By 92%... An Increase In Sales Of Foreign Remittances At The Iraqi Central Auction, 21 MAY

 By 92%... An Increase In Sales Of Foreign Remittances At The Iraqi Central Auction

Economy | 02:53 - 05/20/2024   Mawazine News _ Baghdad   External remittances at the Central Bank of Iraq auction rose by 92% on Monday, at the expense of cash sales, to reach $254 million.

In its auction today, the Central Bank sold 273 million and 572 thousand and 542 dollars, which it covered at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,305 dinars per dollar in cash.

He added that most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 254 million 462 thousand and 524 dollars, an increase of 92% over cash sales amounting to 19 million 110 thousand dollars.

The number of banks that purchased cash dollars reached 4 banks, while the number of banks that responded to requests to enhance balances abroad reached 15 banks, and the total number of exchange and brokerage companies participating in the auction was 36 companies. https://www.mawazin.net/Details.aspx?jimare=248346

JUDY NOTES, 21 MAY

Global Currency Reset:

• US Treasury Conference Call on Sun. 19 May 2024: “Everything is on schedule and the US is finishing up last minute paperwork. All tests for the RV have gone great. Stay positive. It’s coming.”… Mena, Liberty Lounger Extraordinaire on Telegram Sun. 19 May 2024
• Mon. 20 May 2024 Wolverine: “It’s near guys. I’m not going to say time or day, but I know we are going to have a beautiful, beautiful month.”
• Mon. 20 May 2024 MarkZ: “Many banking sources are expecting big things this week. Some expect things as early as today. Many bankers are upbeat about today and this upcoming Memorial Day Weekend. 
• Mon. 20 May 2024 Rubix Q: “I now have a banker and he has verified this is real. They have been trained and it is a WF bank. He also said that they will be playing a huge role in this. Call around ask for a wealth manager. If they are participating they will set you up with a relationship manager. I was also told when asking, we will not be the ones under NDA…He couldn’t say anymore….hint hint.”
• “Gold is money. Everything else is credit.” -J.P. Morgan 1912

https://operationdisclosureofficial.com/2024/05/21/restored-republic-via-a-gcr-as-of-may-21-2024/

Surprise surprise present died on the helicopter crash you guys believe it BY NADER FROM MID EAST

Among Them Is Related To Capital... Economic Questions Haunting The Work Of Digital Banks, 21 MAY

 Among Them Is Related To Capital... Economic Questions Haunting The Work Of Digital Banks

Economy News = Baghdad   Today, Monday, the economic expert, Mahmoud Dagher, raised several questions about the nature of digital banks in Iraq, while confirming that any bank can adapt its banking system to digital.

Dagher said, in an exclusive interview with Al-Eqtisad News, “The digital bank is ultimately a bank with its banking operations, from cash and in-kind credit to deposits and borrowing, as well as all the activities associated with it, and it is an evolution in the banking system to complete digital operations.”

He added: "As for compliance, combating the financing of terrorism and corruption, and oversight and auditing, they do not differ at all from existing banks. Rather, the responsibilities of the executive management and the Board of Directors continue and are also governed by the laws of the Central Bank, governance, and banks, in addition to the Anti-Money Laundering Law, as well as the instructions of the Central Bank."

The economic expert explained: “Nothing will differ except that operations are conducted through applications, and even these banks have taken steps to establish them, that is, some banks have converted their operations to digital instead of face-to-face,” indicating that “any bank can adapt its banking system to digital in addition to the regular one.”

He pointed out, "Central banks support and encourage this trend, and banks are also seeking to make their digital window wide, especially after the spread of applications and ATMs that withdraw and deposit."

Dagher asked: “Why is the digital bank’s capital less than other banks? And why are there special instructions for the digital bank instead of incentives to support the digital window and voluntary transformation of digital systems as an option for banks?”

Views 173 05/20/2024 https://economy-news.net/content.php?id=43576

How Deleting Three Zeros Will Change the Iraqi Dinar BY AWAKE IN 3D, 21 MAY

How Deleting Three Zeros Will Change the Iraqi Dinar

The critical differences between currency re-denominations and exchange rate purchasing power explained.

