Iraq to unblock Telegram app as platform responded to security requirements -statement", 17 AUGUST

 ERBIL, Aug 12 (Reuters) - Iraq's telecoms ministry said it will lift a ban on the Telegram messaging app on Sunday, which was imposed earlier this week, citing security concerns and data leaks of official state institutions and citizens.

The app is widely used in Iraq for messaging but also as a source of news and for sharing content.

Some channels contain large amounts of personal data including the names, addresses and family ties of Iraqis.

The ministry said in a statement the decision to lift the ban came after "the company that owns the platform responded to the requirements of the security authorities that called on the company to disclose the entities that leaked citizens' data."

The company also "expressed its full readiness to communicate with the relevant authorities...," the statement added.

In response to Reuters request for comment a member of Telegram's press team said that "posting private data without consent is forbidden by Telegram's terms of service and such content is routinely removed by our moderators."

"We can confirm that our moderators took down several channels sharing personal data. However, we can also confirm that no private user data was requested from Telegram and that none has been shared."

Last week the ministry said that the company did not respond to its request to close down platforms that leak data of the official state institutions and the personal data of citizens.

Reporting by Amina Ismail ; editing by David Evans

https://www.reuters.com/technology/iraq-unblock-telegram-app-platform-responded-security-requirements-statement-2023-08-12/

Iraqi Dinar🔥We Wants Revalue CBI Says Today 2023🔥iraqi dinar news RV upd...

" Iraq set in 'battle' against dollar smugglers, c.bank governor says", 17 AUGUST

 Iraq set in 'battle' against dollar smugglers, c.bank governor says

• Summary

• Iraq trying to crack down on dollar smuggling, including to Iran
• Baghdad faces hard task of balancing Washington, Tehran
• Banking sector could shrink with new regulations
• Govt, c.bank eye modernizing, digitizing economy

BAGHDAD, Aug 16 (Reuters) - Iraq has made strides implementing U.S. dollar supply restrictions targeting Iran but faces an uphill battle with a banking system unaccustomed to strict oversight and persistent currency smugglers, central bank governor Ali al-Allaq said.

"It is really a battle, because the people benefiting from this situation and those harmed (by the new measures) will try in various ways to continue their illegal activities," Allaq said in an interview with Reuters.

Allaq did not mention Iran by name and said he did not have data on how much of Iraq's dollars been smuggled to Iran or other neighbouring countries, including Turkey and Syria, before the United States tightened regulations in November.

The U.S. measures that aim to enforce sanctions on Iran are a sensitive matter in a country that has often been a front line in the rivalry between Washington and Tehran.

Iraq's government is reliant on Washington's continued goodwill to ensure oil revenues and finances do not face U.S. censure, but it came to power with the support of powerful, Tehran-backed groups and so cannot afford to alienate Iran.

The latter groups have accused the U.S. of meddling in Iraq's internal affairs and creating a currency crisis, as businesses either struggling or unwilling to abide by the new measures sourced dollars from exchange shops, driving down the value of the Iraqi dinar.

Iraq has more than $100 billion dollars in reserves, Allaq said, but could not freely intervene in the market to bring the rate down due to the restrictions.

Last month, the U.S. Treasury Department and the Fed barred 14 Iraqi banks from conducting dollar transactions as part of a wider crackdown on dollar smuggling to Iran via the Iraqi banking system, U.S. officials said.

Allaq said that action related to transfers from 2022, before a new platform that aimed to improve transparency went live. He said the central bank was undertaking a review of the banking sector and introducing new regulations that he said would likely see some banks close.

"It would be very normal in the coming period to see a reduction in the (number of private banks)," he said.

"There are always side-effects, but at the same time we have a responsibility to protect the country's interests by trying to find the necessary means for monitoring and oversight so as not to expose the country to any issues on this front," he said.

'TRANSFORMATION'

The U.S. measures have targeted Iraq's so-called dollar auction, where the central bank requests dollars from the U.S. Federal Reserve before selling them to commercial banks, which in turn sell the funds to businesses in the highly import-dependent economy.

U.S. and Iraqi officials have said the auction allowed large sums of money to be illegitimately acquired by groups who would provide fake invoices and then either transfer or physically smuggle the funds to neighbouring countries, chiefly Iran.

A feature of a highly informal economy, the system was also used by thousands of small businesses that are not registered with the state, Allaq said, a widespread phenomenon in Iraq that allows them to dodge taxes and customs fees.

Since January the central bank has asked banks to provide detailed information on senders and recipients of transfers via an online platform.

When companies began trying to use the platform in January, less than 20% of requests were approved by U.S authorities, Allaq said. That number had now risen to around 85 percent, signalling growing ease with the new regulations, he said.

Allaq said that tighter regulations along with government plans to promote digital payment were forcing a wider shift in the Iraq economy in a country where cash remains king and the majority of adults do not have bank accounts.

"It is not just an electronic platform, it will lead to a total reorganisation of trade and the movement of money, and control on a lot of avenues for suspicious activity."

