Fri. 27 Dec. 2024 How will XRP be used in foreign currency exchange? …Goldilocks on Telegram
XRP, the native cryptocurrency of the Ripple network, functions as a “bridge currency” in foreign currency exchange, allowing for fast and efficient conversion between different fiat currencies during cross-border transactions by acting as an intermediary currency, thus reducing the need for multiple intermediary banks and lowering transaction costs.
Key points about XRP in foreign exchange:
Bridge currency: Instead of directly converting one fiat currency to another, users can convert to XRP first, which facilitates faster and cheaper transfers.
Real-time settlement: The Ripple network allows for near-instant settlement of transactions, making it ideal for time-sensitive international payments.
Low transaction fees: Compared to traditional bank wire transfers, XRP transactions have significantly lower fees.
Liquidity: Due to its widespread adoption by financial institutions, XRP offers readily available liquidity for currency conversions.
How it works:
Sender converts currency to XRP: When someone wants to send money overseas, they first convert their local currency to XRP in their digital wallet.
Transferring XRP: This XRP is then sent to the recipient’s wallet address on the Ripple network.
Recipient converts back to local currency: Upon receiving the XRP, the recipient can convert it back to their local currency.
Essentially, users can convert their source currency to XRP, send it across borders, and then convert it back to the destination currency upon receipt.
Is it becoming clearer now that two RVs are taking place? One in crypto currency, and one in fiat currency.
Investment Authority: A five-year plan to attract foreign investments
Economy News – Baghdad
The National Investment Authority announced on Saturday a five-year plan to attract foreign investments, while stating that the amendment of the Investment Law ensures that the problems and obstacles of the investment process are addressed.
The Authority’s spokeswoman Hanan Jassim said, in a statement reported by the official news agency, and seen by “Economy News”, that “the Authority has developed a five-year plan to attract foreign investments by increasing the exemptions, facilities and benefits stipulated in the legislation regulating investment, such as joining international agreements that provide protection for the foreign investor by allowing him to resort to international arbitration centers as an intermediary for the settlement of disputes arising from the application of investment contracts, and proceeding with the amendment of the Investment Law No. (13) of 2006, as amended by the regulations issued by the law, which resulted in the second amendment to Investment Law No. 2 of 2009, which regulated the investment process and the powers of investment authorities.”
She added that “the Authority sought to develop regulatory investment controls to ensure the equality of the foreign investor with the local investor, and to activate the single window system and investor services in a way that facilitates the work of investment companies and gives them the necessary flow in obtaining sectoral approvals for investment projects in accordance with the time periods stipulated in the law.”
Regarding the third amendment to the Investment Law No. (13) of 2006, as amended, Jassim explained that “this amendment would ensure the treatment of some of the problems and obstacles that stand in the way of the investment process by increasing the powers of investment authorities in the governorates in accordance with the Constitution, in addition to increasing the advantages and guarantees granted to investors and facilitating the subject of concluding investment contracts between owners and investors.”
Regarding investment in the tourism sector, Jassim pointed out that “Baghdad and a number of governorates are witnessing a remarkable growth in the number and type of hotels completed due to the increase in tourist traffic and delegations, but the volume of investment in this sector is still average and does not meet the ambition decreed for it,” noting that “the authority is continuing to cooperate with the authorities concerned with the establishment of major tourism investment cities in tourist areas such as (the city of Babylon, Ur, Nasiriyah, and the city of Mosul), in addition to encouraging religious tourism in the governorates of Najaf Al-Ashraf, the holy Karbala and the city of Samarra.”
Regarding the most important sectors targeted for investment in Iraq, she pointed out that “a number of sectors had the best luck in the number of investment licenses granted, including (transport, oil industry, electricity, health, education, housing, telecommunications, agriculture, youth and sports) that would contribute to the implementation of the objectives of the government program and the national development plan.”
