LATEST FROM PIMPY, 17 SEPT

   Pimpy 

 I'm not saying they're going to devalue the currency right now. 

 What I am saying is if they stay below $70 [per barrel of oil] for the medium term, you can see them devalue the currency.  I don't think it's going to happen anytime this year because the year is almost over. 

 I'd be a little nervous going into 2025.

PIMPY CC NOTES HIGHLIGHTS: "THE NECESSARY STEPS FOR IRAQ TO REINSTATE THE DINAR RATE AT $3.22" BY PIMPY, 16 SEPT

Summary

Pimpy discusses the necessary steps for Iraq to reinstate the $3.22 dinar rate, emphasizing economic reforms and stability.

Highlights

• 💼 Monetary Reforms: Iraq needs comprehensive monetary reforms to stabilize its economy.
• 💵 Currency Basket: Adopting a basket of currencies will reduce reliance on the US dollar.
• 🚜 Economic Diversification: Iraq should diversify beyond oil to strengthen its economy.
• 📈 Foreign Investment: Attracting foreign investment is crucial for economic recovery.
• ⚖️ Political Stability: A stable political environment fosters confidence in the dinar.
• 📊 Inflation Control: Monitoring and controlling inflation is essential for maintaining currency value.
• 🏦 Engagement with Institutions: Collaborating with international financial institutions can support necessary reforms.

Key Insights

• 💡  Monetary Reforms: Implementing monetary reforms, including deleting zeros from the currency, can help restore public confidence and stabilize the economy. This is a long-discussed yet crucial step for Iraq’s financial health.
• 🌐 Currency Basket: By adopting a currency basket system, Iraq can mitigate risks associated with dollar fluctuations, providing a more stable foundation for international trade and enhancing economic resilience.
• 📉 Economic Diversification: Reducing oil dependency is vital. Recent agreements with Turkey on agriculture infrastructure can potentially boost Iraq’s agricultural sector, indicating a step towards diversification.
• 📈 Foreign Investment: Iraq must create a favorable environment for foreign investors through regulatory reforms, which is essential for economic growth and stability.
• 🔒 Political Stability: Ensuring political stability is key to building trust among citizens and investors alike, which will lead to increased usage of the dinar over foreign currencies.
• 📉 Inflation Control: The Central Bank’s role in controlling inflation through effective monetary policy is vital for maintaining the dinar’s value, currently facing a 5% inflation rate.
• 🤝 International Engagement: Collaborating with organizations like the IMF can provide Iraq with guidance and financial support to implement necessary reforms, aiding in achieving its monetary goals.

Iraq's Path to Recovery: Opportunities and Challenges

Private Banks Association: The number of electronic payment points in Iraq increased from 7 thousand to 30 thousand, 17 SEPT

 Economy News – Baghdad

The Executive Director of the Iraqi Private Banks Association, Ali Tariq, confirmed on Sunday that “the number of electronic payment points in government institutions and shops has increased from 7,000 to 30,000.” 

Tariq said, in a statement reported by the “Rudaw” media network, and reviewed by “Al-Eqtisad News”, that “the financial and banking sector, electronic payment companies and other financial institutions in Iraq need to have a greater impact on the lives of citizens in terms of financing or using electronic payment tools and developing them.”
 
He added that “the Central Bank of Iraq is currently working on a major plan to reform the banking sector in general, whether governmental or private.”
 
He noted that “the focus in the next phase will be on developing and improving these services to strengthen the Iraqi banking sector, protect depositors’ money and develop the electronic payment system, which contributes significantly to reducing the risks of using cash, whether from damage or forgery, as well as protecting the financial system from money laundering and financing terrorism.”
 
As for deposits, he confirmed that they are “continuously increasing, whether in government or private banks, and that lending and loans are also continuously increasing. ”
 
Regarding the use of electronic payment tools, he said that “in the last two years the percentage has been very high, in the last year alone about two million electronic payment cards were issued in Iraq, increasing the number to 20 issued cards.”

Regarding the payment devices that we see in shops and government institutions, he pointed out that “they have increased from 7,000 payment points to more than 30,000, and the total transfer of funds via electronic payment last month between financial institutions reached nearly 2 trillion Iraqi dinars.”
 
