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Wednesday, October 30, 2024
The Central Bank reveals the value of the cash reserves that Iraq possesses, 31 OCT
The Central Bank reveals the value of the cash reserves that Iraq possesses
Baghdad-Mil
The Governor of the Central Bank, Ali Al-Alaq, revealed today, Wednesday, the value of the cash reserves that Iraq possesses.
Al-Alaq said during the second day of the “Miri 2024” forum in Erbil, which was followed by “Mil”, that “the role of the Central Bank cannot be reduced by looking at the currency selling window only,” stressing that “the Central Bank represents a fundamental pillar of economic and financial stability in the country.”
He added, “Iraq started in 2003 with reserves of nothing,” adding, “We now have more than 100 trillion dinars in circulation, and foreign currency reserves exceed 140% of the issued currency, which constitutes a great guarantee for monetary stability.”
Al-Alaq continued: “We have licensed 16 companies for electronic payment, and the Central Bank is working on licensing digital banks,” noting that “the Central Bank is establishing a national company that will organize electronic payment, using the best technologies and methods, and it has reached advanced stages.”
He explained: “We have a plan to reform government banks and a plan to reform private banks. In the coming year, we will witness major transformations in government banks and their restructuring, or as for private banks, their licenses will be re-established according to the foundations and standards of governance and transparency and will be consistent with international standards.”
Al-Alaq said that “about 40% of the banks in the world play a direct role in stimulating the economy, and Iraq is among these banks,” noting that “confronting the financial deficit in the budget is through public debt, and this matter requires control coming from the structure of the state’s public finances.”
He pointed out that “it comes from the deficit, and the large deficit in the budget comes from the continuous increase in expenditures that is not matched by growth in revenues, especially local revenues.”
Al-Alaq pointed out that “there are now binding and inflexible expenses in the state’s general budget, and Iraq still depends on oil revenues to cover its expenses almost entirely, and any fluctuation in the price of oil affects the coverage of expenses,” according to Al-Alaq, who saw that this “indicates the existence of a structural defect in the structure of the Iraqi economy.”
As for inflation, he said that “it was about 7.5% in 2023, so the bank had to work on withdrawing part of the money supply to reduce inflation.”
Al-Alaq added, “In 2020, the size of the money supply was 46 trillion dinars, and it jumped at the end of 2023 to 100 trillion dinars .”
The Central Bank Governor stated that “the level of the money supply did not increase during the year, and remained the same, and this indicates that this interest has achieved its goal,” revealing that “the external debt is less than 20 billion dollars.”
TIDBIT FROM MILITIAMAN, 31 OCT
Militia Man
As far as the Hydrocarbon Law is concerned I think we need the financial side of things first.
Article 140, they're going to need the financial side done first. I think that's where they're at.
The black market is having pressure put on it now and it's going to cease in the near future. They said by the end of the year.
The dollar auctions will be gone anyway. But between now and then they've reduced it.
Well over 95% of all transactions are done outside of the black market...The black market is relatively insignificant but it's still affecting the citizens.
Central Bank Governor reveals important figures about Iraq’s economy and foreign reserves, 30 OCT
Central Bank Governor reveals important figures about Iraq’s economy and foreign reserves
The Governor of the Central Bank of Iraq revealed important figures about the Iraqi economy and its foreign currency reserves.
Ali Al-Alaq said during his participation in the Middle East Forum 2024 (Miri) session in Erbil, that “the volume of currency issued in circulation is approaching 100 trillion dinars,” indicating that “the cash reserve of foreign currency exceeds 100 billion dollars.”
He explained that “next year will witness major transformations in the restructuring of government and private banks. ”
He pointed out that “the growth rate of the money supply rose from 46 trillion to 100 trillion within two years,” noting that “the external debt does not exceed 20 billion dollars.”
Al-Raqqa confirmed that “the inflation rate currently stands at 3.8%, which is a typical rate,” revealing that “the Central Bank has granted a license to 16 electronic payment companies.”
