"...it was decided to transfer all financial transactions electronically through the (POS) point of sale system in traffic departments in Baghdad and all governorates instead of cash dealing.” ...it is a borderline “WOW!” article for us today as Dinar investors. ...electronic banking and POS has been on the radar and will continue to be pivotal in the monetary reform process.... It is a very good step, a sign in the right direction and may help take the demand off the dollars thus reducing the rate in the black market for the dollar.
"BOOTS ON THE GROUND REPORT" BY MNT GOAT, 16 FEB
The good news is that this final rate change must be getting close at hand as my CBI contact informed us last week, as you already may know, 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.
This all fits into what we are now hearing in our news of today only let’s not go off half-cocked and over speculate on the news,,,okay, like some idiots I know… ☹ . However, keep that champagne ready!
The financial adviser to the Prime Minister, Mazhar Mohammed Saleh, explained on Saturday the six principles launched by Prime Minister Mohammed Shia Al-Sudani, to maximize value chains and sustain the momentum of development in the country, while stressing that Iraq is on the eve of a transitional phase in the development of promising economies globally.
Saleh said, in a statement reported by the official news agency, and seen by “Economy News”, that “Iraq, with its great natural resources, in the ninth sequence in the world after countries such as the Russian Federation, the United States of America and the Kingdom of Saudi Arabia, and today it is on the eve of a transitional stage in the development of promising economies in development at the global level, but international studies estimate that the share of one square kilometer of natural resources relative to the area of our country is the highest in the world.”
He added: “Within the framework of the country’s philosophy of partnership with the private sector, a great investment momentum accompanied by high technological capabilities commensurate with the developments of the new digital age in the world, all of which seek through international partnerships to maximize investment opportunities, integration and cooperation in our country as an important part of Iraq’s integration policy into the global economy to achieve the well-being of the Iraqi people and diversify sources of investment and national income in our country.”
He continued: “In all cases, the national private sector today has the priority of support and providing the necessary sovereign guarantees in full swing with the climate of guarantees obtained by international investments,” pointing to “a new development era for Iraq leading to the diversity of sources of income by investing in diverse natural and human resources, launching manufacturing industry and supporting agricultural efforts to maximize value chains with different technologies.”
He pointed out that “maximizing value chains in Iraq and sustaining the momentum of development stems from the six principles launched by the Prime Minister, in his last meeting in the Netherlands with international businessmen and investors, which he summarized as follows:
The first principle: economic reform in all areas of the economy without dependence on oil.
The second principle: Supporting farmers and farmers in expanding the use of modern technologies in the field of water and benefiting from global experiences, especially Dutch ones.
The third principle: The state seeks to provide sovereign guarantees to the private sector, amounting to 85% of the value of the project to ensure the transfer of the joints of modern international industries, technologies and services to our country.
The fourth principle: the launch of the operation of the large port of Faw in 2025, as a bed for development and economic progress that adheres to the development route strategy, knowing that the fifth berth of the port has docked in one of the international ships.
The fifth principle: Reform the financial and banking sector to put it on competitive foundations commensurate with international compliance standards. Financial and banking reform is the forefront of the government’s reform program for the effective linkage of finance sector to development programs and the speed of implementation and progress.
The sixth and final principle: the desire of the global financial and banking market to open branches of its banks and activities in Iraq, which enhances the financing and investment environment and the integration of the Iraqi economy with the global economy.”
He concluded: “It is the message of the six principles launched by the Prime Minister to the global economic community to launch another development era in Iraq, whose goals are to diversify the national economy through partnership between the state and the private sector.”
It's no longer a rumor that Iraq is entering the World Trade Organization. Vietnam is part of the World Trade Organization. Their currency is worthless. Does that mean the Iraqi dinar that is worthless can join the WTO? Yeah. Does that mean the Iraqi dinar is going to stay worthless?No...The whole world and the United States Treasury worked with the CBI...
Question: "Do we have to have our currency for over a year?
For tax purposes, yeah. If you have your currency for at least one year you're in the about 20% tax bracket. If you have had it for less than one year and you exchange it you're in about the 40%. If you have had it for one year and you don't have a receipt, you're in the 40%. If you've had it for one year and you got a receipt you're in the 20%.
