Community Comment: "If the current rate is 1320 to 1 and you remove the three zeros wouldn't the new rate be $1.32 to 1?"
Frank26: No...Stop putting a decimal in the 1320...You must understand this relationship as 132 dinars equals $1.00 which is a rate of $0.76. If you have 1 million dinar 760 American dollars. If you have 1 million dinar and they take it to 1 to 1 you have $1 million.
Question "Are the Saddam dinars worthless?" Yeah, they're worthless because they're no longer recognized by anybody.
Parliamentary law: 2024 budget schedules arrive in parliament next week, 23 MARCH
A member of the parliamentary legal committee revealed that the financial budget schedules for 2024 are near to the House of Representatives.
“Information on the arrival of the 2024 budget schedules to parliament next week,” Arif Al-Hammi told Euphrat News. He pointed out that “the information indicated that the Ministry of Finance has completed the preparation of the schedules and will be sent to the Parliamentary Finance Committee and the House of Representatives during the next week.”
On March 13, the Ministry of Finance announced the completion of the data related to the 2024 budget schedules and the inclusion of the texts and their sending them to the Council of Ministers.
1310, 1460, 1182...they didn't go international with that...Why would you today at 1310? It doesn't make any sense...They had oil at $3.22 to 1 [Back in Saddam's day]...If you reinstate with oil at...$80 to $85 a barrel today ($35 to $40 a barrel back then) and they increased their production since then. Even on that one thing, lopping their currency is ludicrous. It makes no sense to anyone that does basic math.
Deleting the zeros from the notes, how are you going to do that? You're going to re-denominate the currency ...The way to re-denominate is to add value. If you don't add any value, re- denomination means those that hold currency don't gain anything. I don't think the United States Treasury...Great Britain...Canada...Australia...Coalition forces ...South Koreans came into Iraq to get completely 100% hosed with anything like that...The Project to Delete The Zeros is from the exchange rate. Then, once you delete the zeros from the exchange rate you have a 1 to 1 situation - Not value wise but it's $1 to 1 dinar. Then apply a real effective exchange rate.
Sudanese adviser reveals benefits of Iraq joining European Bank membership
Mawazine News
The Prime Minister’s Advisor for Finance, Mozhmeh Mohammed Saleh, on Friday summarized the benefits of Iraq joining the membership of the European Bank for Reconstruction and Development.
Saleh said, to the official agency of his follower / Mawazine News, that "There is a positive syndrome between building the development strategy embodied today by the government's philosophy of launching the development initiative with comprehensive sectoral economic links, which is called the project (development road), which is the corridor and strategic project that connects the European Union countries in Asia through Iraq and the Gulf maritime corridors and vice versa on the one hand
And the requirements for implementing the various stages of the development road through the role occupied by Iraq's membership in the European Bank for Reconstruction and Development on the other hand, especially in the preferences of obtaining European technology and ensuring the role of EU countries companies in implementing the development path with its joints, whether in infrastructure and projects industrial productivity and various logistics services.”
He added that "the membership provides our country with the likelihood of obtaining easy financing, technical assistance and its requirements Europe in supporting development activity in our country in its various joints and sectors," continuing that "Iraq's accession to the membership of the European Bank for Reconstruction and Development represents a broad view that carries strategic dimensions in the cohesion of the climate of economic development in Iraq and in accordance with the requirements of the government program and the national development plan 2024-2028, while embodying the needs of our country for the sustainability of international cooperation in reconstruction, development and sustainable development in the long term."
I believe, God willing, everything is coming to a culmination, to an apex. That's why so many things, electronic payment system, WTO, Chase [bank] talking...All of these things are for a very good reason and that is we are all going to be exchanging soon.
There is NO LOP happening and the 1.32 Dinar to $1 USD is in country as the FOREX numbers will be far more attractive.
On the issue of Old Notes (circulated) versus New Notes (uncirculated) I can tell you this. The "Oil for Dinar" program is very real and those are called Private Placements. They require ONLY uncirculated notes to participate.
Otherwise, if you aren't in such a Private Placement exchange then it doesn't matter at all. Also, new uncirculated notes of certain serial numbers are going to be used as Bonds. The new Dinar have all the info needed to be used as bonds and it was planned this way before the new notes were printed . They will be used on the unregulated trading platforms in Shanghai as part of certain trading packages.
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[Reply to Guru Frank26's Dinar on Forex post 3-5-2024 below]
There is no such thing. A) The rule of One Price and B) There is no back side or private side to FOREX...With that being said: There are platforms in Shanghai and Singapore that are totally unregulated.
