“Financial Systems Continue to Fall”
April 5, 2023
[Iraq boots-on-the-ground report] FIREFLY: We know something is coming we just don’t know when. They keep telling us all day long except when they show us a recording of Al-Sudani. It’s like waking up everyday expecting the day to be the day… FRANK: It’s here. The reality of it to sink in for the citizens…you are being constantly educated. They are loading you with all kinds of education, all kinds of information on what to do with the new small category notes and coins when they come out, where to go exchange them…they’re teaching you about the float now…
FIREFLY: Bank friend said…[as of] Monday the dollar is no longer accepted in Iraq and it is not the national currency of Iraq banks…citizens are not allowed with any dollar transaction… FRANK: Notice they’re telling you the national currency is coming to replace the 3-zero notes. It is crystal clear…Isn’t that cool! We got it in articles but to be able to see that they’re telling the citizens in deeper details.
What I believe is going on… they’re throwing two stones out in the water in a massive way and it’s going to have a rippling effect around the world…Iraq we feel is a linchpin that’s going to stimulate the economy…trading with other currencies, cross-border payments, all those things are happening right in front of our eyes…history is basically going to be written about this because Iraq is going to be very very wealthy. They could write this in tablets of gold. I really do believe that…
The announcement will only come from the CBI. Halibusi is on vacation but he doesn’t have to be there. He can go on his vacation. It does not interfere with a monetary reform. Anything put on Halibusi’s desk regardless if he’s there or not, within 15 days of receipt it automatically becomes law…signatures or not.
Apparently they have a mechanism that’s going to take care of the surplus of Iraqi dinar that are out there because if you think about it if people are willing to give you 1750 dinars for every dollar that means there’s a shitload of Iraq dinars out there. In the past they used to spend anywhere between 1 and 1 1/2 billion dollars buying IQD off the open market and then they would destroy these currencies. Could they start going down that path again because if they do hang on to your currency because that sucker is going to shoot up in value real quick.
[via WiserNow] …things are tight things are clammed up – people are under NDAs and they’re under almost gag orders – pretty much – it’s that tight which is usually a good thing for us… They’re still trying to determine to determine our start when our story is going to be I hope it’s this week…let’s just stay patient and watch this thing come to us.
“THE CENTRAL BANK REFUSES TO OPEN A WINDOW FOR SELLING DOLLARS TO CITIZENS, DESCRIBING IT AS A VIOLATION OF REGULATIONS” We have waited for this news for a very long time. …I told you the day will come when they have to ban all dollar sales from citizens meaning these street venders too. Now if you want dollars you will have to go to the bank and justify it and you will have certain quota limits based on reason that you can buy. WOW! this was fantastic news because over a short time these street venders will run out of dollars and then they can not manipulate the market anymore…This will seriously help stabilize the market which we need to go to the next step in the process…
So what have we learned? People in Iraq are abandoning the dollar and adopting the dinar…Erbil/HCL has moved forward very quickly and the budget is in front of Parliament. We are hearing they will read it for the first time tomorrow. So there are exceptionally positive things on the Iraqi RV.
From Iraq: “The Central Bank expects a further decline in dollar exchange rates” What the CBI is saying is they believe they have made the necessary adjustments for a de-dollarization effect. This means the dinar is gaining strength daily. Iraqi people are now holding on to their dinar and not the US dollar.
“Al-Sudani’s advisor sets a date for the dollar’s stability and says: The Americans are impressed with our government” Quote: “Al-Shammari, in a televised interview followed by Ultra Iraq, defended the decision to reduce the exchange rate of the dollar to 1,300 dinars by the Sudanese government, and said that “if the exchange rate had not changed, we would now be on the cusp of two thousand,” meaning 2,000 dinars per dollar.
