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The Central Bank of Iraq launches a package of measures to improve the performance of transactions related to the dollar


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32 minutes ago, Fimum said:

I can understand your skepticism. Years of hearing the likes of, "just wait until the Durham indictments come out" have made me moderately jaded as well. DJT did more for the country than Reagan and JFK combined, but sadly surrounded himself with deep state operatives and people working against him. I'm torn on having enthusiasm for another run, or to look to a younger American First individual with less baggage. The more I read, the more convinced I am that the uniparty serves an almighty CIA cabal that only the second coming can unravel.

 

Please stop! My sides are aching and I just blew milk out my nose.

Got to run. I'm hungry and I need to find a live baby to munch on.

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On 12/24/2022 at 11:34 PM, Dretown39 said:

This is the what I don't understand. With much they've accomplished why wait another 2-4 years to add value to the currency? Just curious 🤔  I heard they are Article 8 compliant. Why launch a international platform in another month or so and still be undervalued for more years? Not to say it won't happen but just don't comprehend fully.

Who told you they were Art. 8 compliant? Because they meet the requirements of 2%?

 

Iraq still employs MCP (using both the USD and IQD for everyday purchases) and with that it does not make them Art. 8  compliant per the IMF. 

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On 12/25/2022 at 2:55 AM, screwball said:

Disagree with the passing of the oil law, recents articles point to agreement and they need one reading then become law… article 140 will be activated when oil law has final reading passes…

 

as for the GCR the move is for all countries to move away from the USD and go back to their own gold backed and asset backed currencies…where was the five year plan back in 2013 when they were all set according to the articles? I don’t believe the five year plan has anything to with the RV and if you have proof that it doesn’t then please post 

 

as for the 20,000 Dinar note this may eventuate or it may not….time will tell.. as for black rock this is the cabal there rescission will be bankruptcy like vanguard! The white hats alliance are destroying them all…GCR reset is the WEF and UN plan there run is coming to an end… when the major exporting currency move to gold backed and this move is imminent the petrodollar will be no more Iraq unless they have done a deal with the devil will de couple

If they need "one more reading to pass the law" has the law been passed? No. Disagree all you want, the law has not been passed. Nor has the HCL or the implementation of 140.  Close only counts in horseshoes and hand grenades.

 

20K notes will come out to bring Iraq in line with the currency practices of most of the world. More importantly, it brings it in line with USD currency which employs 1, 5, 10, 20 and 50 dollar notes. As has been discussed on this platform before.  

 

I don't care about Blackrock but look at what the world Central Banks are doing, they are tightening their policies thus making recession unlike we have seen before more likely. And if the world goes into a very deep recession this will give Iraq another excuse not to RV in the 20s.

 

The GCR may be the WEF and the UN but it is no where near coming to an end. Every US president that has been assassinated has been so because of their views on currency and where it should come from. One reason why people really don't want Trump back into office. That is another discussion for another time.

 

   

 

 

 

 

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On 12/25/2022 at 5:47 AM, screwball said:

Where’s is this formulae because based on your five year plan which would run from 2023-2028 we won’t see a rate change until 2028? Why would you plan to rebuild at a cost of over 600 billion? This was previous 5 year plan which ended in 2017, before the next in 2018-2022…

From the implementation of the White Papers. If don't know what they are go do your research.

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On 12/25/2022 at 6:43 AM, md11fr8dawg said:

screwball, every now and then you or someone else here mentions The White Hats. My wife's cousin who lives in Manila has mentioned the White Hats. What or who are they and where do you get your info on them?

Thanks, Dawg!

White hats and Blacks Hats more recently come from the Hacking world. White Hats are ethical hackers. They hack into a system and snoop around but don't take anything. Black Hats are the thieves of the hacking world or they might implant viruses into a system. The one term I haven't heard as of yet are Grey Hats. Part White and part Black Hat.  White and Black Hats aren't restricted to hacking world as it goes back much further. In black and white cowboy westerns you could tell the bad guy from the good guy by the color of their hat in film and television series. And I am sure it could be traced further back than that. However, the term Grey Hat mainly comes from the Hacking World.

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1 hour ago, Theseus said:

White hats and Blacks Hats more recently come from the Hacking world. White Hats are ethical hackers. They hack into a system and snoop around but don't take anything. Black Hats are the thieves of the hacking world or they might implant viruses into a system. The one term I haven't heard as of yet are Grey Hats. Part White and part Black Hat.  White and Black Hats aren't restricted to hacking world as it goes back much further. In black and white cowboy westerns you could tell the bad guy from the good guy by the color of their hat in film and television series. And I am sure it could be traced further back than that. However, the term Grey Hat mainly comes from the Hacking World

1 hour ago, Theseus said:

If they need "one more reading to pass the law" has the law been passed? No. Disagree all you want, the law has not been passed. Nor has the HCL or the implementation of 140.  Close only counts in horseshoes and hand grenades.

