Clare: After an Interruption of More Than 30 Years, Iraq Wins the Chairmanship of the Executive Council of the Arab Investment Company
12/17/2024 Tripoli – WAA
The Iraqi Embassy in Libya announced today, Tuesday, that Iraq won the presidency of the Executive Council of the Arab Investment Company in the year 2025.
The Chargé d’Affaires of the Embassy, Ahmed Al-Sahaf, told the Iraqi News Agency (INA) that “in a prominent diplomatic step, Iraq succeeded in winning the presidency of the Arab Investment Company during the 63rd session of the Arab Economic and Social Council held in the Jordanian capital, Amman, to return to this position after an absence of 32 years,” noting that “Iraq has not been able to obtain the presidency of the aforementioned company’s council since 1992.”
He explained that “this achievement came as a result of joint coordination between the Ministries of Foreign Affairs and Industry and within the priorities of the government program of Prime Minister Mohammed Shia al-Sudani, and the emphasis of Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein on repositioning Iraq’s role in regional and international organizations, within the multilateral diplomatic path
As well as the strategic planning and management that the Iraqi Ministry of Industry has been pursuing, and in accordance with productive diplomacy, through intensive efforts led by the Iraqi Embassy in Tripoli, headed by the Chargé d’Affaires, Dr. Ahmed al-Sahaf, who was able to obtain decisive Libyan support to strengthen Iraq’s candidacy, through coordination with the Chairman of the Investment Authority in the State of Libya, Dr. Abdul Hakim al-Fitouri, who gave Libya’s vote to Iraq, which it needed to secure victory.”
He noted that “Iraq’s hosting of the company’s executive council meetings in 2025 in Baghdad is a step aimed at enhancing Arab cooperation in the fields of industry and infrastructure, and consolidating Iraq’s position as a pivotal industrial center.” LINK
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Clare: Get ready.. The exchange rate is set to rise again: The dollar selling platform will stop and “the shock is coming”
12/17/2024 – Baghdad
Economic expert Nasser Al-Tamimi warned, today, Tuesday (December 17, 2024), of a rise in the dollar exchange rate in Iraq in the coming days.
Al-Tamimi told Baghdad Today, “There are real fears in the Iraqi market of the continued rise in the dollar exchange rate after the Central Bank of Iraq stopped working on the platform,” indicating that “this matter will constitute a shock, especially at the beginning of implementing the decision and will lead to a rise in the dollar, to increase demand for it in the parallel market.”
He added that “after the platform is stopped, most traders, especially small ones, will depend on the parallel market to finance their foreign trade, while continuing to finance trade with Iran and Turkey in dollars, through illegal means,” noting that “this is what will lead to the rise, and therefore practical steps must be taken to prevent this by the country’s monetary authority, and urgently.”
The Central Bank of Iraq revealed on Wednesday (September 4, 2024) the mechanism for ending the electronic platform for foreign transfers, while indicating that the placement of foreign transfer operations and meeting requests for the dollar are on sound paths and consistent with international practices and standards.
The bank said in a statement received by “Baghdad Today”, that “the electronic platform for foreign transfers managed by the Central Bank of Iraq began at the beginning of 2023 as a first stage to reorganize financial transfers in a way that ensures proactive oversight of them instead of subsequent oversight by the Federal Reserve auditing daily transfers, and this was an exceptional procedure 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 a pre-audit of transfers before they are executed by correspondent banks.”
He added that “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,” explaining that “some expectations about potential impacts on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one batch at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be completed in the coming short period.”
He stressed that “trade with the United Arab Emirates, 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 Emirati dirhams, through accredited correspondent banks in those countries, and (13) Iraqi banks have actually begun conducting transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars.”
He continued: “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.”
The Central Bank of Iraq stressed that it “put foreign transfer operations and meeting dollar demands on sound tracks consistent with international practices and standards and the Anti-Money Laundering and Terrorism Financing Law,” explaining 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, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices resort to, who avoid official channels in their dealings, and bear the additional costs alone by purchasing at a higher than the official price to delude others with the difference between the official price and others.” LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Mr Sammy just told me when Iraq cancels the auctions and the change over occurs to the dinar, that’s actually a process of the revaluation. FRANK: That is the last step in the process…The question is, when will this happen? In my strong opinion this is based on the ending of the auction on December 31, 2024 then January 1, 2025 should be a start. Of course you know this is the Middle East so I’m not offering you a date. You know the Iranian politicians in Iraq are doing everything to stop it. If this event wasn’t real, they wouldn’t be stopping it…
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
We are hearing another gazette is missing from the publication. They say it’s number 485. They say it was completed but it is not published publicly yet. We thinking it’s because it has the article 12 items related to it… FRANK: Article 12 is the introduction of a restricted free currency with no sanction to the international world. It does not mean it has to have value but it means that it can leave your borders and gain value in an international basket. Everything is set up so perfect.
CRASH INCOMING: This is What the Final Stage of the Everything Bubble Looks Like
Taylor Kenny: 12-17-2024
Every financial bubble in history, from the Tulip Mania of the 1600s to the 2008 housing crash, has followed the same cycle: euphoria, denial, panic, and collapse.
In this video, I break down exactly where we are in today’s bubble, how speculative growth and market concentration are fueling delusion, and why the collapse is already baked in.
CHAPTERS:
00:00 Every Financial Bubble Bursts
01:10 The Stages of a Financial Bubble
02:15 Smart Money vs. Public Investors
03:21 Greed and Delusion: Where We Are Today
04:27 Expectations for Stock Prices vs. Income
05:40 FOMO and Market Delusion
06:51 The Dot-Com Bubble vs. Today’s AI Boom
08:05 Stock Market Concentration: The S&P 5
08:39 What Happens After Delusion: The Crash
10:21 Volatility and Risk: The New Normal
https://www.youtube-nocookie.com/embed/4Uyqvy-SHfQ?feature=oembed&enablejsapi=1
