Wednesday, October 18, 2023
Iraq Just BANNED The Dollar | Sets A New Tone For Global Dollar Dump, 18 0CT
Tech Revolution: 10-18-2023
Iraq has shared an important announcement. Starting on January 1, 2024, Iraq will no longer allow people to take out or make transactions using U.S. dollars.
They're doing this to stop bad people from using the U.S. dollar for illegal activities and to avoid getting in trouble with the United States over sanctions on Iran.
The idea is to prevent about half of the $10 billion that Iraq brings in from the New York Federal Reserve each year in cash from being used in bad ways.
Mazen Ahmed, who works at Iraq's central bank, explained this to. This move is also part of a bigger plan to use the U.S. dollar less in Iraq. People in Iraq have been using the U.S. dollar a lot because they've had many problems like wars and crises since 2003 when the United States invaded their country.
If you put your U.S. dollars in a bank before the end of 2023, you can still take them out in 2024. But if you deposit dollars in 2024, you'll only be able to take out the local currency at a rate set by the government.
The government has one rate for the Iraqi dinar, which is their currency, but on the street, people exchange money at a different rate. Starting in the year 2024, if you happen to possess U.S. dollars in Iraq, there will be some significant changes in how you can use them.
You will have two main options. First, you can use your U.S. dollars with a specially designed card that will allow you to make purchases and transactions inside Iraq at the official government exchange rate.
The second option is to convert your U.S. dollars into the local Iraqi dinar at the rate set by the government.
In simpler terms, if you have U.S. dollars and want to spend money in Iraq, you'll need to convert them into the local currency at the government's exchange rate, and then use the dinar for your transactions.
However, here's an important clarification: These new rules apply primarily to accounts that receive money from other countries. In other words, if you're receiving funds from abroad, these regulations will affect you.
If you're only dealing with money generated within Iraq, you may not be subject to these specific restrictions.
This shift is aimed at controlling the use of foreign currencies, particularly the U.S. dollar, in international transactions within Iraq, ultimately promoting the use of the Iraqi dinar and formalizing the country's financial system.
Iraq has already put a system in place to keep an eye on the money coming in and going out of the country, especially wire transfers, which are like electronic money transfers. This was a big problem before because some people were doing fake transactions and sending money to Iran and Syria, which were under U.S. sanctions.
Iraq has established a new system, with assistance from the United States. This system plays a crucial role in managing Iraq's substantial income from selling oil, a valuable resource for the country.
Over time, this system has become increasingly effective in its operation. One of its key functions is to ensure that U.S. dollars are available at the official exchange rate for individuals and businesses engaged in legitimate international trade.
This means that when Iraqis or businesses want to buy essential items like food and consumer goods from other countries, they can access U.S. dollars at a fair and standard rate.
Imagine you're buying groceries at a store, and you want to use your local currency to purchase imported products. Thanks to this system, Iraqis can easily obtain U.S. dollars, which are widely accepted in international trade, to pay for these goods.
This simplifies the process and ensures that transactions are carried out smoothly, without any unexpected currency complications.
So, this system not only helps Iraq manage its oil revenue but also supports the everyday needs of its people by providing access to U.S. dollars for essential imports, all while maintaining a fair and consistent exchange rate.
But, according to Mr. Ahmed, people were still finding ways to misuse cash withdrawals, especially travelers who were allowed to take out up to $3,000. Iraq wants to make sure it doesn't upset the United States because it relies on U.S. help to manage its money and oil.
At the same time, Iraq's government, which is supported by powerful groups close to Iran, doesn't want to make Iran mad or upset the groups that are deeply involved in Iraq's informal economy.
More Details In The Video
Iraq’s Ambition: From Dates Industry to Gaza Conflict, 18 OCT
Iraq’s Ambition: From Dates Industry to Gaza Conflict
In the heat of the recent conflict between Israel and Hamas, another narrative quietly unfolded in the Middle East’s labyrinth of connections and loyalties. This narrative, away from the Gaza Strip’s smoke and rubble, involves Iraq, one of the world’s leading date producers. While this might seem unrelated to the conflict, the interplay of regional politics and global trade offers a nuanced understanding of the Middle East’s dynamics.
Shaping the Date Industry
Iraq has taken a significant step to solidify its position in the global market: it has voted to join the International Dates Council. This move may appear inconspicuous amidst the region’s political turmoil, but it is a manifestation of Iraq’s ambition to capitalize on its agricultural resources. As one of the world’s leading date producers, Iraq’s involvement in this global body will help it manage and promote its dates industry, potentially influencing global prices and trade policies.
