The Central Bank clarifies the mechanism for delivering incoming remittances in the dollar currency
2024-01-01
The Central Bank clarifies the mechanism for delivering incoming remittances in the dollar currencyOn Sunday, the Central Bank of Iraq clarified the mechanism for delivering incoming transfers in the US dollar currency, as it stated in its statement that, in implementation of the monetary policy objectives and to enable banks to meet the needs of their customers in foreign currency, the Central Bank of Iraq has specified the entities covered by receiving their external transfers in cash in the US dollar currency, As of January 2, 2024.
The statement continued, all diplomatic missions, organizations and international agencies operating in Iraq, and non-governmental civil society organizations registered in the General Secretariat of the Council of Ministers, in the event that the foreign donor party stipulates that the amounts of incoming foreign transfers be paid in the dollar currency inside Iraq.
He added, government contracts in force in the US dollar currency, ongoing contracts for grants, loans, and foreign agreements, and 40% of the remittances received by Iraqi exporters resulting from their exports abroad.
He stated that, except for what was mentioned above, banks are allowed to deliver to their customers the amounts of their transfers received from abroad in cash, from the bank’s own available resources, and according to the agreement between the bank and the customer.
The Central Bank confirmed that banks will continue to open bank accounts for customers in foreign currencies in exchange for (interest/returns), and that the customer has the right to withdraw deposits and interest/returns deposited in cash.
He pointed out that banks are not allowed to automatically transfer customer funds coming from outside Iraq in the US dollar currency into the dinar currency except with the customer’s approval,” stressing “the Council of Ministers’ decisions to prevent internal transactions in foreign currency and to strengthen confidence in the Iraqi dinar.”
BRICS Alliance is overtaking the global Oil, Gold, Energy and Financial System landscape and their Gold/Asset-backed Trade Currency will decimate the Fiat Currency Financial System
In the rapidly evolving geopolitical landscape of global trade and finance, 2024 is proving to be a pivotal year marked by significant shifts in energy, currency usage, and financial alliances.
At the center of these transformations lies the rapidly growing and influential consortium known as BRICS, comprising Brazil, Russia, India, China, and South Africa.
However, when we zoom out and take a closer look at how global oil, energy, and gold producing countries are also folding into the BRICS Alliance, it becomes clear that the Western Alliance, led by the United States and Europe is facing an existential threat that will likely replace the dominance of the US Dollar and the global fiat currency system once and for all.
If successful, this new gold/asset based trade currency would likely decimate the global fiat currency system and initiate a substantial revaluation of currencies (RV) in the Forex market. The USD and Euro would become essentially useless against the vast BRICS+ Alliance.
As BRICS continues to expand, the impact of its control over global energy, gold, and GDP will reshape the geopolitical and financial world order this year.
Furthermore, if BRICS+, combined with OPEC and the SCO (Shanghai Cooperation Organization) all agree to utilize an asset-backed, common trade currency, an RV (revaluation) of global currencies will occur unlike anything seen in financial and economic history.
Breaking Down New 2024 Geopolitical Alliances – Iraq is in the Neutral Camp
BRICS is the heart of what I call the East-South Alliance. Six new countries will join today (January 1st, 2024) and fourteen additional countries (marked with an * in the table below) have formally applied to join this year.
By looking at a combination of the existing BRICS, their new members and applicants, the OPEC Oil Alliance, and members of the SCO (Shanghai Cooperation Organization), the amount of Oil, other Energy resources (Natural Gas, Coal, etc.), Gold mining production, and combined GDP, the big picture comes fully into focus.
The West Alliance is relative to Oil, Other Energy and Gold production consisting the the USA, some European nations, Canada, Australia, etc.
The Neutral Nations (non-allied with West or South-East) are Oil/Energy/Gold producing nations sitting on the fence. Yet all of the Neutral countries are affiliated with OPEC at one level of participation or another.
Most notably, this includes Iraq and Mexico.
OPEC (Organization of Petroleum Exporting Countries). SCO (Shanghai Cooperation Organization). NDB (BRICS New Development Bank).
Global Oil/Energy Trade and US Dollar Currency Shifts
The traditional dominance of the US dollar in global trade is being challenged as Russia and China forge an ever-closer energy trade relationship, notably bypassing the use of the dollar.
As BRICS expands, their East-South Alliance will control 55% of global oil production
In tandem, there is a growing trend towards local currency usage in trade transactions, a move that is gaining traction among countries worldwide.
The growing BRICS Alliance will include 9 OPEC member nations in 2024. Image source: US Energy Information Administration
China, in particular, is spearheading this shift by encouraging Gulf nations, including Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman, to utilize the Shanghai Petroleum and Natural Gas Exchange for yuan-based oil and gas trade settlement.
The BRICS+ East-South Alliance will control 64% of all LNG, Coal, etc. Energy resources. (Mtoe = Million Tons Oil Equivalent)
Moreover, as BRICS expands with the inclusion of Saudi Arabia and the United Arab Emirates, the use of local currencies in trade is expected to surge.
This aligns with China’s call for greater emphasis on local currency cooperation payment tools and platforms, signaling a pivotal moment in the diversification of global trade settlement mechanisms.
The Role of Precious Metals and a New BRICS’ Trade Currency
The potential development of a new trading currency, likely backed by precious metals and base metals, is gaining traction.
If successful, this new gold/asset based trade currency would likely decimate the global fiat currency system creating a revaluation of currencies (RV) in the Forex markets. The USD and Euro would be essentially useless.
The BRICS+ East-South Alliance is set to control 56% of total Gold Mining and Production in 2024
This shift is supported by Saudi Arabia’s strategic investment in global mining assets, particularly in minerals like copper, as part of its Vision 2030 to diversify the economy.
