Wednesday, July 24, 2024
Across the screens.. The Iraq Stock Exchange sets the colors of the data and is preparing to broadcast on YouTube, 24 JULY
Economy News – Baghdad
The Iraq Stock Exchange announced, on Tuesday, its readiness to launch the broadcast trading screen on the YouTube site, while it pointed to the colors of the data.
The Executive Director, Expert Taha Ahmed Abdul Salam, said, according to a document issued by “Economy News”, that “the artworks to show the display screens of indicators trading by adding the colors shown according to the financial position of the companies (for a deficit) to the latest financial data and appeared on the broadcast screens and in the investors hall in the market as of the 23/7/2024 session and as as 1 Companies with a deficit of more than 50% in red blame
2 Companies with a deficit rate between 30% – 50% in red as well
3 companies with a deficit rate between 20% 30% in yellow
4 Companies suspended in blue
5. The colors of the companies will be updated according to the variables of the deficit rate, respectively.
Regarding the launch of the broadcast on YouTube, Abdul Salam said that “today’s session will also witness the launch of the broadcast through the Iraq Stock Exchange website via YouTube, in addition to broadcasting via the market page on Facebook.”
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Added 2024/07/23 – 11:46 AM
RV UPDATE BY JEFF, 24 JULY
Jeff
The budget is not posted in the Gazette. The budget hasn't been implemented because it's unconstitutional...
Delete the zeros has nothing to do with the exchange rate. Deletion of the zeros simple means removing currency notes with multiple zeros on them.
There was a perception out there that the rate was going to change before the July 18th accession date to the World Trade...This was their 3rd accession World Trade meeting. There's a 4th meeting coming in Q1 of next year of '25...Many thought Iraq would become a full member as of July 18th. None of that happened.
Jeff
Some of you have said that parliament has nothing to do with this [the budget]...It actually does because they unconstitutionally approved the budget and the budget's approval has everything to do with it. That's the piece to the puzzle that is not understood.
Article "Parliamentary law challenges the 2024 budget tables" Parliament can only review and approve laws. It was parliament that did these amendments making their steps or actions of approving the budget unconstitutional. The courts possibly next week around Wednesday/Thursday declaring the budget itself as unconstitutional and overturning its approval...
--Jeff
Article: "The 2024 budget will be returned to the House of Representatives and the reason is revealed"
Iraq approved their budget on Monday June 3rd. I've known since June 4th Tuesday that the budget was unconstitutional...
I've stayed quiet since to let the news catch up. I knew this immediately was unconstitutional. I knew it was going to get overturned by the court, the whole time. Now you're witnessing it. The news is finally, a month and a half later, catching up...That's how far ahead we are...
Jeff
I told you guys the court would be overturning the budget because it is unconstitutional...I basically predicted the future for you. It's getting close to happening. They're most likely going to do this next week.
Article: "Legal:The Federal Court will vote on the unconstitutionality of the budget table" I told you the budget is unconstitutional. I told you nothing was going to happen to the budget. As you see I'm right. The budget is getting overturned. It is going to go back to an unapproved state.
The central bank announced their 3rd strategic plan... They'll be increasing gold reserves...they also said they're going to offer... FOR READ MORE:
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....
https://dinarevaluation.blogspot.com/2024/03/rv-update-by-jeff-22-march.htm
UN praises Iraq’s efforts in combating cross-border crimes, 24 JULY
Economy News – Baghdad
The Governor of the Central Bank of Iraq, Chairman of the Council for Combating Money Laundering and Financing of Terrorism, Ali Mohsen Al-Alaq, discussed on Tuesday the development of bilateral programs with the regional representative of the United Nations Office on Drugs and Crime for the Middle East and North Africa, Christina Albertin, while the guest delegation praised Iraq’s efforts in combating cross-border crimes.
The Central Bank said in a statement, received by “Economy News”, that “the Governor of the Central Bank of Iraq received the Chairman of the Council for Combating Money Laundering and Financing of Terrorism Ali Mohsen Al-Alaq, the Regional Representative of the United Nations Office on Drugs and Crime for the Middle East and North Africa, Christina Albertin, and the accompanying delegation. During the meeting, they discussed strengthening bilateral relations and completing the programs achieved between the two sides, especially with regard to capacity-building and follow-up of criminal proceeds in accordance with international best practices.”
He added, “The guest delegation praised the efforts made by the Office of Combating Money Laundering and Financing of Iraqi Terrorism in combating cross-border crimes, following up on proceeds and enhancing the work of the internal, regional and international system.”
He pointed out that “Iraq embraces the work of the Second Baghdad International Anti-Narcotics Conference, under the auspices of the Prime Minister, who explained in his speech during the conference that drugs threaten the stability of the region, and Iraq’s vision towards combating them is not limited to the damage targeting its youth, but will be a factor in the comprehensive instability in the region if neglected.”
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Added 2024/07/23 – 8:22 PM
Exchange Rate PARITY: New Gold-Backed Currency RV Values Explained BY AWAKE IN 3D, 24 JULY
A written summary and followup of the new BRICS Gold-Backed UNT currency system and exchange rate pair valuations
This is a written summary of the Endgame GCR Episode 2 Podcast with Marie G. and Awake-In-3D.
Episode 2 focuses on the BRICS currency model, particularly the gold-backed UNT system. The discussion aims to go deeper into this model, as previously discussed in Episode 1.
Episode 2 of the podcast centers on the idea of exchanging or redeeming GCR currencies and bonds for a higher exchange rate within the new gold-backed system. This system, referred to as the BRICS UNT or UNIT currency system, is designed to operate using gold backing.
