Leave The Money Exchangers Behind You.' A Specialist Proposes A “Treatment” For The Rise In The Dollar And Makes An Appeal To The Iraqi Central Bank
Economy 10-1-2024 |Baghdad today – Baghdad Mustafa Akram Hantoush, an expert in financial and economic affairs, confirmed today, Tuesday (October 1, 2024), that the Central Bank of Iraq’s control over banking companies does not solve the long-standing high dollar crisis in the parallel market. Hantoush told “Baghdad Today” that “the Central Bank’s control over the parallel exchange rate (the dinar against the dollar) is not linked to controlling banking companies or restricting the supply of the dollar in the Iraqi market, but rather linked to finding solutions to the demand in the local market resulting from trade in Iran and Syria with more than 10) Billions of dollars annually, and the solution is through a commercial platform, goods in exchange for gold or transfers to a third country in the region.”
He added, "Millions of people travel annually to countries, such as Iran, Syria, Lebanon, Turkey, and Russia, to whom dollars are not sold. A solution must be found for this matter so that these travelers are not forced to obtain dollars from the parallel market, in addition to the necessity of opening easy accounts for small merchants." The economic expert stressed that
"the open borders with Kurdistan must be controlled, and goods such as detergents and others have very low taxes," stressing: "If a solution is found to these problems, the exchange rate will stabilize immediately." On the fourth of last July, the Central Bank of Iraq revealed a new mechanism for travelers to receive foreign currency (the dollar), which will be exclusively through the outlets of companies and banks at international airports, stressing that the goal of the new mechanism, which will enter into force on July 14, 2024, is The dollar reaches the real traveler and passes proper transactions, as well as facilitating travelers’ access to the dollar faster. The exchange rates of the dollar against the Iraqi dinar witnessed a noticeable increase during the past months, as the selling price exceeded 150 thousand for every 100 dollars. https://baghdadtoday.news/259037-اترك-الصيرفات-خلفك.-مختص-يطرح-علاجا-لارتفاع-الدولار-ويوجه-نداء-للمركزي-العراقي.html
Welcome everybody to the big call tonight. It is Tuesday, October 1, and you're listening to the big call wherever you're tuned in from globally - We hope that we're reaching you. We hope that you're hearing the big call live, as most of our international audience has listened to it in the past, and we thank you for tuning in once again. We have a lot to share tonight on the call. So stay tuned and stay ever vigilant and ready for prayer and praise. So thank you so much everybody for being here tonight, wherever you are, if you are in the damaged areas from Hurricane Helene. We thank you for tuning in. We getting a signal out so everybody can hear it So let’s pray the call in -
Well, thank you, Bob. Let's get into where we are and where we believe we are, as far as the Intel goes.
Tonight is a little bit different in the sense that they're not a whole lot, but the three intel sources that we hear from today are all on the same page, and that's always encouraging to me.
If I get one or two or three that confirm what each other are saying, or they have something that says, Yes, that's what we heard.
And we don't necessarily put these people up against each other at all, but we take each one with their own individual reports, and then we compare and see whether or not there's confirmation in what one is saying compared to another. And so it’s a pretty simple report tonight, we sometimes start with talking about the bond holders. You can remember, we've used the term shotgun start many times on the big call.
And a true shotgun start in golf, for example, is where you load up all 18 holes of a golf course for tournament with foursomes and then somebody pulls the trigger, not on a true shot starting pistol, with a blank in it , and boom, everybody in the golf course, here's the shot, go off, and they all start teeing up at the same time – that is what a shotgun start is for golf - And it applies to if you look at a swim meet, you know these are pistol with the starting line or the starting blocks.
In some cases, they'll use a silent or something different. But point is, it's a simultaneous start. Now what we're hearing about a shotgun start is pretty interesting, because we could get a true, shotgun start, or it could be a slightly staggered start - here's what I mean by that, the bond holders are supposed to be notified over night tonight or tomorrow morning, and that notifies them that They have money in their accounts, and they can begin gaining access to those funds in their accounts.
Now we are in a different situation because the bond holders for the most part have already ponied up their bonds, had them adjudicated, had them, you know, gone through provenance and all that stuff, and they set up their accounts already, so it's just a matter of them getting access to the funds in their accounts. That's tier three. We're in tier four, and we've divided it into tier four, A and B, but Wells Fargo, sees it all as tier four, all right, that's fine.
In our case, we’re hearing we're supposed to be notified overnight, tonight or tomorrow.
May not be tomorrow morning, but it could very well could be tomorrow morning. I've actually heard one source that said, after 9:30 in the morning, maybe that is when it comes out, maybe its between 9:30 and noon – maybe it’s who knows when?
Obviously, we'll take it any time, and if it comes out that we get our notification overnight and wake up to them in the morning and see our emails and log in, we'll be good to go and get our appointment set and go from there.
Now, one thing that's interesting the call centers. Remember, it's important that we separate call center from redemption Center.
