Thursday, August 22, 2024
DINAR REVALUATION UPDATE: IRAQ IS ENHANCING ITS RESILIENCE IN FINANCIAL SERVICES AND PROMOTING ECONOMIC STABILITY, 22 AUGUST
Iraqi Banking Sector Growth and Financial Inclusion in 2024
In 2024, the Iraqi banking sector has witnessed significant growth and progress in financial inclusion, despite facing numerous challenges and shocks. The sector has shown resilience, especially in the areas of financial inclusion and an increase in bank assets while maintaining the volume of deposits [1].
Economic Resilience and Growth
The domestic stability in Iraq has improved since the new government took office in October 2022, enabling the passage of the country's first three-year budget, which involved a substantial fiscal expansion that began in 2023 [1]. This fiscal expansion supported a strong recovery in Iraq's non-oil economy following a contraction in 2022. While Iraq was largely unaffected by the ongoing regional conflicts, domestic inflation declined to 4% at the end of 2023, thanks to lower international food prices, the currency revaluation as of February 2023, and the normalization of trade finance [1].
Financial Inclusion Efforts
The International Labour Organization (ILO) and the Central Bank of Iraq have launched initiatives to promote financial literacy and enhance financial inclusion in Iraq, particularly in southern regions [3]. These efforts aim to empower individuals and businesses with financial literacy skills, encouraging savings and enhancing financial inclusion. The collaboration between the ILO, the Italian Agency for Development Cooperation (AICS), and the Iraqi government is geared towards promoting decent work, green jobs, and a sustainable future in the south under the project titled "Towards More and Better Employment through Enhanced Support to Private Sectors in Southern Iraq - with a Focus on Green Business" [3].
The World Bank has also been mobilizing financial and technical assistance to support Iraq's efforts to stabilize its economy, improve governance, and rebuild livelihoods [2]. The Bank is working closely with international partners to support economic reforms, with a focus on results achieved from a range of multi-sectoral projects [2].
Challenges and Future Prospects
However, imbalances have worsened due to the large fiscal expansion and lower oil prices. The ongoing fiscal expansion is anticipated to boost growth in 2024, but at the expense of a further deterioration of fiscal and external accounts, increasing Iraq's vulnerability to oil price fluctuations [1]. Without policy adjustment, the risk of medium-term sovereign debt stress is high, and external stability risks could emerge [1].
The traditional retail banking market in Iraq is experiencing significant growth and evolution in response to changing customer preferences and local special circumstances [5]. Customers are increasingly seeking convenient and accessible banking services, driving traditional retail banks to invest in digital infrastructure and enhance their technological capabilities [5].
The Role of SMEs
SMEs play a crucial role in the financial landscape of Iraq. A project funded by KFW aims to provide sustainable access to financial services for already operating SMEs as well as for startups in Iraq, with a special focus on youth and women [6]. The project is designed to enhance the productivity of SMEs and their potential for job creation, contributing to Iraq's private sector development [6].
In summary, the Iraqi banking sector's growth and progress in financial inclusion in 2024 are commendable. Despite facing challenges, the sector has shown resilience and commitment to enhancing financial services and promoting economic stability.
Bruce’s Big Call
Bruce’s Big Call Dinar Intel Tuesday Night 8-20-24 REPLAY LINK Intel Begins 1:00:25
Welcome everybody to the big call tonight. It's Tuesday, August the 20th, and you're listening to the big call. Thanks everybody for tuning in all over the globe, big call universe – we are averaging 17 and a half million listeners for the last five calls. And so we're glad that you're listening, especially if you are out in the international lands that we're reaching three seconds after I speak, then the words are coming out in your own language, all over the globe That’s a real benefit going on for the past year and half and reaching as many as 200 countries with over 17 and a half million listeners. So glad that that's happening.
Thank you SAT team for getting the satellites to operate very well, with the starlink system, and we're just happy to be here. We have a lot of good information tonight. We're getting very close to the end on this. So I'm excited about that.
All right, let's go into Intel Bob says we are a few minutes after 10 o'clock Eastern. So let's get into it. Well, I want to say this first for Denise up in Canada. Denise hope you're listening and Denise’s question was about Canada. Are we going to be able to respond because she was told, she read something now Canada's out of the loop on 800 number, - it’s really not -- Canada. If you get this and you don’t get a different 800 number, you might get a different 800 number call than those of us here in United States. If that's the case, they will take good care of you – and it will route you to we've got approximately, and I can't say exactly - at one point, I know we had 2000 redemption centers in Canada.
Now, you guys know the best rates even If you're not a zim holder - let's say you only have dinar or dong - you still will get the best rate on either of those currencies, not to mention the zim at the redemption centers.
So if you get the same number that we get in your email, then call the number - whichever it is call, set up your appointment Okay.
