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Al-Rafidain announces the launch of the comprehensive banking system, 9 APRIL

Al-Rafidain announces the launch of the comprehensive banking system

Economy | 09:07 - 04/06/2024   Mawazine News – Baghdad   Al-Rafidain Bank announced, on Saturday, the launch of the comprehensive banking system in the branches of Al-Waziriya and Al-Ma’rifa in Baghdad and Al-Shuhada in Holy Karbala.

He stated to the Bank in a statement received by Mawazine News, that “the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings to include all branches of the bank with the application of the system.”

He pointed out that "one of the priorities and objectives of the government program is electronic transformation in financial transactions, reducing episodes of red tape for citizens, and reducing time and effort in completing citizens' transactions." https://www.mawazin.net/Details.aspx?jimare=245449

"RV UPDATE" BY SANDY INGRAM, 9 APRIL

 Sandy Ingram 

  Iraq's prime minister will be in Washington, DC in less than 8 days to meet with President Biden.

 The real effective exchange rate (REER) is a measure of the relative strength of a country's currency in relation to an index or basket of other major currencies.  The REER is used to judge whether the country's currency is undervalued or overvalued or, ideally, fairly valued... 

Nominal Effective Exchange Rate (NEER)...It is an index of the weighted average of bilateral exchange rates of home currency with respect to a basket of currencies of trading partners.  An increase in NEER indicates an appreciation of the local currency against the weighted basket of currencies of its trading partners.

 Iraq's top five export trading partners are India, with $38.8 billion, China with $34 billion, the United States with $10.3 billion, South Korea with 8.21 billion, and Greece with $6.27 billion.    Based on Iraq's export partners the Iraqi dinar definitely could be worth more.  However everything is speculative until the US and Iraq give the green light to float, revalue, reinstate or increase the value of the Iraqi dinar...This could happen overnight but it is unlikely.  

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-sandy-ingram-8-april_01833617722.html

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Iraq.. Recovering about two million dollars from the railway company’s account for the former regime, 9 APRIL

Iraq.. Recovering about two million dollars from the railway company’s account for the former regime

Today, on Sunday, the Iraq Money Recovery Fund declared that around two million dollars had been retrieved from the railway company’s account belonging to the previous government.

.. “From the railway company’s account, the Iraq Money Recovery Fund was able to recover about two million dollars to the previous regime,” stated Ayman Daoud Salman, Vice Chairman of the Fund’s Board of Directors, in a statement.

He said, “These accounts belong to the General Railway Company within the plan’s projects, which amounted to 1,918,486 US dollars, which is equivalent to 2,267,645,000 dinars.”

Salman went on, “These funds were transferred back to the Central Bank of Iraq account of the Ministry of Finance.”

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 9 APRIL

 Frank26

  [Iraq boots-on-the-ground report]  

 FIREFLY: 

 Have not seen any of it on the news today about the lower notes that are going to be distributed in May...However there are a lot of rumors saying it was something out here today.  We have not seen yet but we are looking... FRANK:  There are many rumors about the monetary reform right now.  Yes there seems to be a rumor about the lower notes...let's see what happens this coming week.  Let's see how things start to unfold. 

FIREFLY:  Ramadan is over on the 8th.  Then we have EID holiday from the 8th to the 14th and then on the 15th Sudani is supposed to go to Washington D.C...It's time to get a little excited...

   FIREFLY: The foreign minister already in USA is a prelude to Sudani grand stand that's coming April 1st, our new fiscal year.   

FRANK:   So much is now pointing for your 1st quarter.  April the 1st or maybe the first week of April especially with Sudani going to see the President of the United States in Washington DC on the 15th of April.  It seems to me he's going to go see the president with a new exchange rate under his belt...not the weak leadership of a program rate.

  FIREFLY: TV is say when Sudani goes to Washington.  OMG that's a long time off.  Means nothing changing until after that probably, if it does this year.  

FRANK:  I don't care if it happens on the 15th of April.  I don't care if it happens tomorrow.  I just know it's happening with all that we're seeing.  The proof is there.  There's no doubt about it.

 FIREFLY:  Tv talked about  parliament finance has been meeting...with the CBI officials talking about mechanisms to pay the salaries and all the project we have.  This is a good sign.  They are meeting right before the budget goes to parliament next week. 

 FRANK:  Firefly knows if it does go to parliament and they vote, it will expose an exchange rate.  Certainly not a program rate.

FIREFLY:  Talked to bank friend.  He told me it seems to be the quiet time but soon news on the amending budget will appear...Nothing will get done, so it's going to be soon.   The dropping of the zeros is off the exchange rate...We were told on TV that during next week the 2024 amended budget will arrive at parliament for their vote.  

 FRANK:  Stay very close to your friend because at any moment IMO I believe he'll be able to give you what you're looking for, what they promised you. 

https://dinarevaluation.blogspot.com/2024/03/iraq-boots-on-ground-rreport-by-firefly.html