Kurdistan Embraces the Iraqi Dinar: A Move for Economic Unity, 1 NOV

 Kurdistan Embraces the Iraqi Dinar: A Move for Economic Unity

In a strategic move that not only amplifies its economic alignment with the rest of Iraq but also signals a shift in regional monetary dynamics, the Kurdistan Regional Government (KRG) has decided to exclusively use the Iraqi Dinar for all transactions at border crossings and airports commencing next month.

A Symbolic Gesture of Unity

This decision, based on Resolution No. 227, mandates the payment of customs duties and tariffs at border gates and customs points solely in Iraqi Dinar. This may seem like a simple bureaucratic change, but it marks a significant step in strengthening the KRG’s ties with the Iraqi central government. Previously, the KRG had used the Dinar instead of the US Dollar at some crossings with neighboring countries, but this move extends the practice across all its borders.

By exclusively using the Dinar, the KRG aims to promote economic unity and enhance trade relations with Iraq. This stands as a testament to KRG’s commitment to fostering a more integrated economic environment within the country.

A Practical Shift

Beyond the symbolic significance, the decision to adopt the Iraqi Dinar for border transactions presents several practical advantages. It simplifies the payment process for customs duties and tariffs, as all transactions will be conducted in the local currency. This reduces the need for currency exchange and streamlines border operations.

Furthermore, this move eliminates the reliance on the US Dollar, which can be subject to fluctuations in exchange rates and international economic conditions. This independence from the Dollar’s performance may offer stability and predictability, key factors in attracting foreign investment and stimulating economic growth.

Challenges and Implications

However, the transition to exclusive use of the Iraqi Dinar for border transactions may not be entirely seamless. It requires coordination and cooperation between the KRG and the central government to ensure smooth implementation, including establishing mechanisms for currency exchange and addressing potential issues during the transition period.

Businesses and individuals accustomed to using the US Dollar for border transactions may also face adjustments in their operations and financial planning. The shift to the Iraqi Dinar could have implications for the exchange rate between the Dinar and the Dollar, affecting the cost of imports and exports.

Ultimately, the decision to adopt the Iraqi Dinar for border transactions reflects the KRG’s commitment to strengthening its ties with the central government and promoting economic unity within Iraq. While challenges may arise, the move carries the potential to create a more stable and predictable economic environment in the Kurdistan region and enhance trade relations with Iraq.

https://bnn.network/finance-nav/kurdistan-embraces-the-iraqi-dinar-a-move-for-economic-unity/

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Kurdistan Region’s Economic Boom: A Beacon of Opportunity in Iraq, 1 NOV

 Kurdistan Region’s Economic Boom: A Beacon of Opportunity in Iraq

In the cradle of ancient civilizations, nestled between Syria, Iran, and Turkey, lies the semi-autonomous region of Kurdistan in Iraq. Here, the Minister of Finance and Economy, Awat Janab Nouri, has announced a significant economic boom, a declaration that has sent ripples through the world of finance and beyond. With a wealth of resources and a strategic location, the Kurdistan Region in Iraq is now emerging as a beacon of economic opportunity.

The Blossoming of an Economy

Once a region embroiled in conflict and economic hardship, the Kurdistan Region is now witnessing an unprecedented surge in economic activity. Among the gleaming indicators of its progress is the successful issuance of bonds worth a staggering 700 billion Iraqi dinars. These bonds serve as a financial lifeblood for various development projects that are currently shaping the region’s future, injecting vigor into its economic veins.

The region’s economy, which once leaned heavily on oil revenues, is now diversifying at an accelerated pace. The Minister emphasized the ongoing efforts to attract foreign investments and bolster sectors such as agriculture, industry, and tourism. These initiatives have not only contributed to the region’s economic growth but have also fortified its stability.

Building Bridges, Reaping Benefits

The Minister also underscored the importance of regional cooperation and partnerships. The Kurdistan Region has been successful in cementing strong ties with neighboring countries, including Israel and Palestine. This rapport has opened the floodgates of trade and investment opportunities, further fueling the region’s economic engine.

The region’s economic success has not gone unnoticed in international circles. Iraq, recognizing the potential of the area, has been extending its support to the region’s economic development. This has resulted in increased investment and economic cooperation between the central government and the Kurdistan Regional Government, creating a synergy that bodes well for the region’s future.

