"QFS CONVERSATION" WITH GOLDILOCKS, 12 JUNE

 GOLDILOCKS

"Project mBridge continues its development and has reached the minimum viable product (MVP) stage, while broadening its international reach."

This project has reached its minimum requirements that will allow it to work with early adopters on this Digital Ledger Technology enabling instant payments through cross-border International (CBDC) trades. This system will allow foreign currency exchanges through local currencies.

There are now over 26 observing members and Saudi Arabia has just recently joined as a full participant. This DLT will allow payments to be settled in local currencies of those who are early adopters of this new digital payment system.

"Project mBridge is the result of extensive collaboration “starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority.”

In 2022, real value transactions took place on a pilot program and were successful. This project has been coordinated with the Bank of International Settlements, and it is expected to be available by mid-2024.

Since mbridge has reached its minimum viable product stage, it is now able to invite the International community to begin interfacing onto this section of the QFS.

© Goldilocks
Crowdfund Insider

As of June 2024, the observing members to Project mBridge include: Asian Infrastructure Investment Bank, Bangko Sentral ng Pilipinas; Bank Indonesia; Bank of France; Bank of Israel; Bank of Italy; Bank of Korea; Bank of Namibia; Central Bank of Bahrain; Central Bank of Chile; Central Bank of Egypt; Central Bank of Jordan; Central Bank of Malaysia; Central Bank of Nepal; Central Bank of Norway; Central Bank of the Republic of Türkiye; European Central Bank; International Monetary Fund; Magyar Nemzeti Bank; National Bank of Cambodia; National Bank of Georgia; National Bank of Kazakhstan; New York Innovation Centre, Federal Reserve Bank of New York; Reserve Bank of Australia; South African Reserve Bank; and World Bank.   BIS   Ledger Insights   Product Plan

Iraqi Dinar Exchange Rates Today 2024🔥iraqi dinar exchange rates update🔥...

Kurdistan Finance announces the receipt of financing the salaTHE RIGHT ARM OF THE MONETARY REFORM IS POWERFUL" BY FRANK26 12 June

KTFA

FRANK26:"THE RIGHT ARM OF THE MONETARY REFORM IS POWERFUL"..........F26

 

The Governor of the Central Bank of Iraq receives a delegation from the International Finance Corporation (IFC)

 

June 09, 2024

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the International Finance Corporation (IFC), affiliated with the World Bank Group.

During the meeting, the reality of bilateral cooperation in the field of the banking sector was discussed and its development in line with international technologies, in addition to presenting the latest developments regarding the long-term plans implemented by the Central Bank in cooperation with the International Finance Corporation (IFC).

The two parties discussed the roadmap for the sustainable financing project in line with the environmental, social, and governance (ESG) model, financing and lending activities, and investment diversification plans. His Excellency also reviewed the national lending strategy proposed by the Central Bank to finance small and medium enterprises.

The delegation expressed their readiness to cooperate in the field of exchanging experiences and training, to help develop Iraqi banking staff, and to develop banking supervision tools, in line with the efforts of the Central Bank and the international institution, in supporting the private sector and economic activities.
During the meeting, His Excellency the Governor emphasized that ideas are generated and launched within the Central Bank of Iraq, and the role of international organizations is to transform them into programs and plans that facilitate their implementation, appreciating the efforts of the international institution in providing support for Central Bank projects that serve the private sector and stimulate the Iraqi economy. 

Central Bank of Iraq 
Information Office 
9 - June - 2024

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https://cbi.iq/news/view/2603

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 12 JUNE

  Frank26     

 [Iraq boots-on-the-ground report]   

FIREFLY:  I talked to my bank friend...He said when we do drop the zeros, we the citizens will have a certain number of days to return for new lower currency.  This will be the 1 to 1.  Not 1 dollar for 1 dinar but 25k note for a 25 note.  It will revalue in country above a dollar...We will probably see dinar in country just over $1. 

  FRANK:  Now do you see why they kept it at 1320?

  FIREFLY:  The 1 to 1 will be dropping off the three zeros from our exchange rate, from our currency...a 25k note will be a 25 note...This is for inside of country, not outside of country.

Iraqi Dinar WOW Iraq Currency Latest Exchange Rate Today 2024 / IQD RV /...

With the participation of Sudanese and Blink.. Agenda of the Jordan Conference on Humanitarian Response in Gaza, 12 June

With the participation of Sudanese and Blink.. Agenda of the Jordan Conference on Humanitarian Response in Gaza

The Kingdom of Jordan will host today, Tuesday, an international conference for the emergency humanitarian response in the Gaza Strip, in which the war has entered its ninth month.

The conference is held jointly by the United Nations, Jordan and Egypt and at the invitation of Jordanian King Abdullah II, United Nations Secretary-General Antonio Guterres and Egyptian President Abdel Fattah al-Sisi.

The conference, which is being held at the King Hussein Bin Talal Convention Center on the Dead Sea shore, will be attended by Iraqi Prime Minister Mohammed Shiaa, Palestinian President Mahmoud Abbas and US Secretary of State Anthony Blinkin, who is touring the region to promote a ceasefire in Gaza, the United Nations Humanitarian Coordinator Martin Griffiths, leaders of state, heads of government and heads of international humanitarian and relief organizations with the aim of “determining ways to strengthen the international community’s response to the humanitarian disaster in the Gaza Strip,” according to the statement of the Royal Court of Jordan.

