Central Bank: Using the best internationally approved systems and standards in the field of electronic payment
The Central Bank of Iraq announced today, Monday, the use of the best internationally approved systems and standards in the field of electronic payment, while indicating that it spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for the development of electronic payment in Iraq.
The Deputy Governor of the Central Bank, Ammar Khalaf, said in a speech at the first Iraqi Digital Economy Forum, attended by an Earth News correspondent, that “the digital financial transformation in Iraq began with the localization of the salaries of state employees and the opening of bank accounts, the primary purpose of which was to use electronic payment in daily transactions.” Whether inside or outside Iraq.”
Khalaf added, “Iraqi society prefers to rely on cash in daily transactions, but the government’s efforts to support digital transformation, especially in the financial sector and other sectors, gave a strong impetus to the Central Bank over the past year and it continues to encourage and activate electronic payment in Iraq by issuing many Among the laws, controls and instructions that encourage the use of electronic payment in Iraq.”
He pointed out that “some ministries responded quickly to the directives of the Central Bank and the Iraqi government, especially the Ministry of Oil by making collections at gas stations and others via electronic payment, as well as the Passports Directorate, which obligated payment to be electronic, in addition to the General Traffic Directorate and other ministries.” He stressed that “all this support gives a very strong impetus to electronic payment.”
He pointed out that “the Central Bank has been the only influencer for many years, as it has embraced the importance of digital transformation in most of its transactions, and spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for developing electronic payment in Iraq through the use of the best internationally approved systems and standards in this field.” link
2. Click Live Charts. This is free but there is a private side. We can at least get a little example.
3. Click EURUSD in the top left of the chart.
4. Delete EURUSD in the top left box and type in USD/IQD. Wow! Oh, my goodness...
The Iraqi dinar is going through a phase where it's being traded internationally on a private side of Forex. It is live. In December it was trading about $2.40 to $2.50. In January it was trading at about $2.60. Last month it was about $2.63 or so. Sunday it was $2.70...IMO this is a trend that is going towards the reinstate phase of the Monetary reform to reach the $3.22 that it was.
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 evening RV’ers
Member: Today has been a plethora of activity and good news! Let’s finish the night with an RV!!
MZ: Fairly slow on the RV side…but still getting plenty of chatter from groups that they are waiting for the shoe to drop….everybody is at the edge of their seats.
MZ: I think the silence we are hearing is because there is so many balls being juggled and in the air right now. Hopefully things break loose tomorrow.
Member: I hope they get this done before Ramadan
MZ: I don’t believe it will be delayed by Ramadan…but we will find out soon…It’s only 5 days away
Member: Kuwait revalued in Ramadan.
MZ: Nader has been on fire with some articles ….Be sure to go listen to them
MZ: “Sudanese advisor details Iraq’s financial situation and touches on exchange rates” they want you to know things are good. And they have a lot of foreign currency reserves.
MZ: “India’s forex reserves surge to $619 Billion” Why are we seeing an increase in foreign currency reserves for a number of the BRICS aligned countries? It’s like they are preparing for something.
Member: Wolverine is extremely excited, Close!!!
Member: Mike Huckabee did a long talk about the possible 14 % federal income tax on new purchases. This was on Newsmax on Sunday Night. Nesara?
Member: Seeking to understand. Why are there separate baskets for currency?
MZ: Originally we were told there would be 3 or 4 baskets of currencies that would go at different times. Now, it is my understanding that the majority will go on day one…. And the rest will go over time as the individual nations get up to speed and ready.
Member: Things sure sound good by this weekend!! I just hope they don't use Ramadan as an excuse to postpone this
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In Shafaq News the Central Bank of Iraq confirmed, on Saturday and I quote from the article- “that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank. This was just the start as deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee)”.
But here is the best part of today’s news, as if it was not very good already these past weeks. I quote from the article – “He added, “These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay in the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency.”
I would like to briefly explain how trade payments work between countries. For example, factory owners in China don’t want anything but the Chinese yuan, just like factories in the US want US dollars. So according to this article today, now China (the first country) will accept the dinar but through trade brokers at the bank that will convert the dinar to yuan for the companies. My main point is this – the dinar is now slowly being rolled out and recognized as a valuable currency to the world and soon to be widely accepted as a global currency by many more countries. Get it? It is slow to roll out but this move by the China and the CBI is a very important one. Just remember now that just over a year ago no one wanted the dinar. China, of all the developed countries, is now willing to trade using the dinar as payment. WOW!
NEWS
THE IRAQI CENTRAL BANK CONFIRMS TO SHAFAQ NEWS THE PROVISION OF FIVE FOREIGN CURRENCIES AS AN ALTERNATIVE TO THE DOLLAR FOR MERCHANTS
2024-03-02
Shafaq News/ The Central Bank of Iraq confirmed, on Saturday, that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank.
Deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee).
He added, “These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency.”
Last week, the Central Bank of Iraq’s total sales of hard currency in US dollars amounted to more than one billion dollars.
Shafaq News Agency correspondent stated that the Central Bank sold during the past week, and for a period of five days during which the auction was opened, one billion and 52 million and 796 thousand and 86 dollars, at a daily rate of 210 million and 559 million and 217 dollars, lower than what it recorded the previous week, when it amounted to one billion and 62. One million 587 thousand and 198 dollars.