The Executive Director of the Iraqi Private Banks Association confirmed that reliance on the banking sector, especially in light of the transfer system to finance foreign trade, “was organized differently than before, and at the end of this year there will also be a shift in the external transfer process to rely more on correspondent banks than the platform in its current state.” 

Regarding the collection of government services, he said that “recently there has been a very large acceleration and doubling in the level of government collection.”

He added that “before June 2023, there were about 50 government institutions with their departments that had at least one electronic payment window, but today the number has exceeded 600 payment windows, which makes it easier for citizens to pay faster.” 

In the context, he stressed that “many banks rely on digital services and applications throughout Iraq and the Kurdistan Region, which has witnessed significant development in terms of the use of digital services.” 

Regarding transferring money abroad, he explained that if “the issue is related to personal transfers, there are specific outlets or ceilings for these transfers.” 

In this regard, he said that “the transfer process will be more organized and monitored by correspondent banks in which Iraqi banks have accounts to ensure real transfers and monitoring that facilitates the process of transferring money for merchants outside Iraq.”

LATEST FROM MNT GOAT, 17 SEPT

 Mnt Goat 

...They don’t need any economic revival to put a fair market rate for the dinar back on FOREX. It is all a lie....They are “artificially” suppressing the rate of the dinar. When will this abuse of the dinar end?   I believe this end is near...

Mnt Goat   

... there are not any of the newer lower denominations out in circulation in Iraq...if the newer lower denominations were already in circulation...Without the revaluation of the dinar at least inside Iraq, the economy would crash because the money would be totally worthless

 ...How could anyone...buy anything with the newer lower denominations dinar notes without first a revaluation? It would take truck loads of money just to buy groceries...the CBI would have formally announced the Project to Delete the Zeros as this is the ONLY way the lower denominations can come out...There will be NO SECRET when they come out...The project to delete the zeros has NOT yet begun.

EXCERPTS FROM MNT GOAT : A CONVERSATION WITH MU CBI CONTACT

I first want to tell you about my conversation with my CBI contact yesterday, Thursday.

 I know, I know I am late in posting my Newsletter but I am working two jobs now and it is hard to even keep my eyes open some days at night while I compose this news for YOUR viewing, not mine, since I already know the information.

My contact told me that the committee has been put on notice that the Project to Delete the Zeros may go forward this fall but not until the US elections are over. 

There will have to be a downfall of the current administration in power to make this happen. She told me that they listen to the propaganda from these RV intel sites and its all just lies. Its all just over speculating and nothing will ever come of it.

The Project to Delete the Zeros will initiate the process that will lead to the reinstatement. She also said that the WTO is waiting for the necessary changes in the Investment Law as it is held up in the GOP to discuss kickback comments from the parliament. So there is still work to be done on this bill too.

Next I asked again about the Oil and Gas Law. I was told that the US will absolutely NOT agree to release the reinstatement until this law is passes and protects the oil revenues. The good news is that Iraq recently told us that the non-oil revenues are right on track where they need to be at this time and the economy is progressing accordingly. I was told the safeguards against inflation and downturns are in place. So, I have to tell you that reading some of these articles we get mixed messages. But she told me that these are lies again from the far left in Iraq who still want to portray Iraq in a backwards state the not the real Iraqi economy. Keeping Iraq suppressed gives them enormous power, a power base that is slipping away. Even now with all the success of Al-Sudani, they are discouraging against early elections and I believe they are going to give Al-Sudani a full four year term. This is all wonderful news.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

https://dinarevaluation.blogspot.com/2024/09/excerpts-from-mnt-goat-conversation.html

How Electronic Payments are Transforming ANTI-MONEY LAUNDERING Complian...

DINAR REVALUATION REPORT : Electronic Payment Systems Strengthen ANTI -MONEY LAUNDERING (AML) Compliance, 17 SEPT

 Electronic Payment Systems Strengthen AML Compliance

The Central Bank of Iraq (CBI) has acknowledged the significant role of electronic payment systems in enhancing the country's compliance with anti-money laundering (AML) regulations. During the Electronic Payment Conference for Financial Stability in Iraq, held in Baghdad in September 2024, CBI Governor Ali Al-Alaq emphasized that the utilization of electronic payment systems and banking technologies has significantly improved Iraq's AML efforts. 

