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Collapse of the dinar is possible


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  Trump stated during his campaign ,"We must be paid back for the war in Iraq ". For years the skuttlebutt has been that Trump holds $30,000,000USD worth of dinar . He's also talked about "leveling the playing field " which alludes to gold-backed currency and an international digital system that prevents corruption . I would imagine the countries that meet the stringent Basel 3 requirments would have currencies with greater value .

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If the plan is to RV the dinar, everything you will hear or read will be the opposite. “Devaluation” “Lop” “colapsé of the dinar” just my opinion.!   Go RV   

Pitcher, I'm all in for digital currency. But, it took Iraq this long to climb out of the 19th century. And their people still don't trust banks, so bridging that huge gap will take more time than it

Nice to see you my brother 🤙🏽   Agreed🤞🏼   Totally agree.!!! Nice to see you Carrello. Its very interesting that they are putting emphasis on this topic.  

16 hours ago, Carrello said:

Hey Shel!

 

Kaperoni used to say watch for installation of huge video screens around Baghdad because instructions for the RV would be announced to the citizens on the video screens. I don't know what happened to the video screens. Maybe they floated away.

Hey Girl ....how long ago did I say to you , I can’t wait  till we’re Looking back at this .... GEEZ that was ten years , time flys when your on a ride !!!

 

i think Kap floated away on a pizza pie 

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20 hours ago, Wiljor said:

Good evening brother, and yes, I concur with your statement 👍

Nice to see you my brother 🤙🏽

 

20 hours ago, Shelley said:

They say Kuwait was the exact same thing ... we’re not revaluing the currency is what they would say and then BAM REVALUATION !!!

And also back in the day , everyone would say watch for the smoke screen and bad news of how bad the currency is ..., and then BAM HOPEFULLY A REVALUATION 🤞🏼

Agreed🤞🏼

 

8 hours ago, Carrello said:

I don't imagine the prime minister and central bank governor are touring to tell of their "immediate collapse."

Totally agree.!!!

Nice to see you Carrello.

7 hours ago, Carrello said:

Sunday, October 18, 2020, that the exchange rate of the dollar against the Iraqi dinar is fixed and has not changed,

Its very interesting that they are putting emphasis on this topic.

 

No doubt about it. We are getting closer.

 

Go RV

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Shortly before the international trusteeship of Iraq: Seven major countries will "watch" and regulate the Iraqi economy for a period of 3 years
 

23/10/2020

It was announced in London, the establishment of an international financial coalition that includes 7 foreign and Iraqi financial institutions, to provide advice to the Iraqi government to face the stifling financial crisis that led to the state’s inability to commit to paying employees ’salaries on time, and resorting to internal and external borrowing .
 

According to the British Foreign Office, the financial alliance will be called the "Economic Contact Group" and its aim is to stimulate international support for the urgent economic reform program, which will last for 3 years and cost 6 million pounds sterling .

According to the statement of the British Foreign Office, the financial alliance provides global expertise to achieve economic growth and provide international expertise from the public and private sectors to enhance economic stability in Iraq and introduce vital economic changes in order to advance growth .
 

And includes the International Financial Alliance to support Iraq, the G7 countries are “America, Britain, Japan, France, Germany, Canada and Italy, in addition to the International Monetary Fund and the World Bank, and Iraq includes the Ministry of Finance, the Central Bank of Iraq and the Parliamentary Finance Committee .

After the first meeting of the financial alliance, he issued a statement saying, "Iraq is facing daunting economic challenges that have been broadly overshadowed by two crises, the Corona virus crisis and the decline in oil prices ."
 

He stressed, "There is a need to take immediate measures to achieve stability in the economy and create a comprehensive economic environment suitable for the implementation of the reform, as the members of the Economic Contact Group for Iraq agreed to work with the Iraqi government to put an out-of-way way to set the sequence and priorities of reforms in addition to mobilizing international support to implement these reforms ."

He noted that the Iraq Economic Contact Group will hold its meetings every three months to monitor progress, manage risks and coordinate support effectively, and this includes two annual meetings on the sidelines of the Spring Meetings and the Annual Meetings of the World Bank .
She added, "It supports the Iraqi government's vision of reform, not only to ward off current crises, but to create permanent economic opportunities for the Iraqi people that meet their aspirations ."

It is wonderful to see the meeting of the Group of Seven, the International Monetary Fund, the World Bank, and the Finance Committee in the Iraqi parliament to support economic reform. International support is crucial at this difficult moment for the Iraqi economy.

