More News, Rumors and Opinions Monday PM 9-23-2024
TNT:
Tishwash: Iraq Plans Currency Redenomination Amid Economic Challenges
The Central Bank of Iraq (CBI) has announced that discussions regarding the project to remove zeros from the Iraqi dinar are ongoing, with assessments continuing. The bank also noted a reduction in reliance on the US dollar for trade transactions.
Ali Mohsen al-Alaq, Governor of Iraq's Central Bank, stated that the bank is facing global economic challenges, such as rising energy and raw material prices.
To address these issues, it has amended some monetary policies in line with the international situation, aiming to increase confidence in the Iraqi dinar and prevent a significant decline in its value.
The central bank has also increased its holdings of foreign currency and gold reserves to enhance the country's financial stability and its ability to cope with economic crises in any situation, he added.
Many countries remove zeros from their currencies to revalue the national currency and facilitate financial transactions. This process involves eliminating a certain number of zeros from the nominal value of the currency, making it less inflationary and more stable.
Earlier this year, the Iraqi federal government decided to postpone a plan to remove three zeros from the nominal value of its currency notes, citing that the current economic climate is not suitable.
Last year, the central bank indicated plans to redenominate the Iraqi dinar to simplify financial transactions in an economy that remains heavily centralized and oil-dominated, where deals are often conducted in cash. link
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Tishwash: Nokia signs contract with Zain Iraq to improve the company’s network in the southern governorates
Nokia has announced a 3-year deal with Zain Iraq to upgrade the company’s network in the southern region by applying the latest microwave technologies, including E-band solutions, which will help increase network capacity. The deal includes replacing competitors’ equipment and providing versions that provide the highest transmission power in the market. Nokia considered this partnership to be its first entry into the microwave field with Zain Iraq.
The three-year deal represents Nokia’s first foray into microwave with Zain Iraq, boosting network capacity and upgrading infrastructure to support future growth and increased traffic demand.
The deployment will begin immediately, with a focus on improving network performance and ensuring scalability to accommodate future growth. Nokia’s solutions will help Zain Iraq expand network capacity and improve customer experience while paving the way for future innovations in the region.
Zain Iraq is experiencing increasing demand for its data services and expansion is essential to provide the best service to its customers. Nokia will apply the latest microwave technologies, including the latest E-band solutions, to upgrade Zain Iraq’s microwave backbone. This upgrade will increase network capacity and prepare it for the expected increase in data due to higher customer usage.
The deal includes the replacement of competitor equipment and the introduction of Nokia’s high-capacity microwave solutions. A key component of this deployment is the UBT-T XP, which offers the highest transmit power on the market. This technology reduces antenna sizes and tower loads, saving significant capital and operational costs.
“This deal underscores our strong local capabilities and expertise. By deploying our advanced microwave solutions, Zain Iraq will benefit from an enhanced network that is ready to handle the demands of the future, including meeting the needs of its growing customer base,” said Mikko Lavanti, Senior Vice President, Mobile Networks, Nokia Middle East and Africa.
“Our partnership with Nokia enables us to overcome capacity constraints and modernize our network infrastructure. With Nokia’s advanced microwave technology and E-band solutions, we are not only solving current challenges, but also securing our network for future growth,” said Emre Gurkan, CEO of Zain Iraq. link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY:Mr Sammy says they are way ahead of what they are telling us but they can't tell you everything. It's all for safety of our country...markets... speculators... FRANK: There are many things happening right now that are extremely good for our investment. It may seem like it's so far away but it's actually right in front of us. It's not a mirage and you are already touching it.
Mnt Goat Here is the process of the reinstatement...: Institute the reforms the “Pillars of Financial Reform” – Banking, Insurance, Stock Market; Get rid of the parallel market and demand for the dollar through the black market; Realize the Central Bank “official” rate of the dinar and overcome the dollar crisis.; Be able to raise the “official” rate of the dinar against to dollar to a sustainable, realistic rate that reflects the true economy of Iraq (just over a dollar in-country); Conduct the Project to Delete the Zeros: decrease the monetary mass by collecting these large three zero notes,stashes/hoards of dinars and dollars. Swap out the currency; Watch/monitor for inflationary pressures on the process; Reinstate the IQD back to the global currency exchanges ie. FOREX. Not just a placeholder on FOREX pointing to ISX but the ability of tradable buy and sell options.
(Alert!) THE WORLD ECONOMY IS IN COLLAPSE! WAR IS EXPANDING... STOCK MARKETS TO GO HIGHER!
Greg Mannarino: 9-23-2024
As Saudi Arabia Sells USD For Gold, US Spends Record $1.2 Trillion On Debt Interest Payments
Sean Foo: 9-23-2024
Saudi Arabia is buying gold, in fact, they could have accumulated over 150 tonnes since 2022. This is devastating for the Petrodollar and it shows trust in Treasury bonds is collapsing.
And it's not a surprise when you realize interest payments on the US debt itself hit a record $1.2 Trillion dollars!
Timestamps & Chapters:
0:00 Saudi Dumps Dollars For Gold
2:29 Saudi & China Drives De-Dollarization
5:23 Massive $1.2 Trillion Interest Payments
7:46 Sponsor: Indigo Precious Metals
9:11 Yellen Denies Urgent Debt Crisis