Al-Alaq highlighted that the global focus on implementing AML compliance rules has been bolstered by the adoption of electronic payment systems. He explained that the safety of banking operations is paramount for community welfare, economic stability, and domestic and international banking relations. Al-Alaq stressed that when implementing any process within the framework of electronic payment systems, the question of compliance and governance arises, with a greater emphasis on measuring the level of compliance in each operation. 1

Digital Payments Offer Enhanced Compliance and Faster Transactions

The governor noted that electronic matters are easier to apply and more feasible, leading to much better compliance levels compared to traditional methods. Electronic payments offer faster and more accurate transactions, providing detailed insights into every transaction. With the use of personal cards, comprehensive and real-time analysis of transactions is possible, including the location and types of transactions, and whether they align with compliance standards and sources of funds.  3

New Regulations for Electronic Payment Services

To further enhance financial security in Iraq, the Iraqi Cabinet issued a new set of regulations for electronic payment services in April 2024. This landmark regulatory update, published in the Official Gazette, replaced the 2014 framework and introduced significant changes to bolster efficiency, security, and transparency in the financial sector. 4 The new regulations define electronic payment services and mandate that entities seeking to offer them must obtain a license from the Central Bank of Iraq, with licenses valid for ten years and renewable upon approval. The Central Bank holds exclusive authority over the regulation, registration, and licensing of third-party-operated electronic payment systems and their compliance monitoring. 4

Digital Banking Regulations in Iraq

In addition to the new regulations for electronic payment services, the Central Bank of Iraq launched a regulatory framework for licensing digital banks in Iraq on March 28, 2024. 5 Digital banking is revolutionizing the financial sector in Iraq, but it also requires navigating complex regulatory frameworks. Digital banks must comply with capital requirements, shareholder composition, and other licensing conditions and seek approval from the Central Bank of Iraq before appointing leaders. 5

SWOT Analysis: Electronic Payment Systems in Iraq

Below is a SWOT analysis of electronic payment systems in Iraq, highlighting the strengths, weaknesses, opportunities, and threats associated with their implementation.

Strengths


Enhanced compliance with anti-money laundering regulations

Faster and more accurate transactions

Increased financial security and transparency

Weaknesses


Potential for technical issues and system failures

Cybersecurity risks and data breaches

Resistance to change from traditional banking methods

Opportunities


Boosting economic growth and development

Encouraging financial inclusion and accessibility

Integration with global financial systems

Threats


Economic volatility and oil price fluctuations

Political instability and conflict

Regulatory changes and compliance challenges

Conclusion

The Central Bank of Iraq's recognition of electronic payment systems' role in enhancing AML compliance underscores the importance of these technologies in modernizing the country's financial sector. The new regulations for electronic payment services and the licensing of digital banks are expected to have a positive impact by safeguarding consumers and promoting financial system stability in Iraq.

Central Bank: Electronic Payment Systems Have Contributed To Enhancing Iraq’s Compliance With Anti-Money Laundering, 16 SEPT

 Central Bank: Electronic Payment Systems Have Contributed To Enhancing Iraq’s Compliance With Anti-Money Laundering

  
Economy   Iraq   breaking   Central Bank   Electronic payment   Compliance   Anti-money laundering
Shafaq News/ The Governor of the Central Bank of Iraq, Ali Al-Alaq, said on Saturday that the use of electronic payment systems and technologies used in the banking sector has contributed to enhancing compliance in combating money laundering in the country.

These statements were made by Al-Alaq on the sidelines of his hosting of the conference on electronic payment towards financial stability in Iraq, which was held in the capital, Baghdad, and was attended by a Shafaq News Agency correspondent.
 
The Governor of the Central Bank said that the world's focus today is on implementing compliance rules in combating money laundering, and that the  safety of banking operations is the safety of   
     society, the
     economy,
     internal and
     external banking relations, and others.

