The United States is working to prevent the Iraqi banking sector from helping Iran evade U.S. economic sanctions by stopping the flow of currency to Iran and using Iraq’s dollar reserves as a conduit to Tehran. Washington aims to tighten its control over the movement of dollars from Iraq to Iran, Syria, and Hezbollah in Lebanon by pushing for the Central bank of Iraq to relinquish its role as an intermediary in purchasing currency from the U.S. Instead, major American banks will handle these transactions directly.
Former Central Bank official Mahmoud Dagher revealed that the Central Bank of Iraq plans to withdraw from its intermediary role in purchasing hard currency by the end of 2024. As of now, no Iraqi bank other than the Trade Bank of Iraq (TBI) has obtained the necessary mediation from American banks.
This shift is part of a broader strategy to limit the sale of dollars to American or foreign banks exclusively.
Economic expert Maitham Al-Bahadeli predicts that removing the local dollar selling platform and restricting transactions to American or foreign banks will likely lead to a significant depreciation of the Iraqi dinar against the dollar. He explained that the withdrawal of the Central Bank of Iraq from selling hard currency would negatively impact the local economy. The scarcity of dollars would drive up their price, which would be particularly problematic for Iraq’s heavily import-dependent market that requires billions of dollars for trade.
Al-Bahadeli emphasized that the reduction in dollar availability would primarily harm the local economy, increasing the cost of imports and exacerbating financial challenges. The increased price of the dollar, driven by its scarcity, would put additional strain on businesses and consumers in Iraq, further complicating economic conditions in the country.
800 stocks down by 5%? This is a prime indicator that once things pop off with Iran & Israel we will get a market correction like we have never seen.
Then as the WTO stated the world will anticipate Iraq to come to the rescue and bring confidence back to the global trade market by reinstating the Iraqi Dinar and everything from that point will be based on REAL VALUE.
Then this is when you will unprecedented liquidity.
--
Ariel on X 7.31.24
People listen you need to look at everything happening politically as a last Dutch effort to enforce liberal policies to prevent future defeat of Donald Trump coming back into power. Maduro is nothing but another 2020 election in another country that happened in the US four years ago.
Lessons are being learned and this is causing people to understand how corrupt the system is.
Maduro is going to play out his role. But it will not be outside the parameters that Donald Trump has created to entrap the Deep State.
Which is why he walks around unbothered about everything that you are pulling your hair out over. I told you all before nothing is happening haphazardly.
Nobody is getting away with anything. I have shown you examples of this. Why do you think banks are mortified of Basel 3?
Why do you think Democrats tried to pass laws to prevent D. Trump from using the Red Folder?
Why do you think the Federal Reserve tried to bully banks into not setting up their own charter to independently legislate precious metals as legal tender?
Why do you think governments around the world are trying to prevent the role out of quantum computers?
I can on with many questions but you get what I am saying here. They are the ones on the ropes. Not us. But they use the media to convince you that is the case. The existence of BRICS Nations alone is the nail in the coffin for the entire ponzi scheme of this system.
Especially since the announcement of a payment system outside of the SWIFT system.
The problem you all are currently facing is that you think these people are supposed to announce their defeat. And they are simply not going to give you that much ground. So please stop expecting them to roll over on their belly.
They didn't monopolize media to walk their own plank that they created for you when we get out of line once you decide to start talking outside their talking points.
They will pretend they are not losing any ground until they are on their death beds. And even then they will not show us any white flag.
Remember, old habits die hard. New ways of being blossom softly.
The Iraqi Integrity Commission has announced the arrest of a suspect linked to the "heist of the century," with gratitude extended to the Kurdistan Region's Ministry of Interior for their assistance in arresting the individual.
Without disclosing the suspect's name, the commission confirmed the arrest of a key figure in the high-profile theft case, praising the collaborative efforts of both the federal government's Interior Ministry and the Kurdistan Regional Government (KRG).
Four additional defendants, already suspended by the High Criminal Court, were part of the former government of Prime Minister Mustafa al-Kadhimi and are implicated in the case.
According to Iraqi officials, the charges against these individuals stem from their involvement in extracting approximately $2.5 billion in cash from the General Tax Authority. This sum, lost between September 2021 and August 2022, represents a significant amount of money in a country that consistently ranks among the world's most corrupt.
