Payouts to the large bondholders will only take one week and not the 6-12 months stated. I know this as fact.
Redemption of the bonds will actually fund the GCR. This is how the gold will be transferred to back the new asset-backed currencies worldwide. Again, this is something I know as fact.
Payments being made this week will include instant liquidity.
The percentage of the monetary value of the legitimate bonds outstanding I believe will be well over 90%.
The facts I receive are not from another guru, or a Telegram channel or some other pundit. They come directly from the source. People can either accept that or dismiss it. If it helps some people, then great. If people don’t want to believe that or if they want to dismiss it then so be it.
Iraq's Digital Banking Revolution: Launching New Financial Horizons in 2024
Iraq is poised to make significant strides in the digital banking sector, with the country expecting a substantial increase in the number of digital banks compared to its neighbors. The Governor of the Central Bank of Iraq (CBI), Ali Al-Allaq, has expressed optimism about the growth of digital banking, predicting that Iraq will lead in this area with a greater number of digital banks than surrounding nations.
The Digital Banking Wave Sweeping Iraq
Al-Allaq highlighted the global trend toward digital banking, emphasizing the alignment of this shift with technological advancements. With digital banks managing annual financial transactions worth approximately 7 trillion by 2027, the importance of digital banking is clear.
Iraq's strategic move toward digital banking is backed by extensive studies and the review of experiences from other countries, ensuring the establishment of well-defined rules and regulations for licensing digital banks. This careful planning is expected to create a robust digital banking environment in Iraq.
National Bank of Iraq's Digital Transformation
The National Bank of Iraq (NBI), part of the Capital Bank Group, has taken a significant step in its digital transformation journey by partnering with Temenos, a Swiss software company specializing in banking and finance solutions.
This collaboration has led to the modernization of NBI's financial services, replacing outdated legacy systems with a unified core banking and payments platform.
Temenos' pre-configured capabilities and APIs facilitated a rapid and seamless transition for NBI, positioning it as the first within the Capital Bank Group to adopt Temenos Payments. The National Bank of Iraq's Chief Operations Officer, Izzidin Abusalameh, emphasized that this achievement marks a significant milestone in the bank's digital transformation, enhancing operational efficiency and providing customers with superior digital banking experiences.
Qatar Development Bank: A Model for Digital Banking Excellence
Qatar Development Bank (QDB) has been recognized as the best digital bank at the 2024 Banking Excellence Awards. This accolade acknowledges QDB's efforts in digital transformation and technological innovation, particularly in supporting SMEs and their digital transformation.
QDB's digital portal, launched in January 2023, offers integrated digital features and solutions for entrepreneurs, streamlining operations and reducing paper procedures. The bank's commitment to digital transformation has significantly bolstered customer satisfaction, with 92% of active users returning to the portal within 1-5 days due to its ease of use and integration with government and financial institutions.
The Licensing Rush for Digital Banks in Iraq
In a striking development, 70 digital banks have applied for licenses with the Central Bank of Iraq. Governor Al-Alaq expressed surprise at the high volume of applications, ranging from 60 to 70 banks, and mentioned that the CBI is currently in the process of reviewing these applications.
This surge in applications underscores the growing interest and anticipation surrounding Iraq's digital banking sector. The CBI's commitment to keeping pace with global advancements and fostering development is evident in its engagement with domestic and international entities. With the CBI maintaining strong relationships with international banks, electronic payment companies, and central banks worldwide, Iraq's digital banking landscape is poised for significant growth and innovation.
The legislative head of the National Bank of Iraq (CBI), Ali Al-Alaq, uncovered on Saturday that Iraq will have more computerized banks than those in its adjoining nations.
Al-Alaq’s comments occurred during his cooperation in the ‘Electronic Installment towards Monetary Solidness in Iraq’ gathering held in the capital, Baghdad.
According to Al-Alaq, digital banks represent a shift toward a strategy that is in complete agreement with technological advancements and their application to a variety of operations.
According to the Iraqi official, the annual volume of financial transactions conducted by digital banks has reached approximately $5 trillion and is anticipated to reach approximately $7 trillion by 2027.
The CBI’s lead representative noticed that in excess of 70 banks have applied to lay out advanced banks in the country.
Computerized reasoning, encryption, and large information investigation are instances of state of the art innovation that have filled the ascent of absolutely advanced banks.
The permitting of computerized banks is a basic initial phase in integrating these state of the art innovations into Iraq’s financial framework, determined to further develop client monetary administrations and advancing advancement and industry seriousness.
Clients might fulfill their monetary requests remotely utilizing electronic stages, for example, the Web and shrewd cell phones, on account of the computerized financial administrations given by advanced banks.
