Iraqi Dinar | Breaking News: Iraq Installs Thousands of ATMs for Histori...

"STATUS OF THE RV" BY MNT GOAT, 20 JUNE

 STATUS OF THE RV

Now that the budget schedules for 2024 are passed and published we begin to see the details of some of the largest projects coming out in the news.

The largest project that Iraq is undertaking is the new oil pipeline.

You can read of the $4.9 billion dollar pipeline under the title of “IRAQ IS PREPARING TO ESTABLISH A PROJECT THAT WILL CHANGE THE OIL MAP. WILL IT AFFECT ENERGY PRODUCERS?”

But just let me add that this article’s news is so amazing for many reasons.

Let me address these reasons today and how it will impact the timing of the RV we are all looking for.

Then, let me say that when this article came out in the same news period another article popped out about details of a memorandum of understanding signed with the American company Honeywell to develop 7 more refineries in Iraq, and while it indicated the Prime Minister’s directive to prepare a study to establish a pipeline network adjacent to the development road, it revealed projects that will enter service soon related to raising refining capacity.

So, knowing all this what oil do you think they will be refining with all this new refining capability?

Of cure it is so obvious, it will be the oil pouring from the pipelines already in Iraq as they can then divert the new oil from the new oil pipelines to be constructed for exporting.

Folks, they just told us they will be expanding their oil capacity that may very well exceed even the Saudi’s.

Iraq will also be selling these refined oil products to the rest of the middle east and probably Europe and the US.

How much more revenue will Iraq generate before they finally give us the new rate?

I can also add to this list the Dr Shabibi plan to get to the reinstatement.

Remember that the RV we are looking for is only a byproduct of the reforms needed as stated in the White Paper.

To get to the reinstatement (and back to FOREX) they must first reform these three sectors – banking, insurance and stock/securities markets.

There is no laundry list of items.

It is simply a matter of regaining their sovereignty and getting to a position that the CBI has already determined to where they can then execute the Project to Delete the Zeros and we know the rest of the story once they do this.

We will not be able to exchange until the OFAC sanctions are lifted on the US banks for the Iraqi dinar.

Yes, like you I can see that it should already be done, but that is my thinking not the CBIs.

Yes, there is a plan in place and there is nothing we can do but relax, sit back and watch the show.

Remember we were told to look for the beginning of the educational program for the project to delete the zeros sometime in the month of June, if nothing changed.

So, I want to see if we are still on track since it is June 18th already.

I would not hold your breath and wait for January 2025, since all the signs are pointing now to much, much sooner than later.

I almost forgot to mention the “icing on the cake” for today’s news.

It’s about the huge ATM installation and testing going on in Iraq.

Why is this so important?

We were told by the CBI not too long ago the significance of that the ATMs role will play in the Project to Delete the Zeros.

Folks its all interconnected.

Once to get everyone, or near everyone, on the electronic banking their pay checks will go to “direct deposit”.

You probably have your paycheck electronically deposited too from your employer.

To get petty cash they will need the ATM machines.

At this time the petty cash will be set to the newer lower denominations post delete the zeros.

Do they have to RV to make the budget work?

If you take what the prime minister told us about the dropping of the zeros in his news in an April 2023 article, we can see that taking the 1320 rate and dropping the 3 zeros makes it $1.32.

If we take the 6.5 billions dinars allocated for the new pipeline construction it is actually about $4.9 billion dollars.

If we divide 6.5 billion dinars / 4.9 billion dollars, we get USD 1 = IQD1.32 or IQD 1 = USD0.76.

Do they need the change in rate to build the pipeline?

What about the other projects too like the 7 new refineries?

Does this tie back to the budget as a whole also needing the change in effective exchange rate?

Just saying as it is too weird and coincidental.

But if it does they will have to get their act in gear real soon, as they also told us they plan to begin this new pipeline now NOT in 2025.

Also how do they plan to pay for the 7 new refineries?

They did not tell us how much these will cost but you can guess it is in the billions too.

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RAFIDAIN BANK BEGINS DEPLOYING ATMS IN ITS MAIN BRANCHES

Al-Rafidain Bank has begun deploying ATM machines in its main branches

The bank indicated in a statement, a copy of which {Al-Furat News} received, that the devices will be successively deployed in institutions, commercial areas and malls, in implementation of its strategic objectives in enhancing the spread of the bank’s services in accordance with Al-Rafidain’s strategy to enhance financial inclusion and provide the best services to its customers.

