Wednesday, May 29, 2024
"THE IMF IS PLEASED WITH IRAQ'S MONETARY REFORM!!! BY FRANK26, 29 MAY
KTFA
FRANK26: "THE IMF IS PLEASED WITH IRAQ'S MONETARY REFORM!!!"............F26
Report of the International Monetary Fund on its consultations with Iraq on Article IV for the year 2024
May 27, 2024
Adding that the Central Bank raised the interest rate on monetary policy tools from 4% to 7.5% and increased the mandatory reserve requirements for banks from 15% to 18%, and these steps were decisive in reducing the inflationary pressures that Iraq suffered from, and this contributed to creating an economic environment. More stable.
The report emphasized 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 and 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, by launching an electronic platform that imposes the disclosure of financial beneficiaries, which enhances the integrity of financial transfers in accordance with international banking standards, as well as the role of the Central Bank of Iraq in expanding relations. Correspondent banking, to facilitate smoother international trade financing operations.
Information Office
May 27, 2024
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"DISCUSSION ABOUT THE IMPLEMENTATION OF ELECTRONIC PAYMENT SYSTEM IN IRAQ" BY MNT GOAT, 29 MAY
PART 2
Many people ask me why the US has to ship plane loads of actual dollars ($100 bills) to Iraq to disperse money to them from the DFI account. They ask why not just electronically send it? I like questions like this as this shows me solid thinking on the part of the investor. So let me explain. The following article says it all and so here is the article:
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America praises Iraq’s official ratification of the electronic payment system
The US Ambassador to Baghdad, Elena Romanowski, praised, on Tuesday, Iraq’s official ratification of the electronic payment system at the end of last April.
In her blog on the “X-Twitter” platform, Romanowski described this approval as “wonderful news.”
He added, “This step will pave the way for a modern financial system and economic growth,” noting that this ratification was “a joint effort by the United States Agency for International Development, the Central Bank of Iraq, and the United Nations Development Program.”
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WOW! WOW! WOW! What an article! 😊 Iraq is finally where it needs to be. I will sum up the answer of this above question asked of me of not using electronic payments to disperse DFI funds, with another question back to you. How can Iraq electronically receive transfer payments when:
1.Iraq did not even have the capability to electronically receive the funds and
2.nonetheless disperse the funds to make payments for imports electronically with hundreds of merchants?
This is why the implementation of the electronic payment capability is so HUGE in the banking reforms for Iraq and is praised so much by all the entities trying to help bring Iraq up to the 21st century standards and banking practices. This is why we see so many articles on the progress of this effort. It is needed if Iraq is going to trade on the open global markets and make and receive payments from other countries.
So, I am trying to relate these upcoming events to the process that needs to take place in the banking reforms sector. Do you see it now? It is simply a matter of time now. Any point in the process we can have the possibility of the project to delete the zeros executed and then followed by the reinstatement. But the process must play out. Get it? It is not about any singular event such as “seeing the new rate in the budget” or any other silly, stupid, conjured up event by these idiot intel gurus. As investors we must realize this is not a get rich quick scheme. It is a solid investment and you have to have the guts to “stay the course”.
Investment And Its Development Impact , 29 MAY
Investment And Its Development Impact
Economical 05/28/2024 Muhammad Fadel Al-Khafaji Investment in Iraq is considered one of the main factors that contribute to the development of the economy and raising economic growth rates in the country,
due to its numerous and abundant natural resources, and it has a strong industrial base and infrastructure that supports the expansion of investments in various sectors, and local and foreign investments can have a job opportunity. Renewable, achieving real mutual benefit for all parties.
Investing in building countries is necessary to achieve progress and prosperity.
When investments are directed towards areas such as education, health, and infrastructure, the standard of life improves for citizens and job opportunities and economic growth increase.
Investing in Iraq represents an opportunity for companies and investors to achieve significant financial returns and expand the scope of their business, as the market provides
The huge and growing Iraqi capital offers diverse and rewarding investment opportunities in various sectors such as industry, agriculture, tourism, and infrastructure.
Enhancing confidence between national and international investors is extremely important and achieves results that serve the country,
especially when there is a stable and favorable investment environment, which encourages increasing the volume of investments and developing local industries and goes towards expanding the circle of benefits that enhance the country’s financial capabilities.
