Shafaq News/ The Central Bank of Iraq (CBI) auctioned more than $220 million on Tuesday with remittances outweighing cash sales by a huge margin.
According to a correspondent from Shafaq News Agency, the CBI sold a total of $220,131,245, during today's auction. The bank covered these transactions at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements of electronic cards, while the rate stood at 1,310 dinars per dollar for foreign transfers and cash transactions.
Our correspondent explained that the majority of the sales were directed towards bolstering foreign balances in the form of transfers and credits, amounting to $201,561,245. The remaining $18,570,000 were allocated for cash deals.
Cash deals were made by five banks, while 21 banks met the requests relevant to foreign balances. A total of 70 exchange and brokerage companies took part in the auction.
Parliamentary Finance calls for the adoption of an electronic system to control the rise of the dollar
11/12/2023
Parliamentary Finance calls for the adoption of an electronic system to control the rise of the dollarToday, Monday, the Parliamentary Finance Committee announced its call to the Central Bank, taxes, ports, national security, and other concerned parties to adopt a robust electronic system for external and internal transactions with the aim of controlling the rise in the price of the dollar.
Mustafa Al-Karaawi, a member of the Parliamentary Finance Committee, explained that “supplying the dollar from the US Federal Bank will relieve pressure and contribute to providing the currency for internal and external commercial transactions,” indicating that the government will control the dollar file through the central bank as part of the strategy for dealing with the dollar.
Al-Karaawi stressed the need for other government agencies, such as customs, taxes, and border crossings, to carry out their duties effectively to control the issue of the rise in the dollar. He called on National Security to follow up on trade exchange operations to enhance control over the dollar.
He stressed that “the operations to control the dollar require complete coordination between the Central Bank and the relevant government agencies,” stressing the importance of concerted efforts to achieve effective control through an electronic system that controls the movement of the dollar.
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: Good Evening….. I hope everyone had a blessed day
MZ: We have some bank stores sent in by you all I am going to share tonight.
MZ: Will do some news first then the banking stories.
MZ: “Somalia is set to receive major debt relief this week” This originally was released by Russian news but now it has made mainstream….Is this Nesara/Gesara? That is the question. They are being forgiven 4.5 Billion….
MZ: KRG suspends around 2000 companies on human trafficking charges” This is the Kurdistan region. . they are doing everything they can to be able to trade internationally.
MZ: Now it’s time for bank stories….We will start with this one sent to me….. A couple of weeks ago I had a team meeting with a VP of a bank. This is a smaller bank. They wanted to know which bonds and currencies I had. They needed to know what I had –in order to set up my appointment and see if they could handle my (exchange) apt. there or if they needed to send them to a larger bank. (Like Wells Fargo) or a military base. So this was a “sit-dowm” with a high level person at a small bank.
MZ: the next banking story I received : This person has been in this for a long time….I’m in a larger Western state and this takes place at a huge metro location. I went to the bank 10-12 years ago…had my teenage daughter with me….. I sat down with the President of the branch and we talked currencies. That President went up the chain and asked questions. Over the years we have stayed in touch. Recently my daughter went to that branch …The Presidents assistant who we had spoke with 10-12 years ago…..he talks to her and says The former President of that branch who is now a regional manager called and said that the bank needed to get ready. He was just given instructions to have “all branches at the ready” It is imminent and about to happen.
MZ: I love these personal stories.
MZ: Here is another: A friend who I had introduced me to this RV talked to a friend of theirs about it and that person admitted to owning a lot of currency. Just over 3 months ago they said it was going to RV and sent out instructions how to do the redemption…..Then they went quiet. (MZ: I have heard this before) A few days ago this woman contacted my friend and said that she just got a very high rate for the first 20 million of dinar. Then the price dropped after the first 20 million IQD. And the price for Zim was $35 million per 100T note.
MZ: Now we do not know if she is liquid yet. We do not know if it is spendable yet.We have heard stories like this in the past. My bankers have not told me this so Im guessing it may be from a private group.
MZ: Here is one more: From a business contact in the Midwest. He said it would occur right after the first of January. (Most banks do not call this an RV- they call it a currency exchange) And, they were told money was being moved into accounts and all will play out over the next few weeks. Another contact I know, who is a senior VP of a large bank agrees with that. Banks are looking for it Early January..
MZ: I wish I could tell you the names of the banks…You would be excited. The banking stories today came from the Midwest and the west of the US.
MZ: For them to start paying us they need to get the groups funded first….but this does give us a window. Banking people are telling us we are in the window between now and the first of the year.
MZ: I will recording a short podcast tomorrow morning…..I am flying to the states for both work and family…… Podcasts should be back to normal on Wednesday. If anything big happens while I am traveling…I will have my laptop with me.
Member: Hey did you all hear that MARK Z was coming home this week to redeem his currency LOL RV RV RV
Member: That will be the next rumor…..lol
Member: Thanks Mark for all the fun banking stories….I really think we will see it within the next couple weeks!!
Member: Safe Travels tomorrow Mark……and enjoy your trip.
“THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IS IN MARKZ’S OPINION ONLY
Odysee at: https://odysee.com/@theoriginalmarkz:e OR THE RUMBLE CHANNEL: https://rumble.com/user/theoriginalmarkz
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary,medical opinions or many guests on this stream……just RV/currency related topics.
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It's a very good video [Central Bank Iraqi's dinar propaganda/advertisement video that came out Friday - you can see it below Guru Frank26's 12-8-2023 post] . I like it a lot...It's an advertisement for Iraq to use only Iraqi dinars. That's very very very good thing. That's big big step. Big step we taken. It's not bad...I said it before and I'm repeating it, in January things it's going to change big, big, big, time. Big time. If I was you, I'll be ready.
They are start to prepare people to use only the dinar and they start advertisement...they call it education, I call it advertisement. Things are going good...somewhere 1 to 1.
[See the Iraqi dinar advertisement video under Guru Frank26's post below]
Question "Can you talk about the steps involved in cashing in dinars?" When exchange time comes we're going to have to go to three things - Redemption center, 1-800# or the army base. :)
[Nader is clearly joking about these three things]...People are telling them that. That's wrong. The only thing you can do to change your money, walk to your bank, if they accept it, or go through exchange offices. There's no redemption centers, no army bases, there is no 1-800#s, nothing that way.
[NOTE: Gurus disagree on the potential exchange procedures. Stay tuned to Dinar Guru as this important subject unfolds and become clear.]
In a remarkable development, the Iraqi Private Banks Association has reported a significant surge in the banking sector, attributing the growth to substantial support from the government and the Central Bank of Iraq. The association’s executive director, Ali Tariq, highlighted that the number of bank accounts, payment cards, and electronic payment devices all registered substantial increases.
Impressive Growth in Banking Metrics
By the end of the third quarter of 2023, the number of bank accounts had grown by 14% to over 10 million. This is a significant increase from slightly below 9 million at the end of 2022, indicating the creation of more than 1.2 million accounts in less than a year. Furthermore, current accounts saw a growth of 17.7%, while savings accounts and fixed deposit accounts rose by 11% and 4.6% respectively.
Card Usage and Electronic Payments on the Rise
The issuance of payment cards also saw an upward trajectory, increasing by 14.2% with the issuance of 2.3 million new cards in the past nine months. This brings the total number of cards in circulation to 18.5 million. In addition, point-of-sale devices and ATM machines also registered significant growth, increasing by 117% and 30.5% respectively.
Driving Economic Reform
These developments are part of the economic reform efforts in Iraq, aimed at encouraging citizens to trust and use banking services rather than keeping cash at home. This is evidenced by the Central Bank of Iraq issuing currency worth 24 trillion Iraqi dinars during 2022 and 2023, but a significant amount of this currency, approximately 93 trillion dinars, remained outside the banking system. This aligns with the report by the Future of Iraq Institute for Economic Studies, which noted that the cash hoarding in Iraq soared to a record 93 trillion dinars in 2023.
Iraqi Dinar Crisis Sparks Parliamentary Divide; Turkey Moves to Liquidate TIAGEM, 12 DEC
The unfolding crisis of the Iraqi dinar, persistently depreciating in exchange rates against the US dollar, has sparked a severe schism within the Financial Committee of the Iraqi Parliament. This division was ignited by the criticisms from committee member MP Mohammed Nouri al-Khazali targeted at the financial policies of the Central Bank of Iraq, including an unaccounted loss of 35 trillion Iraqi dinars (approximately 21 billion dollars).
Allegations of Financial Mismanagement
Al-Khazali’s bold media statements claim that over 35 trillion printed Iraqi dinars are unaccounted for within the nation. He alluded to neighboring Iran, which conducts transactions with Iraq in dinars, hinting at potential financial mismanagement. Additionally, Al-Khazali accused the quota system within the financial infrastructure and the political parties of being the root of Iraq’s economic failure. He also criticized the Central Bank for its alleged missteps, including the dollar pricing in the budget. He argues that this has cost Iraq more than 9 trillion dinars due to the substantial discrepancy between the budget rate and market prices.
Reactions to the Accusations
The Financial Committee, including its chairman from the State of Law coalition, Atwan Al-Atwani, voiced severe discontent at Al-Khazali’s unrestrained statements. They rejected his allegations and called for an investigative committee to maintain the reputation of Iraqi state institutions. In retaliation, Al-Khazali launched a blistering attack on the Financial Committee and Al-Atwani, questioning the legitimacy of the committee’s statement. He singled out Al-Atwani for the committee’s oversight failure, demanding a vote of no confidence against him.
Turkey’s Move on TIAGEM
In a parallel development, Turkey has initiated procedures to dissolve the Turkish-Sudanese International Agriculture and Livestock Company (TIAGEM). This comes in the wake of failed agricultural and animal production cooperation plans with Niger and Venezuela. Initiated by a presidential decree signed by President Recep Tayyip Erdogan, this move has triggered reactions from the opposition due to the hefty expenditures on the company without discernible benefits. Accusations of wasteful spending on executive board fees and travel expenses have been leveled against the company.
