BRUCE NOTES HIGHLIGHTS, 27 SEPT

 Thurs. 26 Sept. 2024 Bruce:

• There are no longer going to be Tier 5 banks, or small banks. They will be absorbed by Tier 3 or Tier 4 banks.

• Tier 1,2,3 banks have been connected to the new system. Tier 4 will be completed by this Sat. 28 Sept.

• Redemption Center Staff will be on call this weekend.

• Iraq will have their new lower denomination currency

• Bond Holders will have access to their accounts by Tues. 1 Oct.

• Tier4b (us, the Internet Group) will receive 800 number email notifications on Mon. 30 Sept. They should appear in a three hour period.

• The Call Center will route you to the Redemption Center where you will exchange.

• Exchange Appointments will be set starting on Tues. 1 Oct. onward.

• R&R allowances are already deposited in your Quantum Account. You move that money to your bank with your Quantum Card you will receive at your appointment.

• Both banks and Redemption Centers have on their screens the 14 currencies that will increase in value.

• As of this weekend all 197 new currency rates of the 209 countries in the World will be on the screens.

• You will have access to some of your monies at your exchange.

• Active Military on Military Bases will exchange Dinar and Afghani over the weekend. They have already received notification they will do that.

• The highest rates are on the Redemption Center screens. You will exchange there and not at a bank.

• The Iraqi Dinar rate is tied to the oil barrel rate.

• People in hospitals or who have a medical problem will have up to 40 days to exchange at a Redemption Center.

FRANK26…..9-26-24…..LET’S TALK

Source: Al-Sudani directs financial reforms, halting capital increases for US-sanctioned banks, 27 SEPT

 Shafaq News/ Iraqi Prime Minister Mohammed Shia Al-Sudani issued directives related to financial and banking reforms, including a halt on capital increases for banks subject to US sanctions, a government source revealed on Thursday. 

The source told Shafaq News Agency, "Al-Sudani, before leaving for New York, held a series of meetings with banks and the Central Bank of Iraq (CBI), where the discussions detailed the CBI's plan to rehabilitate private banks through contracting with an international consulting firm."

The PM emphasized the importance of the development plan for private banks, to be implemented by Oliver Wyman company, ensuring clarity in terms of timelines, distribution of responsibilities, and the issuance of progress reports.

Al-Sudadi’s directives included accelerating the implementation of the Economic Ministerial Council recommendations to support Iraqi banks, notably by postponing capital increases for banks restricted from dollar transactions by the US Treasury.

The source also indicated that “Al-Sudani instructed the preparation of a study to activate the local card project and encouraged Iraqi ministries and institutions to increase their dealings with licensed Iraqi banks for various banking services and to open accounts with them.”

On Monday, Al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and several officials from the Treasury Department, where Adeyemo reaffirmed support for the CBI and PM's reform agenda aimed at improving the country's economic landscape. 

The PM emphasized that the government has made significant progress in financial and banking reforms, completing 95% of banking transfers through the electronic platform, with the remaining 5% to be finalized by the end of 2024.

">In turn, Adeyemo expressed readiness for cooperation and partnership to advance economic development.

Coffee with MarkZ and Mr. Cottrell. 09/27/2024

RV UPDATE BY RAYREN98, 27 SEPT

  RayRen98   

UH OH!! BANK SCREENS WENT BLANK TODAY ACCORDING TO SOME REPORTS...

WHAT COULD CAUSE THAT TO HAPPEN NOW, TODAY, AT THIS PHASE OF THE PROJECT?"  

 I'M BEING TOLD WHEN THE RATES RETURN TO THE SCREENS...IT'S COWABUNGA TIME (DEFINITION OF COWABUNGA TO EXPRESS THE LIGHT OR SATISFACTION).  

BANKS ARE EXPECTING TO BE " FULLY STAFFED" ON FRIDAY.....HMMMMMMMM WONDER WHAT'S UP?

NADER FROM MID EAST: Hurricanes passing by I have nothing to do besides this

Iraq opens doors to US oil partnerships, aiming for gas self-sufficiency by 2028, 27 SEPT

 Shafaq News/ On Thursday, Iraqi Prime Minister Mohammed Shia Al-Sudani expressed the country's readiness to partner with American companies in the oil industry.

This declaration was made during a dialogue session in New York, hosted by the American Chamber of Commerce and Al-Monitor, attended by investors, business leaders, representatives from American companies, and the Iraq-US Business Council.

During the session, Al-Sudani highlighted the government's initiation of several rapid projects, including a significant agreement with Total aimed at increasing oil production and utilizing associated gas at approximately 600 million standard cubic feet. He noted, “We have launched supplements for the fifth and sixth licensing rounds, which have resulted in contracts for oil production and gas investment.”

Al-Sudani projected that Iraq would achieve self-sufficiency in gas by 2028, alongside the activation of oil derivative projects, such as the strategic Karbala refinery, which has a production capacity of 140,000 barrels per day. He also mentioned the rehabilitation of the Baiji refinery, which was completely destroyed during the battles to liberate the area, stating, “This refinery has a production capacity of 150,000 barrels per day.” 

Furthermore, the Prime Minister announced, “We have ended petroleum derivatives imports and will stop importing gasoline at the beginning of next year after completing the FCC project in Basra.” He emphasized Iraq's vision to transform 40% of exported oil into downstream industries, which he believes will provide greater benefits than selling crude oil.

Turning to the banking sector, Al-Sudani remarked that development cannot be achieved without “a solid banking system” adhering to international standards. He noted that “95% of financial transfers in Iraqi trade are conducted through trusted banks.” He confirmed the currency sale window will close at the end of 2024 and highlighted that “the Anti-Money Laundering Office at the Central Bank is functioning effectively.”

Al-Sudani stated, “The government has contracted Ernst & Young to reform the state banking sector, boosting citizens' trust in banks and expanding financial inclusion.”

He affirmed the independence of the Central Bank, asserting, “It enjoys full independence and exercises its authority with complete professionalism,” and expressed plans to establish a new bank using the latest technologies.

Finally, Al-Sudani extended an invitation to all companies engaged in electronic payments to operate in Iraq, assuring them of all necessary facilitation. 

“We have developed a plan to improve infrastructure with allocations of up to $83 billion,” he concluded.