Reporting by Timour Azhari; Editing by Angus MacSwan

https://www.reuters.com/world/middle-east/iraq-set-battle-against-dollar-smugglers-cbank-governor-says-2023-08-16/

Coffee with MarkZ 08/17/2023

PDK Note: I will only transcribe RV Related or Intel with Financial relevance. ….So if there are no notes transcribed…there usually was little to no RV news at all included in that particular podcast. 

Thursday Morning News with MarkZ 

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 RV friends

Member: Good morning everyone. Isaac hasn’t posted in 10 days

MZ:  I’m telling you-so many of the bond folks have gone dead silent. Either there is nothing to post…they are tired of all the BS being posted or they are under a NDA.   Which is it. 

Member: They must all be frustrated beyond belief…..like the rest of us. 

MZ: I believe it will stay quiet until we cross the finish line. 

MZ: No CMKX news…Mr. C has not been paid…..there is still expectations from groups for around Aug 20th…..….but there is no physical, spendable money in anyone’s accounts. 

MZ: But, I have been assured Iraq plans to finish in the month of August. And banksers are still looking at around the 20th…..I hope that is accurate. And yes…I am an optimist. 

MZ: In Iraq “  The real reason Russia is ramping up oil production in Iraq”  I had no idea Russia had such a strong presence in the Kurdish region …This has been allowing Russia to get around a lot of sanctions. 

MZ: This may be why there is a big push to move US military to the Kurdish region….Could the Us be trying to throttle Luc oil from Russia??? This is a guess but to me this makes sense. 

Member: I am worried about all the US troops sent to Iraq this week….that they are there to stop the RV. 

Member: Couldn’t the US Military be in Iraq to serve as a protective detail, knowing what’s about to happen??

Member: Rumor is Iraq is joining BRICS on the 24th?

MZ: I have yet to find that. I have seen some references that they are seeking approval….but, nothing that says the 24th. They have clearly shown interest in joining  BRICS. 

Member:  If they are announcing they are joining BRICS…..It might already be a done deal. Imo

Member:  Curious to know, in the realm of conversations and happenings, what noteworthy gem or captivating piece of information has come your way?

MZ: I heard of someone who just had $174 thousand dollar student loan debt  wiped this week….its been confirmed……we are starting to see some movement.  We are seeing amounts just “removed”  …doesn’t exist anymore. 

MZ: this seems to be exceptionally sporadic.  I hypothesize that they are doing these “piecemeal”  to see what the behavior is of these folks. Does it spur spending?   I think what we may be seeing is the last of the research to know what to expect when Nesara/Gesara kicks in and we see major debt removal. 

MZ: “ Wells Fargo with 4K branches announces difficult choice to close 37 branches in 16 states”  With the QFS they are not going to need all these locations…that is why many are changing  how they look….The entire banking world is changing. 

Member:  Passed by a large Chase bank in Dover NJ yesterday. New glass doors say Wealth Management Center. For those who find it interesting…

Member: A small town about 5 miles from me just changed their bank over to a wealth management center.

Member: Banking story. was in a well fargo branch yesterday. banker also heard of big changes, but not officially from wells fargo.

Member: US BANK just informed me of wealth services available and changes current and full completion by Sept 1 2023 for transactions in few seconds timing- in a nutshell.

Member: My husband has US Bank also, and I don’t know if they are using FedNow, and what is backing them. They can say all they want that they are asset backed, although are they?

Member:  Crytohulk read a Texas bill last week that goes into effect September 1 for the implementation of a gold backed currency by the Office of the Comptroller

Member:  MarkZ are you going to publish the #800 numbers on your website? I'm for Europe are you going to publish for us as well?

Member: Recaps, Chronicles <Mark, Bruce, Frank , TNT ecct…will all probably post what they ccan…..noone will miss it. 

Member: Many still think Iraq will float. 

MZ:  My sources still believe straight to contract rates for us…

Member: Best to be prepared for both ways….just in case 

Member:  I PRAY HURRICANE HILARY DOES NOT CAUSE MASSIVE DESTRUCTION AND CHAOS ON OUR WESTERN BORDER STATES!!

Member: Also keep prayers going for everyone on Maui…..

Member: I pray for all of us the RV will happen this month...It's time for all people to live without the constrictions of needing money

Member: “And I will restore to you the years that the locust hath eaten” Joel 2:25

Member: Have a Blessed day Patriots, Mods and MarkZ.

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

"LOYALTY IS EXCHANGE FOR " HARAM MONEY", 17 AUGUST

 Loyalty In Exchange For "Haram Money"... A Phenomenon Perpetuated By The "Authority Of The Parties" And Combated By Integrity Mechanisms

Politics / Localities ||Baghdad today – Baghdad   In the past twenty years, corruption has dug deep roots in Iraq, and it cannot be controlled if there is no political will and consensus on that, in light of billion budgets that may not have reflected positively on the general situation in the country.

Corruption In The Iraqi State.

Al-Daami told "Baghdad Today", Wednesday (August 16, 2023), that "with every government formation beginning, political struggles begin over positions, bodies, and special grades, all the way to public directors, and this is unquestionable evidence that it is a struggle over the benefits that the parties and their officials obtain.".

