Seeds of Wisdom RV and Economic Updates Saturday Morning 12-28-24
Good Morning Dinar Recaps
IRS FACES LEGAL PUSHBACK OVER NEW DEFI COMPLIANCE RULES
▪️Three major crypto advocacy groups have filed a lawsuit against the IRS.
▪️They are challenging its new regulation that classifies DeFi platforms as brokers.
▪️The crypto community and some lawmakers have also criticized the regulation.
Good Morning Dinar Recaps
IRS FACES LEGAL PUSHBACK OVER NEW DEFI COMPLIANCE RULES
▪️Three major crypto advocacy groups have filed a lawsuit against the IRS.
▪️They are challenging its new regulation that classifies DeFi platforms as brokers.
▪️The crypto community and some lawmakers have also criticized the regulation.
Three prominent pro-crypto groups — the Blockchain Association, DeFi Education Fund, and the Texas Blockchain Council — have initiated legal action against the US Internal Revenue Service (IRS).
The lawsuit challenges the IRS and Treasury Department’s recent decision to categorize decentralized finance (DeFi) platforms as brokers, a ruling that has sparked significant controversy within the crypto sector.
IRS Broker Redefinition Triggers Legal and Legislative Issues
On December 27, the IRS finalized new regulations targeting the DeFi industry by expanding the definition of a broker to include decentralized exchanges and other front-end platforms.
This adjustment mandates that these entities report all crypto and other digital asset transactions, including details about the taxpayers involved. Set to be enforced starting in 2027, these regulations aim to enhance transparency in digital asset transactions.
However, the crypto advocacy groups contest that the IRS’s extension of broker status to DeFi platforms overreaches the statutory authority granted to the agency. They also argued that the move infringes upon the Administrative Procedure Act (APA) while deeming the action unconstitutional.
Further, they argue that the rule imposes undue compliance burdens on software developers, particularly those creating trading interfaces. According to them, this could severely inhibit innovation and significantly strain American entrepreneurs.
“The IRS and Treasury have gone beyond their statutory authority in expanding the definition of “broker” to include providers of DeFi trading front-ends even though they do not effectuate transactions.
Not only is this an infringement on the privacy rights of individuals using decentralized technology, it would push this entire, burgeoning technology offshore,” Marisa Coppel, the Head of Legal for the Blockchain Association, said.
Meanwhile, the regulatory change has also provoked a strong reaction from the broader crypto community, with several industry leaders calling for legislative intervention.
Bill Hughes, a lawyer at Consensys, criticized the rule’s release during the holiday season as a strategic move to minimize industry pushback. Similarly, Miles Jennings, General Counsel at a16z Crypto, described the rule as a drastic overreach intended to clamp down on DeFi operations.
Moreover, Alexander Grieve, Vice President of Government Affairs at Paradigm, has urged the upcoming Congress to reassess and possibly reject these new stipulations.
US lawmakers like French Hill and Patrick McHenry have already spoken against the move, suggesting they might oppose it.
“The Biden-Harris Treasury chose to defy both Democrats and Republicans in Congress by finalizing its controversial broker tax reporting rule today. This rule is an overreach by the Treasury, a blatant and poorly crafted attempt to target DeFi, and should never have been finalized in the final days of the Biden-Harris Admin,” Hill stated.
@ Newshounds News™
Source: Be In Crypto
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9 NEW COUNTRIES WILL OFFICIALLY JOIN BRICS AS PARTNER COUNTRIES (NOT FULL MEMBERS) ON JANUARY 1, 2025.
Belarus Bolivia Cuba Indonesia Kazakhstan Malaysia Thailand Uganda Uzbekistan
@ Newshounds News™
Source: @BRICSNews
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News, Rumors and Opinions Saturday AM 12-28-2024
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Sat. 28 Dec. 2024
Compiled Sat. 28 Dec. 2024 12:01 am EST by Judy Byington
Global Currency Reset:
Judy Note: Although there are rumors that private appointments were being made and certain platforms and Bond Holders have been paid and were under NDAs, it appeared pretty obvious that “All will go, all at once” (possibly) on New Year’s Day Wed. 1 Jan. 2025.
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Sat. 28 Dec. 2024
Compiled Sat. 28 Dec. 2024 12:01 am EST by Judy Byington
Global Currency Reset:
Judy Note: Although there are rumors that private appointments were being made and certain platforms and Bond Holders have been paid and were under NDAs, it appeared pretty obvious that “All will go, all at once” (possibly) on New Year’s Day Wed. 1 Jan. 2025.
On Tues. 24 Dec. the new Iraqi Dinar Rate based on the price of a barrel of oil was announced by the Iraq International Development Bank on Thurs. 26 Dec. A new Dinar rate appeared on the Australian Forex on Fri. 27 Dec: https://www.coinbase.com/en-au/converter/forex/iqd
Thurs. 26 Dec. 2024 Julian Assange: “All Intel is saying (that the Tier4b exchange appointments will begin) next week.”
Thurs. 26 Dec. 2024 Ed of Ocala: Iraq will fall off the world stage if not RI by Dec 31. All their applications- all their efforts and yrs to get there will expire. Iraq won’t last nor can they wait until after the inauguration. So it can’t go a couple of days into January. Deals end Dec 31st
Thurs. 26 Dec. 2024 Wolverine: “It’s coming. I have a lot of intel that I can’t tell you about. Keep the faith. It’s coming by the end of the year.”
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Thurs. 26 Dec. 2024: Global Currency Reset, Julian Assange
Safe link 800# will be released closer to go date
Rates are EXTREMELY high
We are almost at the end of the road. All intel is saying “Next Week”
Bond funds delivered to paymasters was coming in so fast everyone was is in awe from the amount
Private appointments are (allegedly) being made now.
Get your plans/projects together and don’t wait around for this to happen without being ready.
No straight cash will be given
You are in charge of your funds and can place funds in different accounts
Advisers will be there to assist you with your funds and will help guide you in your projects or choosing one on the list.
Everything is going well, still some that do not want this to happen, but all is safe.
You can take to your appointment: advisors/bank contacts (if you have already spoken to a specific person)/ friend/any person/s you want to assist you.
