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STATUS OF THE RV
I had an interesting conversation with my CBI contact.
I was told that the IMF, World Bank and the US Treasury has given the “green light” to reinstate the currency and liberate it back to the foreign currency exchanges FOREX.
This means, as I was told, that they plan to move ahead with the redenomination beginning this week in preparation for FOREX.
But it’s Thursday already!
That once they do the “project to delete the zeros” they will first monitor it for inflation for a few days or more.
We just don’t know.
Yes, they will have to change the rate close to $1USD per dinar inside Iraq first and see what happens.
This may go on all next week even so be patient or it may not be so long.
If the CBI was successful in regulating the use of the dollar in Iraq and now the conversion solely to Iraqi dinars as their national currency, then the redenomination to the lower denominations this could go quickly.
Of course, there is lots going on here and there will probably be some hiccups as they may expose more corruption in the banks or black marketeers as usual.
Anything can happen but there is no turning back now on the process.
So, I then asked when we could expect to see the new rate, our rate on FOREX.
I was told it could happen when the US Treasury sends the updated file needed to reinstate the IQD to the program team to update FOREX files which will load when the market comes down.
My contact told me that the CBI has no control over this.
We were told months ago the QFS is already with the new rate as it has been running now since 2021 generating the new rates over and over again according to the new asset-backed rules.
FOREX will be fed by the QFS by more and more currencies as they roll over from QFS slowly and no longer from the old system.
There is a slow, methodical rollout of currencies in predetermined baskets or bundles.
This is NOT a currency reset.
This is a conversion from the old system of weighting currency valuation to the new system.
The IQD is NOT the first to rollover either.
There has already been many completed.
I then asked when?
But of course, they were not going to give me an exact time, but I felt from their words it was a foregone conclusion and going to happen very, very soon and possibly today or by Sunday but before the markets came back up on Monday.
As you know I got really excited, but I try to maintain myself as we are dealing with Iraq.
Go figure….
I asked if the 2023 part of the newly passed budget allocated money for the redenomination and they told me – “yes it did”.
Remember I told everyone you would NEVER see the new RV rate anywhere in the budget and that the budget is flexible.
The rate in the budget states IQD 1300 per $1USD.
Everything is moving ahead and we should expect the reinstatement to happen soon.
The US Govt just gave Iraq a very strong POSITVE message this week.
Remember we can’t go to the bank to exchange until the rate is on FOREX and the banks are given the green light too.
Just relax and let it all come to us.
We don’t need a panic situation or high visibility of this event.
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WASHINGTON ANNOUNCES A “STRONG MESSAGE” TO IRAQ..
THIS IS ITS GOAL
Washington announced today, Wednesday, a strong message to Iraq aimed at normalizing relations with it and strengthening economic fields between the two countries.
The Special Representative for Trade and Business Affairs at the US State Department, Deloire Syed, said during a press conference attended by a reporterSumerian, he said, “There is a great opportunity not to increase our investment in Iraq but there will certainly be a benefit to society,” he said, noting that “we are here to help Iraq”.
He added, “We want digitization Iraq and to turn into a digital society and create opportunities for the Iraqis,” adding: “We want help Iraq in development, we hope that this will be as soon as possible.”
Dilawar Syed confirmed, during his response to a question by Alsumaria, that “the oil and gas sector is vital, and we look forward to working in all fields, including the environment, health, hospitals, financial services, and the technology sector in order to keep pace with Iraq the global system.”
He pointed out that “there are many young people waiting for many opportunities, and we are looking forward to dialogues that could lead to important results.”
He explained that “the United States has many large companies in the region and Iraq through this delegation, we seek to change the compass,” stressing that “one of the largest delegations visited America and discussed many details, and we do not need visits that are only meetings and end without an agreement.”
For his part, the Vice President confirmed American Chamber of Commerce, Steve Lotus during the conference, he stated that “his country is interested and excited to be the commercial attache here in Iraq he pointed out, “We came here to send a strong message aimed at normalizing relations with Iraq and strengthening economic relations between the two countries.”
He continued: “This visit will result in good things and success, and we seek to have continuity in work,” explaining, “We focus on the energy and gas sector and others, and there will be discussions at the level of the environment and the financial services sector.”
His visit to Iraq with a number of officials in the Iraqi government, as well as a large number of representatives of the private and public sectors and owners of entrepreneurial projects to discuss ways to invest in various fields, and create new job opportunities for Iraqis.
Publicado por Dinaresgurus.blogspot.com FORO DINAR GURUS en 2:35 PM
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