Regarding the implementation of the Authority’s axes in the government program, she indicated that “the Authority is working to open all ministries, sectoral entities and governorates to provide land suitable for investment; for the purpose of announcing it as real investment opportunities, in addition to starting to open investment bodies in the governorates based on the approval of the Council of Ministers on the importance of determining the economic and administrative identity of each governorate in a way that is consistent with its population, needs and elements and helps to attract capital and international companies.”
-- He's quoting Dr Shabibi, the original financial architect of Iraq's financial reforms. Pay attention. This isn't "pie in the sky" fluff. It's based on logic & reasoning ~
💢 Ariel on X: 🇮🇶The news is just coming out at rapid rates. Speaking of rates. I need to reiterate something. If $3.22 in 1980 was equivalent to $12.34, that’s a 283% increase due to inflation 12 years ago when Dr. Shabibi first brought this up.
If the exchange rate reflects the cumulative inflation from 1980 to now, Iraq cannot simply restore their currency to pre-2003 levels without adjusting for inflation over those decades.
The baseline value of the dinar must reflect the erosion of the dollar’s purchasing power over time, which suggest that a direct reinstatement at older rates would undervalue Iraq’s economic position.
If $3.22 in 1980 is now $12.34, applying a similar inflation multiplier (around 3.8x) to the pre-2003 exchange rate of 1 IQD = $3.22 would place the new rate between $12 and $16 per IQD.
However, geopolitical factors, resource control (oil), and economic growth could justify rates exceeding even $16 per IQD to reflect Iraq’s current reserves and output.
Do you know what that means if you just have only 100,000 IQD? That is atleast 1.6 million. People this is just basic economics. Not throwing some dream rates out there for a dopamine fix. Just something to think about.
Announcement from Central Bank of Iraq – Dec 26 2024 Delegation from US department of treasury visited the central bank of Iraq, the delegation expressed their gratitude and appreciation for the procedures taken by the CBI during last year in the operations of combating the financing of terrorism and money laundering.
The delegation “”praised CBI’s electronic programs that was used for the first time and showed their astonishment for the speed and competency in using those programs also their admiration with the criteria placed by the bank with the help of international audit office (KPMG) which related to organizing Dollar selling operations and its monitor during the compliance of all banks to rules of combating the financing of terrorism and money laundering”” No. 39 for the year 2015.
Also the delegation listened to detailed explanation on the electronic system which applied by the CBI to monitor sold Dollar movement, and discussed CBI’s vast training program which will start soon and aims to train and qualify CBI’s employees working in monitoring and supervising field.
The economic adviser to the prime minister, Mazhar Mohammed Saleh, revealed a new vision for investing materials in Iraq.
Saleh said {Al-Furat News} that: “What economic policy in our country is looking for thinking from outside the fund and providing sustainability in the surplus of the current account of the Iraqi balance of payments by expanding investment in natural resources and manufacturing them and making them prepared for export, which provides returns that help to establish a sovereign wealth fund.”
He added, “The most suitable model is to generate a sovereign wealth fund {directs its investments towards internal opportunities} and according to a different vision; because our country is the ninth globally in terms of diversity of its natural wealth in the subsoil and the first globally in terms of the concentration of wealth in one square kilometer.”
Thurs. 26 Dec. 2024: Global Currency Reset, Julian Assange
Safe link 800# will be released closer to go date
Rates are EXTREMELY high
We are almost at the end of the road. All intel is saying “Next Week”
Bond funds delivered to paymasters was coming in so fast everyone was is in awe from the amount
Private appointments are being made now.
Get your plans/projects together and don’t wait around for this to happen without being ready.
No straight cash will be given
You are in charge of your funds and can place funds in different accounts
Advisers will be there to assist you with your funds and will help guide you in your projects or choosing one on the list.
Everything is going well, still some that do not want this to happen, but all is safe.
You can take to your appointment: advisors/bank contacts (if you have already spoken to a specific person)/ friend/any person/s you want to assist you.
