Recent Dinar Guru updates discuss the CBI’s NYC visit to address DFI funds, banking reforms, and positive economic signals for Iraq.
Highlights
💬 FNu lu mentions CBI’s NYC trip aimed at discussing DFI funds with the Federal Reserve Bank.
🏦 CLARE reports a boost in confidence for the Iraqi banking system after CBI’s meetings with US Treasury.
📅 Mark Z predicts potential developments in the next two days regarding currency exchange.
🏗️ Militia Man highlights a phenomenal road development project indicating US presence in Iraq.
🇨🇭 Switzerland reopens its embassy in Iraq after 33 years, signaling strengthened relations.
💰 Mark Z receives reports of payments starting to roll out but seeks confirmation.
⚖️ Economic reforms are in progress, with the CBI focusing on direct banking relations.
Key Insights
🔍 The CBI’s NYC discussions are pivotal for Iraq’s economic reforms, especially regarding the release of DFI funds. This could enhance Iraq’s financial stability and credibility.
📈 Increased confidence in the Iraqi banking system may lead to improved investment opportunities and economic growth, reducing reliance on foreign banks.
⏳ Mark Z’s prediction of imminent developments suggests a critical period for currency exchange, underlining the importance of staying informed and patient.
🚧 The US’s ongoing involvement in Iraq, as indicated by the road development project, emphasizes the strategic importance of the region and may foster economic support.
🌍 The reopening of the Swiss Embassy highlights a rekindling of international relations, which may attract further investment and collaboration in Iraq.
🚦 Reports of payments rolling out signal potential positive shifts in the economy, but verification is necessary to establish trust in these developments.
🔗 The focus on direct banking relationships signifies a move towards a more self-reliant Iraqi banking sector, reducing vulnerability to external pressures.
Pimpy discusses the Iraqi Dinar’s current status, political insights, and the Central Bank of Iraq’s recent financial mechanisms.
Highlights
🗳️ Voter registration shows a Republican gain of 250,000 while Democrats lost 19,000.
📈 95% of the transfer process from the electronic platform is complete, indicating progress in banking.
💱 Iraq’s trade with UAE, Turkey, India, and China makes up 70% of foreign trade.
🔄 Central Bank emphasizes legitimacy in external transfers and anti-money laundering practices.
📉 Inflation in Iraq rose to 3.7% in July, slightly down from 4.4% in 2022.
🔍 The Central Bank’s mechanisms aim to stabilize the Iraqi Dinar’s value.
🏦 Iraq is transitioning to more direct banking relations with approved foreign banks.
Key Insights
🗳️ Political Trends: The significant shift in voter registration could indicate a growing Republican base, which may influence future elections. This trend underscores the political dynamics at play leading up to 2024.
📈 Banking Progress: The completion of 95% of the electronic transfer process signifies a strong move towards modernizing Iraq’s banking system, enhancing efficiency and accountability in financial transactions.
💱 Trade Relations: With 70% of foreign trade focused on key partners, Iraq is strategically positioning itself in the global market, which may enhance economic stability and growth prospects.
🔄 Legitimacy in Transfers: The Central Bank’s commitment to sound transfer practices reflects an effort to establish credibility in international finance, which is crucial for attracting foreign investment.
📉
Inflation Control: Iraq’s ability to maintain a relatively low inflation rate demonstrates effective economic management compared to neighboring countries, potentially fostering consumer confidence.
🔍 Exchange Rate Stability: The focus on stabilizing the Dinar through established mechanisms aims to mitigate speculation and ensure a fair valuation, which is vital for economic health.
🏦 International Banking Relations: Strengthening direct relationships with foreign banks enhances Iraq’s financial framework, paving the way for increased investment and trade opportunities.
Enhancing Iraq's Banking System: A Path to Clear and Accurate Payment Operations
The recent talks between the Central Bank of Iraq and the United States of America have paved the way for a significant improvement in Iraq's banking system. The introduction of correspondent banking entities across the world is expected to accelerate payment and settlement operations between Iraqi banks and international banks. This development will not only enhance the efficiency of trade financing but also provide a clear and accurate path for the implementation of international banking standards.
A New Era for Iraqi Banking
The correspondent banking entities will play a crucial role in facilitating the exchange of different reserve currencies, including the euro, pound sterling, Chinese yuan, UAE dirham, and Indian rupee, in addition to the US dollar. This diversification of currencies will reduce the country's dependence on a single currency and provide a more stable and flexible financial system.