Meanwhile, Finance Minister Ali Allawi said that the white paper received absolute support from industrialized countries and international organizations for the first time, indicating that the international support and welcoming the white paper is an achievement of the Ministry of Finance .

He added that “international organizations saw that Iraq faces daunting economic challenges overshadowed by the Corona crises and low oil prices, and that the White Paper is an ambitious program for comprehensive economic reform, strengthening the growth of the private economy and protecting the most vulnerable groups . From the Yass Iraq site

 

http://www.albadeeliraq.com/index.php/ar/node/3554

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8 minutes ago, KDuesing said:

 

Guess I should give mine away too, ok who wants it??😊

Don’t give away anything, Iraq Central Bank is a Shareholder in the European Central Bank Reconstruction Project, there is no way it’s going to take three years for them to put the Dinar Internationally on the Forex.

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Wow. Drown in that glass half-full of water if you like, I'm in a glass half-full and smiling. The world is helping Iraq, big financial institutions are helping Iraq. And not that it necessarily means anything, but Kazemi met with the Bank of England where Dr Shabibi is employed.  

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33 minutes ago, KDuesing said:

Guess I should give mine away too, ok who wants it??😊


President Davis - Just Use His ‘Mobile Banking’ App ! :o 

 

window-as-money

 

:D  :D  :D 

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17 minutes ago, Carrello said:

Wow. Drown in that glass half-full of water if you like, I'm in a glass half-full and smiling. The world is helping Iraq, big financial institutions are helping Iraq. And not that it necessarily means anything, but Kazemi met with the Bank of England where Dr Shabibi is employed.  

Hey Girl, what do you mean “ if it means something “. Of course it does !!! To me anyway 🤷🏻‍♀️

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This article doesn't say we have to wait another 3 to 5 years. The article states the G7 Countries and this Committee will monitor the economic progress in Iraq. Why would the Prime Minister travel around the world for support, get approval from the G7 Countries, the White Paper Economic reform is scheduled to start on 1.1.2021, Iraq has 6 Trillion Dollars worth of Sulphur and Phosphate and the amount of Oil and Natural Gas is not included in that 6 Trillion, they have over 600 Billion Dollars held in frozen accounts and this information has just been been revealed to us this week. They can't borrow from the CBI so how can they conduct business with a worthless currency? These guys are sitting on a powder keg!! I am expecting something to happen in 2021 either before or after the elections.  (I hope🤑🤑🤑)The Iraqi People are not stupid and I think the Country will implode if they continue to drag this out! We are on the outside looking in and this is not about the few of us who are blessed to hold Dinar, it is about Iraq and the Iraqi people. I have been around for a while and I have never seen this much progress being made in a short amount of time. 

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1 hour ago, KDuesing said:

It was a Joke Wheelman. 😁

Lol ok, I kinda figured that, this week had been just amazing, we all are eagerly waiting, me personally, I think they in WTO and they not saying anything.

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59 minutes ago, GreedyDinar07 said:

This article doesn't say we have to wait another 3 to 5 years. The article states the G7 Countries and this Committee will monitor the economic progress in Iraq. Why would the Prime Minister travel around the world for support, get approval from the G7 Countries, the White Paper Economic reform is scheduled to start on 1.1.2021, Iraq has 6 Trillion Dollars worth of Sulphur and Phosphate and the amount of Oil and Natural Gas is not included in that 6 Trillion, they have over 600 Billion Dollars held in frozen accounts and this information has just been been revealed to us this week. They can't borrow from the CBI so how can they conduct business with a worthless currency? These guys are sitting on a powder keg!! I am expecting something to happen in 2021 either before or after the elections.  (I hope🤑🤑🤑)The Iraqi People are not stupid and I think the Country will implode if they continue to drag this out! We are on the outside looking in and this is not about the few of us who are blessed to hold Dinar, it is about Iraq and the Iraqi people. I have been around for a while and I have never seen this much progress being made in a short amount of time. 

Totally Agree!

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Dr. Shabibi went to head the Monetary Policy Committee at The Bank of England February 2019, and earlier this year Kazemi stated he would like to bring Dr. Shabibi back to CBI. I think Kazemi has been working for quite some time with Dr. Shabibi, the IMF, World Bank and the other entities Kazemi and CBI Governor met with in England, German, and France on the White Paper and Iraq's economic reform. 

 

IMO The White Paper was a joint effort with other countries to write an economic program that could work for Iraq with their support.

 

"The Bank of England decided to appoint Professor Shabibi as chairman of the Monetary Policy Committee, which was previously governor of the Central Bank of Iraq," the English media reported.

