FRANK26: "A NEW EXCHANGE RATE WILL ALLOW IRAQIS TO BUY HOMES!!!".......F26
With two trillion dinars, the Central Bank supports the liquidity of the Real Estate Bank
8/19/2024
Baghdad
The Central Bank of Iraq confirmed, today, Monday, supporting the liquidity of the Real Estate Bank with an amount of 2 trillion dinars.
The Central Bank's media stated, in a statement received by "Al-Eqtisad News", that "it supported the liquidity of the Real Estate Bank with an amount of 2 trillion dinars to meet the requests of citizens applying to purchase units in residential complexes in all governorates, starting with ready-to-move-in units."
He added, "The Central Bank has allocated 300 billion dinars to meet citizens' requests to purchase floors outside the complexes, which had previously obtained the necessary approvals from the Real Estate Bank."
Understanding the Requirements for Iraq's "Petro Dinar" in 2024
In the dynamic world of international finance, the concept of a "petro currency" has long been a focal point, particularly with the historical dominance of the US dollar as the global petrocurrency. However, in 2024, Iraq is exploring the feasibility of adopting the Iraqi dinar as its petro currency, a move referred to as the "petro dinar". . This shift requires careful consideration of several critical factors, including the necessity of a robust stock of foreign currencies and gold. .
The Role of Foreign Reserve Currencies and Gold
The adoption of the dinar in pricing oil, or the concept of a "petro dinar," hinges on the availability of foreign reserve currencies and gold. According to Mazhar Muhammad Salih, the Prime Minister's advisor for financial affairs, these reserves must be present and managed efficiently to ensure the stability of the exchange rate linked to oil. .
The stability of the petro dinar is paramount to hedge against oil price fluctuations and maintain its value in global markets.
Historical Precedent: Russia's Gold-Backed Ruble
Drawing from Russia's experience, where oil was purchased with gold-backed rubles, Salih highlights the critical role of gold in supporting a currency's stability. . This move by Russia, while facing its own set of challenges, demonstrates the potential for gold to act as a stabilizing force in a currency's value, especially when linked to a commodity as vital as oil.
Challenges and Implications
The adoption of the petro dinar is not without its challenges. Economic expert Mustafa Hantoush has warned that Iraq is currently undergoing a phase of near-total collapse in monetary policies.
. He emphasizes that the current thinking about changing monetary policies, regardless of leadership, may not be sufficient. The policy of protecting the local currency against foreign currencies, among other monetary policies, is critical for the success of the petro dinar.
The Implications of Issuing a New Currency
The discussion has also revived around the project of removing zeros from the Iraqi dinar and potentially issuing a new currency. . Such a move has been implemented by other countries, including Turkey in 2005 and Venezuela, as a response to hyperinflation. The implications and challenges of this process are significant and require careful planning and execution.
Conclusion
The transition to a petro dinar for Iraq in 2024 is a complex endeavor that necessitates a strong foundation of foreign reserve currencies and gold. The success of this move will depend on the efficient management of these reserves and the stability of the exchange rate, which is crucial for hedging against oil price fluctuations. As Iraq considers this shift, it must also address the broader challenges in its monetary policies to ensure the petro dinar's viability in the international market.
FRANK26: "TELL THAT TO THE USA BANKS... LOL !!!"...........F26
Central Bank: Iraq is far from the "gray list"
8/19/2024
Baghdad
The Anti-Money Laundering and Terrorist Financing Office revealed that Iraq is far from being included in the gray list.
The representative of the office at the Central Bank, Hussein Al-Maqram, said,
"After the completion of the international mutual evaluation by the international team of experts that Iraq recently underwent, which lasted 14 months, the technical commitment to the legal framework, regulations, instructions, and controls for combating money laundering and terrorist financing was evaluated."
He added, "The effectiveness of anti-money laundering and counter-terrorism financing systems was also evaluated, by providing statistics, in addition to practical cases, to prove the extent of implementation of the legislative framework, in addition to the field visit."
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: Happy Tuesday ….we are still here!!!
Member: Even the darkest night will end, and the sun will rise.
Member: This looks like it could be a very exciting week ahead.
Zester: Email was blowing up with well wishes for pops (MarkZ) . He is feeling much better this morning. He is still a bit sore from all the needles and all the poking….(Mark is having stem cell treatments to try to arrest the progress of muscular disease)
Zester He was very tired from all the anesthesia…..but otherwise he optimistic and feeling great. And ready for more treatments today. We are happy his body is not having any negative reactions.
Member: It’s a long process that takes time. It will get better day by day for the next year.
