The Iraqi Central Bank is moving towards the US Federal Reserve to increase its dollar transfers
The Parliamentary Finance Committee revealed, today, Wednesday, a move by the Central Bank with the US Federal Reserve to increase Iraqi dollar transfers.
A statement by the committee, followed by Mawazine News, stated that “external and internal factors stand behind the crisis of fluctuations in the dollar exchange rate,” stressing that “the governor of the Central Bank of Iraq is working hard to solve these problems in order to reach understandings with the US Federal Reserve to increase Iraqi dollar transfers, as well as About confronting speculators and brokers internally.” The statement called on "citizens to support the procedures and policy of the Central Bank because the crisis requires the combined efforts of everyone."
He added, "The Finance Committee is in constant contact with the Central Bank of Iraq and other concerned parties regarding the problem of the fluctuation of dollar selling prices and supports all steps and measures that would restore stability to the exchange rate," pointing out that "several immediate and future proposals are being presented in this regard, with the aim of finding alternatives and solutions."
Effective for this crisis and in a way that preserves the strength of the Iraqi dinar and also preserves the strength of our cash reserves of hard currency.” LINK
The Sudanese Financial Advisor Reveals The Intention To Bring In An International Audit Force To Reduce Corruption
Politics 11/01/2023 20:17 Number of readings : 177 Baghdad - Iraq today: Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Wednesday, that government agencies’ contracts with reputable international financial auditing companies represent an international auditing force that contributes to reducing the phenomena of multilateral corruption. Saleh said in a press interview,
“International auditing companies have long experience in investigating the most complex financial transactions, especially financial and administrative activities and transactions with broad and complex connections, called branching activities with long arms.” He added,
"The use of an additional international audit force for important financial centers in our country has become clear in reducing the phenomena of multilateral systemic corruption, and that
the positive effects of this comprehensive, multi-purpose audit undoubtedly represent a new dimension in providing a climate based on assessing the level of financial discipline in addition to its role in
Strengthening long-term paths that are of fundamental importance in government administration, and at the same time extend across the joints of multi-purpose government financial activities in our country.” Saleh continued,
“In accordance with international standards, in developing the efficiency of public money management and auditing mechanisms and adopting modern accounting principles, the international procedures that are adopted in auditing are procedures that have left a positive impact in providing an additional climate of financial protection that is directly consistent with the general principles stated in the government program.” In developing the digital government administrative system,
it is a trend that has become coherent and continuous and touches on financial governance in accordance with international standards to protect public money and apply the force of law.”
The Prime Minister's Advisor for Financial Affairs noted that
"the role of international auditing companies is, in all cases, based on the principles and foundations of the effective Federal Financial Management Law No. 6 of 2019, as amended, as well as the applicable national supervisory instructions and procedures."
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: Happy Evening Markz and everyone!!
Member: Praying we get some butterflies in our stomach tonight with some extraordinary news
MZ: Once I finally got some chatter from Iraqi contacts today.and they did say that things went very well over the weekend (WTO meetings?) and they expect an announcement in the coming days.
MZ: I got this from a number of sources- both internationally and domestic.
Welcome, everybody to the big call tonight - It's Tuesday, October 31ST and you're listening to the big call. Thanks for tuning in, wherever you're located around the globe. Thank you for following the big call like you have for 12 years now many of you and we just look forward to having a good call tonight. Thank you for joining us.
So let's go into where we believe we are right now intel is interesting guys. Yesterday, we had the impression that we should get notified today and start exchanges tomorrow. We didn't get our notifications, bondholders did not get their emails, giving them access to funds yet and so we're both kind of there going okay - where is it?
We did hear yesterday from one of our sources connected with redemption center, that if for some reason we did not get this today, meaning notifications, toll free numbers, then we would more likely get it tomorrow. So it's one of these things that were very very close to getting the question is when is it actually going to happen. It’s a good question.