The Pillars of Progress

In an era where financial transparency and accountability are paramount, the Kurdistan Region has taken strides to improve its financial management. The introduction of new financial systems and the establishment of oversight mechanisms have fostered an environment of accountability and transparency. These measures have helped to create a favorable business environment, attracting more investors to the region.

Education, the backbone of any society aiming for sustainable development, is another area the region is focusing on. The Ministry of Higher Education and Scientific Research has introduced new programs and curricula, improved infrastructure and facilities, and provided scholarships to students. These efforts aim to mold a well-educated workforce, a critical element in the region’s economic growth narrative.

The Minister also addressed recent challenges faced by the Kurdistan Region, such as the economic impact of the COVID-19 pandemic and the decline in oil prices. He emphasized the importance of resilience and adaptability in overcoming these challenges and ensuring the region’s continued economic progress.

In conclusion, the Kurdistan Region in Iraq is experiencing a significant economic boom, with various sectors contributing to its growth and stability. The region’s efforts to diversify its economy, attract foreign investment, and improve financial management have yielded positive results. Despite challenges, the Kurdistan Region remains committed to its economic development and is actively seeking partnerships and cooperation with regional and international entities.

https://bnn.network/politics/kurdistan-regions-economic-boom-a-beacon-of-opportunity-in-iraq/

"RV UPDATE" BY MILITIAMAN & WALKINGSTICK, 1 NOV

 Militia Man 

  Article quote:  "There are no sanctions imposed on Iraq by the US Treasury but sometimes there is a tightening of standards..."  

They say it twice today in different articles that there are no sanctions imposed on Iraq.  If that's the case and the US Treasury gives the green light then, wow, we really have nothing holding us back...

Walkingstick  

As we told you last week the CBI did some swapping of currency.  

We believe that it's also part of the controlling of the American dollar.  This swapping was done with 12 different countries.  It causes us to wonder if this is the 12 that are going to be put in a basket.  All of this was done not this Sunday but the Sunday before.  Iraq is putting other currencies in their reserves as well.

Iraq Boosts Pensions Amid Financial and Social Challenges, 1 NOV

 Iraq Boosts Pensions Amid Financial and Social Challenges

In Iraq, a nation still healing from years of conflict and political instability, the government’s latest financial measures have stirred a mix of hope and skepticism among the population. The Ministry of Finance has recently announced an increase in pensions for both civilian and military retirees whose pensions fall below one million dinars. From November, these retirees will find an extra 100,000 dinars in their bank accounts, a gesture that mirrors Prime Minister’s commitment to supporting the retired population.

Delayed Payments and Unmet Promises

As the civilian retirees look forward to their increased pensions, the Kurdistan Regional Government (KRG) awaits a 700 billion Iraqi dinar package from Baghdad to cover public sector salaries. The agreement, however, is hanging by a thread. The promised funds are yet to arrive, and past delays have led to skepticism among the recipients. Earlier in September, the central government had sent 700 billion dinars to cover salary payments, but disagreements led to the cessation of the transfer. In response, the Iraqi government has now agreed to transfer a larger sum of 2.1 trillion dinars to cover the three months’ worth of unpaid salaries.

Education System Lacks Inclusivity

Amid these financial debates, a social issue silently simmers in Kurdistan. Schools in the region are reportedly hesitant to enroll children with autism, raising concerns about inclusivity and equal education opportunities. Despite the global push for inclusive education, the lack of provision and support for children with special needs in Kurdistan is a stark reminder of the systemic gaps that need to be addressed.

A Call for Effective Governance

These ongoing financial and social challenges underscore the importance of effective governance in Iraq. The nation is not only tasked with ensuring the timely disbursement of pensions and public sector salaries but also with fostering an inclusive education system. As Iraq navigates these issues, the focus rests on its ability to address the needs of its most vulnerable citizens – the retirees and individuals with disabilities. The steps it takes now will be crucial in shaping the nation’s journey towards stability and inclusivity.

https://bnn.network/world/iraq/iraq-boosts-pensions-amid-financial-and-social-challenges/

Coffee with MarkZ and Andy Schectman. 11/01/2023

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: Good Morning and Welcome to November

Member: Another month gone….another month of hoping starts

Member: kinda lost hope but some feel something big is going to happen soon

Member: Never give in, never give up, never bow down.

