💣CBI, US Treasury & US Fed Meeting Next Week!?🤔Iraq Dinar RV Updates | 1...

"RV UPDATE" BY GOLDILOCKS, 27 NOV

  Goldilocks and Seeds of Wisdom

As of October 2023, many Vietnamese banks are already in the process of migrating to ISO 20022. For example, Vietcombank, the largest bank in Vietnam, announced in August 2023 that it had successfully completed the migration of its cross-border payments to ISO 20022.

Other major Vietnamese banks, such as BIDV, Agribank, and Techcombank, are also expected to complete their migrations to ISO 20022 by the November 2025 deadline.

Vietnamese banks accelerate migration to ISO 20022

VnExpress International Link

Finance sets the date for issuing the second issuance of reconstruction bonds and reveals its details, 27 NOV

 Finance sets the date for issuing the second issuance of reconstruction bonds and reveals its details

Finance sets the date for issuing the second issuance of reconstruction bonds and reveals its detailsInformation / Baghdad..

On Sunday, the Ministry of Finance announced the offering of the second reconstruction bonds next Tuesday, while clarifying their details.

The Ministry stated in a statement received by the “Al-Ma’louma” Agency, “In continuation of the government program related to achieving financial stability and enhancing the capabilities of economic and investment activities, and in view of the success of the first issuance of Emaar bonds, the Ministry of Finance intends to offer the second issuance of bonds and make them available for circulation to citizens as of Tuesday, October 28.” The second is 2023 and for a period of 30 days.”

She noted, “Details of the bonds offered: The second issuance of bonds with a value of one and a half trillion Iraqi dinars, tradable on the Iraqi Stock Exchange, is available in the form of two denominations: the first at a price of (500,000) five hundred thousand dinars, with an annual interest rate of 6% for two years, and the second at a price of 1,000,000 one million.” Dinar, with an annual interest rate of 8% for four years.

She added, “Purchasing and trading of the bonds offered are exempt from taxes, according to what is stated in the General Federal Budget Law No. 13 of 2023.”

She explained that “the mechanism for applying to buy a bond: People wishing to buy bonds can submit a direct request to one of the approved banks, bringing with them the original identification documents. The buyer will be given a receipt by the bank for the amount he paid to buy the bond. The buyer keeps the receipt until the bond is prepared.” The buyer brings the aforementioned receipt to the bank to receive the bond after preparing it.”

almaalomah.me

An Iraqi delegation will head to Turkey tomorrow to discuss the possibility of opening correspondent accounts for Iraqi banks, 27 NOV

An Iraqi delegation will head to Turkey tomorrow to discuss the possibility of opening correspondent accounts for Iraqi banks 

An Iraqi delegation will head to Turkey tomorrow to discuss the possibility of opening correspondent accounts for Iraqi banksShafaq News/ A government source said on Sunday that a Malian delegation will head to Ankara tomorrow, Monday, to discuss organizing trade exchange between Iraq and Turkey and stabilizing it through approved legal and banking methods and means, indicating that the discussions that the Iraqi delegation will engage in come as a continuation of the first round of discussions that took place in Baghdad on Wednesday. November 15th.

The source told Shafaq News Agency: The delegation includes the financial advisor to the Prime Minister, three officials of the Central Bank of Iraq, and directors of twelve Iraqi banks, to hold discussions with a number of Turkish financial and banking institutions, including the Central Bank of Turkey and the Association of Banks, in addition to the Turkish Banking Regulation and Supervision Agency.

He pointed out that the discussions will focus on a number of topics, including discussions with Turkish banks for the purpose of opening correspondent accounts for Iraqi banks in various foreign currencies to be used in account settlements between the two countries and resolving all obstacles facing the two parties in implementing this process.

According to the source, the Iraqi financial delegation will discuss facilitating the use of credit cards for Iraqi residents and tourists in the Turkish banking market.

The organization of trade exchange between the two countries will also be discussed through the Turkish and Iraqi customs authorities matching the goods supplied to Iraq with the financial transfer documents through the foreign currency buying and selling window, in a way that protects the interests and stability of trade between the two countries.

The source suggested that the above discussions will result in the signing of a number of agreements on banking arrangements between the two countries, which will contribute to containing the demand for the cash dollar through the irregular market for foreign currencies.

shafaq.com

Iraq Dinar - Currency Swaps - Oil & Gas Law - WTO - International Moneta...BY MILITIAMAN

"IRAQ NEWS ANALYSIS" BY MILITIAMAN, 27 NOV

 Militia Man 

...A new exchange rate...will likely be coming quickly now. The salaries will need it, the budget spending for projects will need it, getting into the international global financial system will require it.

