Iraq’s Digital Transformation: A Meeting of Minds in Erbil, 19 OCT
In the heart of the ancient land, where the Tigris and Euphrates rivers cradle civilization, a modern narrative is unfolding. In Erbil, the capital of the Kurdistan Region of Iraq, Prime Minister Masrour Barzani and Iraqi Central Bank Governor Ali al-Allaq recently convened. Their discourse echoed within the grand architecture of the city, a testament to a crucial dialogue on economic stability and banking sector reforms, especially the digital transformation of public employee payments.
My Account Initiative: A Digital Leap Forward
At the heart of their discussions was the My Account Initiative, a financial inclusion program launched by the Kurdistan Regional Government. Designed to digitize the payment system for public employees, the initiative marks a significant leap towards the future. In the initial phase, it aims to modernize salary and benefit distribution, enhancing efficiency, transparency, and accountability.
The initiative has already recorded considerable progress, with 65,000 employees registered in the system. It’s a testament to the potential of digitization in catalyzing economic growth, with the ripples of its success felt across Iraq.
In the backdrop of the digital transformation, other banking sector reforms were also on the agenda. The Kurdistan Regional Government is committed to strengthening the banking system to promote domestic and foreign investments. These reforms aim to fortify the regulatory framework for banks, foster good governance, and increase transparency, thus creating an ecosystem conducive to economic growth.
Besides digital transformation and overall reforms, the fight against money laundering took center stage. As a significant threat to financial stability, both the Kurdistan Region and the federal government are determined to prevent and combat this illicit activity. Strengthening anti-money laundering efforts is paramount in maintaining the trust of investors and ensuring the banking sector’s stability.
The meeting, thus, underscored the commitment of both the Kurdistan Region and the federal government towards economic development, financial stability, and good governance.
The story of this meeting is not just about economic strategies and initiatives. It’s about hope. It’s about a region that has been the cradle of civilization, now striving to define its future. It’s about a dialogue that carries the potential to reshape the economic landscape of Iraq, and perhaps, influence the broader region.
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"
What the IMF is saying is Iraq's economy forecast is leaning towards a negative because countries with currencies pegged to the US dollar, except Iraq's central bank, have followed the US fed's footsteps and adjusting the interest rates accordingly.
In other words Iraq did not follow in the footsteps of the Federal Reserve and as a result the IMF sees Iraq's inflation rate at or around 9% in 2024 rather than at 3.5% the the Iraqi minister of planning announced. The 5.5% difference is enough to be concerned about.
Clare
Article: "A new statement by the Iraqi Central Governor regarding the dollar exchange rate"
Quote: "Today, Monday (October 16, 2023), the Governor of the Central Bank of Iraq, Ali Al-Alaq, identified several factors affecting the dollar exchange rate, the most important of which is the leakage of the dollar to neighboring countries."
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.
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
Jueves 19/10/23
Miembro: Buenos días a todos... Escuché que el nuevo sistema bancario de pago de los BRICS comienza hoy.
MZ: Así es....
Miembro: En Dinar Recaps un economista habló sobre eso en una publicación esta mañana.
Miembro: ¿Cuándo podrá Irak unirse a los BRICS?...esa puede ser nuestra única oportunidad de ver la RV.
Miembro: Me pregunto si la guerra israelí es un intento de la camarilla de detener la RV y Nesara/Gesara como lo fue el 11 de Septiembre.
MZ: Esa es una muy buena posibilidad. Es cierto que hay un lugar especial en el infierno para aquellos que están dispuestos a sacrificar tantas vidas sólo para poder controlar su oferta monetaria.
Miembro: La Reserva Federal no va a renunciar voluntariamente a su poder
Miembro: ¡Mark, Escuché que estábamos listos para hacer la RV hace una semana el Domingo, pero el Deep State inició el ataque de Israel para bloquearlo!
Miembro: Sin embargo, los Sombreros Blancos les permiten hacer eso. Se supone que ellos son los que tienen el control.
Miembro: Algunos días parece que esto nunca sucederá. Deprimente. Tratando de mantener una actitud positiva.
Miembro: Esta RV me ha dado múltiples personalidades. Un día estoy positivo y vertiginoso y al siguiente estoy frustrado y deprimido.
Miembro: Bueno... recuerden que Irak es el eje central... si simplemente lo hacen... Creo que el resto del mundo les seguirá.
MZ: Bueno... vayamos a las noticias/rumores.
MZ: Hoy no hay actualizaciones para los tenedores de bonos. Todavía hay expectativas de que las cosas salgan bien de la noche a la mañana. Empezando por Asia y Europa y siguiendo nuestro camino... A ver si sucede. Puede que sea una semana o dos antes de tiempo. Me gustaría estar equivocado en esto.
Miembro: Así que hemos pasado de "cualquier momento"... a una semana o dos ahora...?... suspiro
Miembro: Si el dinero FIAT estará muerto el 1 de Enero, entonces estamos cerca. Solo mi opinión.
MZ: Todavía recibo conversaciones de grupos que esperan liberar sus fondos, pero aún no hemos encontrado un grupo que haya liberado fondos todavía. Por eso insisten en que esos rumores que dicen que ya han comenzado no son exactos. Creo que están filtrando información errónea a propósito para enturbiar el momento.
Miembro: Si es un comienzo rápido... ninguno de ellos recibe pago hasta que empecemos a programar nuestras citas, así que eso es de esperar... en mi opinión.
Miembro: Ojalá pudiéramos obtener una tasa de interés del 7,5% en nuestras cuentas de ahorro como lo hace Irak.
Miembro: Corresponde a los ciudadanos iraquíes sacar sus dinares de los colchones y depositarlos en el banco.
Miembro: Un amigo viajó recientemente a casa desde Brasil. En Exchange, le preguntaron si quería USD VIEJOS o USD NUEVOS. ¡Está "allí afuera" en otros países y actualmente se está UTILIZANDO! ¡Ella lo VIÓ!.
Miembro: Ojalá hubieran tomado fotografías... me encantaría ver alguna prueba de que son reales.
Miembro: Me pregunto si todos lo tienen menos nosotros en los EE. UU.
Miembro: ¡¡¡Muchos grandes bancos de mi zona han añadido "Asesores financieros" a sus carteles!!!!! Eso es alentador.....
MZ: En Zimbabwe: "Resumen de alto nivel de informes de asistencia técnica" sobre la implementación del marco de capital de Basilea 2 y 3. Están haciendo un gran trabajo actualizando sus bancos más rápido que nosotros. Esta es una noticia muy positiva.
Miembro: Mark y Mods, gracias... están haciendo un trabajo maravilloso manteniendo a todos informados y tranquilos.
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.
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.
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.
