“Word is trickling in that ATMs are being loaded with the new rainbow currency and then being placed out of service until all machines are loaded. …According to some sources, Bond Holder payments begin to be processing Wed. 21 Feb. …
I was on a call that was most positive and is affirming we stand at the threshold of scheduling/ exchanging currencies. They do not have rates or exactly when the announcement will be made but it could be as early as the next couple of days.”
This info came from Hong Kong, England NYC Reno and several contacts within the USA who have connections, the message was the same throughout
An FYI and not to be a Debbie Downer but am suggesting you folks enjoy your weekend with family and friends and then pay close attention to the 27th, 28th, and 29th as the first few days of March are not that far off. This from multiple sources world wide.
The world's economies have not changed, especially in the US, and to avoid a global shutdown, this RV must occur as soon as possible to avoid this calamity and those in power recognize this.
Al-Sudani: Iraq, with its production of more than 4 million barrels per day of oil, still imports its derivatives
Despite Iraq producing over four million barrels of crude oil per day, the country has been importing oil derivatives for decades. On Friday, Prime Minister Muhammad Shiaa Al-Sudani criticized this policy and emphasized the steps taken to reach the goal of becoming self-sufficient in oil derivatives by the middle of next year at the latest.
This was said in a speech he gave at the Al-Shamal Refinery’s inauguration ceremony in Baiji. The refinery had been shut down for more than ten years before it was restored.
Al-Sudani stated during his speech: “We went to this refinery in May 2023 to see it for ourselves and to learn about the machines and equipment that had been recovered. These came about on the initiative of Mr. Baran Ahmed Younis, an Iraqi citizen, and with assistance from the Kurdistan Regional Government of Iraq.”
Even with its daily output of over 4 million barrels, he continued, Iraq continues to import oil derivatives, continuing a decades-old policy. With this accomplishment, he stated, “we are close to securing the country’s entire needs for derivatives, no later than the middle of next year,” and “the heroes surprise us before this date.”
Al-Sudani also stated that the actual reform is to cease importing oil derivatives since doing so will save billions of dollars that can be used for other economic and service-related purposes.
He emphasized that well-researched strategies and programs that emphasize how crucial it is to invest this money in a way that generates the highest returns have positioned the oil and gas industry at the top of the government’s priority list.
The Prime Minister continued, saying, “We went to projects implemented for the first time, like investing in associated gas,” adding that “national effort is in multiple site and field to end gas burning within a time frame of 3-5 years,” and that “international companies are working today.”
Al-Sudani went on to say: As part of a new strategy we are implementing to invest oil in the petrochemical and manufacturing industries, we are developing the plan for investment projects both inside and outside of Iraq. in order to maximize return.
The Baiji refinery, which can reportedly handle 310,000 barrels per day, is said to be the biggest in Iraq. In May 2014, after seizing control of the Baiji neighborhood, ISIS took control of the refinery.
Following the district of Baiji’s release from ISIS control in 2015, the refinery lost machinery and equipment because armed groups involved in the nearly year-long military campaign against the group were suspected of stealing and reselling them.
It was declared by Prime Minister Muhammad Shiaa Al-Sudani that gadgets and equipment that had been taken from the Baiji refinery had been found.
Article: "Biden's envoy arrives in Baghdad and meets Al-Sudani"
Article: " Al-Sudani is making an upcoming visit to Washington"
Quote "The two sides discussed the files that will be raised during the Prime Minister’s upcoming visit to Washington, and the cooperation mechanism within the strategic framework agreement between Iraq and the United States, and the committees formed in this regard,”
From Cash to Cards: Workers’ struggle, electronic payment prospects, and Iraq’s shift to a cashless future
In Iraq, the push towards electronic installment frameworks has experienced opposition from numerous specialists who dread the effect on their livelihoods.
As the Public authority expects to progressively get rid of money exchanges and carry out current computerization, concerns emerge among residents, particularly those functioning in corner stores.