FIREFLY: " WE'RE GOING TO NEED TO SEE THE REAL EFFECTIVE EXCHANGE RATE: , 30 OCT
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: Mr Sammy
[FRANK: Who runs one of the banks in Iraq]
said all that is needed at this point is a new rate to push forward the remaining things.
The budget has not been released yet but it will be. Then the HCL also needs to be voted and we need the Speaker of the House.
All of these things are working together. To see that budget and the HCL we're going to need to see the Real Effective Exchange Rate.
FRANK: The Real Effective Exchange Rate will come when it starts to float. That's part two of the 'hybrid monetary reform plan'. Part One is to give you purchasing power. I agree with Mr. Sammy...
there are major events that are coming to an intersection that will collide with great force for your new exchange rate and currency.
The House of Representatives sets tomorrow, Thursday, as the date for holding a session to elect its president, 30 OCT
Mawazine News – Baghdad
The media department of the House of Representatives announced today, Wednesday, that tomorrow, Thursday, will be the date for the session to elect the Speaker of the House.
The department said in a statement received by “Mawazine News”, that “the agenda of the House of Representatives session for tomorrow, Thursday, will include the election of the Speaker of the House.”
EXCERPTS FROM MARKZ, 30 OCT
EXCERPTS FROM MARKZ
Member: Can Iraq go very long with the new policy of not letting any more than one million dinar leave the country now per person?
MZ: No- not really …I don’t think they can very long now that they are shutting down the auctions …they have to bring in money from other countries until the dinar is more powerful.
Member: What about your bond holder? Is he liquid?
MZ: I am hearing “crickets” from the one bond holder that was supposed to have dollars by today. I am not too surprised…..either he is trying to figure out where it’s at…or he got it and went quiet. My suspicion is he has not been paid yet or does not have full access yet. .
Member: Bond folks are in the same position as we are. Waiting for the trigger
MZ: I totally agree
Member: Hello, my name is Bond….Paid Bond…..lol
MZ: Shaken or stirred?
Member: Any Redemption center news?
MZ: They are still waiting and still hopeful . My contacts who have been trained in exchanging foreign currencies (specifically the currencies we hold) also work in wealth management. They all know there will be a sudden injection of wealth. They are prepared and ready and just as frustrated and irritated as you and I are.
Tuesday Evening Chat With MarkZ and Zester, 30 OCT
Tuesday Evening Chat With MarkZ and Zester
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: Hello to all fellow Dinarians
MZ:: In Iraq: “Full decisions of the cabinet meeting” This is a long article….they are getting into the big, heavy decisions they have in front of them. The reforms going on in Iraq are impressive……Why do I point them out? Many are part of their white papers and banking and monetary reforms along with the increase of the purchasing power of the dinar.
MZ: “ Al Azim: Welcomes the holding of next Thursdays session to elect the speaker of Parliament” One of my sources in Iraq believes this is important and one of the reasons they have not pulled the trigger.
Member: There has not been a speaker in Parliament for close to 2 years…..it sucks they are just getting around to it…….sounds suspicious to me.
MZ: This is interesting: “ Coinciding with the dollar. Gold prices begin to rise in the Iraqi markets” the biggest thing is the amount of gold purchasing going on in the Iraqi markets. Not only by Central banks but also by individuals purchasing gold. Its almost as if everybody knows the world is going gold backed?
Member: Any news on the bonds side yet?
Member: I did get an update from a bond person who fully expects everything . They are waiting on a transaction to finish with full liquidity in the morning. I should know in the morning if he has liquidity..
MZ: Most however are anticipating it happening from this evening to midweek next week for their liquidity…..we are praying they get it. That will mean we have crossed the Rubicon.
Member: Mark, waiting on bonds in EU and HK to pay soon. Will let you know if it goes.
MZ : I’m waiting to hear if they are going in Hong Kong as well.
MZ: I am not overly optimistic though- This close to the election.
Member: unless the election is the diversion they need to release everything?
Member: Hey all. I remember someone in chat posted months ago that a bond flipper was paid and under an NDA until Thanksgiving. So perhaps before Thanksgiving for us may be a good bet.