Zim Cap information is changing daily but as of now they are (allegedly) paying as follows:
NO projects = 15 million no matter the amount you might hold.
With projects = First 2 bond notes are 1:1 after this 25 million (per 100T) up to 30 bond notes
To negotiate further you will need to return.
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Thurs. 26 Dec. 2024 Bruce:
We heard from a group that is part of the release. They said the release is coming Very Shortly and that means a couple of days.
We are looking for Treasury and WF to release this over the weekend. We could get it Fri. 27 Dec. or Sat. 28 Dec. and start exchanges right away.
Sunday 29 Dec. Redemption Centers will be open.
You will have 2-4 people helping you at your table.
All you need is Id. Might not need utility bill.
They will offer you the contract rate for Iraq and that’s the per barrel price of oil.
You will set up your QFS account with your username and password and five digit password and you will need to set up a new email.
When you move money using your QFS card (which is only used to move money from your primary account) make sure you have what you need for 90 days.
You can move money into a bank account to earn interest – that you negotiate the interest rate with your bank.
Accounts can be set up later when you meet with your Wealth Manager.
Credit/debit card is given to you at the exchange.
You will (allegedly) get the on par rate for the Zim and also a good rate for the Dong.
You may be able to get some proof of fund letters to buy homes, etc.
Read full post here: https://dinarchronicles.com/2024/12/28/restored-republic-via-a-gcr-update-as-of-december-28-2024/
Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 The Vietnamese Dong has explosive potential IMO based on...that the world will now slowly turn more and more towards Vietnam for the things that they used to get out of China. That evidence has already been displayed in the last six years in their economy...If you went to Vietnam today you'd think you were is Dubai.
Militia Man We're going to keep our eyes peeled for...4805, which is the Ministerial Council of Justice numbering system which talked about the federal budget. We haven't see that opened yet for 2024 but we see that it's printed...We don't know exactly what the contents are. We're hoping...the new exchange rate is within it.
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LIVE! (THE DEBT MARKET AND STOCK MARKET ARE ON A COLLISION COURSE). IMPORTANT UPDATES.
Greg Mannarino: 12-27-2024
“Tidbits From TNT” Saturday Morning 12-28-2024
TNT:
Tishwash: Dagher: I don't understand why we borrow when oil exceeds $70
Today, economic expert Dr. Mahmoud Dagher criticized the economic policies that push Iraq to borrow despite oil prices exceeding $70 per barrel.
Dagher explained that the external debt exceeded the figures announced according to the World Debt Report, while the internal debt amounted to more than 81 trillion Iraqi dinars, which constitutes an additional burden on the general budget that bears the debt installments and interest, as these costs reach 9 trillion dinars.
TNT:
Tishwash: Dagher: I don't understand why we borrow when oil exceeds $70
Today, economic expert Dr. Mahmoud Dagher criticized the economic policies that push Iraq to borrow despite oil prices exceeding $70 per barrel.
Dagher explained that the external debt exceeded the figures announced according to the World Debt Report, while the internal debt amounted to more than 81 trillion Iraqi dinars, which constitutes an additional burden on the general budget that bears the debt installments and interest, as these costs reach 9 trillion dinars.
He pointed out that the government's continued borrowing lacks any economic justification, especially with the fluctuation of Iraq's GDP as a country dependent on oil revenues, which makes the debt-to-GDP ratio unrealistic or economically feasible.
Dagher concluded his statement by stressing the need to reconsider these financial policies, warning of the repercussions of borrowing on the Iraqi economy if oil prices decline in the future link
Tishwash: Chinese Payment Firm enables Iraq's new SuperQi App
Iraq’s Qi and Ant International join forces to launch SuperQi app
SuperQi aims to serve millions of Iraqis, offering a comprehensive suite of services that include scan-to-pay, money transfers, bill payments, loans, mobile recharge and other payment solutions
Qi, a leading player in Iraq’s fintech sector, has unveiled its groundbreaking third-generation app, SuperQi, in collaboration with Ant International.
Powered by Alipay+ Wallet Tech solutions, SuperQi integrates a digital lifestyle super app with a fully functional digital bank, bringing a new era of financial inclusion and digital services to Iraq.
Since its launch in July 2024, SuperQi has seamlessly fused Western digital banking models with the best practices from Asia’s leading super apps.
Bahaa Abdulhussein, chairman of Qi, said “At Qi, our vision is to build a cashless Iraq by bringing financial services to every corner of our society. SuperQi is a testament to this commitment, simplifying financial transactions and fostering greater inclusivity for all Iraqis.
He added: “Our collaboration with Ant International is not just about advancing digital finance; it represents a transformative leap towards creating a broader digital ecosystem that addresses the needs of the unbanked population.”
Available in Arabic, English, and Kurdish, SuperQi aims to serve millions of Iraqis, offering a comprehensive suite of services that include scan-to-pay, money transfers, bill payments, loans, instalments, mobile recharge, shopping, travel and other payment solutions.
SuperQi also supports Iraq’s expanding financial infrastructure, with over 20,000 point-of-sale merchants and 10,000 cash-out agents.
The app’s accessibility is designed to meet the evolving financial and lifestyle needs of users, targeting over 30 per cent of Iraq’s population by 2026.
Qi has already made significant strides in improving financial inclusion in Iraq. The rate of banked individuals in the country has surged from a mere 5 per cent to nearly 50 per cent in recent years.
By enabling access to banking services through SuperQi, the fintech company aims to further accelerate this shift towards a cashless society.
“With SuperQi, we empower millions of Iraqis with accessible, efficient, and secure solutions, paving the way for a more interconnected, inclusive, and technologically advanced nation,” said Abdulhussein.
Qi focused on an ambitious expansion plan with the launch
With over 11 million cardholders and five million mobile app users, Qi plans to reach over 15 million app users within the next three years.
This is in line with its mission to reshape the way financial transactions occur in Iraq, offering unparalleled convenience for users to take control of their finances.
SuperQi’s impact goes beyond individual users — it is designed to create a thriving ecosystem for businesses as well. The app offers secure and flexible payment solutions, enabling businesses to connect with customers in new, innovative ways.
“The launch of SuperQi is a milestone in Iraq’s journey towards a cashless society,” said Ali Muneam, CEO of Qi. “By bridging the gap for millions who still rely on cash transactions, SuperQi is not just a financial solution, but a key step in modernising our nation’s economy.”
