An agreement between (Hisabi) and (TBI) to open two new branches and install dozens of ATMs in Kurdistan
The Hesabi team and the Trade Bank of Iraq (TBI) have reached an agreement to speed up employee registration and card distribution procedures, as well as install ATMs across the Kurdistan Region to facilitate cash withdrawals.
Today, Thursday, November 7, 2024, the Trade Bank of Iraq (TBI) and the (Hisabi) team held their first meeting, where they agreed to expand the bank’s services to the employees of the Kurdistan Region, similar to other banks participating in the (Hisabi) project.
The agreed services include the opening of two new branches of the Trade Bank of Iraq in Erbil and Sulaymaniyah governorates, in addition to installing dozens of ATMs within “Hisabi” booths throughout the Kurdistan Region, with plans to distribute more than 10,000 (TBI) cards to employees.
The number of employees registered in the “My Account” project has so far reached about 700,000 employees, who will benefit from all financial and banking services provided by the eight banks participating in the project, including facilities for employees and salary recipients.
On Sunday, November 3, 2024, the Trade Bank of Iraq (TBI) announced the signing of a contract with the (Hisabi) project to localize the salaries of employees of the Kurdistan Region.
The bank explained in a statement that "this signing comes in line with the decisions of the Federal Supreme Court, and based on the directives of Prime Minister Mohammed Shia al-Sudani, regarding the necessity of the Iraqi Trade Bank's participation in the process of localizing the salaries of employees of the Kurdistan Region."
Below are some of the services provided by the (My Account) banking project:
1- You can access hundreds of ATMs and withdraw all the user's money at once and for free.
2- The devices are available for use 24 hours a day, 7 days a week, allowing employees to withdraw their money at any time they see fit.
3- A variety of different bank loans and advances can be obtained.
4- Direct debit cards can be used to make purchases online and through card readers known as (PoS).
5- The system allows safe and reliable money transfers inside and outside the country.
6- You can access the bank’s mobile application to follow up on your account movements, and receive notifications on your phone when salaries arrive. link
Weekend Coffee and News with MarkZ and MilitiaMan. 11/09/2024
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
MZ: We start today with Matt and Lucas, at the 45-minute mark we will be joined by MM and crew to talk about the latest news out of Iraq.
Member: Happy 3 day weekend…..and Thanks to all the veterans for their service
Member: Morning folks! Anyone hear anything good?
Member: Good morning Militia man and crew
MZ: The articles coming out of Iraq are amazing this week.
MM: Little bits and pieces and things are happening fast and furious. There is a lot of people talking lately. Sudani, Alaq, many experts talking about digital currency, economy, money, energy, technology……
MZ: Foreign relations, and Sudani reaching out to Trump- and he is saying they want to meet ASAP- in person….
MM: I love it when they talk money. Sudani has been here for 2 years and obviously he has done a good job. The united States has been involved in Iraq for many years and many different administrations. Al-Sudani was in New York just a few months ago and we saw progress….we know Iraq is focusing on doing business ….The time is right for opening the development road project and Sudani has a budget he needs to open up and start spending….They have some time constraints
MM: The port of Faw opened up. And we are talking about the relationship between Iraq and the US. Things look positive.
MZ: One of the things I was eying: “ Association of Private Banks Financial inclusion rate increased to 48% “ So 48% of the people have embraced banking instead of holding cash under a mattress-which is not the most efficient way to handle finances.
MM: No its not. I think 48% is a big number. And they have 50,000+ Point of Sale (POS) machines across the country. They have 20 million accounts for electronic cards. We know they have put out 40 million new national cards. If they have a Real Effective Exchange Rate (REER) and build a road- people will come.
MM: With that development road – people and trade will come in droves.
MZ: And the Central banks through auctions have just sold a billion in USD and took in dinar to buy it.
MM: The push is big….Last night I did a video and this article was interesting to me “ In 5 days Iraq Central Bank sells more than a billion dollars” and they say there is now no room for the parallel market or black market for dollars. This is huge from Al ALaq. Once they open the doors and change the REER then the dinar will then be stronger than the dollar. That is what Al-Sudani has said more than once. And that is what we are waiting for.
Member: Looks quite promising for Iraq
Member: Really hope we get a rate soon.
Member: IMO-if the money supply vs. foreign reserves is an indicator, they're currency should be at a much higher exchange rate than 3.22
MZ: “ MP (Member of Parliament) Likely to resolve 3 major laws this week. “ Are they hiding HCL in here??? They have extended the legislation until Dec. 10th which is Victory Day.
MM: They are talking about it today. Real Estate in Kirkuk is part of article 140 of the HCL. These laws are really important and they have already been read twice and they could be working on it right now and we wouldn’t know yet. It will be big news once it pops. I believe it is on the table and could happen at anytime during this session.
Member: They can’t broadcast their accomplishments or they would give away the timing…imo
MZ: And they generally don’t broadcast an accomplishment until its done.
