The Governor Of The Central Bank Meets With The Chairman Of The First Abu Dhabi Bank Group
December 13, 2023 The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Ms. Hana Al Rostamani, and
during the meeting it was agreed to launch financial transfer operations between the two countries and to finance trade and imports between Iraq and the United Arab Emirates in the UAE dirham currency through the First Abu Dhabi Bank.
Transfer operations in the UAE dirham began today, Wednesday, December 13, and the first phase of this agreement will be with five Iraqi banks, which will be gradually increased.
This step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it aims to reduce dependence on the electronic platform. For financial transfers and working in accordance with normal international practices adopted in enhancing Iraqi bank balances for the purposes of financing trade.
The First Abu Dhabi Bank offered to contribute to financing clean energy projects in Iraq. It is noteworthy that First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, with a credit rating of AA-, and its total assets amount to about 300 billion US dollars.
Question "Does Iraq need to change their exchange rate in order to be part of a currency basket?"
In the news lately Iraq has talked about expanding their currency basket but somehow, some way, that ended up being that Iraq wanted to be part of a currency basket...I did the research...'In order for Iraq to be part of a currency basket it may need to consider changing its exchange rate.' Slow down. Don't get excited. It says, 'It may need to consider changing its exchange rate.'...If Iraq was actually being invited to join the currency basket then I would say with confidence Iraq must be doing very very good in order to be invited.
They've been talking...for the past couple weeks or even couple months - They want people now to start taking pride in their currency, start using their currency. Their goal is to strengthen Iraqi dinar and one of the steps they needed to do was get rid of the US dollar.
The Central Bank announces the agreement with the UAE to launch financial transfer and trade financing operations in the UAE dirham
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today that they have agreed with the UAE to launch financial transfer operations between the two countries and finance trade and imports in the UAE dirham currency.
The governor’s media office announced that Ali Mohsen Al-Alaq, the Governor of the Central Bank of Iraq, had a meeting in Dubai with Hanaa Al-Rustamani, the Chairman of the First Abu Dhabi Bank Group. They agreed to initiate financial transfer operations between Iraq and the United Arab Emirates and finance trade and imports in their respective currencies. These transactions will be carried out through First Abu Dhabi Bank.
The transfer operations in UAE dirhams started on Wednesday. The first phase involves five Iraqi banks and will be gradually expanded.
He said, “This measure is part of an effort to help Iraqi banks establish relationships with credible foreign banks and aims to reduce reliance on electronic platforms for financial transfers. The goal is to adopt standard international practices that will strengthen the financial standing of Iraqi banks and enable them to finance trade more effectively.”
First Abu Dhabi Bank offered to finance clean energy projects in Iraq.
It is worth noting that First Abu Dhabi Bank is one of the world’s largest and strongest financial institutions, with a credit rating of AA- and total assets of about 300 billion US dollars.
Surge in Searches for US Dollar Exchange Rate in Iraq Reflect Rising Dollar Value, 14 DEC
In recent times, a noteworthy uptick in searches related to the exchange rate of 100 U.S. dollars in Iraq has been observed across various internet search engines. This surge of interest, coming predominantly from citizens residing in different provinces of Iraq, is directly linked to the escalating value of the U.S. dollar. The rising dollar value has piqued the interest of many, resulting in a daily follow-up on the USD/IQD exchange rate.
Exchange Rates on December 13th
As of Wednesday, December 13th, the exchange rate of the U.S. dollar against the Iraqi dinar was recorded at around 1,310.5000 Iraqi dinars. However, a different picture emerged in the parallel market, colloquially referred to as the ‘black market’. Here, the U.S. dollar was trading at 50.00 Egyptian pounds for buying and 51.00 Egyptian pounds for selling in Egypt.
The Iraqi Dinar in the Parallel Market
In the parallel market, the Iraqi dinar exchange rate stood at approximately 37.96 Egyptian pounds for buying and 38.72 Egyptian pounds for selling. The stark difference in these rates indicates the volatility and unpredictability inherent in currency exchange markets.