Luay Al Obaidi, chief product officer of SuperQi, emphasised the app’s broad appeal: “SuperQi represents a paradigm shift in how we address the lifestyle and daily needs of our diverse customer base. We invite businesses across Iraq to leverage SuperQi as a platform to deliver their services seamlessly and effectively.”
The app’s integrated features offer everything from digital banking to e-commerce, solidifying its place as a central platform for Iraq’s digital future.
Qi’s collaboration with Ant International has enabled the launch of a powerful financial ecosystem, one that stands poised to unlock new economic opportunities in Iraq’s growing digital landscape.
Committed to a cashless, digital-forward future
From its inception in 2007 to the launch of SuperQi, Qi has been a torchbearer for innovation, leadership, and sustainability. SuperQi signifies a monumental shift in Qi’s vision for fintech’s role in everyday financial management, after being rewarded as the Best Credit Solutions Provider in Iraq, offering a lifestyle super-app providing its users seamless experience all day, every day, for all their payments.
This reflects Qi’s commitment to a bold, cashless, digital-forward future, in line with the visionary goals set by Bahaa Abdulhussein. link
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Tishwash: Praising the government's success in attracting investors and capital to the country
As the year 2024 draws to a close, witnessing an urban renaissance that the country has lacked for decades, academics and specialists praised the government’s success in attracting investors and capital to the country, stressing that the security stability enjoyed by the country and the development of the banking system that came in accordance with the government program, pushed the wheel of investment forward.
Safe reality
Professor of Economics at Al-Nahrain University, Sattar Al-Bayati, told Al-Sabah: “In light of the current safe reality and the stability that the country is witnessing, there is a development and urban movement that the country is witnessing according to the government program, and the achievements that occurred during this year with regard to Baghdad, especially in the matter of cleanliness, roads, bridges and projects in various sectors, as well as the bridges that were built or rehabilitated and appeared in a new guise
These are all positive messages sent by the government to investors, whether Iraqis or Arab and foreign investors, that there is a suitable environment for investment in general, especially direct investment in light of the existence of Investment Law No. 13 of 2006 and its amendments, which contain many articles that serve the investor.”
He pointed out that “there are two types of investment, which are foreign direct investment and indirect foreign investment,” indicating that “indirect investment occurs in the Iraq Stock Exchange, or any stock market or stock exchange.”
Infrastructure
He added, "The government is counting on direct investment, because it is a real investment that can be made directly in the basic structures or infrastructure that the country needs, such as residential complexes, bridges, hospitals, or universities. Direct investment can invest in all of these."
Great benefit
In turn, economic expert Alaa Al-Fahd told Al-Sabah: “The government has focused on investment aspects and development projects with high economic feasibility,” indicating that “these projects, if completed, will be the gateway and beginning for development projects and investments and attract foreign investment, while greatly benefiting from the state of security and political stability in Iraq.” Al-Fahd confirmed that “there is an investment revolution in Iraq currently.”
Financial capabilities
“Security and political stability can be a gateway for investments in various fields and sectors, such as the services sector, housing sector and infrastructure, and this is one of the government’s priorities,” he added, noting that “this requires consolidating the partnership between the public and private sectors, whether local or foreign, as this is the first stage to gain confidence and move from the socialist state and the government’s implementation of projects, to another new state with the participation of the private sector in projects in which the local private sector can invest according to the existing financial capabilities and infrastructure belonging to the state, and even in the field of managing service facilities and others.”
Big investments
He pointed out that Iraq today has begun to attract very large investments that have so far reached 62 billion dollars, but it needs more than 500 billion dollars in the areas of infrastructure, services and productive projects, in addition to the government’s orientation towards oil transformation industries,” indicating that “these industries in themselves will contribute firstly to achieving self-sufficiency, and secondly, Iraq can be a source of oil derivatives, as well as a source of transformation industries instead of the state having to bear the costs of importing them.”
Government vision
“There is a government vision for a map of high-priority investment projects, and the government has begun to lay the basic foundations in terms of financial transfer, financial leverage, and financial inclusion, which is one of the largest pillars of investment,” he said, stressing that “investment seeks financial security and financial inclusion, with the presence of a banking system capable of managing the investment process, primarily by providing bank credit, as well as achieving financial security in terms of foreign transfers and relations between local banks.” And foreign. link
Mot: .. They Say -- Its Not What You Say - Its What Ya Mean!!!
Mot... Now This is VERY IMportant!!! to Us All!!!!
More News, Rumors and Opinions Friday Afternoon 12-27-2024
KTFA:
Clare: Iraq Stock Market Report
27th December 2024
Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 26th December 2024).
Please click here to view a table of listed companies and their associated ticker codes.
Note: ISX will be closed from December 31, 2024 until January 6, 2025 due to the end-of-year closing operations. The last trading session of 2024 will be on December 30, and the first trading session of 2025 will be on January 7. LINK
KTFA:
Clare: Iraq Stock Market Report
27th December 2024
Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 26th December 2024).
Please click here to view a table of listed companies and their associated ticker codes.
Note: ISX will be closed from December 31, 2024 until January 6, 2025 due to the end-of-year closing operations. The last trading session of 2024 will be on December 30, and the first trading session of 2025 will be on January 7. LINK
Clare: The Central Bank of Iraq honors the members of the Issuance and Treasury Department on their career day
December 26, 2024
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, sponsored the first annual celebration for the employees of the issuance and treasuries in the bank and its branches.
The ceremony witnessed the honoring of the employees who won a symbolic shield in appreciation of their distinguished efforts, by the Governor, the Deputy, the Director of the Issuance and Treasury Department, and the branch managers.
His Excellency the Governor praised, during a speech on the sidelines of the celebration, the contributions of all employees of the Central Bank of Iraq, especially the employees of the Issuance and Treasury Department, whose work nature and positions differ from other departments and sections.
His Excellency stressed that we had previously directed to hold a special celebration for the employees of the issuance and treasuries, and this comes in appreciation of their great efforts in the process of sorting, printing, and issuing currency and other basic tasks of their work.
