More News, Rumors and Opinions Tuesday Afternoon 9-26-2023
BRICS Countries Dump $123 Billion in U.S. Treasuries in 2023
Vinod Dsouza September 25, 2023
A handful of countries from the BRICS alliance are cutting ties with the U.S. Treasury by offloading Treasury bonds. BRICS is increasingly looking to diversify its portfolios with gold, local currencies, and other commodities such as oil and gas.
The move is a hedge against U.S. economic policies that will narrow down the dollar’s ability to fund its deficit. Recent data from the U.S. Treasury Department shows that BRICS dumped $18.9 billion in U.S. Treasury bonds just this month.
BRICS Offload $122.7 Billion in U.S. Treasuries
In 2023, BRICS offloaded $122.7 billion in U.S. Treasury bonds and is staying away from the government’s debt. BRICS member China is the highest, as it offloaded $117.4 billion worth of U.S. government debt this year. Between June and July, China reduced its holdings from $835.4 billion to $821.8 billion, a decline of $13.6 billion.
Other BRICS member Brazil followed suit and reduced its U.S. Treasury holdings this year. Brazil’s U.S. treasury declined from $227.4 billion in June to $224.7 billion in July, a slump of $2.7 billion.
Another BRICS member, India, followed a similar path and trimmed its holdings by $2.3 billion during the same period. India has also allegedly dumped the U.S. dollar in the forex markets to keep the value of the Rupee from falling. Read here to learn how India offloaded the U.S. dollar to make the Rupee end stronger this month.
Similarly, the UAE saw its U.S. treasury holdings fall by $300 million in July. UAE’s holdings slipped from $65.2 billion in June to $64.9 billion the next month. In total, BRICS has removed $122.7 billion worth of U.S. Treasury bonds from its reserves in 2023.
The alliance is finding various means to end the U.S. dollar’s supremacy and put local currencies ahead of the greenback. Read here to know how many sectors in the U.S. will be impacted if BRICS stops using the dollar.
Source: Watcher.Guru
https://dinarchronicles.com/2023/09/25/brics-nations-dumped-123-billion-in-us-treasuries-in-2023/
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TNT:
Tishwash: A “major demonstration” followed by a comprehensive strike... exchange companies rise up against the Central Bank!
On Tuesday, exchange companies in Iraq confirmed their readiness to begin a “major demonstration” next Thursday, followed by a comprehensive strike in all governorates, in protest against the decisions of the Central Bank, announcing that the latter would hand over a package of demands that would contribute to the stability of the local market and support the private sector.
The exchange companies said in a statement that they “announce their readiness to begin a wave of protests that will begin with a major demonstration next Thursday, October 5, followed by a comprehensive general strike in all governorates, stopping the activities of all companies, and officially exiting the currency auction window.” In protest against the severe confusion in the decisions of the Central Bank, the hostile and retaliatory practices, and the illegal penalties and deprivations that affected more than 1,000 companies and contributed to the rise in the exchange rate of the dollar and causing severe damage to the private sector, of which exchange companies are considered one of its most important pillars, with a number of companies amounting to 2,000 companies and employees of more than 10,000 employees. They have a prominent role in turning the wheel of the Iraqi economy and sustaining its activity.”
The exchange companies announced that “the Central Bank has delivered a package of demands that contribute to the stability of the local market and support the private sector, the most prominent of which are:
1- Stop all arbitrary measures, the policy of revenge and sanctions, and exercise the evaluative supervisory role of the Central Bank’s departments so that financial institutions can develop their work and continue their activities.
2- Re-introducing the legal contexts previously in effect by inquiring and clarifying with the company before issuing penalties and deprivation letters.
3- Putting an end to the arbitrary dealings and injustice that befell companies and issuing clear and binding schedules showing every violation and its punishment.
4- Returning the companies’ previous cash shares to the companies to meet the needs of travelers and to cover the expenses of continuing their work.
5- Completing late transactions and resolving them as quickly as penalties are issued.
6- Uprooting the corrupt elements nested in the departments of the Central Bank and urgently rotating the corrupt elements who intend to harm this institution in particular and the Iraqi state in general.” link
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Courtesy of Dinar Guru
Sandy Ingram Major news coming out of Iraq. Article: "Iraq to restrict all internal trade to dinars form next year" This move aims to help control the black market exchange rate. The policy will stop transactions from being conducted in U.S. dollars was announced following a meeting between the central bank governor and representatives of private banks...the US Federal Reserve has agreed to this change...These actions are seen as a positive step in building up the strength of the Iraqi dinar...
Pimpy Article: "Central Bank of Iraq approves new system for external transfer" They're turning more and more to the Iraqi dinar for use than the US dollar which is exactly what you want. This will definitely strengthen the Iraqi dinar and as it becomes stronger, the value in the exchange between US dollar and Iraqi dinar will strengthen - They will have more value. We will see an increase in the exchange for the Iraqi dinar.
IQD I don’t know this good or bad Iraq bank
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