Samson » July 5th, 2022
An Economist Confirms The Inability At The Present Time To Reduce The Exchange Rate Of The Dollar
5th July, 2022
The economic expert, Dr. Safwan Qusay, explained that the current time does not allow changing the exchange rate of the dollar and raising the value of the Iraqi dinar without taking measures to ensure that the dinar maintains its value.
Qusay told Al-Maalouma, “The Central Bank confirmed that there is no justification for restoring the dollar exchange rate to its previous era, especially since the process of defending the value of the Iraqi dinar needs reserves that grow over time in this bank, as well as the process of rehabilitating the economy to be productive. And he can defend the value of the dinar.”
He added that “Iraq does not currently have revenues in dinars other than the legal revenues approved by the government for fees, taxes and others, and when the Iraqi economy is rehabilitated so that there are revenues from the geographical location or the industrial, food and agricultural sectors, as the process of changing the shape of the economy is what will allow the value of the dinar to increase“.
And he indicated that “the increase, if it takes place, will be unreal, and Iraq may feel that this increase will not be in place, and it is better to invest the savings that the country obtains from high oil prices for strategic investment projects so that it will be a base for defending the Iraqi dinar to absorb unemployment and reduce poverty.” LINK
Tivon » July 5th, 2022
How do you expect to have revenues in IQD if you never change the rate to support the national currency?
Mazhar M. Saleh stated that the hard currency reserves can defend the IQD and preserve the purchasing power of the IQD against any inflation. By the end of the year it will move from 70-90 Billion. Fluctuations in prices will not affect the IQD therefore the income of the citizens will sustain itself.
It’s like he’s talking in reverse of what the reinstatement is supposed to do once the rate is released.
How do you expect the IQD to move up in value if the industrial, food, and agricultural sectors are using the USD? You know what I noticed? The reason I think we are seeing continous articles as to why they can’t reduce the USD price is because Al-Kazemi has not been officially approved or voted on to run the country due to the dissolution of Parliament not happening as of yet.
They are nervous because they are not sure Mailiki is not officially out of power. Because the excuses they have do not make any sense. As long as he appears to still have his foot in the race they will be hesitant to cause any upheaval.
Why? Because as I stated before the reinstatement of the IQD is an “Act of War”. It can literally cause blood shed. So they want to be sure about who’s the head honcho in charge. And that has not been clearly demonstrated.
They know the Rothschilds financial schemes are based on intimidation, bribery, and murder. Don’t think they don’t know why Muammar Gaddafi was assassinated. He wanted to get rid of the USD and go back on the Gold Standard. And he was killed for it.
That has stuck with many people in Iraq. Which is why they are so scared to do it. They think hit squads will be after them. Another thing when you look at the recent announcement from Citigroup about oil prices dropping. You can see the time clock ticking away for Iraq to do something now.
So Dr. Safwan Qusay can throw that strategy out of the window of relying on savings from oil prices to invest in projects. The War in Ukraine will not last much longer. So if 90% of Iraqs revenue comes from oil I think it’s best they strike while the price is hot.
The EFSL is contingent upon the current oil prices to help move the wheel of the economy that Mazhar M. Saleh stated almost a month ago. So how in the world can they wait any longer to reduce the USD price when the EFSL is only for this year?
Have you guys noticed the trend of articles denying or denouncing the reduction of the USD before the EFSL is even officially published in the Gazette?
Al-Kazemi is up to something because he’s been to quiet on these opinion pieces that goes against what he intended to do when he requested at the earliest session to reduce the USD. 100 Deputies were/are in agreement. He faced no contest from none of them. So I will only keep my eye on him as he knows what’s in the cards and he also knows the parliament has a hand full of red twos.
Jamal Cougar (Post 35) stated at the beginning of the ratification of the law money will be dispersed to ministries & governates. Which implies it isn’t official yet. So what are they waiting on? Something is very fishy.
Iraqi citizens are already complaining that they can’t buy any special items for the upcoming holidays which was a customary thing for them. Not to mention just yesterday even though it is up to the Central Bank at least it has been brought up by Parliament to start the process.
