More News, Rumors and Opinions Thursday PM 6-15-2023
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TNT:
Tishwash: Electronic payment is key to the success of monetary and fiscal policy
The Iraqi government decided earlier to oblige all its institutions, in addition to private schools and universities, gas stations, stores, restaurants, pharmacies, medical clinics, and others, to use electronic payment tools, and gave them a full transition to that trend by the beginning of this June.
On evaluating the step of launching the Central Bank’s electronic dealing service to reduce cash dealing, and what are its pros and cons, journalist Halim Salman told “ Jarida ” that Iraq is moving towards using electronic payment tools to reform the economy, withdraw cash in homes towards the banking sector, and combat financial and administrative corruption within Government institutions, pointing out that governance in government services is very necessary, because it will reduce time and increase the efficiency of institutions.
And between Salman, there are great benefits to electronic payment, including activating electronic commerce and eliminating problems related to electronic payment, in addition to reducing financial and administrative corruption in government departments and others.
In his response to assessing the reality of the banking sector in Iraq and what are the challenges it faces, and whether it has the ability to receive this new service, Salman replied that the biggest challenge facing banks is the customer's loss of (confidence) in these banks, which leads to hoarding of financial mass in homes Consequently, it will lead to disabling the banking system from investing it in supporting productive projects that contribute to the continuation of the money cycle.
He pointed out, “Banks must face these challenges by increasing production, improving business and reputation, and providing banking goods to customers to restore confidence.
And he also indicated, “The dissemination of electronic payment and the contribution of banks to it will work to create a stable environment of financial transactions that guarantees a high flow in preserving money, as well as tightening the screws on currency dealers and money laundering.” link
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Courtesy of Dinar Guru
Mnt Goat ...I was told by my CBI contact they must get the budget passed first, then ratified. I am hearing from my CBI contact that it does not have to be in the gazette, but that to get the green light for the reinstatement they need it passed in parliament and ratified. The Kurds must be happy! ...All I can say now is … Get that champagne in the frig!.... I feel we have been in a critical period of the currency reform program since January of this year. Now we are in a “vital” period since the three-year budget has been passed on Sunday June 11th. Anything could now happen and is going to happen. In fact, this week could be pivotal.
Mnt Goat ...what took place these last 4-5 days culminating in completing the passing of the budget, getting it ratified and in the gazette...is important not because the RV rate is in it because it will NEVER be in the budget...The rate used in the budget is $IQD 1300 per 1 $USD certainly not the rate we are looking for...this rate is NOT important and this rate is “flexible”. I assure you that the reinstatement if [is?] going to happen and is just around the bend...I am still under the timing of quite possibly going to the bank sometime this week. I would be VERY surprised if we don’t. But remember if we don’t, it will still be VERY soon.
The Impending Debt Crisis Explained
Lynette Zang: 6-15-2023
If you're watching this you already know the banking crisis is just the beginning of what's about to unfold.
We are now on the brink of a government debt crisis that can wipe out creditors and freeze the entire credit system. Do you think this is orchestrated or an accident? I'm here to show you behind the curtain, because now is the time to hedge your bets.
Global governments and insiders are getting into position, do you know what they're doing? This is imperative to understand so you can prepare in the same ways they are...coming up!
CHAPTERS:
0:00 On The Brink
1:17 Full Faith & Credit
3:35 Interest Rates Shifting
6:27 Yields On Sovereign Bonds
7:53 Frantic Push
10:46 Five Countries Linger in Default
12:06 Treasury Bond
14:05 Volatility Of US Government Bond Market
18:04 Gold Holds The Power
19:17 Put Your Strategy In Place