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mally2
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Posts posted by mally2
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1 minute ago, Carrello said:
Maybe it's Chase and I have it wrong. My real point is if the US is controlling Iraq's payments to Iran for electricity, I believe we have control on all payments.
Thanks, Mally.
Same thing, it’s J.P. Morgan chase. I was also just thinking out loud that they were announced as the hub or facilitator for future yuan/dinar settlements, thanks!
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26 minutes ago, Carrello said:
The Iraq government has a new agreement with J P Morgan in NYC and Iraq's petrodollars are banked in NYC. I wonder if the petrodollars are deposited with J P Morgan and J P Morgan is making the payments on Iraq's invoices using the petrodollars and replacing the auctions while the USA keeps a close eye on the funds, payments while eliminating the risks of corruption.
Just thinking...
I believe there were articles during the dc visit indicating chase was going to be facilitating trade between china and Iraq settled in their own currencies. Not sure how that fits in here but interesting stuff happening
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its behind a paywall
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Remember that article from a few to several weeks ago, I believe it was a Kurd speaking, that said the federal budget wont be disputed this year because it is based on the hcl law and the kurds helped write it along with baghdad? Arguing about the percentage to the kurds is a non-hcl law work around that we've seen for years now. If the hcl is done this is all theater.
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25 minutes ago, yota691 said:
A new position from the Sudanese regarding the dollar crisis
2023.02.23 - 22:33
Baghdad - Nas
On Thursday, Prime Minister Muhammad Shia al-Sudani chaired the fourth meeting of the Federation of Chambers of Commerce and the Association of Iraqi Banks, in the presence of the Governor of the Central Bank and government financial agencies and departments. Taxes, customs, border crossings and trade fairs.
Al-Sudani confirmed, according to a statement by his media office, of which "NAS" received a copy (February 23, 2023), "to proceed with the economic reforms adopted by the government in its ministerial curriculum, and to implement institutional reform as a starting point for comprehensive reforms in the structure of the state."
Al-Sudani stressed, "The continuation of government measures aimed at achieving stability in the currency market, and the pursuit of speculators and manipulators who try to destabilize the market, as our security services continue to monitor them and hold them legally accountable."
The meeting witnessed "a review of a number of recommendations related to improving the work environment, which will be presented next week to the Ministerial Council of Economy, deliberation on developments in the economic situation in Iraq, follow-up on laws, recommendations and directives issued, and the level of their implementation by the relevant institutions."
The "electronic permit and networking system project" was reviewed in detail, and the directives that were implemented were discussed during the meeting chaired by the Prime Minister more than ten days ago, with the team in charge of implementation, where Al-Sudani praised the project, which will secure the work of border crossings and simplify the procedures to be implemented. It will take place electronically, prevent manipulation and forgery, and limit money laundering and customs evasion.”
The meeting also witnessed "discussing what has been implemented regarding communication with importers of medical devices, and submitting proposals on facilitating procedures regarding the import and manufacture of medicine."
The proposals included "reducing the customs tariff for a number of raw materials for medicines, medical supplies, secondary packaging materials for medicines, medical supplies, machinery, production lines, and laboratory and medical devices, while raising the customs tariff on imported medicines that are similar to what is produced locally."
The meeting discussed "the issue of joint operating contracts between private sector companies and the General Company for Iraqi Ports, and the most important steps that were implemented in this regard, which included field visits to the company, and the process of auditing the fees and wages that are charged."
the first couple paragraphs are worth a reread, time to do some reforms
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Jmo but we’re looking for a whole “new mechanism” for controlling the rate. I think the rule pertained to the days of the programmed peg days and we’re in the limbo period
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"We started with the method of recovering money and tracking down wanted persons, and this is happening for the first time since 2003
, "Iraq is open to all countries in its economic partnerships,"
Sounding good
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Great news. I’d have to think after 20 plus years they’d have to have a pretty good rough draft ready
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20 minutes ago, BETTYBOOP said:
When does anybody expect to see the second package of support system" rel="">support from the CBI? OR have I missed it?
Soon? In the coming period? In all seriousness as soon as this week? Kurds are supposedly back Sunday for formal hcl talks. One article said to finalize the hcl agreement? I’m assuming rate hcl budget etc are gonna happen at relatively the same time if this is our year jmo?
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Perhaps after years of not getting the Kurds and Baghdad on the same page Washington brought France in to teach them how to surrender better (jk)
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One thing is clear is that Iraq having to use the dollar and thus more dollars flowing into Iran is nothing new. With my dinar goggles on this seems to be the cover story for the end stage of Iraq's white paper reforms where they get to the point where they use their own currency in all things international. The selling or pricing of oil in solely the dollar is another issue that I think people can see is coming to an end as well at some point soon.
