DINAR REVALUATION

Tuesday, August 13, 2024

LATEST FROM RV HIGHLIGHTS VIA TELEGRAM, 13 AUGUST

RV HIGHLIGHTS

Translated directly from the CBI document:

Licensed banks all approved

Electronic payment companies all approved exchange companies from categories A and B

Procedures for the work of agents of external transfer service providers

Greetings

Based on the supervisory and supervisory role of this bank. And in order to regulate the with procedures of agents providing foreign remittance services in light of the rapid developments of the financial coal transfer service and to limits to insure for speculation purposes and benefiting from the exchange rate difference. It is decided that you will obtain valid residency and passports for non-Iraqis (foreigners) for the purpose of completing transfer, provided that these supporting documents represent the minimum requirements and you can request any additional document if necessary to act accordingly. With appreciation.

⚡️ This is more from the CBI detailing procedures for A and B licensed exchange companies performing exchanges for non-Iraqi individuals. This is ONLY f in-country for Iraq. This does not correlate to any reclassifications of currencies (those don't exist remember), or movement of rates. This is simply official notice from the CBI for procedures for bank personnel making the exchanges, they now require a PASSPORT, and valid residency notice. I have also included the recent posts on A/B categorization from here in this channel. So you the reader have a better understanding of what this TRULY means, and not the spin.

❓ What is an A B categorization?

Directly from the CBI starting in 2021 LINK and more LINK and more LINK

❓ Does the US SEC have ANY influence in Iraq?

🔗 https://cbi.iq/news/view/2638.

Iraq's Central Bank Slaps Banks with 200 Billion Dinar Fines!

ANALYSIS OF IRAQ NEWS: Nearly 200 billion dinars in “fines” from the Central Bank of Iraq on banks and exchange companies BY DINAR REVALUATION, 13 AUGUST

Nearly 200 billion dinars in “fines” from the Central Bank of Iraq on banks and exchange companies

Mawazine News – Baghdad

The Central Bank of Iraq announced on Tuesday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 181 billion Iraqi dinars during the past six months.

A table from the bank showed that “the fines imposed on banks and financial companies during the past six months, starting from January until the end of last June, amounted to 181 billion, 842 million, 854 thousand, and 458 dinars,” indicating that “the fines also included 151 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts, and grace periods.”

The table showed that “January witnessed the highest fines on banks and non-financial institutions, as these fines reached 98 billion, 277 million, 722 thousand, and 62 dinars, with 17 administrative penalties, while June witnessed the lowest fines, reaching 2 billion, 829 million, 157 thousand, and 288 dinars, with 30 administrative penalties.”

The table did not show the names of the banks that were fined and the administrative penalties.
The Investors Association in the Iraq Stock Exchange had criticized the Central Bank of Iraq for increasing fines on banks, indicating that it would affect the profitability of investors in the shares of these banks.

https://mawazin.net/Details.aspx?jimare=253179

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ANALYSIS:

The Central Bank of Iraq reported on Tuesday that it imposed fines totaling over 181 billion Iraqi dinars on banks and non-banking institutions, such as exchange companies, in the past six months.

The fines, which span from January to June, amounted to 181,842,854,458 dinars. This also included 151 administrative penalties, which comprised warnings, alerts, and grace periods.

According to the data, January saw the highest fines at 98 billion dinars with 17 administrative penalties, while June had the lowest fines at approximately 2.8 billion dinars with 30 administrative penalties. The specific banks or institutions fined were not disclosed.

The Investors Association of the Iraq Stock Exchange has criticized the Central Bank’s approach, expressing concern that the increased fines could negatively impact the profitability of investors holding shares in these banks.

For further details, you can view the original article on Mawazine News here.

CBI SENT THE INSTRUCTIONS ON CURRENCY EXCHANGE BY GINGER, 13 AUGUST

GINGER

Freedom Prevails, Liberty Lounger Extraordinaire

💥 Here are screenshots of the CBI website ... this IS SO EXCITING ...I can't translate the PDF exactly, but it has to be the instruction on currency exchange!!!!! I can feel the sand between my toes already and the sun shining on my face .... LET'S GO!!!! 🔥❤️🔥

💢 Goldilocks confirmed this has to do with Foreign Exchange Service Providers Working Procedures 😁

8.13.24

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DINAR REVALUATION : Iraq's E-Payment Revolution: Central Bank's Big Move!