"This decision came to benefit from the experiences of al-Shabibi to maintain the exchange rate of the British pound and to prevent the British economy from getting into trouble, especially after the exit from the European Union."

 

 

 

 

 

 

 

 

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Economy - economic reports 10 hours ago

Iraqi Kurdistan: economic and financial crises with a political flavor!

Agencies

 

5f966920351fc.jpg

https://annabaa.org/arabic/economicreports/24946

 

At the foot of a rugged hill, 55 kilometers northeast of Erbil, the largest city in Iraqi Kurdistan, where the town of Mir Rostom extends over a vast area, vineyards of ripe grapes are ready to be harvested as a source of income for the northern region mired in economic crisis.

The inhabitants of the autonomous region returned to dependence on agriculture, which decreased work in it after the fall of Saddam Hussein's regime in 2003, when a government was formed, and the region was allocated with a large budget, so the majority of the population went to state jobs to secure monthly salaries.

Abdullah Hassan, a farmer in the town of Mir Rostom, asserts that it is "the first time" in years that grapes were picked from the town's farms, which were a major source of livelihood during the period of the siege imposed on Iraq that ended with the US invasion of the country and the overthrow of Saddam Hussein.

According to the World Bank, Iraq is facing an economic deterioration this year due to the country's budget dependence on oil exports, as for Kurdistan, which is witnessing continuous disagreements with the Baghdad government over the region’s budget due to the sharp drop in oil prices and the outbreak of the Covid-19 epidemic, the situation has become more difficult, and the bank warns International asserted that "weaknesses that already exist in Iraq may lead to an economic collapse and a new wave of violence" in the country.

The economist Bilal Saeed believes that all the collapse of the Kurdish economy today is caused by the region’s authorities not relying on a viable economic system in order to ensure long-term prosperity.

Salaries are a political weapon

Said told Agence France-Presse that "substantial financial resources have been achieved (for Kurdistan): a budget allocated from (the government) of Baghdad and revenues from the border crossings with Turkey and Iran." Oil only, "As is the case with the central government, creating jobs in the public sector, although a large number of them are ineffective, has led to inflation.

Today, in the Kurdistan region, where five million people live, there are 1.2 million government employees, forty percent of whom are members of the army and the police. Their salaries cost more than $ 725 million a month. Since last January, the regional government has paid only six monthly salaries for civil service employees, and decided in June to reduce by up to 21% salaries that exceed $ 250.

This means a decrease in the salary bill to 591 million dollars, but the accumulations are still continuing, despite the region receiving 260 million dollars from the central government every month. The salaries of government employees have become a problem for the central government in light of the lack of approval of the budget yet, and civil employees in the governments of the region and Baghdad have been receiving salaries for years in light of an escalating economic crisis, but the resources on which the country depends are under threat of running out, according to the London Institute of Economics. A statement by the Institute stated that “the dominant political parties (of the country) reward their loyalists with salaries, and use project contracts to enrich businessmen close to them. In the end, the ministries’ budget is being stolen to achieve partisan and personal gains. ”

An unhealthy economy

"We are rich when the price of oil is high and poor when it is low," said the head of the Kurdistan Investment Committee, Muhammad Shukri, adding, "I do not call this a healthy economy." In order to correct that, the committee granted 60 licenses to investors worth 1.5 billion. Most of it is in the agricultural and industrial sectors.

Meanwhile, the authorities make promises to improve economic conditions and build large projects such as dams, roads and railways, and have called on foreign investors to participate in projects. At this time, the patience of local industrialists who face intense daily competition in the face of products flooding the markets arriving from Turkey and Iran, the two neighbors. Their currency is continuously declining, while the Iraqi dinar is still maintaining its value against the dollar.

Barz Rasoul, the owner of a steel company whose production reaches 50,000 tons per month, calls for imposing an "increase in customs taxes and border controls" to limit the flow of goods into the country, pointing to the need to support the agricultural sector.

Rasoul, who recently dismantled 50 greenhouses, says, "It costs me 21 cents to produce a kilogram of cucumber, while a kilo of Iranian or Turkish cucumbers is sold for 13 cents in the markets of Erbil," and the Kurdistan Regional Parliament has not voted on a budget since 2014. Therefore, it is impossible. Knowing the revenues from border crossings, oil or taxes, not even the cost of expenses, and as an indication of the deteriorating economic situation, the Prime Minister of the region, Masrour Barzani, in early October, addressed Parliament in this regard, for the first time since the formation of his government in July 2019, and confirmed that the debt It reached $ 28.4 billion, including $ 9 billion in unpaid salaries since 2014

Edited by 6ly410
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