"BECAUSE THE WRONG PATH WAS A PROGRAM RATE BY FRANK26, 16 SEPT

 KTFA

"BECAUSE THE WRONG PATH WAS A PROGRAM RATE"..........F26

Al-Sudani: Iraq today is on the right path

 

9/14/2024

 

Prime Minister Mohammed Shia Al-Sudani, during a dialogue seminar by the Anki Foundation for Studies and Research on the path to development, in the presence of Mr. Al-Hakim:

Iraq depends on oil as the only source to cover its expenses, which have begun to increase.

The development path needs more study and clarification.

We must think properly to activate sectors that support oil.

- There must be projects that suit Iraq to be a focus of development.

We have started establishing and implementing the development road project, which will transform Iraq into an open country.

We have unnatural materials that have not been exploited in industries and the strategic location of Iraq. 

We are in the planning, design and other studies phase and we have approached the World Bank to begin implementing the development road from Basra to Mosul.

Capital finds opportunity in Iraq amid security and political stability

- Many capitals want to invest in Iraq

Iraq today is on the right track

LINK

 

FIREFLY: " TV HAD THE CROOKS ON SAYING CHANGING THE EXCHANGE RATES WILL LEAD TO DEEP CORRUPTION & SMUGGLING, 16 SEPT

 Frank26 

  [Iraq boots-on-the-ground report]  

 FIREFLY: TV had the crooks on saying changing the exchange rates will lead to deep corruption and smuggling.  They are trying everything to stop this.

  FRANK: Yes, they're crooks...They are so angry there's no more auctions.  There's no more ability for them to steal what they have been stealing from you...You have great leadership with Sudani...They cant's steal anymore, isn't it fantastic?

----

 Frank26  

 [Iraq boots-on-the-ground report] 

 FIREFLY:Mr Sammy [Iraqi bank manager friend] says we are in charge of our own money.  It's not being overseen by the US Treasury.  

FRANK:  This is the most powerful thing I can share with you tonight...IMO when Alaq came back he told everybody there's no more sanctions on the banks of Iraq...That means your program rate does not exist anymore. 

 FIREFLY:  Mr Sammy says they are running the new system...This new system will remain for the rest of the year...This monetary reform education phase we're in right now will last for this whole year... 

 FRANK:  Mr. Sammy and I are on the same page.  The only difference is he's turning the page a little slower than I am.  I do not see this going into next year.  Actually it's impossible.  I see the monetary reform education...commercials...US Treasury revealing to you all sanctions have been release, which tells me we are extremely close...Mr Sammy...tells you it's coming at the end of the year or beginning, I tell you it's now...

https://dinarevaluation.blogspot.com/2024/09/firefly-rv-will-com-at-end-of-year-or.html

THE NEW DIGITAL ECONOMIC SYSTEM BACKED IN ASSETS OF IRAQ #iraqidinar @DI...

"WHY?... BECAUSE... THE MONETARY REFORM DEMANDS THIS" BY FRANK26, 16 SEPT

 KTFA

Frank26:   "WHY?... BECAUSE... THE MONETARY REFORM DEMANDS THIS"..........F26

 Al-Alaq: The number of digital banks in Iraq will be greater than neighboring countries

9/14/2024

The Governor of the Central Bank of Iraq expected, on Saturday, that the number of digital banks in the country would increase and be larger than in neighboring countries.

This came during his hosting of the activities of the Electronic Payment Conference towards Financial Stability in Iraq, which was launched in the capital, Baghdad, and was attended by a Shafaq News Agency correspondent.

Al-Alaq said during the hosting that “the experience of digital banks in the world is an experience that indicates a shift towards an approach that is completely consistent with technical developments and employing them in a direction that serves various operations.”

He added, "Digital banks are widely spread in the world, and the volume of financial transactions for these banks has reached about 5 trillion annually, and it is hoped that the number will reach about 7 trillion dollars by the year 2027."

Al-Alaq also pointed out that this is an important indicator that calls on us to stimulate this aspect, focus on it and push it forward, adding that “Iraq will be one of the countries that will advance in digital banks that occupy an important space, and the number of these banks in Iraq will be greater than in neighboring countries.”

He continued by saying, "Before launching the licensing round for digital banks, the Central Bank conducted in-depth studies and reviewed the experiences of other countries extensively until we set the necessary rules and controls to license this type of bank."