The Iraqi Service of Oil’s Items Dissemination Organization has set the finish of next Spring as the last date for cash exchanges at government and confidential fuel stations. The main preliminary occurred for the current week at the Muthanna government station.
In a proclamation, the Organization’s head supervisor, Hussein Talib, cleared up for Shafaq News Office that “organizations have associated fuel gadgets to Retail location (POS) terminals (equipment frameworks for handling card installments at brick and mortar stores,) permitting residents to enter fuel amounts and make installments without the requirement for human mediation.”
The bad dream of joblessness
Fuel station laborer Mohamed Ali, 33, accepts that the electronic installment gadget set close to him is the principal justification behind a decrease in the tips he gets, and he might try and lose his employment as residents progressively use Visa cards to buy fuel.
Ali, who has been working at a corner store in Baghdad for a considerable length of time, told our Organization, “I invest a large portion of my energy, from sunrise to sunset, remaining close to this bureau to serve the people who need to refuel. They generally give me a few hints for each top off, yet presently the tips are falling because of electronic installment frameworks.”
Ali views electronic installment frameworks as compromising his occupation, “The circumstance doesn’t look great, particularly for those working at corner stores. Proprietors are discussing the chance of lessening the quantity of laborers, which will prompt expanded joblessness, given the absence of recently added team members and restricted open positions in different areas.”
Benefits of electronic installment
Electronic installment, a framework for settling exchanges without cash, enjoys various benefits. Quite possibly of the main advantage in Iraq is taking out defilement, extortion, and direct pay off in government foundations. It likewise works with simplicity of exchanges and increments cash stores in banks and monetary establishments.
Nonetheless, the progress to this all around the world rehearsed framework in Iraq isn’t without fake exercises that could happen both by traders during residents’ exchanges and through the burden of extra expenses under the guise of current derivation charges, particularly as the cultural culture in regards to electronic installment is feeble.
Subsequently, economy specialists focused on the need to teach the local area about utilizing electronic installment and working with the launch of ledgers for residents to get electronic cards without a hitch and without obstructions.
In this unique situation, oil master Govand Sherwani states, “The electronic card installment and charging framework addresses a cutting edge way to deal with monetary exchanges, portrayed by speed and exactness. It decreases dependence on cash liquidity, which is normally defenseless to harm and requires remuneration.”
Sherwani adds, “Card exchanges decrease reliance on money, whether paper or money, in this way diminishing misfortunes and saving extra assets for the state. The installment framework gives a solid method for managing monetary exchanges as opposed to conveying a lot of money in the wallet, which might be inclined to misfortune or burglary.”
In any case, the difficulties blocking the execution of this framework in Iraq might be, as per Sherwani, “the absence of transformation by standard residents, particularly those with restricted schooling or independently employed people, as well as the expenses forced on each buy or deal utilizing these cards.”
He calls for “keeping the commission low to boost residents to take on the cards without block, as card reception is a primer step towards electronic banking without the need to visit the bank and manage paper monetary standards, whether for withdrawals or stores.”
“Becoming acclimated to these cards will be a preliminary step for residents who are not familiar with visiting banks to open records, manage business exchanges, and even get pay rates, as referenced in the shrewd card and key card, electronically moving compensations to any point or office for the key card anyplace in Iraq.”
That’s what sherwani noticed “representatives are acclimated with this framework, however non-workers, for example, independently employed and brokers, may view this as new. Notwithstanding, with time, they will understand the advantages of electronic installment.”
On the destiny of laborers at corner stores, Individual from the Iraqi Parliament’s Oil and Gas Board, Appointee Kazem Jaru Al-Maghsoub, states that “in most Government and confidential service stations, the specialist takes an extra sum for himself (tips). Thusly, electronic installment will stop this.”
“Placing cash in the MasterCard will move the assets from the resident’s wallet to the state’s equilibrium. Subsequently, electronic installment has many advantages and will diminish debasement.”