The "theft of the century" has been described as the disappearance of $2.5 billion in tax revenue, shedding light on the extent of corruption within Iraq's financial systems.link
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, MM and Mr. Cottrell. 08/02/2024
MZ: We will cover the news and hurry to get Mr. Cottrell in after MM and Crew bring you some of the latest out of Iraq.
Member: Good Morning to all…….And TGIF!!!
Member: Wow what a Friday on Markz…. not only Mr. C but MM too!!
Member: Stock market is looking pretty ugly today again! Yikes!
Member: Hello!! Just read 800 stocks are down 5%....let it rip!!!
Member: Asian markets took a beating, especially Japan. Worst since 87
MZ: “Japanese stocks suffer biggest point drops since Black Monday” The BOJ has boxed itself into a corner
…they need to decide between a crash in currency or a crash in the stock market. This is its worst 2 day rout since 2011.
Member: hopefully the market falls off the tables edge. straight down
Member: Dow Jones down -870!
Meber: Market Summary > Dow Jones Industrial Average39,385.35 −962.62 (2.39%)today
Member: SG Anon had a great read on a "Speculative Summary" of what's coming from an anonymous person. Pretty much nailing "the weekend" that would occur with markets crashing then the CRAZY week 2 follow
MZ: Now let’s bring in MilitiaMan…….
MM: Thanks and glad to be here. Yesterday we did a sit down sitrep with PampeyPeter and Petra.. Its in our Patreon room for anyone who wants to visit. It’s about 30 minutes long.
MZ: To e this week has been great. There have been a number of key pieces come out of Iraq that made me feel warm and fuzzy. What’s your take on the week??
MM: I have been interested in seeing how far along the central bank building is. I think around 6 months ago they said they had about 15 feet or so to go….to the top of it.
MM: I know high rise buildings take a long time to build…..but it they are at the top with only 6 meters to go…I don’t know that it would take 6 months….I don’t think so. I have a strong feeling there is more to that story.
MM: They are now talking about a celebration, and if you remember…..Saleh (Sudanis financial advisor) has been on fire for the last couple of weeks. And he told everybody that there was going to be a major announcement regarding the digital era……
MM: Now everybody is starting to see it… This morning the UAE is allowing their digital currency….and are able to buy digital assets. It is going to a digital era all around the world. The world is changing quickly…
MM: The multi-currency practices are going to go away and ultimately they will apply a REER or Real Effective Exchange Rate to Iraq’s currency-
MM: Everything we are seeing is powerful evidence that the monetary reforms are on the table and they are knocking them out….
MZ: What of the HCL? We are watching what is going on in the Kurdish region and money is suddenly flowing. And they are saying things are now in Baghdad’s hands….I’m surprised we havn;t seen that the HCL was done this week
MM: Well, they said its coming soon…Whatever that means…Right?
MM: And I heard from a source that the US Federal Reserve will not wait long….They cannot wait forever….. And he also said they can take action at a moment’s notice. I believe the US Treasury and the Federal Reserve are working hand in hand with the Central Bank of Iraq.
MZ: Have you heard anything about Iraq’s ascension into the WTO?
MM: Iraq is going to need to trade cross-borders. The Iraqi dinar is not yet on the forex with a REER. (Real Effective Exchange Rate) With the Ayuscuda cross border system …I think it’s ready to go.
MZ: I also think it’s ready to go. But how long can they go without a new rate? They have not published the budget tables yet….I think they are hiding it because the new rate is in it to do all those new projects.
MM: PompeyPeter and others have been talking about this. And issue #4472 of the Gazette is not there…..so yes When you say they are hiding it- that’s what it looks like. …And Why? Because its sensitive.
MM: Well I have a busy day….so thanks for having me….thank you all. And I hope to see you all on Patreon.
Be sure to listen to replay for the entire MM and Mr. C’s interview….for their information and opinions
Member: Mike Bara was saying there was a lot of counterfeit German bonds which slowed down the process
Member: My bank has a central counting machine for all withdrawals of cash. Each teller inputs the amount at the terminal and the money is counted out. Very different process
Member: Bank Story - My friend went to his bank yesterday. there were huge piles of cash on tables. two ladies were photocopying both sides of the currencies four at a time. while a person watch them
MZ: Well that is weird…….