In the news this period we hear of the World Trade Organization (WTO) assigning the Saudi representative to the organization, Saqr Al-Muqbel, to manage the file of Iraq’s accession, and he came to Baghdad on an important visit and met with the Iraqi negotiating team, and many issues were addressed, the most important of which were the files of goods and services, as well as the legislation. What legislation? Remember there is law that parliament must still first pass to facilitate investors coming into Iraq.
In todays, news also on this WTO topic, Bloomberg revealed the reasons for Iraq’s current inability to join the World Trade Organization. The agency said in a report, “Libya, Lebanon, Sudan, and Iraq are among the countries trying to join the WTO, but due to conflict and fragility, this hinders their accession”. But this article by Bloomberg does not, of course, tell the entire story and we as investors know more details then revealed even in this article about Iraq’s accession in particular.
Just wanted to let everyone know that you don’t have to step on to the daily. Weekly RV roller coaster. There is a better way and that is knowing the TRUTH about the monetary reform process and just where Iraq now is in the process.
The monetary process to revert back to a global economy remains basically the same since Dr Shabibi time period, but the requirements to meet the process have been tightened down so tight during the Obama administration and now still carried out by the Biden administration. Dr. Shabibi understood how he could make it all work in 2011 when the CBI and IMF outlined their plan. This is why he was ready to go in January of 2013. He even had timelines, as we found out in later years by his news media interview, but the Obama era caused a drastic change in the requirements which I believe was to delay and allow for all this corruption we now see playing out, that is a challenge now for the current CBI leadership under Ali Alaq to overcome.
Welcome to March and spring is less than a month away. Just to clarify – there never was any plan to reinstate the Iraqi dinar in February. Get it? When you read today’s news you will learn yet more evidence as to why I keep saying this.
Let’s get on with today’s news….
In Shafaq News the Central Bank of Iraq confirmed, on Saturday and I quote from the article- “that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank. This was just the start as deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee)”.
But here is the best part of today’s news, as if it was not very good already these past weeks. I quote from the article – “He added, “These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay in the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency.”
So let’s take a step back and remember how far Iraq has come already gone in the monetary reform process. In December of 2022 they completed war reparation payments to Kuwait. This opened up the door to move ahead aggressively with the monetary reform process to get to their ultimate goal, which is the reinstatement of their dinar back to FOREX and other currency exchanges. Just keep your eye on the ultimate goal.
Getting to the ultimate goal was not going to be easy for Iraq. It would require a lot of changes and thinking about how to run their monetary system. Since Dr Shabibi’s time we heard about the desire for electronic banking and Point of Sale (POS) electronic payments. Many did not understand fully why the CBI was pushing this effort even a decade ago, but now we know as article after article tells the story now why this is so integrated in the process of the monetary reform.
Here is a list of just some of the items of importance of electronic transactions that I can list off the top:
Help to reduce corruption with the dollar
Will allow the shrinkage of the monetary mass in circulation (Remember if the monetary mass decreases the value of the currency typically increases. The CBI has certain goals in this manner before the Project to Delete the Zeros);
Help to stabilize the parallel dollar market within the “official CBI rate”
Puts more money in the banks that then allows capital for the banks to loan the funds for businesses, mortgages, investments, etc. But most importantly the banks now have alternative sources of income other than the spreads from the currency auctions. This will help curve banking corruption.
I would like to briefly explain how trade payments work between countries. For example, factory owners in China don’t want anything but the Chinese yuan, just like factories in the US want US dollars. So according to this article today, now China (the first country) will accept the dinar but through trade brokers at the bank that will convert the dinar to yuan for the companies. My main point is this – the dinar is now slowly being rolled out and recognized as a valuable currency to the world and soon to be widely accepted as a global currency by many more countries. Get it? It is slow to roll out but this move by the China and the CBI is a very important one. Just remember now that just over a year ago no one wanted the dinar. China, of all the developed countries, is now willing to trade using the dinar as payment. WOW!
But remember also the dinar is not widely accepted yet but normally this process once started does not take long and that is why I am excited so much about this article. This move puts pressure to convert the dinar to it’s true value, the TRUE value not the 3120 but what we have been waiting for, finally.
Also we must keep in the back of our minds that the CBI told us (reminded us) just a week ago that the electronic platform (currency auctions) is going to end very soon. The banks will be taking up the responsibility of supplying any needed dollars for trade, but in doing so will use their own monetary banking reserve swaps between banks of other countries to do so.
How can this happen if other currencies weren’t also flowing i to the Iraqi banks? The answer is that they are, as today’s article reinforces this policy again. But it is not a new policy just that I could be used due to the sanctions and auction process.
The most important takeaway I had from this part of the news last week was that, when this does occur, the CBI will no longer be using the CBI reserves in dollars for this effort but instead the banks will use the “normal” banking processes meaning as used globally by all banks. In other words, we can see this entire “sanctioned” way of the monetary process flipping very rapidly now back to the global process, as before the 1991 and the 2003 wars.
I hear so much needless worry about Iraq’s WTO accession. Relax folks, calm down as it is going to happen. Even today in the news Iraq once again gives us this assurance. Does Iraq need to RV for the WTO. There is nothing in writing anywhere stating this is the case. However, a country does need a currency that can be globally traded and we now know that the Iraq IQD is still under OFAC US Treasury sanctions. This is why when the banks look at their screens when researching the IQD rates, they see it, but won’t touch it yet due to the sanctions. We must be patient as these sanctions too will be released soon. I just want to remind everyone of these stories of people now exchanging. Are they really? Are these banks committing a crime? Would you even want to be part of this? Could these exchanges be clawed back someday in the future? Is this what you want?.....WILL CONTINUE