Question: 'Is it December for Iraq or for international as well?' [Frank's current timeline for the RI is before 2024]
Both, because the citizens will be receiving their purchasing power and the currency will then start to go outside the border in international trade and start to climb in value.
The CBI wants more dollars? No, they want less dollars.
What does the US Treasury want? More dollars in Iraq?
No, they want the CBI to introduce the new currency with the new exchange rate. That will benefit the United States because the United States and the Federal Reserve have billions and billions of dinars stacked up just like they did the last time they did this...with Kuwait from 1990 to 1999.
The only problem this time is they took twice [the time]...
Some of you were asking, Frank,
You don't want me to take my eyes off of my dinars but some of the banks I called said they're going to send them to another bank and inspect them and then bring them back?
Yeah, well you ask them for the address of that bank and you take your dinars to that bank and let them inspect them in front of you. Once that's done and they give you credit and you see your account is credited with the right amount well then you're happy they can have all the dinars you took to them. But never separate yourself from your dinars. There are evil people in this world. They'll find a way to steal.
State of Law: America tampered with the file of depositing money from the sale of Iraqi oil
State of Law - America tampered with the file of depositing money from the sale of Iraqi oilInformation/private..
Today, Sunday, the leader of the State of Law coalition, Haider Al-Lami, accused the United States of America of circumventing political agreements in the file of depositing oil sales money in the Federal Bank, while stressing that the changes made by Washington amount to an occupation of the country.
Al-Lami said, in an interview with the Maalouma Agency, that “the introduction of ISIS gangs into the country under American sponsorship is to change the security and strategic agreements according to what Washington deems appropriate for it,” noting that “Washington worked to change many of the agreements that were made on the security and military side as well.” “.
He continued, “There are many violations in the file of depositing funds from the sale of Iraqi oil in the US Federal Bank instead of Iraqi banks,” noting that “the internal opposition to the American presence rejected many of the many conditions and dictates that America wanted to impose.”
Al-Lami added: “The United States of America even intervenes in the appointment of many senior positions, including toppling Abdul Mahdi’s government and bringing in Mustafa Al-Kadhimi, whose government’s negative consequences are still present,” adding that “the changes made by Washington to the security, political, and economic agreements are tantamount to the occupation of the country.” “.
A member of the House of Representatives, Jassim Al-Moussawi, had confirmed in an interview with the Al-Ma’louma Agency, that “there are many solutions to get rid of the United States’ control over the funds for selling Iraqi oil,” adding that moving towards this decision requires bearing the burdens and consequences that Washington may rightly issue. Country.
The United States of America continues to impose its influence on Iraq in many vital files, including depositing the funds from the sale of Iraqi oil in the US Federal Bank, amid clear blackmail by passing many files, most notably the dollar bill, which puts great pressure on the government.
Central Bank: Agreement on trade exchange with Turkey (dinar versus euro or Turkish lira)
Central Bank - Agreement on trade exchange with Turkey - dinar versus euro or Turkish liraOn Saturday, the Central Bank of Iraq announced an agreement to make arrangements between Iraqi banks and their Turkish counterparts through intermediary banks.
The bank said in a statement, a copy of which was received by Jarida , that “the discussions conducted by a joint Iraqi delegation (the government, the central bank, the Association of Iraqi Private Banks, and the banking sector represented by a number of private banks) were completed in Istanbul and returned to Baghdad yesterday morning.”
He explained, “The discussions culminated in an agreement to make banking arrangements between Iraqi banks and their Turkish counterparts through intermediary banks to ensure trade exchange for major merchants and importers, and to make and pay remittances in the euro and Turkish lira currencies.”
It was also agreed to “organize the trade exchange for small merchants and retailers (dinar in exchange for euros or Turkish lira) under arrangements with combined transfers according to a commercial organization that guarantees the integrated cycle of the commercial process (depositing in dinars inside Iraq, paying in euros or lira in Turkey, shipping goods from Turkey to Iraq.” ).
He continued, “This would facilitate the external transfer of thousands of Iraqi merchants and spare them from working through non-fundamental means. This also comes in the context of regulating trade and external transfer in accordance with sound practices and standards and within the framework of the comprehensive plan pursued by the Central Bank to open multiple channels, outlets and currencies with the aim of maintaining stability.” The financial system, protecting it from risks, and achieving general price stability by covering imports at the official price, which is confirmed by controlling inflation rates.
[via PDK] ...today at 4:15 pm the Fed will have a meeting on “FOREIGN EXCHANGE RATES” This does not pop up on their calendar very often but today they are discussing foreign currency exchange rates at the Federal Reserve at 4:15 pm. Could this be what we are looking for? It’s possible.
The group chatter has been amazing as they are waiting for release of funds… sitting at the edge of their seats. Redemption contacts who are “on call” have not been called in…yet. But we are stinking, painfully close….