Member: Well if the dollar is dead for purchase of oil … I’d say it’s imminent.

MZ: I agree

MZ:  I have not heard from Iraqi sources in the sandbox yet today….I know they had high anticipation for the 1st. I was hoping to hear something by now. 

MZ: This is an older article but its’s important……..”70% of Iraq’s imports comes from BRICS countries”  This is key to how they operate and what’s important to them.  Commodities are important and a lack of sanctions. Who do they work with day in and day out? - BRICS Nations.

MZ: “BRICS Bank is positioning itself alongside IMF and World Bank” This is a big one. 

Member: if Iraq goes to BRICS could we miss out on the RV.?

Member: The rate would still be international….so  imo-we won’t miss out…..imo….we would just exchange into fiat -not asset backed USN’s.

Member: I heard Iraq is applying to the WTO today. Presumably meeting over the next 3 days. 

MZ: They have already applied….they have already been approved for ascension…but, it hasn’t happened….so these 3 days of meetings are very important. 

Member: Don’t they have to change the rate before Iraq joins the WTO?

MZ: That’s what everyone says. This is assumed by almost everybody that Iraq will need to change their rate before they join the World Trade Organization. . . 

MZ: “As of early next month (November-starting today..) Kurdistan adopts the Iraqi Dinar in the transactions of crossings and airports” This is more de-dollarization and its big news as it’s the Kurdistan region.  

MZ: Here is another one that is putting pressure on this “re-valuation ” Amid war on Gaza –Egypt see highest exchange rate on US dollar in black market”  So in the middle east the dollar is gaining and will cause regional issues and inflation. They are painting themselves in a corner without a reset. They need rate changes. 

Member: (From Dinar Guru)  Mnt Goat   I...want to make it VERY, VERY clear to everyone that the IQD is NOT yet reinstated on FOREX...“NOT YET TRADING ON FOREX”. Yes, if you go to FOREX there is a benchmark rate for the IQD but it is a linked rate only, linked back to the CBI.  It is a page holder. Yes, this is still a very good thing and I don’t want to down play it either...The IQD rate is there...only in preparation for the future. But there is not yet any trading ability to buy or sell.

MZ: That is spot on-dead on accurate. 

Member: I keep thinking about how they made a budget for 2023, 24, 25...why would they go through that and not use it? Currency is safely stashed. It's all good

Member: Articles out saying they may close the US embassy in Iraq. 

MZ: That doesn’t surprise me. What has the US done for the Iraqi people? I do not think we have handled things like we should have due to corruption or ineptness. 

Member: I think it will happen in January. 

MZ: I feel it will be much sooner….so much happening now and all at one time. 

Member: Excited to see Frank this evening he said no suit he will be standing and it will be about ten mins long

Member: MM says they need to go now because they have a goal to be 100% off US$ by Jan 1.

Member: Militia Man thinks around Nov 4-7

Member: WOLVIE spoke with bank manager in Sydney and they confirmed they were basel 3 &4 compliant and confirmed RV whispers and asked how he knew so much ???

Member: I went to my bank's ATM last night and there is a note on it saying only $20 bills are available until further notice. Interesting. Also -it's a new ATM, just installed over the last week. NV

Member: This has always been waiting on the whole shibang!….we are right on target. This is obviously a master story plan, that the whole world is living through..

MZ: I agree:

Member: Who are the 5 people who know when the RV will happen?

MZ: Well the obvious one is the “Golden Dragon” and we know he is one of them. We assume one is the person we know as “Frenchie” who is responsible for a whole lot of this and logistics. Another runs banking  …so I can identify 3 of them and have spoken with 2 out of that 3 in the past . 

Member: I believe things did happen last night behind the scenes and we can’t see it yet. 

MZ: That is possible 

Member: Who and why is this being dragged out?

Member: That Dinar rate can change in a blink of an eye ! Any minute any second

Member: Thanks to all……see you tonight where we hope to hear big news. 

Member: Thank you Mark for your continued efforts you provide to encourage us.

Andy Schectman from Miles Franklin joins the stream today. Please listen to the replay for his opinions and information. 

“THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IS IN MARKZ’S OPINION ONLY.

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