PM Barzani reiterates support for private banks in Kurdistan, Iraq
ERBIL (Kurdistan24) – Kurdistan Region Prime Minister Masrour Barzani on Tuesday reiterated his cabinet’s support for private banks in Kurdistan Region and Iraq in a bid to develop financial and economic systems, according to a statement.
Barzani received Ziyad Khalaf Abed Kareem, the International Development Bank’s chairman of the board of directors, in Erbil, where they discussed the economic diversification program the Kurdistan Regional Government (KRG) is undertaking, per a statement from the premier’s office.
The premier and the chief banker discussed “economic development and the KRG banking reform,” the press release said.
The Region is ready for various investments, Barzani told the banker.
Abed Kareem expressed his delight over the "premier’s worldview regarding economic diversification and developing the banking sector", according to the release.
“We reiterated our support for the private banks in Kurdistan Region and Iraq to develop economic and financial systems,” the premier said.
What is the MyAccount initiative?
MyAccount Initiative is the KRG's financial inclusion program which aims to "provide public sector beneficiaries with a safe, and convenient way to access their salaries."
First initially launched as a pilot project, which included 841 employees at Erbil Children and Maternity Hospital, the program aims to digitalize all the payment systems.
The KRG Department of Information Technology (DIT) designed, tested, piloted, and implemented a secure application for onboarding KRG employees into the My Account initiative in line with the Central Bank of Iraq’s Know-Your-Customer (KYC) needs.
In partnership with private banks, the government aims to accelerate the rollout of more ATMS and Point of Sales by the end of next year.
Approximately 175,000 civil servants in the Kurdistan Region have been registered in the My Account Initiative.
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
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: Happy Tuesday Everyone….
Member: Feeling real good right now about RV. Rumor is Reno was fruitful with some Bond holders. Liquid with 90 day NDA. What say Mark??
Member: I wonder how long after Bond holder's get paid should we expect to exchange our currencies???
Member: MarkZ everyone is saying the next 48 hours can change our lives forever
Member: Hi Mark! A friend sent a screenshot of Forex this morning and said the Dinar is on it. I assume this is huge, is it not??
MZ: We have seen the IQD listed on foreign exchanges around the world. But, this doesn’t mean the IQD is fully international with a new rate yet. But it is showing up on all kind of exchanges…regionally and internationally and locally on all kind of bank screens. It has never shown on these before. So we are headed in the right direction.
Member: What is the rate that is being shown?
MZ: Anywhere from $1 to about $4.81 depending on who , what or where it is being shown.
Member: Nader made a good video 6am today, said everything has been signed off
MZ: Both Nader and MilitiaMan had great videos today…..You should all be sure to watch and support them
MZ: Return of commercial finance to normal, banking, infrastructure , taxes and ports are telling us they are ready. We are even seeing it on international forex and currency boards. The process sure has seen to have started …we just don’t know the value.
MZ: From Nader- a great one this morning… “The US has signed off now on everything they have to do with the IMF. MilitiaMan also discusses this plus the refoms in banking to crush the parallel market.
MZ: This is great news and they are telling us that things are done. The ministers are telling us they are done and ready for the rest of the reforms which means new currency (lower denoms?)
Member: Will be interesting to see if Iraq begins using their remaining budget tomorrow
Member: I wonder if something really big is going to happen for us tomorrow?
MZ: I don’t know. It certainly looks like it might. My Iraqi sources seem to think something will happen this week. We are looking for huge stuff starting tomorrow on the 20th through Jan 1.
MZ: A ton of sources looking for everything to implode on the 24th…..in a massive good way –including a dip into the St. Germaine trust. I am trying to stay grounded.
Member: What is the St Germaine Trust?
MZ: There are a number of very large trusts that have been building for many years and gaining value. Those are what is supposed to be distributed for humanitarian reasons to help heal the world.
Member: I went to the bank- sat down and wrote “Are you under an NDA?” She smiled.
MZ: I have gotten similar things from a bunch of bankers. Some say things are looking great but, I am under an NDA on currency right now…..I have heard that directly from bankers. .
Member: Multiple stores in my town are closed updating computer and POS (point of sale- not Pice of s***) systems and one store is cash only as CC are down.. Getting close
Member: Mark, did you see patriot rod steels post? He said banks have the rates
Member: Does MrC have to enter codes for this to go?