3 Major Reasons People Buying & Selling Iraqi Dinars Online First…currency collectors and the Iraqi Dinar go hand in hand…Why? Believe it or not, collecting foreign currencies is more than just a hobby, it can be profitable…Second reason…travel. More and more Christians and Muslims are traveling to Iraq. There is a spike in IQD sales…It is cheaper or easier to buy the Iraqi Dinars online rather than to wait and exchange in Iraq. The third reason is the same reason many of us hold the Iraqi Dinar. For investment purposes. Investing is a major reason people hold and use the Iraqi Dinar. Just like any other investment, there are risks involved.
“Consumer Confidence, Iraq, Gold Backed Currency and more April 5, 2023 Goldilocks and Seeds of Wisdom Thank you RJ Good morning Dinar Recaps, Goldilocks posted commentaries and links: Consumer confidence has reached the retail investor. Sentiment has slowed in stock purchasing power and even desire. This is 70% of the market, and it is causing cautionary flags across several sectors at this point. Last week, I shared with you to watch this week and next week very closely. I believed we were going into the danger zone. We currently have some new preliminary indicators showing this to be true. The use of the dollar falling around the world will also create several changes these next two weeks. On top of this, we still have people moving their money around in banks and withdrawing from them as well. Trust in the old financial system continues to fall.
“The Republic of Iraq, at the crossroads of several trade routes in the Middle East, has become the 78th country to accede to the United Nations TIR Convention.” This allows Iraq to move beyond the oil markets, and into, several other market sectors. Iraq will now be able to leverage the potential of International trade. This move will support their economic growth, prosperity, and self-sustaining development. The timing of this is impeccable. As the dollar fades in its value, this is a wonderful International opportunity for Iraq to create demand for their currency.
~~~~~~~~~~ “His Excellency the Governor of the Central Bank of Iraq, Mr. (Ali Mohsen Ismail), received today, Tuesday, the representative of the World Bank in charge of preparing the financial sector assessment project in Iraq, Mr. (Syed Mahdi Hassan) and his accompanying delegation.” “During the meeting, a summary of the report of the financial reform program in Iraq was presented, the enhancement of bilateral cooperation, the reform of the Iraqi banking sector, especially the governmental one, which represents 80% of the banking sector as a whole, as well as the adoption of institutional governance and the organization of the structure of banking institutions.” “The two parties discussed opportunities to develop information technology in The government banking sector and the use of comprehensive banking systems in Al-Rasheed and Al-Rafidian Banks.”
The main objectives of financial reform planning has to do with allocating resources efficiently, increasing a return on investment, and accelerating the growth of an economy. As you can see from the above article and the work they have been doing with electronic mechanisms that allocates their money into different countries efficiently, this was a strategic planning meeting designed to bring in and share revenue with countries beyond Iraq.
“Upon passage of H.R. 2435, the U.S. Treasury and the Federal Reserve are given 24 months to publicly disclose all gold holdings and gold transactions, after which time the Federal Reserve note “dollar” would be formally repegged to a fixed weight of gold at its then-market price. Federal Reserve notes would become fully redeemable for and exchangeable with gold at the new price, with the U.S. Treasury and its gold reserves backstopping Federal Reserve Banks as guarantor.” In other words, once the law is passed that we are repegging a fixed rate of gold to the dollar again. We have two years to prove we have the gold we claim to have. Then, we can repeg the dollar to gold using the Federal Reserve Note to do so. At this time, the bill is actively on the table.
Economic News Highlights
Iraq Economic News Highlights 4-5-23 The Central Bank Expects The Dollar Exchange Rate To Continue To Decline Economical 2023/04/05 Shukran Al-Fatlawi The Central Bank of Iraq has suggested that the dollar exchange rate will continue to decline in the parallel market during the coming days, attributing this to a number of reasons, including the packages of measures taken by the monetary authority, the great response of merchants and banks, and adherence to the bank’s directives regarding the instructions of the currency sale window, while specialists in economic affairs praised, With the “macroeconomic policy” that has been reflected in strengthening the dinar and will lead to reducing or ending the difference between the official and parallel exchange rates. The opinions of the specialists coincided with the Central Bank’s suggestions that the exchange rate of the parallel dollar would continue to decline, as experts confirmed that the coming days will witness a clear relative stability in the foreign exchange rate, stressing that this matter will be accompanied by a decrease in the prices of imported goods and materials, especially after it touched the exchange rates of the dollar.