MM: They do like to keep things tight. And try to lead us astray on many occasions. They do not broadcast every move they make because some of this is very sensitive. But its exciting to see them at this stage now.
MZ: Where do you feel like we are at?
MM: They have some things to take care of still. But I think we are watching to see the outcomes of these sessions of Parliament. They have to open up and expose the budget, and a lot of the things right now on the table are exchange rate oriented. They need the money for that Development Road project and I think we are knocking on the door .They are telling us these things are happening along with the delete the zeros project.
Member: I heard a seller say there was no more dinar to be had?
MZ: I know some sellers and they say it’s harder to get dinar to sell right now. I had one seller tell me that probably 90% of the dinar they are selling right now is dinar they bought back from people who have given up. So much of the dinar they are selling right now is recycled.
MM: I have heard that too.
MZ: If they are going to end the Auctions in 2024 like Alaq and Sudani have said….then something has to change
MM: They have it set up and I think they will turn that corner quickly.Everybody is waiting for this to happen. The pressure is on . Iraq has a holiday tomorrow and this weekend is Veterans day for the US. Lets see what happens tomorrow.
Be sure to listen to the replay for MilitiaMans full interview….
Member: does the Dinar has to revalue pretty much now, so everything can be done by Dec 10th?
Member: 10th December is victory day in iraq
Member: So, after they revalue, how long will we have to exchange our say 50K dinar note for $
Member: probably 10 days to make your appointment and 30 to exchange/redeem.
Member: Iraq citizens were given 90 days to replace Saddam currency back in Oct. of 2003
Member: Yea Militia Man! Thank You for all you and the Crew do!!
Member: It's a beautiful day, hope everyone can enjoy it!!!!
Member: Bye-bye to all of you fantastic and blessed people of God and see you all Monday morning.
Zester also joins the stream at the end. Please listen to the replay for his opinions and 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
Prime Minister: We adhered to the goal of completing the Greater Faw as the gateway to greater Iraq
Prime Minister Mohammed Shia Al-Sudani sponsored, today, Thursday, the ceremony of receiving the five berths of the Grand Faw Port in Basra Governorate, and their entry into actual operation, after they were completed by the implementing Korean company.
Al-Sudani stressed in a statement issued by his media office that the five docks represent the backbone of the Faw Port, while pointing out that the development road will be an artery linking most of the countries in the region.
He explained that “this project has actually entered into the knots and paths of global trade and transport routes, which pass through the Middle East region, which has great strategic importance for global trade. It is considered the most prominent water basin in the world, where energy, trade, communication and exchange activities are concentrated in all their forms. It will also contribute to transforming Iraq from a country in need of other people’s ports, into a maritime country with a complete view of the Gulf.”
He added that “development and economic transformation are an integrated approach that meets the country’s needs and the vital economic levers it lacks for Iraq to connect with international trade,” noting that “Iraq was and still is a fundamental pillar in the global economy and a historical part and passage of the most important international exchange routes,” noting that “the development path will link, starting from the Grand Faw Port, the economies of most countries in the region and will be an outlet for achieving economic integration.”
He added that "the Council of Ministers supported the Ministry of Transport's procedures to rehabilitate railways on the development road tracks, or those that serve the road within a plan connected in its links," indicating that "new railway projects were included in the investment plan and financial allocations were allocated for them."
He said, “We adhered to the goal of completing the project, as it is a gateway to Iraq’s largest project, the path to development, and the main nerve in the government’s vision to maximize non-oil revenues, along with the industrial cities that will be established alongside the two projects.”
Al-Sudani added, “The General Company for Iraqi Ports has made significant progress in drawing up the correct policy for managing the Grand Faw Port, in addition to introducing major operators in the world, and the most appropriate and attractive economic model for trade exchange will be chosen.” link
For the one who didn’t pay attention
They said they will pay them 2500 IQD which is worthless now
But it looks like they removed 000 already
And the rate will be $4 per 1 IQD
That’s why a 2500 IQD salary will be worth $10,000
LFGGGG
Extension of the legislative term of the Iraqi parliament for an additional month to pass laws
11/4/2024
Member of the Parliamentary Legal Committee, Mohammed Al-Khafaji, revealed on Monday that the current legislative session of the Council of Representatives ends on the 9th of this month, and that extending it for another month is subject to Article 58 of the Iraqi Constitution.
He added in a statement to Shafaq News Agency that according to this article, the legislative term can be extended at the request of the President of the Republic, the Prime Minister, the Speaker of the House of Representatives, or 50 representatives, provided that the extension is approved by a vote of the majority of the members of the House.
Al-Khafaji explained that there is a trend to extend the legislative session from November 9 to December 9, in order to organize the work of Parliament and approve pending laws, as the past period witnessed repeated postponements in the Council’s sessions and the incomplete agenda.
Al-Khafaji pointed out that the extension will provide an additional opportunity for the government to submit the draft general budget law for 2025, which is supposed to be submitted before the end of this year. He stressed the importance of the government taking advantage of this time to avoid the delay that the budget witnessed this year.
