Monday, September 23, 2024
Prime Minister meets Kenyan President in New York, 24 SEPT
Prime Minister meets Kenyan President in New York
9/22/2024 Baghdad
Prime Minister Mohammed Shia Al-Sudani stressed the need to enhance mutual diplomatic representation between Iraq and Kenya.
The Prime Minister's media office stated in a statement received by Mawazine News that "Prime Minister Mohammed Shia Al-Sudani received at his residence in New York, today, Sunday, the President of the Republic of Kenya, William Ruto, on the sidelines of his participation in the 79th session of the United Nations General Assembly.
During the meeting, they discussed bilateral relations between the two countries, supporting their frameworks in many fields, ways to consolidate joint cooperation, and everything that would enhance the interests of their peoples. The two sides also discussed the file of Kenyan workers in Iraq."
The Prime Minister referred to "the foundations of the relationship between Iraq and Kenya, which date back decades," stressing "the need to enhance mutual diplomatic representation and develop the level of fruitful economic partnership."
For his part, the Kenyan President praised "Iraq's pivotal role in the region and its efforts to enhance security and stability in it. He also expressed his country's desire to build the best relations between the two friendly countries in the economic and trade fields."
At the end of the meeting, the two sides exchanged official invitations to visit both countries, in order to develop bilateral relations at various levels and fields. LINK
LATEST FROM NADER FROM MID EAST, 24 SEPT
Nader From The Mid East
[Follow up to Nader's 3 weeks to exchange large notes to small notes post from 9-22-2024 below]
The only problem we all have here in America, Canada, Australia, England or wherever, you have to find a way to exchange that big bills to smaller bills. I'm talking about Iraq dinars, you change the 25,000 to 500s. This how is going to be. They're going to have the 1s, 5s, 10s, 25s, 100s, 250s and 500s. That's what they going to have...If you have 25,000 [note] it's going to be 25,000 dinar.
RV UPDATE BY NADER FROM MID EAST: " THEY'RE GOING TO REMOVE THE 3 ZEROS SOON", 23 SEPT
Nader From The Mid East
They're going to remove the 3 zeros soon... In 1990 Kuwait did the same thing...If you go back in that time and you find the article, you can read it, it's the same article come out, the big bills are going to be the same than the small bills...25,000 dinars they're going to count like 25.
What they did was the opposite, the whole opposite, the 25,000 become 25,000. They stayed 25,000.
When you go change your money [Iraqi dinars] this is what's going to having...You'll have three weeks to find a way to exchange your money to small category dinar. Once you change your money to small categories you guys safe. That's how it's going to work..
Prime Minister: We are working to support investments that aim to diversify the economy away from oil , 24 SEPT
Prime Minister: We are working to support investments that aim to diversify the economy away from oil
9/22/2024
Prime Minister Mohammed Shia Al-Sudani said that we are working to support investments that aim to diversify the economy away from oil, while focusing on the role of the private sector in providing job opportunities.
The Prime Minister stressed in his speech at the Future Summit on Confronting Future Challenges, which is being held on the sidelines of the 79th session of the United Nations General Assembly in New York: The need to give Iraq priority in climate financing as it is one of the most affected countries, and we have begun implementing our commitments stipulated in the National Contributions Document.
The Prime Minister also stressed the keenness to provide incentives to the private sector and invest in renewable energy projects, which reduces our dependence on fossil fuels and contributes to a more sustainable future. LINK
DINARLAND HIGHLIGHTS: CBI ANNOUNCED THE IQD RV, 24 SEPT
Summary
The Central Bank of Iraq today announced the revaluation of the Iraqi dinar, making significant progress towards alignment with international standards. Prime Minister Sudani confirmed the formation of a committee to adapt Iraq's banking system, which could signal a major change on the horizon. The elimination of the three zeros from the dinar is part of a monetary reform that seeks to simplify transactions and increase economic confidence.
HIGHLIGHTS: Important progress is being reported in Iraq in relation to aligning the banking system with international standards.
Frank 26 points out that Iraq is making more progress than he publicly shares.
Iraq's prime minister confirmed the formation of a committee to align the banking system with international standards.
The question is raised as to why Iraq would be aligning its banking system internationally while still operating at a program rate.
Alignment with international financial standards often precedes significant reforms, especially in terms of currency adjustments.
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Militia man suggests that Iraq is progressing towards a possible revaluation of the currency and the elimination of three zeros.
