Sunday night...five o'clock Eastern...after the Forex...opens back up for trading... we're going to see all new rates on all currencies...
They should see all brand new rates Sunday night period. Now – we would see them, probably Tuesday since Monday is a holiday. ...we don't have this absolute,
but my belief is we can get notified on Monday which is is labor day here in the United States - and then set our appointments and start on Tuesday...I'm just believing that we are finally at the end.
Thurs. 29 Aug. Bruce
On Thurs. 29 Aug. 2024 there were solid but lower bank screen rates on the Redemption Center gray screens.
On Thurs. 29 Aug. 2024 the Global Financial System was fully implemented and ready to go.
All the banks have been totally integrated.
The Dinar rate was three times higher at a Redemption Center than it was at a bank.
The Dong rate was twice as high at the Redemption Center than it was at a bank.
Zim has to be redeemed at a Redemption Center, not a bank.
Tier4b should be notified to set appointments on Mon. 1 Sept.
Mortgages and credit card debt elimination was starting Wed, Thurs, Fri, 4,5,6 Sept. and will run to Sun. 15 Sept.
R&R should kick in the first week of September.
Global arrests are taking place right now.
The Forex comes up Sun. at 5pm EST with the new rates.
If you are a Zim Holder the Redemption Center will give you a coupon for a Q phone.
Iraq Maintains Credit Rating and Foreign Exchange Reserves Level in 2024
As of September 2, 2024, Iraq has successfully maintained its credit rating and the level of its foreign exchange reserves, according to the latest report by Standard & Poor's (S&P) [1]. This positive development underscores the country's financial and economic stability, as well as the ongoing reform efforts by the Ministry of Finance.
Credit Rating and Outlook
Iraq's credit rating has been affirmed by S&P at B-/B, with a stable outlook [1]. This rating indicates that the country's financial condition is currently considered speculative grade but not in immediate danger of default. The stable outlook signifies that there are no immediate pressures for a rating change in the near term.
Foreign Exchange Reserves
Iraq's foreign exchange reserves have remained robust, exceeding the level of its external public debt [1]. This surplus is a testament to the stability of crude oil prices, which has been a key factor in bolstering the country's reserves. The reserves provide a buffer against external shocks and ensure that Iraq can meet its external financial obligations.
Economic and Financial Reforms
The Ministry of Finance's reform policy has been instrumental in maintaining the credit rating and foreign exchange reserves [1]. Efforts to diversify the economy and modernize the financial and banking sectors are ongoing, though they face challenges due to the country's political dynamics [3].
Potential for Improved Credit Rating
S&P's report suggests that Iraq's credit rating could improve if the country experiences increased economic growth, diversification of public revenues, a rise in per capita income, and continued reform procedures [1]. Achieving these conditions would strengthen Iraq's financial position and reduce its vulnerability to external shocks.
Challenges and Risks
While the current situation is stable, Iraq faces several challenges. The country's economy is heavily reliant on oil revenues, which exposes it to price fluctuations in the global market [2]. Additionally, corruption and the lack of basic services are widespread issues that hinder economic development [3].
Conclusion
Iraq's maintenance of its credit rating and foreign exchange reserves level in 2024 is a positive sign of the country's financial health and resilience. Continued reform efforts and diversification of the economy could lead to further improvements in the country's creditworthiness. However, addressing the challenges of economic diversification, corruption, and service provision remains crucial for long-term stability and growth.
Finance: Iraq maintains its credit rating and foreign exchange reserves level
The Ministry of Finance confirmed, on Sunday, that Iraq has maintained its credit rating and the level of foreign currency reserves.
The ministry said in a statement, seen by "Al-Eqtisad News", that "in the latest report issued by Standard & Poor's Credit Rating Agency (S&P), Iraq maintains its credit rating at B- / B with a stable outlook, indicating financial and economic stability in Iraq."