According to the conference program, the conference begins at 10:30 a.m. {Jordan time, Iraq time} through working group sessions, where Deputy Prime Minister and Minister of Foreign Affairs Ayman Safadi will speak, then Egyptian Foreign Minister Sameh Shoukri will deliver a speech, then the United Nations Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator Martin Griffiths.
The working group sessions begin at 10:45 a.m., as the first group, provides humanitarian assistance to Gaza to meet the size of needs, the second exceeded the challenges facing the distribution of humanitarian aid and the protection of civilians in Gaza, and the third, the priorities of early recovery in Gaza.
Before the start of the main session, the participating delegations will be received.
At 1:30 p.m., the main session begins with the speech of His Majesty the King, the speech of Egyptian President Abdel Fattah al-Sisi, the speech of the Secretary-General of the United Nations Antonio Guterres, and the speech of Palestinian President Mahmoud Abbas.
After the keynote addresses, a summary of the results of the working groups will be presented by the UN Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator Martin Griffiths.
The main session is complemented by the words of the Heads of State and Government participating in the Conference.
The main sessions will conclude at 6 pm, and a joint press conference will be held at 6:15 pm with the participation of the Foreign Ministers of Jordan and Egypt.

The Israeli military continues its war on Gaza for the 249th consecutive day, which caused an unprecedented humanitarian disaster that displaced more than 85 percent of the Gaza Strip’s population by 1.9 million people.

https://alforatnews.iq/news/بمشاركة-السوداني-وبلينكن-جدول-اعمال-مؤتمر-الأردن-للاستجابة-الانسانية-في-غزة

"RV UPDATE" BY JEFF, 12 JUNE

 Jeff 

 You don't want the budget to be approved because if it's approved, it's approved with dinar at today's Central Bank value, 1310.  What you want is the court to overturn the approval. 

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At this time the budget is not published in the Gazette.  The budget has not been implemented because it can't be implemented until the court finishes their appeals on it.  

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There's many disagreements with the budget, possibly causing it to be overturned via a court appeal...The actions of what was done with the budget was against what they were allowed to do so the legal system might be overturning the budget's approval...The House of Representatives...went beyond what they're allowed to do.  The fact that they approved the budget unlawfully might be getting overturned...The budget might get squashed.. .

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The budget got approved with the currency value at the Central Bank value of 1310 dinar per dollar.  That is not a rate change and no it can't just magically float up 1 to 1 in the way it sits right now.  Remember the budget is a law...Changing the currency value would be a revision to the budget law.  It would have to be amended somewhere during the term of the budget year or they'd have to wait till the next budget period to change the rate.  That's the scenario we're in as of right now...There are some disagreements with the budget.   We need to give those disagreements a few days to play out to see if they're going to...appeal the budget.

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I've seen quite a few different investors out there that are super excited that Iraq was going to be approving their budget within parliament Monday...That's a huge misunderstanding on your part if you're excited...The budgets are calculated off the value of the currency.  When a budget is implemented or while the budget is implemented the rate cannot

change...If this budget got approved Monday, the next time they could change the currency...rate, they would have to wait until mid-year (September or October) or a new budget period of 2025 (March to April)...Once this budget gets approved, that's the currency value that's locked in it...It can't be magically changed...It doesn't work that way.  

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The rate change is here...   Article: "Sudanese directs to hold an extraordinary session next Sunday to discuss the 2024 budget schedules"  The reason council of Ministers which normally meet on Tuesday are meeting on Sunday is they can only meet after the rate changes...They are reducing the deficit.  To reduce the deficit you have to reduce your expenses, cost and figures.  The only way they can do that is revaluing the currency...This step is contingent upon the rate change.  

 Article:   "Parliament expects the arrival of the 2024 budget schedules"  Quote "...There are efforts to guarantee the right of many segments in the items and schedules of the 2024 budget but they cannot be judged without waiting for the numbers they contain."

 The rate has to change before parliament can approve the amendments to this budget.  This is why I showed you the final countdown a few days ago because I knew this was coming forward and here it is for you...

Mid last week I posted  "The Final Countdown" 

  ...Here's the reason why right here...The approval of Iraq's budget is waiting on the rate change.  That's why it's been outstanding/ pending for 6 weeks.  This week we're entering into will be its seventh week.  In order for them to complete and approve, the budget is waiting for the rate to change ...You're seeing countless articles on this.  This is a critical piece to the timing of the rate change. 

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-jeff-1-may.html

The next big step in this is we want to see when Iraq will be amending their budget...They can amend it before or after the rate changes...

 This weekend coming up would be the historical anniversary date of when Kuwait reinstated their currency - March 24, 1991

 Iraq technically does not need to amend the budget if they're not changing their rate.  

The budget already covers their operating expenses.  But they would need surplus funds to cover the reforms.  The reforms are contingent upon the rate changing.  They can't bring these reform package forward if the rate does not change.  The only reason they're amending the budget is because the rate is changing...The step of amending the budget can happen either before or after the rate changes  ... They will probably announce Thursday or Friday as to when they plan to amend the budget, which they'll probably do around this weekend...

https://dinarevaluation.blogspot.com/2024/03/rv-update-by-jeff-22-march.html