Their currency dealers at auction are going on strike. For those of you who have been in this for a while, you’ll remember Dr.Shabbibi, who was the central bank governor at the time did the exact same thing but Maliki stopped it. That won’t happen this time. We’re in the something per Kim Clement.
You’re seeing the end of an era worldwide. Deaths, resignations, famous people stepping down, etc. remember if Maliki didn’t stop it then, we’re not having this conversation now and many would not be in a position to be blessed shortly.
July 8, 2024 Baghdad/Iraq Observer Yesterday, the Central Bank of Iraq announced that it had submitted the “E-Commerce System Project” paper to the Council of Ministers for review and approval to proceed with work on it.
According to a statement, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, chaired the meeting of the Diwani Order Committee (24079) to regulate electronic commerce in Iraq with the participation of the concerned authorities.
In detail, during the meeting, a draft system for e-commerce and consumer protection was discussed through the controls discussed by the attendees, through registration procedures and obtaining a license to practice this trade.
The committee contributed to identifying the service provider and granting it a license through an electronic platform established by the Ministry of Commerce, and the members of the committee stressed establishing the controls for granting a license to those wishing to practice electronic commerce in a way that preserves the rights of all parties..
While the attendees agreed to submit the “regulation paper” to the Council of Ministers for review and approval to proceed with work on it.
Realistic reading
Economists believe that the Central Bank does not have a realistic reading of the Iraqi financial situation, while they point out that it is within the powers of Parliament to hold the Central Bank accountable and dismiss those who are negligent.
An economist told the “Iraq Observer” agency, “The Central Bank is living the situation of the Sultanate with itself and does not know about the reality, and it also does not have a realistic reading of the Iraqi financial situation, and
it is required to solve the problem of trade with these two countries, and electronic payment has been stopped for 20 years.” In the drawers of the Central Bank and he did not do it, and it is within the powers of Parliament to hold the Central Bank accountable and dismiss those who are negligent.”
He said: “The dollar in Iraqi markets is a basic currency like the dinar, and the Iraqi currency is 80% equivalent to the dollar, 10% to gold, and 10% to bonds.”
He pointed out that “Sudani’s visit to Washington previously alleviated the dollar crisis, and that the lack of an agreement with Washington caused the banking sector to be annihilated by sanctions, and some reports against banks came from Facebook and led to sanctions.”
According to the Central Bank’s instructions, “the travelers’ dollar is not sold to them at the present time, and it does not include land trips.”
Plug
Observers considered that the Central Bank of Iraq’s sales, in a month, are sufficient to cover the deficit of delaying salaries and other public needs, from the hard currency auction for the US dollar, which amounted during the month of June to more than 4 billion dollars, while they revealed important statistics about government salaries.
They said: “The allocations for salaries of employees working in the federal government occupy approximately 62 trillion dinars annually of total public spending, and
they constitute a percentage of the total spending ceiling for the fiscal year 2024 of about 30%,” and that “the issue of securing salaries is a top priority in financial and economic policy in the country.”
The country is responsible for securing its expenses.
They stated, “According to the standard of support, which averages 6 people per family in our country, the monthly government salaries are responsible for the livelihood of 24 million Iraqi citizens out of 44 million citizens of the country’s population.”
“Government salaries are considered one of the most important ways to ensure the social and economic well-being of the citizen, with the exception of the category of retirees and social welfare recipients of pensions.”
According to the law, “Based on the provisions of Paragraph II/77 of the Federal General Budget Law No. 13 of 2023 (the tripartite budget), the executive authorities in general and the financial authorities in particular provide due diligence in applying the provisions of the aforementioned article, which concerns the submission of the federal general budget schedules for the year 2025.”.
The file is that the “expenditures, revenues, and hypothetical deficit” tables are “in accordance with the technical and constitutional contexts approved by the table itself for the current fiscal year 2024.”
Salaries Are Late!
Regarding the impact of employee salaries and a possible liquidity crisis: “An observer said: “In all cases, salaries are insured even in the event of a liquidity crisis, but the date of financing and disbursement may be delayed.” He added:
“According to the timings stated in Financial Management Law No. (6) of 2019, the Council of Ministers submits the draft budget before mid-October of each year to the House of Representatives.”
He pointed out that the budget is approved by the House of Representatives in December of each year.
4 Billion Dollars
Yesterday, Sunday, the Central Bank of Iraq’s sales from the hard currency auction for the US dollar during the month of June amounted to more than 4 billion dollars.
During the month of June, during the days in which it opened its auction to buy and sell the US dollar, the Central Bank sold 4 billion and 438 million and 744 thousand and 273 dollars, at a daily rate of 295 million and 916 thousand and 284 dollars.
Foreign remittances amounted to 4 billion 50 million 289 thousand and 273 dollars during the past month, an increase of 90% compared to cash sales that amounted to 388 million and 455 thousand dollars.
The sales were distributed between transfers abroad to finance foreign trade, and cash sales to banks, while the selling price of documentary credits and international settlements for electronic cards reached 1,310 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,305 dinars per dollar. https://observeriraq.net/ما-الموقف-الرسمي-وما-الذي-يخفيه-الدولا/
he Automated System for Customs Data (ASYCUDA) is a computerized system created by the United Nations Conference on Trade and Development (UNCTAD) to manage a country's customs.