Live Currency Rates and Historical Data
Real-time currency rates for USD to IQD, along with a live currency converter, conversion table, exchange rate history for the last week, and live charts for USD to IQD were also provided. Platforms like TorFX were suggested for international money transfers, promising free transfers with zero fees for amounts exceeding £2000.
The exchange rate was recorded as 0.0008 Dollars for one Iraqi Dinar, with the provision for users to sign up for exchange rate alerts and access historical exchange rate data. The current exchange rate was notably higher compared to the previous day’s rate, sparking curiosity and concern among followers of the USD/IQD exchange rate.
USD Exchange Rate in Baghdad and Erbil
Contrary to the rising rates, the USD exchange rate against the Iraqi dinar was lower in the markets of Baghdad and Erbil. The closing rate in the al-Kifah and al-Harithiya Central Exchanges was 155,950 IQD to 100. The selling and buying rates of the USD in Baghdad’s parallel markets were 157,000 and 156,000 IQD to 100, respectively. Meanwhile, in Erbil, the USD selling and buying rates were 156,050 and 156,950 IQD to 100, respectively.
Shafaq News / Prime Minister Mohammed Shiaa Al-Sudani held, before Wednesday afternoon, a special meeting of the Networking Committee for Border Ports, in the presence of a number of government advisers.
A statement issued by the Sudanese office said that the latter “hearded, during the meeting, a comprehensive presentation of the port networking project, the system designed to manage it and the unified and central database it provides, in addition to the possibilities of interconnection with the controls in order to enhance security and follow up transit trucks.”
The statement added that Al-Sudani “beared the developed electronic declaration system, the intelligent tracking system inside the ports for trucks, and the obstacles to the completion of the project, which began work in March 2023, which will reduce time and reduce financial corruption, smuggling and customs manipulation.”
According to the statement, the Prime Minister stressed the need for the draft system to include extensive automation in the processes related to border crossings, centrally securing its work, and forming a unified inspection picture containing all the required information, directing that the dependence on the human factor is minimized to the maximum extent.
The statement added that the Sudanese “directed to accelerate the integration of the linkage between the departments, in order to reach a state of linking between the Central Bank, customs, border crossings and all sectoral departments, commending the efforts made to complete the work of this system and implement it with all its capabilities.”
Al-Rafidain explains about issuing electronic cards and opening bank accounts
Economy News – Baghdad
On Wednesday, Rafidain Bank issued a clarification on the issuance of electronic cards and the opening of bank accounts.
The bank’s media office said in a statement received by “Economy News” that “the process of issuing electronic cards and opening bank accounts is proceeding at an increasing pace from the bank’s branches spread in Baghdad and the provinces.”
The Board of Directors of the Central Bank of Iraq decided, on Wednesday, to establish the “National Company for Electronic Payment Systems in Iraq,” among other terms, that the company represents a qualitative development in the structure of the country’s financial infrastructure.
The board said in a statement, which NRT Arabia received, a copy of which, that the new company will be responsible for developing, operating and managing national electronic payment and clearing systems with high efficiency and adding new elements to serve the electronic payment environment.
He added that the role of the Central Bank of Iraq will revolve around the organization and supervision of these regulations, and that the implementation and development of the legal, executive and operational framework of the company will be initiated with the participation of all stakeholders, in accordance with the Bank’s law and the legislative frameworks in force.
It should be noted that this step comes in conjunction with the accelerated growth in electronic financial services and products and the high preparation of users in line with the framework of the government program to support and adopt advanced electronic payment systems.
...just recently Iraq now began broadcasting news in-country to the citizens that the dinar is an “issue of a homeland” in a real way...a patriotic video...is telling the people that the dinar is valuable and will revitalize the nation...
It DOES NOT say the dinar is going to be stronger than the dollar, but it does tell the citizens they should be very proud of their national currency and that it is very valuable. Valuable at 1/6 of a penny? ...something BIG is about to happen with the dinar...