Member: Does Mr. C still think it will happen before Thanksgiving?
MZ: He does – He thinks it will be in the next week or two since things are looking so good.
Member: Thanks Mark and mods…..be blessed.
Member: Enjoy the rest of your evening everyone…sleep well
Zester joins the stream tonight. Please listen to the replay for his opinions and information.
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
ANALYSIS ABOUT THE CBI HYBRID MONETARY POLICY BY MNT GOAT, 30 NOV
We see this in today’s articles too when they called the CBI policies regarding the interest rates as “INCOMPREHENSIBLE” and so obviously they don’t care for the flexible “HYBRID MONETARY POLICY” of the CBI.
We have to remember that sometimes there are moments when desperate times brings desperate measures.
They might not be in line with things done in the past, but they work and so this measure of interest rate reduction did work regardless of the author’s OPINION that it did not work. As said in the article that 80% of the issued dinar is outside the banking system. But either the translation got messed up or this author is really off key.
I quote from the article; “As for (Iraq), the previous interest rates of 7.5% did not succeed in (withdrawing the hoarded cash) out of the banking system, which exceeds 80% of the issued dinar”. So, what is wrong with this statement in the article?
First, much of the 80% of the hoarded cash is outside the banking system and we as investors physically hold it. Since the initial issue of the three zero notes the CBI has more than tripled the issued monetary mass. They must shrink it back by 2/3. There are no other measures that will get this money into the banks unless they revalue it and exchange our currency to bring it back to Iraq through the central banking system.
Secondly, the CBI is attempting to bring this money “into” the banking system not “out” of it, as the article tells us (but this could just be a translation issue too).
Third, the CBI Hybrid Monetary Policy is working and has successfully withdrew much of the cash back and is still withdrawing much of this hoarded cash back to the banks and so I don’t know why the author is saying this. I have coordinated already with my CBI contact and verified the success of the program so far. There is still more to come. They need more time. But they have a figure and know an amount they need to get.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/The Dinar Under Siege: How Do Smuggling Mafias Strike the Cash Reserve?, 30 OCT
The Dinar Under Siege: How Do Smuggling Mafias Strike the Cash Reserve?
Reports indicate a worrying increase in the activity of currency smuggling mafias in Iraq, which has raised widespread questions about the serious repercussions of this activity on the Iraqi economy.
Such operations that aim to transfer money abroad illegally lead to huge losses in the cash reserve and affect the state’s ability to finance basic needs, and contribute to the exacerbation of inflation and the deterioration of the value of the Iraqi dinar.
One economic analysis states that: “Currency smuggling operations weaken Iraq’s foreign exchange reserves, increasing the country’s inability to meet its basic import needs, and leading to a deterioration in the balance of payments. This illegal outflow of funds not only leads to weak domestic investment, but also creates an unstable economic environment, raising concerns among foreign and local investors alike.”
Another aspect of the negative effects of these operations appears in the financing of illegal activities such as drug trafficking and support for armed groups, indicating that currency smuggling is not only an economic issue, but a security problem that affects the stability of Iraq more deeply.
The various methods used to smuggle money include foreign imports that take place outside the official platform of the Central Bank, which is a violation of the laws and increases chaos in the market.
Reports indicate that some parties are deliberately seeking to weaken the national currency by raising the price of the dollar in an exaggerated manner, which raises questions about the possibility of internal parties colluding with smuggling networks to increase their profits at the expense of the national economy.
Expert Mohammed Al-Kubaisi explains that currency smuggling mafias exploit political and economic crises to increase their activities, taking advantage of weak government oversight and financial turmoil to achieve huge profits.
The problem seems to go beyond the economy to include deeper issues related to weak legislation and government control, which is prompting some analysts to call on the government to take strict measures, including imposing strict controls on financial transactions and setting policies that encourage local investment to limit the flow of money abroad. link
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Lilfish: IMF Touts US Economy the Growth Engine of the World
WASHINGTON, Oct 22 (Reuters) - The U.S. economy will continue to provide most of the thrust for global growth through the balance of this year and in 2025, led by robust consumer spending that has held up through a wrenching bout of inflation and the high interest rates used to tame it, the International Monetary Fund said on Tuesday.