Zester: I do have an update directly from pops this morning. I will read off what he sent.
Zester: From MarkZ: Thank you all for the prayers and well wishes. Yesterday was tough but went well. Today should be much easier on me. I am hearing a lot of hopeful bond talk for later today. (There is supposed to be a large announcement come out sometime around midday in regards to bonds) I also have multiple reports that currencies are not paying out yet. But, more confirmations on farm claims which is very important. Farm claims kick off the fines and penalties….so that is a clear indicator that things are happening. Look past the crazy optics and focus on what we can see. A prayer or two won’t hurt either.
Zester: So we have been hearing –in regards to farm claims that people have actually been getting paid. This is a expected part of the process. Currency is not currently being paid out….and we should have something to talk about in regards to bonds this evening.
Zester: In regards to the farm claims- this information is coming from someone on the ground in Reno.
Zester : If I hear something really big – and it comes out at a weird time – we will post on all our different channels to be sure you get this information. Look for it on X And I will jump in for a quick video.
Member: what are farm claims
Member: Mark has posted this before: Video on PP’s and Farm claims: https://www.youtube.com/watch?v=sAL0exvL45Y
Member: Zester- What is your take on XRP partnering with the IMF? Could this be a breakout moment?
Zester: I do think its very interesting to see ripple as a company has been positioning itself in regards to central banks. A lot of different 3 and 4 letter agencies on international and national levels for building a central bank digital currency platform for countries and banks……I suspect the thing that the IMF is interested in is the research and development and technology that ripple has done for central bank digital currencies.
Member: I thought we did not want a CBDC….its the bad guys thing to control the world?
Member: Unless the Treasury has one that is gold/asset backed….you are right.
Member: Anyone else losing confidence in this? How are you all keeping it together? Any tricks?
Member: The system will crash…….the big question is…..will the cabal and the Great reset win….or will the QFS and the world win???? That’s my fear.
Member: Celebrate the wins, mourn the losses. Sometimes the most heroic thing we can do is not give up.
Member: It will happen “Suddenly” and after all of the misinformation everywhere…..we probably will have a hard time believing it…lol
Member: Zester…you and the mods are doing an outstanding job for Mark. Praying Mark gets lots of help from the new TCells.
Mod: KEEPING MARK IN PRAYER THIS MORNING! MAY GOD GIVE HIM STRENGHT AND HEAL HIM.
Member: Prayers for everyone here no matter what you are going through may God be with you and help, and uphold you.
💥Iraqs ports are digitizing - new rate will be required - “eventually”
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🟠GOLDILOCKS article breakdown
🏆Iraq testing the IQD in the FOREX market ‼️
💥Directly from the CBI
Activity transactions on the (FITR) platform"
Iraq is now showing transaction activities on the FITR platform. FITR are Exchange Traded Funds that come under the category of cross currency swaps.
Currency ETFs are exchange-traded funds that track the comparative value of a currency. These investment mechanisms allow people like you and me to gain exposure to the forex market.
"Cross-currency swaps are commonly used for fixed income investments where the cash flows are known with a high degree of certainty. Hedging currency risk with a cross-currency swap effectively creates a synthetic local currency denominated bond by converting the bond’s foreign currency denominated cash flows or risk into a stream of local currency payments. Cross currency swap hedging strategies can be tailored for either active strategies or passive buy-and-hold fixed income strategies."
Here is how the above quotation works. The Exchange Stabilization Fund (ESF) of the U.S. Department of the Treasury can purchase or sell foreign currencies.
The ESF also includes Special Drawing Rights (SDRs), which are international reserve assets created by the International Monetary Fund. The ESF can also enter into "warehouse" swaps with the Federal Reserve System.
The Federal Reserve has a repurchase facility for foreign and international monetary authorities, also known as the FIMA Repo Facility.
This allows foreign account holders to temporarily exchange Treasury Securities for dollars to meet potential liquidity needs.
"According to TreasuryDirect, Treasury Bills, Notes, Bonds, TIPS, and FRNs are transferable, so you can buy or sell them in the secondary market."
Yes, foreign currency, also known as forex, is traded on the secondary market, which includes equities and fixed-income instruments like bonds.
The foreign exchange market is a decentralized, over-the-counter (OTC) marketplace that determines the exchange rate for currencies around the world.
Let me end this dialogue where we began it. And, this is a direct quote from the CBI website, "Activity transactions on the (FITR) platform."
This gives us an idea of how close we are. Let me be clear, we do not know if these are testing transactions or actual transactions at this time. But, we do know they are in training for the use of this trading mechanism for a reason.
