FRANK26…..IQD UPDATE….12-7-23……THE END

The date of “cancellation of cash” and the reality of the additional fees.. New details about electronic payment at gas stations, 7 DEC

 The date of “cancellation of cash” and the reality of the additional fees.. New details about electronic payment at gas stations

Baghdad today - Baghdad
 
Today, Sunday (December 3, 2023), the Petroleum Products Distribution Company affiliated with the Ministry of Oil revealed new details regarding stopping cash payment at gas stations at the beginning of the new year.
 
The company's general manager, Hussein Talib, told "Baghdad Today", 
 
"Closing cash transactions at gas stations completely will not happen at the beginning of next year, but rather in the first quarter of 2024, and 


the process will also take place gradually at the stations, one after the other.". Talib stated,
 
 “There are kiosks that will be opened in most gas stations in order to issue an electronic payment card, in order to facilitate this matter for many citizens, and 


payment via the card will not deduct any additional amount other than the amount that appears on the payment screen, without any Other wages.
 
The Director General of the Petroleum Products Distribution Company added, 
 
“Payment devices will be available at every pump so that there will be no delay in the issue of paying wages, and 


the process will be easy and fast and will not cause any rush. 
 
On the contrary, it will speed up the payment process, but rather cash payment, which takes time to complete.” Count the money.” 
 
https://baghdadtoday.news/236932-موعد-الغاء-النقد-وحقيقة-الرسوم-الاضافية.-تفاصيل-جديدة-عن-الدفع-الالكتروني-بمحطات-الوقود.html

Goodbye PetroDollar: Saudi Arabia’s Plan to Decouple from the Dollar BY AWAKE0-IN-3D, 7 DEC

 Goodbye PetroDollar: Saudi Arabia’s Plan to Decouple from the Dollar

On December 5, 2023 By Awake-In-3D

In RV/GCR

And So It Begins…

The events in Saudi Arabia, particularly the establishment of a $7 billion local currency swap line with China and the probable shift away from the US Dollar, are significant in the context of the end of US dollar dominance and preparations for the approaching Global Currency Reset (GCR).

These events reflect a shifting global economic landscape where multiple currencies play a more prominent role, challenging the historical dominance of the US Dollar.

Saudi Arabia recently announced a groundbreaking $7 billion local currency swap line with China, sparking speculation about a significant shift in their economic strategy.

The Saudis face a unique challenge: despite low production costs, the government’s budget heavily depends on oil revenue. Breaking the Riyal peg to the Dollar becomes a solution, attracting foreign buyers offering alternative currencies for oil.

This move implies a potential detachment of the Saudi Riyal from the US Dollar.

The process is calculated and strategic, involving several stages outlined below.

1. Swap Lines: The Prelude to Ending the Petro-dollar

The initial step involves the official declaration of currency swap lines between Saudi Arabia and China. This move sets the stage for a broader transformation in the financial landscape.

2. Shifting to Yuan for Oil Transactions

The Saudis begin accepting substantial amounts of Chinese Yuan for their oil exports. This signals a departure from the traditional practice of exclusively using the US Dollar in oil transactions, challenging the established norm.

3. Breaking the Peg during Stable Oil Prices

Unlike typical scenarios where currency pegs break during crises, the Riyal is deliberately unlinked from the USD when oil prices are relatively strong. This strategic timing aims to minimize economic turbulence during the transition.

4. USD Substitution and Potential Economic Fallout

The substitution of the Chinese Yuan for the US Dollar becomes an existential threat to the US. As Saudi Arabia diversifies its currency reserves, the US responds by attacking the Saudi Arabian exchange rate, potentially triggering sanctions.

5. Sanctions Risk and Expanded Swaps

In response to the currency shift, the US may impose sanctions on Saudi Arabia. In anticipation, Saudi Arabia expands currency swap agreements, converting sanctioned USD assets into Riyal-based assets.

6. Loans Repaid in Chinese Yuan

China, a key player in this strategic move, provides loans repayable in Chinese Yuan. This reinforces China’s economic influence and helps Saudi Arabia navigate financial challenges post-sanctions.

Historical Context: Learning from Russia’s Experience

Drawing parallels with Russia’s 2014/15 experience, where an oil price collapse led to economic challenges, Saudi Arabia seems to be learning from history. Russia’s survival and subsequent blueprint may guide Saudi Arabia’s strategic decisions.