Very little out of Iraq overnight. But everything coming out of Iraq this week has been overwhelmingly positive. I know this is tough…I know we have been sitting at the edge of our seats for entirely too long…But, it’s hard to nail down a world-wide historic, once in a millennium event…But we know its coming.
Finance issues a clarification regarding the selection of Ernst & Young to review its data
12/4/2023
Today, Monday, the Ministry of Finance issued a clarification regarding the selection of Ernst & Young to review its data.
The Ministry said in a statement received by {Al-Furat News}, “The media and social networking sites have recently covered topics related to the reasons for the Ministry of Finance choosing the international auditing firm Ernst & Young (EY) to review its financial statements, as a first step within the efforts to correct and evaluate the financial policy, which is compatible with... Adoptions of the Iraqi government's reform program.
She added, "Ernst & Young (EY) is one of the largest and leading professional services companies in the world with more than 700 locations in 150 countries. It was founded in 1903 and has been operating in Iraq since 1923, for nearly 100 years," explaining that "Ernst & Young demonstrated a firm commitment to Iraq by reopening its office in Baghdad in 2004. The Baghdad office works fully with the global network of Ernst & Young offices around the world, and in 2008 the company opened its offices in Erbil and Basra to serve Iraq in the northern and southern regions of Iraq." .
She stated that she "has worked with this company since the year 2004 to date on a number of projects, the most important of which was the project to settle Iraqi foreign debts, in addition to other projects of importance.
The company is also currently working, since 2004, with a number of ministries such as the Ministry of Oil, the Office of Financial Supervision, and the Ministry of Reconstruction and Housing, the Ministry of Planning, the Media and Communications Authority and all ministries with regard to auditing the Development Fund for Iraq, in addition to other financial institutions in Iraq, the most important of which is the Central Bank of Iraq, as the company audited the financial statements of the Central Bank of Iraq for more than 13 years, as well as the Trade Bank of Iraq for a number of years. ".
She stressed that "the company has provided our ministries and governmental and financial institutions with a large number of experts, specialists, consultants and leading methodologies in several fields and of different nationalities, who have contributed to developing the competencies of government sector employees in Iraq, and the company is still continuing in this role,"
Explaining that "the company has worked since the year 2004 with Al-Rafidain and Al-Rashid Banks and the Central Bank of Iraq, regarding the project to settle Iraqi foreign debts and a number of other projects, such as supervising the implementation of the comprehensive banking system, auditing the work of electronic payment companies, a project to analyze the gaps in all operations of Al-Rafidain and Al-Rasheed Banks, and auditing the data of Al-Rafidain and Al-Rasheed Banks for the years 2006 and 2014 in accordance with International Accounting Standards (IFRS), which contributed to increasing the company’s knowledge and understanding of the Iraqi financial and banking sector.”
She stated that "the company worked to develop banks, which includes the optimal use of financial, human and technical resources, moving from paper work to possible work, electronic dealing with all banking activities, developing a comprehensive vision for banks in granting credit facilities and loans, and developing work mechanisms, including control and oversight tools." ". LINK
Digital Dinar Instead Of Cash Dollar.” These Are The Most Prominent Gains Of Electronic Payment
Economy |1-12-2023, | Baghdad Today – Baghdad Today, Friday (December 1, 2023), Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained the gains of adopting the electronic payments system in transactions inside Iraq.
Saleh said in a statement received by "Baghdad Today", "The cash payments system is linked to a high degree of certainty whenever payments are made by electronic or digital means, which provides an indicator of liquidity in the banking system and reduces the degree of uncertainty in banking liquidity."
He explained that "the payments system provides sufficient information about the flow of cash into the banking system, makes clear the amounts of paid and accumulated amounts, and indicates their actual balances at all times during the banking working day.
Conversely, in light of monetary systems that rely on direct cash payment, banking liquidity management policies surround themselves." With additional hedges of idle liquidity in order to protect against liquidity risks.
Saleh stated, “This matter disrupts an aspect of banking and credit operations in particular,
so as electronic payments increase as a behavior in daily dealings, the management of the cash mass and its flow in the banking system will be subject to the rule of clarity in cash management and then directing bank credit towards profitable areas by expanding...
Credit activity provides efficient use of the cash supply, as well as a decrease in the rate of cash leakages outside banks,
which means that a structural change in the behavior of cash demand among individuals and at banks will tend towards a decline, due to dealing with electronic payment systems that are linked to bank accounts.”
He stressed, “The development of the payments environment and its transition from a direct cash environment or cash payment in payment and receipt operations to the use of electronic payment will, in all cases, reduce the risks of local cash payment in currencies other than the dinar and distance the national economy’s transactions from cash payment in foreign currency, because payment systems Digital does not allow transactions in the local economy in anything other than the dinar,
that is, the national currency, and certainly the economy’s tendency in its transaction payments is to (the digital dinar) instead of (the cash dollar), whose transactions in internal settlements are legally rejected completely by virtue of the principle of monetary sovereignty of the Iraqi dinar.