 

20K notes will come out to bring Iraq in line with the currency practices of most of the world. More importantly, it brings it in line with USD currency which employs 1, 5, 10, 20 and 50 dollar notes. As has been discussed on this platform before.  

 

I don't care about Blackrock but look at what the world Central Banks are doing, they are tightening their policies thus making recession unlike we have seen before more likely. And if the world goes into a very deep recession this will give Iraq another excuse not to RV in the 20s.

 

The GCR may be the WEF and the UN but it is no where near coming to an end. Every US president that has been assassinated has been so because of their views on currency and where it should come from. One reason why people really don't want Trump back into office. That is another discussion for another time.

 

   

 

 

 

 

 

1 hour ago, Theseus said:

From the implementation of the White Papers. If don't know what they are go do your research.

Know exactly what the white papers are but clearly you do not know what the so called five ear plan is because it’s been in play for 10 years!

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1 hour ago, Theseus said:

White hats and Blacks Hats more recently come from the Hacking world. White Hats are ethical hackers. They hack into a system and snoop around but don't take anything. Black Hats are the thieves of the hacking world or they might implant viruses into a system. The one term I haven't heard as of yet are Grey Hats. Part White and part Black Hat.  White and Black Hats aren't restricted to hacking world as it goes back much further. In black and white cowboy westerns you could tell the bad guy from the good guy by the color of their hat in film and television series. And I am sure it could be traced further back than that. However, the term Grey Hat mainly comes from the Hacking World.

Yes correct used in hacking world but since 2017 was actively used by q and  anons

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1 hour ago, Theseus said:

20K notes will come out to bring Iraq in line with the currency practices of most of the world. More importantly, it brings it in line with USD currency which employs 1, 5, 10, 20 and 50 dollar notes. As has been discussed on this platform before.

So since you so much wisdom explain how your theory of. 20,000 note works with coins that have already been minted in the 50,100 etc. you know the new Iraqi dinar coin minted and then taken out of circulation that was going to be released back in 2013

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Fimum is dead over the target. No other agency would have the ability to coordinate all the public and private entities controlling the election integrity, Covid, political and financial apocalypse unfolding. They are not working for the good of the average American but the few at the top. What is coming will be much worse. Those with ears need to listen. Prepare as best you can. Stock up on everything you can get your hands on now.

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December 24, 2022

Iraq's Central Bank has a new plan to increase the value of the Iraqi dinar against the US dollar. 

The bank released a statement this week outlining the plan. The measures are as follows:

  • Reducing the US dollar to Iraqi dinar exchange rate for travel or internet purchases from 1,470 dinars to 1,465. 
  • Helping private banks strengthen their foreign currency reserves that are not the US dollar. The Central Bank specifically named the Chinese yuan, the euro, the Emirati dirham and the Jordanian dinar. 
  • Providing options to the public for selling foreign currencies in government banks for the purpose of travel for the Hajj pilgrimage, medical treatment and study. 

What it means: For years, the official rate of the US dollar to the Iraqi dinar was $1 to 1,182 dinars. Both dollars and dinars are used in Iraq, and the rate on the street was often rounded up to 1,200 dinars to the dollar. 
 

In December 2020, Iraq's Central Bank lowered the dinars’ exchange rate to 1,470 dinars to the dollar for individuals and 1,460 for banks. The decision was due to a liquidity crisis, low oil prices and economic hardship related to the coronavirus pandemic.

Central banks often devalue their own currency in a bid to boost exports. Exporting something priced in the local currency becomes cheaper in foreign currencies. Iraq’s major export, however, is oil, and oil is priced in US dollars. 

Another reason a country may devalue its currency is to reduce local debt burdens. Any US dollars Iraq collects, such as via oil revenue, are now worth a larger amount in dinars. This makes more sense in the case of Iraq, since the low oil prices in 2020 led to less government revenue converted to dinars. 

The Iraqi government wanted to increase its cash amount with the devaluation, the Iraqi Kurdish news outlet reported in 2020. Any US dollars that the government receives are now worth more in dinars. 

Devaluing currency has significant downsides. Argentina's peso devaluation has been a disaster, leading to a liquidity crisis in the South American country.  

Why it matters: Iraqi Prime Minister Mohammed Shia al-Sudani, who took office in October, has said he wants to increase the value of the Iraqi dinar.

“The interests of the needy were not taken into consideration in devaluing Iraq's currency. We tend not to repeat that in this Cabinet,” said Sudani in November, as reported by Kurdistan 24. 

