RV UPDATE BY NADER FROM MID EAST, 25 OCT

 

Economist Warns Of The Danger Of Currency Counterfeiting Mafias, 25 OCT

 Economist Warns Of The Danger Of Currency Counterfeiting Mafias

Posted on 2024-10-25 by sotaliraq   2024/10/23  Mustafa Fleih   Economic expert Safwan Qusay warned of the danger of currency counterfeiting mafias, and while explaining the mechanism to confront them, he stressed the need to move to financial inclusion to protect the Iraqi economy from these mafias, whether internal or external.

Qusay said in an interview that the process of investigating the source of the counterfeit dinar is backed by parties trying to harm the reputation of the Iraqi dinar and trying to launder dirty money and obtain goods in exchange for this money.

He pointed out that the Central Bank is keen to track such networks, and the security services are trying to reconsider any source that could enter Iraq from abroad or to print such counterfeit money inside it.

He stressed that the issue is related to the ability to develop a device to track the movement of the Iraqi dinar in the market and there is a “Serial Number” for each category of the currency and the process of transitioning to financial inclusion and introducing money into the banking system and Iraqis dealing with credit cards will prevent counterfeiters and counterfeiters of this currency from pumping the counterfeit category into the market.

He explained that the more quickly and immediately we switch to dealing with credit cards at the private sector level, given that the government apparatus in many ministries has begun to apply such technologies in credit cards, ATMs and revenue receipt cards, it can deprive anyone who thinks of counterfeiting or forgery from entering the Iraqi market.

He explained that when the value of the currency increases, the process of counterfeiting and forgery becomes economically fragmented, and the Iraqi dinar is now fully covered, and certainly a large part of the countries in the region have been harmed, and the fluctuations in their currency prices may lead to the emergence of such mafias that print this counterfeit currency outside Iraq and pump it into the local market. In addition to educating those who receive the dinar about its type, we need to have an investigation system linked to the Internet to detect counterfeit currency.

He stressed that the seller should not only refuse to receive the counterfeit currency, but also ask the holder of this counterfeit currency to know where he got it from so that the security services can investigate the source of this counterfeit currency mass, whether it is locally printed or internationally.

He pointed out that the Central Bank is keen to compensate the holder of the counterfeit dinar if he is unaware of such distinction, and the more we encourage citizens to report with financial rewards, the more we can reach the party behind the counterfeiting.

 He added that counterfeiting tends towards the higher value, i.e. at the level of large denominations such as the large currency denominations of 50 thousand and 25 thousand, and we must encourage those who receive the Iraqi dinar to examine it and not only reject the counterfeit currency but also report the holder of this counterfeit currency to reach the perpetrator.

He noted that the dollar is counterfeited by international mafias and can be pumped into the informal market, so it is not detected by dealers, and dealers in the informal market may exploit it because they are unaware that there is a counterfeit dollar from countries that carry out counterfeiting at the international level.

He stressed the need to move towards financial inclusion to protect the Iraqi economy from these mafias, whether internal or external.  LINK

Coffee with MarkZ. 10/25/2024

Thank you MarkZ for all your time, and encouragement daily….. PDK

MarkZ  Update- Some highlights by PDK-Not verbatim

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

The first 22 minutes is Jennifer from ATB…..then Mark with the news. No Mr. Cottrell today. 

Member: Good Morning….TGIF

Member: Another Weekend….hoping for big news 

Member: What will we see this weekend Mark!

MZ: “Iraq oil prices exceed $70 a barrel”  this is important for stability of Iraq and a revaluation. 

MZ: “Iraq to complete the first phase of the Grand Faw port in 2025”  It is 96-98% done. Many berths for big cargo ships. Iraq’s economy is taking off…..It is going to be a trading hub and transportation route for the region for products going from Asia to Europe….Big money is flowing Iraq’s way…and it is non-oil revenues

MZ: “ Waiting to be sent: Oil and Gas law on Government Debate Table”  finally some news on the HCL. They are working on it to send it for a vote. I am hearing there is a possibility of a vote on Sunday. I am keeping a eye on it. 

MZ: “MP (Member of Parliament)  It is not possible to pass the 2025 budget without sending the final accounts from the last two years”  This is a big one.   Along with the HCl….it looks like we will soon be getting the revaluation we are looking for. 

Member: It seems really silly that the whole world is waiting on Iraq! Seriously something is wrong with that!. 

Member: I would like to know where we are in all this?   

Member: Any updates on your bond contacts thank you

MZ: There are limited things I can say right now. But I very much expect some bond people with money next week. 

Member: We are circling at 40 thousand feet, please buckle your seat belts we are preparing to land, lol how’s that Mark?

Member: I’m loving watching what BRICS is doing.

MZ: “ I love this one….” Russia in talks with BRICS over precious metals exchange” We saw what adding the Shanghai metals exchange to compete with London bullion metals did…This one is huge. 

MZ: So much happening with BRICS. We have seen their new currency….they are now using BRICS pay successfully seamlessly and flawlessly……. And now this “ Russia is in talks with other BRICS members to create an international precious metals exchange” to ensure fair pricing and trade growth. BRICS countries count for 37% of the global economy. Once they open that exchange the physical metals dictates metal prices. 

