Quote: "In a newspaper column a while ago, we explained the concept of deleting zeros, and today we are talking about the concept of currency revaluation, which means a calculated upward adjustment of a country’s official exchange rate...revaluation is the opposite of devaluation.
In a fixed exchange rate system (the system followed by Iraq), only a decision from the state (the central bank) can change the official value of the currency...
In a flexible exchange rate system, revaluation occurs on a regular basis, as evidenced by the noticeable fluctuations in the foreign exchange market...
The United States maintained a fixed exchange rate until 1973, when President Richard Nixon decided to abandon the gold standard and switch to a flexible exchange rate system..."
FRANK26: "SUDANI... MY ACCOUNT... MY BANKS"........F26
'MyAccount' team welcomes Iraqi PM's banking decision, plans to add three private banks
Nov. 19, 2024
ERBIL (Kurdistan24) -
The 'My Account' project team welcomed Iraqi Prime Minister Mohammed Shia al-Sudani's decision to support private banks in salary banking initiatives, announcing plans to integrate three additional private banks into the system.
In a statement to Kurdistan24 on Tuesday, the project team emphasized that the Iraqi Prime Minister's decision "serves the interests of all citizens and paves the way for complete economic growth in Iraq and the Kurdistan Region."
The team confirmed they are operating in accordance with Central Bank regulations and the Federal Court's latest clarifications, noting that "all Central Bank-authorized banks, whether government or private, undergo continuous auditing and maintain connections with other international banks, enabling them to generate economic growth."
Following this development, the team announced plans to expedite the integration of three additional private banks into the project, alongside existing government and private banking partners, to enhance service delivery to citizens. The team urged salary recipients to complete their banking forms through the 'My Account' system before year-end, citing alignment with the Federal Court's July 2024 clarification.
The 'My Account' project represents a significant step in Iraq's banking modernization efforts, aimed at transitioning government salary payments from cash to electronic banking systems. This initiative is part of broader economic reforms to modernize Iraq's financial infrastructure and reduce cash-based transactions.
The addition of new private banks to the system reflects growing confidence in the private banking sector and efforts to expand banking services across Iraq and the Kurdistan Region. The project aligns with international banking standards and aims to increase financial inclusion while reducing administrative costs associated with cash salary distributions.
FIREFLY:IMF on TV news praising Iraq for their financial and banking reforms and development.
FRANK: Have you noticed the IMF is constantly, almost weekly, now bragging about the monetary reform process of the Central Bank of Iraq? Bragging about it. If you go to the IMF website, it will tell you in English the Iraqi dinar is going through a revaluation right now. There's no secrets.
FRANK26: "THE CENSUS WILL TRIGGER MANY BENEFITS FOR THE CITIZENS"......F26
Iraqi Prime Minister: Tomorrow we will take an important step that has been delayed for years
11/19/2024
Iraqi Prime Minister Mohammed Shia al-Sudani confirmed that tomorrow, Wednesday, will be an important civilized and developmental step, as the long-awaited general population and housing census will begin after years of delay.
Al-Sudani said in a televised speech, "We are starting to implement the general population census to complete the priorities of the government program, and we seek for the census to be a modern scientific tool in planning."
He pointed out that the government took the decision to implement the census with great confidence in the capabilities of its government agencies, and that it is determined to serve the Iraqi people.
He explained that "the best modern methods were adopted to conduct the census in a scientific and accurate electronic manner, so that the results would serve the present and future of Iraqis."
He also added that the database that will result from the census will be a valuable tool for serving state institutions, and will contribute to supporting the rights of the segments most in need of service.
He pointed out that "the census is not just numbers that accumulate, but rather it is the dividing line between guesswork and facts and a decisive means of determining vital and effective decisions."
The Prime Minister called on citizens to cooperate with the teams tasked with conducting the census, stressing that the census has nothing to do with tax issues or social protection, but rather is a pillar for development and progress in all sectors.
He also praised the role of the Ministry of Planning and the General Authority for Statistics and Information Systems in the preparations they made, and thanked the United Nations Population Fund for its support, as well as the security services that worked to provide a safe and stable environment for the implementation of this operation.
Al-Sudani concluded his speech by saying: “We are confident in the dedication of citizens for the progress of our country, and we believe in a bright future that Iraqis and future generations will be proud of.”
When it comes the issue of money transportation to and from the bank at exchange time, any thinking person would already have their currency in a safe deposit box, so when the time comes, you transport your currency a matter of feet, within the confines of the bank, with armed guards standing by.
Or better yet, and far more intelligent, have your currency in a depository.
Then you hold an SKR ( Safe Keeping Receipt) which you present to the depository and THEY transport your currency to the bank.
You can also have arrangements made with the bank where you can present your SKR to the bank manager and he will summons the currency from the depository.
This armored truck, escort business is just plain silly...I have my currency in a depository and I hold an SKR.
The buyers have their payment for my "Private Contract" sale, deposited into a COLTAF account, and when the big event happens, I do nothing at all. I just check my bank account online to make sure the amount is proper. BTW...there is still time to take your currency to the bank and put it in the safe deposit box.