Member: I believe he is the signatory in charge of the new USN gold backed currency…..There are many signatories for many different aspects of the reset……I may be wrong
Member: I know the bank my grandsons gf worked for said bsnks would not be needed eventually. that was in Kentucky
Member: buddy of mine here in Texas confirmed through his bank they know of the RV and are waiting for the go
Member: yesterday, at my credit union, I said i could not wait until they flip the switch to the QFS and bring out the rainbow currency. he said yes, he was too.
Member: At my bank the tellers watch you mark and they fill me in !
Member: Not sure who to believe out there anymore. Total craziness.
Member: Any time this week would be awesomely great! Any time next week would be awesomely great!
Member: My wife thinks these are all lies—really hard to live with that. Please give us peace and vindication .
Member: Thank you Mark for all you do…..You are more to us than just a financial status report.... you give us a stability and peace in a world of awful news...
Member: Thursday the 21st is 1st day of Winter
Member: God Bless and safe travels tomorrow Mark……May this be the week we are all waiting for!
MZ: Tomorrow will be early – I plan to go from 9-10 est with Andy Schectman …..then head to the airport. I will be back tonight at normal time,
Member: Tomorrow let’s hope you are reporting on setting appointments. PRAY
Everyone have a wonderful Christmas, may all your dreams come true
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Mod: MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.
Economic activity is recovering, although oil production cuts are weighing on overall growth, and at the same time inflation has declined.
The large fiscal expansion in the three-year budget law poses significant risks to fiscal and external sustainability over the medium term.
Fiscal prudence and structural reforms are critical to safeguard macroeconomic stability, ensure sustainability, and achieve durable and more inclusive growth.
Washington, DC: A staff team of the International Monetary Fund (IMF) led by Jean-Guillaume Poulain met with the Iraqi authorities in Amman, Jordan during Dec 12-17 to discuss recent economic developments and outlook as well as policy plans.
At the end of the mission, Mr. Poulain issued the following statement:
“Against the background of a large fiscal expansion, non-oil GDP is expected to grow by 5 percent in 2023. Continued budget execution should help sustain strong non-oil growth in 2024. However, lower oil production, following the closure of the Iraq-Turkey pipeline and OPEC+ production cuts, will reduce overall GDP growth in 2023 and 2024. Inflation has declined from its January peak and is projected to stabilize in the coming months—helped by the Central Bank of Iraq’s (CBI) tighter monetary policy, passthrough from the exchange rate revaluation, lower international food prices, and normalization of trade finance as compliance to the new anti-money laundering/combating the financing of terrorism (AML/CFT) [GM1] framework improved.
“The three-year budget approved in June 2023 marked a shift in Iraq’s budgeting practice, envisaged to improve fiscal planning and continue important development projects over the medium term. Despite a late start of budget implementation, the fiscal balance is expected to shift from a large surplus in 2022 to a deficit in 2023. Staff projects that the deficit would widen further in 2024 reflecting the full year impact of recent measures. The large fiscal expansion, including a substantial increase in public hiring and pensions creates permanent spending that will put pressure on public finances over the medium term.
“Ensuring fiscal sustainability, in context of uncertain outlook for oil prices, requires gradually tightening the fiscal policy stance while safeguarding critical infrastructure and social spending needs. This would require mobilizing additional non-oil revenues, containing the large government wage bill, and reforming the pension system. These measures should be supported by moving toward a more targeted social safety net that better protects the vulnerable.
“The mission welcomed the government’s plans to strengthen public financial management including steps towards the establishment of the Treasury Single Account. In this context, the mission reiterated the importance of adhering to the framework for managing government guarantees.
“The CBI has appropriately tightened its monetary policy, including by increasing its policy rate and reserve requirement. The mission welcomed the progress in strengthening the domestic liquidity management framework and encouraged continued efforts to mop up excess liquidity and develop an interbank market to strengthen monetary policy transmission.
“Structural reforms to spur private sector led economic diversification and job creation remains pivotal for sustainable and inclusive growth. Priorities include creating a level playing field for the private sector through banking and electricity sector reforms, reducing distortions in the labor market, and continuing efforts to enhance governance and reduce corruption.
“The IMF staff team stands ready to support the authorities in their reform efforts and would like to thank them for candid and productive discussions during this mission.”
Iraqi Minister of Finance: Economic recovery is underway amid the return of commercial financing to normal
2023-12-18 04:04
Iraqi Minister of Finance - Economic recovery is underway amid the return of commercial financing to normalShafaq News/ Minister of Finance, Taif Sami Muhammad, said on Monday that economic recovery is underway in the country amid the return of commercial financing to normal.