The Importance of Coordination with the US
The coordination with the monetary authorities in the United States is essential, as the US dollar is the primary source of Iraq's basic reserves. The oil receipts deposited in the oil dollar currency at the Federal Reserve Bank will serve as a foundation for the country's financial system. This partnership will enable Iraq to rebuild its domestic banking market on solid reform foundations, consistent with international banking standards.
Benefits of the Renewed Understanding
The renewed understanding between Iraq and the US will provide the monetary authority in Iraq with a clear and flexible path to:
Rebuild the domestic banking market on solid reform foundations
Enhance the safety of moving money through the global financial and banking systems
Build foreign banking relations consistent with international banking standards
Accelerate payment and settlement operations between Iraqi banks and international banks
A Bright Future for Iraq's Banking System
The introduction of correspondent banking entities and the coordination with the US monetary authorities mark a significant step towards a more efficient and stable banking system in Iraq. This development will have a positive impact on the country's economy, enabling it to participate more effectively in international trade and finance. As the banking system continues to evolve, Iraq can look forward to a brighter future, with a more robust and resilient financial system.
Al-Sudani's advisor reveals the results of the discussions between the Central Bank of Iraq and the US Federal Reserve
The Prime Minister's Advisor for Financial Affairs, Dr. Mazhar Mohammed Salih, confirmed today, Wednesday, that the renewed understanding with the US Federal Reserve will allow the Monetary Authority to restore an internal banking market, while he indicated that the results of the discussions between the Central Bank and the Federal Reserve are good and consistent with the rules of work, and he pointed out that they will allow for the implementation of a precise path between Iraqi and international banks.
Saleh told the official agency, which was followed by "Al-Eqtisad News": "We note from the statement of the Central Bank of Iraq that there is optimism about the results of the discussions of its delegation with the Federal Reserve in the United States of America in particular and consultation with the parties of the main banking system in the United States, specifically (the large international banks concerned with international banking operations that cross the markets), and that an advanced model of understandings has been achieved at this stage."
He added, "This came to document the path of steps and banking mechanisms adopted in foreign transfers, especially those related to financing foreign trade for the benefit of the Iraqi market and ensuring a degree of fluidity and high flexibility within the scope of foreign transfer operations and through the effective role that will be played by global correspondent banking entities that enjoy high standards in terms of the strength of compliance, disclosure and governance."
He added, "Such correspondent banking entities across the world will undoubtedly be similar to the 13 private commercial banks referred to in the statement of talks issued by the Central Bank of Iraq, which dealt with the results of the talks between the monetary authorities of Iraq and the United States of America."
He stressed that "this will allow for the implementation of a clear and accurate path in accelerating payment and settlement operations between Iraqi banks and correspondent international banks, as well as the final beneficiary in the trade financing cycle in international trade and exchange areas that Iraq deals with by paying in different reserve currencies," noting that "in addition to the dollar as a payment and settlement currency, other international currencies such as the euro, the pound sterling, and the Chinese yuan will take over the task, down to important stable currencies such as the UAE dirham and the Indian rupee, and that the basis of this coordination with the monetary authorities in the United States comes from the fact that the source of the country's basic reserves before going to diversify with other international currencies is the US dollar itself, which is verified from the oil receipts deposited in the oil dollar currency at the Federal Reserve Bank."
He explained that, "Based on the above, such a renewed understanding according to the roadmap will provide the monetary authority in our country with a clear and highly flexible path to rebuild the domestic banking market on solid reform foundations that are consistent with the standard operating rules adopted in international banking, especially in the matter of building foreign banking relations and the safety of moving money through the global financial and banking systems." link
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: Good Morning. This week is flying….Almost another weekend already
Member: can you believe we are still waiting?
Member: so Sudani said they are going to increase the value of the Dinar....that sounds good.
MZ: Lots of chatter looking at tomorrow…but, we don’t know when it’s going….if half the rumors are right about it has started.….we are in great shape. The problem is I have not been able to verify them. That is frustrating.
MZ: I am still hearing from lots of sources that things are well underway and we should soon be seeing dollars. But I cannot pin anyone down that they have physical dollars. I’m hearing it- just cannot prove it.
MZ: A lot of good news out there….over the top good news….but finding someone with physical, ready to roll money ….I cannot find. I have looked and will keep looking ….