It is the wild west of commodity trading and they create investment packages where they bundle up packages containing many different speculative investments into a bundle and trade those. But that isn't happening now either though it was a thing with the IQD several years ago but not now..
Today, Thursday, a member of the House of Representatives, Muhammad Saadoun, revealed a government move to lift the sanctions imposed on Iraqi banks by the US Federal Reserve, while confirming that the joint committees have made great progress in the ongoing negotiations on many files.
In an interview with the Maalouma Agency, Saadoun said, “The file of removing American combat forces is the first file in the negotiations,” noting “the necessity of giving the government a full opportunity in the negotiations with Washington.”
He continued, "The files being discussed now are not limited to combat forces only, but also include the economic and political aspects," pointing out that "the government's efforts have begun to lift the sanctions imposed on banks."
Saadoun concluded his speech: “The removal of American combat forces has reached advanced stages in terms of setting the timetable and other points,” indicating that “the joint committees have made great strides in the ongoing negotiations on many files.”
The US Treasury Department had imposed sanctions yesterday. On 14 Iraqi banks in order to remove them from the currency auction platform at the Central Bank, and this is what many consider to be a purely political decision to bring the dollar crisis back to the forefront again. link
The opening of the Iraqi Consulate General in Guangzhou, China, was announced at a ceremony attended by the Director General of the Consular Department of the Chinese Ministry of Foreign Affairs Wu Xi, Vice Governor of Guangdong Province, Lin Tao, and the Iraqi Ambassador to China Saeed Sahud, Consul General in Guangzhou, according to a statement by the Chinese Embassy in Iraq.
"On behalf of the Ministry of Foreign Affairs, Wu Xi congratulated the opening of the Consulate General of Iraq in Guangzhou," the statement said.
The statement quoted Wu Xi as saying, "2024 is a crucial year to comprehensively promote Chinese-style modernization. Under the wise leadership of President Xi Jinping, China strives to promote high-quality development and build a community with a shared future for mankind.
China and Iraq have a deep traditional friendship and have forged a strategic partnership, she said. We believe that the establishment of the Consulate General will provide a new window for mutually beneficial cooperation and friendly exchanges between China and Iraq, according to the statement.
There is a debate over using the term "Redemption" instead of the term "Exchange". What we will be doing is an exchange...A redemption is what you do with poker chips or other tokens. We are exchanging one currency for the equivalent in another currency...What you call it will have NO bearing on your tax status.
There is NO LOP happening and the 1.32 Dinar to $1 USD is in country as the FOREX numbers will be far more attractive.
On the issue of Old Notes (circulated) versus New Notes (uncirculated) I can tell you this. The "Oil for Dinar" program is very real and those are called Private Placements. They require ONLY uncirculated notes to participate.
Otherwise, if you aren't in such a Private Placement exchange then it doesn't matter at all. Also, new uncirculated notes of certain serial numbers are going to be used as Bonds. The new Dinar have all the info needed to be used as bonds and it was planned this way before the new notes were printed . They will be used on the unregulated trading platforms in Shanghai as part of certain trading packages.
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[Reply to Guru Frank26's Dinar on Forex post 3-5-2024 below]
There is no such thing. A) The rule of One Price and B) There is no back side or private side to FOREX...With that being said: There are platforms in Shanghai and Singapore that are totally unregulated.
It is the wild west of commodity trading and they create investment packages where they bundle up packages containing many different speculative investments into a bundle and trade those. But that isn't happening now either though it was a thing with the IQD several years ago but not now..
Tishwash: Adviser to the Prime Minister: The decline of the dollar is an indicator of the strength of the dinar and a tangible success of the economic policy
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed the strength of the dinar against the dinar after a relative decline in the exchange rate.
Saleh told {Al-Furat News} agency, “We indicate the strength of the Iraqi dinar, expressed in the decline in the parallel market rates of exchange in favor of the official exchange rate, a tangible success in the cohesion of the country’s economic policy in its three aspects: monetary, financial, and commercial, in providing a coherent climate of stability in the general level of prices.” And containing seasonal price fluctuations for high-demand items, specifically providing basic food commodities that have low price elasticities of demand because they are necessary commodities associated with consumption and daily living.”
He noted "the importance and speed of customs procedures, which were represented by (reducing customs tariffs and diversifying imports without quantitative limits for necessary goods) as part of the performance of the financial policy in supporting price stability and ensuring the supply of food and essential goods and production supplies at the official exchange rate and in accordance with the requirements of the national economy."
The Parliamentary Finance Committee had expected the dollar price to continue to decline as the results of the measures taken by the Central Bank of Iraq to limit the rise in the foreign currency began to appear.
