Been in contact with many of my sources throughout the day from Technical Developers to Banking contacts.
My understanding is that we are progressing well with the MICA regulations which stands for Markets in Crypto Assets.
These regulations will allow us to move forward with the new digital economy, and we are still on target to finish these by the end of May.
These are much needed changes to the banking system that will allow us to move forward with new Banking and Market values. I would not expect anything to happen this month due to these updates.
I hope you have a wonderful weekend. Take this time to enjoy your family and friends. These things mean so much more than anything we will receive monetarily going forward.
FRANK26: "MANY THINGS ARE NOW IN PREPARATION FOR THE MONETARY REFORM".........F26
Install 1,000 ATMs in cities in the Kurdistan Region by the end of 2024
4/5/2024
The process of registering employees in the Kurdistan Region continues with the “Hasbi” project, which is a digital financial payment system. Employee registration has reached 260,000 people, and 153,000 cards have been issued to those registered.
The regional government said in a statement today, Friday, that by the end of 2024, about 1,000 ATMs will be installed in all governorates, districts and regions of Kurdistan, so that employees can easily receive their salaries.
According to the statement, the number of banks participating in the project is constantly increasing, and so far they are (BBAC - NBI - RT - Cihan - IIB), all of which have been recognized and accredited by the Central Bank of Iraq.
Since last year, as a pilot, Erbil Maternity Hospital employees have received their salaries through the “My Account” banking system.
At the end of last year, the faculties of arts, agriculture, and science at Saladin University received their salaries through the same system.
We often talk about $0.10 to $0.25 to one U.S. dollar. People get upset but that is what could happen without a reval. And most of the [Dinar investors] would experience a six-figure profit if the currency just went up to 10 cents to 1 U.S. dollar.
A pivotal moment looms on the horizon with Iraqi Prime Minister Mohammed Shia al-Sudani slated to visit Washington DC on April 15, 2024. President Biden is set to host this crucial meeting...It's not all about military... the meeting is also expected to tour upon Iraqi financial reforms...This is the reason this meeting is important for Iraqi dinar investors. The US...undoubtedly has a vested interest in the successful implementation of these reforms.
A pivotal moment looms on the horizon with Iraqi Prime Minister Mohammed Shia al-Sudani slated to visit Washington DC on April 15, 2024. President Biden is set to host this crucial meeting...It's not all about military...the meeting is also expected to tour upon Iraqi financial reforms...This is the reason this meeting is important for Iraqi dinar investors. The US...undoubtedly has a vested interest in the successful implementation of these reforms.
Article quote: "Salih summarized on Friday the benefits of Iraq's accession to the membership of the European Bank for Reconstruction and Development." It looks like Iraq is doing everything possible to join the international financial platforms. We need to wait and see how this will affect our ability to exchange our Iraqi dinar bank notes for US dollars.
There is absolutely no law against carrying large sums of cash...You can travel with as much money as you want.
However, there is a catch. If you are entering or leaving the Untied States with more than ten thousand dollars in cash or equivalent, you are required to report it to customs and border protection.
This rule applies whether the cash is in U.S. dollars or in a foreign currency...You need to complete a "FinCen 105 form"... What happens if you don't report more than 10 thousand dollars in cash?Failure to report can lead to seizure of the money...You may also face criminal charges...Remember these rules...it's always better to be safe than sorry.]
Iraq has completed the necessary prerequisites to join the World Trade Organization WTO. This pivotal development reported by Gulf News marks new chapter in Iraq's economic journey...
Joining the WTO is not a mere formality, it necessitates a commitment to aligning with WTO rules by enhancing private sector performance and overhauling trade policies.... Membership in the WTO is a significant milestone for any country.
Prime Minister Mohammed Shia Al-Sudani confirmed, on Sunday, to the representative of the United Nations, that Iraq has completed many of the requirements of transformation and the completion of its constitutional institutions, which was documented by the recent UN reports.
His media office said in a statement received by {Euphrates News}, “the latter received the Special Representative of the United Nations Secretary-General in Iraq, Jenin Blaskhart, and discussed, during the meeting, the relationship between Iraq and the United Nations, and highlighted the files and programs in which the UN organization works to support Iraq and in various fields.”