He added, "Some of the benefits of parties and politicians are clear and exposed, while others depend on referring projects at specific rates to the influential parties, but on the other hand, there are those who do not continue in their position if they disagree with the party that adopts them."   He pointed out that

"following up on the number of arrest warrants issued against former ministers or their agents, in addition to the rest of the other positions, shows another picture of the extent of corruption," noting that "the Integrity Commission is working well and achieved important results in the last period by opening many files on the names of the corrupt.".

The Roots Of Corruption In Iraq

After 2003, Iraq witnessed a significant increase in the phenomenon of corruption.

Perhaps this is due to the nature of the circumstances in which it lived, especially the stage of the American occupation and the dismantling of the institutions of the Iraqi state, as well as the historical roots of corruption that formed the “first seed of corruption” to grow after 2003 for various and multiple reasons and provided the appropriate environment for the increase in rates of corruption. Corruption and its growing problem.

Integrity Mechanisms In The Fight Against Corruption

The Integrity Commission in Iraq has mechanisms and policies that differ and distinguish it from the rest of the competent authorities in combating corruption, with the presence of many constitutional and legal texts and materials that define the work of the Commission, as well as repeated demands for the Integrity Commission to be the pivotal institution in the Iraqi political system that guarantees the transparency and integrity of the political, administrative and legislative process.

The Integrity Commission is the investigative tool charged with combating corruption, and in turn drew mechanisms and policies in order to reduce the inflated rates of corruption after 2003, which are confirmed by local and international reports, which differ and intersect with each other by specifying a common percentage for the extent of corruption, despite their agreement on the exacerbation of this problem.

Years Of Peak Corruption 

Officials’ estimates vary about the value of what Iraq lost as a result of corruption, between 450 to 650 billion dollars after the US invasion of the country in 2003, most of which occurred between 2006 and 2014, in which Iraq witnessed huge corruption crimes, especially in infrastructure projects and those related to the housing and health sectors. Education, roads, bridges, energy and arming the army.

https://baghdadtoday.news/228831-الولاء-مقابل-المال-الحرام.-ظاهرة-تديمها-سلطة-الأحزاب-وتكافحها-آليات-النزاهة.html

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 17 AUGUST

 Frank26 (KTFA)

[Iraq boots-on-the-ground report]

FIREFLY: Channel One says Iraq needs half of the existing exchange companies and banking needs to be rehabilitated.

FRANK: Yes they’re shutting them down left and right…they’re selecting which ones they will give licenses back to because they will need many money exchangers when the rate goes up inside of Iraq because they…will bring in their 3-zero notes and exchange them for the lower denoms because the lower denoms will be more powerful than the 3-zero notes and IMO more powerful than the American dollar.   Mark my word.

Article Quote:
“Many financial advisors in the government hope, with the release of budget funds, that next month will be a catalyst for the very large decrease in the dollar exchange rate.”

Well the CBI can’t do that.  How can you get a very large decrease in the American Exchange rate against the dinar?  By adding value to the Iraqi dinar exchange rate. Which is what they’re about to do. 

"THEY MUST FOLLOW "THE PROCESS" ALREADY SET UP TO DO IT..." , 17 AUGUST

 Mountain Goat

I…want to remind everyone again that when they do decide RV they must follow “the process” already set up to do it as I was told in 2011 by   Dr Shabibi.  Also…all the other past rate changes… article after article came out afterwards telling us about them. This is what will happen again. Folks the RV, when it happens, will NOT be a secret. Get it? It will be sudden and swift. 

In summary the process begins in Iraq with the project to delete the zeros. Once they complete this project they must wait and watch for inflation (1 -2 weeks), then if all goes well, they will trigger the reinstatement to FOREX. So, I am told right now we are waiting for yet one more rate change from the 1320 to around 1000. I think more like 1100ish, 1166ish… The rate of 1320 is very close to it…

MilitiaMan (KTFA)

There was an article…41 million forged dinars seized by the Kurdistan region.  41 million dinars isn’t a lot of money right?  But what it was was 41 million 25,000 notes that were seized that were forged. Why would somebody do that?  They would do that because they’re trying to figure out a way to game the system because they know something’s changing.

They’re going to have to be able to get to the stage, ‘Look are we going to do the allocations for the 2023 budget…? Are we going to disperse that money?  Are we going to spend it?’  They haven’t done that yet. They’re not going to be able to buy all those widgets at 1310, build those bridges and all those different things.  It just doesn’t work…

MarkZ

[via PDK]

It’s exceptionally quiet on the RV front…A lot of them say things appear to be on schedule …but nothing more than that…We have the Iraq budget scheduled to release on the 20th.

Question: I wonder are we going to see something this month?, or going into next month ?

MarkZ: I very much think we will see it this month.

Iraq is cleaning dinar off the streets…cleaning up…from counterfeit to illegal dinar…They have already taken in $1.4 trillion in dinar off the streets in the last few days. This is part of the same effort to support the value…they are getting rid of corruption…they are trying to control the dinar completely so they can justify a value change… they are working hard towards it… I believe its going to happen quicker than we think…They will go after the majority of the corruption then release the new rate. I think its imminent…Iraq has put themselves out there with projects…they need that change in value.