The Proxy Web in Gaza Conflict
While Iraq is making strides in the date industry, its factions loyal to Iran have reportedly been involved in supporting Hamas during the Israeli war on the Gaza Strip. These factions have allegedly established a ‘resistance operations room,’ signaling Iran’s influence reaching beyond its borders. The leaders of these factions visited Syria and Lebanon to coordinate with regional groups, indicating a complex network of alliances and proxies.
Photographs of these leaders, including the head of Kata’ib Sayyid al-Shuhada, Abu Alaa al-Walae, in Lebanon, circulated among activists, confirming their presence. This intricate web of connections echoes the region’s complexity, where power dynamics are often manifested through proxies rather than direct involvement.
A Media War or a Ground Offensive?
Despite the intensity of their support for Hamas, these Iraqi factions have ruled out the possibility of a traditional confrontation with Israel in response to a ground attack. This stance suggests that their involvement is primarily centered on providing support and gathering intelligence rather than direct combat.
However, the implications of this ‘media war’ are profound. It underscores Iran’s expansive influence in the region and its ability to coordinate various proxy groups. It also adds another layer of complexity to the conflict, with multiple actors involved on different levels. The potential for escalation cannot be ignored if these factions decide to take direct action against Israel.
Future Implications
The interplay of Iraq’s agricultural ambitions and its factions’ involvement in the Gaza conflict paints a comprehensive picture of the region’s complexities. It highlights the country’s wider aspirations to strengthen its global influence while illuminating the intricate network of alliances on the ground.
As the geopolitical chessboard continues to evolve, the role of Iraq and its proxies will undoubtedly shape the region’s future. Their involvement in the Gaza conflict, coupled with their ambition in the dates industry, signifies a nation attempting to balance its regional loyalties with its global ambitions.
https://bnn.network/world/russia/iraqs-ambition-from-dates-industry-to-gaza-conflict/
Finance and Politics Intertwine: A Deep Dive into the KRG-Iraqi Finance Committee Meeting, 18 OCT
Finance and Politics Intertwine: A Deep Dive into the KRG-Iraqi Finance Committee Meeting
Amidst the labyrinth of political tensions and economic hardships, a slender thread of dialogue has been extended between the Kurdistan Regional Government (KRG) and the Iraqi Finance Committee. In a four-hour discourse held in the heart of Baghdad, Awat Sheikh Janab, leading the KRG delegation, and his counterparts from the Finance Committee, sought to untangle the knot of financial burdens plaguing the salaried employees in the Kurdistan Region.
A Struggle for Sustenance
The KRG, grappling with financial difficulties, has found itself in the throes of escalating disagreements with the central Iraqi government over the distribution of the region’s budget share. The result is a singularly human crisis: the inability of the KRG to pay its employees, triggering a wave of unrest and protests within the Kurdistan Region.
A Step towards Resolution
The recent diplomatic rendezvous is hailed as a promising step towards resolving the salary issue and thawing the frosty relations between the KRG and the central government. Both parties, recognizing the need to prioritize the welfare of Kurdistan’s salaried employees, have agreed to separate this matter from the broader political disputes. A beacon of hope, perhaps, in the murky sea of uncertainty.
Seeking Support in a Tumultuous Economy
The KRG’s financial struggles are largely attributed to the plummeting oil prices and the economic fallout of the COVID-19 pandemic. The region, heavily reliant on oil revenues, has been severely impacted, pushing it to seek financial support from the central government. In an attempt to diversify its economy, the KRG has been encouraging investment in industries such as agriculture, tourism, and manufacturing. However, these efforts are continuously undermined by the financial constraints faced by the region.
Meanwhile, the geopolitical landscape of the region continues to shift. From Libya, where protests erupted over a deadly strike on a Gaza hospital, to Israel, where the government halted military operations during US President Joe Biden’s visit. In Iraq, the development of a ‘Dry Canal’ road project is underway, aiming to connect the north and south, boost investments, and significantly alter international transport routes. Amidst these changes, the Iraqi government is courting foreign investment, inviting Spanish companies to contribute to the development road project and invest in sectors like transport and renewable energy.