Central Bank of Iraq
Media Office
December 26, 2024
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Clare: Parliamentary Finance: Digital financial transformation will eliminate corruption and money laundering
12/24/2024 Baghdad - WAA - Wissam Al-Mulla
The Parliamentary Finance Committee confirmed, on Friday, that the digital financial transformation will eliminate corruption and money laundering.
The head of the committee, Atwan Al-Atwani, said in a statement to the Iraqi News Agency (INA), "The digital transformation in the financial aspect has become essential and very important to achieve a qualitative shift in sustainable development, and through applications it is possible to provide many job opportunities and provide cash liquidity to the Ministry of Finance."
He added that "banking needs a qualitative shift, considering that digital transformation eliminates corruption and gets rid of money laundering," explaining that "digital transformation is not a luxury, but rather essential to keep pace with the global development that is proceeding rapidly in this field."
During the fourth annual international scientific conference, entitled (Digital Financial Services - Challenges of Reality and Future Foresight), which was organized last Tuesday, the Ministry of Finance announced that it has made great strides in digital transformation and electronic payment, while indicating that progress has been made in the field of automating customs procedures to ensure financial sustainability and economic diversification. LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Television is talking about the discussion for adjustment to have a new exchange rate. Can you believe that Mr. Frank? Every day they tell us they're going to give us a new exchange rate...You know why they're telling us they're going to give us a new exchange rate? They say since the auctions are stopping. FRANK: Tell parliament to moooove over...The cash cow is coming to an end... It's coming, that's all there is to it.
Walkingstick After they stop the auction the nation of Iraq's currency has to be backed by something. It will no longer be backed by the American dollar. But with a basket, the other currencies can back up the Iraqi dinar. But that's not the best way for it to go. The best way is for the Iraq dinar to be backed by gold or by its assets inside of that basket giving it the most power for all the other currencies...No doubt the currency of Iraq is not just backed by oil but by endless amount of things
Roadmap to Ending the Fed, 'It Can Be Done' Says Ron Paul
Commodity Culture: 12-27-2024
Ron Paul has been a staunch advocate of sound money, fiscal responsibility, and putting an end to the Federal Reserve banking system for his whole political career, and he lays out a roadmap for how to put an end to the Fed, once and for all.
Dr. Paul also gives his take on DOGE and its chances of success, the possibility of America returning to a gold standard, and much more.
00:00 Introduction
00:41 Can the Debt Issue in the US Be Solved?
05:44 Can We Return to a Gold Standard?
12:42 Is DOGE Another Grace Commission?
16:41 Roadmap to Ending the Fed
21:15 Auditing America's Gold Reserves
26:08 Incentivizing US Uranium Production
“Tidbits From TNT” Friday 12-27-2024
TNT:
Tishwash: Iraq establishes 'investment portfolio' to support stability of national currency
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.
Saleh explained to {Euphrates News} that: "Since 2004, after Iraq was able to extinguish $100 billion of its accumulated debts, known as pre-1990 debts resulting from wars and conflicts, and with the improvement in the current account of the balance of payments, the first step taken by Iraq was to establish an investment portfolio of foreign reserves."
He added, "Or what is called the country's foreign exchange reserves that perform the function of stabilizing the value of the national currency or what is called the external value of money."
TNT:
Tishwash: Iraq establishes 'investment portfolio' to support stability of national currency
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.
Saleh explained to {Euphrates News} that: "Since 2004, after Iraq was able to extinguish $100 billion of its accumulated debts, known as pre-1990 debts resulting from wars and conflicts, and with the improvement in the current account of the balance of payments, the first step taken by Iraq was to establish an investment portfolio of foreign reserves."
He added, "Or what is called the country's foreign exchange reserves that perform the function of stabilizing the value of the national currency or what is called the external value of money."
Saleh said that "these assets that support the stability of the balance of payments and the national currency {i.e. foreign reserves} are one of the aspects of the sovereign funds called {quasi-sovereign wealth fund}."
He pointed out that "they differ from traditional sovereign funds in that their assets are characterized by high liquidity or investment in liquid or semi-liquid assets and are subject to a highly accurate diversification rule in foreign currencies and highly liquid financial investment tools by virtue of their function as international reserves supporting the balance of payments and stabilizing the value of the national currency." link
Tishwash: Call to re-evaluate the cost of oil production in Kurdistan under the supervision of an international auditing firm
The economic expert, Safwan Qusay, called for a re-evaluation of the cost of oil production in Kurdistan under the supervision of an international auditing company.
Safwan told {Euphrates News} that: "The House of Representatives is supposed to, with the arrival of the budget schedules from the government to the parliament presidency, assign the Finance Committee to study them in order to approve them faster to avoid the agreement in 2025."
He added, "There is an urgent need to restore the cost of producing a barrel of oil from the Kurdistan Region's fields and raise this number under the supervision of an international auditing company to $16 or something commensurate with this cost, and for the region to pledge to deliver more than 400,000 barrels to SOMO."
Safwan pointed out that "amending the article related to exporting Kurdistan oil includes increasing the cost by $6 at the level of all oil fields in Iraq, and this rate can be reduced in some governorates to $2, and the transfer can be enhanced for the purpose of financing $16 from the Ministry of Finance to the region."
"There is a desire in China next year to double the total production, meaning we expect an increase in Iraqi oil consumption, which may give importance to increasing the value, thus the possibility of canceling the voluntary cuts by OPEC and returning the pumping of Iraqi oil to its normal production rates of 4 million and 500 thousand barrels of oil per day," he added.
Regarding the industrial city project in Basra, Safwan explained, "After completing the population census, we have a clear map of the deficit in housing units of no less than two million and 500 thousand housing units that are supposed to be built, and the demand for iron will increase with the presence of service projects and the necessity of establishing a train system."
He stressed "the need to develop the iron and steel industry in Iraq to move to the steel industry and create an economic partnership with companies that depend on iron and steel, whether in the housing sector or cars and other iron products," considering economic diversification "an important step taken by the government to rehabilitate the private sector, which suffers greatly."