It is no secret to everyone that investment contributes to building countries, achieving sustainable development, and enhancing economic and social stability, by directing investments towards developing skills and promoting innovation and scientific research.
Developing countries can advance their economies and break out of the cycle of poverty and underdevelopment,
so governments, the private sector and civil society must We work together to create a stimulating investment environment that contributes to building the country, achieving sustainable development, and providing better life opportunities for all.
Investments contribute to achieving economic and social stability in the country, as investments can provide job opportunities for young people, reduce unemployment rates, enhance cooperation between the public and private sectors, and raise rates of sustainable economic growth.
In addition to the possibility of strengthening infrastructure and raising the level of public services such as education, health and transportation in Iraq, here
we must realize the importance of working to create an attractive environment for investment and its success. https://alsabaah.iq/97362-.html
"STATUS OF THE RV" BY MNT GOAT, 29 MAY
STATUS OF THE RV
Did you listen carefully to the opening audio dialogue of today’s Newsletter? If not, go back and listen to it. The train is moving faster down the tracks now than ever before. When Iraq is able complete some tasks it allows them to move on to others. Why have I been harping so much on the Financial Reforms? Why do I talk so much about the White Paper? I do because Iraq itself is talking so much about them and the importance of these items. The only question is are you listening to Iraq or some idiot internet jerk you don’t really even know or can trust?
In fact, Iraq has come right and told us this is going to end with the Iraq dinar regaining it’s former strength. Why shouldn’t it when the war is over for 20 years already. Do you think its time? Daaaaaa ….. lol.. lol.. lol.. 😊
In todays Newsletter we read three articles about the CBI official rate equaling the Parallel or Black market rate in the coming days. WOW! WOW! WOW! Saleh, the prime minister’s financial advisor, then goes on to say this will make one dinar equal to one dollar in Iraq. WOW! WOW! WOW! Think about this statement of 1320 as the official rate while 1320 as the parallel market rate. But I do not think Saleh meant literally in his statement as we are thinking as investors waiting for the RV. So, don’t go off half-cocked, not yet!
But this is the step in the direction I was told by my CBI contact months ago to watch for right before the CBI makes one more “official” rate change closer to 1000 from 1320. When will they make this next move?
If you take 1000, just saying, and delete the three zeros 1000 what do you have? Of course, you have a situation of 1 dinar equals 1 dollar. Do you see now how they will back into the new rate as the project of deleting the zeros is implemented? But I believe that when they CBI does make this next official rate change it will move closer to 1166 and not 1000 which would make 1 dinar = 1.16 dollars just over a dollar to help the banks retrieve these dollars hoarded outside of the banks.
So, here we are again waiting for the CBI’s next move. Let’s sit tight and watch this play out. Folks I don’t think this is going to wait until next January now that they told us they have the parallel market rate equal to the official rate in the “coming days”. But let us also be real and know the meaning of the phrase “in coming days” which is subjective and could mean any time period as it really means from Arabic to English the word “soon” and I believe this is what they really meant. The month of June we know is going to be significant too as they told us the electronic platform, installed in January 2023, is going to be stopped. The success of being able to run the foreign payments of imports successfully (without corruption) is the dependency I believe we must see without the platform in place and will be the determining factor as to whether they push for the project to delete the zeros sooner rather than later. Either way we might have to wait longer if hiccups occur when they turn off the platform.
We must also remember too what they tell us in the past news. They told us they plan to end the currency auctions altogether at the end of 2024 as to slowly phase them out gradually as we progress through 2024. What does this mean?
I believe that this can only mean a couple things. Let me explain.
1.The payments of goods and services outside Iraq will be using a variety of foreign currencies and no longer just the US dollars. The dinar too will be widely accepted by other countries starting with middle eastern countries and then fanning out to other global countries. The demand for the dinar will rise gradually as we progress through 2024. How can this happen without some sort of rate change?
2.Any US dollars still needed to pay for foreign imports will come from the banking sector, not from the CBI reserves, just as banks around the world operate for international trade. The “sanctioned” process of only using dollars and funding them from the CBI reserves will entirely end. Remember what a country’s reserves are. They are funds to be used in time of economic downturns. The IMF requires at least 3 months of reserves. The amount varies by country. Iraq has years of reserves stashed in liquid dollars and gold. This is why Iraq had to protect its reserves and “reserve” them for emergency situations and get out of the war mode of using the reserves for everyday business.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/