And I would say, based on what we're hearing, the fact that the Intel is sort of drying up a little bit, the good and a bad sign, it's a good sign for us in that - It shows how close everything is it shows how the proximity is ready to go. And one comment that was made that was referred to me was that they have clamped down on the leaks - and that's referring to Intel.
They're trying to clamp down on the leaks of Intel to some of which I receive, of course. So in a sense, they've clamped down on Intel that I can use now. But like I said, the good news is that shows the proximity of it. The bad news is when it comes to giving you Intel, it's going to be limited.
Alright, let's go to - so we really don’t know where the bond holders stand any more than we know where we stand right now, except that it's close and it could it could end up being tomorrow - that this thing is off for us. Now in the meantime, one of our contacts is saying you guys realize we didn't get the restitutional and reclamational allowance in the month of October - Like we had heard.
So I have to give you what I have. But I was told today that that should happen this coming weekend. The fourth or the fifth of November?
Yes, the Sunday the fourth and the 5th is Saturday. And that's what I got today. So reclamation restitution, at least for seniors 62 and older is supposed to start this weekend.
And we'll see if that happens. And whether or not it happens for anybody younger than that. You know what I mean? in terms of number the groupings were 30 to 53 years of age to 50 is one group - and then from 51. Let's say 51 to 62 is another group and then 62 and older is the group that will get it as I mentioned, theoretically happening this weekend –
I can't speak to the other groups because we didn't get that information. We didn't we didn't get where the other groups would get it. So I can't unfortunately, I can't tell you that.
I also heard that those who are getting Social Security will get the increase that we talked about, that we were looking for in October, and we should get it on your regular Social Security days in the month of November.
Which is interesting and that's good. Again, that's people that have you know, had applied for early social security at 62 and so on, all the way up. That's supposed to happen the month of November which starts tomorrow.
So if you're a first Wednesday of the month, you should see it in the first week of November. Your second Wednesday, same exactly third Wednesday, fourth Wednesday, same thing. Let's see how that manifests. Let's see how that comes out.
Now, one thing I wanted to tell you guys, is about the use of the toll free numbers today and yesterday, redemption centers have been working specifically on aligning their computer systems with the proper format. We know that they're taking their desktops are being aligned there, their new laptops or beat alive, all of that. Here's the important part of it.
I don't care if you have only gone for only dinar or only Rupia or whatever. We know that the bank's rates are connected to the Forex so when I say thanks I'm talking about here one two banks I'm making a distinction between bank rates and redemption center rates.
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Bank rates are connected to the Forex the redemption center screens will be higher.
So when you get the toll free number, make sure that when you call even if you don't have zim but you've got dinar and Dong and rupiah and Afghani or you've got Bolivar from Venezuela, whatever other currencies you've looked into.
Make sure that you are Paul and use the toll free number that should route you to a redemption center.
All Zim holders have to go through redemption centers. That's they want that absolutely – at least for the period of 12 days or two weeks that they're going to be doing using redemption centers. So you will get and it's a significantly higher rate. In some cases, it's way significant. So make sure you understand that that's for any idiots that are out there that are talking about there's no such thing as an 800 number. There's no such thing as redemption centers. They better just better just check what they know because they don't know much of anything.
Because these centers are working feverishly to get everything to line for them to receive the rates and I've heard the rate get them out. You guys know I love do what I can and it's definitely much better at the redemption centers so be sure to utilize those.
Now. why is that a good thing for the redemption centers to give us higher rates.??
Why will they offer really good rates on dinar Dong, etc is a win win win situation. And here's why.
The larger the amount of the exchange, the Larger the deposit is potentially for that thing. Now we know that the initial deposit goes into the quantum financial system account or QFS account and we have a quantum card which will use to move funds from one account into a Wells primary or secondary account or another bank of your choice. Remember you have up to three bags connected to your quantum adult card.
Up to three I'm going to start with Wells see how they do and just roll with them. Okay, that's my plan. You guys do what you want
We're also going to get the higher rates and the Win Win Win is the bank and the case in my case, Wells Fargo will have a larger amount available from the bottom card to put on deposit with Wells.