In its latest World Economic Outlook, the IMF raised its 2024 and 2025 economic growth forecasts for the U.S. - the only developed economy to see its outlook marked up for both years - and its chief economist said the "soft landing" sought by the Federal Reserve in which inflation eases without big damage to the job market had largely been achieved.
Emerging market powerhouses India and Brazil also stood out on the upside of the IMF forecasts, while it dialed back growth expectations for China for this year and left next year's forecast for the world's No. 2 economy at a below-trend 4.5%.
Still, it warned that risks abound from armed conflicts, potential new trade wars and the hangover from the tight monetary policy employed by the Fed and other central banks to rein in inflation.
"Today, the IMF reported that the United States is leading the advanced economies on growth for the second year in a row," Lael Brainard, the director of the White House's National Economic Council, said in a statement.
The IMF's latest World Economic Outlook said the shifts will leave 2024 global GDP growth unchanged from the 3.2% projected by the global lender in July, setting a lackluster tone for growth as world finance leaders gather in Washington this week for the IMF and World Bank annual meetings.
Global growth is projected to be 3.2% in 2025, one-tenth of a percentage point lower than forecast in July, while medium-term growth is expected to fade to a "mediocre" 3.1% in five years, well below its pre-pandemic trend, the report showed.
Nonetheless, the IMF's chief economist, Pierre-Olivier Gourinchas, said some countries, including the U.S., were showing resilience.
"The news on the U.S. is very good in a sense," Gourinchas said at a press conference in Washington. "The labor market picture remains one that is fairly robust, even though it has cooled off."
"I think the risks of a recession in the U.S. in the absence of a very sharp shock would be somewhat diminished," he said.
Although Gourinchas said it looked as if the global inflation battle had largely been won, he told Reuters in an interview there is a risk that monetary policy could "mechanically" become too tight without interest rate cuts in some countries as inflation subsides, weighing on growth and jobs.
CONSUMER STRENGTH
The IMF revised its 2024 U.S. growth forecast upward by two-tenths of a percentage point to 2.8% due largely to stronger-than-expected consumption fueled by rising wages and asset prices. The global lender also upgraded its 2025 U.S. growth outlook by three-tenths of a percentage point to 2.2%, slightly delaying a return to trend growth.
The global financial order is shifting—and fast. BY AWAKE IN 3D, 30 OCT
AWAKE IN 3D
The global financial order is shifting—and fast.
Western sanctions are accelerating de-dollarization, and BRICS nations are driving bold efforts to escape U.S. dollar dominance.
This would mark the start of a new financial era.
A new BRICS currency, rumored to be backed by gold, is already unsettling global markets.
With gold prices soaring beyond $2,700 per ounce, the challenge to the dollar’s supremacy is gaining momentum.
The upcoming BRICS summit could ignite a Global Currency Reset (GCR), forcing nations to rethink their financial strategies.
Some are already adjusting policies to keep pace with these changes.
The question isn’t if the GCR/RV shift will happen—it’s when it will disrupt the financial system we’ve known for decades.
Is the U.S. dollar’s reign nearing its end?
The decisions made at the summit will shape the future of global finance.
https://ai3d.blog/new-brics-currency-and-increasing-western-sanctions-is-a-global-reset-in-progress/
The Central Bank republishes controls for declaring funds and bringing them in or out of Iraq, 30 OCT
The Central Bank republishes controls for declaring funds and bringing them in or out of Iraq
Today, Tuesday (October 29, 2024), the Central Bank of Iraq republished the controls for declaring funds, while indicating that it allows the entry or exit of amounts less than $10,000.