Militia man highlights Iraq's progress and the possibility of going to the international market soon.
The elimination of three zeros from the Iraqi currency is mentioned as an important step for the economy.
There is speculation about a revaluation to come, which could boost investor confidence locally and internationally.
Alak's role as governor of the Central Bank of Iraq in efforts to eliminate the black market and align the official exchange rate is highlighted.
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The dezeroing of the Iraqi dinar is part of a broader monetary reform plan to strengthen the economy.
The elimination of zeros seeks to simplify transactions and increase confidence in the economy.
This measure backed by real economic reforms is expected to improve the stability of the currency.
Iraq seeks to attract investors, improve economic independence and reduce pressure on the general budget and foreign reserves.
TRANSLATION IN SPANISH
Summary
" TO IQD HOLDERS" BY ARIEL, 23 SEPT
TO 𝙄𝙌𝘿 𝙃𝙤𝙡𝙙𝙚𝙧𝙨: What would you do if you woke up tomorrow morning and suddenly realize you are a multi millionaire 3 times over? Are you all ready for that type of money?
Because at this point I am expecting the rate change at any moment.
When you exchange don't act like you don't know how to log on to X and speak.
Because a lot of you all about to start acting bad & bougie.
Anyway I hope you all bought all you need. The rate release is but a glance away.
MILITIAMAN CC NOTES HIGHLIGHTS: Al-Sudani's Participation in UNGA and Banking Reforms , 23 SEPT
Al-Sudani's Participation in UNGA and Banking Reforms
Prime Minister Muhammad Shia Al-Sudani arrived in New York for the 79th UN General Assembly session, involving multiple speeches and sideline meetings.
Key discussion topics include strengthening cooperation, facing global challenges, and affirming commitments.
Sudani's advisor highlights that Iraq's banking system is rentier, heavily reliant on oil resources and government liquidity.
Comprehensive reforms are needed to transition Iraq towards a market economy, with potential assistance from Ernst & Young.
Privatization of two large state banks is anticipated to enable integration with the international financial system.
Al-Sudani announced a higher committee to align Iraqi banks with international financial standards and improve relations with global financial entities.
Previous discussions at the Davos meetings emphasized restoring confidence in the international financial system, spotlighting Iraq’s role.
DINAR REVALUATION REPORT: Iraq and the U.S. Embrace Digital Transformation in Shipping Ports, 23 SEPT
Iraq and the U.S. Embrace Digital Transformation in Shipping Ports
Iraq and the United States are advancing their shipping port operations by integrating them into the Quantum Financial System, a move that underscores the nations' commitment to enhancing trade and currency valuation.
Digitalization in Iraq's Maritime Sector
Iraq is spearheading the digitalization of its maritime sector by planning to establish a maritime single window for its major ports, notably Um Qasr (North and South). This initiative aligns with IMO's mandate, requiring all member states to use a one-stop digital platform to streamline information exchange among stakeholders involved in ship operations as of January 2024.
The implementation of a maritime single window system will significantly reduce time and costs, benefiting over 80% of Iraq's imported goods that pass through the Um Qasr ports. The system will eventually be extended to the Al-Faw Grand Port, scheduled for opening in December 2024, and other Iraqi ports.
Strategic Implications
The integration of Iraq's shipping ports into the Quantum Financial System and the digitalization efforts suggest a strategic shift toward enhancing economic ties and trade facilitation. This move could potentially strengthen currency valuation and improve the efficiency of maritime operations, positioning Iraq as a key player in regional trade.
DINAR REVALUATION HIGHLIGHTS: " IRAQ AND THE USA ARE INTEGRATING THEIR SHIPPING PORTS INTO THE QFS, 23 SEPT
Summary
Iraq and the U.S. are integrating their shipping ports into the Quantum Financial System, enhancing trade and currency valuation.
Highlights
- 🌍 U.S. and Iraq connect shipping ports to the Quantum Financial System.
- 🔗 Regulations align to facilitate smoother trade operations.
- 💻 Digital technology secures borders and enhances transaction efficiency.
- 📈 Currency values will reflect real trade activities, reducing manipulation.
- ⚙️ Export controls implemented to protect national security and economic interests.
- 🚢 Watch the waters: trade routes are pivotal for currency valuation .
- 💡 Iraq completes phase two of port digitization by September 2024.