Currency re-denominations and exchange rate purchasing power are essential concepts to clearly understand in a global financial system.

They influence how money is valued and used in different economies.

Introduction to Currency Re-Denominations

Currency re-denomination involves changing the face value of a country’s currency by removing zeros from the notes. They are not rare.

Romania, for instance, re-denominated their currency in 2005 by deleting five zeros. Both the old and new notes remained in circulation together.

Romania deleted five zeros from their currency in 2005

This process does not alter the currency’s actual purchasing power. It is typically undertaken to simplify transactions and accounting.

Practical Examples and Misconceptions

Example: Iraq

Consider Iraq, where a 1,000 IQD note currently buys a single loaf of bread.

If Iraq re-denominates its currency by removing three zeros, the new note would be a 1 IQD note. Despite this change, the new 1 IQD note would still buy the same loaf of bread.

The purchasing power remains unchanged because the value of the currency relative to goods and services stays the same.

Common Misconceptions

Some people believe that removing zeros from a currency increases its purchasing power.

For example, they might think that the new 1 IQD note would buy 1,000 loaves of bread instead of one. This misconception ignores the fundamental principle that re-denomination is merely a cosmetic change.

The actual value of the currency, and what it can buy, does not increase.

The Impact on Salaries and Real-Life Scenarios

To further clarify, let’s consider a salary scenario.

If an individual in Iraq earns 100,000 IQD per month, a re-denomination removing three zeros would change their salary to 100 IQD per month.

The new 100 IQD salary would still have the same purchasing power as the old 100,000 IQD salary, allowing them to buy the same amount of goods and services.

Historical Context: Zimbabwe

Zimbabwe’s experience with re-denomination provides a similar example in reverse.

During periods of hyperinflation, Zimbabwe repeatedly added zeros to its currency, creating notes worth trillions of ZIM.

Zimbabwe 2008 100 Trillion note.

However, these new notes did not buy more than the previous billion ZIM notes, illustrating that re-denominations do not enhance purchasing power.

Understanding Currency Exchange Rates and Purchasing Power in Kuwaiti Dinar (KWD)

Determining a currency’s purchasing power relative to other currencies involves complex calculations, especially with fiat currencies.

For example, Kuwait’s dinar (KWD) has the highest exchange rate against the US dollar. However, this does not mean that the average Kuwaiti has higher international purchasing power than the average American.

Salaries in Kuwait are lower in KWD terms, reflecting the exchange rate’s impact.

Example: Moving from the USA to Kuwait

If someone earning $100,000 per year in the USA moves to Kuwait for work reasons, they cannot expect to earn 100,000 KWD per year.

This would be equivalent to earning $260,000 per year instead of the previous $100,000/year.

It would be great for the person moving to Kuwait, yet it is a completely unrealistic scenario.

Instead, their salary in Kuwait would be adjusted to match the KWD/USD exchange rate, likely around 38,000 KWD per year at current rates.

This ensures that their salary purchasing power remains reasonably consistent across currencies.

The Bottom Line

Currency re-denominations and exchange rates are vital in understanding how money functions globally.

Re-denomination changes the face value of money but not its purchasing power.

Similarly, exchange rates impact how much goods and services can be bought in different currencies.

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© GCR Real-Time News

Coffee with MarkZ. Joined by Fernando of ATB. 05/21/2024

MarkZ  Update- Some highlights by PDK-Not verbatim

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 morning everyone! Hope you all have a blessed day!

Member: May 21st 1932, Amelia Earhart Historic Flight

Member: What good news do you have today Mark???

Member: Mark - are we still on track for this month? getting harder and harder to stay positive

MZ: We know that the budget has passed with $162 billion. It was $153 B last year. I am still looking for more pieces of it. There is plenty in the news showing us it is passed….but I have yet to find where they are covering a budget shortfall with a rate  I was told to expect something within days of it being passed. 

