DINAR REVALUATION HIGHLIGHTS!!, 20 SEPT

Summary

In September 2024, a committee meeting focused on boosting non-oil revenues through tax and customs reforms to enhance economic stability.

Highlights

• 📅 September 2024 meeting of the Parliamentary Finance Committee.
• 🏛️ Collaboration with heads of the General Commission for Taxes and Customs.
• ⛽ Emphasis on diversifying beyond oil dependency.
• 📈 Potential to optimize tax and customs revenue identified.
• 🤝 Builds on previous engagements with various ministries.
• 🌐 Strategy aims for comprehensive economic diversification.
• 💪 Proactive steps towards a more stable economy.

Key Insights

• 📊 Diversification is essential: Relying solely on oil leaves economies vulnerable to price fluctuations and global market dynamics. A diversified revenue base ensures stability and resilience.
• 🏦 Tax and customs reforms are pivotal: Streamlining these processes can enhance revenue collection, contributing to economic growth without increasing tax burdens on citizens.
• 💼 Collaborative efforts are key: Engaging multiple ministries ensures a holistic approach, pooling resources and expertise to achieve common economic goals.
• 📉 Reducing economic vulnerability: By broadening revenue streams, countries can protect themselves from external shocks and economic downturns.
• 🚀 Enhancing sustainable growth: Non-oil revenues can support investments in infrastructure, education, and technology, leading to long-term development.
• 🔄 Continuous engagement is necessary: Ongoing discussions and evaluations of strategies are crucial to adapt to changing economic landscapes.
• 🌍 Global competitiveness: Diversification not only stabilizes the economy but also positions the country as a more attractive destination for foreign investment.

IRAQ PM CONFIRMS DINAR REVALUATION

Iraqi PM forms high-level committee to align banks with international financial standards, 20 SEPT

 Shafaq News/ On Thursday, Iraqi Prime Minister Mohammed Shia Al-Sudani announced the establishment of a high-level committee aimed at aligning Iraqi banks with international financial requirements.

Al-Sudani’s media office reported that al-Sudani met with the Chairman of the Private Banks Association and several directors of private banks. During this meeting, he reviewed the challenges facing Iraq’s banking sector.

Al-Sudani highlighted the government’s actions to support the private sector in general, and the banking sector in particular, as part of the government’s priority of advancing economic reforms.

According to the media office, “The Prime Minister emphasized that Iraq needs strong domestic banks that adhere to financial standards and play a key role in the country’s development. The Prime Minister also emphasized the importance of the Private Banks Association aligning with government initiatives and actively leveraging available opportunities. He noted that several Arab and international banks, whose representatives have visited Iraq, are ready to cooperate with the government in implementing its developmental plans.”

Al-Sudani announced that “the Central Bank of Iraq has contracted with Oliver Wyman to help develop the banking and financial sector”

Furthermore, the Prime Minister “directed the Private Banks Association to foster balanced relationships with financial institutions, Arab banks, and investors to strengthen the banking sector. He also called for drafting a resolution to be submitted to the Council of Ministers, which would mandate government ministries to provide facilities that support the banking sector in Iraq,” as per the media office.

https://shafaq.com/en/Iraq/Iraqi-PM-forms-high-level-committee-to-align-banks-with-international-financial-standards

LATEST FROM CLARE, 19 SEPT

 Clare 

 Article: ”Imposing a curfew in all Iraqi governorates on November 20 and 21" Quote: "The Iraqi  government decided...to impose a curfew on November 20 and 21 in all regions and cities of the country to conduct the population census."    

Article: "Parliamentary Finance to Employees: Your Salaries Are Secured for This Year and Next Year Even if Oil Drops"

Clare 

 Article: "6 scenarios that the Iraqi Central Bank will work on, narrated by Al-Issawi  "

  Quote:  "The economic expert stated that the Central Bank of Iraq is negotiating with the US Federal Reserve regarding ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks.

tishwash  

Article:   "Al-Sudani: Iraq today is on the right path"  

Quotes:  "We have started establishing and implementing the development road project, which will transform Iraq into an open country.; "Many capitals want to invest in Iraq...Iraq is witnessing recovery and stability and everyone needs his return"; We have made real reforms in the tax and banking system. There is no spot on Iraqi territory outside the control of our security forces, and we have directed the preparation of a comprehensive plan to secure the path of development."; "Iraq today is on the right track".

https://dinarevaluation.blogspot.com/2024/09/excerpts-from-important-iiraq-news-by.html

Strong Economy, Strong Dinar: Insights from Economist Al-Badrani

Germany: Iraq is witnessing progress towards economic stability, 19 SEPT

 Economy News – Baghdad

The director of the offices of the German Agency for International Cooperation (GIZ) in Iraq, Christopher Flocter, confirmed on Thursday that Iraq is progressing well towards economic stability, stressing the importance of modernizing tax laws in Iraq.

“Iraq is making good progress towards stability, as economic stability is an essential part of this progress,” Flocter said in a statement reported by the official news agency, and seen by “Economy News.”

“There are many new sectors that have emerged in Iraq, such as transport, the transition to the electronic economy, renewable energy, and other fields that did not exist twenty years ago,” Flocter explained.

He stressed that “this development requires the updating of tax laws, as tax instructions or laws that have passed twenty or thirty years cannot be applied.”

He pointed out that “the existence of stable institutions is part of stability, which is what the German agency is working to support through joint cooperation between experts from the Iraqi government and experts from the German government.”

“The German government is proud of this achievement, and its happiness with partnership and mutual trust with the Iraqi government,” Flucter said.

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Added 2024/09/19 – 3:16 PM

https://economy-news.net/content.php?id=47795

LATEST FROM BRUCE: BOND HOLDERS ARE GETTING FUNDS INTO THEIR ACCOUNTS, 19 SEPT

BRUCE 

• Tues. 17 Sept. 2024 Bruce: Bond Holders are getting funds into their accounts right now and will have access to those funds Thurs. or Friday. Tier4b (us, the Internet Group) will be notified at the same time as Tier 3.

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LATEST FROM BRUCE : CONTRACT RATE FOR THE IQD IS EXTREMELY HIGH AND TIED TO THE SAME RATE THAT IRAQ SELL A BARREL OF OIL, 14 SEPT

  Bruce  

 [via WiserNow]  ...contract rate for the Iraqi dinar, I've told you, is extremely high and is tied to and is the same as the rate that Iraq is selling a barrel of oil for to other countries like Egypt, like Turkey, etc. wherever else they’re selling it - 

 So it's a very good rate.  Of course, it's always subject to change, and their selling price of a barrel of oil might vary.   Okay - That's great news, and...from my understanding is they will offer us who have Iraqi Dinar - the contract rate for the Dinar..

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 BRUCE
Thurs. 5 Sept. 2024 Bruce

 “The Dinar is trading on the Forex, but the rate is not exchanging yet. My sources say R&R payments will be paid the first ten days of September.

 The amounts will be shown in our new accounts on the Quantum Financial System when we go in to redeem. 

Bond Holders can already see their money in their accounts, but they do not have access to it yet. My sources say that the days of Sept. 6, 7 and 8 will be important dates for us.”


• ----

 Bruce 

 [via WiserNow]  

 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.

 https://dinarevaluation.blogspot.com/2024/08/dinar-and-dong-rates-in-redemption.html