A Government Source Announces The Size Of The Debts Collected For The Trade Bank Of Iraq
Economy Yesterday, 20:59 Baghdad – IA A government source announced today, Thursday, the volume of debts collected for the Trade Bank of Iraq.
Speaking to the Iraqi News Agency (INA), the source said, “Within the framework of the effort made by the government in the field of financial and administrative reform of the government banking sector, and based on the directives and continuous follow-up of the Prime Minister to restructure the due debts (government and private sector), which benefits the Iraqi Bank.”
For TBI Trade, the following results were achieved during the last period of the government’s life:
1. The total debts collected and owed by the government sector, including the balances of the Kurdistan region, and paid to the Iraqi Trade Bank until 6/30/2024 amounted to approximately one trillion and 630 billion Iraqi dinars. He added,
"2. The total debts collected and owed by the private sector and paid to the Iraqi Trade Bank until 6/30/2024 amounted to approximately three hundred and forty-eight billion Iraqi dinars,
3. The total amounts collected to the Ministry of Finance IRAQ2 account, which represent expired and canceled credit balances, It amounted to approximately fifty-three million dollars. He continued,
"Work is continuing to settle other debts in this area, in coordination with the entities issuing those credits." https://www.ina.iq/212001--630-.html
Goldilocks - QFS Conversations (Official Page), [07/05/2024, 8:22:52 a. m. (07/05/2024, 8:27:00 a. m.)]:]
The Central Bank of Iraq announces the opening of recruitment on a contract basis to fill the position of (examiner) of cash, and applicants for these positions must be in accordance with the conditions stated below, with the offer that the application will be exclusively through the electronic link."
The main responsibilities of a bank examiner are bank operations. It is their duty to see that the performance of their banking system is legal and financially stable.
An examiner reviews and audits internal controls over cash operations. This verifies that controls are in place to monitor cash accounts including accurate recordings of transactions.
This fulfills one of Iraq's economic reforms that is required indicate a stable economy.
July 4, 2024 Baghdad/Iraq Observer Economic expert Ziad Al-Hashemi warned, today, Thursday, of the collapse of the Iraqi dinar against the US dollar in light of the presence of rising factors.
Al-Hashemi said in a blog post on the (x) platform, followed by “Iraq Observer,” that
“(dollar exchange rates) are on the threshold of 1,500 dinars and are likely to rise further, after the US Federal Reserve banned Iraqi remittances in Chinese yuan, due to suspicions of smuggling, money laundering, and financial fraud.”
He added: “It is expected that this ban will cause an increase in demand for the cash dollar within the parallel markets, and this may push the Iraqi Central Bank to return to implementing more stringent measures that will increase the state of anxiety and turmoil in the markets.” Al-Hashemi continued:
“During this week, we witnessed the cessation of selling the dollar to travelers through approved banking companies and restricting it to sales outlets inside the airport only.
This measure will cause more rapid demand for the dollar from the parallel market, especially with the start of the travel season.” He continued: “As I mentioned in previous attached tweets, the Iraqi Central Bank has not been able, more than 18 months after the exchange rate crisis, to dismantle and solve the exchange rate problem, as the factors of rising exchange rates are still effective and influential.”
He pointed out that “what happened in the last period was merely a postponement of the moment of the collapse of the dinar against the dollar, by numbing the markets with an imaginary stability as a result of a huge sale of the dollar that could decline sharply with any decision from the Federal Reserve that turns the tables on the central bank’s actions, and this is what happened today.” https://observeriraq.net/عاجل-خبير-اقتصادي-يحذر-اقتربنا-من-لحظة/
Thank you MarkZ for all your time, and encouragement daily….. PDK
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. 07/05/2024
Member: Good Morning Mark, Mods and fellow RV’ers!!
Member: Hope everyone enjoyed your 4th of July……
Member: If you drink a 5th on the 4th you may not go forth on the 5th…lol
Member: Can we All hope that there is some great news today
MZ: There is a lot of chatter as of yesterday over the HCL in Iraq.
MZ: “Parliamentary committee for “Economy News” The Oil and Gas law is almost complete-this is what we hope from Barzani’s visit to Baghdad” They want you to know they are almost done with HCL. From day one I was told to look for HCL being completed and then BAM you are headed to the bank!
Member: Frank26 says the same thing…….
Member: HCL is possibly cover for starting the RV without announcing it until BRICS has their announcement of The Unit
Member: I was told if IRAQ says anything is almost done. It’s already done!....