With an estimated mineral endowment worth $1.3 trillion, Saudi Arabia’s potential establishment of gold refineries and its strong ties with China, the largest producer of gold, position the nation as a key player in this evolving landscape.
The recent agreement between China and Saudi Arabia to set up a currency swap line worth around $7 billion further underscores the growing financial ties between these influential nations.
As central bank digital currencies rise in prominence and the development of domestic mining resources by BRICS member countries advances, 2024 is poised to be a transformative year, marking a shift in the global monetary system.
Financial Realignment and the Petrodollar’s Decline
The long-standing connection between the dollar and global energy markets, rooted in historical agreements dating back to the mid-20th century, is facing unprecedented challenges.
The reinvestment of petrodollars into US assets, particularly Treasury bonds, is undergoing a transformation as nations increasingly divest from their US treasuries in favor of alternative assets like gold.
The freezing of around $300 billion of sovereign Russian assets by the United States and its allies in 2022 has further accelerated this trend.
The BRICS+ East-South Alliance will dominate 56% of global GDP. More than enough economic power to launch a new, gold-backed trade currency to challenge the US dollar and the Euro in 2024.
Notably, there has been a significant increase in oil transactions settled in currencies other than the dollar, marking a departure from the traditional petrodollar system.
With Saudi Arabia’s and the UAE’s entry into BRICS and with strategic initiatives to diversify their economy beyond oil, there is a clear signal that the influence of the petrodollar will certainly diminish in the coming years.
Bottom Line
While we wait for IRAQ to jump off the fence and official pick a side in the new global alliance landscape, global currencies are undergoing increasing strain, and the traditional petrodollar system faces serious challenges.
The rise of BRICS is reshaping the global energy, gold, and financial landscape in 2024.
The consortium’s influence, combined with strategic initiatives by key players like China and Saudi Arabia, is signaling a fundamental realignment in global trade and finance.
The year 2024 is positioned to be a turning point, ushering in new dynamics that will have far-reaching implications for the future of international trade, currencies and finance.
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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: Good morning MarkZ, Mods and friends! Let's hope they are ready to release this thing!
Member: It would be wonderful to turn in my “two week notice” today.
Member: It's going to be a great year for everyone
Member: Has anyone actually seen the new USN money yet?
MZ: It’s supposed to dropping this week. We were hoping to see it yesterday.
Member: I got fiat dollars out of the ATM at Wells Fargo yesterday and fiat dollars out of my credit union this morning.
MZ: I am hitting a brick wall trying to reach my group leaders and bond folks today…I am hoping that means positive things…….
MZ: I do not think the quiet is upsetting….it’s part of the process.
Member: Maybe by tonight you will find out what happened with all those big meetings they had yesterday.
Member: MM was so good yesterday everyone needs to watch it
MZ: And a couple good ones from Nader in the last day or so. He is talking about all the assets coming back to Iraq and the salaries to be paid. Be sure to go watch them and give them credit for all the world they have done. He says the US is giving back to Iraq the 3 major things that they took. Currency, Their military and their oil…..All of that is transitioning in the beginning of 2024
MZ: When they get back their currency – it means beautiful things for them and for us.
Member: Iraq is supposed to pay all salaries tomorrow…..I wonder does the salaries need to be paid in the new exchange rate?
Member: The big news all should have been waiting for- Iraq announced to de-dollar/only use dinar- just occurred yesterday. they moved date for new reform till tomorrow Wed. now we wait to see that play out.
Member: I think BRICS is going to force the reset back to sound money….
MZ: BRICS is still making headlines. “Vladimir Putin announces that 30 countries are ready to join BRICS” He announced this in his Jan 1. New Year’s Day speech. They have huge plans and are looking to add 30 more countries to BRICS
MZ: “5 US sectors to be affected if BRICS ditches the dollar for trade” And they have already told us they ditched the dollar for trade.
Member: Bank story. Not one of the big banks, but local. Front of building transformed to investment center with glass separated cubicles.
Member: MARKZ talked to a military bank and asked them about currency they were excited told me I need to speak to a account advisor they couldn't disclose that information
Member: I see things are happening…..but, everything seems to take so long…..like the bad guys are still fighting this all from happening.
Member: Hard not to be discouraged, yes basic fundamentals are there, but reality is that it seems like can kicking. I wish it didn’t feel that way.
Member: all we can do is hang in there and keep waiting…..hoping this will happen “suddenly”
Member: Mark, thanks as always for all you bring to this community.
Member: May God bless us all this year, with health wealth and happiness
THE INFO IN THIS PODCAST IS FOR GENERAL INFORMATION & EDUCATIONAL PURPOSES ONLY NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IN THE GROUP OPINION ONLY
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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!
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.
Al-Sudani assures Iraqis for 2024: The year of achievement
Shafaq News / The Iraqi Prime Minister Mohammed Shia Al-Sudani pledged on Monday that the year 2024 would be a year of accomplishments for Iraqis.
Al-Sudani stated in a press release distributed by his media office, "I extend my warmest congratulations and prayers to our dear Iraqi people, invoking the Almighty to safeguard them in our beloved Iraq."
"We enter a new year carrying the aspirations of our people, fostering hope and determination. We renew our commitment to make this year brimful of progress, work, and contributions, affirming the government's dedication to its executive program and priorities, aspiring to serve, reform, and meet the needs and requirements that meet the aspirations of citizens across this cherished nation."
He continued, "Our new year will be, God willing, a year of achievements. It will be a year of turning plans into action, reaping the fruits of efforts, and meeting the aspirations of our citizens everywhere."
