BANK STORY LADY: I called Chase Bank this morning...I asked would they be exchanging the Iraqi dinar this January 1, 2024. He said we haven't been given the information yet but we will probably get it around December 31, 2023 or January 1, 2024.
FRANK: I agree with him BTW.
BANK STORY LADY: He was so nice. He invited me to come in at anytime and open an account. The other [call] said not all the Chase Banks would not be handling the foreign currency. They didn't know which ones yet.
The General Company for Petroleum Products Distribution has set the first quarter of next year as the date for ending cash circulation at gas stations, while clarifying that the citizen’s share of white oil is 200 liters at the height of winter.
Manager In the year of distribution of petroleum derivatives, Hussein Talib, said in a statement, “The new fuel card for white oil was launched in Baghdad, and it contains 4 vouchers and each voucher is 100 liters, and No. (1) was launched at the beginning of this month of December, and thus the share Citizen 200 liters in the peak winter season,” stressing that “the card is valid in Baghdad and the rest of the governorates.”
Talib confirmed that “the company is continuing to automate all projects so that their work will be electronic under a unified card,” pointing out He noted that “in the year 2024, cash and paper circulation will end in the process of supplying citizens with oil derivatives of all kinds from the Oil Derivatives Distribution Company.”
Regarding the electronic payment process at fuel filling stations, Talib said: “ The Petroleum Derivatives Distribution Company was first involved in the issue of electronic payment at government filling stations in Baghdad, and it was under trial operation, and after completing the procedures to address the failures in this program, the company announced that the first quarter of the year 2024 will be the date for the departure of the cash mass and cash circulation at fuel filling stations. The processing will be based on all types of Visa cards, and not restricted to a specific card or to a specific party, as there are several gateways licensed by the Central Bank in the process of payment and electronic trading at fuel filling stations.”
He noted that “Some media outlets are trying to thwart this major government project, by circulating incorrect news about the existence of a tax or deduction, and in turn we reassure citizens that purchasing this card is free of charge, whether from the banks or through the electronic application launched by the banks to reach the home.” ;, stressing that “this includes all governorates except the Kurdistan region.”
Article "STATEMENT OF THE IRAQ ECONOMIC CONTACT GROUP OF THE G7, EUROPEAN UNION AND WORLD BANK" This is the road map they have been using to show the world their intentions.
They have every intention to see Iraq succeed and get back into the international arena and into her rightful place in the international financial system! We can see by the evidence over the last few months that support they are getting down to the wire...
Iraq is presenting that they're going international and they have been talking about it for a long period of time.
They've actually doing it for a long period of time and they're coming to fruition to where they've publicly told us they were going to start spending money and that could be as soon as around the 20th. Then you have the end of the year dinar only. They have the taxation in dinar on the same time frame. These little bits and pieces they feed us, their time frames, we put it together...and we'll see how they roll out in the coming days. It's a phenomenal process...
The dollar is going away between now and the 20th for commercial purposes. It will not be used as of the same data for taxation in the country... Will they still be able to buy dollars to travel. ..? Yes. Will they be able to use the dollar for transactions in country for commercial purposes?Answer, No. Will they be able to use any other currency other than the dinar for commercial purposes within the country as of January 1, 2024? ...the answer is no... Standby for this to get really exciting because everything we're seeing is telling me that we've never been here before...
Article: "Samsung: Iraq represents the most prominent market in the Middle East" The Iraqi markets are going to explode. Samsung is going to be there all along the way. They will not be alone be sure. Having an early start is a big deal...Iraq's private sector is going to be on fire.
Al Sudani has established a "Unique private sector development council..." ...Giving credibility to the private sector is getting ready to explode. It's going to be phenomenal.
If the Finance Minister needs to work to the end of the year to make sure that everything's sorted and ready to go and do it right and do it properly so the Iraqi citizens get what they deserve which is purchasing power.I think it's a phenomenal situation. I think everybody can clearly see...they're doing it and it's coming to fruition...
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 Morning Mark and everyone!
Member: Good morning AMERICA and all the Ships at Sea (In honor of Okie)
Member: Mark did anything good happen the 14th or the 15th?
MZ: A lot has happened over the 14th and the 15th and more is expected to happen over the next couple of days. We have seen tremendous progress over the last few days…behind the scenes..
Member: What are you hearing from “behind the scenes?”
MZ: I am hearing more and more contacts from different nations saying that they now have the “GO”. We don’t know the timing but it’s my understanding that they have been releasing the countries one by one . They all should go at one time but they are getting their permissions and marching orders now.
Member: I heard the 20th is going to be a great day!
Member: That’s when Iraq can start spending the 80% of their 2023 budget and has 5 days to spend it…….
MZ: Yes we know Iraq has a lot of money to spend between the 20th and the 25th.
MZ: I am hearing from different governmental sources that it is all released and the amounts have been agreed to and shared with the participating countries. Now, we are waiting for someone to say “GO” and we do not know what the timing is. I think the banks may know but they are not telling me.
