Thursday, October 19, 2023
"RV UPDATE" BY SANDY INGRAM & CLARE, 19 OCT
Sandy Ingram
Iraq has a secret asset many people are not aware of...the ancient city of Babylon is only 54 miles from the capital city of Baghdad. The gold deposits have not changed.
The only difference Iraq was busy drilling for oil...It is reported gold production value could someday rival or equal oil production value...This massive amount of gold is still in place in Iraq today. The eastern Baghdad region, the western desert and the Kurdistan area have all been discovered to have enormous gold deposits. Mining operations are currently underway...
Article: "Iraq Economy News for 2024, According to the IMF is not Good, Iraq Says Differently"A Confluence of Financial Fortitude: The Kurdistan Region and the Iraqi Central Bank Forge a Path to Economic Stability, 19 OCT
A Confluence of Financial Fortitude: The Kurdistan Region and the Iraqi Central Bank Forge a Path to Economic Stability, 19 OCT
In the stately halls of Erbil, the political heart of the Kurdistan Region of Iraq, a crucial dialogue unfolded. It was a dialogue that, like a deftly woven rug, promised to intertwine the economic threads of Baghdad and the Kurdistan Region, creating a tapestry of collaboration and mutual growth. The key figures in this discourse were none other than the President of the Kurdistan Region, Nechirvan Barzani, and the Governor of the Iraqi Central Bank, Ali Al-Alaq.
A Meeting of Minds
The meeting, akin to two chess grandmasters contemplating their next moves, centered on Iraq’s financial situation, the exchange rate of the Iraqi dinar, and the Central Bank’s initiatives aimed at achieving financial and economic stability. The dialogue was a testament to the shared commitment towards a unified financial future, a vision that transcended regional borders.
Both parties emphasized the importance of cooperation and coordination among financial institutions in Iraq, the Kurdistan Region, and the Iraqi Central Bank. Their shared understanding underscored the significance of sustaining and advancing coordination and cooperation to promote economic development and ensure financial stability.
Reinforcing Coordination
Prime Minister Masrour Barzani of the Kurdistan Regional Government (KRG) and Governor Ali Mohsen Al-Alaq of the Central Bank of Iraq echoed similar sentiments in their discussions. The spotlight was on banking sector reforms, anti-money laundering efforts, and initiatives to bolster economic stability. Prime Minister Barzani expressed his appreciation for the collaborative support received from both the central bank’s governor and Prime Minister Mohammed Shia’ Al Sudani. He emphasized that the progress of the Kurdistan Region signifies advancement for all of Iraq and serves the collective interests of the public.
Un Ponte Per: A Bridge to Economic Stability
Meanwhile, the NGO Un Ponte Per (UPP) has appointed a new Head of Office in Dohuk, Iraq. The appointee will be responsible for coordinating and supervising the organization’s general cash and account of the projects administered in Dohuk. This role is integral in ensuring compliance with anti-fraud, anti-terrorism, and anti-corruption policies, highlighting the dedication to financial integrity not only at the governmental level but also in non-governmental organizations.
Thus, these discussions and appointments underscore the commitment of the Kurdistan Region and the Iraqi Central Bank to enhance cooperation and coordination in a bid to achieve economic stability and development. The focus on banking sector reforms, anti-money laundering efforts, and economic stability underscores the importance of addressing key financial issues to ensure the well-being and progress of both the Kurdistan Region and Iraq as a whole.
"RV UPDATE HIGHLIGHTS" BY MARKZ, (ENGLISH & SPANISH), 19 OCT
Markz
Thursday 10/19/23
Member: Good morning everyone... I heard that the new BRICS payment banking system starts today.
MZ: That's right...
Member: At Dinar Recaps an economist talked about that in a post this morning.
Member: When can Iraq join the BRICS?...that may be our only chance to see VR.
Member: I wonder if the Israeli war is an attempt by the cabal to stop VR and NESARA/Gesara like 9/11 was.
MZ: That's a very good possibility. It is true that there is a special place in hell for those who are willing to sacrifice so many lives just to be able to control their money supply.
Member: The Federal Reserve is not going to voluntarily give up its power
Member: Mark, I heard we were ready to do VR a week ago on Sunday, but the Deep State started Israel's attack to block it!
Member: However, the White Hats allow them to do that. They are supposed to be the ones in control.
Member: Some days it seems like this will never happen. Depressing. Trying to keep a positive attitude.
Member: This VR has given me multiple personalities. One day I'm positive and giddy and the next I'm frustrated and depressed.
Member: Well... remember that Iraq is the central axis... if you just do it... I think the rest of the world will follow.
MZ: Well... let's get to the news/rumors.
MZ: There are no updates for bondholders today. There is still an expectation that things will turn out well overnight. Starting in Asia and Europe and following our path... Let's see if it happens. It may be a week or two early. I would like to be wrong on this.
Member: So we've gone from "any time"... to a week or two now...?...sigh 🤦🏻♀
Member: If FIAT money will be dead on January 1st, then we are close. Just my opinion.