HSBC is the lead bank in Canada although, when RBC merge with Scotia bank - Scotia - they are taking the lead, and I know the banker with over 7 redemption centers in Canada , I would say you'll be fine either way, so don't worry about that you will be well taken care of –
(skipped over some non related talk)
All right, The thing about where we are, there's one thing I found out today that is unique and different for us to know, and that is that at midnight tonight, which is not too long from now on, Eastern Time, midnight tonight, all of our accounts in the United States are on the quantum financial system, and in the USN designation for the dollar - our United States, new dollar - our asset backed dollar
When the clock strikes midnight tonight Eastern time, we will all be completely contained. All of our accounts will be contained in quantum financial system, with the USN as our designated currency –
Well, that's good news and that is happening In time for things to happen, possibly tomorrow. That's what else we're hearing from sources. And at least two or three of our better sources are saying that we should get our toll free numbers sent out tomorrow in email
Now, I don’t want to get too far ahead of myself. Remember, last Thursday, I had 30 minutes of straight intel - back to back to back to back that. I hope you guys caught that or caught the replay on last Thursday's call, because there things that were said there that I'm probably not going to talk about tonight.
Alright what are we going to talk about tonight? First of all, the well, let's say this, first of all, okay, there's always redemption center information that we get bits and pieces of -- some of it, just with emails that have gone out. And notice this, the emails that are going out to the redemption center say, New US Treasury slash, wells, Fargo, if it's a combination that's gone from the Treasury to Wells and then on to the redemption center of leaders, “new” –
I Love that I love that it's “New US, Treasury, slash, Wells Fargo”, because that tells us that they're very aware, and they're making us aware, making the redemption center leaders and the operatives that contact the redemption centers of misinformation, and we're Looking to have confirmation of the fact that the leaders or the operatives at all the redemption centers across the United States have been contacted by email with information that would tell them when we are to receive our emails and when we are to be able to set our appointments and start exchanges
Now, we believe that that information has either gone out to the redemption center leaders across the country, remember, we've got, gosh, over 6000 redemption centers in United States,
And either they haven received that or are about to get overnight or tonight, let's say, if not tonight, so they at least wake up to it or go into the redemption centers in the morning with that information - we believe that that information is going to allow us to receive our emails tomorrow.
Now that's only if -- Now that's only if - we can't prove it yet. We don't know it - we believe that's the case and if so we should be able to set our appointments – and here’s the deal -- if we get it before noon, let's say 1030 to noon. If we get it in that timeline, timeframe, we should be able to do it to set a point approximately 3 hours later
We would easily make three or four in the afternoon, if that were the case tomorrow, if it comes out in the afternoon, we probably just set our appointments and start exchanges on Thursday. Charlie Ward's Thursday. We'll see. We don't know that yet. Possible we can get everything we need to start tomorrow, or maybe we get it in time to start on Thursday, but it's a very good there's a very good posability of either of those happening.
We don't have that information yet, specifically one day or the other. We don't have that but we hope to catch that later on tonight. Maybe I'll get it, not in time for the big call.
However, now what else is going on, political change coming. Look for some something very positive that should happen by Friday of this week. Let's see what else? Oh, Jeannie prompts me on R and R and let's talk about it, restitution and reclamation - and I call it allowances, another term for it, but whatever it's R and R and we did get amounts this week - over the weekend that told us the base amount that would be set up by age group.
Not really that important what the base amount is, obviously starts at one level and goes up as you get older, and then the other amount is added to that. Let's call the one thing restitution. Let's call the other reclamation, whatever it truly is called, we will get that total amount which is going to be significant piece of change - even for young people, starting at the age, I believe, 28 and is designated from like 28 to 30 -- 30, to 50 - 50, to 60 – 60 and above,
Here’s how it's going to be successful. Now here's how it's going to work. If you are not in the currencies, and you guys know people that are not in the currencies, but are to be getting R and R, they will get it if they're taking Social Security, they'll get in their bank account where their Social Security is being deposited.
Remember, these are for non currency holders - if they are not on Social Security, let's say they're in the 50s and they're not eligible for Social Security yet they will get their R and R payment deposited into their bank account. And you say, Well, how do they know what account?
Well, I don't know what account and the people they have, the people will get a notification from the bank that you have a deposit, whether it's an email notification, whether it's something that you triggered to notify your phone or deposit that comes in your account, or whether it could be snail mail in some cases.
So that is coming, and that's going to allow people, think about people all over the country that are not in the currencies that we're in, to get money and to receive a pretty good chunk of change in their bank account, and that could happen as early as this week for them, but it should happen for everybody gets that deposit by the end of the month.
What else is supposed to happen by the end of the month, we're going to have our mortgage balances wiped out or zeroed out, and our credit card balances wiped out, mortgages, credit cards. Now here's the thing. When that occurs at first you're supposed to be an NDA, and you don't even discuss that, the mortgage is removed - Your credit card, your credit card balance removed until Thanksgiving.
That's what I've heard as far as being able to talk about it, not to write about it, especially credit card balances, it'd be nice to say, Yeah, my mortgage was such and such, and it's not that's been zeroed out by the bank or the lending institution, but we're not gonna be able to talk about that until Thanksgiving and not, Canadians Thanksgiving in October, either?