Member: if they’re under NDA’s, you’ll never get verification-imo
MZ: And that is a possibility. But for me I’m going to back up a little , stay clam and find out what is real or not.
Member: Maybe they can only tell you about others and not themselves receiving money due to their NDA
Member: Mark they say silence is golden I do not mind the silence we are just tired of not being golden.
Member: Have F&P’s gone?
MZ: We had expectations they would go…some said on Tuesday.….but no movement yet…..
MZ: Out of Iraq: “Peseshkian set to visit Iraq in first trip as Iran’s President” They are working on mending relations
Member: Any news on passing the HCL?
MZ: There is movement on that. Some of the problems are tensions between Iran and the Kurds. I believe some of the meetings we are about to see between Iran and Sudani will address this.
Member: How is Sudani preventing rioting in Iraq with these RV or RI delays besides the fact that it is over 100 degrees every day?
Member: I think Iraq goes first
Member: I think we will have liquidity at the same time.
Member: Maybe the delay is to give more folks time to brace for impact.. more are waking up
Member: Restored Republic claims that ROLL OUT started 9-4, and Tier 4B should go 9-6.
Member: DR Charlie Ward said tier4b would go only when the US economy collapsed ! are we there yet????
MZ: A lot of experts are calling for that crash in September.
Member: Did anyone see what Goldilocks said on telegram that they don’t think the revaluation will be till early next year
Member: yes, read that. I'm talking a few in my group off a ledge as we speak! Ugh.
Member: Maybe Dis Info, Just Like Kuwait In The 1990's?
MZ: I don’t think it will take that long….but if it does…we will find a way to survive. We know it will happen…..we just do not know when.
Member: it's exciting watching the process of the various countries moving towards asset backed
Member: Wish the US was doing the same…..
Member: Got an email from my Credit union….Says they all branches will be closed on 9-10 from 8:30-2 for training.
MZ: I wonder what they need to train on???? Hmmmmm
Member: the writing is all over the place for this to be now! I believe it's been ready for a while but was awaiting other worldly events to go first. All in the timing!
MR. C joins…….
MZ: Good Morning Mr. C- have you heard any big pieces? There is so much hype right now. We are trying to manage our expectations.
MC: The word I got earlier this week was that things are in progress….and to stand by. Understand I get this by telephone and both good guys and bad guys are listening. We have to be careful what we say. But I am very encouraged by what is going on. Whether it is in the next few days or the next few weeks…..I see this coming to a climax. I really do. And I am very pleased.
MZ: Well I am excited that you are so upbeat.
Please listen to the replay for Mr. Cottrell’s full interview, opinions and information
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
The Central Bank of Iraq is advancing its banking system to align with international standards, nearing completion of a major transformation with 95% of processes done.
Highlights
📈 New measures boost confidence in Iraq’s banking system.
🌐 Iraq is moving towards global banking compliance.
💵 95% of banking processes are complete, signaling readiness for international relations.
🔄 Direct banking relationships are replacing previous electronic platforms.
🏦 The U.S. Treasury’s involvement strengthens Iraq’s financial systems.
🌍 Iraq is expanding its currency operations beyond just the dollar.
📊 Anti-money laundering measures are being implemented to ensure financial stability.
Key Insights
📊 Strengthened Banking Confidence: Recent meetings between Iraqi officials and U.S. Treasury representatives have enhanced trust in Iraq’s banking system, essential for international investment and economic stability.
🌐 Global Integration: Iraq is progressively dismantling its reliance on foreign correspondent banks, indicating a shift toward self-sufficient banking operations that comply with international standards.
💵 Near Completion of Banking Reforms: With 95% of the banking transformation completed, Iraq is poised for greater financial independence and international participation.
🔄 Transition to Direct Banking: The move from electronic platforms to direct banking relationships is crucial for smoother foreign trade transactions and enhancing Iraq’s economic framework.
🏦 U.S. Treasury’s Role: The involvement of the U.S. Treasury has been pivotal in guiding Iraq towards safer banking practices, aligning them with global financial norms.
🌍 Diversified Currency Operations: Iraq is exploring trade in multiple currencies, including the Euro and Chinese Yuan, which may reduce its dependence on the U.S. dollar over time.
📊 Focus on Compliance and Security: Emphasizing anti-money laundering and counter-terrorism financing measures shows Iraq’s commitment to creating a secure and compliant banking environment, which is crucial for attracting foreign investment.