As to eventual fate of laborers at the stations, that’s what he guarantees “they will keep working and won’t be impacted. Maybe their numbers in the outreach group might diminish because of the accessibility of installment gadgets that play out their assignments, and the excess will be disseminated to the Oil Item Appropriation Organization, so the installment gadgets won’t cause joblessness. Nonetheless, laborers in confidential stations might be impacted because of the accessibility of gadgets that play out their jobs, lessening their numbers.”
Then again, Delegate Director of the Association of Gas Filling and Administrations Offices, Abbas Mahioub, brings up that “most residents don’t have a Visa card, and in my work, there is an issue in the gas-selling process. The gas specialist who meanders inside urban communities to offer gas to residents finds that a great many people don’t have electronic installment cards.”
Mahioub adds to “Albeit the Visa card is accessible, it has a commission while charging and pulling out, which is a misfortune for the cardholder. Regardless of the framework’s many advantages, these commissions might prompt cost increments to cover these charges.”
Giving POS gadgets out in the open spots
In spite of the orders of the Iraqi Government to execute the electronic installment framework in state organizations, the confidential area, business focuses, markets, and other diversion offices, most business sectors and fuel stations need POS gadgets.
It’s actually significant that the National Bank of Iraq’s Board settled on December 13 last year to lay out the “Public Organization for Electronic Installment Frameworks” across the country.
As per the National Bank, this step comes in lined up with the fast development in electronic monetary administrations and items and the rising number of clients, lining up with the Taxpayer supported initiative’s to help and embrace progressed electronic installment frameworks.
Furthermore, the Iraqi Banks Affiliation uncovered, on December 12, a development in financial balances, bank cards, and electronic installment gadgets following the huge help given by State head Mustafa Al-Kadhimi and the National Bank of Iraq to the financial area. This help remembered actuating electronic installment for government and confidential organizations and transforming systems for supporting unfamiliar exchange.
The Board’s director, Ali Tariq, expressed in a public statement that financial balances developed by 14%, arriving at 10.02 million toward the finish of September 2023, contrasted with around 8.79 million records toward the finish of 2022, which shows the production of more than 1.2 million records in nine months or less.
Iraq’s shift from money to electronic installments presents the two difficulties and open doors. Laborers like Mohamed Ali face vulnerabilities, yet the expected advantages of lessening debasement and it are influential for further develop proficiency.
Hence, the outcome of this monetary development lies in embracing innovation while defending the labor force’s prosperity, finding some kind of harmony among progress and compassion.
Community Comment "...Nothing is going to change until Trump is back in office period..." Funny how people really feel if Trump gets in office then it's going to happen for sure, which it might be a possibility but we thought that last time. Nothing happened. But keep your fingers crossed, we're going to find out very soon.
Community Comment: "Thanks for the let down once more that Iraq will never RV." I never said it would never RV. Never. In fact I'm the one that said it's going to go up in increments.
Question: "There have been some references...regarding some Iraqi banks in the US, have you heard about any of thee banks on US soil?" Here you go: You have the Iraq National Bankthat's in New York.Rasheed Bankthat's in New York. North Bankthat's Dearborn Michigan,The Bank of Baghdad is in New York City,TBI Bankwhich is in Washington DC. These are the Iraqi banks that are currently in the US...
Community Comment: "IMO I think a $1.28 would be a sweet spot for the RV and then go up from there." $1.28 would be pretty nice if we can get it but IMO if they want to make sure not to really crash their economy they're going to have to go up in smaller increments...I know you guys don't like to hear that and it makes me the bad guy. You might see it go somewhere from...1310 for every dollar...to around 1,100 dinars for every dollar or maybe even 1,000 dinars for every dollar, then from there down to like 700s...small increments...FOR READ MORE: https://dinarevaluation.blogspot.com/2024/02/rv-update-by-pimpy-23-feb.html