MZ: I still get conversations from groups hoping to release their funds, but we haven't found a group that has released funds yet. That is why they insist that those rumors that say they have already started are not accurate. I think they are purposely leaking misinformation to muddy the moment.
Member: If it's a quick start...none of them get paid until we start scheduling our appointments, so that's to be expected...in my opinion.
MZ: I still get conversations from groups hoping to release their funds, but we haven't found a group that has released funds yet. That is why they insist that those rumors that say they have already started are not accurate. I think they are purposely leaking misinformation to muddy the moment.
Member: If it's a quick start...none of them get paid until we start scheduling our appointments, so that's to be expected...in my opinion.
Member: I wish we could get a 7.5% interest rate on our savings accounts like Iraq does.
Member: It is up to Iraqi citizens to take their dinars out of the mattresses and deposit them in the bank.
Member: A friend recently traveled home from Brazil. On the Exchange, they asked if you wanted OLD USD or NEW USD. It is "out there" in other countries and is currently being USED! She saw it!.
Member: I wish they had taken pictures...I would love to see some proof that they are real.
Member: I wonder if everyone has it except us in the US?
Member: Many large banks in my area have added "Financial Advisors" to their signs!!!!! That's encouraging.....
MZ: In Zimbabwe: "High-level summary of technical assistance reports" on the implementation of the Basel 2 and 3 capital framework. They are doing a great job updating their banks faster than us. This is very positive news.
Member: Mark and Mods, thank you...you are doing a wonderful job keeping everyone informed and calm.
TRANSLATION IN SPANISH"
Markz
Iraq’s Central Bank Boosts Foreign Exchange Sales Amidst Global Currency Woes, 19 OCT
Iraq’s Central Bank Boosts Foreign Exchange Sales Amidst Global Currency Woes, 19 OCT
In a recent auction for buying and selling the US dollar, the Central Bank of Iraq (CBI) reported a 78% increase in foreign exchange, as its cash sales reached $163 million. The total amount sold in this auction was $199,123,090, with the majority of sales aimed at reinforcing foreign balances via transfers and credits.
Boosting Foreign Balances
The net amount of $163,593,090 funneled into foreign balances marked a significant increase from the cash sales that totaled $35,530,900. The auction saw five banks purchasing cash dollars while 21 others met requests to enhance foreign balances abroad. In addition, 60 exchange and intermediary companies participated in the auction. The exchange rate for all transactions was pegged at 1,305 Iraqi dinars per dollar, applicable for documentary credits, international settlements for electronic cards, foreign remittances, and cash transactions.
Stabilizing the Currency
The notable rise in foreign exchange sales by the CBI represents an effort to stabilize Iraq’s currency and bolster its foreign reserves. The auction enabled banks to acquire cash dollars, which can be utilized for various purposes ranging from financing imports and facilitating international transactions to meeting the foreign currency demand from individuals and businesses.
(Read Also: Stability Amid Chaos: The US Dollar’s Dance with the Iraqi Dinar)
Global Tensions and Currency Depreciation
The increase in foreign exchange sales comes at a time when numerous countries grapple with currency depreciation amidst escalating global tensions. For instance, the Chilean central bank plans to address its recent currency depreciation in the upcoming monetary policy meeting. The peso has experienced significant depreciation, and long-term interest rates have risen. Such factors will play a critical role in the bank’s decision-making process.
In a similar vein, the Indonesian central bank raised its policy rate unexpectedly by 25 basis points, as the rupiah plunged to its lowest level since 2020. This measure is intended to stabilize the currency and curb inflationary pressures. Meanwhile, the Bank of Israel finds itself under pressure to stabilize the Israeli shekel, which has been weakening against the dollar. Traders have heightened their bets against the shekel, urging the central bank to intervene and stabilize the currency.
Overall, the recent increase in foreign exchange sales by the Central Bank of Iraq mirrors efforts by central banks in other countries grappling with currency depreciation and intensifying global tensions. These institutions are employing various measures to stabilize their currencies and mitigate the impact of external factors on their economies.
"RV UPDATE" BY MARKZ, 19 OCT
MarkZ
[via PDK] Question: What do you still expect as the rate for the dong?
MarkZ: I still expect the low $2 range…$2.25ish. But, most of my sources say it could be more in the $3 dollar range…we shall see.
...They are making certain that everything is conducted in dinar from here on out. For government function they can only use dinar…no other currencies...
Question: Do we need a new speaker of the house before Iraq can move forward?
We are being told that the ball is in Iraq’s court now…so no … Question: ...are we close...just asking for a friend?
MarkZ: I think we are close…It certainly feels close.
I think this is an important piece…. ”Iraq raises interest rates to 7.5% and the economic council is considering raising that rate”
This is not the borrowing rate…this is the savings rate. They are paying 7.5 percent to get you to put your money in the bank. This does a couple things…it shores up their economy, stabilizes the consumer (not the government but the people)
…So in Iraq they are putting the citizen ahead of the government. It also does something else very important. It streamlines any rate changes. With the money in the banks…they are not as worried about the money changers on the street… This makes it easier to do a re-valuation.