Article Quote: “covering imports from retailers Turkey in tens of millions of euros, through Iraqi merchants paying in Iraqi dinars and the Central Bank strengthening them in euros to settle with Turkish merchants in Turkish lira.” ...WOW! WOW! WOW! Iraq is paying for imports in dinars. We have been waiting for this news for so long now, almost 17 years... We also previously heard that Iraq is trading with Iran in dinars too... this is all VERY GOOD news as this is how international trade should work...
Article: "PARLIAMENTARY INVESTMENT AND DEVELOPMENT: THE INDUSTRIAL INVESTMENT LAW WILL BE APPROVED DURING THIS SESSION" Quote: "
...the Industrial Investment Law has completed its first and second readings, and is ready for a vote in the House of Representatives during the current session..." This Industrial Investment Law goes hand in hand with the revaluation of the dinar and rebuilding of the economy. You can see it all coming together and 2024 will be explosive...
Welcome, everybody to the big call tonight. It's Tuesday, December 12th and you're listening to the big call. I'm glad to be back physically and every other way on the big call tonight, looking forward to having a nice short call tonight. Nice short call. And so let's do this. As you guys know, we welcome everybody for wherever they are around the globe. There's a pretty good chance out today of getting the call out all around the globe thank you to our Starlite Team - as our team that is working with the satellites, the starlink satellite system. Thank you, sat team for helping us to do that to get the word out.
All right, that sounds good, Bob, thanks so much for that look alright let's cut to Intel. Today is the 12 days we're only 13 days or less than two weeks away from Christmas. Now they had said that we should have this blessing, prior to Christmas.
I believe they are Right I believe that's going to happen sooner than Christmas. Everything that we're getting yesterday and today is pointing toward this happening - Very soon, based on what information we got yesterday from Treasury to the redemption centers - we have schedules for the next eight or nine days in most jurisdictions. Some will go longer some will go actually shorter because there's not as many zim holders in certain parts of the country as there are in others - that's gonna be the criteria for keeping the centers open for as long as they need to
When the redemption of the zim is complete – they think they know who has the zim -- they believe they know who has all the currencies, except what they don't know is who gave them to other people that they're not sure of - they'll find that stragglers come in with one or two notes to exchange .
We're hearing is pointing toward like the very last steps being taken place now at redemption centers for identification of staff people with their pictures and their biometric fingerprints and the new NDA and all of that stuff. All that has been happening for the last two days and should complete It should be completed. Anytime now.
If that's the case, which we believe it will be - If that's the case, we should have our notifications coming out sometime tomorrow, sometime Wednesday, with the likelihood of setting appointments Thursday is very high,
I don’t know that we would start as early as tomorrow evening for exchanges – but I know that its likely that we would set appointments at least and start on Thursday – Thursday is the 14th and there’s been an effort to try to get all of this done on or by the 15th of December –
So we are right at the precipice of this happening and I think everything for the most part – I know we had a lot of the bad guys picked up that they wanted to have out that two days ago at least maybe three we were at 83% of who they wanted to have removed – so they probably still continuing to do that – and should do that a little bit longer –
Bondholders That’s over 16,000 bondholders that could see money in their account, are waiting for the final email, or text – or phone call to come to them – and say they have access to it -
They probably won't have access to either tomorrow or Thursday - one of those is my guess probably is Thursday - they have been waiting just like we have -
I know that things have moved for the admiral’s group forward since last week, almost a week of super whales were paid out. Whales were paid out – now may have held down to the rank and file the normal accounts in the admirals group – not quite sure what the protocols to be it should be really, running pretty closely really to what we are getting for us
I don’t think they are going to be that much ahead of us if at all. And we've got quite a few people still in tier four A – I mean tier 4 B - even though these are for be excuse me, the Internet Group even though we did clean up some people that needed to be clarified or removed from the group. Everything's moving forward though.
