Wednesday, October 23, 2024
Coffee with MarkZ and Andy Schectman. 10/23/2024
"THEY ARE ALREADY SUCKING IN THE THREE ZEROS NOTES THROUGH THE CASH CENTER" BY MNT GOAT, 23 OCT
EXCERPTS FROM MNT GOAT
Then the news media from Iraq tells us about the “cash center” that recently opened in Karkh.
It is used solely for the intake of the three zero dinar notes or dollars.
Folks they are already sucking in the three zero notes.
What more do you want? It’s mid-October already just 14 days to the US elections. With the electronic banking and the reorganization of the banks, the citizens seem to have regained confidence in their banking system.
The reason why they had to open this new cash only center, according to my CBI contact, is that there was a huge response to ditch these three zero notes before they may become obsoleted and the lower notes replace them. Citizens remember what happened in 2004, when they had to turn in their Saddam Hussien notes by a deadline.
Many people got stuck with these notes, as they forgot or did not trust the banks.
They lost millions when the deadline came and they were obsoleted/voided. The CBI has not yet announced a deadline but still the citizens remember what happened back 20 years ago. So in reality, unofficially, the process of deleting the zeros has already begun. Yes, it is underway according to my CBI contact.
Withdrawal Of The License Of Al-Mubdaa Company And Al-Nawaeer Company To Mediate In The Buying And Selling Of Foreign Currencies, 23 OCT
Withdrawal Of The License Of Al-Mubdaa Company And Al-Nawaeer Company To Mediate In The Buying And Selling Of Foreign Currencies
October 22, 2024
:diamonds: The Central Bank of Iraq decided to withdraw the license of Al-Mubdaa Company and Al-Nawaeer Company to mediate in the buying and selling of foreign currencies .. For more , click here
https://cbi.iq/static/uploads/up/file-172959272842638.pdf
https://cbi.iq/news/view/2696
EXCERPTS FROM MNT GOAT, 23 OCT
EXCERPTS FROM MNT GOAT
STATUS OF THE RV
If you remember a couple months ago, at just about this timeframe, the Iraqi economist Yasser Al-Mutawali asked the question to the Finance Ministry and to the general public – “Is It Time To Remove The Zeros” ?
So, another month has passed and we still didn’t see this project executed.
But should we?
We have been since told by my CBI contact on the committee that we should expect to see the ramped-up Project to Delete the Zeros sometime soon after the U.S. election period is over sometime in November.
This period of time through December will begin the process for the swap out with the newer lower denominations.
To me this also means about a 1:1 at par rate of the IQD with the US dollar. But remember this is IN-COUNTRY only.
Also remember these actions ALWAYS have dependencies. Nothing is a guarantee! I want to make this VERY CLEAR to you today.
Three Obstacles Preventing Iraq From Joining The BRICS Group, 23 OCT
Three Obstacles Preventing Iraq From Joining The BRICS Group
Economy | |Baghdad today – Baghdad, Tuesday (October 22, 2024), Professor of International Economics Nawar Al-Saadi revealed the reasons for Iraq not joining the BRICS group.
Al-Saadi told “Baghdad Today” that
“Iraq has not joined the BRICS group yet for several reasons related to the current economic and political situation, in addition to the fact that
Iraq did not meet the conditions for joining, and the most prominent of these conditions is that it be among one of the economies.”
"The second important question is that Iraq should have absolute financial sovereignty over its economy and not as it is now, where
it is subject to the rules and conditions of the US Federal Reserve in granting financial shares." He explained,
"Also, Iraq's trade relations with some BRICS members, such as Brazil and South Africa, are not strong enough to support it in this direction. In addition,
“in the future, these dynamics may change, especially if economic diversification is strengthened and internal political stability and absolute financial sovereignty are achieved.” He noted,
"If Iraq joins, it may benefit from expanding economic cooperation opportunities with countries such as China and Russia, including investments in infrastructure and non-oil sectors, and
this may help reduce dependence on oil and diversify sources of income."
“there are some potential harms to Iraq joining BRICS, and entering into a bloc that challenges Western hegemony, especially the United States, which may lead to diplomatic or economic tensions with the West, which negatively affects Iraq’s current commercial and political relations.” With Western countries, and dealing with some of the BRICS founding countries, such as Russia, which faces international sanctions, may put Iraq in sensitive positions on the international scene.”
BRICS is a group of nine countries: Saudi Arabia, Russia, China, South Africa, India, Brazil, the Emirates, Iran and Egypt.
The number of members of the bloc has increased, and
its work focuses on the economy before politics, and seeks to break Western “hegemony” over the international system, but
many factors make this a long and thorny path, according to what specialists see.
Russia, the founding country of the group, which is engaged in a fierce war with Ukraine, hosts more than 20 leaders at the annual summit, putting forward an ambitious agenda, the most important of which is “getting rid of dollarization” and developing alternative financial mechanisms.
https://baghdadtoday.news/260513-ثلاث-عقبات-تØول-دون-انضمام-العراق-لمجموعة-بريكس.html
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