Iraqi Dinar✅Wait Is Over Revaluation 2024 / Iraqi Dinar News Today / IQD RV

Report of the International Monetary Fund in its consultations with Iraq on Article IV for 2024, 28 MAY

Report of the International Monetary Fund in its consultations with Iraq on Article IV for 2024

The report issued by the International Monetary Fund’s mission for the current year 2024 for the Article IV consultations praised the Iraqi government’s measures, including the monetary policy led by the Central Bank of Iraq, and the report indicated that the Central Bank of Iraq has taken several measures aimed at stabilizing the national currency and controlling monetary inflation.
He added that the central bank raised the interest rate on monetary policy instruments from 4% to 7.5% and increased the mandatory reserve requirements of banks from 15% to 18%, and these steps were crucial in reducing the inflationary pressures suffered by Iraq, and this contributed to the creation of a more stable economic environment.
The report stressed that important reforms in the banking sector such as the gradual increase in bank capital and mergers between small banks aim to strengthen the banking sector, increase its efficiency and flexibility in the face of economic shocks.
The report noted that Iraq has implemented new compliance measures to improve the transparency of cross-border financial transactions, through the launch of an electronic platform that enforces the disclosure of financial beneficiaries, which enhances the integrity of financial transfers in line with international banking standards, as well as the role of the Central Bank of Iraq in expanding correspondent banking relations, to facilitate international trade financing operations more smoothly.

♦ To view the full report. click here

Central Bank of Iraq
the media office
May 27, 2024

"RV UPDATE" BY MILITIAMAN, 28 MAY

 Militia Man

  In 2016 Gold was right around $1,500 bucks a once and today it's running $2,300 to $2,400 bucks an ounce.  They increased that gold supply by about 40 tons...Their currency reserves are around $110 billion.  They have a massive amount of wealth.  They have the ability to support their imports for about 16 months they say, which is about 5x what they need.  That's important.  They don't want to reduce those.  They'd like to keep them on hand...Iraq has a good foundation for Alaq to do what he's supposed to do and it'll only get better if he does.

If they change the value of their currency they're going to have more surpluses...The oil price is about $70 in the 2023 budget.  That hasn't changed for '24 or '25 because that's a tripartite budget.  They got a surplus.  Oil is somewhere around $80.  It's been as high as $91ish.  The expectations of oil is to be somewhere in the neighborhood of $80/$90 and they even talk about $100/barrel...Iraq is going to be sitting pretty good...They have phosphates...sulfur...natural gas...Those non-oil revenue streams...taxes and tariffs are going to come online...Iraq has a good foundation for Alaq to do what he's supposed to do.

 Iraq is moving forward.  They've got huge reserves...increased their gold, they're going to have the private sector, their stock exchange is going to be one to reckon with.  It's an emerging market and a lot of money is going to be start flowing...

If they go on the Forex system it's going to be international.  It's going to be fast and furious. 

 Could they do something within the county prior to that?  

Sure, why not, educate the citizens, do what they got to do...

 Question:  People want to know if they can drag this out until next year? 

 Militia Man: We don’t know the timing. But, I don’t think we are even close to go that long. There is way too much going on in the world and this is not only about Iraq. Remember all boats rise with the tide...I believe Iraq is ready to go with the rest of the world. Along with other countries like the Vietnamese dong. 

Are they going to change the value of their currency...? 

 I'm pretty sure they are going to need to to pay for all these [reconstruction] objects...rebar, the cement - all that stuff is expensive at 1310.  It's not so expensive if it's back at a 'previous era'....If they have the true value, their real effective exchange rate, it's going to be far cheaper...

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-militiaman-25-may.htm

Vietnamese Dong Revaluation Around $2 To $3 Today 2024🔥vietnam dong rate...

Iraq Is Turning To Digital Banks.. What Does It Offer To The Banking Sector?, 28 MAY

 Iraq Is Turning To Digital Banks.. What Does It Offer To The Banking Sector?

Economy News – Baghdad  The Iraqi banking system may soon receive banks of another type called (digital banks). What are these banks and will the citizen, the banking system, and the Iraqi economy benefit from them? Files that the beneficiary of the banking sector services in Iraq is trying to ask.

Financial expert Ziad Al-Hashimi says, “Online banks, also known as digital banks or neo-banks, are banking financial institutions that operate completely and exclusively over the Internet, and unlike traditional banks, where digital banks usually do not have physical branches.” In cities, they rely on providing their services on the website and mobile phone applications, and the banking services that citizens, merchants, and institutions need can be provided through phone applications.”

He continues, “The most important advantages of digital banks are the ease of opening an account, accessing and managing the balance, lower fees and costs, and having diverse and distinct services (such as budget applications, spending plans, and flexible integration) and other advantages. Because of these advantages, digital banks have begun to spread in many countries in Europe.” And the Americas and Asia, and among these banks - Chase bank - Monzo - Revolut - Starling - Tide and other digital banks.”