He stressed,  "There is a great focus on measuring the extent of compliance in each of the operations.
 
Therefore, when we apply anything within the framework of electronic payment and its various tools and channels or elsewhere, the question comes: 
 What is the capacity of compliance and governance in these operations?" Al-Alaq pointed out that 
 “when the conversation is about electronic matters, the application is easy and possible, and therefore the

      level of compliance is much better than the usual traditional operations, and is even
     faster and more accurate, and
     gives a complete detail of all operations.” He added,
 
"Today, in using personal cards, we have a complete and direct analysis of all transactions.
 
Where do they take place?
 
What type of operations take place?
 
Are they consistent with compliance standards, sources of funds, etc.?
 
In the process of analyzing data, it is possible to give us important results and redirect matters in a way that does not represent... Any kind of fraud or hacking.”   
 
https://shafaq.com/ar/اقتصـاد/البنك-المركزي-انظمة-الدفع-ال-لكتروني-ساهمت-بتعزيز-امتثال-العراق-بمكافحة-غسل-ال-موال   

 

DINARLAND HIGHLIGHTS, 16 SEPT

 Summary

Updates on the Iraq Dinar’s potential revaluation highlight September as a critical month, with various intel sources suggesting significant changes ahead.

Highlights

• 🚀 September is termed the “golden month” for Dinar revaluation.
• 💵 US Treasury has reportedly received orders to release funds.
• 🏦 No lower denominations are in circulation; revaluation is crucial.
• 🌍 Iraq is moving towards a global financial system with stable exchange rates.
• 📈 Digital banks are on the rise, indicating financial modernization..
• 🔍 Ongoing research and personal advice are encouraged 

Key Insights

• 🔔 The Dinar’s potential rise is linked to September, indicating crucial developments for investors.
• 📊 The absence of lower denominations suggests a strategic delay in the revaluation process, emphasizing the importance of market stability.
• 🌐 Iraq’s shift to a global financial system highlights its commitment to economic transparency and efficient commerce, potentially boosting investor confidence.
• 💡 The increase in digital banks reflects Iraq’s modernization efforts, which could lead to a stronger economy and a favorable environment for currency revaluation.
• ⚖️ The emphasis on personal research and consultation with licensed advisors underlines the importance of informed decision-making in financial investments.
• 🔜 With significant figures suggesting imminent change, the landscape for Dinar investors may shift rapidly, making timely information critical.

DINARLAND HIGHLIGHTS!!: SEPTEMBER A PIVOTAL MONTH TO OUR RV @DINARREVALUATION

Governor Of The Central Bank Of Iraq: We Have Come A Long Way In The Process Of Reforming The Banking Sector, 16 SEPT

 Governor Of The Central Bank Of Iraq: We Have Come A Long Way In The Process Of Reforming The Banking Sector

The Central Bank of Iraq participated in the conference on electronic payment towards financial stability in Iraq, which was held under the patronage of the Iraqi Prime Minister, Mr. Muhammad Shiaa Al-Sudani, and organized by the Association of Iraqi Private Banks, with wide participation of the parties concerned with electronic payment and the Iraqi banking sector.
 
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, said during the first session of the conference that the digital transformation movement in Iraq, especially the financial and economic part, constitutes a priority for the government and the Central Bank of Iraq and aims to provide the best banking services, stressing that there is a great movement to advance the digital transformation, which represents the sector.
 
Banking and finance are a major pillar of it.  He noted that despite the challenges and obstacles that the country has faced in recent decades, the   process of digital transformation is taking place quickly through the indicators available at the Central Bank, stressing that   it is moving in the right direction.
 
The Governor stressed that there is a very important aspect of keeping up with developments and changes.
 
There is direct communication with internal and external parties, which is at two levels.  The  first includes capacity building within the banking sector by providing competencies and various applications, as the Iraqi staff is characterized by adaptation and development, and the  second is  cooperation.
 
The International Bank and the Central Bank of Iraq have broad and effective relationships with international financial and monetary institutions and banks around the world.

