The banking system in Iraq is gradually regaining citizens’ confidence with the increase in the number of bank accounts in the country.
Banking systems around the world are facing increasing challenges in light of rapid economic and financial changes. To ensure the stability of these systems and protect depositors’ funds, many countries are moving towards joining the International Association of Deposit Insurers. This membership is not just a formality, but a strategic step that carries significant benefits for member countries and their banking systems.
In Iraq, economic and political challenges over the decades have provided a strong justification for keeping money at home rather than in banks. However, the accession of the Iraqi Deposit Insurance Corporation (ICDI) to the International Association of Deposit Insurers was a decisive step in improving confidence in the banking system. Since its accession, Iraq has witnessed a significant increase in the number of bank accounts and the volume of deposits, reflecting a significant improvement in citizens’ confidence in banks. This development enhances Iraq’s ability to attract investment and support economic growth by converting savings into productive investments.
In a world characterized by increasing economic and financial interdependence, countries cannot operate in isolation from each other. Membership in international deposit insurance bodies reflects countries’ commitment to international cooperation and exchange of expertise, and confirms their relentless pursuit of financial stability and the protection of depositors’ funds. This membership is not just a formality, but a strategic investment in the future of the banking system and the national economy as a whole.
there are two reasons behind the return of the dollar exchange rates against the Iraqi dinar in the local market, while he expected it to gradually decline. Al-Fahd told "Baghdad Today", "The rise in the price of the dollar in the parallel market came due to the
Central Bank of Iraq implementing a new mechanism, selling dollars to travelers, in addition to the presence of a crisis in checking remittances in the Chinese yuan, and this matter was quickly resolved by the Central Bank of Iraq."".
Al-Fahd stated, "We expect that there will be a gradual decline in the dollar exchange rate in the coming days. This rise is common with the implementation of any new policy by the Central Bank of Iraq
, as speculators try to exploit this in order to increase their profits." He added, "The Central Bank of Iraq has discussions and procedures with the US Federal Bank in order to control the exchange rate in the parallel market, and this rise is due to the rise in illicit trade, but the Central Bank of Iraqemphasized control over the dollar file and there are positive discussions with the American side."". Since Eid al-Adha, the exchange rate of the dollar has risen to more than 152 thousand dinars in the parallel market and money exchangers, after hovering around 145 thousand dinars for every 100 dollars. Prices returned to decline last week, with the dollar now hovering around 149 thousand dinars for every 100 dollars. The Central Bank imposed a mechanism that prevents the delivery of dollars to travelers except at airports, which increased the demand for dollars in the parallel market after illicit trade was financed through the parallel market via travelers’ dollars. https://baghdadtoday.news/254073-سببان-وراء-ارتفاع-أسعار-صرف-الدولار-في-العراق.-ما-التوقعات-حول-مصيره؟.html
BRUCE BIG CALL JULY 23, 2024 VERY VERY SHORT NOTES [7/23/2024 10:12 PM]
This is going to be an interesting week for us. Alot is happening all around. Politically, wow... we have had quite a week. It will not get any easier. Do not be surprised if the EBS/EAS and the EWS comes up starting tomorrow or Thursday. There is so much going on globally. The arrests did get finished globally, but still some in Canada.
This is a time when things are coming together for us..... yesterday, talking to the redemption center and bank people. bank screens were not showing rates, but redemption center screens showed blinking rates but today...
it was opposite.
Later today, the redemption centers, are showing solid rates but in gray scale: you cannot make out what rates are.
But by around 9:30 EST we will have solid rates on the screens at 9:30 a.m. Staff is being sent in as early as 10
Am and also 2 pm to cover the day.
We could get notified tomorrow and start exchanges tomorrow. Start Wed and go thru Saturday. We should get the 800 number emails. If not tomorrow, then Thursday, but we should start tomorrow.
That is great news for us. This is what we are all looking forward to. When you get the EAS and EWS that is designed to be cover for us. So I am excited that is about to occur. You have seen political change, and may be more soon. I am looking forward to getting started in way of notifications
The dinar has a contract rate. They are to offer that here in the USA to USA citizens.
I can tell you it is very high. ZIM holders are given priority. You do get priority for Medbeds, as they want those of us who will be around to do our projects for many years, to have a shot to living longer than normal life span.
You should be looking forward to gaining longevity to see your projects to the future.
I will tell you, we have waited a long time for this, and this info I got is very positive, and believe we are at the point to start.
We do not know when emails will come, but we know bondholders are to be notified tomorrow and have access to funds by Thursday. I believe we will be starting tomorrow for exchange, and maybe start Wed or Thursday. Look for your emails.
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: Hello Mark MODS and Everyone
Member: Have to ask….Are we there yet??? Lol
MZ: “After 20 years is Iraq making progress to join the WTO?” Well we are hearing this is sqared away and there should be an announcement in the next day or two. This is part of what we are getting rumor-wise right now.
MZ: What we know for a fact from folks on both the US side and the Iraqi side…..,is that there are very “top secret” meetings occurring right now in Wash D.C. with Iraqi folks about the removal of US troops and security units in Iraq. This is one of the key things we were told to watch and it is occurring right now in D.C.
MZ: And news from the WTO is it’s a “wrap” …and they are keeping it under wraps.
MZ: And if 1/10th of the bond rumors I am hearing today are accurate…..then people all over the world are starting to see spendable dollars. The question is – are the rumors accurate or not?
MZ: I am hearing this from so many different sides now that it makes me feel warm and fuzzy. But we still can’t go to the bank yet…..so please stay calm and grounded when you hear this news. I can only imagine how nuts the dinar boards are right now.
MZ: But, until we get the notice that is good to go…and we get to go to the banks….stay calm. But I can tell you this bond chatter is through the roof with rumors of dollars moving ect…..
Member: how long will we have to exchange...
Member: We were told about 10 days to make appointments and at least 30 days to exchange.
MZ: “Trial starts for Vietnam Tycoon in $146 million graft case” They are going hard after anybody with graft and corruption. Mostly millionaires and billionaires. Is this Vietnams way of collecting money from private individuals or are they cleaning things up before the reset? I don’t know what to tell you on this…yet. That we are seeing this tells me Vietnam is preparing for something. I suspect they are preparing for an RV.
Member: Was at a salon getting a pedicure-The owner John is from Vietnam. He mentioned lots of things happening in his native country….Lots of corrupt politicians getting ousted and arrested.
MZ: That makes me feel better.
MZ: The bigger news is “China sells 68% of US Treasuries –Wha’ts next?” This is a great one by fastepo who details all the countries unloading their treasuries. What does that do? It brings them all home…all of that fiat money rushing back to the US.
Member: That just could crash the system…….fingers crossed.
Member: Mark - bank story. Small-town, n.e. TN. Went to a bank in Walmart to repair torn $20. Said to teller, "They don't make money like they used to." She said, "New currency is sturdier!" She's held it!
Member: Bank story from another channel last night. A lady went to a WF bank in Texas and the bank manager gave her the time and rate. He had to turn away from the camera while talking to her.
MZ: I like that story…I am looking forward to call this a wrap.
Member: I want to know the time and rate!! So wonder -what was it?
Member: is this ever going to happen???
Member: I think instead of complaining , we need to consider Thanking God for our Blessings. Let's try to encourage each other, we're all going thru this together.
Member: Keep those thought positive.
Meber: THANKS MARK, MODS AND EVERYONE AND HAVE A BLESSED NIGHT
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