MZ: If they don’t go ahead and pull the trigger- we are looking at some big dominos to make them. All the paper gold, silver ect…..will not survive and come crashing about their heads. The writing is on the wall. 

Member: Did the Basket change as far as which ones are going to RV ??

Member: Here is the old list of currencies supposedly in the first basket. 1. US 2. UK 3. Kuwait 4. Canada 5. Mexico 6. Russia 7. China 8. Venezuela 9. Iranian Rial 10. IRAQ 11. Indonesia Rupiah 12. Malaysia 13. Vietnamese 14. Brazil 15. Saudi Arabia 16. Qatar 17. United Arab Emirates 18. Turkey 19. Afghanistan possibly20. India 21. Libya 22. Japan23. Zimbabwe

Member: On a scale of 1-10, 10 being most likely, what would you rate this happening in the next week?

Member: Lot’s of chatter about possible event this weekend, keep your powder dry, and stay vigilant.

MZ: A number of military and government contacts have told me lock downs could start as early as today.  I do not know why…..but I always stay stocked up in case something like that happens. A lot of very connected contacts at the grocery stores today. I don’t want to panic anybody…..just be prepared. 

MZ: This could be it…..A lockdown and an announcement?  Maybe the lockdown is because the global monetary system is changing…..I do not know.  

Member: Maybe a last minute cleanup of all the bad guys?

Member: EBS could be triggered around Sunday/Monday.. and hopefully, Iraq changes rate around the same time. Don't know if the world would know about the rate change but the EBS would give us a heads up.

Member: only 11 days until the election…..praying they release the RV after that……if not before. 

Member: Everyone have a good day and stay prepared…….God Bless. 

CBD Gurus join the stream at the end…..Listen to the replay for their information

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

EXCERPTS FROM MARKZ : " Read between the lines" @DINARREVALUATION

 

Calls To Accelerate 2025 Budget And Boost Non-Oil Revenues, 25 OCT

 Calls To Accelerate 2025 Budget And Boost Non-Oil Revenues

Posted on 2024-10-24 by sotaliraq    A number of MPs called on the government to expedite the submission of the 2025 budget, warning of the delay that could affect the implementation of development projects and economic reform programmes.

They stressed the importance of enhancing non-oil revenues, calling for the adoption of financial and economic policies that contribute to diversifying sources of income and improving resource management.

The representatives stressed the need to develop clear plans for investment in the oil sector, with the aim of increasing productivity and achieving additional revenues to support the budget, in light of the ongoing fluctuations in global oil prices and the economic pressures facing the country.

This comes amid emphasis on the need to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, said: “We expect the 2025 budget to reach the House of Representatives early next year,” indicating that “the government has begun meetings to restructure the budget items.”

For his part, the member of the Finance Committee, Mustafa Al-Karawi, stated that “the current year’s budget stipulated the necessity of providing Parliament with the financial schedule before the end of the fiscal year, and any delay in this will cause a delay in the start of implementing the budget and its schedules,” noting that “the non-oil revenues targeted in the budget are estimated at 27 trillion dinars, while what has been achieved so far does not exceed 8 trillion dinars only.”

Al-Karawi added, “The Ministry of Finance indicated the possibility of collecting 3 trillion dinars per month during the coming period, and that the Finance Committee called on the government to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.”

The MP stressed that “the committee is closely following up on how the budget funds are distributed, to ensure that they are used effectively to serve citizens and enhance the national economy,” noting that “it discusses from time to time ways to increase government revenues by developing the tax and customs system.”

The MP noted that “there is a government plan that depends on automating and modernizing the work systems in these institutions, and it is expected that its implementation will be completed by the end of this year, which will contribute to enhancing revenues and ensuring better efficiency in collecting them.”

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, discussed with the delegation of the Adam Smith International Foundation a set of laws related to developing the financial and banking system.

The two sides discussed important draft laws, including the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments.

Al-Atwani also reviewed with the delegation the most important challenges facing the financial system in Iraq, as well as the steps and priorities of the Finance Committee within the framework of finding a correct philosophy and rational management of public money and the economy by diversifying sources of income and not relying excessively on oil to feed the state budget.

He stressed that "the Parliamentary Finance Committee, within the framework of its permanent movement and continuous efforts to maximize non-oil revenues, is currently working on amending the law of the General Authority for Monitoring the Allocation of Federal Revenues."  LINK

RV UPDATE BY BRUCE, 25 OCT

 Thus. 24 Oct. 2024 Bruce:

• Today there were 9 countries that tried to hack into the voting machines in Georgia. They were unsuccessful.
• Some bond holders set up their accounts and were told they would be liquid in 1-2 days.
• The Dinar front screen rate was on the Forex today.
• You want to set your appointment for the Redemption Center, not a bank, as they can give you the higher rates and the Contract Rate on the Dinar.
• So first of all the information we are getting about T4B is based on us being notified not Thursday but Friday tomorrow and exchanges over the weekend. So we just have to go day by day we are super close and
• Bruce does believe that we’ll get this THIS WEEKEND.
• Rates on the Forex were just under 20 and the RC rate should be higher than that and we should get the contract rate at the RC’s
• And exchanges generally 30 minutes or less. Do your mini presentation – just 3-5 minutes and we know just need to pray for this to happen over the weekend.

Coffee with MarkZ. 10/25/2024