Al-Sudani Directs To Simplify Banking Procedures: We Are Determined To Implement Financial Reform, 16 OCT

 Al-Sudani Directs To Simplify Banking Procedures: We Are Determined To Implement Financial Reform

Economy News – Baghdad   Prime Minister Muhammad Shiaa Al-Sudani directed, on Sunday, to simplify all banking procedures, and to prepare a proposed list of facilities and simplified procedures to be submitted within a week.

Al-Sudani’s office stated in a statement, “Within the framework of his follow-up to the plan to implement financial and administrative reforms in the financial and banking sectors, Prime Minister Muhammad Shia’ al-Sudani chaired, this evening, Sunday, a meeting that included the Governor of the Central Bank and the directors of government banks, in which the procedures and work mechanisms taken to achieve... Banking reform, which constitutes one of the basic steps of financial and economic reform that the government adopts in its executive approach.”

Al-Sudani stressed, “Financial reform is not just a slogan, but rather a series of terms and procedures that the government is determined to implement without hesitation, and will face all the challenges and obstacles that hinder the implementation of systematic and thoughtful reform plans.”

Al-Sudani directed to "simplify all banking procedures, and prepare a proposed list of facilities and simplified procedures to be presented within a week, in addition to providing a summary of the obstacles that obstruct the banking reform process, and proposing effective and implementable treatments for them, in a way that helps in overcoming the approved traditional contexts, which prevent... Achieving the government’s goal of developing this important economic and service sector.”

156 views 10/15/2023 https://economy-news.net/content.php?id=36979

The Kurdistan Government Announces The Adoption Of The Iraqi Dinar Instead Of The Dollar In Customs Duties, 16 OCT

 The Kurdistan Government Announces The Adoption Of The Iraqi Dinar Instead Of The Dollar In Customs Duties

Monday 16, October 2023  Economical Number of readings: 268  Baghdad / NINA / The Kurdistan Regional Government announced, today, Monday, the adoption of the Iraqi dinar in customs duties instead of the US dollar.   The Regional Government's Media and Information Department said in a statement, "The Kurdistan Regional Council of Ministers decided to adopt the Iraqi dinar at all border crossings. "

The statement added, "All ministries are obligated to implement the decision, and in the event of a violation, legal measures will be taken against them."

https://ninanews.com/Website/News/Details?key=1084085

"RV UPDATE" BY MARKZ, 16 OCT

 MarkZ  

 [via PDK]  There are a lot of interesting articles on de-dollarization coming out of Iraq. “KRG to collect customs fees in dinar exclusively”  This is the Kurdish region in northern Iraq.  They have fully jumped on board with the de-dollarization effort.  Comment:  In Iraq –they took all the dollars out of the ATM’s - dinar only.  MarkZ:  Yes…it’s all part of the de-dollarization...I can tell you from my sources they agree…and Kuwait did the same thing before they RV'd.  Back then all fees and transaction had to also be paid in Kuwaiti dinar.  To me this tells us we are circling around the drain on finishing this thing.

 ...What one person calls a redemption center-another calls a bank. But overwhelmingly redemption centers are in banks…Banks that are set up with people trained to exchange currencies and all the procedures and equipment…. Call it whatever you want. Call it a “redeeming bank”…Most work in dual roles…in wealth management and will be assisting with exchanges when it happens…so most are already employed at banks.

  We are watching it happen…and yes it is just moving so slowly. Slowly, slowly then suddenly it’s going to go. BAM

Iraqi Dinar International Entry and $2.75 to Aspirations | International...

Sudanese advisor: 70% of Iraq's imports are with the BRICS countries, 16 OCT

  Sudanese advisor: 70% of Iraq's imports are with the BRICS countries

Economy News - Baghdad

The financial adviser to the Prime Minister, Mazhar Mohammed Saleh, revealed on Sunday that 70% of Iraq's imports are with the countries of the "BRICS" group.

Saleh told the official news agency, "The BRICS group includes Brazil, Russia, India, China and South Africa, where the origin of the name (BRICS or BRICS) was launched in 2001 by Goldman Sachs financial group economist Jim O'Neill to describe fast-growing economies that are expected to collectively dominate the global economy by 2050."

He added, "Iraq announced its desire to join the BRICS group, as there is an objective basis related to the links of the Iraqi economy with the markets of the BRICS countries themselves, as it reflects the current account of the Iraqi balance of payments with the countries of that economic group, which includes the strongest emerging markets in the world," noting that "there is a direct dependence of the BRICS group on an important percentage of Iraq's oil exports, which are not less than 55 percent, especially India and China.

He explained that "about 70 percent of Iraq's imports are currently with the BRICS countries themselves, which means that the trade partnership and Iraq's strong economic interests automatically push towards international economic cooperation with our country's trade partners, especially in the issue of looking towards wider areas in the flow of the group's investments, and obtaining advantages to join in a way that serves the future of sustainable development and the progress of the economy in our country."

He added that the "BRICS" group currently occupies about 27 percent of the world's land area and 42 percent of the world's population, with Brazil, Russia, India and China among the ten largest countries in the world in terms of population, area and GDP (according to the purchasing power parity criterion), and the last three countries (India, China and Russia) are potential emerging superpower countries, while all five countries in the BRICS group are also members of the the twenty, which includes the United States of America and the rest of the Group of Seven."