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"This year's budget will be used to implement the government programme," he said.
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57 minutes ago, Carrello said:
IMO don't look for a change in IQD value for 90+ days.
"According to the information I have, the US Federal Bank gave Iraq only three months to be committed to monitoring, and during this period it is observed to what extent Iraq adheres to international standards and to stay away from money laundering and transfers."
Maybe? Hard to say but at least things are happening. How are they going to pull off the below at the status quo? If they strictly restrict the dollar what is this mechanism to stabilize the dinar over the next 90 days? Guess we’ll see with this phase 2 launch?
to ensure general stability in prices, and options and proposals in the field of accelerating, expanding and streamlining the work of the electronic platform for external transfer.
The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, confirmed the bank's intention to launch the second package of facilities that would enhance the stability of the exchange rate.
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So...rv this Sunday while everyone is distracted watching football then?
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the flame of rapprochement ignited between the two parties to resolve the oil and gas law,
I appreciate the romance novel wording to describe a financial transaction that might finally be happening.
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40 minutes ago, dinareffic said:
Bump. Why is this not getting more attention? So much good news lately.
There was an article a week or so ago with this info. Its good news but not breaking news, just saying. Its clear theyre gearing up to use their own currency, just need uncle sam now to let them.
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"Now we are focusing very intensively on the economic dimension of that agreement."
giddy up
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15 minutes ago, chris2028 said:
Question- Did Kuwait also go through this process, like meeting with the treasury dept etc before their revaluation?
No. Kuwait never issued any devalued currency. There was simply a few months where their banking systems were down and people rightfully worried the old notes would be worthless when they reopened. Street rate is all that plummeted, never an official lower rate. When they reopened a few months later they had a new currency worth close to the same as the old currency. They announced they knew the serial numbers of the old currency that were stolen by the Iraqi armyu from banks but would honor all the old kuwaiti dinars that werent part of the stolen blocks at the new rate which was close to the same as the old rate.
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Reading Iraqi news, especially in regards to what we're doing...speculating on their currency, has always been a speculative crapshoot. I am waiting to see what the results of these meetings in the US bring about this week. Iraq is going international, at least it looks like it more so than any time in the last 15 years. They said the negative move in the dinar was due to internal changes they were making to modernize their infastructure and combat theft. They said to wait for the negotioations with the americans to reveal the next step, referred to as the "external step" in one article. To me they are still between a closed and and an open system and this move back to 1300 does not spell the opening up of their banking system. Sure its possible there will be more delays and problems but its looking to me like we might actually see what the plan is soon.
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41 minutes ago, Woldopep said:
"the Iraqi measures in the event of their full application will not lead to stopping the bleeding completely, but will provide Iraq with a reserve of dollars that lasts for a whole year.
Not sure what to make of that statement, doesn’t sound like forex.
I would guess that "Iraq Department at the Emirates Research Center, " whatever that is doesnt have the whole picture. At least I hope not. By that same token I wouldnt look for this tomorrow, but would love it. Sounds like meetings start tomorrow in DC but other articles have had the primary meetings with senior leadership as happening somewhere between the 7-10th. We should have a better idea by the end of next week.
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"These measures must be taken quickly at the internal level, while the external level will become clear after the visit of the Iraqi delegation to negotiate with the American side on the 10th of February."
A new date, to me anyways, thrown out of the 10th? This is multiple articles now using verbiage along the lines of "everything will be made clear" "all will be revealed when" etc regarding this upcoming meeting in DC
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30 minutes ago, Danishere4news2 said:
Just an FYI. I watched Nader's video on this & what Nader said was that Sudani is going to put the dinar back to it's real value & that in Nader's opinion it should be $3.48. Sudani's definition of the "real value" is to be determined.
Agree, and even they did they put the dinar at 3.48 what were really concerned with is what the exchange rate would be between the new dinar and the series we hold. Obviously we hope it will all be treated the same but that is too be determined.
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So there is for sure a delegation visiting Washington to talk about the dinar rate on Feb 7th. What is in debate it seems is whether or not Sudani is going? Im thinking next week we'll get some answers and Sudani will be in DC.
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the visit of a delegation on the 7th of next month to America."
saleh had said the budget will be passed in February. Seems like things are lined up for action.
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Central Banks are being Replaced
in Dinar Rumors
Posted
Bumping this rumor thread, not endorsing it. With the 15-20th being rumored date for many new banking systems, all rumors, yet we sit on the precipice of what looks like a bank run with billions of realized losses on banks books and a fed wanting to hike more. Is this the week?