But hurdles remain. Economic experts point out the lack of an industrial base and agriculture in Iraq, potentially impeding its entry into the BRICS group. Furthermore, the Central Bank of Iraq’s decision to raise the interest rate for bank depositors, part of its banking reform measures, reflects the country’s ongoing efforts to revitalize its banking system.
While these developments unfold, Huawei, the Chinese multinational technology company, showcased its latest artificial intelligence and digital transformation solutions at the GITEX Global 2023 exhibition in Dubai. A testament to the relentless march of technological evolution, even amidst political and economic turmoil.
In summary, the dialogue between the KRG and the Iraqi Finance Committee is not merely a meeting; it is a manifestation of the shared human will to overcome adversity. It is a testament to the power of dialogue in resolving crises and the potential for cooperation amidst conflict. As the region witnesses a confluence of protests, diplomatic visits, infrastructure projects, and technological advancements, the plight of the salaried employees of Kurdistan remains a stark reminder of the human element embedded in the grand narrative of politics and economics.
The Central Bank Denies “Information” Issuing A New Category Of Local Currency, 18 OCT
The Central Bank Denies “Information” Issuing A New Category Of Local Currency
October 16 14:18 Information / Baghdad.. The Central Bank of Iraq denied, today, Monday, that the bank has any intention to issue a new currency or a small or large denomination during the current period.
A member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, said in a statement to “Al-Ma’louma” that “talk about issuing a new currency by the Central Bank of Iraq is not true at the present time.” Berihi added, “If a new denomination of currency is issued, whether small or large, it will not affect the exchange rate of the dollar against the dinar, but rather it will only serve and facilitate transactions in the simple market.”
A member of the Board of Directors of the Central Bank of Iraq pointed out that
"the Iraqi currency is stable and the existing denominations are sufficient."
A member of the Parliamentary Finance Committee, Representative Nermin Maarouf, announced in press statements that
the committee will discuss with the Governor of the Central Bank the feasibility and motives behind taking the decision to issue the 20,000 dinars denomination, the
financial value of this denomination and other details related to its expected issuance. Ended / 25 AD
Bruce’s Big Call, 18 OCT
Bruce’s Big Call Dinar Intel Tuesday Night 10-17-23 REPLAY LINK Intel Begins 1:07:07
Welcome, everybody the big call tonight. It is Tuesday, October 17th and you're listening to the big call. Thanks, everybody wherever you're located around the globe. We had we were in 201 countries on last Thursday's call - Let's see how many we have had 28.5 - 28 point 6 million listeners confirmed tag back to us that listen to the call and that's a record. That's the most the largest reach we've had so far, Internationally. So thanks so much to the satellite team for putting that together. And hopefully we have a similar reach on our call tonight. Alright, let's see. Where are we tonight? You know, I'll start with this. We don't have a speaker of the house yet But I know Jim Jordan, they put a third vote through today, in in the house, and he got 200 votes he needs 217 Now, tomorrow, they're supposed to have another vote. Maybe that'll do it. I think that's important for us. It may not be absolute, but I think it's important for us to move into the arena of political change that we're looking forward to. So let's see what happens with that. All right, outside of that, we do talk to redemption center people occasionally, and tell them some of the top let's just call it the top Wells Fargo personnel - And where we stand right now - is yesterday at the redemption centers. - They were doing a series of I believe five video conference calls, five in one day. That's a lot. We don't know who they're with. We can only presume who they might have been with based on the past and based on Treasury calls and calls with other bankers calls that are maybe international versus calls that are domestic throughout the US. But that occurred yesterday. And I know that where we are today we've got a consensus of redemption centers, staff and top Wells Fargo personnel that are suggesting the same thing and that is they are looking for an email tomorrow morning between 10 and 11 - Eastern time tomorrow. That would most likely go out not only to tier one banks, but also at least to the redemption centers. And it may go out to all the banks. I don't know that. But we know that the redemption centers are looking for it between 10 and 11 in the morning, that would give them a heads up as to notifications - we think are going out tomorrow. It's not absolute, but the notifications come in by email from Treasury between 10 and 11. And it suggests that go ahead for us. We could very well get notified tomorrow. Now, what else? When we get notified - Especially if it's - well, let me put it this way. If we were to get notified before noon, It would be quite possible we would start exchanges on that same day in the afternoon and evening. So in the case of tomorrow, we got it before noon. We can maybe exchange tomorrow afternoon / tomorrow evening - which is Wednesday. Tthat would be great. Now, it doesn't mean that even if they get the email between 10 and 11 that we get notified then. We could get notified in the afternoon. We could get notified overnight. We don't know exactly when to do it and neither do the redemption centers and neither do the top Wells Fargo