It added, "The new rating reflects the ongoing economic and financial reform policy pursued by the Ministry of Finance, in addition to maintaining the level of foreign currency reserves that exceed the external public debt and fulfilling other external financial obligations as a result of the stability of crude oil prices." It continued,
"The agency's report indicated the possibility of improving Iraq's credit rating in the event of an increase in the economic growth rate, diversification of the state's oil and non-oil public financial revenues, an increase in the per capita income share of the national income, and the continuation of financial and economic policy reform measures." link
Article: "Two conditions to achieve it .. Al-Sudani's advisor rules out removing 3 zeros from the currency"
These articles, this misleading, is intentional right now...Contradicting statements are found throughout all of these statements, all of these articles...The 25 note has to become a 25k note?
There isn't even a 25 note...When did Iraq last have a 25 note? Never.
--
Walkingstick
[Iraqi bank friend Aki update]
Question:You're asking us why we are not talking to you about these [lower note] commercials. Can you tell us more about them?
AKI: Yes, they are coming out. This is the media campaign we told you about. It's getting faster and faster and louder and louder.
The purpose is to show the citizens the new lower notes and more information.
These commercials are coming out at any time now...Nothing is in the way to block this next step. It is a massive media campaign.
[[Iraqi bank friend Aki update]
New York is to remove the red tape that the United Nations is still holding on the banks of Iraq that are not participating in the monetary reform.
These sanctioned banks may stay sanctioned or be shut down completely.
It really doesn't matter to the monetary reform process but this is something that is needed to be done.
Iraq's Oil Minister to Discuss Gas Investment in Upcoming US Visit
Iraq's Oil Minister, Hayan Abdel-Ghani, is set to visit the United States in September 2024 to explore opportunities for US investment in Iraq's gas sector. This strategic move aims to attract American companies to invest in 10 gas exploration blocks, which have remained unclaimed following six previous licensing rounds. The initiative underscores Iraq's efforts to diversify its energy sector investments and reduce reliance on Chinese firms, which have dominated previous oil field contracts.
During the visit, Abdel-Ghani will present these untapped gas blocks to US companies, marking a significant step in Iraq's pursuit of energy independence. Additionally, the minister announced plans to initiate a new gas investment project by the end of 2024 at the Al-Faihaa oil field in southern Iraq, with a production capacity of 125 million standard cubic feet (mscf) per day. This project is a cornerstone of Iraq's strategy to enhance domestic gas production and strengthen its energy infrastructure.
Global Investment Trends in Clean Energy
The upcoming visit by Iraq's Oil Minister coincides with a global shift in investment trends, particularly in clean energy. In 2024, global investment in clean energy is forecast to exceed USD 3 trillion for the first time, with USD 2 trillion allocated to clean energy technologies and infrastructure.
This acceleration in clean energy investment, following a surge since 2020, has positioned spending on renewable power, grids, and storage higher than total spending on oil, gas, and coal.
However, the IEA highlights that much more needs to be done, especially in least-developed economies that are often left behind in the shift towards clean energy. In 2024, the share of global clean energy investment outside of China is projected to remain at around 15% of the total, which is insufficient to meet rising energy demand sustainably.
Iraq's Energy Strategy and US Engagement
Iraq's decision to pursue US investment in its gas sector reflects a broader strategy to diversify its energy partners and enhance domestic production. The country recognizes the importance of securing reliable energy sources and reducing its dependence on Iranian gas imports.
Opportunities and Challenges
The visit by Iraq's Oil Minister presents a pivotal moment for US companies interested in expanding their presence in the Middle East's energy market. It also offers Iraq the opportunity to tap into US expertise and capital to develop its gas infrastructure. However, the success of these discussions will depend on various factors, including geopolitical dynamics, market conditions, and the terms of potential investment agreements.
Conclusion
As Iraq's Oil Minister prepares for his visit to the US, the stage is set for potentially transformative discussions on gas investment. The outcome of these talks could significantly impact Iraq's energy landscape and its path towards energy independence. For the US, this represents an opportunity to deepen its engagement in the Middle East's energy sector, particularly in the context of a global energy transition that increasingly favors clean and sustainable sources.