Regarding the fluctuations in the dollar price and its impact on citizens, Safwan said, “The Central Bank of Iraq still has ambitions to modernize the banking systems and involve the largest possible number of banks in the process of financing foreign trade by reclassifying them and linking them to a system of international correspondents; but these efforts alone will not be able to control the exchange rate. We need to invest in technology at the border crossings.” link
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Tishwash: The International Development Bank announced, today, Thursday, the introduction of an electronic payment mechanism for entertainment services.
The International Development Bank announced, today, Thursday, the introduction of an electronic payment mechanism for entertainment services.
The bank's management said in a statement received by the Iraqi News Agency (INA): "The bank has entered into a strategic partnership with the 1001 application, which represents a new step towards achieving a shared vision in enhancing support for youth by providing an entertainment service and an integrated social experience through the use of electronic payment tools and bank cards."
It added, "This came with direct support and utmost importance from the Chairman of the Board of Directors of the International Development Bank, Ziad Khalaf; In order to encourage the use of legal digital content within Iraq, which contains a comprehensive store for the Iraqi public. This contract also contributes to enhancing digital entertainment and participation among youth in supporting sports culture and using payment via electronic cards.
" It stated, "Through this partnership, we seek to provide direct access to the digital, diverse and comprehensive content of the T0D/1001/bein sport/OSN+/lalega/Spanish League libraries, the English Premier League, the European Champions League, the German League, Formula 1, the NBA Basketball League and tennis tournaments," explaining that "this partnership represents a true reflection of our shared values in enhancing quality, providing the best and keenness to achieve excellence in everything we offer. link
Mot: What to appear
Mot: . Ever Wonder How Santa Pays fer da Toys!!!!!
Seeds of Wisdom RV and Economic Updates Friday Morning 12-27-24
Good Morning Dinar Recaps,
RUSSIA USES BITCOIN TO AVOID SANCTIONS, FINANCE MINISTER SAYS
Russia has begun using Bitcoin to avoid Western sanctions, according to the country’s Finance Minister Anton Siluanov. In a TV interview this week, the FM confirmed the country is now using cryptocurrency to make and receive international payments, thanks to a new law.
The Kremlin last month created an experimental legal framework for cryptocurrency miners. It included a provision whereby approved entities can use crypto for international trade.
Good Morning Dinar Recaps,
RUSSIA USES BITCOIN TO AVOID SANCTIONS, FINANCE MINISTER SAYS
Russia has begun using Bitcoin to avoid Western sanctions, according to the country’s Finance Minister Anton Siluanov. In a TV interview this week, the FM confirmed the country is now using cryptocurrency to make and receive international payments, thanks to a new law.
The Kremlin last month created an experimental legal framework for cryptocurrency miners. It included a provision whereby approved entities can use crypto for international trade.
Russia is one of several countries in BRICS that are embracing crypto, especially Bitcoin. Russia in particular has embraced the new digital ruble, and now has Bitcoin as a new alternative to fiat currency.
Additionally, the new Bitcoin law is a benefit for Russian energy companies. Now, the companies can sell to a power-hungry group of domestic bitcoin miners, in an industry that continues to grow. While not all countries that Russia does deals with cater to crypto yet, being one of the first in the region to embrace Bitcoin is a huge step.
In the realm of de-dollarization, Russia’s decision to use Bitcoin in trade is also a plus. While Russia claims that the BRICS bloc is not trying to rid the world of the greenback, the USD is still a rival Russia hopes to overshadow soon. Bitcoin is becoming a more popular alternative to USD and fiat. Even the US is considering a Bitcoin reserve for the greenback’s safety net.
Earlier this year, State Duma deputy Anton Tkachev proposed a Bitcoin Reserve in Russia to protect against Western sanctions. The move goes hand-in-hand with this new law allowing Russia to trade internationally with BTC.
Furthermore, Tkachev told Finance Minister Anton Siluanov that cryptocurrencies are “virtually the only instrument for international trade” under current restrictions. Russia’s newest law could create a challenge for President-elect Donald Trump as well.
The incoming US president is both a crypto supporter and advocate for U.S. dollar dominance and faces challenges from Putin and Russia. Therefore, his support of both BTC and Fiat could create a conflict in the future.
@ Newshounds News™
Source: Watcher Guru
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LAWMAKERS PREPARE TO INTRODUCE NEW CRYPTOCURRENCY REGULATIONS IN 2024
▪️U.S. Congress prepares to introduce new cryptocurrency regulations in 2024.
▪️Legislation focuses on stablecoins and market structures like FIT21.
▪️Future approval of these bills depends on congressional priorities in 2025.
@ Newshounds News™
Read More: Coin-Turk
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Thank you Dinar Recaps
News, Rumors and Opinions Friday AM 12-27-2024
KTFA:
Frank26: "QUESTION: ...DO YOU THINK IRAQ'S INVESTMENT PORTFOLIO IS BASED ON A PROGRAM RATE?".....F26
Iraq establishes 'investment portfolio' to support stability of national currency
12/26/2024
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.
KTFA:
Frank26: "QUESTION: ...DO YOU THINK IRAQ'S INVESTMENT PORTFOLIO IS BASED ON A PROGRAM RATE?".....F26
Iraq establishes 'investment portfolio' to support stability of national currency
12/26/2024
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.
Saleh explained to {Euphrates News} that: "Since 2004, after Iraq was able to extinguish $100 billion of its accumulated debts, which are called pre-1990 debts resulting from wars and conflicts, and with the improvement in the current account of the balance of payments, the first step taken by Iraq was to establish an investment portfolio of foreign reserves."
He added, "Or what is called the country's foreign exchange reserves that perform the function of stabilizing the value of the national currency or what is called the external value of money."
Saleh said that "these assets that support the stability of the balance of payments and the national currency {i.e. foreign reserves} are one of the aspects of the sovereign funds called {quasi-sovereign wealth fund}."
He pointed out that "they differ from traditional sovereign funds in that their assets are characterized by high liquidity or investment in liquid or semi-liquid assets and are subject to a highly accurate diversification rule in foreign currencies and highly liquid financial investment tools by virtue of their function as international reserves supporting the balance of payments and stabilizing the value of the national currency." Raghad LINK
****************
Frank26: "THEY ARE WAITING FOR WHAT WE HAVE TAUGHT... A NEW EXCHANGE RATE."........F26
What are Iraqis waiting for after the news of the “sudden suspension” of the dollar selling platform by the Central Bank?