But we now know since yesterday that a gradual increase goes against the Article 8 Compliance of the IMF. So a instant rate change would definitely prompt the citizens to get rid of the USD now that we know the ATMs were designed to recycle them out of the system. So it’s makes plenty of sense why they installed that feature in the machine. IMO
Samson » July 5th, 2022
Al-Maliki’s Coalition: The 2022 Budget Will Not Go Ahead Without Returning The Price Of The Dollar
5th July, 2022
The State of Law coalition confirmed, on Tuesday, that the coalition will not vote to pass the 2022 budget except by a decision to lower the dollar exchange rate and return it to what it was previously.
The leader of the coalition, Haider al-Lami, said in an interview with / the information / that “Al-Maliki’s coalition categorically refused to raise the exchange rate of the dollar and keep the price as it was previously, or raise it to a maximum of 125,000 thousand Iraqi dinars for the 100 US dollars, but we were surprised by the refusal Great,” noting that “the only person affected by this rise is the Iraqi people.
He added, “Iraq today exports more than four million barrels, and the price of one barrel reaches more than $100, but so far we see the dollar exchange rate is very high.”
The leader of the State of Law explained that “the coalition will not proceed with passing the Federal Budget Law for 2022 inside the parliament, except by a decision to lower the dollar exchange rate and return it to what it was previously in order to serve the interests of the Iraqi people.”
And the leader in the State of Law coalition, Essam Shaker, confirmed to “Information” that “all the political elites agree that Al-Kazemi’s government has committed grave mistakes in the economic file, starting with the file of raising the dollar exchange rate and decreasing the value of the Iraqi dinar, leading to weak control over the markets and leaving millions of Iraqis at the mercy of Monopoly and the mafias of the markets that manipulate prices as they wish. LINK
Tivon » July 5th, 2022
Well Frank did say the rate precedes the budget. Not only that the Financial Management Law is not enough to serve the people for the remainder of the year as was stated by Mazhar M. Saleh. But I am quite surprised to hear this from Maliki.
Probably because he wants to go out on a high note given the corruption charges facing him and his cronies. Because the Mafias of the money markets are the same people who assassinated Muammar Gaddafi when he wanted to get rid of the USD hegemonic control over his people.
Someone either got a hold of Maliki and told him to play ball given what was on those leaflets in terms of Zero-Hour and many corrupt officials want to come clean before their property is swept by military officials and they are carted off to prison for “Crimes Against Humanity”.
So I can understand why some say they were surprised by this announcement from Maliki. No one expected that to come from him. Maybe the writing on the wall is forcing him to get right with God. As his reign is coming to an end.
Now that he supports this maybe we will start to see a trend from other officials to move forward with support to Al-Kazemi to reduce the USD price sense Maliki blames him for the rise of it.
We are living in strange times but exciting none the less. I’m pretty sure Eddie would be surprised and excited to read this. Because the USD price should not be this high given the rise in oil. Which is enough along with reserves to support the IQD on a 1:1 scale.
But again thus will not last and the clock is ticking. Citigroup confirmed this. Will they reinstate the IQD before the upcoming holiday so Iraqi citizens can continue the tradition of shopping before it gets here? Don’t know as that window is even shorter than the oil timeframe.
Maybe Maliki is using this to campaign for office. Either way he can’t take back these statements so I’m sure this has sparked confidence in those who were and are scared to release the exchange rate if they have public enemy #1(Al-Maliki) getting behind the move to reduce the USD even if it’s only intended to make Al-Kazemi look a certain way in front of the Iraqi people.
This is why we should have a broad landscape view and don’t pay to much mind to opinion pieces when the laws support a return to constitutional obligations to serve the Iraqi people. And so far that has worked wonders for the Oil & Gas Law. Why not the exchange rate?
Think about it people. This is only going one way. You can have three different articles on the same thread saying different things on the same subject. This only causes confusion to those who do not use any critical thinking to tie this convoluted mess together to understand why things are said by certain individuals that either support or go against what is right.
You have to have that internal compass to determine what that is. The articles will not do that for you. IMO
Suzie » July 5th, 2022
I have to agree with Tivon, we are living in strange and exciting times and while it seems Iraq is “fast-tracking” things, my OWN OPINION stays the same. I mentioned months ago that for the monetary reform/new exchange rate to appear Iraq NEEDS to be fully article 8 compliant which they are not, and they need a fully seated Government which they don’t, and the new EFSL as we all know has not appeared in the Gazette as of yet even tho’ the 15 days has passed. Even being “hooked” up globally, the AMF, etc, atm’s in place, their gold reserves and everything else points to the fact they’re ready and supposedly moving quickly, they still have to have what I’ve mentioned, IN MY OPINION. Just sayin’..
