Wednesday, October 30, 2024
Rafidain Bank studies establishing an electronic platform for trading government bonds, 30 OCT
Rafidain Bank studies establishing an electronic platform for trading government bonds
Rafidain Bank confirmed, today, Wednesday, the establishment of an electronic platform for trading government bonds.
The bank stated in a statement received by Al-Maalouma Agency that it “will sponsor an expanded meeting in cooperation with the Securities Commission and the Iraq Stock Exchange to discuss launching an electronic platform for trading government bonds.”
He pointed out that "the meeting will be sponsored by the Minister of Finance and the Governor of the Central Bank of Iraq." link
Coffee with MarkZ. 10/30/2024
STATUS OF THE RV , PART. 1, BY MNT GOAT, 30 OCT
STATUS OF THE RV
Yes, we now see October fading away into November without an RV. Yes, as the leaves all fall off the trees we enter a new era, a new season. What will this season bring us?
But who the hell told you it should have RV’d in October every day and any day? Not me! Oh… these stupid intel gurus strike again and told you this and have been telling you this crap since the summer. Yes, the RV had to happen by the end of every month, But, it didn’t did it?
So what’s holding it up now and they tell you another stupid story bla bla bla and more bla bla….!!!! ☹
Why do you listen to them even? Folks, it was not even possible to RV. Get it? If you can’t see through their lies by now you too are stupid. Now they tell you the Project to Delete the Zeros is not important and does not have to occur even on the path to the reinstatement. So, what changed? I have to tell you that nothing has changed except their mental state of mind as someone is bullshitting them and coaxed them into lying to their audience. Thus they mindlessly pass it on to their listeners without any FACTS to back it up. Really? Yes, these are really stupid, stupid people many of you are listening to. Oh… but their contacts are so solid and good! Really? They also keep telling their audience that at the end of this ride “it will be confusing”. The only sense of confusion that I can see it themselves spreading their lies. Yes, I am so sick of their approach and it is all wrong. There is just too many FACTS and EVIDENCE to go by and you don’t have to make up intel. It is all there but to really understand you have to embrace reality and stop searching for bank memos, bank stories, rumors, speculation and other nonsense. Just stick to the FACTS as the facts will speak louder than any “secret” source. Folks, its all just made-up nonsense. Get it?
So, I won’t talk about these idiots anymore today as we have real news to discuss and why this new information is so important to us. Let’s get to work.
First, I want to shake up your short-term memory. Remember about the Cash Center that recently opened to receive the stashes and hordes of dinars. The first point is these were dinars NOT dollars. Dollars can be sold on the open street way beyond the “official” CBI rate and so why would anyone want this rate the banks for dollars? Next, I want to say that these centers show us some success of just the beginning stages of the process to delete the zeros. This is part of the process is to collect these stashes of notes. These are not only needed for liquidity in the banks but also to coincide with the shrinking of the monetary mass that is needed to raise the rate of the dinar, when they do pull the trigger on the higher “official” CBI rate in-country.
😊 To incentivize the citizens to open bank accounts, part of the first step in the process, we have a few articles today informing us about this process. The titles include:
“HYBRID MONETARY POLICY”.. AL-SUDANI’S ADVISOR REVEALS THE CENTRAL BANK’S NEW STEP”;
“EXPERT COMMENTS ON THE CENTRAL BANK OF IRAQ’S DECISION TO REDUCE INTEREST: INCOMPREHENSIBLE”;
“THE REGIONAL GOVERNMENT TO ITS EMPLOYEES: WHOEVER DOES NOT HAVE A BIOMETRIC CODE WILL HAVE HIS SALARY STOPPED BY THE FEDERAL FINANCES”
“150,000 KURDISH EMPLOYEES RECEIVE THEIR SALARIES DIGITALLY VIA THE “HISABI” SYSTEM”
Let’s take a look at these articles. The very first thing I need to point out is that all four (4) of these articles are interconnected and exactly what we needed to see at this point in time. Actually, to be honest it is early in my account and for once they are early. They don’t realize yet you just don’t put out a policy and expect it to be followed. Instead, you have to enforce it and give the citizens incentives to do it.