In the parallel markets, the barrier of 148 thousand dinars per 100 dollars, which is what specialists see as an important step resulting from the continuous measures of the Central Bank. And the Deputy Governor of the Central Bank, Ammar Hamad Khalaf, believes that “the recent decline in the dollar was not born of the hour, but rather due to previous measures, especially the procedural packages launched by the Central Bank and the response of the market, merchants and banks to the directives and instructions of the Central Bank, and all of this helped to provide the dollar to the beneficiaries.” Khalaf added, “The central bank sells more than 200 million dollars a day, all for real and organized purposes by the merchant and by the bank, and all of this helps in lowering the dollar exchange rate,” expecting “a further decline in the future as long as there is a response by sectors and merchants.” .
In turn, the financial expert, Dr. Amr Hisham, counted in an interview with “Al-Sabah” the drop in the exchange rates of the dollar against the Iraqi dinar as expected, resulting from the state of health due to the increase in foreign reserves amounting to 115 billion dollars, which is the record that has not been achieved in the history of Iraq. Hisham also pointed out that “the measures that have been taken with regard to the electronic window, the dollar supply outlets and the supply of dollars to travelers, as well as the use of the Iraqi dinar in buying and selling operations, are all combined factors that have led to an increase in confidence among citizens and merchants, and thus reflected positively on the issue of expectations.”
Therefore, expectations turned from pessimistic to optimistic, in addition to increasing the percentage of central bank sales to more than 200 million dollars. And the financial expert added, “The increase in strengthening balances abroad, those that acquire sales, and not cash sales balances as it was in the past. Or ending the difference between the parallel market price and the official price of the Iraqi dinar. For his part, economist Dr. Adnan Bahia told Al-Sabah that “the slow gradual decline in the dollar is better than the sudden decline for the citizen,” pointing out that the decline in the exchange rate occurred as a result of the recent measures taken by the Central Bank, foremost of which is the increase in the outlets that offer the dollar, as well as Commitment to the exchange rate by many banks and the prevention of speculation, not to mention the increase in exchange with what is presented daily from the dollar to the markets and it is constantly increasing, i.e. the application of the theory that if supply increases, demand decreases.
Baheya pointed out that there is a balance in favor of the citizen in the process of decline, because the lower the price and the smaller the difference between the parallel and the central bank rate, the better it will be in the interest of the citizen through lower prices, especially those imported from abroad. He noted that the treatment paper put forward by the Central Bank, if all of them were implemented, especially those related to obligating all banks and sales outlets to have an electronic board linked to the Central Bank to define the official price of the state, would be sufficient to end the process of manipulation and speculation between merchants and exchange houses, which are simple, fast and inexpensive procedures that will organize this process. and pour in Citizen’s benefit.
Sunnis Reject The Budget Law Because It Is Devoid Of Jobs
Baghdad – Iraq today: The Sovereignty Alliance announced its rejection of the draft federal budget law sent by the Council of Ministers to Parliament, while revealing the reasons. The representative of the coalition, Abdul Karim Abtan, said in a press interview, “The reasons for the Sunni representatives’ objection to the budget are that it lacks job grades, and it also lacks investment projects,” stressing that “the budget law in its current form does not support the private sector.” Abtan added, “The other objection comes to presenting a budget for three years, without taking into account fluctuations in the market,” noting that “the fluctuation of oil prices also affects the budget, and that the approval of $70 per barrel is not commensurate with market fluctuations.” He pointed out that “the deficit constitutes a large percentage of the total value of the budget, and thus does not serve the citizen,” noting that “the budget does not contain any allocations to the liberated areas, which have suffered for long periods and need reconstruction.”