For Iraqis who are paid in dollars, the devaluation potentially gives them more purchasing power. But people paid in dinars may lose purchasing power, since imports and exports are paid for in dollars. A devaluation also means imported goods are more expensive in the local currency. 

Like other countries in the region, the Iraqi economy has suffered as a result of Russia's invasion of Ukraine. The war led to food and fuel price increases in Iraq. 

Know more: Other central banks in the Middle East are also showing increased interest in the Chinese yuan. Saudi Arabia is considering pricing oil sales to China in yuan, as opposed to the US dollar. Egypt decided in August to issue bonds denominated in yuan. In April, the Bank of Israel added Chinese yuan as well as Australian and Canadian dollars to its reserves.



Read more: https://www.al-monitor.com/originals/2022/12/iraqs-central-bank-moves-strengthen-dinar-against-us-dollar#ixzz7ocavnDox



Read more: https://www.al-monitor.com/originals/2022/12/iraqs-central-bank-moves-strengthen-dinar-against-us-dollar#ixzz7ocap6tUC

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1 hour ago, Theseus said:

Who told you they were Art. 8 compliant? Because they meet the requirements of 2%?

 

Iraq still employs MCP (using both the USD and IQD for everyday purchases) and with that it does not make them Art. 8  compliant per the IMF. 

I have a couple of resources I listen too. They don't get into guru or weird predictions. The 2% complaint stuff is something I don't fully understand. A lot info has come out over the years and some of it has been explained but when I think I'm understanding how this all comes together more news comes forth that I don't fully grasp. That's why I was asking why would they continue to wait until 2025-2027 when they completed so much? Why would they wait 2 or 3 more years when an international platform is coming in a month? Just grasping for more knowledge & understanding.

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Value of Iraqi dinar against US dollar drops further

yesterday at 11:05
IRAQA currency exchange market in Erbil. Photo: Rudaw/file
A currency exchange market in Erbil. Photo: Rudaw/file
ERBIL, Kurdistan Region - The value of the Iraqi dinar on Sunday saw another dramatical drop despite Baghdad’s efforts to maintain the value of its currency.

Haji Sabir Bawajani, a member of Erbil’s currency exchange council, told Rudaw on Sunday that the value of a US dollar against the Iraqi dollar increased to over 1,550 IQD but dropped to 1,541 IQD when markets closed. 

Iraqi dinar has been losing value against the US dollar recently. 

Bawajani added that there are a number of reasons behind the dramatic drop of the value of Iraqi dinar, such as “New Year holiday and closure of banks as well as US pressure on Iraq.”

Jamal Kochar, a Kurdish member of Iraqi parliament, told Rudaw on Sunday that nearly 50,000 US dollars are exported to neighbouring countries through border crossings every day. 
 

In December of 2020, Iraq’s central bank announced devaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers. 

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.

The devaluation of the Iraqi dinar is a step taken towards reform and creating a “financial balance” and will revive the economy, former Finance Minister Ali Allawi said at the time.

In mid-August of last year, a member of the parliament’s finance committee said the dinar-dollar exchange rate will be fixed for the next five years.

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Iraqi MPs request session over drop of dinar value against US dollar

9 hours ago
IRAQA session of the Iraqi parliament on October 11, 2022. Photo: Parliamentary Speaker’s office
A session of the Iraqi parliament on October 11, 2022. Photo: Parliamentary Speaker’s office
ERBIL, Kurdistan Region - Members of the Iraqi parliament have signed a petition asking to hold a special parliamentary session over the dramatic drop of the Iraqi dinar’s value against the US dollar, which has plummeted to its lowest exchange rate in more than a decade over the past few days.

The exchange rate of one USD reached 1,570 IQD in the currency markets of Iraq and the Kurdistan Region on Monday, continuing the massive depreciation of the Iraqi currency in recent weeks.

‌”Today, we filed a request to the parliamentary presidency and we await their approval. We hope the session takes place before the New Year,” Hussein al-Khafaji, Iraqi MP and one of the initiators of the petition, told Rudaw’s Hastyar Qadir on Monday, adding that “there is a lack of control over the value of the dinar.”

The petition has reportedly been signed by 65 MPs.

Khafaji said that the session would host governor of the Iraqi central bank to give him an opportunity to resolve the issue in a specific period of time, stressing that it was “illogical” for the value of the dinar to be 100 IQD lower in the markets compared to the central bank.

The value of one USD was placed at 1,460 IQD at the Iraqi central bank on Monday.

The depreciation of the Iraqi dinar has been attributed to the New Year holiday, the closure of banks, as well as pressure from the United States.

“The increase in the value of the dollar is no longer just an economic matter, but rather a crime against the poor and a genocide committed by America and its arms in Iraq through prohibiting the entry of the dollar into the market,” read a tweet from MP Ahmad al-Musawi.