Our Thanksgiving is some Thursday in, like the third week in November, maybe the fourth week, I don't know. Anyway, it's, it's, uh, that's what we're supposed to go talk about. It.
Now, what else -- the our currency? The USN did come up. Remember it was off for a while. Remember it wasn't even on the screens. We had 18 currencies on the screen with rates flashing slowly. Sunday, we had all 19 currencies on the bank creenss and redemption center screens that were solid rates, and they were very favorable, believe me, and our USN was on it as of 5pm eastern last Sunday, two days ago, Sunday night. Well, that was very positive. So we know the USM is in play.
All right, let's talk about things regarding rates and something else. Somebody posted something about if you got 2 trillion zim notes, you can get the rate on those. And after that, forget about it. It's something else that's not true. That's a deep state lie - Don't buy it. All of your zim is worth whatever the rate is. And I told you it was on par with the US dollar. And you guys, if you been listening at all – you 't know what on par means, - it means the same as on par with the dollar.
Now, if you only have T notes, or 10 or 50 T notes, you could get offered a much higher rate on the Zim. Just if you have a couple of notes, you've got a lot, you're going to be right there on par with the US dollar and the USN all you will ever need, believe me. Say, believe me when I tell you, that's right,
That's about it. Rate wise, I know this much we saw what the we did get notification on what the dinar and dong were a few days ago - Sunday and on the bank streets and on the redemption center screens are going to be much higher than the bank screens. Just so you know, redemption center screens are significantly higher. Not to mention the fact that, if there's a dinar holder United States and are a US citizen, you will be offered a contract rate.
What is the contract rate? Contract rate is what a barrel of oil in Iraq is selling for , in USN dollars, whatever the per barrel price of oil is that Iraq is selling like to Turkey or other countries, whatever that rate is at the time of our exchange on Zim. That's what we are being offered. That's the contract rate, and it's pretty high. It's just under 90. It's pretty high that could go up. It could go down based on the per barrell price of oil that Iraq is selling the oil for
Okay, now you know we're expecting to get notified tomorrow. If it all pans out, we'll get our emails tomorrow – set our appointments -- start as early as tomorrow or Thursday. So I'm hoping that the emails do come out, that redemption center staff or leaders get the emails they were expecting - they may have already, they might not, and if they do, they should be in that email comes out. When the emails are coming out from a completely different place and we wo;; have an idea of roughly when - not only notify but when we can begin exchanges
. So I don't know that there's a whole lot else that I have beyond that. I think I got everything out I wanted to tell you about—Lets go ahead now and pray the call out
If Register your email on big call universe, we will send an email blast that will have the 800 number in it. And you guys can have that, if you don't have it anywhere else.
I'm not sure in terms of the header line too. It could say something like new US Treasury slash, Wells Fargo. It might be like that, but that's the bill to receive. That's what we receive. I don't know, but I know that you are protected. All of your money right now is a midnight tonight is upon financial system account. And in that it's in the QFs, it is in USN currency, which means asset tax currency. And just we could be very, very happy with what could happen here as early as tomorrow, and quite positive. So let's, let's go ahead now and pray the call out, and then let's pause for the next couple of days,
Commerce Holds Virtual Meeting With WTO To Discuss Ways Of Cooperation And Joint Coordination, 22 AUGUST
Commerce Holds Virtual Meeting With WTO To Discuss Ways Of Cooperation And Joint Coordination
Wednesday 21 August 2024 09:51 | Economic Number of readings: 232 Baghdad / NINA / The Department of Economic Relations at the Ministry of Trade held a virtual meeting with the Secretariat and the Accession Department of the World Trade Organization, in the presence of the competent employee from (the Ministry's Permanent Representative) in Geneva to discuss prospects for cooperation and joint coordination in light of the outcomes of the third working group meeting held last July in Geneva, and to complete the requirements for Iraq's accession to the World Organization.
The ministry stated in a statement that "the meeting witnessed a discussion of the work plan for the next stage, which includes updating technical files, such as the legislative plan file, the memorandum of the foreign trade system, and the agricultural file, as well as discussing the files of accession of goods and services to the Iraqi market in accordance with the standards and agreements of the World Trade Organization."
The statement indicated that "the meeting shed light on the mechanism of coordination and cooperation between the Department of Foreign Economic Relations and the World Trade Organization, in addition to international organizations supporting Iraq's accession."
He explained: "This cooperation aims to provide the necessary support and technical assistance to complete the requirements for accession, Iraq's full membership in the organization, and the efforts of the Ministry of Trade to enhance Iraq's position at the international and economic levels." / End 11 https://ninanews.com/Website/News/Details?key=1148935
Ginger's Gifting Letter (for Currency/Bond Gift to Individuals)
Ginger's Gifting Letter (for Currency/Bond Gift to Individuals) - in Word Doc. PDF posted previously
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