And I think we're looking at getting this done and having a wonderful Christmas moving into the new year with Prosperity. And I can’t tell you guys remake what we thought was a deadline on restitution reclamation allowance I was so called R & R or at least for the seniors the 62 and older. We were told to be between 7th and 13th .
I think that's cutting it a little close. Because Tomorrow is the 13th . So I'm not sure of that - so that's what we're going to try to find out before the call - but I could not to get that information clarified. So we just have to look at that and when it does.
But I think we're going to see blessing manifests here very shortly and I'm looking forward to that as you all are.
And I want to say I hope that everyone is prepared to move forward with the projects that they've that they worked on - the presentations that they've created, taking them to the redemption centers, I believe we will have all new non disclosure agreements, I believe they are going to be two pages and we'll see what happens with that.
I did hear we would be able to move a pretty significant amount of funds into our primary bank accounts from our quantum accounts, but I think we had, I believe we have some restriction of 1.6 billion into each LLC or structured structure that was tied to our bank account. And now I think they put that over to about 2 billion.
So if you had one or two LLC, you could move 4 billion into those two LLC accounts, the LLCs are named as the account for the bank and you can have multiple obviously multiple accounts for your different projects – I told you I already had four different LLCs already created for four different bank accounts for Wells. I'm going to use that. See how Wells Fargo does and we'll see I mean they're looking to get us in and out guys in 30 minutes or 30 Minutes or Less appointment, take 10 minutes to re group and refresh and do all that and then start another 30 minutes and get another person in. And so on - there could be two or three people at one time. But depending on the redemption center or demographic depending on how many staff people they have.
You could have three or four people working with your with you and getting your situation taken care of at one time. Three to four people probably do it and then you'd have a very short time. Five to eight minutes and I'm thinking probably closer to five minutes. If we're down to 30 minutes total to express your presentation is short, sweet way outline form so that you can get across the ideas that you have for the projects. That you want to do.
That is not five minutes per project that's five minutes total, for everything that you plan to do.
If you have five projects, you're gonna have maybe one day each, and I think we can do it. I know we can do it and obviously you know there's a lot to in 30 minutes, setting up one or two new bank accounts, your credit debit cards, getting your quantum card put together where you know how to use it, to move funds into your into your Wells Fargo primary account.
There's not a whole lot of time for you know, fuzzy type behavior here. It's gonna be you know, in and out, boom, you're done. You're out. I'm gonna give you a Q- phone if you‘re a Zim holder and if not forget it. Zim holders get priority. And then you take some cash if you want to – the new USD is supposed to be there in packets, probably a $500 a packet - Maybe it's more like 2500 but I don't think they want to spend a whole lot of cash, but just get a little cash looking at the notes and get out of there – celebrate it - don't make a big hoopla Don't be buying rounds of drinks at the bar. Be subtle about it -
Don't do any of that stuff guys. It's only gonna get the questions thrown up is who's that guy? Is that woman? Oh, she must be money. You don’t want them to know that -
Well, you want to keep this on the down low. Really do
I don't think it's wise to to even when you’re tipping - it should reasonably - be a good tipper. But don't be crazy about it. You can figure out ways to safely donate money, give to charitable causes. give to people one on one. All that you'll figure that out - You know after talking with your attorney, after talking with your family office, if they do get one created for you Wells Fargo, give that some thought that's really important.
But don't try to be a big shot. On day one or two after this goes. It Just won’t go well for you if you do -remember, you're going to be under a non disclosure agreement (NDA) at least 30 days if you’re a good person - 90 - 120 days if they don't suspect that you'll even keep your mouth shut. So whatever period of time you're in an NDA is considered your private personal business. Nobody needs to know that you are in what you've been driving and all that good stuff. They don't even know that.