Zim Cap information is changing daily but as of now they are paying as follows:
NO projects = 15 million no matter the amount you might hold. With projects = First 2 bond notes are 1:1 after this 25 million (per 100T) up to 30 bond notes To negotiate further you will need to return.
Shafaq News/ The Iraqi government requested the parliament to amend a section of the draft budget law for the year 2025, Iraqi MP stated on Saturday.
The MP Muthanna Amin announced that the Iraqi parliament’s legislative recess will end on January 10, 2024, and one of the primary tasks to be completed during the upcoming session will be the approval of the 2025 budget law.
He added that the federal government had requested a modification to a paragraph in the budget related to the oil of the Kurdistan Region, specifically regarding the estimated costs of crude oil extraction.
“A preliminary agreement has been reached between oil companies and the Kurdistan Regional Government on this issue, and what the regional government presents will be included in the 2025 national budget draft,” he pointed out.
Following negotiations, Erbil and Baghdad have reached an agreement to amend the budget, raising the costs to approximately from 6$ per barrel to $20.6. In the initial phase, oil companies will receive around $16 per barrel.
Regarding Iraq’s upcoming legislative elections, Amin revealed, “The current parliamentary term will expire next year,” emphasizing that the elections must be held at least two months before the term ends.
On Tues. 24 Dec.the new Iraqi Dinar Rate based on the price of a barrel of oil was announced by the Iraq International Development Bank onThurs. 26 Dec. A new Dinar rate appeared on the Australian Forex onFri. 27 Dec:https://www.coinbase.com/en-au/converter/forex/iqd
Praising the government's success in attracting investors and capital to the country
As the year 2024 draws to a close, witnessing an urban renaissance that the country has lacked for decades, academics and specialists praised the government’s success in attracting investors and capital to the country, stressing that the security stability enjoyed by the country and the development of the banking system that came in accordance with the government program, pushed the wheel of investment forward.
Safe reality
Professor of Economics at Al-Nahrain University, Sattar Al-Bayati, told Al-Sabah: “In light of the current safe reality and the stability that the country is witnessing, there is a development and urban movement that the country is witnessing according to the government program, and the achievements that occurred during this year with regard to Baghdad, especially in the matter of cleanliness, roads, bridges and projects in various sectors, as well as the bridges that were built or rehabilitated and appeared in a new guise
These are all positive messages sent by the government to investors, whether Iraqis or Arab and foreign investors, that there is a suitable environment for investment in general, especially direct investment in light of the existence of Investment Law No. 13 of 2006 and its amendments, which contain many articles that serve the investor.”
He pointed out that “there are two types of investment, which are foreign direct investment and indirect foreign investment,” indicating that “indirect investment occurs in the Iraq Stock Exchange, or any stock market or stock exchange.”
Infrastructure
He added, "The government is counting on direct investment, because it is a real investment that can be made directly in the basic structures or infrastructure that the country needs, such as residential complexes, bridges, hospitals, or universities. Direct investment can invest in all of these."
Great benefit
In turn, economic expert Alaa Al-Fahd told Al-Sabah: “The government has focused on investment aspects and development projects with high economic feasibility,” indicating that “these projects, if completed, will be the gateway and beginning for development projects and investments and attract foreign investment, while greatly benefiting from the state of security and political stability in Iraq.” Al-Fahd confirmed that “there is an investment revolution in Iraq currently.”
Financial capabilities
“Security and political stability can be a gateway for investments in various fields and sectors, such as the services sector, housing sector and infrastructure, and this is one of the government’s priorities,” he added, noting that “this requires consolidating the partnership between the public and private sectors, whether local or foreign, as this is the first stage to gain confidence and move from the socialist state and the government’s implementation of projects, to another new state with the participation of the private sector in projects in which the local private sector can invest according to the existing financial capabilities and infrastructure belonging to the state, and even in the field of managing service facilities and others.”