12/24/2024 Baghdad
Financial and banking expert Alaa Al-Fahd commented today, Tuesday (December 24, 2024), on the impact of the Central Bank’s suspension of the “platform” on the markets during the next stage.
Al-Fahd told Baghdad Today, “The Central Bank of Iraq worked during the previous period with a plan through a currency auction in the first phase, then establishing the electronic platform and intensive work to find correspondence methods between local banks and foreign banks with which We have commercial relations and their results in external transfers. Therefore, the bank announced some time ago that the platform will be stopped at the end of this year and there will be direct correspondent banks.”
He explained that "this is a natural matter, as all central banks in the world are tasked with maintaining monetary policy, not selling currency. There is no central bank in the world that sells currency and mediates in buying and selling currency. This work is The responsibility and responsibility of banks and exchange companies This is true and is a major challenge until the relations are direct commercial banking under the supervision of the Central Bank of Iraq.
He added, "Stopping the platform will not affect the local markets in terms of the dollar exchange rate, but there are those who are trying to spread rumors that this step will change the exchange rate, as the same dollar that the Central Bank of Iraq Was selling through the platform will be sold to banks and banks that have relations with foreign banks so that the transfer is direct according to electronic transactions and monitoring, and for this reason the situation is under control and there is no fear of the impact on the markets."
Yesterday, Monday, economic expert Ziad Al-Hashemi revealed that the Central Bank of Iraq had suddenly suspended the dollar transfer platform before the scheduled date, without an official announcement, and without taking into account the interests of Iraqi companies and markets, in a move That is, to say the least, far from professionalism and transparency.
Al-Hashemi said in a post on the social networking site “Facebook”, which was followed by “Baghdad Today”, that “stopping the platform without an official announcement by the Central Bank may indicate that there is uncertainty and fear of the consequences of stopping the platform on the dollar exchange rates, and the lack of announcement may give the Central Bank an opportunity to evade and evade the decision to stop the platform and return to operating the platform, even temporarily, in the event that the dollar begins to rise to high rates." LINK
************
Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man They changed the name to currency window as opposed to auction. That represents foreign currencies. Article quote "...This platform will be stopped at the end of this year." ...The dollar auctions as we know them are going bye-bye by the end of the year...That doesn't mean the 31st...It means...coming at any time.
Mnt Goat Article: "THE DOLLAR MARKET IS ON “ONE LEG”.. A NEW MECHANISM AND THE EXCHANGE RATE IS THREATENED!" ... they are just telling us that there is a process in place to change-out the dinar to the lower denominations and effect the rate as part of this process without causing havoc. A higher, sudden RV, if not done appropriately would cause havoc...
Bank Failures In 2025 "Almost Inevitable" | David Morgan
Liberty and Finance: 12-26-2024
David Morgan discusses the performance of gold and silver in 2024, the implications of inflation, and the influence of political dynamics on market trends.
He emphasizes the importance of precious metals as a hedge against economic uncertainty and explores the future of these investments in light of global economic shifts and potential banking crises.
INTERVIEW TIMELINE:
0:00 Intro
1:35 2024 round-up
6:55 Gold & silver
15:43 BRICS gold purchases
24:40 Inflation
29:05 Purchasing metals
The Next Big Catalyst for Gold will be a Stock Market Crash
Mike McGlone: The Next Big Catalyst for Gold will be a Stock Market Crash
Palisades gold Radio: 12-26-2024
Tom welcomes Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, to discuss commodities and their prospects for 2025.
McGlone acknowledges challenges such as lower oil and grain prices, harming producers due to a global surplus and decreasing Chinese demand driven by electric vehicle adoption. He anticipates continued declines in industrial metals like copper and explores geopolitical risks, particularly market implications of tensions between the US and adversaries - China, Russia, North Korea, and Iran.
Mike McGlone: The Next Big Catalyst for Gold will be a Stock Market Crash
Palisades gold Radio: 12-26-2024
Tom welcomes Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, to discuss commodities and their prospects for 2025.
McGlone acknowledges challenges such as lower oil and grain prices, harming producers due to a global surplus and decreasing Chinese demand driven by electric vehicle adoption. He anticipates continued declines in industrial metals like copper and explores geopolitical risks, particularly market implications of tensions between the US and adversaries - China, Russia, North Korea, and Iran.
McGlone suggests gold as a prudent investment due to its performance during volatile markets when stocks and Bitcoin underperform.
McGlone discusses technological advancements and their impact on the economy. He suggests an investment strategy of rotating between gold and Bitcoin at highs and lows based on their current divergence in performance.
McGlone expresses concerns over Bitcoin's excessive ETF inflows as a sign of market speculation.
Regarding silver, he suggests the silver-gold ratio should be higher based on volatility and historical patterns, with potential implications if China buys silver through ETFs to address economic challenges.
Anticipating potential corrections in the US stock market, increased unemployment, and bond yield issues could lead to a different silver-gold ratio.
Time Stamp References:
0:00 – Introduction
0:47 - Commodities in 2025
3:22 - Global Demand Decline
5:08 - U.S. & China Deficits
10:38 - Commodities & Tariffs
16:34 - Bitcoin 'Indicator'
20:22 - Tether & Treasuries
26:07 - Gold/Bitcoin Ratio
30:28 - ETF Demand & Flows
33:16 - Market Correction?
37:04 - 2025 Gold Target
39:42 - Thoughts on Silver
42:25 - Concluding Thoughts
43:45 - Wrap Up
News, Rumors and Opinions Thursday 12-26-2024
KTFA:
Clare: Iraq establishes 'investment portfolio' to support stability of national currency
12/26/2024
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.
Saleh explained to {Euphrates News} that: "Since 2004, after Iraq was able to extinguish $100 billion of its accumulated debts, which are called pre-1990 debts resulting from wars and conflicts, and with the improvement in the current account of the balance of payments, the first step taken by Iraq was to establish an investment portfolio of foreign reserves."
KTFA:
Clare: Iraq establishes 'investment portfolio' to support stability of national currency
12/26/2024
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.
Saleh explained to {Euphrates News} that: "Since 2004, after Iraq was able to extinguish $100 billion of its accumulated debts, which are called pre-1990 debts resulting from wars and conflicts, and with the improvement in the current account of the balance of payments, the first step taken by Iraq was to establish an investment portfolio of foreign reserves."