Russia-China Dynamic: A Blueprint for Yuan Expansion

China’s support for Russia during the ruble crisis, including a yuan-ruble swap line, serves as a blueprint for expanding the Yuan without causing runaway inflation. This strategic collaboration allows China to utilize its US Treasuries and dollar surpluses for loans to emerging market partners.

Saudi Arabia’s Motivation: Balancing Budget Amidst Oil Price Volatility

The Saudis face a unique challenge: despite low production costs, the government’s budget heavily depends on oil revenue. Breaking the Riyal peg to the Dollar becomes a solution, attracting foreign buyers offering alternative currencies for oil.

Saudi Arabia’s Pivot to Russia and China

The geopolitical implications of Saudi Arabia’s alignment with Russia and China become evident. This shift, triggered by a lack of trust in the US, positions Saudi Arabia strategically in a changing global currency and economic landscape.

Preparing for Currency Warfare

Saudi Arabia’s preparation for a potential economic attack on oil prices signifies a proactive approach to safeguard their interests. The kingdom is certainly preparing itself for a future being shaped by strategic currency decisions among new global alliances.

Supporting article: https://tomluongo.me/2023/11/24/what-are-the-saudis-really-preparing-for/

© GCR Real-Time News

Visit the GCR Real-Time News website and search 100’s of articles here: Ai3D.blog
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https://ai3d.blog/goodbye-petrodollar-saudi-arabias-plan-to-decouple-from-the-dollar/

Evening News with MarkZ. 12/07/2023

Hold Your Breath Al-Sudani's Economic Masterstroke Set to Change Iraq's ...

"RV UPDATE" BY BREITLING, 7 DEC

 Breitling 

 Community Comment: "Obviously Iraq wants and is expanding their markets.  The currency swaps with all these other countries are something new...Why now?  Why would a country wish to participate with Iraq in a currency swap?  For a currency worth 1/10th of a penny unless you saw the future of the dinar?" 

  Bingo.  Not just the future of the dinar, it's the future of the market that's inside of Iraq.  The reason you're seeing the tempo of the currency swaps inside of Iraq is because they're pulling all the currencies out that are competing with the local currency, which is Iraqi dinar.  From the local markets they're trying to pull every currency out - Euro, Dollar, it doesn't matter.  They're pulling it all out.  You can only use the Iraqi dinar.  This is very very good news for us that this is happening...

 For Iraq it's not a question if more dollars are coming into Iraq, it's do the average citizens have access to them.  That's what they're trying to fight...They want to take the dollar out so the supply times velocity of the dinar goes up.

Global Tax Reforms and Sanctions: A Comprehensive Review, 7 DEC

 Global Tax Reforms and Sanctions: A Comprehensive Review

The U.S. Supreme Court commenced hearings in Moore v United States, a critical case that raises concerns over the constitutionality of a mandatory repatriation tax imposed on U.S. shareholders in foreign corporations in 2017. This case could potentially influence future tax legislation controlling domestic and global capital markets. A verdict is expected in the spring of 2024.

Taliban’s Taxation and Afghanistan’s Economy

In Afghanistan, the Taliban regime is heavily dependent on taxes and an amplified export of natural resources to finance its first annual budget. As a result, Afghans are bracing themselves for an increased tax burden on various activities. This comes as the Taliban government is on a mission to collect revenue to fund its operations.

Significant Changes in Bangladesh’s Income Tax Act 2023

In Bangladesh, the newly passed Income Tax Act 2023 brings significant revisions for individuals, companies, and start-ups. The act integrates tax exemptions on salary, removes minimum tax for e-TIN holders, and introduces a ceiling on tax rebates. The changes extend to include tax surcharge, taxation on dividend income, and reporting of assets and liabilities.

Constitutionality of Taxing Foreign Income

Simultaneously, the U.S. Supreme Court is examining a lawsuit by a Washington couple challenging a one-time tax imposed in 2017. The couple contests the constitutionality of taxing income from shares in foreign corporations. The outcome of this case could have vast implications for the U.S. tax code.

Forex Update and Sanctions

This report also brings an update on the Iraqi Dinar to United States Dollar conversion. The currency rates are frequently updated, providing accurate conversions for those in need.

The U.K. government has announced 46 new sanctions targeting individuals and organisations supporting Russia’s illegal invasion of Ukraine. Concurrently, the U.S. Department of Justice has filed war crime charges against four Russian nationals accused of torturing and unlawfully confining a U.S. citizen. The U.S. has also proposed a new plan for the release of two Americans wrongfully detained in Russia.

https://bnn.network/bnn-newsroom/global-tax-reforms-and-sanctions-a-comprehensive-review/