The Prime Minister stressed that Iraq has completed many of the requirements of transformation and the completion of its constitutional institutions, which recent UN reports documented, pointing to the importance of continued cooperation between Iraq and the United Nations agencies working in Iraq, with their various activities.
FRANK26:"ZIMBABAWE FINALLY STARTS WITH THEIR MONETARY REFORM AND IT WILL TAKE MANY YEARS TO ACCOMPLISH ITS GOALS"............F26
Zimbabwe launches new gold-backed currency
Most Zimbabweans prefer to do business, get paid and hold their savings in US dollars
April 5, 2024
Harare – Zimbabwe’s central bank launched a new “structured currency” backed by gold on Friday, as it seeks to tackle sky-high inflation and stabilise the country’s long-floundering economy.
The ZiG — short for Zimbabwe Gold — will replace the Zimbabwean dollar which has tumbled in value over the past year, pushing inflation through the roof, Reserve Bank governor John Mushayavanhu said.
“With effect from today… banks shall convert the current Zimbabwe dollar balances into the new currency,” he said, presenting a monetary policy statement.
He also announced a drastic cut in the bank’s main interest rate, from 130 percent to 20 percent.
The ZiG will be “fully anchored and fully backed” by a basket of reserves comprising foreign currency and precious metals — mainly gold, Mushayavanhu added.
The move is aimed at fostering “simplicity, certainty, (and) predictability” in Zimbabwe’s financial affairs, he said, presenting the new banknotes that come in eight denominations ranging from 1 to 200 ZiG.
The Zimbabwean dollar has lost almost 100 percent of its value against the US greenback over the past year.
On Friday, it was officially trading at around 30,000 against its more coveted US counterpart — and at 40,000 on the black market, according to tracker Zim Price Check.
Its poor performance contributed to the southern African country’s high inflation rate, which after climbing well into the triple digits last year, was at 55 percent in March, according to official data.
This has piled pressure on its 16 million people who are already contending with widespread poverty, high unemployment and a severe drought induced by the El Nino weather pattern.
– More gold needed? –
Zimbabweans have 21 days to convert their old cash into new money, Mushayavanhu said.
The new banknotes feature a drawing of gold ingots being minted, as well as Zimbabwe’s famous Balancing Rocks, which already appeared on the old ones.
Zimbabwe boasts vast gold deposits, with the precious metal accounting for almost 25 percent of all exports in January, according to official data.
But analysts have questioned whether Harare has enough reserves to adequately back the currency, and if the latter could suffer from volatility in gold prices.
On Thursday, President Emmerson Mnangagwa inspected the central bank’s vaults that Mushayavanhu — who was appointed earlier this year — said hold 1.1 tonnes of solid gold.
The bank also has almost 1.5 tonnes more abroad, as well as $100 million in cash and precious minerals such as diamonds that if converted into gold would account for another 0.4 tonnes, he added.
All together the reserves’ value totals $285 million, which Mushayavanhu said was “more than three times cover for the ZiG currency being issued”.
But some were sceptical.
“We obviously need more,” said economist Prosper Chitambara, adding that other countries such as neighbouring South Africa had much larger reserves.
“The more the reserves, obviously, the more the confidence and the more your capacity to be able to defend your currency against any shocks.”
The central bank said it would adopt a tight monetary policy, linking money supply growth to growth in gold and foreign exchange reserves.
– Trillion-dollar inflation –
Soaring prices have brought back memories of 2008, when hyperinflation was so out of control that the central bank even issued a 100-trillion-dollar note — now a collectors’ item.
The government was eventually forced to ditch the local currency and adopt the US dollar as legal tender.
The Zimbabwean dollar was revived in 2019, but it has suffered from much the same issues as its previous incarnation.
Most Zimbabweans prefer to do business, get paid and hold their savings in US dollars.
Many who earn a salary in local money rush to currency exchange shops on pay day.
The government has previously resorted to various expedients to stabilise the economy, including issuing gold coins and launching a gold-backed digital currency but they have yielded little results.