Tivon » July 5th, 2022
I remember Delta stating back in 2018 that they are not of the mindset of announcing that they are Article 8 Compliant. Why? Because they do not want to tip off the markets. Speculation would go wild.
Think about the guy who got caught trying to smuggle out IQD at the Iraqi Airport. He did that because he knows Al-Kazemi has that on his agenda. Why do you think they are doing the same thing with the EFSL? We are way past the 15 day deadline for it to be ratified and we still do not have official word on that.
They don’t need a fully seated government for the White Papers/EFSL because all of that was done without a formed government. These two things operate outside of political turmoil.
You forget Al-Kazemi request to reduce the USD price at the earliest session. He didn’t state at the earliest possible formation of the GOI. We Iraq will honor certain things just because it makes sense to us. At times they do follow through and have been for the past few months. Then when it comes time to officially underwriting it like the reinstatement they stall. Why?
Because they are scared of the Money Mafia who are willing to kill to keep Iraq on a program rate. No one wants to end up like Muammar Gaddafi when he tried to get rid of the USD. Maliki just stated that these mobs exist. Read it.
As I said it needs to be clear on who is running the country. Al-Kazemi or Al-Maliki? Keep in mind a seated government for this year is almost out of the picture. Simply because the EFSL is created to take place of the budget given the many sectors it will address.
The 2022 Budget can not even be considered for 2022 simply because you need a seated government to pass one. And if they do there will only be 51 trillion allocated to the 2022 budget and that will go to new projects only. Which will be picked up by the 2023 budget.
The EFSL is for everything that the 2021 Budget was supposed to do. One of them being raising the value of the IQD. Al-Kazemi said he wants the full force of the EFSL. Well if that’s the case that would mean his cabinet will need the remainder of the year to utilize the law.
Why would he personally wait for a seated government if he wants to use the emergency law to accomplish everything it was designed to address? IMO
Delta » July 5th, 2022
The definition of Article 8 for Iraq is to lift the restriction on their currency. They are not going to tell you they are Article 8 compliant.That would signal a change.The countries on their borders would be excited.They are now working under Article 8. Article 8 compliant.The acceptance of Article 8 requires them to lift all restrictions on their currency. Abadi promised this at the Kuwait convention.
Popey7 » July 5th, 2022
Imo, I concur with Tivon’s post this morning… The fact that they have not released the EFSL into the Gazette is mighty fishy… While at the same time showing just how important this law is… Thanks Tivon… by the way, Thursday is 7/7… Not really sure this still has relevance but Christine Lagarde emphasized that number over 8 years ago during her speech to the National Press Club… What we wait for is certainly a biggie, and will trigger a time frame for other events to transpire as the future unfolds… God bless, and hold fast KTFA…
DeepWoodz » July 5th, 2022
Imo There are no arguments here fellas. Let me share some thoughts since this is a public forum and we’ve all been told we can share our opinions.
I don’t know why there is any confusion regarding the EFSL, the budget, the government. It’s already been said but I will repeat it because it’s the only thing worth repeating. We are on God’s timetable and He states plainly not to rely on your own understanding.
It’s great to express an opinion as long as others get to opine without confrontation and ego getting involved. Most times it’s very easy to see what’s going on here.
Now for a question NO ONE can answer. Simply because it’s the same question no matter what news article pops off.
WHAT ARE THEY WAITING ON?
Kadhimi was in full control October last year. Budget was fully prepared and gee wiz Batman!!! They didn’t do it. That’s ok because hind sight we can see all the things they’ve done since then. But still no change, at least one we can see. WICH MEANS THEY ARE STILL WAITING ON SOMETHING besides a law they have decided not to enact….yet.
The auctions are in full swing, correct me if I’m wrong, but doesn’t the auction pull three zero notes off the street???
Frank has mentioned M figures. Couldn’t we be down to something as simple as hitting that magic number they want to achieve?
I have a very basic understanding of the currency auction. Almost none. Maybe someone could answer my questions.
Tivon » July 5th, 2022
What are they waiting on? Dissolution of Parliament. That would make sense if they are scared of Maliki and what he may do to retaliate against those who go through with reinstating the IQD.
The USD was forced on Iraq. They didn’t campaign for it. The Rothschilds (Banking Oligarchs) assassinated Muammar Gaddafi when he tried to use their national currency. Al-Kazemi is trying to rally the troops and instill confidence into the people in position to raise the value of the IQD. But they do not want death hanging over their heads if Maliki is still walking around.