 Article:  "The dollar exchange rates are subject to the forces of supply and demand in the market"  By adding other currencies from around the world they're going do diminish the need for the dollar and therefore it's basically going to go away...these guys are not playing games anymore...The US Treasury, Central Bank of Iraq, US Federal Reserve they are all working towards going one direction and that's to enhance the Global Financial System...

Article:  "The highest among the Gulf countries.. The Arab Monetary Fund expects the Iraqi economy to grow by 4.5%"  

There is likely no doubt that Iraq is about to have massive growth going forward. To be the highest just now among all middle eastern countries is going to be a big deal. I suspect the ISX is going to be on fire this next year even more so than ever before..

 There's things happening as we speak - one thing after another.  I can't imagine anybody being discouraged at this time because of the nature of what's happening

Article:   "Ministry of Transport intends to open direct airlines towards Australia, America, Malaysia" 

 It's not just about a few regional countries.  It's about many different places.  Once you start opening up the airports all the investors can gain access to the country to take charge of their investment, produce their businesses.  It's a really big thing to have an international airport full...they have their capacity...what they're using today is at 100% and they're not even international yet...

They're saying it's done.  I really like that.  I think you guys should be happy about it because if all the currency swaps are taken care of...I think it's a precursor to an exchange rate change in the future.

Article:  " With the participation of 120 companies...the launch of the Iraq International Building, Construction and Infrastructure Exhibition "

  This...being launched in Baghdad for the next few days is not surprising at all on the back of all the WTO meetings...since Oct 31st regarding Iraq's accession to the organization.

 The 2023-2024-2025 budget is about investment primarily into infrastructure.  It takes a lot of capital to build a country back...It will take massive amounts. It is far too expensive with 1310 exchange rate. An internationally accepted REER will likely make it far cheaper.

What's the exchange rate crisis?  It's been at 1310 since the early part of 2023.  They devalued to 1460 then they adjusted it by 10%.  What's not good about that?  What did it prove?  That adjustment the World Bank was talking about of 10.3% is actually a positive sign because what did it do?  It staved off inflation...There's some positive aspects to some of these things...Revaluations happen.  They need to be tested.

Article:  "Alaq says the rise in the exchange rate in his time and the project to delete the zeros still exists"   When was that?  July 26, 2023.  The plan is still underway, hasn't changed.  It's a dynamic and fluid circumstance.  We had the Bank of International Settlements come out and talk about highly complex financial transactions ...shocks, warning people...we can see there's some fireworks going on...in the background.  

We're hoping Iraq will show us they have Article VIII compliance any time now.   Let's see what happens...

 Article [via MeetMeOnline] quote: 

 "Easing of global commodity prices, the revaluation of the dinar, the continued price subsidies are projected to keep inflation in check..." 

 This is coming from the World Bank...price subsidies are projected to keep inflation in check because of why?  Because of the revaluation of the dinar...The World Bank are the ones talking about the revaluation of the dinar and the revaluation will help facilitate [many things] ...

  Article quote:  "Many countries in the region and the world have expressed a great desire to participate in this project [Iraq's Development Road Project] especially since it will be the most appropriate, shortest, least expensive way to transport goods between the continents of Asia and Europe"

  It's going to be a major hub of the globe and you're thinking that Iraq can't ever revalue their currency?  I think that is just flat-out silly.  To think that it's not going to ever happen...the news speaks for itself...

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-militiaman-26-nov.html

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-militiaman-25-nov.html

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-militiaman-24-nov.html

A workshop for the Iraqi Private Banks Association and the Central Bank on “Importing Foreign Exchange from Outside Iraq”, 27 NOV

 A workshop for the Iraqi Private Banks Association and the Central Bank on “Importing Foreign Exchange from Outside Iraq”

The Iraqi Private Banks Association, in cooperation with the Central Bank of Iraq, organized a workshop on “Importing Foreign Currency from Outside Iraq”, with the participation of the Investment Department of the Central Bank, and the presence of representatives of the Banking Control Department, the President of the Iraqi Private Banks Association, and the heads of the boards of directors of private banks and managers. Commissioners.

The Association’s Executive Director, Ali Tariq, spoke about the importance of the Central Bank of Iraq’s decision to import foreign exchange into the country and diversify it during the coming period, by importing the euro and other currencies, noting that “a number of banks have so far succeeded in importing foreign exchange through Erbil and Baghdad airports.” .

He added, “Importing foreign currency is a major transformation in the financial sector, and will lead to the creation of a currency market within the Iraqi economy, through receiving and sending remittances in other currencies such as the yuan, rupee, dirham, euro, and others.”

The workshop answered the questions of Iraqi private banks regarding the mechanism of importing foreign exchange and communicating with correspondent banks, the cost of transportation and insurance, and the method of delivering it to customers.   LINK