The bank said, according to a statement received by "Baghdad Today", that "in order to reduce the risks of bringing in and out money across the Iraqi borders and exploiting this in money laundering or terrorist financing operations, and based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2025, and the provisions of Controls No. 1 of 2029 (amended Controls No. 1 of 2017), the following must be adhered to:
1. It is permitted to bring in or take out amounts less than (10,000) dollars (ten thousand US dollars) or its equivalent in other currencies without declaring them.
2. It is permitted to bring in or take out amounts exceeding (10,000) dollars (ten thousand US dollars) to 20,000 dollars (twenty thousand US dollars) provided that they are declared, with the necessity of presenting evidence supporting the purpose of bringing in or taking out these amounts. In the event that supporting documents are not available, the traveler must submit a pledge to bring these documents after (30) days from the date of declaration.
3. It is prohibited to bring in or take out amounts exceeding (20,000) dollars (twenty thousand US dollars) or its equivalent in other currencies, and the process of bringing in or taking out these amounts shall be exclusively through financial institutions.
4. It is prohibited to bring in or take out amounts exceeding (1,000,000) dinars (one million Iraqi dinars) even if they are declared, and the amount will be seized and legal measures will be taken against it. 5. Declaration of precious stones and metals if their value exceeds (10,000) ten thousand US dollars. 6. Declaration of financial instruments that are negotiable to bearer or are transferred inside or outside Iraq by a person, postal service, shipping service or any other means and whose value exceeds (1,0000) ten thousand US dollars link
WOLVERINE IMPROMPTU LIVE CHAT 29/10/2024, 30 OCT
I wanted to tell everyone to prepare. I wanted you to know that THIS IS THE TIME! IT'S DEFINITELY COMING. This is the week we are waiting for! Mauricio is ready to leave, and when he leaves, everyone will leave.
Precatorias is waiting for Mauricio. So when he leaves, then everyone will leave.
I got a call from private contractors and everything is signed with the general payers. We were going to go today, but tomorrow those people will get paid. I'm not sure of the triggers. They said they got paid, I'm trying to confirm that.
Everything is coming and get ready. I agree with Bruce. President Trump wants this done by October 31. Rumors say there may not be an election, they can come out and say 2020 was a fraud and reinstate President Trump as the legitimate president and those people will be arrested.
Bruce's information on Iraq is correct, they started and the template for the foreign exchange market was laid. It will be exciting when we get the opera call. I will be ready at any time of the day or night, I will put on my operatic voice and sing for you live. I wanted to share this with you so that you don't think that it will be a year, as some say, that is not true.
Have a beautiful day or night and look forward to it happening this week.
You should receive notifications in your emails tomorrow. They will be very excited and happy! Love you guys, Wolverine (transcribed by Carpathia)
LISTEN TO CARPATHIA'S IMPROVISED SPEECH at the end of the audio…
TRANSLATE IN SPANISH
Quería decirles a todos que se preparen. Quería que supieran que ¡ESTE ES EL MOMENTO! DEFINITIVAMENTE VIENE. ¡Esta es la semana que estamos esperando! Mauricio está listo para irse, y cuando se vaya, todos se irán.
Precatorias está esperando a Mauricio. Entonces, cuando se vaya, entonces todos se irán.
Recibí una llamada de contratistas privados y todo está firmado con los pagadores generales. Íbamos a ir hoy, pero mañana a esas personas se les pagará. No estoy seguro de los factores desencadenantes. Dijeron que les pagaron, estoy tratando de confirmarlo.
Todo está llegando y prepárense. Estoy de acuerdo con Bruce. El presidente Trump quiere que esto se haga antes del 31 de octubre. Los rumores dicen que puede que no haya elecciones, pueden salir y decir que 2020 fue un fraude y restablecer al presidente Trump como presidente legítimo y esas personas serán arrestadas.
La información de Bruce sobre Irak es correcta, empezaron y se colocó la plantilla para el mercado de divisas. Será emocionante cuando recibamos la llamada de ópera. Estaré listo en cualquier momento del día o de la noche, pondré mi voz de ópera y cantaré para ustedes en vivo. Quería compartir esto con ustedes para que no piensen que pasará un año, como dicen algunos, eso no es verdad.