This came during his participation, along with a delegation of advanced staff in the Ministry of Finance, and a number of representatives of ministries and the Central Bank of Iraq, in the meetings of the International Monetary Fund expert visiting mission held in the Kingdom of Jordan for the period from 14-17/12/2023.
The meeting discussed priorities for correcting public finances through structural reforms, represented by encouraging foreign trade payments to commercial banks and reducing reliance on cash, in addition to expanding the use of point-of-sale devices and electronic payments, and accelerating the completion of the restructuring of government banks.
On the other hand, the meeting discussed the actual expenses and revenues until September 2023, the expected ones for the end of this year, and spending ceilings for the year 2024, in addition to the appointments file contained in Budget Law No. (13) of 2023, financial reforms, bank structuring, customs and tax automation, the unified treasury account, and the comprehensive banking system. Implementing the POS electronic payment system for the purpose of maximizing revenues.
Support for funds for which allocations were made in the general budget was also discussed, in addition to structural reforms to support private sector development, increase job opportunities, reforms to the retirement system, the social protection network, higher revenues and exports, higher economic growth, banking and electricity sector reforms, strengthening governance and reducing… From corruption
The meeting also touched on the role of the Central Bank of Iraq in tightening monetary policy appropriately with the aim of alleviating inflationary pressures by continuing to enhance liquidity management.
A statement issued by the Iraqi Ministry of Finance stated that the Central Bank has made good progress in implementing technical assistance recommendations for managing local liquidity and bridging the time gap between auctions of bank instruments to ensure continuity of liquidity absorption.
Minister Taif said during the meeting that economic recovery is underway amid the return of commercial financing to normal and the large financial expansion, maintaining economic stability and the importance of coordination between monetary and financial policy and ensuring the sustainability of the need to gradually renew financial policy while maintaining spending on the necessary infrastructure and social spending needs and controlling… Wage bill and increased non-oil tax revenues.
The saga about the Iraqi dinar RV has only gets gotten better as the months roll on. There are rumors and bank stories galor floating aroud the dinar community. These so-called intel gurus told their listener it had to RV by the end of September, then September turned to October and October to November. Now they tell their listeners we have to wait for the budget and then the next day it changes to waiting for the elections to conclude. All of these rumors are just from idiots trying to get you on their calls or sites to make money from their sponsors. So, if you are a Mnt Goat fan you are much, much more informed and ahead in your knowledge of what is taking place. Please don’t doubt yourself and believe all this other nonsense.
So, how long will us investors in the IQD have to wait before Iraq is allowed to liberate its own currency? Why do I say “now is the time”?
We know they are completely out of Chapter VII sanctions since December 2022, and so why not treat them as such?
We know they want the Iraq funds (nearly USD 115+ billion) released from the NY banks and put in their custody to do what they want with it. They are tired of being bullied by the U.S. with their own money.
We know they have plans for yet more Sovereign Funds to invest their reserves.
We know they are making agreements now for “currency swaps” for trade with Iran, China, Turkey, Kuwait, Emirates, and many EU countries as Iraq will no longer be using any US dollars in Iraq as of January 1st 2024.
We know that the IMF is now working on the final stages of pulling together agreements to build a new basket of six (6) currencies to re-peg the IQD.
We know since January they have undertaken a massive “de-dollarization” program and told it should have taken 6 years but they decided to do it in 1 year (2023). Why such a hurry?
We know the value of the IQD right now does exceed even pre-1991 era but still at 1/6 of a penny?
We know Iraq now pumps 2/3 more oil than in pre-1991 era.
Iraq also has announced 132+ tons of GOLD reserves.
We know they are pushing this year alone, more than any other year since 2005, for the passing of Oil and Gas law. Why?
We know for a FACT that it is the U.S. through the Treasury Dept. direction that will NOT give sign-off to allow the reinstatement. Why?
Finally, the CBI has told us many times already that January is the most opportune time to reinstate for accounting purposes, since it begins their new FISCAL year.
Just be patient, the reinstatement is coming and I firmly believe from what we now know there is a very strong likelihood we NOT are going to be at the banks in early 2024 but there is still strong hope for the early part of the new year. There are no guarantees and so no one really knows a date when the event will occur. Let’s just follow the FACTS and see where they lead us…okay? Iraq is full of surprises and so anything is possible.
