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Fintech In Iraq: How Is Iraq Reshaping Its Financial Future?, 6 JUNE

 Fintech In Iraq: How Is Iraq Reshaping Its Financial Future?

Time: 06/05/2024 Read: 1,248 times  {Economic: Al-Furat News} Financial technology (FinTech) has become a major driver of innovation in the global banking sector, providing innovative solutions to facilitate financial services and increase their efficiency.

In Iraq, banks have begun to adopt these technologies, which has contributed to improving customer experience and expanding the scope of financial services provided. The Iraqi Deposit Insurance Company plays an important role in supporting this trend, as it is a pillar of financial stability, by encouraging banks to adopt financial technology and providing a regulatory environment supportive of innovation.

Financial technology has demonstrated its ability to enhance financial inclusion in Iraq, as it can provide affordable and accessible financial services to wide segments of society, especially in remote and rural areas.

Through mobile applications and online banking, individuals and businesses can access a variety of financial services, such as money transfers, paying bills, and obtaining loans, without having to visit bank branches.

The Iraqi Deposit Insurance Company is working to enhance the use of financial technology in Iraq, through cooperation with banks and financial technology companies to develop innovative solutions that meet the needs of the Iraqi market. The company is also working to provide the necessary regulatory framework to ensure the security and safety of digital financial services, and to protect consumer rights.  LINK

Bruce’s Big Call, 6 JUNE

Bruce’s Big Call Dinar Intel Tuesday Night 6-4-24   REPLAY LINK   Intel Begins   56:00

https://www.freeconferencecallhd.com/wall/recorded_audio?audioRecordingUrl=https%3A%2F%2Frs0002.freeconferencecall.com%2Fstorage%2FsgetHD%2FHsCgW%2FHKab 

Let me just say welcome everybody to the big call tonight. It's Tuesday, June 4th  and you're listening to the big call thanks for listening, or tuning in everybody. We look forward to everybody around the globe connected through our StarLink Satellite System – our SAT Team is on that  -  

I'm slipping in and out over here, but I do have some intel -- all right, guys, I got a little information that  most of it came in yesterday,  a little bit more today. So what I'm looking at is we had rates that were flashing on the bank screens over the weekend, but very slowly. In fact, you get flash of a rate every 15 seconds. So it wasn't really doing much. – very slow  - that was like Saturday. 

Things didn’t  pick up yesterday because as you guys know  the Forex opens around 5 o’clock  Eastern time Sunday afternoon – so we have every reason to expect that  the Dinar  - and the Zim and other currencies  would go live – and be showing up on our screens. And that's pretty much what was happening Yesterday and then by  9:15 this morning everything was solid. 

Now, what has to happened is these rates that have been flashing need to come in and solidify and go hard green because if they're flashing, you're not going to be exchanging. But once they solidify and get to a hard green state. That's when you know you've got a fixed rate to work with. 

That's been happening  we expect from what we've been hearing from our sources that tomorrow - That should be the case - that we should  be getting a go and stopping point to be able to move from a moving right to fix green light, right.

Another thing that's really interesting for us, so we got some information from one of our sources in Iraq - Very powerful --  spoke with Dr. Sudani , the prime minister of Iraq. today. He was saying that --

He said that the rate on the dinar and the budget, the rate on the budget, Iraqi budget, which I believe is the 2024 budget had been handed over to, to the ????? to to their official documentation to their official record and that that would show up tomorrow, Wednesday, as a fixed document. 

The budget will be seen inside the budget will be contained in the rate on the Iraqi dinar but we still don't really have out internationally yet. He's not everywhere. So that's a really good thing that has been populating. and moving in that. --  That has been moving in the right direction. For a while but we haven’t - We haven't had publishing in the gazette  yet. 

Tomorrow. What we're hearing is that the  Iraqi budget  has been handed over to the Gazette to publish it because as the publisher in the morning today that when that happened we look forward to the new rates and rate on the dinar being seen tomorrow. 

Now the theory is that once we have the Iraqi dinar out with a budget tomorrow in the printed version of the Gazette on Wednesday, that we have a  “Game Over” --  that we have  what to release the emails to us -- and to move forward with our exchanges and I don’t know when it will show up --  it could be early morning. That's my theory In the early morning tomorrow, Wednesday that the Iraqi dinar shows up with a budget published in the Gazette tomorrow. And then people would see what the rate is in the budget.

So that should happen tomorrow and if that does happen tomorrow we should have solid  Dinar rates on the screens -  And we should also be looking for everything to start on with notifications  sometime tomorrow. We get notified  from Wells - that means we get our emails from Wells Fargo and then we set our appointments accordingly. And then we go from that point on. So that's a lot to have happen - overnight tonight and tomorrow.

But I think that's really the last step if we're there if we're actually there. We should be looking forward to setting appointments for our exchanges  And  we believe we'll start with exchanges on Thursday .

We will see how that works out --  And I'm excited about it. I think we've waited long enough and we're excited to get started on everything including our projects. So what we're looking for is all the rates to populate on the bank screens -. to be solid, not flashing. and then, we're looking for the Dinar  to be in the Gazette  - a look at published tomorrow, and that should allow for everything to move forwards. 

Other than that, the only other info I can give you this recording some of the jurors -  that were involved with President Trumps trials  -  that  3 were involved. And I know so far these three have been arrested reimbursed. I'm not going to go into depth on it, but I know why. 

So let's just see if everything that we mentioned comes through tomorrow, especially the gazette - , especially the  Iraqi Dinar  being dark solid and published in the gazette.

And then we'll go from there and should be able to set appointments and start exchanges probably on Thursday. 