Just saying that was the one that brought you there. All right now, that's really short and sweet, because I can bring it tonight. I really think if everything went according to plan tonight, we should be looking at numbers tomorrow – don’t know when – morning or afternoon - or whatever it is we will set an appointment. We'll go most likely Thursday. If we get them tomorrow
But that's what I wanted to say tonight - Let’s go ahead and pray the call out and we will go from there this is basically - this SHOULD - all things being equal – this should be our last call you guys - and the next communication you hear from us would be possibly a call that is pre recorded. Put on a link that you could click on it and play at home because I do not plan to do any more public calls.
Okay, this should be it for us - If we don't talk to you on the big call, between now and Christmas let me say Merry Christmas - Happy Hanukah to all of you, out there in big call universe. Thank you for listening Thank you for good stewards with this blessing.
Parliamentary Finance: Government transactions in non-dollar currencies will contribute to stabilizing its official rate
12-12-2023
Parliamentary Finance - Government transactions in non-dollar currencies will contribute to stabilizing its official rateInformation/Baghdad..
The Parliamentary Finance Committee confirmed, on Tuesday, that the government’s move toward currencies other than the dollar in foreign dealings will contribute to stabilizing its official rate of 1,320 dinars to the dollar.
Committee member Jamal Cougar said in an interview followed by “Al-Ma’louma” that “the government’s move towards currencies other than the dollar will facilitate the trade issue on the one hand and push traders to deal with the platform more and reduce pressure on the dollar instead of focusing on it, stressing that it will contribute to stabilizing its official price.” “.
He added, “The government has spent only 20% of the current year’s budget, and it is assumed that after December 20, a good portion of the budget will be spent for a period of five days until the accounts are closed.”
A member of the Parliamentary Finance Committee pointed out that, “With the beginning of the new year, the budget schedules for next year 2024 will be sent.”
Experts: Tightening Supervision Reduces The Price Of The Parallel Dollar
Economical 12/13/2023 Baghdad: Shukran Al-Fatlawi Specialists in the field of finance and economics stressed that reducing the price difference between the official and parallel dollars further requires tightening control over violators, in addition to the importance of adopting a unified customs system.
Despite the many government measures taken to control this matter, the difference is still huge, as the government sells the dollar at a price of 132 thousand per hundred dollars, while in the parallel market it ranges between 156 - 157 thousand per hundred dollars.
The economic expert, Dr. Nabil Al-Marsoumi, said To "Al-Sabah": The electronic platform needs to be closely and periodically monitored in order to fulfill the purpose for which it was prepared, because some greedy merchants buy the dollar at the set government price or the import dollar and sell it at the commercial price.
He pointed out the necessity of adopting the issue of monitoring seriously to prevent greedy merchants from exploiting citizens. Al-Marsoumi stressed the importance of having a unified customs system, one tariff, and one tax system, so that there is central control over the border crossings, and so that these procedures do not remain formal and have a limited effect in reducing the gap between the parallel and official prices.
Prime Minister Muhammad Shiaa Al-Sudani recently revealed that 26 billion dollars were not included in the tax system, which was scheduled to enter the state treasury. For his part, economic and financial expert Dr. Mustafa Hantoush told “Al-Sabah”: The tax reduction that was added to some goods And products is a very important and necessary measure.
He explained that paying with the so-called (official dollar) for some goods gives them a lot of ease and comfort during the sales process, as is the case with mobile phone devices and gold, as importers suffer from the difficulty of approval and the tax question, which constitutes a great burden during the import process. Hantoush pointed out that Reducing the tax on cigarettes from 110 percent to 30 percent.
As for medicines, many of them are imported through Kurdistan and are subject to high rates or are banned for various reasons, so the situation must be addressed. He continued that many detergents are charged 50 percent, of which about 5-15 percent is allocated to the region.
It is noteworthy that the Council of Ministers recently took several decisions, including those regulating trade and the importation of some materials and goods, which some merchants are forced to finance from the informal currency market. Foreign financing, and the negative repercussions that such financing would have on the exchange rate.
