DINAR REVALUATION

Thursday, February 15, 2024

Coffee with MarkZ. 02/15/2024

"RV UPDATE" BY MNT GOAT, 15 FEB

Mnt Goat

I can tell you there is only going to be one more final adjustment to the IQD rate inside the country of Iraq from the 1320 close to 1000 or less (1 dinar = 1 USD) (must be just over $1). At this time, the CBI will kick off the Project to Delete the Zeros. Did this happen yet? NO! It has not but we can see that the official rate is fluctuating from the 1320 as high as 1310 and 1300 some days. This is all good news... this rate will be temporary rate just until the new reinstated rate shows up on FOREX.

We are now looking for this rate change as the CBIs’ next move. Yes, this will be their next move. NO! There is not going to be any Reinstatement until this part of the plan is completed ...The good news is that this final rate change must be getting close at hand as my CBI contact informed us last week...that someone on the committee team was tasked to supply the IT people with a good set of pictures of the lower denominations along with the coins and a written explanation of how the conversion would work from the three zero notes...keep that champagne ready!

"IMPORTANT IRAQ NEWS: Electronic payment… Money is hoarded in homes and education is not at the required level" BY MNT GOAT, 15 FEB

Electronic payment… Money is hoarded in homes and education is not at the required level

Not long ago, Iraq took the first steps towards attempts to activate the electronic payment system. These steps began by localizing employee salaries, and then installing electronic payment devices in several places, including gas stations. However, many experts and specialists still see… The culture of electronic payment is not at the required level, for many reasons, including those related to economic and electronic culture, in addition to the widespread corruption in the country, which hinders its full implementation.

Economic experts believed that education for electronic payment in Iraq is not yet at the required level.

According to experts , the Iraqi government, through attempts to implement electronic payment, aims to withdraw the monetary mass circulating in Iraq, which amounts to 84 trillion dinars.

The economic expert, Nasser Al-Kanani, believes that implementing the electronic payment system in all governmental and non-governmental sectors is difficult to achieve in Iraq, due to the lack of electronic culture among citizens of all segments, indicating that “cash payment cannot be stopped and will remain partially due to its necessity.”

Al-Kinani told Ultra Iraq, “Money is naturally stored among citizens and the possibility of withdrawing it and making it electronic in digital payment cards cannot happen without planning and persuasion.”

According to Al-Kanani, “the best way for electronic payment to be successful is for the Central Bank to carry out the process of s deleting 3 zero from the currency, printing new currencies, and announcing a period of one month for citizens to exchange all their money with a new edition, which will give an impression of the strength of the dinar against the dollar and the rest of the currencies.”

When this step is achieved, the government – speaking to Al-Kanani – “will replace 10% of the money and deliver it to citizens, while the remainder is placed in a bank account that is opened for every citizen, depositing his money and giving him an electronic card to withdraw from it,” stressing that “this step will eliminate… Cash circulation, corruption and hoarding operations, as well as currency smuggling in one way or another.”

Al-Kanani said, “Education for electronic payment is not at the required level now, and its application in gas stations and determining the period of total commitment to it are considered impossible to achieve because the problems that occur with this process now, with the failure of payment devices to the exclusion of others in the rest of the economic interests, raise many question marks about the seriousness of the limit.” Whoever deducts more than the price.”

Al-Kanani also believed that “the government’s step now to talk about electronic payment and oblige citizens is a step towards a thousand miles in this project compared to successful experiences in many countries such as the United States of America, represented by the Federal Bank, whose electronic card is used everywhere, in addition to the Lebanese Byblos Bank and its card, which is used as an example.” In Baghdad, this is what spreads a global culture in these countries, unlike the poor culture of these dealings in Iraq, because the citizen lost confidence in the state after 2003 due to impromptu political decisions and the absence of real planning.”

An economist said that cash payment cannot be stopped and will remain partly due to its necessity.