Earlier, Prime Minister Mohammed Shia al-Sudani confirmed Iraq's readiness to join the BRICS group, if it receives an invitation from the founding countries.

Parliamentary hosting of the Governor of the Central Bank of Iraq regarding the dollar exchange rate, 16 OCT

Parliamentary hosting of the Governor of the Central Bank of Iraq regarding the dollar exchange rate

The Parliamentary Finance Committee announced on Monday that it will host in the coming days the governor of the Central Bank of Iraq and its general directors regarding the lack of control over the exchange rate of the US dollar against the dinar

Committee member Mustafa Al-Karaawi told Shafaq News Agency, “The committee will host this week the Governor of the Central Bank, Ali Al-Alaq, and the general directors of the bank to find out the reasons for the rise and fall in the dollar exchange rate in the parallel market and who is the party concerned with implementing the reform packages launched by the Central Bank.”

He pointed out that "the instability of the dollar exchange rate has caused an economic problem, and there is no clear policy for the central bank," stressing that "the government must implement what the bank wants through the reform packages it launched, and therefore controlling the exchange rate is a shared responsibility." between the Central Bank and government agencies, especially those concerned with import and customs ports.” 

Al-Karawi pointed out that “hosting the bank’s governor will address the economic crisis, the rise and fall of the dollar, and the agreements the bank signed with the US Federal Reserve and the World Bank.”

The exchange rates of the US dollar have witnessed an upward increase against the Iraqi dinar for several months, and reached its peak this month when the price reached 1,655 dinars to one dollar, despite the government and the Central Bank setting an official exchange rate of 1,320 dinars to one dollar.   link

Coffee with MarkZ. 10/16/2023

Thank you MarkZ for all your time, and encouragement daily….. PDK

MarkZ Monday  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: Top of the Monday to y’all!!

Member: GOOD MORNING, EVERYONE!! MAY THE WEEK BRING YOU HAPPINESS AND GREAT FORTUNE.

Member:  I believe the US stalling the RV is causing the Iraqis going to Brics

MZ: I am certain all the dinar boards are blowing up as the rumors are exploding. I am trying to verify them….that will be today’s task. Figuring out what is right and what is wrong. 

MZ: I am hearing that 3 of the large groups have started distributing funds. I don’t think its accurate but it’s one of the rumors that is running hard. I am trying to get absolute proof because that’s a big one. I think they may have dropped that rumor just to see who leaks it? This was dropped at some of the upper levels of some groups. 

MZ: I have been told that other than certain groups with historic bonds and sovereigns that nobody will be going first. It will be a shotgun and we are all going at once. So when I hear that some groups maybe going – I don’t buy it….but some groups may have collected historic bonds as well and those I could see maybe going ahead of everybody else. 

MZ: Those rumors are out there and floating hard but I do not think they are accurate. I want them to be right because that would mean the process has started….I am hoping to prove myself wrong. I have a lot of messages sent…hoping for answers before the day is over.We have to still wait for those on the west coast to wake up. 

MZ: Around the rest of the world…bond folks are quiet. 

MZ: There are a lot of interesting articles on de-dollarization coming out of Iraq. “KRG to collect customs fees in dinar exclusively”  This is the Kurdish region in northern Iraq.  They have fully jumped on board with the de-dollarization effort. 

Membr; In Iraq –they took all the dollars out of the ATM’s- dinar only

MZ: Yes…it’s all part of the de-dollarization over there. I can tell you from my sources they agree….and Kuwait did the same thing before they RV”d. Back then all fees and transaction had to also be paid in Kuwaiti dinar. To me this tells us we are circling around the drain on finishing this thing. 

MZ: Here is a big one: “BRICS expansion could end US dollar dominance in oil trade : US financial experts warn of dangers ahead.”  

Member: Has Iraq officially joined BRICS?

MZ: Not yet- but they have certainly talking with them. It’s only a matter of time until Iraq is part of BRICS….imo

MZ: “Saudi Arabia and Japan sign digital economy partnership”  I did not know how aggressively Japan is pursuing BRICS. This would be a major blow to the G7 and the US. 

Member: Will the Zim still be in the first basket?

MZ: I still expect the Zim to be in the first basket. 

Member:  Hey MarkZ...what about the Ruble..is it involved in RV?

MZ: I believe it is….but, I don’t think it will be the exponential gainer that some currencies are going to be. Most currencies around the world should go at the same time. Those currencies that are just not ready like some in Africa and Asia and in the middle east won’t make the first basket. 

Membr:  I still think the Bolivar is going to surprise us all. No matter how much we try and figure it out, its a sleeping giant.. IMO

Member:  I saw a J.P. Morgan commercial offering wealth management help. that's very odd them running that commercial in this economy

Member: When the US currency changes from fiat to asset-backed , you had mentioned that our money in the banks will automatically change . What happens to the cash we hold in fiat notes?

MZ: I am being told we will have about 90 days to exchange our cash. So if you have a lot of cash under your mattress…spend it, give it to those in need…or deposit it or exchange it at any bank. It will be easy. 

Member:  Been in this for several years starting to get tired and frustrated.

MZ: We are all tired and frustrated….

Member: "You didn't come this far to only come this far"

Member:  hopefully this money train reaches its destination this week.

Member:  Mark ,thanks as always for all the latest news & updates

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