Frank26 [Iraq boots-on-the-ground report] FIREFLY: CBI saying they have plans in place to cancel out the dollar auctions soon because there is still corrupt in these transaction. FRANK: That is correct. Sudani is removing the auctions from the CBI because that’s where all the stealing was occurring. The auctions will no longer be in the control of the banks but in control of Sudani of the GOI…Sudani is not playing any more games. You are about to have your purchasing power as he promised you…
Pimpy This is my one and only concern. We got freaking elections coming up again. I’m hoping Al- Sudani is out there making his pitch for people to keep him…Sudani has been doing so much changes/reforms making huge change and doing a lot of great things for the Iraq people against the will of the Coordinating Framework. They’ve been bumping heads.
Mnt Goat Remember about the Cash Center that recently opened to receive the stashes and hordes of dinars. The first point is these were dinars NOT dollars…These are NOT exchange centers. They are simply depositing their hoards of dinars in the bank and putting them into electronic form…They are staying in dinars, NOT U.S. dollars… these centers show us some success of just the beginning stages of the process to delete the zeros. This is part of the process is to collect these stashes of notes. These are not only needed for liquidity in the banks but also to coincide with the shrinking of the monetary mass that is needed to raise the rate of the dinar, when they do pull the trigger on the higher “official” CBI rate in- country.
Clare Article: “What does the closure of the Central Bank platform at the end of the year mean? The Association of Banks explains” Quote: “…closing the electronic platform…will not affect businessmen and the market...as they will quickly adapt and the market will return to normal, and the foreign trade process will be enhanced through correspondent accounts…Iraq has 6 banks that have American correspondent banks, and 15 banks that have correspondent accounts with other countries to deal in different currencies.“
Frank26 Anybody that tell you it’s a scam, they are a scam! When a bank used to tell us it’s a scam, it’s because their employees were told to tell you that. They didn’t know any better…Now it’s a different story…It’s amazing. They’re now singing a different tune.
Fnu Lnu [Response to Guru Frank26 10-29-2024 Hybrid Monetary Process post below] “Hybrid monetary process” is the usage of two sets of books. This is unlikely because two sets of books is not a “Monetary Process”. A monetary process is far more likely to be the coexistence of the new species of lower denominated notes along side the Three Zero notes for a period of 10 years just as Dr. Shabibi said so long ago. It is likely they have just now codified it as they have many other facets of the Shabibi reconstruction plan.
Above mentioned Post is below
Frank26 [Iraq boots-on-the-ground report] FIREFLY: TV says Iraq has implemented a new hybrid monetary process. FRANK: A second set of book that uses a different exchange rate!
MarkZ [via PDK] …My contacts who have been trained in exchanging foreign currencies (specifically the currencies we hold) also work in wealth management. They all know there will be a sudden injection of wealth. They are prepared and ready and just as frustrated and irritated as you and I are.
Walkingstick This base currency they are now teaching the Iraqi citizens about in the hybrid monetary plan is considered the domestic currency which is the IQD. In this case the lower notes that will be coming out. Base currency means the Iraqi dinar it is a first currency in a currency pairing…The IQD will be the dominant currency in Iraq and on the Forex due to its pairing. That step is the float to reach the real effective exchange rate.
Militia Man The black market is having pressure put on it now and it’s going to cease in the near future. They said by the end of the year. The dollar auctions will be gone anyway. But between now and then they’ve reduced it. Well over 95% of all transactions are done outside of the black market…The black market is relatively insignificant but it’s still affecting the citizens.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Mr Sammy [FRANK: Who runs one of the banks in Iraq] said all that is needed at this point is a new rate to push forward the remaining things. The budget has not been released yet but it will be. Then the HCL also needs to be voted and we need the Speaker of the House. All of these things are working together. To see that budget and the HCL we’re going to need to see the Real Effective Exchange Rate. FRANK: The Real Effective Exchange Rate will come when it starts to float. That’s part two of the ‘hybrid monetary reform plan’. Part One is to give you purchasing power. I agree with Mr. Sammy…there are major events that are coming to an intersection that will collide with great force for your new exchange rate and currency.
MarkZ [via PDK] Question: In your educated opinion Mark will we RV this year? Yes I very much believe we will see the RV this year.
