DCDriver: Am I reading this right? " Next Sunday is the date that the Central Bank will offer "new amounts" of hard currency?
MilitiaMan: Yes, you did read that right imo.. Iraq at 1190, 1450, 1553, 1600 or even 2000, as the numbers have been floated over the preceding 4-5 days suggest they are not hard currency numbers. They are effectively exotic.. lol
Now take that in mind to what is expected from the CBI and not street traders or bankers, etc., and have the CBI drop three zeros from any of those aforementioned numbers and you get international hard currency. imo.. That also, if we think and are correct, it will suggest they will need to show new small category notes to go along with the adjusted new rate.
The below is going to help set the stage for some things that are in motion, imo. But first lets keep in mind that the last CBI devaluation was Dec, 20th 2021 from 1190 to 1460 per CBI site.
When considered by the project to delete the zeros the devaluation becomes purchasing power. That most recent devaluation by the CBI was announced I believe after the close of business on that Thursday the 20th, and was not exposed to the market until the following Sunday open for business.
A similar scenario is aligning in a similar manner, imo. The article clearly states something similar below may happen. It might appear as to the CBI has intention to devalue again. But, ask yourself does that make any sense at this stage at all? I sure hope you all think like me, as not in the least does it make any sense. imo
No take note.
We know that there has been massive undertakings over the years, months, weeks and now days to hours in respect to the White Paper Reforms and WB, IMF, UST, BIS initiatives to get Financial Inclusion (FI) to the Citizens of Iraq, the region and the world.
We know that FI in Iraq is past tense to date. We also know that FI includes many things, i.e., E-Banking, E-Commerce, E-Payments, E-Settlements, Borders, Customs, Fees, salaries, etc.. Automation is under way for all of it. We see evidence at the borders even today.
All of those things directly above will require an interlink to communicate.
Well we have seen that the BUNA is geared for to accept Iraq into the AMFs new digital Platform to be along side trading partners internationally. The regional and global partners are already live and clearing, imo.
Iraq will to clear and that will require a new exchange rate. That is what will bring Iraq into the new market economy!! imo
Now back to the topic of the exchange rate change on the street. Lets go back a week real close and recall that there was an article about the street traders losing money in the last devaluation. They admittedly told us they lost money.
They however, were not writing to complain. They wrote to explain that it is all a part of the process. Win some lose some. They went on to say that there was more opportunity in the future and it will be gained by the economic change that is about to arrive in the re construction effort, agricultural arena, and quite possibly inferred to another exchange rate change that ushers in the new market economy.
In other words it appeared to me that they know full well what little they lost then will not be an issue again, as with what they will gain after the next move will make it all seem like a bump in the road of prosperity.
Lets keep in mind that that the Kurds arrived and left the other day and are said to be coming back . Of course they will. That will always be the case.
But, as for now, imo they came and left for a reason. That is imo because they had already hammered out the FOGL and while here imo they hammered out the INOC or they wouldn't have left. They most likely during the formal signing had their private photo op and that can be put out anytime..
As for why do believe that? Because the Parliament missed two sessions in a row. Therefore, it supports that the most important item INOC was sorted, and that there was no more need to worry about the small stuff. So the Kurds went home happy.
However, from the looks of Halabousi and Allawi, there is an ongoing Tit for Tat and another in respect to the mechanism to be exposed.
Notice Halabousi suggests that there are dangerous files. and that Allawi was going to expose those files. That suggests that there are corruption files against Parliament members. Halabousi would know that an exchange rate change in the short term to another devaluation would get the citizens to the streets like no other, just, as the corruption files may do as well. Hence, the Tit for Tat.
Now, lets think about Allawi. He knows the exchange rate is to change as well. Also knows full well that another devalue would cook him like a goose too. But, he also knows that that is not what is going to happen.
He know like me that the CBI has to change the exchange rate. It is their job.
They are not stupid either and know that the last devaluation was for a purpose that had consequences, yet, light at the end of the tunnel. That light will be a reflection of the end of day trading on the street. Will it be 1500, 1600 or even 2000? I don't know.
But, even at 1460 once they drop the three zeros they have Purchase Power and the ability to interlink with trading partners globally. The crew at the borders today (on a Holy Day) doing the new automation hook ups, will know that... Big time too.. imo..
So, the clock is ticking to see if any of what I just wrote has legs to it or not. I do know and have done enough research to support all of the above.
It is all found at KTFAs' forum archives and or Final Article Thread... The News Hounds, Samson and Don961 primarily have provided it all for thank God. They have time zones in their favor to produce things oh so very fast and timely. They are the back bone of this study of mine and those of us who give our opinions from their hard work will imo all give the biggest thanks to you all. You Rock!
Lets see what the days bring us.. imo From here on out things should be very interesting.!! lol
Peace to all! ~ MM
Wednesday 2 June 2021 | 02:36 PM
| Number of readings: 328
For fear of protesters storming Parliament, Al-Halbousi prevents questioning the Minister of Finance
Today, Wednesday, an informed political source revealed that Parliament Speaker Muhammad al-Halbousi prevented the questioning of Finance Minister Ali Allawi, for fear that the minister would reveal dangerous files and documents.
The source said, "Finance Minister Ali Allawi requested that his questioning be conducted in the Iraqi parliament remotely and from outside Iraq, and that the session be public and broadcast on the air, because he intends to present dangerous documents and evidence that will make the demonstrators storm Parliament, because of the files and evidence of major corruption cases."
And he indicated that "this matter prompted Parliament Speaker Muhammad al-Halbousi to withdraw from the questioning of Allawi, despite the appointment of the interrogation session, and al-Halbousi is currently working to push the fireball against him and in secret he is pushing deputies from Shiite political blocs to confront the Minister of Finance."
Anxiety prevails among Iraqis for fear of the deterioration of the purchasing value of the dinar
The Iraqi local markets witnessed a new rise in the exchange rate of the dollar against the Iraqi dinar, as the value of one dollar reached 1500 Iraqi dinars, a clear difference from the rate set by the Central Bank, which is 1450 dinars to the dollar.
And the new value of the rise was recorded in the Baghdad Stock Exchange for hard currencies and exchange companies in the Al-Kifah and Al-Harithiya areas in Baghdad, as well as Erbil, and in the event that the rise continues until the end of the day, this means that the price will remain unchanged until next Sunday, which is the date for the resumption of official working hours and the Central Bank offering new amounts of hard currency within the policy of preserving the value of the dinar. So far, the competent authorities have not provided any explanations for this rise, but experts and specialists attribute this to speculation within the market, which is carried out by traders, businessmen and private banks. The rise is not the first of its kind, but it is the highest, as the past days recorded a slight increase at 1460 and 1470 dinars to the dollar.