Parliamentary Finance: The Budget Will Deal With The File Of Those Whose Contracts Have Been Terminated And The Lecturers Installed Iraq 2023/04/05 Muhannad Abdel Wahhab Since its receipt of the draft budget law, the Parliamentary Finance Committee has been discussing and studying it in a manner that takes into account the higher interests of the country and the rights of all segments. And the head of the committee, Atwan Al-Atwani, reassured, in a statement, that “the 2023 budget focused on the priorities of the government curriculum, which include upgrading the service side, implementing strategic projects in the field of electricity and infrastructure, completing lagging projects, especially hospitals, as well as building specialized centers to treat heart diseases, cancer, and others.” Al-Atwani explained that “the budget also included dealing with the file of those whose contracts were terminated in the security ministries, examiners in the Ministry of Defense, confirmation of contracts and lecturers, in addition to a monthly financial grant for university and school students, and the expansion of social welfare coverage to 650,000 new beneficiaries, and other items that address the demands of segments of society.” Many, in an effort to address the crisis of poverty and unemployment. And he stressed, “the serious endeavor to expedite the completion of the requirements for approving the budget to enable the government to perform its duties and obligations before the people and implement the paragraphs of its ministerial platform.”
On the other hand, the Parliamentary Rights Bloc considered that the budget included several paragraphs that would need to be reconsidered, including the three-year budgets, in addition to the high inflation rate, optimism about oil price estimates as found in the budget, as well as the few financial allocations for the provinces compared to their needs. The head of the bloc and a member of the Parliamentary Integrity Committee, Saud Al-Saadi, told Al-Sabah: “The budget includes issues that need to be reviewed and modified,” noting that “there are some political forces that object to some paragraphs in the budget, including the high rate of inflation and the price of a barrel of oil.” estimated, as well as offering three budgets for the next three years, weak financial allocations for some governorates and some issues that sparked some reactions. The deputy indicated that “there are calls from the government to the parliament to quickly discuss and approve the budget because of its impact on people’s lives,” noting that “the prime minister is ready to come to parliament and open the door for discussions and answer the parliament’s questions.”
A Former Deputy Outlines The “Risks” Of The Tripartite Budget…And Presents Several Proposals Policy |Baghdad today – Baghdad MP and former member of the Finance Committee, Magda Al-Tamimi, today, Tuesday, outlined what she described as the “risks of the tripartite budget” that the government sent to the House of Representatives. Al-Tamimi said, in a statement received by “Baghdad Today,” that “the danger of the tripartite budget lies in the foundations of its estimates, its construction, and the philosophy of the state’s work, and also in the high estimates of the price of a barrel of oil, as well as the high estimates of other revenues with high total expenditures.”
And I suggested that “the budget be until 12/31/2023 in the year 2023, and it could be three years later, so that the government can prepare and develop plans and detailed programs to leave the status of allocations in the investment budget for what is called contractors’ investment towards real investment through which the investor implements the project.” With his money and not with the money of the state treasury. And Al-Tamimi continued, “In return, several goals will be achieved, the first: achieving benefit for the state by obtaining a percentage of the revenues in addition to taxes, and the second: activating the private sector, employing manpower and reducing unemployment, and the third: achieving benefit for the citizen by providing him with fast and high-quality services as well as Speed and fourth: reduce corruption and waste of public money.
High Oil Prices.. Brent Records 85.32 Dollars Per Barrel Economy |Today, 08:53 Oil prices rose in early Asian trading, on Wednesday, due to a decline in US crude stocks and the latest cut in production targets for the OPEC + alliance. Brent crude futures rose 38 cents to $85.32 a barrel at 0021 GMT. US West Texas Intermediate crude rose 33 cents to $81.04 a barrel. Prices received support from what sources quoted from the American Petroleum Institute data on Tuesday, which showed a decline in US crude stocks by about 4.3 million barrels in the week ending March 31. Gasoline stocks fell by about four million barrels, while distillate stocks fell by about 3.7 million barrels, according to the sources, who spoke on condition of anonymity because they are not authorized to speak to the media.
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