Member: Its interesting they are saying billions and not trillions for their budget totals.  They must have a rate hike? Right?

MZ: You are getting it. We are just trying to piece together “what is that rate?”

MZ: Buckle up guys….it will continue to be a weird week. 

MZ: But with the budget passed this means Erbil and oil sales started again in the Kurdish region …..which is big. 

Member: And if I remember right – all the oil sales funds go to Iraq now…and not to the Federal Reserve?

MZ: Have a couple of positive comments from 2 contractors in Iraq that believe they will see their rate this week for their projects. . 

MZ: Very quiet on the bond and banking side. People are positioned and they have done a tremendous job shutting down leaks. Good for the process but sucks for us. 

MZ: “Several States take steps to block a central bank digital currency” This article is from money metals. Which states have already passed clear and solid legislation to block it? Nebraska, Alabama, N. Dakota, Florida and Georgia have passed laws. We are up to about 8 states now to remove the ability to use a CBDC.. The question is can the Federal Government still force it down their throats? 

Member: Dear God let more states join that group…..We must not let them win

MZ: This is a war. It’s a battle of resets. I very much believe we will win.

MZ: “ Russia confiscates 800 million from Deutsche Bank, IniCredit and Commerce Bank” I am not surprised. Russian has had billions seized…..This will have many repercussion in the banking world over the next few days. 

MZ: Gold price in China is $2,485 and the silver price is $36.26. Silver is close to another limit in Shanghai. These are pressures from competing …..Comex , London and them selling and the difference between real physical metal and paper. And the premium that comes with it. This will force a proper valuation of metals as they do this in Shangai…as they do this in China. People will go to sell their metals there instead of here. 

MZ: I believe we are watching things all come together at one time…..imo. . 

MZ: Here is an exciting one for most of the world. “Klaus Swab –now 86 will transition to a role as non-executive chairman “ But we are told he has seeding his organization with his evil offspring and should not be many changes with the globalist agenda and to take up the tyrannical new world order torch.  Swabs children were appointed to high ranking positions. I am surprised ZeroHedge is till around as they have certainly gone after the globalists. . 

Member: What do you think the new rate for Iraq will be?

MZ: I could be wrong but, I think the rate will start about $3.90 or so. But we are totally guessing. . 

Member: what do you think the Iranian rial will be worth after the RV?

Member: it used to be estimated to be less than the IQD….but not by much?

JMember: ust got a message from a friend In Florida we went to the bank there and they told him his house had been paid off and he asked about credit cards and they said that’s coming. 

MZ: I love to hear that.

​​Member: I talked to the bank concerning losing house in June, I explained about the currency i have. bank lady said, "interesting, let me speak with my boss, get back to you in a few days." I'm hopeful!

Member: We have another 3 day weekend coming, hopefully our last 3 day weekend. Ready to really get to work and make Earth a better place 

Member: hi Mark, your kindness & encouragement helps us thru our rough days. just wanted you to know that.

There is a guest on today from ATB. Listen to the replay for their information and opinions. 

“THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES & NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY

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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medi

"THINGS ARE HAPPENING IN IRAQ" BY BIRDIEORBUST VIA GINGER TELEGRAM ROOM, 21 MAY

 Birdieorbust, Liberty Lounger Extraordinaire, offers a valuable update. 5.21.24 

💢 Birdie: Well, things are happening in Iraq that they are not letting us in on; and the Iranian thing was needed.

Iranian leaders were not for the RV, they love the almighty US dollar and tried to steal it from Iraq every chance they got. The death of the leader of Iran will make things go faster and, in my opinion, it was planned for that purpose, it was no accident. But saying all that, they are moving forward using the budget in Iraq so it is only a matter of time before we hear the rate change which is included in that budget. The other issue has been they are trying to keep it from Parliament as long as they can so therefore we do not hear it because of that.

Parliament still has some people who would love to foil this RV as well, but Sudani is smart and will do it at the best time possible for it to be successful for all. The citizens are being told more things than we are hearing in articles etc... It cannot be that much longer now.