Al-Hashemi explains, “The issue of the success and expansion of this type of bank is linked to the state of the economic environment and the nature of society, as these banks often rely on non-cash electronic operations that are active in an advanced banking system, and a society that tends to use cards instead of cash in its transactions.”

The financial expert calls on the Central Bank of Iraq to “wait a little in granting licenses to digital banks, evaluate all these risks and challenges, and search for new timings to launch this type of banks. They must be aware of the availability of favorable conditions and the presence of high chances of success, instead of haste and adventure, as this is a recipe.” "Ready to fail."

The establishment of any digital bank, inside Iraq, requires that about 30% of its shares belong to a traditional bank, and the services should be published via the Internet and mobile phone applications, and there should not be any branch, but only the general administration, and all services via the Internet, such as issuing a bank card and financial transfers. Deposits, loans, etc.

Iraq owns more than 70 banks, many of which were subjected to US sanctions, while the financial inclusion rate reaches a low level due to weak confidence between the banking sector and citizens as a result of the bankruptcy of some of them.

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, had previously confirmed, on the sidelines of a celebration organized by the bank, that the steps achieved in financial inclusion that were accomplished today are accelerating and can close the gap that occurred during the past years as a result of the circumstances that Iraq went through.

Al-Alaq stated that the bank has ongoing meetings with the Iraqi government to expand the customer base in electronic payment methods and enhance financial inclusion, “as we see a great response from various state institutions in the context of expanding the financial and banking culture in Iraq.”

Al-Alaq said, “The factors that lead to the success and expansion of the role of financial inclusion are the citizen’s confidence in the institutions and tools available to him, as well as his vision of his interest in using them.”

He continued, "The Central Bank has become at the forefront of global central banks by using various financial technologies that provide speed and accuracy," revealing at the same time that "the bank has received large numbers of applications to establish digital banks. The concerned departments are working on the possibility of granting it a license to carry out its work in accordance with the controls and instructions issued." By the bank.

For his part, financial expert Mahmoud Dagher believes in a press interview followed by Al-Iqtisad News that “digital banks are natural banks, just like traditional banks, but they operate through applications and do not have face-to-face interactions.”

According to Dagher, digital banks can perform their work as an independent digital bank or even as classic banks, pointing out that the young generation has now become knowledgeable in using financial technology for withdrawal, transfer, etc.

Today, Iraq has one digital bank, while many applications are waiting for the green light from the Central Bank of Iraq to grant them a license to carry out their work in accordance with the controls and instructions issued by it.

According to the Central Bank of Iraq, licensing requirements to practice digital banking activity include that digital bank licenses in Iraq do not exceed (10%) of the total licensed banks, in addition to the presence of an economic feasibility study that includes business plans, strategies, and financial indicators for 4 years, including the technical aspect and services. scheduled to be launched.

It is noteworthy that these digital banks are subject to all laws, regulations and instructions issued by the Central Bank, including the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015.

170 views  Added 05/27/2024 - https://economy-news.net/content.php?id=43770

"RV UPDATE" BY FRANK26, 28 MAY

 Frank26  

Question: "What do you think the dinar will be floated at the start?

 IMO at the start of the float 1 to 1 you'll never see it.  So just looking at 1320 causes me to think maybe they'll start at about $1.30 or $1.50.  They could start even higher.

  When you see things that you don't want to see it's not like it's a delay.  It's the Middle East...it's a different world...It's rather brutal...It's doggy eat dog...

The new currency that's coming out has more safety features on it than any other currency on this planet.  More than the American dollar, because it's a state-or-the-art technology of how they produced it with the monetary reform.

Question: "What is the price of a bottle of Cokein Iraq? "  Way too much and that's why the prices are being adjusted and a new exchange rate will come out to match the new or lower denominations.

The problem is you don't see any of these contracts open do you? 

 ...No, all of these contracts are sitting there waiting and waiting for what?  For Sudani to pull the trigger.  What is the trigger?  

The lynchpin that will activate the contract and readjust the value according to the exchange rate of the Iraqi dinar, where the contract was signed in the Iraqi dinar value but to match their [contract holder's] currency.  Brilliant... These signed guaranteed contracts will adjust to the calculation of the IQD value...These foreign currencies will not be calculated into the new exchange rate until the new Iraqi dinar exchange rate hits Forex...

A second set of books is a normal business action.  Many companies, many firms for financial projections, for balances, for audit purposes, for changes whatever it may be, run a second set of books.  The second set of books is simple business practice.  It's not illegal unless you're doing it illegally under the table...This second set of books is not hidden...they [Iraq] expose it [their second second set of books] to the right people, IMF, World Bank, US Treasury...

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-frank26-25-may.htm

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