Therefore, the Council took a number of decisions and measures aimed at facilitating importers of gold goods, cars, mobile phones, and cigarettes from benefiting from the services of the foreign banking financial transfer platform, in a way that makes it easier for importers of these goods to obtain... Financing in foreign currency at the official exchange rate saves them the need to resort to purchasing foreign currency from the informal market. Edited by: Ali Mowafaq https://alsabaah.iq/88813-.html
The dollar is going away between now and the 20th for commercial purposes. It will not be used as of the same data for taxation in the country... Will they still be able to buy dollars to travel...? Yes. Will they be able to use the dollar for transactions in country for commercial purposes?Answer, No. Will they be able to use any other currency other than the dinar for commercial purposes within the country as of January 1, 2024? ...the answer is no... Standby for this to get really exciting because everything we're seeing is telling me that we've never been here before...
Article: "Samsung: Iraq represents the most prominent market in the Middle East" The Iraqi markets are going to explode. Samsung is going to be there all along the way. They will not be alone be sure. Having an early start is a big deal...Iraq's private sector is going to be on fire.
Al Sudani has established a "Unique private sector development council..." ...Giving credibility to the private sector is getting ready to explode. It's going to be phenomenal.
If the Finance Minister needs to work to the end of the year to make sure that everything's sorted and ready to go and do it right and do it properly so the Iraqi citizens get what they deserve which is purchasing power.I think it's a phenomenal situation. I think everybody can clearly see...they're doing it and it's coming to fruition...
Al-Bayati: The Oil And Gas Law Does Not Meet The Desires Of The Kurds
Today 11:55 Information / Baghdad... On Wednesday, former MP Jassim Al-Bayati criticized the region's policy and his position on the oil and gas law after attempts in recent years to pass it in Parliament, pointing out that the Kurds had obstructed the law in recent periods because it did not meet their desires.
Al-Bayati told Al-Maalouma, “When the political parties in the Kurdistan region talk about the oil and gas law, they are lying to themselves, as the law will not be in the region’s interest at all.”
He added, "The oil and gas law will determine the region's oil exports and imports according to legal frameworks that it will not be allowed to tamper with. Therefore, it will not be in the interest of the region that lied about the oil file."
He stated that "the Council of Ministers voted in 2007 on the oil and gas law and it was sent to Parliament, but the Kurds stood against this law and prevented it from being passed in the House of Representatives, because they did not want the rest of the oil companies in other provinces to be their partners in the oil file." LINK
The National Bank of Iraq obtains an American loan to finance small and medium-sized companies
2023-12-12 23:03
The National Bank of Iraq obtains an American loan to finance small and medium-sized companiesShafaq News/ The National Bank of Iraq announced on Tuesday that it had obtained a loan from the American Foundation (DFC) worth $50 million to support small and medium-sized companies in Iraq, indicating the need to increase the competitive capabilities of this segment and develop their businesses.
The bank explained in a statement today that the entire loan is allocated to the bank’s clients from small and medium-sized companies at a low cost, in exchange for the bank’s commitment to contribute by adding $35 million in facilities over the next five years to the small and medium-sized companies’ loan portfolio.
He stated that this loan will enable the bank to continue its regular support for this vital sector by increasing financing and working capital, which in turn will boost commercial activity, preserve jobs, and ensure greater economic stability, especially since small and medium-sized companies are a major driver of economic growth and provide job opportunities. New, contribute to economic and social development, and stimulate sustainable economic growth, which will have a significant impact on the revenues of small and medium-sized companies and their operations in Iraq.”
The statement added, “The past few years have witnessed increasing international recognition of small and medium enterprises (SMEs) because of the critical and important roles they play in creating new job opportunities, and their significant contribution to achieving economic development and reducing the crises of poverty and unemployment, in addition to their complementary roles in supporting companies.” The largest in size is that it is considered the main source of the work of these companies.”