So now they are stuck in this quagmire. On one hand they know Dissolution is a pending issue. On the other even if they are dissolved and Al-Kazemi runs the country off the EFSL for the remainder of the year. They still will be hesitant to follow through with anything impactful for the citizens if Maliki is still walking around.
You guys are severely underestimating the fear this guy has instilled into those in power. Especially the ones who want to do the right thing.
AYSCUDA, BUNA, Taxes & Customs, General Customs Authority etc are all ready. But people are nervous because the atmosphere doesn’t feel right or makes them feel safe that nothing will happen to them if the release the exchange rate.
That’s why I will continue to say the reinstatement is an “Act of War”. No one wants any casualties while trying to bring purchasing power to the citizens.
Look at the death threats Clarence Thomas faced just for overturning Roe vs Wade. Now think about how powerful reducing the USD that will have global ramifications will be. People are willing to kill to keep Iraq at a program rate. That’s why none of their excuses make sense. The Mafia is alive and well. Maliki just mentioned them.
Quote: And the leader in the State of Law coalition, Essam Shaker, confirmed to “Information” that “all the political elites agree that Al-Kazemi’s government has committed grave mistakes in the economic file, starting with the file of raising the dollar exchange rate and decreasing the value of the Iraqi dinar, leading to weak control over the markets and leaving millions of Iraqis at the mercy of Monopoly and the mafias of the markets that manipulate prices as they wish.
Dinardiva1 » July 5th, 2022
Tivon —-So are we waiting now for Maliki to be gone before this RV will happen ? IMO
Tivon » July 5th, 2022
On the surface that what it appears to be for select individuals. Al-Kazemi already knows what he wants done. He made that very clear. Especially when you read what he stated just a week ago in terms of wanting the EFSL implemented with full force. So I wouldn’t go so far to say that Al-Maliki is the sole purpose. Because he can be out the picture in a blink of an eye if those leaflets are anything to go by as far as the Zero-Hour.
Legally on a Constitutional basis dissolution seems to be the intended plan to ensure the people that Al-Kazemi will be running the show for the remainder of the year. But as we can see Al-Zamili is trying to confuse the people by giving them the impression that he is still at large.
But he sees that is not the case once they voted and passed the EFSL. He tried to file lawsuits and still protest the law but really lack control to do anything about it. Al-Maliki has psychological fear more so then he does physical power. It’s like you can defang a snake to be harmless in a physical sense. But if anyone was to see one it wouldn’t make a difference in their mind so they would still consider that snake a threat until it is clear it is dead or at least out of the house.
This is why you have people reluctant to do or follow Al-Kazemi. Which is a hand few. Because you can clearly see in the articles as to the many reasons they try to come up with changing the rate in spite of the clear request by Al-Kazemi who doesn’t see any problems as to why this can’t be done at the earliest session.
Why would he even announce something of that calibre so casually if he was not ready? Releasing the Dinar exchange rate would send a clear signal to the Rothschilds, Rocafellers, and “The British Crown” that they no longer run the show.
If you think the reaction to Roe vs Wade is something. The IQD would be a thousand times more worse for the Central Bankers. They will lose their control over the Middle East entirely.
You want to know what the “Weapons of Mass Destruction” was. All you have to do is look into why they killed Muammar Gaddafi. You have to understand how monumental this reinstatement is to the full extent of what it will for countries that have it in their reserves. Especially America. IMO
Source: Dinar Recaps
Samson » July 5th, 2022
President of the Republic : Iraq is an essential axis for the security and stability of the region
4th July, 2022
The President of the Republic, Barham Salih, affirmed, today, Monday, that Iraq is an essential hub for the security and stability of the region.
The media office of the President of the Republic said in a statement received by the Iraqi News Agency (INA), that “the President of the Republic, Barham Salih, received the American Senator Lindsey Graham,” noting that “the meeting dealt with the strong bilateral relations between the two countries and ways to strengthen them in the political, economic and cultural fields, in accordance with understandings and interests.”
The importance of continuing to work and coordinate to combat terrorism and eradicate its roots in the whole region, and cooperate in confronting economic fluctuations, combating the scourge of financial and administrative corruption, and helping to recover Iraqi funds smuggled abroad, in addition to cooperation in confronting the phenomenon of climate change and protecting the environment. He added, “In the meeting, they discussed the latest regional and international developments of common interest.”
