More News,, Rumors and Opinions Saturday Night 1-6-2024
KTFA:
Frank26: "THE DECISION WAS TO ADD VALUE TO THE CURRENCY OF IRAQ.......... WITH MANY MONETARY REFORM MECHANISMS!!!".............F26
FROM EDDIE: CBI on news saying they have taken measures and decisions on supporting the dinar and maintaining its value against other currencies in the world talking about how CBI fully supports and back dinar and how it will be holding its own against other currencies. Saying this will positively affect the exchange rate.
Frank26: Eddie I am excited that they are giving you deeper information about the monetary reform and how it’s going to add value to your currency and I love how they keep saying in the coming days let’s see what happens around 15 January. God bless you, my buddy. END....F26
Frank26 Cont….. The Central Bank announces upcoming decisions to support the Iraqi dinar
1/5/2023
Today, Friday, the Central Bank of Iraq revealed anticipated measures and decisions to support the dinar and maintain its strength against other currencies, and other measures that will positively affect the exchange rate, while indicating that it has taken measures in the field of gradually ending the electronic platform.
Assistant Director General of the Investment Department at the Central Bank of Iraq, Muhammad Younis, told the official agency, “The Central Bank will monitor and follow up on all banks and customer complaints that are received by it if the banks are forced to convert customer accounts to the US dollar,” stressing that, “ This issue is easy to follow and monitor, and banks that do not adhere to this decision will be held accountable.”
Younis added, “This decision and the decisions that will follow it in the coming days are all in the interest of supporting the Iraqi dinar and increasing confidence in it,” (BY ADDING VALUE TO THE NATIONAL CURRENCY -F26) noting that “what confirms the strength of the dinar and the public’s confidence in it is the continuation of the Central Bank of Iraq and its failure to fulfill any of its various needs.” Sectors, as it now finances the commerce, electronic payment, travel and other sectors.”
He pointed out, "In the coming days, there will be more measures in the field of meeting all market needs, supporting the Iraqi dinar and maintaining its strength against other currencies," noting that "the Central Bank, as part of its new procedures, prevented banks from automatically converting customer accounts in the dollar currency to the Iraqi dinar." Without the customer’s consent, customers were allowed to open accounts in different currencies.”
Younis noted, “What is new in updating the procedures is that it allowed companies that have contracts with the state to receive their incoming transfers, including workers’ salaries, as well as ongoing contracts for grants and loans in accordance with the Council of Ministers,” adding, “The other point is also in this decision.” What is new is allowing banks to agree with their customers to bring their incoming remittances in cash to Iraq.
He stressed, “These measures will positively affect the exchange rate in the market, will increase the supply of the dollar, and contribute to serving and supporting important sectors in the economy, including the exporting sectors and the sector of companies operating in the government field and in the field of infrastructure development and strategic projects, in addition to supporting Civil society organizations that contribute to the humanitarian and charitable field in Iraq.
Younis explained, “The main goal behind this update or these instructions is to expand the largest possible segment of people to obtain the cash dollar by meeting their current needs for this dollar, as these instructions expanded the number of entities that benefit from the cash dollar, including civil society organizations, and supported these measures.” An important segment of the economy is the exporters’ sector, as it allowed them to obtain 40 percent of the remittances received as a result of their exports and receive them in cash.”
He pointed out, “The decision clearly defined the mechanisms for its implementation by banks, and focused on the issue of incoming transfers, as it allows some groups to receive their incoming transfers in cash,” explaining that “this decision relates to incoming transfers and not the cash sale of dollars to travelers, as the cash sale to travelers will continue.” As is the case now, in addition to meeting the needs of customers and companies through this decision, and thus it will reflect positively on the exchange rate in the coming days.”
Younis stressed, “There are no restrictions applied to banks in the field of money transfer, (ARTICLE 8!!! -F26) because there are procedures in the field of gradually ending the Central Bank of Iraq platform by supporting interests to open accounts in foreign banks abroad, and the role of the Central Bank is limited to enhancing these balances.” And follow up on transfers.
He concluded by saying, "There are no restrictions on money transfers in different currencies within the banking system in foreign currencies. Rather, this decision relates to the cash dollar (cash withdrawal)." LINK
************
Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY: CBI on news saying they have taken measures and decisions on supporting the dinar and maintaining its value against other currencies in the world talking about how CBI fully supports and back dinar and how it will be holding its own against other currencies. Saying this will positively affect the exchange rate. FRANK: I am excited that they are giving you deeper information about the monetary reform and how it’s going to add value to your currency and I love how they keep saying in the coming days let’s see what happens around 15 January.
Mnt Goat The CBI is still closely monitoring the parallel rate...the parallel rate is expected to decline sometime in early January and at least match the CBI “official” rate. At that time the CBI will revalue the “official” rate to much closer to if not at 1000. Then again drive the parallel market to match it. This may take some time but I am being told they are talking weeks and not months... my CBI contact tells me we are almost here now and with the opening and spending of the 2024 budget and currency swaps with other neighboring countries for trade, it should finally break the parallel market and end it.
BRICS One Step Closer To Wiping Out The US Dollar
Taylor Kenny: 1-6-2024
In this video, we break down how BRICS growth could impact 2024, how it could potentially wipe out the US dollar, and why it matters to you.
CHAPTERS:
00:00 Shifting Global Power Dynamics
01:00 BRICS Update 2024
03:07 Russia To Host BRICS ’24
05:04 Why Does This Matter To You?
07:11 Protection From The Dollar Value