Iraqi Central Bank reports surge in bank account growth, 3 JUNE

 Iraqi Central Bank reports surge in bank account growth

Shafaq News/ The Central Bank of Iraq (CBI) announced on Monday a significant increase in the growth rate of bank accounts over the past years in the country.

According to a CBI statement, the growth rate of bank accounts surged by 90% from 2018 to 2019, reaching a total of 12.5 million accounts.

The growth rate peaked in 2020, maintaining a 90% increase, with the number of bank accounts hitting 12 million. However, the rate dropped significantly in 2021 to its lowest level at 10%, totaling 1.5 million accounts.

The Central Bank highlighted a rebound in 2022, with a 30% increase, bringing the number of accounts to 4.5 million. This upward trend continued in 2023, with a 54% rise, resulting in 8 million bank accounts.

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Sharing highlights of GLL chat conversation following Mark Z and Mr C morning from GINGER TELEGRAM CHAT, 3 JUNE

 💢 Sharing highlights of GLL chat conversation following Mark Z and Mr C morning 6.3.24 [Gin Gin interjects when needed ✅😁]

💢 Birdieorbust: 

·Mr. C saying Iraq CANNOT go before he enters the codes.  

·Per Mr. C, the market has no bearing on when we go, via Interpol. 

·Mr. C thinks 'the rat take-down' will go as far as Nuremberg when he enters the codes. That means doctors, nurses etc, will be affected. 

·For those who keep saying 'Biden has to be out of office before we go camping', Mr. C just clarified that it can happen two hours before or two hours after he enters the codes AND we cannot go Camping until he puts in the codes...

 [Per Alliance, Ginger confirms this is True ✅] 

·Also Mr. C saying he thinks the EBS and our event will be at the same time... [Absolutely. Ginger confirms this, per Alliance ✅]

·And hearing Mr. C say (all) this today confirms my info that Iraq is waiting on US and not the other way around. [FACTS ✅]----

💢 Shirley 1130: Mr C. Just said that while he is putting in the codes, the EBS will be happening. Recommend watching him on Mark Z this morning.  He has some detail of how he is chosen.

[Gin Gin highly recommends you learn about Mike Cottrell and check out today's podcast. 🌟 Important. Foundational info regarding process and significance of his role/duties. ✅]

💢 Ginger: Mr C is tasked with entering the key codes which will not only release ALL of the gold-backed / asset-backed currency to all of the countries, this action will also cancel out all fraudulent, illegal banking derivatives. There can be no old Debts transferring into the New Financial System, as we encounter this Global Currency Reset. All illegal banking/loan Debts will be cancelled. Dissolved. Clean slate & Debt Jubilee for everyone. 

💢Jodi: I believe there are several avenues to get to the release point. Mr. C is the main avenue, but there are always workarounds prepared. These silos of intel are intended to keep people, especially dark energies, from knowing the whole map.

💢Wearevenom: Don't agree. Iraq will plunge into chaos soon if they don't go (RI/RV). Plus they don't need the US anymore. BRICS is always an option for them. Mr. C is not needed for Iraq.

💢 Birdieorbust responds: Well they are already using their new rate for certain things in Iraq so not to worry there will be no chaos for them. [Gin Gin confirms this is true ✅. They have been using an in-country rate for months, plus they are even paying contracted workers over there with the New rate, they just don't have full liquidity as of yet, but they certainly can see it accumulating in their accounts. They see the earnings as the new rate.

But it's very true that Iraq must absolutely change their rate for International Trading and Investment purposes. They've already made excellent strides and earned the respect and confidence of Nations. They must pull the trigger or they would lose all respect. This is REALLY happening. Plus, Iraq has been working off of 2 "set of books" GG] 

💢Randy Brennan: Mr C plays a role in the GCR via the codes to release resources to the 209 countries in the gold treaty. This will happen after the revaluation of the 23-25 currencies in “basket number one”. The revaluation of this handful of currencies which we are all looking forward to is a precursor to the Global Currency Reset. There is a sharp distinction between the two events. Blessings 😇

💢Earnest Gold: Keep in mind, Kuwait RV’d 7-10 days after (budget approval). We are close!!! With today’s technology (social media), I can’t see them (IRAQ )being able to keep it quiet that long. [✅ Yup! Totally agree. GG]

💢 Many Thanks to all you Liberty Loungers Extraordinaire for your intelligent add to the conversation. 

For those who want to catch up on Mark's conversation with Mr C this morning, here's the link: ✅⬇️😁

https://www.youtube.com/live/JzNRCvd3YmA

Iraqi Dinar Guru News Highlights (6/3/24)

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CBI bars 197 firms from forex auctions in anti-money laundering push, 3 JUNE

CBI bars 197 firms from forex auctions in anti-money laundering push

Shafaq News/ Iraq's central bank has banned 197 companies from participating in foreign currency auctions, a move seen as targeting money laundering and terrorism financing.

The Central Bank of Iraq (CBI) sent an official letter to licensed banks instructing them to bar the 197 companies from the foreign exchange window, according to documents seen by Shafaq News Agency.