The dollar exchange rate a few days ago was about 1,500 or 1,490 thousand dinars to the dollar. 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
Member: Good Friday Morning…..Praying for some action this weekend
Member: It would be about time for an Actual Announcement to get this show to The End!
Member: I wonder if the only thing we're waiting for is the US??
MZ: It has been quiet out of Iraq but, there is lots of expectations. I lost another bond holder source overnight last night as they said they are going to go quiet. Not an official NDA….but they believe their payment is pending and have gone quiet to be safe.
MZ: There is movement from what I call a “Massive whale” he’s in between a whale, paymaster and group leader. He was asked to pack his bags and get to Reno. I think that is a positive sign.
MZ: There has been a lot of travel requests in the last day or so to get headed west.
Member: I don’t understand why they would have to go to Reno to get paid.
Member: In this day and digital age- its kinda strange
MZ: “36 countries apply to join the BRICS alliance in 2024” These are developing countries –commodity rich countries. This is huge news as BRICS is gaining massive steam.
MZ: “Country Garden and Vanke to expose extent of China’s property crisis” This is from Bloomberg.
Member: Wolvie said Farm Claims are being paid out. I also saw another post from a person who has started receiving their Farm Claim funds.!!!!
MZ: I know a number of original farm claim folks…and they have not reached out to me that they have received anything. I have seen some chatter on the Pigsford(?) farm claims…but am waiting for one of the original FC folks to get paid. Then I will be beyond excited.
Member: Wolvie also said the Chinese elders want it done by Easter
Member: I heard a rumor that things might start when Sudani goes back to Iraq from a meeting in the U.S.
MZ: We are still looking for when Sudani is in the US and any details….Nothing yet.
Member: Bank Story. 3 international wire transfers in 2024 took 5 days to confirmation. This week sent Monday confirmation received Tuesday. QFS???
Member: Wealth manager in houston texas JP Morgan chase branch. Has heard of the RV and knows chase is part of it. He didn't have any news but he knew about it. .
Member: What is the difference between historical bonds and zim bonds?
Member: Historical bonds are : Yellow Dragon Bonds, Chinese Railroad Bonds, bonds bought a long time ago. Zim bond should be 2008 or 2009, series Aa or AB, and say "pay to bearer" on them.
Member: Thanks to all for the encouragement. Pray something big happens this weekend….something real.
Member: Come on RV…….the world is ready for you.
Member: Stay positive, The Best is Yet to Come!
Mr. Cottrell joins the stream today. Please listen to the replay for his information and opinions.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY.
Deleting the zeros from the notes, how are you going to do that? You're going to re-denominate the currency ...The way to re-denominate is to add value. If you don't add any value, re
-
denomination means those that hold currency don't gain anything. I don't think the United States Treasury...Great Britain...Canada...Australia...Coalition forces ...South Koreans came into Iraq to get completely 100% hosed with anything like that...
The Project to Delete The Zeros is from the exchange rate. Then, once you delete the zeros from the exchange rate you have a 1 to 1 situation - Not value wise but it's $1 to 1 dinar. Then apply a real effective exchange rate.
Article: "A specialist points out the reasons for the noticeable decline of the dollar in Iraq: It will reach the official price" We have been told inflation has been contained to about 3.7% and the Iraqi dinar has ample cover with over 15 months worth of imports over the standard or more typical 3 months. They have increased gold by about 43 tonnes. They have a new ASYCUDA system for oil and non-oil revenue streams. A real effective exchange rate will be an additional tool to curb the illegal parallel market and quickly imo.
A parliamentary committee decides to host officials from the Iraqi Central Bank to discuss the loan and interest mechanism
The Central Bank of Iraq’s proposal and the loan and interest mechanism to finance projects and loans would be followed up on by bank officials, according to a Thursday announcement made by the Parliamentary Finance Committee.
Mustafa Al-Karaawi, a committee member, stated: “The Parliamentary Finance Committee closely monitors the Central Bank’s initiative and the mechanism for issuing bank loans to finance housing loans, medium and small projects, and employee advances.”
“The Parliamentary Finance Committee will host officials from the Central Bank and general managers of banks in the near future to discuss loan mechanisms, interest rates, and repayment terms, provided that interest rates are declining,” he continued.
"CFTC Approves Proposed Amendments to Regulations Regarding Real-Time Public Reporting and Swap Data Recordkeeping and Reporting Requirements"
This new data collection is expected to harmonize International Data swap transactions that takes place on the Forex Market. It begins on January 1st, 2024 .
It is designed to create accurate and efficient reporting of the data being transferred back and forth between cross border International trading.