MZ: Also in Iraq they are working with the Saudi’s directly to complete undersea cable agreement for internet connectivity. Iraq is becoming a central hub for communications in the middle east. Big news for Iraq. If you are going to be a regional leader- Iraq is going to need some higher valued dinar…imo
MZ: “Unfolding structural economic transformation in Iraq” This article popped yesterday. This is talking about Iraq’s successes – especially in the digital banking world ….and them coming up to speed “tech wise” with the rest of the world. They have made great strides digitizing their economy to be more efficient and faster. We are seeing the economic changes we need for them to change the rate. .
MZ: The news coming out from bonds, banks and groups remains extremely optimistic. They say we are in the process. We will soon find out as more money moves…..
Member: Still waiting for the fines and penalties.. unfortunately
Member: I’m noticing less currency for sale out there…. Anybody else see that? Couldn’t find the good ones I was checking on this morning. Seems sold out or clawed back.
Member: That's a great sign that the currency sites are running low of product.. The door to selling is gonna slam shut at trigger pull.
Member: Japan got new currency on July 3rd
Member: How will we get notifications if the phones and internet is taken down?
MZ: I think this is one of the worst rumors on the planet. No part of me is thinking, TV’s , radio, , power or internet will be turned off. I am told the alleged 10 days of darkness is not 10 days of darkness but them taking control of the Main stream media in order to get the actual truth out there.
Member: Shouldn’t it really be called “Ten Days of Light” ?
Member: 10 days of Darkness = when everyone is glued to their TV while we exchange our currencies in private?? I hope
Member: Come on RV….In the spirit of Independence Day. I would also like to be independent of my bills.
Member: See everyone tonight…hopefully some bond people will get paid today??? Fingers crossed
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Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.
First I want to quote from the financial advisor to the Prime Minister, Mazhar Muhammad Saleh from one of the articles – “The fixed exchange rate system in Iraq is based on the highest international reserves in the history of Iraq and its monetary policy, as foreign currency covers more than 100% of the total currency currently issued.” So, this is telling us that the foreign reserves can back the dinar now in circulation by 100%. Did we read the correctly? This is amazing. What wealth. But the dinar is still at 1/6 of a penny?
Next Saleh added, “In light of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level,.”
So why is this last statement by Saleh so important? I bring up this statement because he is telling us, once again, the parallel market versus the official rate are under control and no longer an issue for stability. It also tells me they have their inflation problem under control. This is amazing because my CBI contact told me this one of a few other issues was the reason why the
Project to Delete the Zeros was not kicking off. Another we know is that Joe Biden the US president refuses to allow the Treasury to properly do its work and help Iraq reinstate the dinar. The dinar is still at 1/6 of a penny?
But this last part that I want to bring to your attention today is in another article as former MP Ayoub Al-Rubaie confirmed on Tuesday that Washington failed in 5 files in Iraq. One of these files caught my attention. Is it just the translation from Arabic to English or is he really telling us that the U.S. failed to reinstate the dinar as this is the only way that we know Iraq can place the dinar in a basket with other currencies. In other words, the U.S. failed to get the dinar out of the solely “de facto” peg to the US dollar and repegged to a basket of 5-6 other currencies. A basket that I know that the IMF has designed to repeg the dinar, once it is reinstated back on FOREX. I quote from the article– “4.in addition to the decline in the influence of the dollar with the change of the economic compass to the basket of various currencies.“ So what do you think this all means? I think we are witnessing a failure to the RV now being exposed. Yes, this should have already been accomplished in June and is late. It is failure on the part of the US because the US is still stalling it.
I just want to conclude today by saying that everything is set to move ahead with the process of currency reform. We are just waiting. We know that the next step must be taken to move ahead and that is to revalue in-country only first just slightly over a dollar, then conduct the
Project to Delete the Zeros as the currency swap out takes place. The CBI told us then they plan to monitor for a short time for inflation and then move to reinstate the dinar back to FOREX and when doing so the IMF plans to place the dinar in a new peg as in a basket of currencies and float it. Today we witnessed a confession by former MP Ayoub Al-Rubaie who confirmed on Tuesday that Washington failed in Iraq by stalling this work.
Yes, we still also wait for the Oil and Gas law. In my last Newsletter dated 6/27 I presented an article explaining, once again, the issues preventing this law from moving ahead as quickly as they desire. So, knowing this could this actually be the reason why Biden is stalling. Is this then Biden’s fault or Iraq? Remember Iraq did agree to “fully” implement their constitution and the US told them they will not reinstate their currency until it is implemented. But remember this was not the only issue and so let’s not now go off half-cocked once again with this foolish mindset that one event will trigger the RV. Just also remember once again all the intel guru lies about the budget and how they tried to convince everyone the new RV rate was in the budget. It was not and never will be. This was out of ignorance. Let’s not go down that road again…..please! 😊