He added, "Or what is called the country's foreign exchange reserves that perform the function of stabilizing the value of the national currency or what is called the external value of money."
Saleh said that "these assets that support the stability of the balance of payments and the national currency {i.e. foreign reserves} are one of the aspects of the sovereign funds called {quasi-sovereign wealth fund}."
He pointed out that "they differ from traditional sovereign funds in that their assets are characterized by high liquidity or investment in liquid or semi-liquid assets and are subject to a highly accurate diversification rule in foreign currencies and highly liquid financial investment tools by virtue of their function as international reserves supporting the balance of payments and stabilizing the value of the national currency." Raghad LINK
************
Clare: Al-Sudani's advisor reassures via Shafaq News about the rise of the dollar: a temporary market bubble
12/26/2024
Mazhar Mohammed Saleh, the financial and economic advisor to Prime Minister Mohammed Shia al-Sudani, commented on Thursday on the rise in the exchange rate of the US dollar against the Iraqi dinar in the local market for days.
Saleh told Shafaq News Agency, "The difference between the two exchange rates in the market is basically stable for reasons related to controlling the sale of cash dollars from legal outlets to travelers in an organized manner and subject to a precise rule of compliance and auditing, in addition to the ability of the traveler to obtain other permitted amounts through payment cards in all their forms, and in sufficient and comfortable amounts at an exchange rate of 1320 dinars per dollar."
He added, "It is expected that the market, due to the end of the previous foreign transfer platform and the transition to new mechanisms for strengthening with foreign currency to meet the banks' needs for foreign currency to finance foreign trade, was accompanied by a wave of misinformation, misunderstanding and confusion that was exploited by the parallel market and speculators for quick profit."
He considered that this increase is "called a temporary market bubble that is built on unrealistic speculation and disappears over time, which requires attention to the phenomenon of exploitation and profiteering generated by false and baseless information."
The dollar exchange rate in local markets is witnessing a gradual increase, while this morning it recorded 152,000 dinars for every 100 dollars in the two main stock exchanges of Al-Kifah and Al-Harithiya in Baghdad, and 151,400 dinars for every 100 dollars in Erbil, the capital of the Kurdistan Region.
Yesterday, Wednesday, the economic and financial expert, Abdul Rahman Al-Mashhadani, attributed the main reason for the rise in the dollar price to the promotion of stopping the platform, indicating that “this rumor that spread showed that foreign transfers would stop.”
He explained that "this rumor is false, as 97% of the transfers made through the window were transferred to banks that have correspondent banks in a way that enhances the balances. The Christmas holiday is also another reason for the demand for the dollar, as there is a lot of travel during these days."
Al-Mashhadani expected that "the situation will stabilize and the dollar will return to its normal status after the holiday." LINK
************
Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
Television saying Iraq is buying huge amounts of gold and it's to offset the ending of the dollar exchange auctions.
Militia Man Article quote: "Iraq has gotten rid of the burden of foreign debts for the first time which had shackled it economically ...What remains of its debts to international parties constitutes less than $9 billion that will be paid between now and the year 2028." Iraq's going to have a lot of money. If you're going to be a creditor, people are going to be coming to you for money and Iraq is going to have a lot of it. To be fair, I think a lot of us are going to have a few dollar too because of it.
What Must Happen Before the IQD Can Re-Adjust
Edu Matrix: 12-26-2024
What Must Happen Before the IQD Can Re-Adjust Exchange Rate - Discover the complexities behind Iraq's inclusion on the U.S. State Department's Level 4 "Do Not Travel" list in this enlightening video.
We delve into how travel warnings impact foreign investments, currency revaluation, and economic growth in Iraq. With millions of dollars at stake, learn why U.S. private investors remain cautious despite the potential for substantial returns.
Uncover the interconnected dynamics between security, investment, and Iraq's economic future. Our clear American voice guides you through the critical reasons Iraq remains in a holding pattern and how global financial interaction is essential for its growth.
BE CAREFUL! This Is SERIOUS..." The Whole SYSTEM Is COLLAPSING... - Peter Schiff
Economy 101: 12-26-2024
Seeds of Wisdom RV and Economic Updates Thursday Morning 12-26-24
Good Morning Dinar Recaps,
BRICS TO DITCH US DOLLAR FOR GOLD-BACKED CRYPTOCURRENCY
Over the last year, the BRICS bloc’s ongoing de-dollarization efforts have been a focal point. The collective has sought to limit Western hegemony and establish itself on the grander world stage. Amid its ongoing pursuits, could the BRICS bloc be in line to ditch the US dollar for a gold-backed cryptocurrency?
Good Morning Dinar Recaps,
BRICS TO DITCH US DOLLAR FOR GOLD-BACKED CRYPTOCURRENCY
Over the last year, the BRICS bloc’s ongoing de-dollarization efforts have been a focal point. The collective has sought to limit Western hegemony and establish itself on the grander world stage. Amid its ongoing pursuits, could the BRICS bloc be in line to ditch the US dollar for a gold-backed cryptocurrency?
The economic alliance has been stashing gold reserves for much of 2024, with many believing it could be for its own trade currency. Although the bloc has affirmed that it has no interest in a native currency, it has shown a recent embrace of cryptocurrency. Both could converge on a perfect answer for its ongoing greenback dilemma.
BRICS Cryptocurrency? Why Alliance Could Build Combine Gold & Bitcoin to Take Down US Dollar
The last two years have seen the global south continue to champion the term de-dollarization. Indeed, the economic alliance has sought greater ways to limit Western economic dominance. Throughout last year, the emergence of a BRICS currency has been the focal point of that.
Now, that pursuit has taken center stage. With Donald Trump emerging victorious in the 2024 presidential election, he has threatened 100% tariffs on nations abandoning the dollar. Truthfully, that presents BRICS with one true option: double down or abandon the idea.
To this point, they have opted for the former. But it may not stay that way, as BRICS could ditch the US dollar with a gold-backed cryptocurrency. Although the bloc has not yet announced such an idea, its maneuvering does favor its presence.
