until Iraq passes laws, diversifies their economy and increases their GDP, nothing will happen with the dinar. When Iraq passed their tripartite 3 year budget a few months back, it created the conditions for them to diversify and privatize their economy over the next three years. Now Iraq is on the clock to accomplish such.
There's a new article out that many people are translating and confusing. They are not talking about an RV in Iraq, they are talking about the spread being in compliance early next year.
Just a reminder the spread is the difference between the official rate and the market rate or street rate and has been way out of whack recently in Iraq. This article simply means they expect the spread to come down closer to the official rate early next year. There is no RV.
A very important statement was made back in 2020 by the prime minister's economic advisor Mohamed Salah who used to be Deputy Governor of the CBI under Shabibi. He stated that Iraq's entire wealth including all minerals in the ground amounts to only $16 trillion dollars. Knowing that information one can then determine that there is no way a significant RV could ever occur with over 90 trillion dinar in circulation. It doesn't make sense...
They...have to have the dinar stabilized within the country and within the 2% rule mandated by the IMF in order to then accept IMF article VIII and begin to float the dinar which would raise its value based on supply and demand. All of these processes and or steps required time.
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-kaperoni-10-dec_0650267841.html
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-kaperoni-18-dec.html
Talks between Baghdad and Washington to end U.S. military presence, 25 JAN
Talks between Baghdad and Washington to end U.S. military presence
The U.S. and Iraq are in the process of starting talks aimed at ending the U.S.-led military coalition’s mission in Iraq and how to replace it with bilateral ties, four sources said, a move in an operation that was halted by the war in the Gaza Strip, according to Reuters news agency .
Two sources said the United States conveyed its readiness to start talks to the Iraqi government in a letter handed over by US Ambassador to Iraq Alina Romanoski to Iraqi Foreign Minister Fuad Hussein on Wednesday.
"RV UPDATE" BY SANDY INGRAM, 25. JAN
Sandy Ingram
[The Development Road Project]
is major, let me explain why - This is going to change ports of call and the international shipping routes...The Suez Canal route is 6,400 miles, 14 days and cost $4.5 billion per day...The Development Road Project is...only 745 miles...That means the costs drop dramatically if you put the shipment on trucks or rail...Once you get into the Mediterranean Sea you can deliver your shipment to anywhere in Europe. That is the importance of this Development Road Project...'There are 4 major reasons Kuwait, Iraq’s next-door neighbor has the strongest currency in the world…Kuwait dinar is $3.36…
1. Major exporter of oil. Kuwait is estimated to hold 10% of the world’s oil reserves. The tiny country has a population of 4.3 million people vs Iraq who has approximately 43 million people and a lot more oil than Kuwait.
2. Kuwait has an excellent reinvestment of oil revenue. Kuwait uses its oil revenue to build infrastructure and develop microeconomic sectors to increase its GDP.
3. Kuwait is tax free. Being a tax-free country enables the GDP to be higher and it just makes everyone happier not to have to pay taxes. Since May of 2007 the Kuwaiti dinar (KWD) is pegged to an undisclosed basket of currencies…
4. This is good news for some of you and not good news for others…Kuwaiti currency is scarce. It is very difficult to get your hands on a Kuwaiti dinar unless you are inside of the country…Being scarce when it comes to currency is a good thing.
The Iraqi dinar is not on the Forex market, yet. The Iraqi dinar is an exotic currency, as is the Vietnam dong... Currencies are traded in pairs on the Forex Market.
The 3 main types... majors, minors and exotics...The more liquid an asset the easier and more efficient it is to turn it back into cash. Major currency pairs have the highest trading volume... Exotic currencies...are not traded that often. There is little technical analysis or data available to support trading decisions for exotic currencies...
People have been asking, 'Why is the Iraqi dinar one rate in Iraq and a different rate online...?' There are two major reasons for the different rates. 1. The Iraqi government imposes strict currency controls to limit the flow of dinars out of the country. This creates a dual exchange rate system: Official rate - fixed rate imposed by the Central Bank of Iraq...Market Rate - Freely fluctuating rate is used for private transactions and most imports... 2. The IQD is not widely traded internationally ...Limited demand for dinars outside Iraq weakens its value on
the international market. But...they are now saying speculation about a potential revaluation of the Iraqi dinar sometimes influences online prices... Speculation investors, that's us. We are causing fluctuations in the currency value...
In January 2024 foreign currencies will no longer be allowed inside Iraq and any violations will be criminalized. The Iraqi dinar will be used for all transitions.
Why are we seeing reports of a meeting with the IMF in Jordan and a meeting with the Department of the Treasury and the US Federal Reserve in Dubai? ...The meeting with the IMF had to do with the IMF staff team helping the Iraqi authorities reform the banking system...A drone attack on a military base hosting US troops near Erbil in northern Iraq...caused casualties...Iran-backed militants claimed responsibility for the attacks...The attacks occurred on December 25th.
Inflation...political stability... balance of payment...national debt...recession - each of these seven categories helps determine the currency rate of any country...We want to wish each of you a happy holiday..
Article: "Iraq links Baghdad US embassy attackers to security services"
The attacks against US forces have continued. The Iraqi government said several people who are alleged to have attacked the US embassy in Iraq last week have links to the country security services...
Article: "Iraqi council elections: Almost 17 million voters head to polls on Monday"
Iraqis have begun voting for the first time in a decade to select new provincial council members who in turn will appoint governors...results are expected to be announced on Tuesday.
Iraq cuts oil production by 223,000 barrels per day voluntarily. Iraq is over 90% dependent on oil revenue and oil prices, therefore when OPEC speaks we listen and we listen very carefully, almost as carefully as when the CBI makes and announcement.
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-sandy-ingram-sheila-18-dec.html
"RV UPDATE" BY DEEPWOODZ, 19 MAY
Deepwoodz T he parallel market rate is an illegal, “black market” rate. This is the rate they have been trying to get rid of and we all ...
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TEXAS SNAKE Texas Snake, [03/16/2024, 10:17:58 a. m.]: Texas Snake, please forgive me I know this is long, but I’ve been waiting for two ye...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...