With dollars dominating the country's economy, Baghdad has imposed a series of restrictions on the use of American greenbacks domestically. 

Earlier this month, the CBI vice governor said Iraq has considerably increased overseas dollar transactions through the official global SWIFT system, the Central Bank vice governor said last week.----

At the end of 2022, the country's banking sector also adopted the international financial messaging system known as SWIFT as part of the reforms, to help tackle money laundering and ensure respect for international sanctions.

Oil-rich Iraq has no shortage of dollars, with foreign currency reserves of more than $100 billion. However, experts say tax evasion, the black market, and dollar smuggling to countries and entities facing United States sanctions, mainly neighboring Iran, have increased demand for foreign currencies.

At the beginning of 2023, transactions were at $50 million per day. Iraq now has around $200 million, which is consistent with the size of Iraq's economy, according to official estimates. 

Iraqi banks wanting to access dollar reserves held in the United States must make transfers through the electronic system. The US Federal Reserve will then examine the requests and block them if it finds them suspicious.

But the black market is still thriving. 

The official exchange rate is fixed by the government at 1,320 dinars to the dollar. On unofficial markets, the dinar has been trading at 1,470 per dollar.

Iraq has close commercial ties with Iran, which also wields considerable political influence in Baghdad where its Iraqi allies dominate parliament and back the current government.

Prime Minister Mohamed Shia al-Sudani acknowledged last year that sanctions preventing dollar transfers to Iranian banks had driven Iraqi traders to the black market.

In late November, the government announced steps to encourage importers of goods like cigarettes, cars, gold, and mobile phones to use official channels to obtain dollars.

Iraqi authorities have banned more than 20 Iraqi banks from conducting dollar transactions in accordance with US regulations regarding sanctions and against money laundering.

The banned banks are restricted from dealing in dollars, but they are allowed to operate local transactions.

"QFS CONVERSATION " WITH GOLDILOCKS, 3 JUNE

GOLDILOCKS

"This joint proposal from the Bank of England and the Financial Conduct Authority (together, “the UK regulators”) for a digital securities sandbox (“DSS”) reflects a commendable commitment to incorporating innovation into the financial system."

A letter was sent to the Digital Securities Sandbox joint Bank of England and Financial Conduct Authority regarding this consultation paper.  

If all goes well in this pilot phase / sandbox movement forward, all would commence so long as the United States doesn't have anything further to add from the new Markets in Crypto Assets (MICA) regulations.

This consultation paper will be added to the current work taking place on legislation in Washington. See Rep. McHenry, Patrick T, H.R. 7440 – Financial Services Innovation Act of 2024, US Congress (Feb. 23, 2024). 

The purpose of this consultation letter is to make it clear the intended role of the new Digital Financial/Payment System will take going forward.

---- The following is the stated purpose: "A sandbox is designed to generate real-world insights about whether distributed ledger technology (“DLT”) could streamline the issuance, trading, and settlement of securities without undermining investor protection, market integrity, or financial stability."

These new regulations under the authority of the FCA has the potential to change the way settlement processes are being done, and this concerted effort is to affirm coordinated actions inside of a sandbox to make sure the US and UK can coordinate and implement a final phase by the end of June when it becomes law.  SEC   Bank of England   The Financial Conduct Authority   DFSA  

© Goldilocks

Ripple Effects of Iraq's Shocked Floating of The Iraqi Dinar Today 2024

External praise for Iraq's banks: very advanced in electronic banking services, 3 JUNE

 External praise for Iraq's banks: very advanced in electronic banking services

Economy News - Baghdad

The Union of Arab Banks confirmed on Monday that Iraq is very developed in electronic banking services, while pointing out that the Iraqi banking sector is ancient and its role is vital in economic development.

The Secretary-General of the Union of Arab Banks, Wissam Fattouh: "There is a deprivation of dealing in the dollar and not sanctions, because sanctions mean inclusion on the sanctions list," pointing out that "the impact of deprivation is almost equivalent to sanctions because banks are difficult to work without the dollar currency, which represents the currency of international trade."

Fattouh added, "The Iraqi banking sector is a long-standing sector with a history, with total assets of $ 157.9 billion, and even deposits belonging to it more than $ 100 billion. Therefore, this sector is important and its role is vital in the economic development of the heart of the country."

He stressed "the need to apply international standards, especially with regard to standards and laws in force to combat money laundering and terrorist financing."

He pointed to "the involvement of the strategy between the Union of Arab Banks and the Association of Iraqi Private Banks, to reach this goal that is really required, and to train and qualify Iraqi cadres in particular."

He pointed out that "there is a great partnership between Iraq and the United States of America for decades and trade exchange, especially after Prime Minister Mohammed Shia al-Sudani made an important historic visit to the United States of America."

"The biggest role today is how to protect the Iraqi banking sector, and that trade exchange actually takes place through Iraqi banks and not through other banks," he said.

"Iraq is very advanced in electronic banking services, and the challenge today facing the Iraqi banking sector remains the challenge of compliance," he said.