Big investments
He pointed out that Iraq today has begun to attract very large investments that have so far reached 62 billion dollars, but it needs more than 500 billion dollars in the areas of infrastructure, services and productive projects, in addition to the government’s orientation towards oil transformation industries,” indicating that “these industries in themselves will contribute firstly to achieving self-sufficiency, and secondly, Iraq can be a source of oil derivatives, as well as a source of transformation industries instead of the state having to bear the costs of importing them.”
Government vision
“There is a government vision for a map of high-priority investment projects, and the government has begun to lay the basic foundations in terms of financial transfer, financial leverage, and financial inclusion, which is one of the largest pillars of investment,” he said, stressing that “investment seeks financial security and financial inclusion, with the presence of a banking system capable of managing the investment process, primarily by providing bank credit, as well as achieving financial security in terms of foreign transfers and relations between local banks.” And foreign. link
Bear in mind folks, the Dong still hasn’t changed against the dollar.
But what the forex Coinbase chart shows is that once the dinar flips, the Dong and every other currency will be setup on the XRP crypto platform to revalue and that everything is now in place to move.
Dagher: I don't understand why we borrow when oil exceeds $70
Today, economic expert Dr. Mahmoud Dagher criticized the economic policies that push Iraq to borrow despite oil prices exceeding $70 per barrel.
Dagher explained that the external debt exceeded the figures announced according to the World Debt Report, while the internal debt amounted to more than 81 trillion Iraqi dinars, which constitutes an additional burden on the general budget that bears the debt installments and interest, as these costs reach 9 trillion dinars.
He pointed out that the government's continued borrowing lacks any economic justification, especially with the fluctuation of Iraq's GDP as a country dependent on oil revenues, which makes the debt-to-GDP ratio unrealistic or economically feasible.
Dagher concluded his statement by stressing the need to reconsider these financial policies, warning of the repercussions of borrowing on the Iraqi economy if oil prices decline in the future link
Article: "What are Iraqis waiting for after the news of the 'sudden suspension' of the dollar sale platform by the Central Bank?"
That is a big deal by the way. They've been talking about stopping the auctions for quite some time...
This is their way of getting away from the dollar altogether and by doing so allow them to win the international community...This is going to eliminate a lot of the criminality.
FRANK26: "EDDIE KNOWS MORE THAN YOU KNOW MR IRAQI BUSINESSMAN???!!!"....F26
Within days"... Businesses are "confused" with expectations of a rise in the dollar exchange rate in the parallel market
12/27/2024
Baghdad
Economic expert Ahmed Al-Tamimi expected, today, Friday (December 27, 2024), that the dollar exchange rate will continue to rise in the parallel market in the coming days.
Al-Tamimi told Baghdad Today, "The dollar exchange rate in the parallel market has been rising continuously for days," expecting "it to continue rising during the next stage, and
this matter is directly linked to the imminent announcement of the platform's suspension by the Central Bank of Iraq."
He added, "This matter has caused clear confusion in business," noting that "there is an increasing demand for the dollar in the parallel market, after this announcement due to fears and traders' lack of knowledge of how to deal with banks regarding foreign transfers."
He stressed that "this increase has increased the exchange rate and we expect the exchange rate to increase, and for this reason the Central Bank of Iraq must clarify the new mechanisms for foreign transfers and how they will be through banks, in order to reassure the street."
Earlier today, Thursday, economic expert Nasser Al-Tamimi revealed the reason for the continued rise in the dollar exchange rate in local markets for days.
Al-Tamimi told Baghdad Today, "There are two main reasons behind the continued rise in the dollar exchange rate in local markets for days," indicating that "the first reason is the imminent suspension of the platform's work at the Central Bank, as this matter has caused confusion in the market, especially among small traders, who have increased their demand for dollars from the parallel market.
"
He added, "The other reason is the proximity of the New Year's celebrations, as there is a demand for the dollar in the parallel market for the purpose of travel as well as buying some goods," expecting "the rise to continue until the beginning of the new year, after which it may return to a gradual and slow decline."