Member: They said in the past that Some Saturday night….when all the banks are closed the rates will change and we will wake up to a new world on a Monday morning. Fingers crossed.
MZ: No spendable money from bond folks…..yet. I did get an update from a CMKX source letting me know that they just updated “Fines and penalties” again. They update fines and penalties bi-weekly.
Member: Frank26 had a bank story where someone went in to see if they could exchange dinar and was told they will but, “Not until the next Friday”
MZ: Yes many sent me that in my inbox. Next Friday is a week from today. That is what the bank told that person.
Member: That bank story from Frank was actually a group that had about half a billion dinar.
MZ: You should all go watch Franks video. It’s his information…..he deserves the credit for it.
Member: Rumors: 16,000 Bond Holders who could see their funds but didn’t yet have access to them, but would go on Sun. 17 Dec with access to them on Mon. 18 Dec. They would be pretty much done by Christmas.
Member: I have heard from two different sources that phone numbers on Monday and Exchanges on Tuesday.
Member: Rumor is dinar will float…what then?
MZ: I am not worried about a float. None of my bankers are worried about a float. You guys are welcome to worry about a float if that’s what you want to do with your time. But I was told that because of the “Oil for Dinar “program –the redeeming banks or redemption centers that this will be our best price. All my bankers agree.
Member: I hear RV starts the QFS , Qfs is backed by gold/silver , xrp protocol runs the Qfs . It’s all goes at once .
Member: Can you tell us the steps we will take once we get notified?
MZ: It will be painfully simple …Go to someplace like Dinar Recaps and Dinar Chronicles and sign up for their free daily newsletters. That’s how many will find out. There is not some magical fairy that knows everybody’s email and phone number. If you are getting these daily emails from the dinar sites you are good to go….stop worrying about it.
MZ: And when its time……myself , Bruce, Frank TNT, and others will also be letting you know the instructions you need and the directions you need to go do your exchanges.….. stop overthinking it This will be easy. Once you exchange will come the difficult part. Where to invest your money….How to structure it ect…..
Member: I think we are finally here.
MZ: I absolutely think we are finally here.
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There are indicators that enable the economic analyst to judge the economy of any country whether it is thriving, tired, or shrinking. The real standard and basic indicator for evaluating the state of the economy, whether it is shrinking or thriving, is the purchasing power in that country. Whenever the rate of consumption rises, it indicates economic recovery for the country, and vice versa, when the level of consumption decreases, it means that the country’s economy is shrinking (tired). In light of this economic theory, how do we evaluate the state of the Iraqi economy? Our assessment of the state of the Iraqi economy, regardless of the economic performance, is another matter. The reality of the distortions in the structure of the Iraqi economy puts the analyst at a loss in assessing the economic situation, and this assessment is the basis for helping the economic policy maker to take sound and correct decisions to achieve balanced growth that sustains the recovery or treats it. Shrinkage. But the structural distortion that afflicts our national economy puts everyone in a maze of miscalculation and planning. Therefore, the economic reform process in the country faces challenges of this kind that hinder its achievement, and I mean the economic reform that we seek. What complicates the economic scene most and hinders successful solutions is the absence of accurate statistics and numbers, which I previously discussed in a previous article here in Al-Sabah Economics, which was titled The Deception of Economic Numbers. It is noted that most of the announced statistics are estimated and unrealistic, giving a distorted picture. For example, the figures for unemployment rates, the poverty rate, the size of inflation, and the lives of the Iraqi population are also estimated due to the absence of a general population census for nearly four decades. This is the second indicator of assessing the state of the Iraqi economy.. Perhaps the closest example of the blurring of the Iraqi economic landscape is when you look at consumption rates by all standards Whether in basic or luxury goods, and the level of accelerating development in the expansion of urban expansion, whether in housing projects, malls, and restaurants, in addition to that, surplus goods and commodities littering the streets and sidewalks and filling warehouses without planning indicate to you that there is a major economic recovery. On the other hand, when you read and hear about poverty rates and the estimated size of unemployment, it indicates to you that the economy is tired. The reason for this contradiction is certainly the absence of accurate and true statistics, which confuses the government in addressing the conditions of the fragile and poor classes in a way that achieves social well-being for all. From all of this, we conclude that assessing the state of the Iraqi economy is illogical and is the reason for distorting its true picture. This indicator hinders the government in addressing poverty and unemployment and assessing actual needs, so the losses are many, which affects the possibility of correcting the structural distortion of the economy. There are many examples. There are many who appropriate shares of vulnerable classes to benefit from support decisions without entitlement. If these losses were allocated to the deserving, it could eliminate poverty and reduce unemployment rates. The greatest evidence is that there are cases discovered from time to time in large numbers that are not eligible for social welfare salaries, for example, and do not apply to them. Controls for those included, and even the ration card, include many who do not deserve it, affecting the share of the poor, as many cases have been discovered and other categories are still not eligible. The conclusion is that only the general population census can solve the problem of real numbers and significantly reduce poverty rates while the margins of standard errors in statistics remain valid and in accordance with the accuracy of the information and statistics.