ANALYSIS OF IRAQ NEWS: CBI WORKING WITH GOVERNMENT TO SUPPORT ELECTRONIC PAYMENT BY DINAR REVALUATION, 13 AUGUST

Al-Alaq: The Central Bank is working with the Prime Minister’s direction and the government program to support electronic payment

Al-Alaq: The Central Bank is working with the Prime Minister’s direction and the government program to support electronic payment – Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed today, Saturday, that the Central Bank is working with the Prime Minister’s direction and the government program to support electronic payment. The Central Bank stated in a statement received by the Iraqi News Agency (INA) that “the Governor of the Central Bank participated in a specialized workshop to accelerate the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development.”

The Governor said during his speech at the workshop – according to the statement – that “the Central Bank of Iraq works side by side with the government program and the Prime Minister’s direction to support electronic payment, and we are proud of what we have achieved so far,” noting that “in 2023, the amounts processed through the national switchboard witnessed a significant increase, which reflects the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.”

He added that “these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024,” noting that “government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023.”

Al-Alaq pointed out that “payment operations at fuel stations in Baghdad alone have increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July 2023, and (4.5) billion dinars in December 2023,” revealing “a huge increase in the number of points of sale (POS) to reach more than (50) thousand points of sale this year compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them in government institutions after they were zero before the launch of the campaign in June 2023.” The governor expressed his “hope that government institutions will adopt the establishment of units specialized in electronic payment technologies to work on following up and developing this important aspect.” link

ANALYSIS:

The Central Bank of Iraq, under Governor Ali Mohsen Al-Alaq, is making significant strides in advancing electronic payment systems in alignment with directives from the Prime Minister and the government’s broader program.

Recent developments include a substantial increase in transactions processed through the national switchboard and a notable rise in the number of points of sale (POS).

In 2023, the value of transactions via the national switchboard saw a marked increase, reaching over 2 trillion Iraqi dinars in July 2024 compared to 800 billion dinars in July 2023. Similarly, government payments grew significantly from 287 million dinars in July 2023 to 912 billion dinars in July 2024.

The transition to electronic payments has also impacted fuel stations in Baghdad, where transactions surged from 183 million dinars in July 2023 to 44 billion dinars in July 2024.

Additionally, the number of POS systems has expanded dramatically from around 11,000 at the start of 2023 to over 50,000 this year.

Governor Al-Alaq expressed optimism about the continued development of electronic payment systems and encouraged government institutions to establish dedicated units to further this progress.

Evening News with MarkZ. 08/12/2024

Monday Evening News With MarkZ

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 evening, all! Hoping this is our golden week

MZ: On the bond side it was a little quieter today than I expected. I do have one that had a conference call today nd expects funding tomorrow-about mid day. I hope they receive it.

MZ: So far I do not have any confirmations of folks sitting with dollars.

Member: I wonder why do all of these bond people have appointments, and then they are hopeful, and then the update we hear is that they have more meetings, and they are “still hopefull…” ?

Member: They have got to be beyond frustrated….just like all of us are.

MZ: Here’s a good one you all sent me. “Parliamentary committee for Nina-A government team is preparing a new draft of the oil and Gas Law” They are letting us know they are moving forward…meetings are happening and they are moving towards completion.

MZ: “ US Records 2nd biggest deficit in history as 25% of Tax revenues goes to pay interest.” This is untenable…..

Member: If your life boiled down to the craziest choice that no one would ever believe, do it anyway and rewrite the book on what’s possible

Member: Have a nice evening everyone.

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

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Mod: MarkZ “Back To Basics” Pre-Recorded Call” for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM

MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.

THANK YOU ALL FOR JOINING. HAVE A BLESSED NIGHT! SEE YOU ALL IN THE MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!