Call Center is where we have the 800 number in an email from Wells Fargo specifically sent to us that we call to set up our appointments - my understanding is that the call centers are automated. They are not staffed by people but they will direct us to the call centers using AI, I guess, and direct us to the redemption Center, that is closest to our zip code that we indicated, and by that we will go, and then we will speak to a live human being, a person at the redemption center most likely that will be helping us exercise our exchange that will be most likely, that will be what most likely will happen, and then we'll get a specific details or any specific information that we need to tell that person, like, oh, by the way, I just wanted you to know I have sheet bonds to exchange or redeem, actually redeem, and they'll allow extra time for that. If you have sheet bonds, or a box of bonds - they can supposedly take two boxes of bonds at the redemption center
Now, even though our zim is considered like a bearer bond they are still considering it for currency when it comes to what we're exchanging, we're redeeming the Zim and we're exchanging the currencies.
There are nine currencies as of yesterday that were on the screens fully lit up with rates, that we will actually be able to see and that is the amount that's been narrowed down to currencies that will go up substantially in value.
There are more, and I think more currencies will be on the screens, but bank and redemption center screens, but it's important to know that the ones most likely we have will be are already there and are already lit up, and when the rates came back up Sunday, which is what two days ago, Sunday evening, at five o'clock Eastern time, that's when the Forex came back up. That's when the new rates showed up, and they actually manifested on our bank and redemption center screens on Monday, Monday morning, yesterday.
So today, Tuesday night, we're looking for our exchange to get started. We're looking for our notifications come out and you realize something that I confronted one of my Intel sources today with, and you guys know, I can get a little bit …… well anyway,
What we talked about was how can we help the people that have been tragically affected by this hurricane Helene if we don't have the money to really do any good -- after the exchanges and the redemption of Zim, we would like to be able to help these people.- as part of Rebuild America because
that's exactly what they're doing. And I'm talking about start from the from the south, start from Florida. Okay, start in Florida where Bob is and Trish is, and then go from Florida on up and include parts of costal Georgia, yes, and maybe not even coastal. It could be as far in as Atlanta.
There's, there are areas that need attention – let me put it that way – maybe not upp to speed on Georgia as much as I should be. And then you've got and even Georgia has some up country, to Hill Country, up country. And then you go to South Carolina. And that's up countries, what they refer to it as Aiken,South Carolina, all those towns, let's call it lower Appalachian Mountains, which go through South Carolina. And I don't know how far down that goes.
I know interstate 26 had a major landslide over at least part of it with boulders and earth and everything. And I've been up that interstate, you know, many times, and it's a great road.
And then I 40, interstate 40, you know, goes all the way through NC and see, and then so you've got North Carolina, which is over near Boone. And I heard Boone had 20 inches of rain in Boone and Blowing Rock and Banner Elk - l probably at the base of sugar mountain. And who knows how these humors are going to do? Because I imagine there's major or knows what's going to be like.
But those areas. Have you ever heard of a bat cave, North Carolina, Nashville, of course, think of Maggie Valley. Somebody tell other areas, and North Carolina - those areas need a lot of help.
And, you know, guys, I know we all want to help. I want to help. I want to get rebuild America behind it. We're going to take a look at a go funding page that has already been set up. I believe it was Jared Kirschner that set that up when it's going to support with it.
Maybe learn a little bit more about it and but I know post exchange, I don't want anybody level to do anything now, but we'll be able to get some things, and this is a long term thing, this is two weeks, this is months, if not a couple of years, to get some of these areas back like they used to be and nothing's going to be like it used to be.
So that's what I wanted to bring tonight. I guess I covered more that last portion than I had thought it would, but I know that we'll be in touch, and you'll be in touch with us by email.
We don't want anybody respond to this yet, but we will have new websites put up new URLs. We've already got them on reserve.
Other than that, that's really good. And so far, we've got our international partners and our center leaders and bank bond leaders. They're all investing receiving our emails overnight, tomorrow, and about this is we should have to be right alongside our bondholder friends into your so we should have Nobody should have any unfair advantage over anybody else.
Okay, so keep that in mind, and we will communicate with you by email to make sure we have yours. I'll be talking to people about America and look where's our first place to go. We haven't forgot about Ohio.
Talked about it today and but right now, our concern is from, really, from southwestern Virginia all the way down to where Bob is in
All right, so let's do that, everybody, let's keep an eye on our emails tomorrow. Let's see when, if they show up in morning, or if they show up the daytime, whichever. We all said, Okay, enjoy. Everybody can breathe, right? Okay, and then we'll, we'll turn off the recording,
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good morning everyone
Member: Any clue why this still hasn’t gone? Seems strange and worrisome. So much proof, yet nothing?
Member: today is Iraqs Independence Day…….hope that means something
MZ: “ Very soon- Iraqi and Kuwaiti negotiations return to end differences” It appears their settlements are going forward. They put forward a law in parliament to settle all those that were displaced by Saadam Hussein and to give back their property. ….This is kinda like our Historic Settlements and Farm Claims ect……
MZ: This is definitely things I was told to expect before their value change. To me this was very cool
Member: I thought all differences with Kuwait were settled years ago…guess not
MZ: “Russian courts freeze funds of US Banks JP Morgan and Mellon” This is a total of $372 Million. Russia is returning the favor….This is a much smaller amount then what the US froze of Russian banks around the globe.