Despite what the expert said about the “difficulty” in implementing the electronic payment system, the World Bank, on February 7, claimed that the infrastructure for electronic payment systems in Iraq is “among the best in the region,” according to a statement issued by the Central Bank of Iraq.

On the sidelines of Sudanese’s participation in the Davos Economic Forum, last January, a government statement said that the World Bank supports measures to develop the banking sector, especially the electronic defense system, which attempts are being made to adopt in Iraq.

On January 17, 2023, the Iraqi Council of Ministers approved the recommendation of the Council of Ministers for the Economy to activate the electronic payment service, as the decision stated that “the system enjoys a high level of protection and security, reduces time and effort, and contributes to stimulating the movement of the economy.”

The previous government decision obligated the Central Bank to “facilitate the procedures for granting licenses to collect bank cards and exempt all electronic payment (POS) transactions from taxes.”

The researcher in economic affairs, Ali Daadoush, identifies the most important points through which the implementation of electronic payment systems in Iraq can be successful.

In an interview with “Ultra Iraq,” Daadoush said, “The electronic payment application requires a culture, publishing extensive and simplistic advertisements for the citizen,and taking into account the experiences of countries in which electronic payment systems have succeeded and gradually transformed into a cashless society, such as Sweden, for example.”

Experts talk about one of the reasons for moving away from the electronic payment system, which is the citizen’s loss of confidence in the state after 2003.

Daadoush called for “the necessity of emphasizing transparency in publishing sufficient information that allows the ordinary citizen to know what he has and what he owes, such as the amount of each company’s commission, how to issue a payment card, how much is its ceiling, and others,” saying that “these steps will facilitate the procedures for dealing with electronic payment systems in the country.” “The country.”

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

Final Adjustment to Iraqi Dinar Rate to 1 USD Coming Soon! the Reinstate...

Private Banks Call On Parliament To Intervene To Address US Sanctions

Private Banks Call On Parliament To Intervene To Address US Sanctions

Economy | 02/14/2024 Mawazine News – Baghdad , today, Wednesday, the Association of Private Banks called on the House of Representatives to intervene to “address” the issue of the American sanctions imposed on it.

A statement by the House of Representatives’ Economy, Industry and Trade Committee, received by Mawazine News, stated that it was “hosting the Association of Iraqi Banks and directors of private banks, to discuss the sanctions imposed by the US Federal Bank on some of them.”

She added, “I listened to a detailed explanation provided by the Association and the directors of private banks about the most important problems and obstacles that private banks suffer from, including “freezing their balances abroad and stopping foreign transactions and transfers with correspondent banks.”

The Association of Private Banks stated, according to the statement, that the ban imposed on these banks “He came in a letter from the Central Bank of Iraq without explaining the reasons,” calling on the House of Representatives and the Parliamentary Economics Committee to “intervene to address this issue in cooperation with the Central Bank and the Council of Ministers.”

https://www.mawazin.net/Details.aspx?jimare=242086

"RV UPDATE " BY FNU LNU, 15 FEB

Fnu Lnu

International attorneys told me...there would be ten off premises exchange locations allocated by regional population throughout the Nation. I am assuming they are using the 10 United Nations Regions, roughly the same as Federal Regions...I was told...there would be an exchange facility in the most heavily populated city in that region. For instance, Region ten encompasses Washington State and Seattle would be the location for that region...Also, by Off Premises, I mean locations that were NOT inside banks but usually nearby to a participating bank...These are what the unlearned are calling Redemption Centers.

Some opine that there is no such thing as a Redemption Center while others claim to be in contact with such Centers and their personnel. What they (redemption centers) are, is a simple solution to a simple problem.

Many of the large banks in heavily populated urban centers were concerned about having the Dinar traffic clog their lobbies at exchange time. The solution is to have a separate, off-premises, specialized, Exchange Center, complete with Delaru computer, in the most populated city in each of the 10 federal regions...I haven't been informed of any changes.