Que tengan un hermoso día o noche y esperen a que suceda esta semana.
Deberían recibir notificaciones en sus correos electrónicos mañana. ¡Estarán muy emocionados y felices! Los quiero, chicos, Wolverine (transcrito por Carpathia)
ESCUCHE EL DISCURSO IMPROVISADO DE CARPATHIA al final del audio…
Rafidain Bank studies establishing an electronic platform for trading government bonds, 30 OCT
Rafidain Bank studies establishing an electronic platform for trading government bonds
Rafidain Bank confirmed, today, Wednesday, the establishment of an electronic platform for trading government bonds.
The bank stated in a statement received by Al-Maalouma Agency that it “will sponsor an expanded meeting in cooperation with the Securities Commission and the Iraq Stock Exchange to discuss launching an electronic platform for trading government bonds.”
He pointed out that "the meeting will be sponsored by the Minister of Finance and the Governor of the Central Bank of Iraq." link
Coffee with MarkZ. 10/30/2024
Chats And RumorsMarkZ
Oct 30
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:Attention On Deck, The Captain Is Taking The Bridge
Member: Good Wednesday morning to you all….
Member: Some say today is the day. Although, they have said that at times for months.
Member: What have you heard Mark?
MZ: Put of Iraq- “The price of monetary policy and reactivation of securities” The CBI is letting us know growth rates are out stripping inflation. And they are reactivating securities in the country. This means we are watching the white paper reform ( Financial reforms) and the restructure of their monetary system so they can revalue the dinar and restore it to its status in the world and to lift all Iraqis up with increased purchasing power.
MZ: “KDP admits the difficulty of resolving the election of a new speaker of the Iraqi Parliament tomorrow” They may not get their speaker tomorrow. The Sunnis are fighting it. But they do expect to have a spealer sat in the next few days. Is this important? I have someone in the Finance Ministry who believes it is important. ..
MZ: “Customs announces a significant increase in revenues from the Trebil Port after linking it to the AYUSCUDA system” This big increase is because they have gotten rid of the ability of individuals to dip their fingers in the honeypot/cookie jar…..the cookies stopped disappearing when they put in the child safety lid…... Tarrifs and customs are coming in at record levels.
Member: Iraq, Iraq, Iraq I hope to never hear that word again after this passes. Is anyone else with me?
Member: Also the words Close, Imminent, Soon and Anytime
Member: Iraq is probably just as frustrated as we are.
Member: Iraq is probably waiting for the elections like us –so they know who they will be dealing with in the future.
Member: Can Iraq go very long with the new policy of not letting any more than one million dinar leave the country now per person?
MZ: No- not really …I don’t think they can very long now that they are shutting down the auctions …they have to bring in money from other countries until the dinar is more powerful.
Member: What about your bond holder? Is he liquid?
MZ: I am hearing “crickets” from the one bond holder that was supposed to have dollars by today. I am not too surprised…..either he is trying to figure out where it’s at…or he got it and went quiet. My suspicion is he has not been paid yet or does not have full access yet. .
Member: Bond folks are in the same position as we are. Waiting for the trigger
MZ: I totally agree
Member: Hello, my name is Bond….Paid Bond…..lol
MZ: Shaken or stirred?
Member: Any Redemption center news?
MZ: They are still waiting and still hopeful . My contacts who have been trained in exchanging foreign currencies (specifically the currencies we hold) also work in wealth management. They all know there will be a sudden injection of wealth. They are prepared and ready and just as frustrated and irritated as you and I are.
Member: Wolverine says money on the way!!
Meber: 6 days until the election…maybe after things settle down the RV trigger will be pulled.
Member: MarKZ I know you told us it would be crazy toward the end but damn!
Member: Here we are Still Standing after all they have done …That is victory… We are Champions …We are winners …Standing at the scrimmage line for our blessings WWG1WGA
Meber: We were CHOSEN to be here at this time...Have faith...Our day is coming...We will create our new beautiful earth together.
Member: Have a great day fellow RV’ers……I’m praying we are at the end of this journey!
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.