people. They're just going to have to get in when they get it. So our hope is that we get notified - we set our appointments - and at least start Thursday. That's what I'm hoping that we'll see if that's what manifests I mean, there's so much stuff going on around the globe. And we do need a number of things to get ready to come out. I don't know that they all have to come out before we get notified. We're supposed to still go on a shotgun start with our bondholders and with our other brothers in tier 4A - brothers and sisters in the admirals groups. But I'll say this I think that the shotgun start could be and we've heard it said several times to us. That happened within a 10 to 12 hour period of each other. The bondholders might get access to their funds that such and such. We may get our notifications at such a time – set our appointments to begin in such a time - and the whole thing and the admirals groups, emails and notifications to their participants would go out. It all should occur within about a 12 hour period. it may be tighter than that. It may happen within a two or three hour period. but it should occur within 12 hours of each other. That's what I mean by that is a shotgun start. So you know guys, we've been awfully close before, or at least we thought it was that case. And now we're at that same point of could it happen? Could it happen tomorrow? I don't know - but I'd say one thing. Redemption centers and top executives for the banks are looking for that email to occur between 10 and 11 in the morning. We don't know what it's going to say we think it has to do with the release of notifications, for us. Bondholders still do not have access to funds yet. They would be looking for an email as well that would give them access to funds. And then they have some spendability - they've only had what I call walking around money so far, that's been allocated to them. And it hasn't been a lot. It's been a little something but it hasn't been anywhere near the 1% or 10% or whatever their arrangement is, of what they're going to get. And so, you know, we're gonna have an opportunity to move approximately $1.2 billion into each of our LLC accounts - From our quantum account when we go in. So in the case, in my case, I've got four LLCs. I should be able to move about 1.2B into each account. They're already set up. I mean, the accounts aren’t but the LLCs are set up. That's how I'm choosing to do it. Not the only way to do it. It's just the way that my attorney and I have talked about and decided to do it that way. So I think you know what I'm doing four accounts because one is for rebuild America, one for rebuild international ones for veterans retreat network and one's for the pastoral retreat. But we've got four LLC for four separate projects. You obviously don't have to do it that way. I'm doing it that way, you know, just for accounting purposes and whatever else. So I'm looking forward to it. Remember our appointments are only supposed to last about 30 minutes now. Not 40 like we were taught about a couple of months ago. Now we're looking at trying to get everything done in 30 minutes they're going to have three delarue machines at each redemption center that they can literally - If you had three or four or five different currencies, they can run them quickly through three different people operating those delarue machines at the same time - And that's gonna be cool to listen to that happen - (sound of money counting machine) simulated. So that's exciting. And obviously what's more exciting is what we're going to be able to do with these resources for humanity with our projects and to be prepared for those projects - You need to be as prepared as you can be between now and the first six months, maybe a year. That's really the majority of everything we think I can tell you this. What we got in report today was all the rates are extremely good. And we know that the dinar came back up on the Forex yesterday and came back up on the streets for trading on forex and on the bank screen today. The rates are very good. And I think everybody will be super pleased with that. I don't know if there's anything - you know, it's funny yesterday, and even the day before so that would have been like Sunday and Monday. We had very little information in fact yesterday was sort of a dud because it didn't really bring us much of anything. Today was a little bit better even though we are still waiting for those emails morning. So I'm talking about the ones going to the redemption center centers and the banks that if those turn out positive, then we should operational words “should” be notified as early as tomorrow. But let's see what happens. It’s kind of exciting but you know as well as I do, you know nobody's information in 100% including mine. I do the best I can to bring what I get from several sources, multiple sources, and sometimes we're right on the verge of it. And then something happens and we're not there. So we hope that this is it. I'm looking forward to getting notifications just like you guys. So thanks everybody for tuning in tonight. So thanks for listening everybody all over the globe. Thank you for we finally met we were looking to get 200 countries. On Thursday. We got 201 out of 209. We got two old ones. And I don't think we got to Israel or couple others in the Middle East. That might have been where we were a little short on on Thursday night but hopefully tonight we're reaching quite a few countries. The main thing is that we are looking forward to receiving this blessing. So in a very timely manner here. So let's pray the call out. and then we'll say goodnight for tonight and look forward to see what happens in the next couple of days.
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