We had another article from the four, telling us these salary restrictions were coming to Kurdistan and now we see it is already in place and the name of the electronic banking system they are using is named “HISABI”. So this is happening fast, within the same news period. They will need tens of millions of employees not just 150 thousand to sign up, as in the article today. First the CBI reduces the interest rates then they mandate government employees to open up a bank account in order to get their payroll “electronically deposited” into the account. If this is not completed by Nov 20th they will not be able to get paid. I quote from the article “Every employee or person receiving a salary in the Kurdistan Regional Government who does not have a biometric code until the date (11/20/2024) will have his salary stopped by the Ministry of Finance in the federal government, and he will bear responsibility for that.” In case you are wondering, the biometric code is the bank account number in which will be used by HISABI system to deposit their funds.
So, we wait to see the success of this effort in the Kurdistan region, but if you think about it, it will succeed as people will want their salaries. Remember this process is already in place in southern Iraq Baghdad and was successful. The implementation of many of these programs is always done lastly in Kurdistan as the Kurds are slow to act. This is why so many are now also bringing in their dinars to the banks. This is why they established the Cash Center to take on the excessive load and rush of customers. These are NOT exchange centers. They are simply depositing their hoards of dinars in the bank and putting them into electronic form. Get it? They are staying in dinars, NOT U.S. dollars. This is Iraq, they use dinars NOT dollars. They just went through this huge de-dollarization process…remember? There is NOT going to any “big lines” or celebrations in Iraq when they revalue in country. The only thing that will happen is that they will go on with life and know they have more purchasing power, but only after the reinstatement happens. But who will have more purchasing power? Certainly inflation will go down for the average citizen but the power will come mainly from businesses who will transmit buying orders with the outside world in commerce. Reconstruction cost also will go down and their currency will be buy more from the imported materials.
The citizens have banks accounts now and so why not? They are catching up to the ret of the developed world. Also, you must remember too that the government along with the CBI is constantly now telling the citizens they are going to raise the value of the dinar to the “glory days” of the dinar.
They know it’s coming and they don’t want to eventually lose out in holding worthless three zero notes when they expire in Iraq in-country. I also want to add that the CBI is now also broadcasting the videos they produced by the committee, in which my CBI contact told me earlier this year, were being produced and ready for showing, but back then we were told – not yet. Now they are being shown to the public. Yes, it is time and so yet another clue things are close. Why in hell would they do this if not to educate the citizens of how the process will work?
Folks, remember way back decades ago that in the fall of 2004 the citizens underwent a similar process when they had to turn in their Saddam Hussien notes for the three zero notes. Now the reverse has to happen. They are somewhat already familiar with a process and how it will work. If you talk to almost any citizens now in Iraq, they will tell you that they expect this event to happen soon.
.TO BE CONTINUEDJust wanted to reiterate once again that the budget is based on a the prices of a barrel of oil and not the rate of the dinar BY MNT GOAT, 30 OCT
WHAT IS THE TOTAL SPENDING AND PRICE OF A BARREL OF OIL IN THE 2025 BUDGET?
The Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, specified the expected total spending, the hypothetical deficit, and the price of a barrel in the 2025 budget.
Saleh said, “Next year’s budget 2025 will not deviate from the constants approved in the Federal General Budget Law (the three-year budget) submitted by the government and approved by the House of Representatives for the years 2023-2024-2025, especially in the principles and objectives consistent with the government program.”
He added, “Despite this, the 2025 budget must be hedged with a hypothetical deficit of 64 trillion dinars, which is a (precautionary) deficit that has been established by law; to avoid fluctuations in the general budget revenues for the coming year, especially oil revenues that are subject to fluctuations in the oil asset cycle and the conditions of energy markets in the world, as long as the total spending ceiling will touch perhaps 200 trillion dinars, depending on the financial and economic circumstances of the country.”
He explained that “the price of a barrel of oil in the three-year budget, to which the 2025 budget is subject, was set at $70 and an export capacity of 3.4 million barrels per day for the purposes of determining oil revenues in the general budget.”
(Just wanted to reiterate once again that the budget is based on a the prices of a barrel of oil and not the rate of the dinar. So, don’t let these stupid intel gurus tell you otherwise. They never held up announcing a budget because of the RV. It’s all just a pack of lies and here is yet more proof!)
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