ARIEL
Al-Sudani stated officially that "this year" Iraq will witness a tangible significant change for the Iraqi citizens.
Monday, June 10, 2024
"THIS YEAR IRAQ WILL WITNESS A TANGIBLE SIGNIFICANT CHANGE FOR THE IRAQI CITIZENS" BY ARIEL, 10 JUNE
International Monetary Fund mission: We expect growth in the Iraqi economy, 10 JUNE
International Monetary Fund mission: We expect growth in the Iraqi economy
The head of the International Monetary Fund mission in Iraq, Dr. Ghazi Shubaikat: There has been growth in the Iraqi economy in light of the reforms adopted by the government, at a time when he stressed that Iraq must work to achieve financial sustainability while having the elements to achieve this goal.
Al-Sabah met with the head of the mission and asked him the following questions:
*What does the Fund expect for the future of the Iraqi economy?
- The Fund expects growth in the Iraqi macroeconomy, in conjunction with the reforms adopted by the government with the aim of creating realistic solutions to all economic problems, and we sensed seriousness from the Iraqi government in the field of achieving economic reforms that strengthen the relationship with the Fund, and this encourages the strengthening of cooperation in a way that serves the Iraqi economy, which is suffering. Chronic problems.
*
How does the Fund support the Iraqi economy and what is the source of support?
The International Monetary Fund supports Iraqi reforms that achieve financial sustainability, keeping Iraq away from any crises affecting the oil market, which Iraq relies on to cover its annual expenses, especially since a country like Iraq needs large revenues to cover the needs of all sectors, and this needs to create Real financial sustainability through reviving the productive and service sectors and bringing the capital cycle into a local context.
*What do you advise regarding reducing unemployment rates?
Iraq must focus on the labor market and create advantages in the private sector equivalent to what it obtains in the public sector, so that employment can be directed to the private sector, which must be activated within limits commensurate with Iraq’s economic capabilities.
*What does the Iraqi labor market need?
It is necessary to work on training and qualifying human resources in all specializations in light of the presence of human wealth that can be employed in a way that serves Iraq, with the need to create skilled labor in all sectors and in a way that is consistent with the government’s reform policy.
*In your opinion, where are the strengths in the economy?
- The private sector represents an economic force that can overcome challenges and gradually advance the national economy. It addresses many problems, especially since Iraq can achieve a diversity of revenues from sectors, some of which are distinguished by achieving sustainable revenues.
*What about the financial sector?
Competitiveness in the financial sector can create a solid financial sector with advanced services and safe and transparent money paths that support the economy and the stages of development it seeks and works to achieve, and reaches the most important goals of financial sustainability. link
"ABOUT STABLECOIN & THE CORE BANKING SYSTEM" BY GOLDILOCKS, 10 JUNE
GOLDILOCKS
As US Treasury bonds are being sold around the world, we have a growing interest in Stablecoin use case scenarios designed to minimize the risk factors of a falling monetary system as it embraces a new digital asset based trading system.
© Goldilocks
---
The Core Banking System is the foundation of our Global Financial Markets.
It enables seamless currency exchanges, and it is the part of the banking system that coordinates risk management tools and digital networks to move virtual assets through the new QFS system on a Global scale. ----
Cross border international trading is made possible through this new digital banking system mechanism. It will allow foreign currency exchanges to move through the system.
The beauty of this new digital banking system that is the nuts and bolts of all transactions done in a bank lies in the fact that it is done.
© Goldilocks
https://www.fivedegrees.com/foreign-exchange#:~:text=Your%20core%20banking%20system%20forms,is%20really%20not%20that%20foreign.
"It is just a matter of time before ALL banks and branches implement this fully" BY MNT GOAT, 10 JUNE
THE IMPLEMENTATION OF THE COMPRENSIVE BANKING SYSTEM IN IRAQ
Al-Rafidain Bank announced, today, Tuesday, “the implementation of the comprehensive banking system in the White Palace branch in Baghdad, thus joining the branches in which the comprehensive system was activated in Baghdad, the governorates, and the branches of the border crossings.”
The bank stated in a statement received by Al-Mutala’ Agency that, “In line with the government program to move from paper to electronic transactions to provide the best services to citizens, the comprehensive banking system was implemented in the White Palace branch in Baghdad, thus joining the branches in which the comprehensive system was activated in Baghdad and the provinces.” The number of “28” branches is in addition to the branches of the border crossings (Zarbatieh – Safwan – Arar – Trebil), in an important step to strengthen the banking system, achieve its requirements, abandon paper work, and move completely to electronic systems.
