I need all my followers to be VERY patient in waiting for the reinstatement of the Iraqi Iraqi Dinar. I know, I know you are frustrated. But think of how the citizens in Iraq feel. Please don’t let this Christmas dream die because you are discouraged. My contact tells me its right in the wings waiting for the ‘go ahead”.
We must pray that the new process with correspondent banks is success as this is the nail in the proverbial coffin for the parallel black market.
To get a very good summary and update of what has been happening in this regard of the upcoming changes, please take a look at the recent articles.
Firstly, we read the Articles titled:
“CENTRAL BANK GOVERNOR: OPENING EXTERNAL CHANNELS WITH FOREIGN CURRENCIES ELIMINATES THE BLACK MARKET” and
“EXCHANGE RATE RISES IN LOCAL MARKETS AS DOLLAR SELLING PLATFORM IN IRAQ NEARS COMPLETION”
When they refer to “exchange rate stability” what they really means in not so fancy terms is the ability to control their currency and adhere through all mechanisms to the “official” CBI rate.
How can they think they can significantly revalue and reinstate the Iraqi Dinar unless they can control the currency? How many times have they told us this in the past that this is needed. Now they say they have a way to achieve it and it was just the normal international practice of doing business with other countries all along that was the solution. Yes, they had to get off the sanctioned mode of doing business to buy imports using only the Dollar to pay for them and go back to normal international practices, of multi-currencies.
What happens to the de-facto peg to the U.S. Dollar then when they do all this? Won’t they have to also get of this sole peg? I know for a FACT that the IMF is standing in the wings waiting and watching for the results of this new process of paying for imports. They are watching for inflation. Will there be a backlog of transactions waiting to pay foreign merchants or will this go smoothly. A gross backlog could drive up the prices in the stores as shortages could occur. There might be inflation.
I am told by my CBI contact that if it is successful after monitoring for inflation, then if all is good, the CBI will launch the Project to Delete the Zeros and we know what comes next. They will have too also launch the new peg of the IQD to the new basket of currencies. Are you happy yet?
If you have been following my Posts all along in these past months, you should realize a HUGE change or transformation has occurred in comparison since the time period prior. It is a transformation of Iraq like no other they have ever experienced. It has come on the heels of being released from Chapter VII. I ask everyone to trust me in that I am in close contact with the CBI committee that is responsible for rolling out the Project to Delete the Zeros. I get weekly statuses that are telling us that Iraq is only moving ahead and not backwards. I am told it won’t be long.
In a couple weeks we will see the fruits of a two-year long process of de-Dollarization, electronic digitization and internationalism of the banking sector in Iraq. There is absolutely no way that Iraq can move ahead to fulfill it’s plan for their country without a stable currency and have it listed back on the global currency markets. Then we go to the bank…..
Didn’t I tell everyone years ago that Iraq is going to be a central hub for the middle east? Let me correct myself in saying it is now a central hub only it is not yet fully geared up and running to its potential. Eighty-five docking stations for freight ships at the port of Faw and only five are now open. Imagine when all eighty-five slips are operational? The amount of freight that will flow through this port of Faw.
Many ask me about the fall of the Syrian government. Did the fall of Syria now solidify the plan and connect the final piece to their puzzle in this transformation process? Did the election of Trump have anything to do with this final phase of economic development now that they have the backing of the banks and the financial reforms all but completed.
According to a statement by the Central Bank, received by Shafaq News Agency, the electronic platform for foreign transfers managed by the Central Bank of Iraq began at the beginning of 2023 as a first phase to reorganize financial transfers in a way that ensures proactive oversight of them instead of subsequent oversight by the Federal Reserve auditing daily transfers.
According to the statement, it was “an exceptional measure as the Federal Reserve does not usually do this, and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks.”
He continued: “During the year 2024 and until now, 95% of the transfer process from the electronic platform to the mechanism of correspondent banks directly between it and Iraqi banks has been achieved, which means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan.”
The bank confirmed that trade with the UAE, Turkey, India and China represents about 70% of Iraq’s foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees and UAE dirhams, through accredited correspondent banks in those countries.
I quote from the articles “He added in this regard: “(13) Iraqi banks have actually begun conducting transfer operations with the prior audit mechanism that has been agreed upon and approved in addition to transfers in Dollars, with the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels and international money transfer companies and cash sales to travelers, and the payment of cash Dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions.” So, the process has actually already begun to some extent.
I quote from the articles – “The bank noted that it has placed foreign transfer operations and meeting Dollar demands on sound paths consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law”. Yes, they are tightening the screws on the corruption practices, something they should have done a decade ago.
I quote from the articles – “The Central Bank’s statement concluded that “providing the aforementioned channels for all purposes at the official Dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation.” Oh, what did they just say….control inflation? Isn’t this all part of Dr Shabibi’s plan at the end of the process to control inflation and check for it to ensure stability prior to unleashing the Iraqi Dinar back on FOREX?
I know that many of you are speculating on what Trump will do as president for Iraq. Will he kill the progress? Come’on folks how stupid a thing to even think at this point. Why would he do this? Let’s take a look at the article in today’s news titled “WHY WILL IRAQ BECOME ONE OF TRUMP’S “PRIORITIES” IN THE COMING PERIOD? – URGENT”. So, I will sum up what is going to happen in the middle east once Trump takes office. In fact we already see the seeds being sown for this to happen. I quote from the article – “Political researcher Ahmed Al-Yasiri predicted, on Friday (December 13, 2024), that major changes will take place in the Middle East region after Donald Trump assumes the presidency of the United States of America. Al-Yasiri said in an interview with Baghdad Today, “Trump is planning major changes in the Middle East region, and therefore the region is entering a new phase, and Iraq will be at the forefront of these changes in terms of the security and economic reality.” Who put together the peace plan for the middle east under the last Trump administration? Enough said about this….
The title of one of our articles today is set to answer the question on all the minds of the Iraqis. It is titled “AFTER THE EVENTS IN SYRIA… WILL IRAQ WITNESS A NEW ECONOMIC PHASE?”. I quote from the article “Iraq is suffering from major economic challenges due to political and military crises in some surrounding countries, but the impact of these crises on the Iraqi economy is still somewhat limited” – “In this regard, economic expert Ahmed Fouad told Iraq Observer that “Iraq enjoys stable financial flows and strong international trade relations,” indicating that “the tensions in Syria, including the recent events and the fall of Bashar al-Assad’s regime, will not fundamentally affect the Iraqi economy, which relies on central economic policies and strong oil revenues.”
The final status of the RV is we are still waiting for the full implementation of the new process with correspondent banks to process payments of imports for Iraq. We are told this will all but eliminate the parallel market and it will no longer be of concern for the stability of the Iraqi Iraqi Dinar. We have been told that this will lead to the next phase, which I am told by my CBI contact is the initiation of the currency reform, as now they will be able to conduct the process with relative knowledge of its success. Also do not forget that in order to begin the process Iraq still needs assurances from the US that it will support it and allow it to proceed to the end of the process.
