Frank26 Question: “How many major banks are there participating in the exchange?” I don’t know that yet. But I believe that every major bank will be involved.
Clare Article: “After the electronic platform stopped…Answering questions from Iraqi circles about the new dollar mechanism” Quote: “Deputy The Governor of the Central Bank, Ammar Khalaf, said yesterday that the mechanism of work on the electronic platform related to foreign transfers has stopped working, but financing foreign trade continues through correspondent banks according to different mechanisms that are parallel to what is in effect in countries around the world.”
Jeff They’re implementing their banking reforms. You have no idea how close you are to this rate change. This is Iraq implementing their banking reform right in front of us. The electronic platform for selling dollars has been suspended. That means the currency auctions have ended…That’s a critical piece to this. That’s the banking reform getting implemented. That’s Iraq preparing to revalue their currency. That makes this month of January extremely critical regarding our investment and the revaluation of Iraq’s currency.
Bruce [via WiserNow] …we were supposed to get notified day after New Year’s…Well we had a couple things that happened behind scenes…And now everything is moving forward at the regular pace.
Militia Man Iraq doesn’t have coins today. They haven’t had them for 20 something years. Now all of a sudden they have a commemorative [tourist] coin and they talk about currency…a special stamp…it’s a special occasion.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Television again says Iraq has ended the dollar auctions but we knew this yesterday but I guess it’s important. FRANK: …Every day until the 7th IMO is going to be very exciting with a lot of information…
Sandy Ingram Vietnam is set for some big-time growth. It’s all thanks to a cool strategy shift. They’re moving away from relying only on selling stuff to other countries and focusing more on what’s happening within their own borders…Vietnam’s future is looking bright.
Fnu Lnu People ask me, Fnu, is the currency window in Iraq closed or not? Some people are claiming it is not closed. I answered, Yes, the Central Bank of Iraq has ceased the dollar auctions. According to Ammar Khalaf, the deputy governor of the Central Bank of Iraq, the dollar auction system, officially known as the Foreign Currency Sale Window and Electronic Platform, will be permanently shut down by the end of 2024. Khalaf confirmed that the decision is final and that the vast majority of traders have already adapted to the new system, which no longer provides direct dollar access from the central bank. So wonder no more!
MarkZ [via PDK] …My best contact who I trust due to the position he holds in Iraq…says de-dollarization is under full steam and they expect a new rate within a week or so.
Clare Question: “I thought the CBI used the electronic transfer system to send USD abroad for the daily currency auctions, yesterday’s news stated they stopped the electronic transfer system. How could they have officially stopped it yesterday, when they sold 283 million USD ABROAD in today’s auction?” [That] IS NOT A FOREIGN CURRENCY AUCTION. IT IS A REPORT ON THE NEW SYSTEM – “Foreign exchange window results”
Jeff [Response to Militia Man 1-3-2025 Post below] They had a currency auction today. Total sales [abroad] $283 million, 7 banks participated…Nothing has changed…The Central Bank is still having currency auctions…
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Television is now showing comprehensive approach on how to trade the Iraqi dinar on Forex. They got some guy going over documents, page after page, on how us Iraqi citizens can invest in Forex. FRANK: This gentleman is teaching you Iraqi citizens how to invest in the Iraqi stock market because you are soon to have purchasing power to do so. They have never taught you this before because you didn’t have the purchasing power to do so…
Militia Man Iraq has done what they said they were going to do all along. The Central bank implemented a new electronic system so that the central bank would be out of the dollar auction…They now use the correspondent banks to facilitate internal and external trade… The central bank will no longer deal with retail…We can see January 2nd…there’s not transfer abroad.
MarkZ [via PDK] Comment: Months ago, I said this was not gonna happen until after Trump sworn in. MarkZ: … I am not hearing that from Iraqi contacts…they believe things will be in place before Trump… there is one however who thinks they are holding the trigger until after the congressional confirmation on Jan. 6th. That contact is plugged in with the US embassy.
Mnt Goat Article: “STARTING TO IMPLEMENT ASYCUDA GLOBAL SYSTEM FOR AUTOMATING CUSTOMS OPERATIONS” in this article they are telling us the system will start on Jan 1st 2025. How could this be without the IQD on FOREX for a reference rate? I believe that this ASYCUDA system will NOT yet be online since the IQD is not yet on FOREX. …it will need the IQD on FOREX to properly conduct the customs collection service through ASYCUDA…my analytical thinking mind tells me something was held up again. It sounds too fishy to have multiple events being targeted around the same period (beginning of Jan 2025), and all of them relying on the IQD getting to FOREX. Do you see it too? Come on folks this is exciting not a disappointment!