According to a report prepared by the World Bank, small and medium-sized companies in Iraq represent about 90% of the total companies operating in the country, provide about 70% of job opportunities, and contribute about 25% of the gross domestic product, and at a time when the private sector provides… About 60% of jobs in Iraq, small and medium-sized companies are responsible for most of them. However, small and medium-sized companies in Iraq face many challenges, including a lack of liquidity, according to the bank’s statement.
The statement affirmed its commitment to “supporting small and medium-sized companies by launching programs dedicated to supporting this segment of customers with the aim of increasing their competitive capabilities and developing their business.”
It is noteworthy that the National Bank of Iraq today tops the list of banks operating in the Iraqi banking market, in terms of total assets that approached 2.8 billion dollars, supported by a growth in customer deposits of about 91%, while the bank has a growing customer base that today has reached about 200 thousand customers who are served by more than It has 1,000 employees, 27 branches, and 200 ATMs.
What does it mean to float? ...It means the Iraqi dinar de-pegging [from the dollar] and pairing with a bunch of currencies in an international basket from the Middle East...The reason why they're adding it to a basket is to add value to the currency of Iraq via the international markets...
The most important thing here is all of this international movements via this basket are being done with no restrictions...This rate will be determined by the amount of supply and demand of the currency of Iraq in that basket. You can already see that demand is astronomical with all the contracts that have been signed that want to come into the country of Iraq and invest...Currencies have already been swapped.
You are going to keep hearing more and more about the monetary reform education until they announce it. This monetary reform was once a secret but...now they're flat out telling you. That which was once a secret is no longer needed to be a secret. The secret is no more.
Question: "Do you think the tellers [In Iraq] have the lower denoms?" No. "...Executive levels?" Yes. Samples and specimens and LDs only at executive levels right now...
IRAQI BANK FRIEND: The meetings we have had with the CBI we are learning the next steps. Also we talked about in the meeting we are seeing many people in Iraq now coming into the banks and asking questions and we have given the banks permission, they are now allowed to explain all about the monetary reform process and where it's at right now to the citizens as they ask...
One of their biggest questions is, 'Is it true we are getting a new currency? Yes. Are we going to receive more purchasing power with this new currency? Yes. Are we going to see a change in our exchange rate? Yes. Is this why we are removing the dollar? Yes.'
They keep asking questions over and over again. Also the question people are asking a lot about, 'When? And how much?' But at the meeting we agreed that the banks are not to be given that information just yet, not even the upper echelon. The banks are saying, "In the very near future."
These questions are due to the fact that it is no longer a secret...The monetary reform has been successful thus far.
Democratic Party: The current stage requires approving the oil and gas law
12-12-2023
Democratic Party - The current stage requires approving the oil and gas lawInformation / Baghdad…
On Tuesday, the representative of the Kurdistan Democratic Party, Sharif Suleiman, stressed the country’s need to pass the oil and gas law in order to avoid problems between the center and the region, pointing to the possibility of amending the laws to suit the country’s needs.
Suleiman told Al-Maalouma, “Iraq is in dire need of an oil and gas law, especially since the current stage is witnessing problems between the region and the center due to the lack of this law, which can spare the two sides any disputes between them.”
He added, “Most of the laws have been amended, including the Federal Budget Law. If all parties reach agreements to pass the Oil and Gas Law, the door will be opened to amending the Budget Law in line with the wordings of the new law.”
He stated that “the laws are not considered a written book, as they are all subject to amendment according to formulas presented through the proposals of the relevant parliamentary committees or by the Prime Minister, in proportion to the requirements of the stage or the country’s need to amend any law enacted in Parliament.”
Iraq and the UAE begin financial transfer, trade and import in dirhams
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hanaa Al-Rustamani.
During the meeting, according to a statement by the Central Bank, a copy of which {Al-Furat News} received, “it was agreed to launch financial transfer operations between the two countries and to finance trade and imports between Iraq and the United Arab Emirates in the UAE dirham currency through the First Abu Dhabi Bank, as transfer operations in the UAE dirham began this day, Wednesday.” December 13.”