[NOTE: Some gurus feel the dinar exchange will be taxed as capital gains, others feel ordinary income and other not taxed at all. The only opinion that matters is the IRS's - Consult a tax professional at the appropriate time to determine the right tax for your unique circumstances.]
The CBI is not calling them 'lower denoms', they are calling them 'Lower notes'. They also explain the need for fractional banking through the coins they will be giving them. They are not using the word fractional banking with the citizens but they are telling them they will be able to get change so they will not lose money.
I don't plan to go to a bank. Can you imagine?
...I got 10 million dinars, here...Personally I don't plan to go into a bank to exchange my currency. I will have a team ...I'm going to have my lawyer get a hold of the bank and say, 'I represent Mr. [Frank26] and Mrs. [Frank26] and they want to make an appointment for you to come to their house and collect a large amount of foreign currency...My lawyer will already know exactly what the bank is going to offer me...The less contact I have with the bank the better...If you have a small amount then you're going probably go into the bank.
The President of the Kurdistan Region, Nechirvan Barzani, on Saturday, discussed with Amos Hoxstein, the senior adviser to US President Joe Biden for energy and investment, the latest procedures and steps to resume the export of the region’s oil, and the dialogue of stakeholders in the Kurdistan Regional Government and the federal government on this subject.
A statement of the Presidency of the Kurdistan Region received by the network of 964 copies of it:
On the sidelines of the Munich Security Conference in Germany, H.E. Mr. Nechirvan Barzani, President of the Kurdistan Region, met this afternoon (Saturday, February 17, 2024) with Mr. Amos Huckstein, Senior Advisor to US President Joe Biden for Energy and Investment.
During the meeting, they discussed the relations of the United States of America with Iraq and the Kurdistan Region, especially in the fields of economy, energy cooperation and investment, the latest procedures and steps to resume the export of oil of the Kurdistan Region, and the dialogue of the concerned authorities in the Kurdistan Regional Government and the Iraqi Federal Government on this subject.
Mr. Huckstein pointed out that the United States looks with interest to the safety and stability of Iraq and the Kurdistan Region, and is willing to develop opportunities and joint cooperation with them in the sectors of economy, investment and energy, and stressed America’s commitment to continue to support and assist Iraq and the Kurdistan region.
Discussing Erbil-Baghdad relations, the security situation in Iraq and the Kurdistan region, threats targeting international coalition forces and diplomats in Iraq and the effects of complications in the Middle East in general, was another focus of the meeting.
Comment: Well this is a 3 day weekend…Monday is Presidents day…fingers crossed. MarkZ: We don’t know the timing but, this weekend would sure be a great opportunity. ...It is fairly quiet in Iraq today But there is a lot of anticipation for this weekend. We will see what happens.
I continue to get phenomenal news and am trying hard not to be excited in case this is not “it” yet. But, if they are accurate then things are very much underway and we will see the fruition of it in the next 4-5 days. I hope it is accurate but I want you to stay calm and grounded right now. But things are coming together in a positive way...The news is over the top good…I’ve never heard it from this many sources before and I have not had this many people that I know in real life go quiet with NDA’s. This is unprecedented for me. I guess this is one reason that I am “calmly excited”
”The Central Bank of Iraq decides to restore the mechanism of financing foreign trade to Iraq starting next March”When they say “Next March” They mean this March of 2024 . What does this mean ?
This is all about foreign currencies and International Acceptance! We have been looking for some of these announcements and now we are getting them. They want to strengthen the dinar…This is really great. This is all about international Trade and movement of money.
Comment: I hear they are moving forward wihin 10 days. MarkZ: I was told that their goal is by the 20th…but I could live with 10 days…by the end of February...My gut is screaming we will see this in the month of February based on the number of requests to keep us quiet and the banking anticipation …And, a number of sources say we could get it by the 20th now...I think everything is done and we are just waiting on them to release it...My contacts in Iraq are telling me this…as well as bankers and government contacts. …Things are screaming at us that we are close.