His Excellency revealed the process of reforming the banking sector, especially the government sector, noting that it has come a long way and it is now possible to implement what was stated in the Central Bank’s plan in the banking reform process until the end of this year.
 
Regarding the experience of digital banks, His Excellency the Governor indicated that the developments and employing them in a direction that serves the public made us move towards digital banks in Iraq as it is a new experience in countries of the world, indicating that
 
Iraq will be one of the countries that are progressing in digital banks as the number of requests for digital banks increases.
 
It reached 60-70 banks, and the bank will choose a limited number as a first stage, in accordance with the applicable controls and conditions, and it will be subject to an evaluation stage by the Central Bank of Iraq.   Central Bank of Iraq  Media office     September 14, 2024   uhttps://cbi.iq/news/view/2670   

MELANIA HINDS CC NOTES HIGHLIGHTS, 16 SEPT

Summary

Iraqi dinar owners should watch the live stream for vital intel on revaluation, digital banking developments, and emerging economic stability in Iraq.

Highlights

• 📈 Significant surge in financial inclusion in Iraq.
• 💻 70 digital banks applied for licenses from the Central Bank.
• 🔒 Counterfeit currency seized, enhancing trust in the banking system.
• 🔄 Stable exchange rate is crucial for the dinar’s revaluation.
• 🛣️ Development Road Project funded by China to boost Iraq’s economy.
• 🤝 Direct banking relationships with foreign banks are being established.
• 🙏 Prophetic insights emphasize the imminent value increase of the dinar.

Key Insights

• 🌍 Economic Recovery: Iraq is witnessing a rise in financial inclusion, indicating a shift towards a more stable and trustworthy banking environment. This enhances investor confidence.
• 💼 Digital Banking Revolution: The approval of 70 digital banks signals a significant modernization of Iraq’s banking sector, facilitating smoother foreign transactions.
• 🔍 Counterfeit Crackdown: Recent actions against counterfeit currency bolster the integrity of the dinar, making it a safer investment for holders.
• ⚖️ Importance of Stability: The stable exchange rate of 1310 dinars to the US dollar is essential for potential revaluation, suggesting a planned and measured approach to currency value adjustments.
• 🚀 Investment Opportunities: The Development Road Project could transform Iraq into a key player in global trade, leveraging its strategic location between East and West.
• 📊 Shift in Banking Relationships: Moving towards direct banking relationships with major foreign banks enhances Iraq’s financial autonomy and could lead to improved economic conditions.
• ✨ Prophetic Insights: The speaker emphasizes a spiritual perspective, suggesting that faith in the dinar’s future value is essential for investors, as divine timing plays a role in economic shifts.

Iraq's Economic Transformation: A New Era in Global Trade

Economist: The Path Of Development Will Pass Through 12 Iraqi Governorates And Will Move Iraq To Global Status, 16 SEPT

 The economic expert, Abdul Rahman Al-Sheikhli, confirmed that the development road will pass through 12 Iraqi governorates and will have great investment opportunities.  Al-Sheikhli said {to Al-Furat News} that:

 
“The development path will move Iraq from a regional to a global situation in terms of trade, as it will pass through 12 Iraqi governorates and will have great investment opportunities.” 

He added,  "The development road project will provide Iraq with great regional and international relations.  It will also attract Iraqi manpower, and we are optimistic about it."

Al-Sheikhli continued,  "The stability of the security situation reflects the extent of interest in the future and the increase in investment opportunities in the country," noting that "the economic system in Iraq has changed since 2005 to a  market system, and on this basis the system must be transformed from a rentier economy to a productive one."   
 
https://alforatnews.iq/news/خبير-اقتصادي-طريق-التنمية-سيمر-بـ12-محافظة-عراقية-وسينقل-العراق-الى-العالمية

Coffee with MarkZ. 09/16/2024

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: GM Everyone. Hope the weekend was a good break for you!

Member: Praying for some positive news this morning, boy do we need it.

Member: Good morning all!! Hopefully this is our week!!!!