President Barham Salih stressed, according to the statement, “the importance of easing tensions in the region, defusing crises through dialogue and ending terrorist havens,” pointing out “the importance of Iraq in the region as an essential hub for the security and stability of the entire region.”
For his part, Senator Lindsey Graham affirmed “the commitment of the United States to support the security and stability of Iraq, and to establish close relations in various fields,” noting “the importance of Iraq in the region and its active role in establishing security and stability.” LINK
Citigroup warns of a collapse in oil to $ 65 by the end of 2022
5th July, 2022
Citigroup Inc, warned Tuesday (July 5, 2022) that crude oil prices could collapse to $65 a barrel by the end of this year and drop to $45 by the end of 2023
Analysts including Francesco Martuccia and Ed Morse said in a report that those expectations are based on the absence of any intervention by OPEC + producers and the decline in oil investment. Brent crude, the global benchmark, was last trading near $113 a barrel
Oil surged this year after the invasion of Ukraine, and banks are now trying to chart their course to 2023 as central banks raise interest rates and risks of a recession rise
Citi forecasts have compared the current energy market to the crises of the 1970s. At present, the bank’s economists do not expect the US to plunge into recession
“For oil, historical evidence suggests that oil demand turns negative only in the worst of the global recession,” Citi analysts said. “But in all recessions oil prices fall to nearly marginal cost
Citigroup, one of the largest American financial services companies, is headquartered in New York City
Iraq achieves a financial surplus of more than 15 billion dollars in the first 5 months of 2022
5th July, 2022
On Tuesday, the economic expert, Nabil Al-Marsoumi, showed the state’s financial accounts until May 2022.
Al-Marsoumi said in a Facebook post seen by / the information / that “the general revenues of the Iraqi state until May 2022 amounted to 62.218 trillion dinars.”
He added, “The public expenditures with the advances are 40.384 trillion dinars,” noting that “the actual surplus is 21,834 trillion dinars, equivalent to 15.057 billion dollars.” LINK
Big Losses For Oil Amid Fears Of Recession
5th July, 2022
Oil prices fell $6 on Tuesday, as concerns about a possible global recession denting demand outweighed concerns about supply disruptions, highlighted by an expected production cut in Norway.
Brent crude fell $6.65, or 5.9%, to $106.85 a barrel by 1344 GMT, and US West Texas Intermediate crude fell $5.65, or 5.2%, to $102.78 a barrel from Friday’s close. Trading in West Texas Intermediate crude was suspended on Monday due to a holiday in the United States.
Investors are becoming more concerned as the recent rise in gas and fuel prices is heightening fears about a recession. Investors are increasingly concerned about demand in light of a broad tightening of global financial conditions, as the US Federal Reserve combats inflation by rapidly raising interest rates.
On Tuesday, the Reserve Bank of Australia raised interest rates for a third month, pointing to further increases as it sought to contain rising inflation even with the risk of economic deflation.
Oil prices continue to receive some support from supply concerns as a result of Western sanctions imposed on shipments from Russia due to the conflict in Ukraine, concerns about the ability of major oil producers in the Middle East to increase production, and current labor disputes in Norway. LINK
Russia Responds To A Japanese Proposal To Set Oil Prices: It Will Exceed $400… And You Will Pay The Price
5th July, 2022
Russia has responded to the Japanese proposal to set a ceiling for oil prices, warning of its consequences for global markets, as well as higher-than-expected prices.
The former Russian President, Dmitry Medvedev, confirmed today, Tuesday, that this proposal to reduce the price of Russian crude at about half its current level will lead to a significant drop in oil in the market, and may push prices above 300-400 dollars per barrel.
Commenting on the proposal, Medvedev said that Japan “will have neither oil nor gas from Russia, nor will it participate in the Sakhalin 2 LNG project” as a result, Reuters reported.
Medvedev, who is currently the deputy head of the Russian Security Council, wrote on social media: “There will be much less oil on the market, and its price will be much higher…Moreover, it will be higher than the expected astronomical price of 300-400 dollars per barrel.“
Russian President Vladimir Putin signed a decree last week imposing full control of the Sakhalin 2 gas and oil project in Russia’s Far East, a move that could force Shell and Japan’s Mitsui and Mitsubishi to exit. LINK
Source: Dinar Recaps
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