Member: I think this may be the weekend we’ve been looking for…
Member: Just turn on EBS and let chips fall where they may!!!!
Member: The frequencies are high from manifesting this blessing into existence
Economical 08/01/2024 Baghdad: the mainstay of the emirate The Financial Advisor to the Prime Minister, Dr. Mazhar Muhammad Saleh, stated that
reforming the banking system is one of the most prominent priorities of the government’s approach, because of its positive effects in all aspects of the economy, indicating that the first steps of that reform began through the government banking sector, which currently dominates more than Of 85 percent of the assets of the banking system, its banking operations and activities account for approximately the same percentage of total deposits and credit. Earlier, Prime Minister Muhammad Shiaa Al-Sudani chaired a special meeting to develop the work of government banks, and directed to resolve the procedures for developing the work of Rafidain Bank.
The Prime Minister's Media Office said that Al-Sudani was briefed during the meeting, which was attended by representatives of Ernst & Young for auditing and financial consulting, on the technical and administrative procedures for the Rafidain Bank development project, which were taken during the period that followed the signing of the contract with the company specialized in structuring and developing work in the banking sector. It is noteworthy that the development plan of Rafidain Bank includes a comprehensive review and evaluation of the bank’s work, and the implementation of structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, in which advanced electronic programs and modern technology are adopted in all banking transactions, and the optimal use of human and technical resources, and the transition to... Automated work, which helps the bank’s ability to meet banking requirements Globalism. Counselor Saleh told “Al-Sabah”:
“The government’s vision for economic reform was largely focused on banking reform, which is one of the priorities of the government curriculum, and the first steps began through the Rafidain Bank,” noting that “the reform principles upon which the government program was founded and which the House of Representatives approved are based on On regular executive priorities, at the forefront of which is reforming the banking sector, as the Prime Minister’s vision was focused on economic reform through reforming the government banking sector, which currently dominates more than
85 percent of the assets of the banking system, and its banking operations and activities account for approximately the same percentage of total deposits and credit. "The banker." Saleh pointed out that this beginning came because these banks are large and important, but they are burdened with a legacy left by the conflicts of the past half century and their repercussions on the efficiency of this large banking system, whose capital base still constitutes only a low percentage that does not exceed 22 percent of the total capital of the banking system, indicating that “In view of this banking dominance, which is burdened with inherited problems, our country suffers from limited growth in the activity of the banking market and its division between private banks, the number of which exceeds more than 50 banks, but they are limited in their activity in deposits and credit, but they do not have a unified and homogeneous competitive banking market with government banks, as they dominate
“Governmental banks are in great pain in their market shares and in their banking activity, and they live in their activity on sovereign banking liquidity, as they are banks of a purely rentier nature that deal with large government deposits that affect their liquidity.” The government advisor explained, “In order to advance the Iraqi banking market, the first reform steps have inevitably begun with government banks, especially major commercial banks such as Al-Rafidain Bank, and based on the above, with the aim of making government banks operate in accordance with capital efficiency standards and lead financing and development activity in the country and with competitive foundations that provide Financial inclusion
At the same time, the study, which is being prepared by the international auditing and accounting firm Ernst Young, is based on the principle of creating a highly efficient government commercial banking sector that takes the lead with the rest of the banking market in financing market activity and with digital foundations and financial and accounting technologies in accordance with modern financial engineering. He pointed out that
this leads to the
birth of a government bank that
specializes in managing government banking operations exclusively and is considered a cornerstone in organizing the treasury account and stabilizing government cash flow budgets, meaning that it will at the same time be the public finance arm of the government banking organization. Saleh believes that
these steps can achieve the
goals that lead to “the birth of a homogeneous banking market that
operates according to competitive principles and can integrate with the local and international financial and banking system with high credit and banking efficiency required by the sustainable development goals and the requirements of the availability of market institutions and their integration between financing services on the one hand and real investment.” And production growth on the one hand Other. https://alsabaah.iq/100342-.html