Key Insights
- 🌐 Quantum Financial System Integration: The connection of U.S. and Iraqi ports to the QFS signifies a monumental shift towards digital trade, enhancing global commerce efficiency.
- 🔒 Digital Security: Utilizing advanced tech for border security minimizes human error and fraud, ensuring accurate transaction processing across nations.
- 💵 Valuation of Currencies: As countries transition to digital systems, currencies like the dinar will better reflect economic realities, potentially increasing their value.
- 📊 Export Controls: New regulations safeguard national interests while facilitating international trade, ensuring that sensitive technologies are monitored effectively.
- 🌊 Trade Routes Importance: Shipping ports are crucial for economic interaction; their digitization heralds a new era of seamless trade and currency movement.
- 🔄 Interoperability of Blockchain Networks: The ability for different countries’ digital systems to communicate will streamline cross-border transactions and reduce costs.
- 📅 Completion of Phase Two: Iraq’s progress in digitizing its ports by September 2024 showcases its commitment to modernizing its economic infrastructure and integrating with global markets.
DINAR REVALUATION REPORT: Full Text of Al-Sudani's Speech at the Future Summit in New York 2024, 23 SEPT
Full Text of Al-Sudani's Speech at the Future Summit in New York 2024
As of September 23, 2024, the exact full text of Prime Minister Mohammed Shia al-Sudani's speech at the Future Summit in New York has not been directly sourced. However, insights from recent events and statements provide a context for what might have been discussed. [2]:url2.
Prime Minister's Participation and Agenda
Prime Minister al-Sudani attended the opening of the Future Summit on Confronting Future Challenges in New York. The summit, held on the sidelines of the 79th session of the United Nations General Assembly, aimed to address global challenges and foster international cooperation. Al-Sudani was set to deliver Iraq's speech at the summit, focusing on sustainable development indicators and advocating for productive diplomacy and international cooperation.
Iraq's Development Strategy and Diplomatic Approach
During the United Nations General Assembly, al-Sudani was expected to formally present Iraq's comprehensive development strategy. This strategy encompasses a five-year plan and initiatives to adapt to climate change and combat the effects of global warming. Additionally, the Prime Minister aimed to leverage the global platform to communicate Iraq's policies and development strategies effectively, engaging in discussions on progress across multiple sectors.
Climate Initiatives and Energy Sector
Al-Sudani's speech likely highlighted Iraq's commitment to a developmental renaissance, including the "Zero Flame" initiative aimed at eliminating gas flaring. This initiative has been pursued for the past 23 months and has invigorated the oil, gas, and renewable energy sectors, setting Iraq on a transformative path toward a new era in energy production. The government targeted an increase in the utilization of flared gas from 69% to 75%, with aspirations to position Iraq among the world's top five gas producers.
Conclusion
While the precise transcript of al-Sudani's speech is not available, his participation at the Future Summit and the United Nations General Assembly underscores Iraq's dedication to sustainable development, international cooperation, and addressing global challenges. The strategies and initiatives discussed by the Prime Minister reflect Iraq's commitment to a future that is environmentally sustainable and economically prosperous.
Full Text Of Al-Sudani's Speech At The Future Summit In New York, 23 SEPT
Full Text Of Al-Sudani's Speech At The Future Summit In New York
Baghdad Today – Baghdad Prime Minister Mohammed Shia Al-Sudani stressed, today, Sunday, September 22, 2024, the importance of adopting clear strategies for using artificial intelligence in a safe and responsible manner to serve humanity.
Al-Sudani participated in the Future Summit, which was held in New York today, Sunday, on the sidelines of the 79th session of the United Nations General Assembly.
The summit aims to enhance cooperation on key challenges and bridge gaps in global governance, reaffirm existing commitments to the Sustainable Development Goals (Global Goals) and the UN Charter, and lay the foundations for more effective global cooperation that can address today’s challenges and emerging threats in the future.
He pointed out that "the political parties inIraqMost of them have military wings, and therefore there are justifications and power for the corrupt person present at the border crossings and protection from dismissal from his position or follow-up and monitoring of all his activities,” indicating that “the border crossings are one of the economic gates through which many corruption deals pass, including currency smuggling, money laundering and drug trafficking.”
He revealed that “every employee who seeks to report the existence of a corruption deal is exposed to dismissal, beating and continuous penalties, and some of them are physically liquidated.