Several assumptions are made for calculating currency rates within this system. These include using the price of gold per gram and considering the gold holdings of each BRICS country.
Variables such as the amount of gold each country possesses are factored in, despite some uncertainties. For instance, China’s gold purchases have continued in private channels despite official reports of cessation.
The UNT formula is composed of 40% gold and 60% currency basket. There are assumptions regarding the number and composition of the currencies in this basket. The global currency reset (GCR) aims to be gold-backed, seeking to achieve increased transparency and valuation based on each participating nation’s gold holdings.
The composition of the currency basket was also based on limited information from the UNT currency system white paper. Additionally, assumptions were made about the capabilities of digital platforms for exchanging UNT-based currencies.
The results from the calculations were impressive, even with the assumptions. The numbers and formulations were derived from the available data from BRICS and Russian government sources, resulting in fascinating insights.
In this segment, the discussion highlights the current members of the BRICS Plus alliance, which now includes ten countries: China, Russia, Brazil, India, South Africa, Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia. Argentina, initially invited, rescinded its invitation.
Additionally, Iraq and Vietnam were mentioned but not included in the main analysis. Further detail on the IQD and VND exchange rates against a pure fiat currency (such as the USD, EUR, etc.) will be presented in a future episode of the Endgame GCR Podcast.
We present the latest gold reserves per country based on data from the International Gold Council and other sources. They acknowledge that China and Russia likely possess more gold than officially reported, as they are the largest gold producers globally.
For calculations, gold reserves are converted into grams. For instance, China has 2.262 billion grams of gold in reserves. The gold price per gram is also provided, with one gram of gold priced at 561 yuan in China and 6,765 rubles in Russia.
A critical aspect discussed is the weighted average of each country’s share of gold. The total gold reserves for the BRICS countries amount to approximately 7.5 billion grams. Due to lack of data, Ethiopia’s gold reserves are not included.
China contributes 30% to the total gold reserves, while Russia contributes 31%, making them the largest contributors as seen in the chart below.
Using China as an example, with a 30% share of the total gold reserves and the gold price of 561 yuan per gram, the calculation proceeds as follows:
- Calculate 40% of the gold component: 40% of 561 equals 224.4.
- Multiply the 30% share by the gold price: 30% of 561 equals 168.3.
- Take 40% of this value: 40% of 168.3 equals 67.32.
For the currency component, calculate 60% of the gold price:
- 60% of 561 equals 336.6.
Adding these components gives the value of one UNT in yuan:
- 67.32 plus 336.6 equals 403.92, approximately 404 yuan per UNT.
Additionally, this translates to the gold value, where one UNT-based Yuan equals the equivalent value of 0.72 grams of gold.
These calculations are applied to other BRICS countries, providing a comparative understanding of how the UNT system will function. This detailed explanation aims to ensure transparency and accuracy, utilizing tangible data to the best of the our abilities.
In the final part of the discussion, we address the practical implications of the new gold-backed UNT system for international trade among BRICS Plus countries. They focus on how these countries will engage in trade without relying on fiat currencies or converting into U.S. dollars.
The BRICS Plus alliance includes China, Russia, Brazil, India, South Africa, Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia. As these countries transition to the gold-backed UNT system, they will no longer use fiat currencies for transactions.
For example, if China buys oil from Russia, they will use the UNT system rather than converting currencies to U.S. dollars.
The new currency exchange rates under the UNT system are explained using specific examples. One UNT equals 404 yuan, and one UNT equals 4,900 rubles.
This establishes a new currency pairing system for trade. The exchange rate between the yuan and ruble under the gold-backed system indicates that one gold-backed yuan is slightly less than one gold-backed ruble because Russia’s gold holdings are slightly larger than China’s.
The chart shows various currency pairings, highlighting near-parity among them. For instance, the ruble to yuan exchange rate is 1.005, while the yuan to Indian rupee exchange rate is 1.19.
This near-parity across all participating currencies is significant, as it means that countries can trade almost one-to-one using the UNT system, which contrasts sharply with current disparities in fiat currency values.
A striking comparison is made between the IQD (Iraqi dinar) and the yuan. Currently, the IQD is valued at 1,310 to one U.S. dollar, and the yuan at 7.2 to one U.S. dollar.
Under the UNT system, these currencies achieve near-parity, with the IQD and yuan exchange rate around 0.84 to 1.16. This parity provides a more balanced and equitable cross-border trading environment.
The discussion also touches on the potential implications for global trade if BRICS countries engage with fiat currency-based economies like the U.S. or Europe.
The cost of using U.S. dollars for trade would be significantly higher compared to using the UNT system. This highlights the competitive advantage and cost-effectiveness of the gold-backed system for international transactions.
We emphasize that the UNT system will create purchasing power parity (PPP) between countries, leading to a more level playing field. This system could potentially reduce the wage disparity between workers in different countries by establishing more equal currency values.
In the conclusion of this podcast episode, we reflect on the broader implications of the UNT system for global finance. We discuss the potential for increased purchasing power and liquidity within the system, driven by the inherent arbitrage opportunities.
The transition to a decentralized, blockchain-based financial system is anticipated to enhance the efficiency and fairness of international trade, aligning with the goals of the global currency reset (GCR).
The podcast underscores the profoundly transformative potential of the gold-backed UNT system, highlighting its ability to establish a more equitable and balanced global economic landscape.
Coffee with MarkZ. 09/18/2024
Thank you MarkZ for all your time, and encouragement daily….. PDK MarkZ Update- Some highlights by PDK-Not verbatim MarkZ Disclaimer: Pleas...