The first phase of this agreement will be, according to the statement, “with five Iraqi banks, which will be gradually increased.” The Central Bank of Iraq noted that "this step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it aims towards reducing reliance on the electronic platform for financial transfers and working in accordance with normal international practices adopted in strengthening the balances of Iraqi banks for the purposes of financing trade."
The First Abu Dhabi Bank offered to contribute to financing clean energy projects in Iraq.
It is noteworthy that First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, with a credit rating of AA-, and its total assets amount to about 300 billion US dollars. link
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Coffee with MarkZ and Andy Schectman. 12/13/2023
Member: Gm Mark Z, Moderators and Patriots Worldwide!
Member: Hoping it’s a “Wonderful Wednesday” today!
Member: Inquiring minds want to know…. WTF is taking this RV so long?
MZ: : In Iraq they are supposedly opening the 2023 budget on Dec. 20th and have to have it (supposedly) all spent between the 20th and the First of the year when they do their full de-dollarization. There are a whole lot of eyes on Iraq for the next few days leading up to the 20th.
Member: Is that even possible to spend 80% of budget in 11 days?????
MZ: Spending 80% of the entire year’s budget in 10 days is crazy…..Something is happening. IMO
Member: I hear the RV will be between the 15th and the 20th
MZ: A lot of people are agreeing with you right now.
Member: I believe for Iraq to increase they wanted to wait for USD to start decrease. Thank you Putin and SA…….Petro dollar ended 6th
Member: Mark, 5 trillion in stock options set to expire on Friday.
Member: Warren Buffet dumped 28 billion in stock
Member: 100 trillion due by Fed on Friday December 15
MZ: And we get a interest rate decision at 2PM est today. Will give us an idea of how the Fed is going to move. My guess is they are going to sit on their hands….we will find out. There is a lot coming together like a “perfect storm”
Member: I heard. Inflation will go up 30% in 2024
MZ: Nader had a few fantastic videos. A good article from Sudani about automation of ports ect…..He also talks about the Parliamentary Finance Committee revealed that the government has only spent 20% of this years budget..and they are expected to release the rest of the budget on Dec. 20th. This is huge dollars about to move….. Be sure to go listen and like and share his videos.
MZ: There was another one on “The IQD is on forex “ as a tradeable currency. This means individuals and institutions can buy and sell IQD on the forex market…just like any other currency-the IQD is traded against other currencies like the US dollar, the Euro and the British pound. The exchange rate of the IQD is determined by market forces. In other words ther is an article coming out that says it is looking for a “float” or adjustment against other currencies. They say they are adjusting the exchange rate and the value of it. So yes…Nader had good news today.
Member: So the dinar is going to float?
MZ: IMO –If it floats it will be likely to just float in the local market. And we would still get a fixed rate because the rate would quickly float and balance at their target rate. So don’t panic.
MZ: Nothing else from groups or bond folks today….Mr. C has not been paid. But there is nothing negative. Just waiting.
Member: Well if it’s a shotgun start – we will all go together …so that makes sense
MZ: Had a bank story sent in from Tennessee. It was a teller there who was asked about the new currency….and if they had seen it? They said Yes…and it is very pretty. Then our member showed them pictures from their cell phone of the rainbow currency….and asked the teller if it looked anything like this? The teller said “absolutely. It looked exactly like it.”
MZ: So this new currency is physically at this branch and waiting distribution.
Member: I loved the currency video on youtube showing the new money. Hope it’s this one.
MZ: I had pictures of possible designs….will share it with you when I find it.
Member: Mark, do you think you’ll get to exchange while you’re in the states??
MZ: There is a good chance we will be exchanging while I am here…….we will see. I may end up leaving and have to come right back…which is ok with me.
Member: Thank MARKZ, and the MODS for all you do!
Andy Schectman from Miles Franklin joins the stream today….Please listen to the replay for his information and opinions
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Mod: MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM