Frank26 You’re not going to a mom and pop bank. You’re not going to go to a small little bank. You’re not going to go to a credit union. You’re not going to go to the kiosk at the airport. You’re not going to go on some cruise ship in the middle of the Pacific so you can exchange and not have to pay taxes because it’s in international water. How stupid is that. You’re going to go to…a state bank.
Pimpy It really looks good for the future of Iraq. Outside of the corruption that’s in the government. If they can stay on the path, Al-Sudani gets a clear path to continue, the future for Iraq’s economy looks really good. They should see some economic boom as long as the coordinating framework and those political people that are in power can somehow get out of the way or removed from office altogether…
Militia Man Why in the world would anybody want to invest into Iraq if they were going to put their money into Iraq and then they were going to lose? Because if you invest your money in Iraq and they LOP their currency you’re not going to make any money, it’s a neutral event.
Walkingstick [Report from #1 – his Iraqi bank owner friend in Iraq and in our opinion] The HCL has been long done! ….Article 140 and the disputed territories, done! The redenomination at the onset, that rate is done! Awaiting nothing but the release and implementation of all of this.
MarkZ [via PDK] Question: Since Sudani has to go to US on April 15th does that mean nothing will happen on the RV until then or after? MarkZ: Many believe he could be coming to the US after the RV for his “victory lap”.
Clare Article: “Al-Shammari reveals the most prominent files of Sudanese’s visit to Washington and the government’s ambition regarding the dollar” Quote: “Al-Sudani’s visit to Washington will be practical and will not be for taking pictures...The Iraqi delegation will ask the American side about the reasons for their decisions to impose sanctions on Iraqi banks… Our expectations are that the visit will be very successful…”
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Ramadan is over on the 8th. Then we have EID holiday from the 8th to the 14th and then on the 15th Sudani is supposed to go to Washington D.C…It’s time to get a little excited…
Fnu Lnu [Post 1 of 2…..] [Response to Pimpy’s HCL non-revenue sharing post from 3-31-2024 below] The notion of revenue-sharing is nothing new in the Middle East. Bruni and Kuwait both do it…Revenue Watch Middle East Director Yahia Said recently returned from several months in Iraq working on the International Compact with the UN…This USIPeace Briefing summarizes the discussion. Many Iraqi citizens look to the law for what it can contribute to reconciliation, security, and welfare. The three parts of the agreement will deal with the issues of 1) revenue sharing; 2) restructuring of the ministry of oil; and 3) establishing the Iraqi National Oil Company (INOC).
Fnu Lnu [Post 2 of 2] It is quite clear that the HCL has intentions to codify the issue of welfare (not for government) and the number 1 issue is REVENUE SHARING. To be more specific; Section 1314 of the FY2007 Supplemental Appropriations Act [P.L.110-28] specifically identified the enactment and implementation of legislation “to ensure the equitable distribution of hydrocarbon resources of the people of Iraq without regard to the sect or ethnicity of recipients” and “to ensure that the energy resources of Iraq benefit Sunni Arabs, Shia Arabs, Kurds, and other Iraqi citizens in an equitable manner” as benchmarks.
Pimpy Community Comment: “It’s the exchange rate. I don’t know where they get taking zeros off the bills.” Every study out there that talks about the deletion of the zeros tells you it comes off the bank notes…If they delete the zeros, your 25,000 becomes a 25 dinar. They’re going to take the zeros off [the rate as well]. .00076 becomes .76…still the same value. You have a smaller denominated note but your purchasing power stays the same.
MarkZ [via PDK] “Iraq’s banking system grows 15.1 percent in 2023 to $158.7 Billion” That is an enormous jump. This is part of the process to reinstate their currency. Deposits continue to increase as more people keep their money in the bank instead of under mattresses.
Militia Man Auctions are going to stop as we know them. They’re suggesting they have a move… Quote: “The bank said it would stop the platform at the beginning of the year…” But then they moved to next April 1st. That’s Monday…It’s exciting times to be sure. If they’re stopping those auctions as we know them something’s going to change.
Frank26 Article: “Al-Shammari reveals the most prominent files of Sudanese’s visit to Washington and the government’s ambition regarding the dollar” THE FINANCIAL FILES WILL REPLACE THE PROGRAM RATE Quote: “The government is planning to reduce the dollar to the official rate.” This is certain, but it takes time.
Texas Snake …what my banker has just shared with me: “THE LATEST MESSAGE TO ALL REGIONAL CURRENCY EXCHANGE MANAGERS IS TO ADVISE YOUR SPECIALISTS TO BE AVAILABLE FOR DUTY IN THE WEEK FOLLOWING THE EASTER WEEKEND AS OUR
INFORMATION IS ALL REQUIREMENTS HAVE BEEN SATISFIED GLOBALLY AND THE ANNOUNCEMENTS WILL OCCUR IN THE FORTHCOMING WEEK…PLEASE RECOGNIZE WE HAVE HAD SUCH NOTIFICATIONS BEFORE SO HOPEFULLY FURTHER DELAYS WILL BE UNDERSTOOD.”