In December of 2020, Iraq’s central bank announced devaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers. 

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.
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She’s a white hat! 
 

Italian PM Meloni visits Baghdad, Erbil

23-12-2022
IRAQItalian Prime Minister Giorgia Meloni (left) and Iraqi PM Mohammed Shia' al-Sudani in Baghdad on December 23, 2022. Photo: PM Sudani's office
Italian Prime Minister Giorgia Meloni (left) and Iraqi PM Mohammed Shia' al-Sudani in Baghdad on December 23, 2022. Photo: PM Sudani's office

ERBIL, Kurdistan Region - Italian Prime Minister Giorgia Meloni arrived in the Iraqi capital Baghdad on Friday and is set to visit the Kurdistan Region later in the day, where she is expected meet with her country’s troops and the Region’s PM Masrour Barzani.

“It is a symbolic gesture to give an important signal to these people who certainly sacrifice themselves more than us," said Meloni on Thursday during a meeting with the MPs of her party for an exchange of Christmas greetings.

Iraqi PM Mohammed Shia’ al-Sudani received Meloni and her delegation in Baghdad on Friday morning.

“His Excellency [Sudani] will hold talks with the Italian delegation to discuss bilateral relations between the two countries and ways to enhance cooperation in various fields to serve the interests of the Iraqi and Italian peoples,” read a statement from Sudani’s office.

Sudani and Meloni held a joint press conference following her arrival, in which the Italian PM reiterated her country’s commitment to continuing the strong bilateral relations between Rome and Baghdad.

“The Iraqi people have achieved a lot through their sacrifices, and we are ready to continue being one of the main contributors to that process,” she said.

Friday’s visit marks Meloni’s first trip to Iraq and the Kurdistan Region since assuming office in late October. Former Italian PM Giuseppe Conte visited the Kurdistan Region in 2019.

Soran Ahmad, Secretary-General of the International Kurdish Culture Institute in Rome, told Rudaw’s Arez Khalid that he believes Italy could be an important ally to the Kurdistan Region. 

“Italy could be the strongest ally for Kurds because of many reasons. Whether that’s because it one of the world’s seven major industrialized countries, or because it has millions of companies that make it easy for them to enter the Kurdistan Region. But unfortunately we have not made much progress on that front, which I believe is a loss for both sides,” Ahmad said.

He added that there are currently around 10,000 Kurds living in Italy, and that in recent years around 40 to 50 Italian books have been written about Kurds.

Eugenio Grosso, an Italian journalist, believed that one of the main reasons for Meloni’s visit to Iraq and the Kurdistan Region was Rome’s long-standing relationship with Erbil and Baghdad, also noting that awareness about the Kurdish cause has increased in recent years among the Italian public. 

“The Kurdish question is a topic which was in the past more specific just for a small amount of people, but now with time and even more information and connection between our two countries, more and more people are getting aware about the Kurdish question and are getting involved and are researching and listening and reading about this topic,” Grosso told Rudaw's Sima Abxizir on Friday.

Italy has been a member of the global coalition against the Islamic State (ISIS) since 2014, and has up to 900 soldiers deployed to Iraq and the Kurdistan Region, providing military advice and training to the Peshmerga forces.

Italy and the Kurdistan Region have shared strong relations since 2003, and the Kurdistan Regional Government (KRG) has a representative in the Italian capital of Rome.

Italy assumed command of the NATO mission to Iraq in May, a following a ceremony held in Baghdad to mark the change of command from Denmark.

The NATO mission to Iraq was launched in Brussels in 2018, following a request from the Iraqi government. It is a non-combat and advisory mission assisting Iraq in fighting terrorism and preventing an ISIS resurgence.

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SULAIMANI — Spokesperson for Iraq's federal government Hassan Nazim said on Monday (September 6) that the price of US dollar against Iraqi dinar will be fixed at the current price in the draft 2022 Federal Budget Law and does not change.

Nazim told state-owned al-Sabah newspaper that the devaluation of Iraqi dinar is an idea that has been discussed for years.

He said that the former government did not dare to take this step because of the risks and controversies around it, adding that Prime Minister Mustafa al-Kadhimi’s cabinet was bold in taking this decision as it was in the interest of the country’s economy.

$100 was at 147,550 Iraqi dinars as of Monday afternoon.

Iraq devalued the dinar significantly as a part of the 2021 Federal Budget Law to 1,450 Iraqi dinars per US dollar. It was designed to preserve Iraq’s dollar reserves and allow the government to spend more Iraqi dinars.

On March 24, Director at Iraq’s Central Bank Mahmud Dagher said that the price will be fixed at the current price for the next four years.

(NRT Digital Media)

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  • yota691 changed the title to The Central Bank of Iraq launches a package of measures to improve the performance of transactions related to the dollar

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