Okay, so I'm gonna move a certain amount on day one, and that'll last for 90 days. And then after 90 days, I want to move in from quantum in. I’ll do that - I'll move into my Wells primary or secondary accounts.
The second win is the redemption center staff, the staff that works with you on your exchange earns individual person that person that living breathing, breathing, man or woman that helps us with our exchange.
Pick up point .025% of the transaction but it does not come out of our side of the transaction.
Get this right anybody that's taking notes? Yes, my .025%.
My math is that 25 thousandths of a percent - of every transaction that goes through - that includes all the currency includes Zim bonds includes other sheet bonds, because everything bond redemptions have redemption Center, as well. Guess what, guys? That turns into real money fast - Real money? Right. That's the second win - But that's a reason to give a higher rate.
You follow me the third win is us. We get a higher rate. Therefore we get a higher amount going into our quantum account.
Right? The higher the rate - times the amount of currency or zm that we have - equals a bigger Win, win win.
That's why redemption centers are so vital for us to use. That's why we have a toll free number coming out that you will see on our website and we will send it out in emails to you. Along with a little message I wrote many years ago. I don't even remember what it says - so Bob and I'll have to revisit that.
But we'll send that out where you can see it on and I'm sure other people will get the number and put it out. But if we posted on our website, That's where I would look first. We should be pretty sure we'll be able to do that. All right, so that's just a piece I want to tell you about when it comes to calling the toll free number to call regional call center - based on your zip code - you will be sent to that redemption center that's closest to your zip code
seniors. pretty simple. And to set the appointments shouldn't take more than a minute to two minutes max on the phone with the call center to set up your appointment. So be prepared for that. Be prepared to just guess I don't know if they're how they're gonna do this where they're gonna ask for our emails or whatever send confirmation. I don't know how that goes.
But make sure that you have notepad and pen ready to note down anything that the call center person tells you because if you're Zim holder you should be connected to redemption center where you plan to go to do your exchange.
So you should be connected there and speaking to somebody who will most likely be able to help you at your exchange - takk to a real person that you'll probably meet at the exchange. Now if you have a boat load of currency, currencies, plural, and you've got a duffel bag of dinar wherever you've got seems like a lot of suitcase wherever you thought. Okay – they will have three delarue machines, and maybe a backup.
So you might have 4 machines working simultaneously for 4 separate people Go into four separate laptops with the information before it's downloaded through the quantum financial system. But that will be to effectuate and to get us exchanged in that 30 minute timeframe that they've got.
This is this is a quick process where they they know who you are when you get in there. You show your ID you proof up your electric bill - phone bill - other address on it for you. And then you pony up the currency it gets counted and verified. And you talk about your rates at that time.
And then you go into your five – 8 minuye presentation of any projects that you want to do. Just try to knock it out in five minutes that you get. And then you'll get into setting up the accounts getting your quantum financial system card your account with your biometric fingerprint an going and then you'll get your credit card. Also that you'll have access to your fund on day one.
And then boom we'll go into how accounts are set up and then you'll talk about they'll have a perk list and a certificate for a laptop or some peripheral that you might need that you'll get at an actual store. You might be able to get it online, but the certificate is designed as to be used at Staples, or Best Buy or some other type retailer like that.
Okay. And then if you are a zim holder you will be given a brand new cue phone and a box that is truly a satellite phone that works through the quantum system with the Starlink system. So it's working with Starlink. And that's how it worked and we're basically like it's a satphone. That'll work - It'll use cell towers, where they're in range, it'll use satellite or you're out of range of a cell tower. So that'd be cool. And that's going to give it to you at the end, so that you don't monkey with it while you're doing other things in the in the redemption center.
So that's just a short little treatise on what we're looking forward to why using the redemption centers is important, and you'll get a much better rate and you'll get in and out of there, theoretically and 30 minutes.