……………………………………………………………………………………………………… FIRST MYACCOUNT ATM TO BE INSTALLED IN SULAIMANI

(I told everyone this was coming soon.

The GOI wants to use debit cards to pay salaries and govt benefits to employees.

This means they will have to electronically send over the money to the bank accounts much like we do in the west now.

This is a debit card project like a checking account but a debit card instead of writing checks just as you have at your bank.

The ATM machines are also an integral part of this plan and we were told over a year ago now that the ATMs are part of the Project to Delete the Zeros.

If you think about it (not too long) you can see how it all fits together.

Just the FACT that they are installing these ATMs tells me they are not going to a totally cashless society but just catching up to the rest of the modern world.

When all the pieces are in place they are going to move ahead with the project and delete the zeros.)

In the Kurdistan Region of Iraq (KRG), more than 25,000 civil servants received their April salaries via their MyAccount master cards, and the number is expected to grow for the May salary.

Kurdistan24 Reporter Aram Bakhtiar on Friday stated that the first set of ATMs will be installed outside the Sulaimani Municipality as part of the MyAccount project.

In the Kurdistan Region of Iraq (KRG), more than 25,000 civil servants received their April salaries via their MyAccount master cards, and the number is expected to grow for the May salary.

Kurdistan Region Prime Minister Masrour Barzani on May 31, in a post on X called for Kurdistan Region civil servants to continue registering for the MyAccount initiative.

The government’s Department of Information Technology (DIT) designed, tested, piloted, and implemented a secure application for onboarding KRG civil servants into the program in line with the Central Bank of Iraq’s Know-Your-Customer (KYC) needs, according to a press release previously shared with Kurdistan24.

Eight banks have so far taken part in the project, including BBAC, Cihan, RT Bank, Bank of Baghdad, Iraqi Islamic Bank, National Bank of Iraq, Trade Bank of Iraq, and the International Development Bank.

MyAccount project is the KRG’s financial inclusion program which aims to “provide public sector beneficiaries with a safe and convenient way to access their salaries.”

"RV UPDATE" BY MARKZ, 20 JUNE

 MarkZ   

[via PDK]

  I do not think we will see the Iraqi dinar float.    I believe they have been clear they want to retain value and peg it to assets. But, I could be wrong.

QUESTION : "ARE ALL CURRENCIES GOING TO FLOAT? TO MARKZ, 19 JUNE

MarkZ  

 Iraqi PM Sudani has announced on Iraqi RV that before the end of the holiday, which was this Wed. 19,  June, that the Iraqi citizens will have their new exchange rate, access to new ATM's and the lower denominations.

Question:  Are all currencies going to float? IQD, dong...etc…?    MarkZ:  I would not look for much of a float because we are supposed to peg to assets...

Comment:  An intel guru...says Iraq is following Dr Shabibis plan to a T.  MarkZ: They are. The plan was to increase the value, put lower denominations in circulation, and put the larger notes we hold in the banks for foreign reserves. Shabibi planned it all out and told us what would happen.

 I do feel comfortable saying it has started…we are seeing movement…My understanding may be a little off as to how they are executing it...It’s been pretty quiet from Iraq sources over the weekend. They seem to finish things first over there and then tell us.....FOR READ MORE: https://dinarevaluation.blogspot.com/2024/06/question-are-all-currencies-going-to.html

Iraqi Dinar | Iraqi PM's Announcement Sparks Excitement | New Exchange R...

Are the reserves of the Central Bank of Iraq in danger?, 20 JUNE

 Are the reserves of the Central Bank of Iraq in danger?

2024-06-18 06:34

Experts’ statements revealed a decline in the value of the foreign reserves of the Central Bank of Iraq by 2.4%, while gold reserves increased by 16%.

Monetary reserves of foreign currencies are an extremely important issue for the economies of any country to confront challenges and crises and to ensure the stability of national economies, especially for developing countries.

However, some do not see their decline as a problem.

Rather, countries are not working to develop them, or rather they do not have reliable reserves, but It has diversified economies and local production constitutes an important proportion of its national income and thus compensates for the decline in its cash reserves.