For the last two years, the bloc has ferociously accumulated gold reserves. That was supposed to be for an alliance trade settlement currency. Moreover, in 2024 they have opted to dial back opposition to the cryptocurrency sector. Earlier this month, Russian President Vladimir Putin said that no one could control Bitcoin.
That appeared to show his favor of the currency. Nations like China have followed suit, with many believing both could soon embrace digital assets. With an AI and technology alliance being formed under BRICS, blockchain technology could soon be at the forefront.
That would not stop the bloc from developing its very own currency that combines both matters. It would illicit some issues with the West but would also fast-track its ongoing de-dollarization plans. Moreover, it would establish BRICS as a clear global force.
@ Newshounds News™
Source: Watcher Guru
~~~~~~~~~
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“Tidbits From TNT” Thursday Morning 12-26-2024
TNT:
Tishwash: Expert diagnoses two reasons behind the rise of the dollar against the dinar in Iraq
The economic and financial expert, Abdul Rahman Al-Mashhadani, attributed, on Wednesday, the reasons for the rise of the dollar against the Iraqi dinar to the rumor of the holidays and New Year's Day.
Al-Mashhadani said in an interview with Shafaq News Agency, "The promotion of stopping the platform is a major reason for the rise in the price of the dollar," indicating that "this rumor that spread showed that foreign transfers will stop."
He explained that "this rumor is false, as 97% of the transfers made through the window were transferred to banks that have correspondent banks in a way that enhances the balances. Also, the Christmas holiday is another reason for the demand for the dollar, as there is a lot of travel during these days."
TNT:
Tishwash: Expert diagnoses two reasons behind the rise of the dollar against the dinar in Iraq
The economic and financial expert, Abdul Rahman Al-Mashhadani, attributed, on Wednesday, the reasons for the rise of the dollar against the Iraqi dinar to the rumor of the holidays and New Year's Day.
Al-Mashhadani said in an interview with Shafaq News Agency, "The promotion of stopping the platform is a major reason for the rise in the price of the dollar," indicating that "this rumor that spread showed that foreign transfers will stop."
He explained that "this rumor is false, as 97% of the transfers made through the window were transferred to banks that have correspondent banks in a way that enhances the balances. Also, the Christmas holiday is another reason for the demand for the dollar, as there is a lot of travel during these days."
Al-Mashhadani expected that "the situation will stabilize and the dollar will return to its normal status after the holiday."
The price of the dollar rose gradually in local markets, where it recorded 152,300 dinars for every 100 dollars in the Al-Kifah and Al-Harithiya stock exchanges, and 152,200 dinars for every 100 dollars in Erbil, the capital of the Kurdistan Region. link
************
Tishwash: Government Advisor: Iraq Seeks to Establish Sovereign Wealth Fund
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq is seeking to establish a sovereign wealth fund.
Saleh told Al Furat News Agency: "Iraq seeks to establish a sovereign wealth fund, especially after the conflicts and wars that have been going on for less than half a century, and the previous regime's major role in wasting the country's resources and wealth, have transformed the surplus in the current account of the balance of payments into a net deficit due to the deterioration of the national economy's export sectors, most notably the oil sector."
Saleh pointed out that "the increase in foreign debts in the past decades was an alternative to establishing a sovereign fund for foreign wealth that relies on surplus oil revenues that can be invested in a diversified investment portfolio whose returns support the state's general budget in general and the investment budget, according to the absorption capacity in particular, similar to countries such as Norway, China, the Gulf countries, and other countries of the world."
Iraq has previous experience in establishing a sovereign wealth fund, through the establishment of the Iraqi Fund for External Development, which was established under Law No. 77 of 1974. However, after that, the work of this fund was limited to managing Iraq’s financial contributions to regional and international organizations and bodies. There was also an attempt to establish two sovereign funds for Iraq in 2018, but they remained without practical implementation.
Countries' economies are divided into three categories based on their source of income: economies with diverse sources of income, economies with a single source of income (“single-basket economies”), and the third category is between them.
Iraq falls within the second group, as Iraq is considered a rentier state, due to its almost complete dependence on revenues from the sale of crude oil, as oil revenues constitute more than “90 percent” of the total revenues of the general budget, and contribute about “45-60 percent” of the formation of the gross domestic product. link
************
Tishwash: Parliamentary Finance Committee comments on the fluctuation of the dollar price and threatens to host the Governor of the Central Bank of Iraq
Member of the Parliamentary Finance Committee, Jamal Kocher, described on Wednesday the fluctuation of the dollar exchange rate in the parallel market as "temporary", while he indicated that if the rise continues, we will head to host the governor of the Central Bank of Iraq.
Kocher told Shafak News Agency, "The Parliamentary Finance Committee is closely following up with the Central Bank the dollar exchange rate in the parallel market, and that the rise and fall of the exchange rate is temporary and not fixed."
He added that "if the rise continues during the coming period, there will be another opinion from the House of Representatives," adding that "the Finance Committee, if the rise continues, will head to host the Governor of the Central Bank in the House of Representatives."
The Iraqi market witnessed a significant increase in the exchange rate of the dollar against the Iraqi dinar, as it exceeded 150 thousand dinars for every hundred dollars, despite the government measures taken to control its price in the parallel market.
It is noteworthy that since the beginning of 2023, Washington has intervened to limit the smuggling of dollars from Iraq, which led to its price rising in the local market to a record level of 170,000 dinars per 100 dollars, due to the decline in the Central Bank of Iraq’s sales of dollars, before it declined again and the Central Bank returned to selling dollars at auction.
It is worth noting that currency smuggling is ongoing, despite controls on banks, and is carried out via bags transported overland to Turkey and Iran, after withdrawing dollars from the local market and not through the official dollar selling window. Specialists have called it “black transfers,” and it has become a phenomenon that has not been controlled at the moment.
In addition to the "black transfers", Iraq witnessed other operations to withdraw the dollar at its official price and sell it at the parallel market price, by exploiting the dollar granted to travelers, returning to Iraq and selling it to achieve large profits. The name "sailors" was given to those who do this work, especially some travel and tourism companies. link
Mot: ... Dang!! -- Tough Night Hes Having fur Sure!!!
Mot: ......... How Can Ya Tell the age -----duct tape on tree box