It's gonna be wild guys to try to enjoy it. It's like a 30 minute wedding. It goes by so fast. And all of a sudden you will say – that’s weird what happened? What did I say I do, but don't forget, you'll get an NDA, a nondisclosure agreement, also telling you what you can say which gives say who you can talk to, and talk to all of that.
You'll get that as well. And then at the end, you'll ask for a at some point in the lease. In the meeting, you're going to get a proof of funds letter for your property or maybe two or two or three different properties that you're looking at proof of funds letter and then you might ask about a clear and clean certificate, which is also a letter saying that these funds came from clean and clear funds and these funds are clean and not have any unlawful practice or whatever, whatever that language is, that should be should be on Wells Fargo letterhead, and maybe we'll get it on day one. And maybe They don't and you will have to come back and get it from a premier banker.
Wells Okay, I know many people are gonna want to move pretty quickly on real estate. So check that out. You want to make sure that your funds are clean and clear, in fact that you've got proof of funds letters.
Other than that, I think you better plan on getting back in touch the next day or two days later. Whatever with your premier banker at Wells and that way they can answer any additional questions. and then they can go ahead and set up any additional accounts.
Because remember, I'm looking at a primary account under my master trust and also for sub accounts under my primary for the LLCs that I've already set up for my four main projects. That's how I'm doing it.
That's what my attorney and I settled on as a as a plan of action.
Okay, that look guys be prepared. This thing, as you know, has been very close. We were told by one of our sources that today is payday today. They should rename Tuesday payday. Well, maybe not Tuesday, but maybe Wednesday they should rename maybe Thursday. We'll see. See, we appreciate everybody being patient and waiting and keeping the plan A going whatever has got you this far. Stay with it.
Because plan B for blessing is right around the corner. So let's do this. Stay faith. Let's pray this blessing in. And let's see what develops the next couple of days. Let's pray to call out,
U.S. Dollar Exchange Rate Against Iraqi Dinar Surges in Baghdad and Erbil Markets, 1 NOV
The U.S. dollar (USD) exchange rate against the Iraqi dinar (IQD) has witnessed a significant surge in the markets of Baghdad and Erbil, according to Shafaq News Agency. This comes amidst a global trend of the USD strengthening and an array of domestic and international factors impacting the Iraqi economy.
Tracking the Surge
As per the exchange rates in the al-Kifah and al-Harithiya Central Exchanges, the USD recorded a closure rate of 162,150 IQD to 100, marking an increase of 150 IQD from the opening rate. The parallel markets in Baghdad saw the selling and buying rates of the USD settle at 163,000 and 161,000 IQD to 100, respectively. Meanwhile, in Erbil, the capital city of the Kurdistan region, the rates stood at 162,000 IQD to 100 for both buying and selling.
Global and Domestic Catalysts
The surge in the USD/IQD exchange rate can be attributed to several factors. On a global level, the U.S. dollar is strengthening. The DXY Index, which tracks the USD against major currencies, has advanced to 106.70, indicating the strengthening of the Greenback. The U.S. economy also demonstrated resilience in the face of tightening measures, contributing to the strengthening of the USD. Positive economic indicators such as the S&P/Case-Shiller Home Price and the US Conference Board Consumer Confidence Index have further bolstered the USD.
Domestically, the increase in foreign remittances at the Central Bank of Iraq auction has played a role in the surge. Foreign remittances rose by 88% compared to cash sales, totaling $177 million. The Central Bank sold $198,915,364 during its auction for buying and selling the USD. Most of the bank’s dollar sales were allocated to strengthening balances abroad through remittances and credits.
Geopolitical Impact
Geopolitical factors in Iraq may also be influencing the exchange rate. The Iraqi Cabinet, in its 44th session, stressed the importance of election preparedness. The focus on elections and political stability in Iraq may be contributing to the surge in the USD/IQD exchange rate.
In conclusion, the surge in the USD/IQD exchange rate is a result of a combination of global and domestic factors, including the general strengthening of the U.S. dollar, positive economic indicators, increased foreign remittances, and geopolitical factors in Iraq.