He added, “The plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings to include all bank branches in implementing the system,
especially since one of the priorities and adoptions of the government program is electronic transformation in financial transactions, reducing episodes of red tape for citizens, reducing time, simplifying procedures, removing obstacles, and intensifying efforts to raise the level of… Services provided to customers and completion of their transactions.
(It is just a matter of time before ALL banks and branches implement this fully. Do we have to wait for this see the RV? I am told absolutely not, but how far must they progress? )
----"Q & A" WITH MNT GOAT, 10 JUNE
Q & A
Question from clayrich6a2b498e66:
Hi MG, I read your example of the project to delete the zeros is supposedly to work, if I am reading what you describe correctly they will replace the 25K notes with 25 notes of equal value, essentially a LOP, and also from the exchange rate, but that does not solve the problem of current prices of goods, for example a loaf of bread let’s say is priced in the market for 25k for the sake of argument, if they make the 25k note equal to a 25 note, the price of the bread is still 25k, how do they plan to overcome this new difference?
Answer Mnt Goat:
Guten Tag clayrich. Hope you are fine today. I read you question and I have to say I am glad you asked it because you are a bit confused.
First of all, the IMF is not going “lop” the Iraqi dinar. A “lop” is a tool the IMF uses to restart a currency from massive inflation. A good example is the Zimbabwe dollar when in 2016 they gave the citizens weeks to turn in the 100 trillion notes for $25 US dollars each. After the deadline they were worthless. We also have articles for Iraq telling us they WILL NOT lop the dinar. They do not have massive inflation and so this tool of a lop is not necessary. That is why they call it the “project to delete the zeros” and not a ”lop”.
Iraq will be simply reducing the note count and are doing it now as I write this today, then when ready, they will drop the three zeros and give the citizens so many days to turn them in the old three zero notes for exchange of the new lower currency denominations. This exchange will most likely be electronic. It will be a 1:1 exchange but not like many think when I say one for one. Most think this is one dinar worth one dollar.----
I DO NOT mean one dollar for one dinar. I mean, for instance, a 25k note for a new 25 note. This is the 1:1 the CBI has talked about many times. Yes, the dinar may revalue first in-country to just over a dollar, but this is still not what the CBI meant by 1:1 in the past. Get it? I know it gets confusing.
If you just keep remembering that the VALUE of the dinar has always been there only when they drop the three zeros it becomes more manageable and nominal. The VALUE is still the same.
Of course, if you really read my explanation you would have read that this procedure is in-country ONLY. If you step outside of Iraq, when they finally do reinstate the dinar, the exchange of the three zero notes is different and will exchange to whatever the currency exchanges i.e. FOREX rate is at the time. You see they can’t just pop out a new rate on FOREX with first taking these prior steps in-country. Please go read my blog page again. Here is the LINK.
Secondly, about the bread. The pricing structure in Iraq- this will also change. How can it not? Don’t you think the stores will also drop the three zeros? Come’on use your head,….think, think, think ☹. Remember that they already swapped out Saddam Hussien notes for the three zero notes in 2004 and so now they will just reverse the process. Get it? This was actually a very silly question to ask. This is why the CBI plans a huge education campaign to take place prior to and during all this work. Get it? We have not yet seen this education yet. You will know it when we see it. I am told by my CBI contact there will be no doubt when it is taking place. It will be on the TVs and especially in news articles.
I also want to add that a major part of the inflation rate of what they do have today is due the inability of a merchant to make chance for a purchase since there are not now a series of lower denominations in circulation (5,10,25,50,100, ¼, ½ and the fils). For instance a loaf of bread costs $2 USD. The shopper gives the merchant a 10k note worth in this example $10. How can the merchant give change to the shopper? He will have to give $8 or 8 each of the 1000 notes (which are the equivalent of the $1). Now it gets real sticky since the 1000 note is not exactly worth $1 and is more like 85 cents so the change should be instead around $6.80 is $8.00. Do you see how cumbersome? Do I need to continue? This is also just another reason why they are going electronic, but certainly not one of the main reasons.
We must now buckle down and pray and pray like never before for the success of Al-Sudani and his agreements with Washington are implemented. Pray for the U.S. in that there are strong enough representatives in Congress and the Senate who will stand up and continue to fight to uphold the US Constitution and keep fighting this Washington corruption. Pray that that God’s Hand will intervene and save our great country.
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