ASYCUDA is an integrated system for international trade and transport operations that uses advanced software applications.
ASYCUDA can handle many foreign trade procedures, including: manifests, customs declarations, accounting procedures, and transit and suspense procedures.
"The point in time to determine rates of duty and taxes must be specified in the law and be configured accordingly in the ASYCUDA system. This date may also be used to define the exchange rate, the time of entry to customs warehouses and be decisive whenever a date is required to define entry under a customs regime."
By the end of the year, Iraq expects to have all of their ports on this electronic system. About 50% of the ports in Iraq will be utilizing this new electronic system for trade, and the other half is expected to be active by the midpoint of next year.
As you can see, Iraq will need an exchange rate for these trades to take place on the ASYCUDA electronic system.
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
Member: Good morning fellow RV’ers……sure hope there is some RV news today
Member: Been in this for almost 20 years…..starting to think we have been scammed….sigh
Member: If this is all a scam at least we are all gonna face it together
Member: I don’t think Sudani would be telling the people of Iraq they are about to have a rate back to its former glory….and then not do it. Over there the people would riot and politicians would face the noose for stuff like that. I think it’s real. Just taking way to loooooooong.
Member: Mark- did you state yesterday that Iraq has a new rate- just not released yet?
MZ: That is what I was told. I was told they have the rate….and they will activate it soon.
MZ: I do have reports that key pieces of the gold treaty being ratified and signed in Indonesia and the Phillipines. To me this is still a rumor and I am chasing down verifications of it.
MZ: This is one I want to double confirm-triple confirm that key pieces of the gold treaty were just signed. But I was told this is a breakthrough and movement and documentation were done…and we should see things very quickly now. .
Member: I wonder Would Mr. C be connected to the gold treaty that was signed yesterday?
Member: Maybe it was to back our gold backed USN currency????
Member: I heard it has to start in the Phillipines.
Member: It is supposed to go EAST TO WEST when the RV happens
Member: I saw a video of some official looking documents being signed in Thailand
Member: Maybe it was a Chinese elder transferring money?
MZ: I don’t know. But it would not surprise me with what I am hearing that Chinese elders and parts of the families were in Thailand and the Phillipines over the last 24 hours or so signing things for the Gold Treaty. . This would not surprise me if that was accurate.
MZ: For the North American market- The Chinese families have a signatory based on the west coast that represents 7-9 of the Chinese families. So when it happens things should go quickly for the US. Not sure how things would work for the rest of the world. But, I always thought Europe would go with the US.
Member: And Canada too.
Member: Saw a video of (alleged) QFS papers being signed at a currency exchange: Hoping it is true and we are up next
Member: India recently moved 100 tons of gold from UK vaults to domestic vaults.
MZ: In WW2 Many countries sent gold to safer locations so the Nazi’s didn’t get it. Now countries are taking it back. Some countries have lost faith in the US and UK and now want it back. We are not seeing this is main stream news but it should be huge financial news everywhere …that countries want their gold back.
MZ: I do have 2 bond contacts that expect “spendable” money today. That is what the update said that they received yesterday. They believe they are still of track for today and the rest of this week.
Member: What would timing look like for us if those bond contacts get paid today?
MZ: My guess- maybe 3 days out?
MZ: Nothing new from Iraq for me this morning.
Member: I’m ready for an NDA
Member: Do you think NESARA has to be implemented so we don’t pay taxes on our currency so the Cabal doesn’t get any funding
Member: That makes sense.
Member: I believe NESARA starts after
the gold is released. However, I believe some companies started early forgiving car loans, etc, because they know it’s coming
MZ: Here is my theory about that….i also believe Nesara starts after the gold is released. But, I think some companies may have already started because they want to see what the effect is. There are a number of reports of mortgages being forgiven…people have gotten titles in the mail . And reports about credit cards being paid off ect…..many lines of credit ect…being wiped off the books. I believe they are trying to better gage what the masses are going to do when this moves forward.
Member: what does HCL stands for and it's significance in this RV process?
Member” Hydro Carbon Law….that supposedly gives every Iraq citizen a monthy payment from oil revenues….I think
Member: Can anyone give us a concise straight skinny on NDA's and redemption centers? for those of us who are new
Member: We may have to sign a non-disclosure agreement when we exchange…..and there is supposedly an exchange center/redeeming bank within 50 miles of most Americans…unless they live in remote areas….
Member: I do not care if we have to drive further away to exchange- if they would just “DO IT”
Member: Anyone used to think being pregnant for 9 months was a long wait…..until they started the RV journey..lol
Member: World Day for international justice is July 17 this year.
The difference between a good life and a bad life is how well you walk through the fire
Member: Mark...just wanted to thank you for all you do for us...so appreciate you.
Afterwards we talk with Dr. Randi Shannon and StacieZ about health coverage.Please listen to the replay for their information
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Mod: MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM
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! 😊