IRAQ BOOSTS GOLD RESERVES TO OVER 145 TONS, 27 SEPT

 IRAQ BOOSTS GOLD RESERVES TO OVER 145 TONS

Data from the World Gold Council reveals that Iraq purchased a total of 51.9 tons of gold between 2022 and September of this year.

ERBIL (Kurdistan24) - Iraq has significantly increased its gold reserves over the past three years, acquiring approximately 52 tons of the precious metal. The majority of these purchases occurred in 2022, accounting for 65% of the total acquired gold.

Data from the World Gold Council reveals that Iraq purchased a total of 51.9 tons of gold between 2022 and September of this year.

The breakdown shows a significant purchase of 33.9 tons in 2022, followed by 12.3 tons in 2023, and 5.7 tons so far this year. Notably, there were substantial purchases of 3.1 tons in February and 2.6 tons in May of this year.

This strategic accumulation of gold aligns with a global trend among central banks seeking to diversify their reserves and hedge against economic uncertainties.

Gold Prices in Iraq Soar

The increased demand for gold has also driven up its price in Iraq across all carats. Currently, one gram of gold is priced as follows:

- 24 carat gold: 108.652 dinars (equivalent to 83 US dollars – based on the official exchange rate by the Iraqi government.)

- 22 carat gold: 99.598 dinars (equivalent to 76 US dollars – based on the official exchange rate by the Iraqi government.)

- 21 carat gold: 95.071 dinars (equivalent to 72 US dollars – based on the official exchange rate by the Iraqi government.)

- 18 carat gold: 81.489 dinars (equivalent to 62 US dollars – based on the official exchange rate by the Iraqi government.)

Iraq's Global Ranking

According to the World Gold Council's latest data for June, Iraq's gold reserves have now reached 145.7 tons, a notable increase from 142.6 tons in May.

This increase has solidified Iraq's position as a significant holder of gold reserves globally. While the country has dropped one place to 31st in the World Gold Council's ranking of the 100 countries with the largest gold reserves, its holdings represent a substantial 9.8% of its total reserves.

The United States, Germany, and Italy continue to hold the top three positions in terms of gold reserves, while Suriname ranks at the bottom of the list.

@ Newshounds News™

Source:  Kurdistan24

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