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Everything posted by Laid Back
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“the importance of consolidating the security and stability that Iraqi cities enjoy,” pointing out that “stability is an important element in achieving economic development and encouraging investment and the private sector” This reminds me Shabibi’s words; Go security Go Stability Go RV
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"Iraq cannot remain a consumer market for imported materials and goods," "the time has come for our economy to be linked to the global economic cycle and to establish a strong industrial base that supports stability." If they don’t want to remain a consumer market and be linked to the global economic cycle. They need to move to an open market economy and have an international recognized currency. Go Open Market Economy Go international recognized currency Go Stronger Dinar
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Thanks for your comment RJG, Yesterday I was looking for information about the cost of living in Iraq and I found this: Summary of cost of living in Iraq: -A family of four estimated monthly costs are 1,783.7$ (2,323,061.2IQD) without rent. -A single person estimated monthly costs are 521.4$ (679,059.0IQD) without rent. -Cost of living in Iraq is, on average, 58.2% lower than in United States. -Rent in Iraq is, on average, 82.1% lower than in United States. Last Updated November 2023 https://www.numbeo.com/cost-of-living/country_result.jsp?country=Iraq What is interesting about this is; If you divide the amount of Dinars by the amount of US dollars, equals 1.3 dinars per $1 Family of four monthly cost: 2,323,061.00 IQD / $1,783.7 = 1.3 Dinars per $1 Single Person 679,059.00 IQD / $521.40 = 1.3 Dinars per $1 $1 / 1,310 = 0.00076 0.00076 x 1.3 = 0.00099 Delete 000 = $0.99 Go new monetary policy Go delete 000 Go stronger dinar
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Summary of cost of living in Iraq: A family of four estimated monthly costs are 1,783.7$ (2,323,061.2IQD) without rent. A single person estimated monthly costs are 521.4$ (679,059.0IQD) without rent. Cost of living in Iraq is, on average, 58.2% lower than in United States. Rent in Iraq is, on average, 82.1% lower than in United States.
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“We reaffirm our frank and clear approach towards respecting the financial rights of all segments of society, especially the segment of employees." Mínimum Salary 425,000 IQD / 1310 = $324 a month. Question: Do you think with a salary of $324 a month they are respecting the financial Rights of employees? Go new monetary policy Go delete of 000 Go stronger dinar
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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. “Government policy and the policy of the Central Bank moved towards not relying on one country’s currency in foreign transactions and diversifying those currencies such as the Emirati dirham, the Turkish lira, the Chinese yuan, the British pound, and the euro, in addition to the dollar. This diversification reduces the dollarization of the economy and gives it great independence.” Go monetary sovereignty Go Stronger Dinar
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“the size of the monetary mass or the exported currency amounts to more than 100 trillion dinars, 70 percent of which is in circulation.” 100 trillion monetary mass / 1310 = $76.5 billion dollars Reserves are $115 billion dollars $115 billion dollars in reserves / $76.5 billion dollars monetary mass = $1.50 70 trillion dinar in circulation / 1310 = $53.5 billion dollars Reserves are $115 billion dollars $115 billion dollars in reserves / $53.5 billion dollars in circulation = $2.14 Go 2024 Go Stronger Dinar
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Sudanese Advisor: The Battle For The Dollar Is Almost Over
Laid Back replied to RJG's topic in Iraq & Dinar Related News
“we expect that the new year will witness a significant decline in dollar prices with the appreciation of the value of the Iraqi dinar.” Go 2024 Go Stronger Dinar- 13 replies
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“The government has established paths for banking work governed by the controls of applicable laws. This will open broad horizons for the national economy and will also provide hard currency to the local market without the need for the central bank to intervene and bear responsibility." Go CBI Go new monetary policy Go economic growth Go Stronger Dinar
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“the central bank's decision is difficult to achieve on the ground, and perhaps it can be implemented for a limited period by banks that own other foreign currencies," but all these measures "will not contribute to reducing the exchange rate of the dollar due to the state of high dependence on the dollar in foreign trade dealings with the restrictions of the US Federal Reserve,speculation, and smuggling operations that cannot be solved by importing dollars." What do you do to stop the high dependence on the dollar? Give the Dinar a value equal to the US Dollar $1:1 Go Stronger Dinar💥