The Central Bank Governor concluded his speech by saying, “We were surprised that the number of applicants to establish digital banks exceeded 70 banks,” stressing that “the Central Bank is studying the applications to establish digital banks, sorting them out, and selecting a limited number of them.”  LINK

LATEST FROM MNT GOAT, 16 SEPT

 Mnt Goat   

... there are not any of the newer lower denominations out in circulation in Iraq...if the newer lower denominations were already in circulation...Without the revaluation of the dinar at least inside Iraq, the economy would crash because the money would be totally worthless

 ...How could anyone...buy anything with the newer lower denominations dinar notes without first a revaluation? It would take truck loads of money just to buy groceries...the CBI would have formally announced the Project to Delete the Zeros as this is the ONLY way the lower denominations can come out...There will be NO SECRET when they come out...The project to delete the zeros has NOT yet begun.

EXCERPTS FROM MNT GOAT : A CONVERSATION WITH MU CBI CONTACT

I first want to tell you about my conversation with my CBI contact yesterday, Thursday.

 I know, I know I am late in posting my Newsletter but I am working two jobs now and it is hard to even keep my eyes open some days at night while I compose this news for YOUR viewing, not mine, since I already know the information.

My contact told me that the committee has been put on notice that the Project to Delete the Zeros may go forward this fall but not until the US elections are over.  

There will have to be a downfall of the current administration in power to make this happen. She told me that they listen to the propaganda from these RV intel sites and its all just lies. Its all just over speculating and nothing will ever come of it.

The Project to Delete the Zeros will initiate the process that will lead to the reinstatement. She also said that the WTO is waiting for the necessary changes in the Investment Law as it is held up in the GOP to discuss kickback comments from the parliament. So there is still work to be done on this bill too.

Next I asked again about the Oil and Gas Law. I was told that the US will absolutely NOT agree to release the reinstatement until this law is passes and protects the oil revenues. The good news is that Iraq recently told us that the non-oil revenues are right on track where they need to be at this time and the economy is progressing accordingly. I was told the safeguards against inflation and downturns are in place. So, I have to tell you that reading some of these articles we get mixed messages. But she told me that these are lies again from the far left in Iraq who still want to portray Iraq in a backwards state the not the real Iraqi economy. Keeping Iraq suppressed gives them enormous power, a power base that is slipping away. Even now with all the success of Al-Sudani,  they are discouraging against early elections and I believe they are going to give Al-Sudani a full four year term. This is all wonderful news.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

https://dinarevaluation.blogspot.com/2024/09/excerpts-from-mnt-goat-conversation.html

Iraq's Central Bank Governor Champions Electronic Payments!

DINAR REVALUATION REPORT: Winds of Change in Iraq's Economy: The Role of Electronic Payment Systems in 2024, 16 SEPT

 Winds of Change in Iraq's Economy: The Role of Electronic Payment Systems in 2024

The winds of economic change are indeed blowing in Iraq, and electronic payment systems are at the forefront of this transformation. The adoption of digital payment methods is seen as a catalyst for modernizing the country's financial system and stimulating economic growth [1].

The Digital Leap: A Shift from Cash to Cards

Iraq has witnessed a significant leap in promoting the use of electronic payment cards, moving away from a cash-based economy [2]. This shift is attributed to official projects and digital policies that aim to protect public funds from corruption and enhance payment system efficiency by transitioning to digital payments [2]. The government's efforts to promote e-payments and point-of-sale (POS) systems are part of a broader strategy to limit cash transactions and improve financial transparency [3].

IMF's Perspective on Iraq's Economic Recovery

The International Monetary Fund (IMF) noted Iraq's strong economic rebound and declining inflation, which resulted from improved domestic conditions and the implementation of the first-ever three-year budget [1]. However, the IMF also highlighted the risks associated with Iraq's large fiscal expansion and its vulnerability to oil price fluctuations [1].

The Rise of Digital Banking

The Central Bank of Iraq (CBI) Governor, Ali Al-Allaq, predicted a rise in the number of digital banks in the country, forecasting Iraq to become a leader in digital banking compared to its neighbors [2]. This prediction underscores the potential for electronic payment systems to drive economic diversification and foster a private sector-led growth [1].

Legal Framework for Electronic Payments

Iraq has taken legal steps to regulate electronic payment services, mandating that entities offering such services must be licensed by the Central Bank and comply with its standards [3]. This regulatory update, published in April 2024, aims to enhance the efficiency, security, and transparency of the financial sector [3].

UNDP's Role in Electronic Payments

The United Nations Development Program (UNDP) approved the electronic payment services system in Iraq, marking a pivotal step in the country's financial sector and digital transformation [6].

Conclusion

Iraq's adoption of electronic payment systems is a pivotal development in its quest for economic modernization and stability. The country's digital leap, endorsed by international organizations and supported by legal and regulatory frameworks, sets the stage for a more diversified and resilient economy.