How will foreign trade be financed after the cancellation of the electronic platform? The Iraqi Central Bank answers
Today, Tuesday, the Central Bank of Iraq revealed the mechanism for financing foreign trade after canceling the electronic platform and currency auction that the Central Bank intends to implement soon.
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in an interview followed by Al-Iqtisad News, “The Central Bank of Iraq is heading to cancel the electronic platform and the currency auction soon.”
He explained that "the banks will be responsible for financing foreign trade directly through the dollars they own, and they will be fully responsible for auditing invoices and transfers, which is the practice globally."
With this step, the Central Bank of Iraq intends to “withdraw itself” from the process of financing foreign trade and make the process limited to banks inside Iraq.
Among the American correspondent banks, which will be responsible for financing the requests of these banks among themselves after reviewing the private documents, and the Central Bank of Iraq not entering as a party in this case link
FIREFLY: TV says the Baghdad dollar will see a huge drop beginning of week, however the exchange rate is stable? We don't know what it means.
FRANK: What is a Baghdad dollar? It's the United States Dollar in Baghdad....That's the drop of the US dollar in the parallel market...Which means they'll try to get to 1 to 1...I'm not telling next we're going to have our blessing. I'm telling that next week they're going to do what they're saying.
FIREFLY:Sudani talked about going to Washington DC to meet and get all oil reserves and assets from oil held in U.S. Treasury. FRANK: Dang! Like they don't have enough money! Wow!
FIREFLY: Al Suandi is on TV news Channel One saying the best and the only way to improve the electronic payment system is the CBI should remove the three zeros, print the new currency and give us a one month period to exchange our currency. This will show the power of the dinar over the dollar ...He also said this will get rid of citizen holding cash and any smugglers and money laundering.
FRANK: ...That's what they're about to introduce to you, your new exchange rate to match your lower notes...the lower notes will only work with a new exchange rate. I can't believe they keep saying this to you constantly every day...You are within arms reach ...One month...I believe they'll give you longer than that. Outside with us it should also be a longer time to exchange...
FIREFLY: A guy comes on TV and he talks to us about how the end of the Untied Nations mission official has removed all sanctions from Iraq...
FIREFLY: So far we are not seeing the lower notes but they talk to us about them every day.They just talk to us about them and why we'll need them.
FRANK: They are talking to you about the lower notes and coins because they are about to show them to you next week or the week after. I believe your bank friend will show you something in the sense of pictures...Take as many pictures as you can.
FIREFLY: A representative from the CBI is talking to us in great detail about the new coins they will be giving us with the new currency notes...He said to us once again, the process to delete the zeros is in the process.
It made us smile. He said this process is occurring because the lower notes will not be needed if the rate wasn't increasing.He said if the CBI didn't come out with these lower notes the monetary reforms would be a disaster. He said that's why we need a change in our rate...
BDTCOIN is an exclusive Gold standard digital currency revolutionizing the global finance with multiple financial players, a dynamic cutting-edge blockchain built with QUANTUM-resistant protocols and DeFi Ecosystem.
Bdtcoin is an emerging digital currency in the digital world, introduced at the end of 2022. Unlike other traditional digital currencies that are not backed by any physical assets, Bdtcoin is backed by Gold and not any fiat currency worldwide, giving it a unique advantage in the market.
As a digital store of value and medium of exchange, BDTCOIN blockchain facilitates a new revolutionary DeFi ecosystem with multiple financial players for its users worldwide to control their own money and data. This has enabled greater access to financial services, lower costs, faster transactions, and more financial freedom overall its users.
“What Would Make the Federal Reserve Raise or Lower Interest Rates?”
There really isn’t a reason for the Feds to raise or lower interest rates at this point. Even with inflation data coming in higher, the markets are just simply bouncing back.
Price distortions have created Market correlations that no longer apply as they once did. The manipulation of the market and the momentum of the market have simply created price patterns that no longer apply to meaningful data anymore.
In other words, momentum is doing better than real asset prices due to longstanding manipulation of the markets.
The markets have become unpredictable causing many traders to move forward with caution, and some have pulled away altogether to invest in digital assets and gold.
In other words, our Global Markets are now leading the way over and beyond human control. There are still some events that can bring it down, so we can replace it and reset it with the new digital economy such as:
* A huge spike in oil * Government credit default * A worldwide recession which is already taking place * More war * BRICS influence * Weather events * A commercial Banking default * Inflation * Wage growth * Geopolitics * And, supply chain disruptions
These factors, even one, have the ability to cause an imbalance so great in the market that a return to normalcy will no longer be possible.
These and many other reasons are why a Global Currency Reset inside a new Digital Economy is happening.
Mawazine News – Baghdad Oil Minister Haiyan Abdul Ghani said on Tuesday that Iraq has plans to export gas to Europe, in light of the plan to achieve gas self-sufficiency within five years. Abdel Ghani, during his participation in the session of the strategic conference held within the activities of the Egypt International Energy Conference and Exhibition, said that “a global auction was put forward for exploration and development of natural gas reserves.”
The Iraqi minister pointed out that “the positive steps have been taken to zero the process of burning torch gas in Iraq, which helps the country in its efforts to reduce emissions, stressing that in 5 years Iraq will reach zero in burning this gas and full exploitation in electric power generation.” He pointed out, “Iraq was able to achieve the required percentages in accordance with international obligations in the Paris Agreement, and pointed to the success of the Basra Gas Project NGL in its two stages in stopping the burning of 400 million cubic feet of gas and thus achieving the required ratios in accordance with international obligations.
Abdul Ghani pointed out that “the integrated project that is being implemented with Total International to increase the production of natural gas, as well as stopping the burning of associated gas in 5 oil fields and benefiting from it in addition to the production of renewable energy.”
%203.19.46%E2%80%AFp.%C2%A0m..png)