Iraq worked at various times to increase the cash reserves of the Central Bank and had a large reserve referred to by the countries of the world, estimated at $36 billion, which strengthened the strength of its economy at that time before the war with neighboring Iran, but the war consumed it and it emerged with exhausting debts and an economy that was difficult to bear its burdens and complete devastation. ..

But after the overthrow of the regime, the rise in oil prices, and the increase in its financial resources, foreign currency reserves grew again and exceeded one hundred billion dollars, and declined again, according to press statements, albeit by small percentages until now.

It is said that the intention is to withdraw from it in larger quantities, and it was stated that the official reserves of the Central Bank of Iraq It decreased by 2.4% in the fifth month of the current year compared to the end of 2023, bringing the value of official reserves down from 147 trillion dinars in 2023 to reach 143 trillion at the end of the fifth month of the current year.

If the reserve in the previous time was known to have been spent on the war, then the government did not explain where the money was spent in the present situation?

A question that must be answered transparently, and it is the right of people to obtain information and follow up on this money that belongs to them.

On the other hand, the Central Bank’s gold reserves increased by 16% compared to 2023, bringing the value of the gold reserves to 14.3 trillion dinars, up from 2023, when the value of the gold reserves at the end of last year was 12.3 trillion dinars.

This is a good thing, especially the diversity in saving reserves or investing them in something that is productive and maximizes resources in light of the fluctuation of currencies and the risks of keeping them in one type.

It is noted that countries are trying to benefit mainly from this reserve in developing the productive sectors, economic, industrial, agricultural and other branches, that generate income and its growth and for the well-being of their people by building a solid and solid economy that will move them to a better state and lift their citizens out of poverty and backwardness.

shafaq.com

"RV UPDATE" BY MNT GOAT, 20 JUNE

 Mnt Goat 

 ..the “icing on the cake” for today’s news...It’s about the huge ATM installation and testing going on in Iraq. Why is this so important? We were told by the CBI not too long ago the significance of that the ATMs role will play in the Project to Delete the Zeros...its all interconnected...To get petty cash they will need the ATM machines. At this time the petty cash will be set to the newer lower denominations post delete the zeros.

--

Q & A

Question from woldopep: MG, Do you believe that there is a chance that we will need to travel abroad from the USA to exchange our 3 zero notes for the new lower denominations. ? Is this a real possibility ? Is it possible that our 3 zero notes will be obsolete after a short period of time ? Thanks, woldopep

Answer Mnt Goat: Guten Tag. This first question is just so ridiculous I hate to address it without calling you a fool. But you may be a newbie and so I will forgive you for it. Since I have answered this second question of obsoleting the dinars also many times, I will refer you to the rest of my Mnt Goat Newsletter blog pages. Hey sweetie, it’s all there!  In particular the Project to Delete the Zeros. Happy reading! 😊

What can we investors do to help the RV situation?

We must now buckle down and pray and pray like never before for the success of Al-Sudani and his agreements with Washington are implemented. 

You do want the RV don’t you? Pray for Iraq and also the U.S. in that there are strong enough representatives in Congress and the Senate who will stand up and continue to fight to uphold the US Constitution and keep fighting this Washington corruption. Pray that that God’s Hand will intervene and save our great country. Remember you can say the Rosary daily or use the prayers and links I provided from the Auxilium Christianorum for your prayers.

 Folks your prayers so far ARE WORKING and God has heard your cries. Just look at all the progress made just since December 2022 when Iraq announced they were finally entirely out of Chapter VII. And now the spigot is wide open the final issues preventing the reinstatement are being dealt with one by one. Can you see it too. I am trying my best to help you see it. We don’t’ need this foolishness of this everyday / any day garbage intel. You think this is all just coincidental? God’s Hand is at work here. 

He has given Iraq his anointed leader Al-Sundani to help in this work. Even I have to sit back in amazement of what he has accomplished so far. Pray for him and all his success. It is June already and this month is proving to be a very significant month again. But my contact in the CBI told me there is a very high probability that we would see the currency swap out in this month of June and so we watch and wait. I will get more news tomorrow when I make my call to Iraq.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

Iraqi Dinar and Vietnam Dong to Float Currency