💢Q - Member: I’ve been wondering …if this RV is as close as everyone says, then why are all these dealers still selling currencies? I thought they needed to stop right before the RV. 🤔
💢A - Ginger: Yes! You're right 🏆😁⭐. But, keep in mind that their notice to stop selling foreign currency could be merely hours before the flip is switched. Doesn't need to be days or weeks in advance.
It could likely "happen" (for us) before we even notice the online sellers have ceased their sales of currency merchandise. They need just a few hours to delete or change the content on their websites. All they really have to do is install an error message like "Website content under construction 🚧" - where buyers cannot make their purchases or even see the exact exchange rates because they will be in flux. This will take a little bit of time which is they will be given advance notice, a short window in which to comply. ⭐😁⭐
FRANK26: "SHOCKS... Currency crisis, Debt crisis, Liquidity crisis. A financial shock is an unexpected disturbance which originates from the financial sector and has a significant effect on an economy"............F26
“The shocks have changed.” The Governor of the Central Bank explains the impact of the openness of Iraqi banks on their international counterparts
5/6/2024 Baghdad
On Monday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, highlighted the impact of the openness of Iraqi banks on their international counterparts, while noting that the global economy has begun to face a phase characterized by rising levels of public and private debt.
Al-Alaq, in his speech at the conference “The Challenges Facing Iraqi Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks,” followed by “Al-Iqtisad News,” said, “Central banks have faced increasing challenges after decades of appearances and are closer to quiescence starting with the decline in interest rates.” and inflation,” pointing out that “the global economy has begun to face a phase characterized by rising levels of public and private debt.”
He added, "The nature of local, international and historical shocks has changed due to an increase or decrease in demand, with the exception of supply shocks, in addition to new challenges represented by financial stability in public financial policy and the financial control decision that requires reducing spending or increasing domestic revenues."
The Governor of the Central Bank explained, “Over the past years, the Iraqi banking sector has opened up to local financial institutions over their international counterparts, and to the extent that all of this achieves communication and attention with the outside world, it undoubtedly carries many challenges and impacts.”
Ali Al-Alaq continued: “We hope that this conference will succeed in reaching effective solutions to this challenge and devoting cooperation and coordination between Arab central banks, Arab expenditures and non-banking financial institutions to achieve stability and growth.” The conference will succeed in reaching effective solutions to this challenge and devoting cooperation and coordination between Arab central banks. Arab expenditures and non-banking financial institutions to achieve stability and growth.”
QUESTION: Mark do we need to sign an NDA at our exchange?
MZ: I was told the need for an NDA for currencies is getting slimmer and slimmer. But you may have one for the humanitarian projects. I could be wrong.
QUESTION: Mark, is it still the case, you will (or should) know processes for our appointments. Possibly within hours prior or after the "Go time"?
MZ: I was always told that a few hours prior to this - banking contacts would reach out to a handful of us familiar with the process so that we can help you all be familiar with the process. I am told this is still the plan. We do not get to exchange before you though. I am told I will be able to post whatever numbers and links they send me so you can make appointments and know where to go to exchange.
QUESTION: Does a rate change need parliament approval or just CBI governor announcement?
MZ: According to parliament and the president of their country it only requires the CBI governors announcement. The government has already done everything they needed to do. We heard this last week.
QUESTION: Would someone please explain Basel 3 ? I'm sorry if this is a repeat. Thanks.
MZ: In a nutshell-Basel 3 is stricter reserve requirements for banks so that they are better able to deal with downturns or losses or problems in the markets. They have to have more assets in order to pay shareholders, depositors ect to have enough reserves in case there is a problem . But imo…its not enough reserves….but it's more than what they required before.
Deficit” Is The Password.. Parliamentary Finance Decodes The Budget Delay
Economy | 08:03 - 05/07/2024 Mawazine News – Baghdad A member of the Parliamentary Finance Committee, Muhammad Nouri, revealed on Saturday that there was a large deficit within the 2024 budget, which obstructed sending its schedules to the House of Representatives for approval.
Nouri said in an interview followed by Mawazine News, “The delay in sending the budget schedules from the Council of Ministers to the House of Representatives for approval and then starting work on them is evidence of the existence of a large deficit within this budget, which has exceeded more than 80 trillion.”
He explained, “There is significant government spending that accompanied the 2023 budget and continues until now, including paying the Kurdistan region’s dues and exceeding the original dues, and also the sanctions imposed by the US Treasury may have caused a weakness in revenues, which reflects negatively on the strength of the budget and the government’s ability to address this deficit.”
He continued, “There may be political reasons behind the delay in sending the budget, including the delay in choosing a new speaker for the House of Representatives, and that its delay may hinder the launch of some important and strategic projects.”
He stressed that “the government is currently looking for solutions to address this large deficit and the pressure on expenditures within this budget, as well as the pressure on actual spending to reach a deficit that can be worked on. Among these solutions is increasing the price of oil or maximizing other non-oil revenues.” https://www.mawazin.net/Details.aspx?jimare=247530
President Trump’s gold tie today indicated we are back on the Gold Standard
Emails went out today to Bond introducers which said they would have access to funds on
Wed. 8 May.
On Wed. 8 May Bond Paymasters will be emailed their notification that will give them the amount they have in their account and will have access to that account later that day.
The Military gave the green light to release the monies on Tues. 30 April.
Wells Fargo gave the green light on Mon 6 April.
Banks are bringing personnel up to date on protocols on how to exchange.
Tier 4 a,b notification could come out anywhere from 2 pm Wed. 8 May to 10:30 am on Thurs. 9 May.