Clare Article: “Iraq Increases Reserves at IMF by 50%“ Quote: “Iraqi Cabinet…approved an increase in Iraq’s quota at the International Monetary Fund (IMF) by 831.9 million Special Drawing Rights (SDR), equivalent to 1.45 trillion Iraqi dinars [$1.1 billion] based on the exchange rate as of October 8, 2024. This 50-percet increase…will enhance the country’s voting power within the IMF…The IMF created SDRs as an international reserve asset to supplement member countries’ official reserves…They serve as a potential source of liquidity for IMF member nations.”
Frank26 IMO last week a series of meetings have been occurring with banks. IMO the Central Bank of Iraq is…sending out a ‘beacon’…a submarine ping…This data, information, intel, is coming and it’s now coming fast to all these [U.S.] banks…They went from denying and saying it’s a scam to…they’re saying we’ll talk to you soon.
Babysmom Community Comment: …HCL is completed and fully funded today. We’re up next… Babysmom: HCL STANDS FOR HYDROCARBON LAW. IT IS THE LAW THAT DIVVIES UP THE PROFITS FROM BAGHDAD’S SALE OF OIL, WITH PROFITS GOING TO THE OTHER PARTS OF IRAQ. THERE HAS ALWAYS BEEN A BACK AND FORTH ABOUT HOW MUCH OF A PROFIT PERCENTAGE THE OTHER PARTS OF IRAQ WOULD RECEIVE.
MarkZ [via PDK] “Today Kurdistan government announces September salary payments” they used to be a year or 6 months behind…but now in October they announce paying September salaries. To me this means money is moving. This is an HCL requirement that is happening. I think HCL is done and they are hiding the announcement.
Samson Article: “Government advisor prefers maximizing non-oil revenues by 2024”
Sandy Ingram [Post 1 of 2……] A parallel market refers to the trade of goods or currencies through distribution channels that are not authorized by the original manufacturer or the official regulatory body…and is legal…A black market refers to the illegal trade of good and services that are either prohibited by law or sold to avoid taxes and regulations. Iraq has serious currency controls and this automatically facilitates the black market...Iraqi citizens are banned from drinking alcohol, so yes the alcohol black market is probably huge. Iraq has another black market product, oil smuggling.
Sandy Ingram [Post 2 of 2] Iraq is one of the world’s largest oil producers yet the country struggles with shortages in fuel supply. The central bank vice governor said in March 2024 that Iraq is fighting a booming currency black market. He made this statement…three months after it became illegal to use dollars in transactions in Iraq…Some economists propose a bold strategy to address these twin challenges by introducing currency flotation. The would essentially remove the CBI’s peg to the dollar allowing the dinars exchange rate to be determined by market forces. It appears the more controls a country has the more room there is for a parallel market or a black market…
MarkZ [via PDK] Article: “Iraq Parlianment expects to vote on Economic Reform laws soon” This has to do with the Industrial investment law, and to me this is very important and one of the clear signs that we saw in their “white papers”. They are spelling out everything they have to do to support a higher rate. They are doing the economic reforms to support this higher rate and lift up all Iraqis.
Clare Article: “US delegation arrives in Baghdad to prepare draft for “indirect” negotiations with Iran” Quote “America is exerting strong pressure through Iraqi mediators to conduct negotiations with Iran regarding the future of the region. It wants to adopt the principle of a single basket in resolving all issues, unlike Tehran, which believes that each issue is separate…”
Frank26 [Post 1 of 2……] [Bank Story] BRAD: Huntington Bank in Pennsylvania…I funded my account with a small amount of money and I said I’d like to place an order for Iraqi dinar but before I do I want to see how much I can get for my money…To make a long story short they sell them at the program rate, which you know is nothing special…By the time I left I realized all I had to do was have her remove money from my account. I was on top of the world. I came home and called…Gary. I said you live in Indianapolis, Do you have any Huntington Banks where you are?
Frank26 [Post 2 of 2] [Bank Story Continues] He goes yeah. I said, you want to call them and see if you can purchase the dinar and dong? He goes sure thing. He text me back half hour later, he goes, Brad I can get them here in Indianapolis too. They come out of Miami…Why would Huntington Bank all of a sudden be selling dinar and dong at…970 branches in 11 states? Boom! FRANK: …I have a Huntington Bank here in Toledo Ohio, they wouldn’t sell dinars in the past. Why are they doing it now? The reason why IMO is because it opens the door for them to exchange the three zero notes.
MarkZ [via PDK] Slim news coming out of Iraq…But this is a good one…“Erbil provides Baghdad’s Treasury with 77 billion dinars” this means look for that HCL (Hydro Carbon Law) at any moment…. They are trying to keep things under wraps till they pull the trigger…But they are behaving like it’s already done.
Mnt Goat Iraq is going to experience a “redenomination” of their currency meaning to execute the process of swapping out larger three zero notes for newer…lower denominations ...when you take money out of circulation…You cause deflation, which is revaluing your currency or making it worth more. There is also all the other assets and variables involved that will FORCE the system to bring back the dinar to its nominal value, finally. They are…doing this redenomination…to “normalize” their currency back to their “normal” denominations, as before the sanctions took place. They will also need a “normalized” rate and not this current “suppressed” rate…