For banks and their clients, computerized banks give a variety of benefits. Since they are consistently accessible on the web, individuals might utilize them to see their financial balances and make exchanges from anyplace whenever.
The way of life and practices of banking exchanges have changed because of the shrewd financial administrations given by advanced banks.
Furthermore, clients progressively use touchscreens and electronic marks to approve exchanges as opposed to going to a bank and talking with real bank officials.
“I finally found a bond person NOT under an NDA. A really big bond deal. I did a little poking and was informed there is a final bond contract getting paid on the 18th. I find this interesting because it appears that starting on the 18th they are not making them sign an NDA on bond deals. I did a quick search and found another bond holder with an appointment just after the 18th….none of those require an NDA. To me this is huge good news and means they plan on having most bonds done by the 18th because then it won’t matter about the secrecy. ----
MarkZ
[via PDK]
The key piece of news this morning is I finally found a bond person NOT under an NDA. A really big bond deal…I did a little poking and was informed there is a final bond contract getting paid on the 18th...it appears that starting on the 18th they are not making them sign an NDA on bond deals.
What could this possibly mean?
To me this is huge good news. To me this means they plan on having most bonds done by the 18th. Because then it won’t matter about the secrecy...Bonds and Currencies are connected.The plan was to do historic bonds…then a revalue (RV) then a reset…So I am closely watching the next 4 days…
Remember though…no one knows the exact timing...Think about it. Today is the 14th. If suddenly they don’t need NDA’s in 4 days…then to me we should go before that…I think this is huge…I am very excited with this news….
Question: ...are the redemption centers working the weekend?
MarkZ: My banking crew have a “heightened alert“ for this weekend. I am hoping this means something, but we have seen this before. So stay hopeful but calm...The anticipation is palatable…all around the world…people know something is about to happen. We can feel it.
Iraq's Financial Landscape: External Loans and Repayments in 2024
Iraq has indeed maintained a cautious approach to external borrowing, resulting in a relatively low level of external debt compared to its repayment obligations [1]. This fiscal discipline has been a strategic choice, influenced by the country's historical debt burden and a desire to avoid undue financial constraints [3].
Fiscal Policy and Economic Recovery
The Iraqi government's fiscal policy in 2024 has been centered around a three-year budget, the first of its kind [1]. This budget, marked by a significant fiscal expansion, played a crucial role in the country's economic recovery following a contraction in 2022 [1]. The budgetary expansion supported a robust non-oil sector, which was essential in stabilizing the economy [1]. Additionally, domestic inflation declined to 4percent by the end of 2023, partly due to lower international food prices and the normalization in trade finance [1].
Oil Dependency and Fiscal Expansion Risks
Despite these positive developments, Iraq's fiscal and external balances have been strained due to the large fiscal expansion and lower oil prices [1]. The continued reliance on oil revenues, which account for nearly 96% of total income, has limited the government's ability to diversify the economy and address high poverty rates [3].
The fiscal expansion, while boosting growth in 2024, has also led to a deterioration of the fiscal and external accounts, increasing Iraq's vulnerability to oil price fluctuations [1].
Debt Sustainability and Economic Diversification
To address these challenges, the International Monetary Fund (IMF) has emphasized the need for sound macroeconomic policies and structural reforms that promote fiscal and debt sustainability [1]. Directors at the IMF underscored the importance of economic diversification and the advancement of a private sector-led growth model to secure Iraq's financial stability and promote inclusive economic growth [1].
Budgeting and Investment Strategies
In an effort to stimulate the economy and diversify income sources, Iraq has embarked on ambitious investment projects in the oil and gas sector [2]. A trilateral investment agreement worth USD 27 billion over 25 years was signed in July 2024, aimed at increasing oil production and improving the country's electricity supply [2]. This strategic move is expected to reduce Iraq's import bill and contribute to the gradual increase in oil production as OPEC+ quotas are phased out between September 2024 and December 2025 [2].
Challenges and Outlook
Despite these initiatives, Iraq faces significant challenges. The ongoing fiscal expansion and high dependence on volatile oil prices pose downside risks to the economy [1]. Moreover, the risk of medium-term sovereign debt stress is high, and external stability risks could emerge if policy adjustments are not made [1]. The government's ability to manage these risks will be critical for Iraq's long-term economic health [1].
In conclusion, Iraq's approach to external loans and repayments in 2024 is characterized by a careful balance between fiscal expansion and debt management. The country's fiscal policy and investment strategies aim to diversify the economy and address structural vulnerabilities, while the ongoing challenges related to oil dependency and fiscal imbalances require vigilant policy adjustments.