MZ: It’s very possible this is our week…Lets see if all the hype is right 

MZ: “ A parliamentary delegation to visit the Kurdistan region next week on the salaries of employees”  This article came out before the weekend….so it’s this week…..This is one of the hiccups that is keeping HCL from passing. So they are in the Kurdish region supposedly working on this….what is supposedly one of the last hiccups with passing publically the HCL….Maybe?.....Finally?  If we get the HCL we should get a new value on the dinar.  

MZ:    “Baghdad to host tomorrow the conference “Electronic push towards stability in Iraq”   This is also a big story as we see more and more banks are open…..They will be using XRP to move large sums in and out with seamless transactions on their new platform. They are right now more technically advanced than any other middle eastern country. They have laid the groundwork for exchanging and the movement of dollars/dinars.

Member: F26 source “Eddie” reported on Saturday that the salaries in Kurdistan have started paying equal pay for the Kurds starting yesterday (Sunday) Iraq was celebrating the prophet Mohammed’s birthday on Sunday , so the rate change announcement was delayed. 

MZ: The chatter from Iraq has been exceptional. 

Member: Chatter chatter everywhere but not coin to clink!

Member: So no lower denominations on the streets yet?

MZ: There are no lower denominations on the streets yet. Seems to be rumors so far….but, they have been preparing and training all the bank staff on the new lower denominations. If they did not have any plans on putting the into circulation soon….they would not be giving them cut sheets…or pictures on the security features….They would not be training them yet.

Member: At least the RV will be before the end of the year-according to Sudani. 

MZ: Right now it is still pretty quiet on the bond front…and private banking front. We heard a lot of rumors over the weekend on more bond movement including the 1924 German bonds. There is still a tremendous amount of anticipation for mid-week this week. 

Member: Mike Bara keeps posting about bond holders and getting their money

Member: Jon Dowling did a short video on xrp winning their case and quickly would rise in price in quick succession and this will kick Iraq into gear to revalue.

Member: Mark, over the weekend some reports were made that Canada Walmarts would no longer be accepting u.S. dollars by Sept 23. It said because of new security on the dollars. Could this be true?

MZ: It would not surprise me because we are supposed to be getting new bills. But this is very interesting news. 

Member: I just got off the phone with Walmart Brooks Alberta Canada. Absolutely true…no USD

Member: Saudi Arabia is buying oil with the Chinese yuan.

MZ: “Saudi’s have joined Asian countries in ditching their long term sensitivity to the gold price” Evidence suggests the Saudis have covertly bought 160 tons of gold from Switzerland since 2022. Pay attention to this one . Jaimie Dimon last week was warning us on bank runs and collapses….Goldman Sacs are telling their wealthy clients to get out of the markets and buy metals….is anybody paying attention?

MZ: And yes…Saudi Arabia is pushing more of its petro sales in yuan…and doing away with petro purchases  in the US dollar. 

MZ: Like Andy said…slowly, slowly…suddenly…..and the suddenly part is hitting. 

MZ: And China is leaving the world bank….which means they have to have something else lined up because of their global ambitions. 

Member: Mark…about a month ago you talked about how your contacts said your Dinar estimate was “way too low.” You were at like $3.70…so are we talking about $5? $7? $10?

MZ: All they are telling me is my estimates are way too low. 

Member: (From Dinar Guru) Mnt Goat ...They don’t need any economic revival to put a fair market rate for the dinar back on FOREX. It is all a lie....They are “artificially” suppressing the rate of the dinar. When will this abuse of the dinar end?   I believe this end is near...

MZ: That is dead, spot on accurate. They are suppressing the price of the dinar 

MZ: When I finish this podcast I will be traveling back home today….. Zester will be handling this evenings podcast …Tonight they are launching the new Liberty Financial system….Zester thinks its important to be here…

Member: I wonder how does all of this World Liberty Financial stuff tie in to our RV related stuff...

Member: Do you think the end of the US Fiscal year plays into the timing of resetting to an asset backed economy

Member: Wooooot. Another week down, and we begin another. Not everyone is blessed to be given a chance to have the time to perfect plans for life post RV.

Member: Safe travels today Mark….and thanks for all you do…..

Member: Thank you MarkZ! See you tomorrow. Safe travels!!!

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