I mean  if it comes out  it could be  possible we start exchanges Wednesday but -  But what we're being told is,  Wednesday we can we get notified  - set appointments -  with start exchanges on Thursday. So let's see what happened on that  -  other than that - that's really everything I had to  give and I'm sorry if I say it again but  it’s all good .

Let's  go ahead and pray the call out --  and then we'll see what tomorrow brings with it. 

Everybody have a great night. We'll see what tomorrow brings  cant tell what  time our notifications are going to come out  but we will keep an eye on it  and let you know -  alright. Otherwise  have a happy night tonight -  and a beautiful day tomorrow - thanks everybody for listening. and we'll talk to you on Thursday unless we get noticed and then we just move forward.  Hope everybody has a great night and sleep well. 

Comparing IMF Economic Report to Iraq's Actual Plans

Coffee with MarkZ and Mr. Cottrell. 06/06/2024

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

Coffee with MarkZ and Mr. Cottrell. 06/06/2024

Member: Good Morning- it's a beautiful day in the neighborhood

Member: Remembring D Day and all the brave men and women who fought for our freedom today.

Member: D-Day, June 6, 1944, marks a pivotal moment in history when courage and sacrifice changed the course of World War II

Member: Remember the Catsup commercial that took forever to get any Catsup with song Anticipation playing?

Member: That is us- waiting for the RV and Nesara

Member: Mark give us your opinion will this be over this year?

Member: If it works like it did in Kuwait-will they release the rate before they post it ?

MZ: But with the interconnectivity and the internet-it would make more sense to do it exactly the same time.

Member: Are Bondholders & Whales still beached in Reno ?

Member: Is this our week Mark?

MZ: I have been looking close to the 9th based on what I am hearing…….but no one knows the timing.  I was expecting more bond movement this week although the chatter has been excellent on the historic bonds.

Member: Unfortunately chatter doesn’t pay bills or saves the world.

Member: If German bonds are worth more than anticipated- is it reasonable to believe that rates will be higher than expected?

MZ: It’s certainly possible and reasonable to think that. .

MZ: I do have a number of bond people that have been waiting all week.  They woke up to messages today saying their appointments were changed to around 10AM on Monday now. They expect full payout. This means they expect money movement this weekend. We shall see.

Member: Well that sucks. Bond folks have to be very frustrated.

MZ: I was really hoping to have the first guaranteed and confirmed, slam dunk bond payment this week. But I still have a few MIA bond folks…where they have turned off their devices….goes straight to voicemail.

Member: People that don’t think a reset is possible. They don’t understand the debt to GDP ratio

Member: Saudi Arabia is expected to announce that it will cease all oil sales in US dollars, marking the end of the 50-year Petrodollar Pact signed on June 6, 1974, which expires on June 9, 2024

Member: Sunday may be a big day for us.

Member: With June 9th Saudi Araba dropping support of the Petro Dollar, and the impact on all global trade settlements I think it is safe to say the USD has run out of gas.

Member: A friend got a letter from the IRS that stated that they were not going to pursue her back taxes because of a major restructure of the IRS~!

MZ: There has been a tremendous cleanup in politics in Vietnam  recently.

Member: Lots of cleaning up happening here in South African politics.

Member: praying this our golden weekend- retirement would be awesome

​​Member: Each day is a life of Euphoric moments just know it's round the corner not a long mile at all.

Mr. Cottrell joins the stream today. Please listen to the replay for his thoughts and information

"BUDGET APPROVAL " BY ARIEL, 6 JUNE

ARIEL

Breaking news: Iraqi budget for 2024 is voted on

A financial advisor to Prime Minister Mazhar Muhammad Saleh revealed the date of the government's implementation of the 2024 financial budget schedules approved by the House of Representatives today, Monday.

The summary: What's next?

Budget approval: 

The financial budget for 2024 has been approved by the House of Representatives.

Implementation: 

Once approved, the implementation phase will begin once published in the Official Gazette. Steps towards currency revaluation

Legislative approval: 

Any changes, such as removing zeros or changing the exchange rate, must be approved legislatively.

Economic conditions: 

The Central Bank of Iraq and relevant financial authorities will need to assess economic conditions to ensure post-revaluation stability. And the project, together with trade agreements, will help. Check out the latest post.

International coordination: 

Coordination with international financial institutions and market participants is crucial to re-establish the currency in the global trade market. This will help increase the value.

Potential timeline:

Immediate Implementation: 

Once the budget is officially implemented, financial authorities could initiate preliminary steps towards revaluation if conditions are economically favorable. Which shouldn't be a problem when you think about how much gold is at stake.

Government statements: 

Stay tuned for official statements from the Central Bank of Iraq or the Ministry of Finance regarding revaluation plans and schedules. But this can also come out of nowhere and without warning.

Financial implications:

Project financing: 

A new exchange rate will help finance large projects by making the currency more viable in international markets once the 3 zeros that by default will give purchasing power to Iraqis are removed.

Monetary policy adjustments: 

Continued efforts by the BCI to ensure compliance with anti-money laundering (AML) and counter-financing of terrorism (CFT) regulations to stabilize the foreign exchange market and ensure private sector access to foreign exchange at the official rate for imports and travel.

Non-oil GDP growth: 

Growth in the non-oil sector is critical, with real non-oil GDP set to grow by 6% in 2024. This growth is expected to continue, supported by public spending and strong agricultural production.

US Treasury and IMF participation: 

Coordination with international financial institutions, such as the IMF and the US Federal Reserve, to ensure smooth financial operations and compliance with global standards. The 2024 IMF Article IV consultation highlights the need for fiscal adjustments and economic reforms.

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Well, this is all what they say is being worked on. We'll see when it becomes official.

FRANK26….6-5-24…….THE MEETING