There are cases that we have witnessed in previous years, and the best evidence is a police officer who was assassinated in a hideous manner and was thrown into a kerosene tank as a result of reporting oil smuggling at the crossings.BasraTwo years ago.”
He concluded by saying that “the companySumerI addressed directlyPrime MinisterWith more than 200 thousand barrels smuggled through the northern ports, stressing that "the Iraqi state is completely unable to control the border ports, which are one of the biggest doors to corruption." LINK
Coffee with MarkZ. 09/23/2024
Kuwaiti Decree to Avoid Double Taxation and Prevent Financial Evasion with Iraq, 23 SEPT
Kuwaiti Decree to Avoid Double Taxation and Prevent Financial Evasion with Iraq
9/22/2024
Kuwait announced the issuance of a decree approving an agreement with Iraq aimed at avoiding double taxation and preventing financial evasion with regard to taxes on income and capital.
The Saudi "Argaam" Agency reported that the explanatory memorandum came out of a desire to strengthen mutual economic relations between the governments of Kuwait and Iraq, as the agreement was signed to avoid double taxation and prevent financial evasion.
Article (1) of the agreement indicated that it applies to persons residing in one or both of the contracting states, while Article (2) stipulated the taxes covered by this agreement.
The agreement includes a definition of dividends, which means income from shares, beneficial ownership, founders' shares or other rights not representing debt claims, as well as participation in profits. It also includes income from other corporate rights, such as income from shares, according to the laws of the Contracting State of which the company distributing the income is a resident.
The agreement stipulated the necessity of exchanging confidential information between the competent authorities in the two countries, related to the implementation of the provisions of this agreement.
In addition, the agreement excluded income derived by a resident of a Contracting State as a theatre, cinema, radio, television, or musical artist, or as a sportsperson, as these categories may be subject to tax in the other Contracting State. LINK
LATEST FROM FNU LNU, 23 SEPT
Fnu Lnu
Exchange Centers are off premises bank facilities to prevent excess traffic at bank branches. It is illegal to have different rates at different places. Remember the Law of One Price.
Fnu Lnu
I do not buy this "Education Program" nor do I buy the "Adjusting of the Parallel Market". The education is taking too long to be effective and it isn't government's job to adjust black markets. These are stall tactics while they placate the masses. But why?...
When you drag out the "Education" as long as the GOI and CBI has been doing, nothing sticks. If it is not in practice, then it is just words from the mouths of bureaucrats. Iraq has had more than enough of that and they do not pay attention.
They will become educated when it means something to them, like the cost of goods and services, and buying power, and velocity of money. This is all obfuscation and I don't believe a word of it. Logic tells me they are stalling the people.
The $64,000.00 dollar question is why? What's the real plan?
DINAR REVALUATION REPORT: Central Bank of Iraq's Plan to Remove Zeros from the Dinar, 23 SEPT
Central Bank of Iraq's Plan to Remove Zeros from the Dinar
As of September 22, 2024, the Central Bank of Iraq is studying the feasibility of removing zeros from the Iraqi dinar. This move is part of a strategic plan aimed at simplifying financial transactions and reducing transaction costs, which was first announced in 2011. The plan, once complete, will be passed to the ministerial council and Parliament for approval.
Reasons for Removing Zeros
The primary reason for deleting zeros from the currency is to combat inflation and enhance confidence in the national currency. This process can simplify accounting operations and financial transactions, potentially improving the country's image before investors and the international community.
Potential Challenges
Removing zeros from the currency involves challenges such as printing new currency, modifying accounting systems, and training people on how to use the new currency. This process may initially cause confusion among residents and consumers and requires careful planning to avoid economic disruptions.
Precedents
Countries like Turkey, Brazil, Zimbabwe, and Venezuela have previously removed zeros from their currencies. For example, Turkey removed six zeros from its currency in 2005, Brazil undertook similar measures in the 1980s and 1990s, Zimbabwe removed twelve zeros in 2009, and Venezuela removed five zeros in 2018.
Impact of Removing Zeros on Balances in America
The removal of zeros from the dinar does not indicate any restrictions on the Central Bank of Iraq's balances in America. However, the effects on international transactions and the dinar's exchange rate will depend on how well the process is executed and the state of Iraq's economy at the time of implementation.
Conclusion
The Central Bank of Iraq's plan to remove zeros from the dinar is a significant step toward simplifying financial transactions and enhancing the currency's stability. However, careful planning and execution are necessary to ensure the process is successful and does not lead to economic disruptions.