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Financial inclusion is when everyone can access financial services that can help them build wealth, including savings, credit, loans, equity, and insurance. From a Cash Society to an Electronic Society.! It will bring back liquidity to the banking system. CBI said that 73% of the monetary mass was out of the banking system. Go Financial inclusion Go e-banking Go e-card
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Great Article…. Thanks RJG. “This is happening for the first time by opening this number of accounts for our banks, and it is a very important step to strengthen the banking system in Iraq, because accepting these banks means that they now have systems capable of being accepted internationally," Opening to the international financial system.! Big Step Forward….. Free Market economy on the horizon.! Go Iraq 🇮🇶 Go CBI Go international Go stronger Dinar
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In Conclusion; All the decisions they’re making is to go back to a Free Market Economy. Work in Progress.! Go CBI Go new monetary policy Go Free Market Economy Go Stronger dinar
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There is a pattern in the evolution of exchange control systems, a typical sequence of events: A Phase 1, implementation in response to a serious balance-of-payments deficit, a free foreign-exchange market is abandoned in favor of price control and rationing of foreign exchange. Initially exchange control applies only to major categories of receipts and payments but is rapidly extended to cover all external transactions. Phase 2, consolidation —a black market appears; regulations are extended and revised to close loopholes, to cope with shortages, and to repair inequities and anomalies. The foreign-exchange market is fragmented and differential treatment is accorded to different types of trade or traders. Taxes, subsidies, or multiple-exchange rates are introduced to offset, in a discriminatory way, the effect of an overvalued currency on foreign-exchange receipts and the demand for imports. The system becomes increasingly complex and administratively burdensome. Phase 3, rationalization-the complexity of the system is reduced by consolidation of market fragments. Regulations are simplified and applied to broader categories of transactions. De facto but selective devaluation, through tax, subsidy, and exchange-rate adjustments, becomes a policy instrument. Portions of the market are "liberalized" by returning to a limited free market in which price resumes its functions of evoking supply and limiting demand. Continued disequilibrium, however, sustains the black market which may be "tolerated" as a sort of unofficial free market. Phase 4, termination—to the accompaniment of some further adjustments of the tax and subsidy structure, there is a return to a free market. However, complete termination may be postponed; phase 3 may continue more or less
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Treasury Single account; A unified structure of government bank accounts, where all government account balances are accumulate to show the movement of net revenues and expenses. This would lead to the optimal use of government cash resources. - Facilitation of Financial Control Process. - Ensure effective financing. - Improve monetary forecasts. - Enhance transparency.
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E-payment starting 1/1/24… No more cash at the pump ⛽️ They said 73% of the monetary mass is out of the banking system. This will help to bring some of that cash back to the banking system. Bring you chunky money > Open a bank account > Get e-card > Pump Gas. Go CBI Go New monetary policy Go Stronger dinar
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Iraqi government issues a number of new decisions - Urgent
Laid Back replied to 6ly410's topic in Iraq & Dinar Related News
Sense of Urgency to get things done. Go Iraq 🇮🇶 Go Stronger Dinar- 17 replies
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"the meeting will be on the dollar and the work of banks in Iraq." “Government sources, with a recent agreement between the Central Bank of Iraq and the US side, resulted in an increase in the number of banks that can enhance their dollar balance directly to 10 banks, 5 of them through Citibank, and the other five through JP Morgan,” I think the CBI is going to let the 10 Iraqi banks through Citibank and JPMorgan handle the dollars sales. This will give the UST more control over the dollar file. Go CBI Go new monetary policy Go end of daily auctions Go Stronger dinar