MZ: We were told things would get ugly right before the reset…..I just didn’t expect it to be this bad.
MZ” Charles Nenner “ From a bunker in Isreal-The American Empire is over” .
Member: We need this RV to happen and get rid of this BS. Why are the rats still in charge of this??????
Member: Where are the white hats?
Member: do you think the new SEC ruling will affect when the RV happens
Member: Mountain GOAT says no RV until after the Nov 5th Election!
Member: Columbus Day is coming ……..3 day weekend next weekend
MZ: Most of my banking side contacts think we are starting before that 3 day weekend….but it would be a convenient time for us to go to the bank.
MZ: No bond news….It is exactly the same as last night. The same goes for bankers…..I do know however that one of my wealth management/redemption contacts will be working this weekend….I do no know if the rest are also working…it is too early to know yet. I hope to get an update by tomorrow.
Member: Thanks Mark and Mods….Everyone have a great day
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
"Based on the supervisory andregulatory role of this bank, and in order to enhance the process of external transfer through official channels, it was decided that all licensed banks (in Iraq) will implement external transfers for companies."
Banks use external transfers for companies because they are a quick and easy way to move money between accounts, and they can be used for a variety of purposes:
Paying suppliers and taxes:
Businesses can use bank transfers to pay suppliers and taxes.
Building credit:
Bank transfers can help build credit, unlike some other ways to move money.
Secure:
Bank transfers are generally secure for businesses and their customers, unlike credit card payments which are more susceptible to fraud.
Customers prefer them:
Customers often prefer bank transfers, especially for purchases where they don't want to use a credit or debit card.
No chargebacks:
Unlike credit card payments, customers can't reverse bank transfers.
Record of transactions:
Banks keep a record of transactions, so business owners can check when payments were made and set up automatic payments.
External transfers are a fundamental part of the modern banking system, and they allow individuals and corporations to move money between accounts without having to visit a branch or ATM.
Yes, wire transfers, and now internet transfers, are common ways to send money internationally and exchange it for foreign currency.
Other ways to make cross-border payments include credit card payments, e-money wallets, and mobile payments.
The World Bank on Thursday released the Business Redy 2024 (B-READY) report, which showed that Iraq is witnessing a significant transformation in improving the business environment, and explained the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency.
The report showed, according to a statement from the Ministry of Finance, a copy of which {Euphrates News} received, some of the positive developments and achievements made by Iraq in making the business environment more attractive and effective for local and international companies, including the stability of the regulatory framework, as Iraq has made great progress in creating a more stable and friendly regulatory framework for business. He succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements.”
“This improvement contributes to making Iraq more attractive to entrepreneurs, especially small and medium-sized enterprises (SMEs), which play a key role in creating job opportunities and diversifying the economy, and the positive impact has led to the alignment of Iraqi trade regulations with international standards to facilitating cross-border transactions and creating a more stable and predictable environment for investors,” he explained.
The report pointed to “improving access to public facilities and infrastructure, as Iraq has made tangible progress in the public utilities sector, which is essential for the operations of companies. The government has reduced the time required to access basic services such as electricity and water. Investments in infrastructure are currently being made to improve the reliability of future service delivery, and the positive impact These reforms have already contributed to reducing operational disruptions and increasing investor confidence in the market, although further improvements are needed in progress.”
The report also pointed to “strengthening labor market regulations as Iraq introduced new regulations in the labor market aimed at protecting workers and enhancing the inclusiveness of the market. Achievements include equal pay policies, anti-discrimination regulations, and support for collective bargaining rights. The government has also expanded public employment services and training programs to meet the needs of the private sector, and the positive impact these reforms have helped create a more flexible and inclusive labor market, making Iraq more globally competitive.”
The Ministry of Finance stated that “despite the positive points documented by the report, it was based on unupdated data collected in 2023 by the business red team from the private sector – and the data reflects the stage that was collected before collecting that data a while before the reform initiatives of the current government and the stimulus budget came into full effect. And since the government has paid great attention to the private sector, the business environment has developed a lot over the past two years and will continue to develop and at an accelerated pace over the coming months and years when the fruits of the reforms are fully reflected.”
She continued, “What has been accomplished such as reforming a significant number of laws and regulations, tax and customs reforms, electronic payment, e-commerce, digital transformation, reform of state-owned enterprises, guarantees granted to the private sector, and others. Thus, the report did not fairly show Iraq’s journey towards reform and the progress made in many areas, including the establishment of a more stable regulatory framework.
The Ministry of Finance stressed “the commitment of the Iraqi government to continue economic reforms, and the impact of the general budget and reform initiatives will be reflected in future reports based on updated data, which is what the World Bank should have done in the report issued this day.”