The UPI is expected to adopt and use this new reporting rule on January 29th, 2024. The Unified Payments Interface is the foreign currency mechanism that India is going to use next year in International trade between countries.
Iraq, Vietnam, and Indonesia are three of several countries that will utilize this UPI interface.
It will allow several Banks across the world to exchange on the Forex Market under one digital mechanism.
Shafaq News / The Ministry of Oil – Oil Distributions Distribution Company announced, Thursday, the direct supply of vehicles with “super, improved” fuel in accordance with electronic payment cards POS in all governorates, as of tomorrow, Friday, March 22, 2024.
This was announced by the Director General of the Oil Products Distribution Company, Hussein Taleb, and said in a statement today, that the process of supplying vehicles with gasoline with two types (enhanced and super) in Baghdad and all governorates will be by electronic payment, indicating that this application will include in the next stages all oil products.
The Iraqi government seeks to activate the electronic payment service, adopt modern automation systems and end cash dealing.
Accordingly, the Oil Products Distribution Company, affiliated to the Iraqi Ministry of Oil, has set the end of March a deadline for cash handling at government and private fuel filling stations.
On (last January 7, the Prime Minister, Mohammed Shiaa Al-Sudani, directed to spare citizens additional financial burdens as a result of commissions, during a meeting dedicated to following up the financial and economic transformation to electronic payment, points of sale and financial trading with electronic cards (POS).
According to a statement issued by his media office, the Sudanese confirmed that the goal is to facilitate dealing and facilitate payment in all fields, while ensuring the highest levels of security.
Most markets and filling stations lack POS devices despite the directions of the Council of Ministers to implement the electronic payment system in state institutions, the private sector, commercial centers, shops, markets and other entertainment facilities.
Citizens still lack the provision of POS machines and claims from the central bank, banks and electronic payment companies to supply the POS and make them accessible to the citizen to use with electronic cards for shopping and payment instead of cash.
The Central Bank of Iraq announced at the beginning of last June the entry into force of the Council of Ministers Resolution No. (23044) for the year 2023, which is to increase the number of electronic payment devices (POS) in government institutions and the private sector to promote the culture of payment and electronic collection, and to reduce the use of paper money in collection and commercial transactions.
It is noteworthy that the Board of Directors of the Central Bank of Iraq decided on December 13 to establish the “National Company for Electronic Payment Systems” throughout the country, indicating that the company represents a qualitative development in the structure of the country’s financial infrastructure.
According to the statement of the Central Bank of Iraq, this step coincides with the rapid growth in electronic financial services and products and the high number of users in line with the framework of the government program to support and adopt advanced electronic payment systems.
AFTER HOSTING THE GOVERNOR. PARLIAMENTARY FINANCE: WE LOOK FORWARD TO RAISING THE VALUE OF THE DINAR
Baghdad/Iraq Observer
The parliamentary finance committee on Thursday expressed its aspiration to coordinate with the Central Bank to increase the value of the dinar and control the market.
A statement said that “the Finance Committee met under the chairmanship of Atwan Al-Atwani and in the presence of its members with the Governor of the Central Bank Ali Al-Alaq, to discuss monetary policy and the banking system in the country and ways to increase the value of the Iraqi dinar.”
At the beginning of the hosting, which was held at the headquarters of the committee, the chairman of the committee stressed “the importance of following up the economic file and monetary policy, based on the supervisory side, and finding appropriate solutions to the obstacles facing the work of the Central Bank.”
The Finance Committee expressed “its aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar, control the market in order to alleviate the burdens of citizens, and address the deficit.”
For his part, the Governor of the Central Bank reviewed “the economic and monetary aspect, pointing to “the development of basic rules in order to monitor the process of remittances and analyze monetary operations, praising “the role played by the Finance Committee in following up the financial and economic movement of the country.”
The committee discussed with the Governor of the Central Bank the approved international standards, future plans to improve the reality of banks, the possibility of expanding relations with international banks, drawing the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank Law.
European Blockchain Announcement: "We are thrilled to share the news that Dusk has entered into an official agreement with NPEX, marking the launch of Europe’s first blockchain-powered security exchange to issue, trade, and tokenize regulated financial instruments. Such a unique commercial partnership between a regulated financial entity and distributed ledger technology (DLT) is a significant achievement for both Dusk and the broader cryptocurrency sector. It establishes a foundational step towards achieving our goal of making real-world assets accessible on-chain for everyone."
Here comes real-world assets onto a blockchain utilizing Decentralized Ledger Technology regulated and secured through a partnership between Dusk and NPEX. It is a movement beyond Bitcoin ETF to Traditional ETFs.