More News, Rumors and Opinions Wed. Afternoon 10-16-2024
KTFA:
Clare: Iraq Increases Reserves at IMF by 50%
15th October 2024 By John Lee.
A meeting of the Iraqi Cabinet this evening approved an increase in Iraq's quota at the International Monetary Fund (IMF) by 831.9 million Special Drawing Rights (SDR), equivalent to 1.45 trillion Iraqi dinars [$1.1 billion] based on the exchange rate as of October 8, 2024.
This 50-percet increase in Iraq's previous quota will enhance the country's voting power within the IMF.
The additional allocation will be included in the 2025 budget.
The IMF created SDRs as an international reserve asset to supplement member countries' official reserves; they are not a currency, but rather a claim on freely usable currencies of IMF member countries. They serve as a potential source of liquidity for IMF member nations.
SDRs represent a weighted basket of major international currencies, and can he held as part of a country's foreign exchange reserves. Adding SDRs to a country's international reserves makes it more resilient financially. LINK
Alicia2015: Monday is the BRICS summit (22nd - 24th) with word of an introduction to a future cross border currency (the UNIT) backed by 40% gold 60% commodities. We live in interesting times- IMO
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Clare: The College of Administration and Economics at the University of Mosul holds its international scientific conference on “Development and financial and economic stability to restore confidence in the Iraqi dinar”
14 October، 2024
Under the patronage of His Excellency the Minister of Higher Education and Scientific Research, Dr. Naim Al-Aboudi, and under the supervision of Prof. Dr. Qusai Kamal Al-Din Al-Ahmadi, President of the University of Mosul, and under the follow-up of the Dean of the College of Administration and Economics, Prof. Dr. Thaeir Ahmed Saadoon Al-Samman, and in cooperation with the Nineveh Future Center for Strategic Studies, the College of Administration and Economics, Department of Banking and Financial Sciences, held in the hall of the University’s Grand Theater on Monday, 14/10/2024 at 10 am its international scientific conference tagged “Development and financial and economic stability to restore confidence in the dinar Iraqi ”
His work lasts for two consecutive days …The opening ceremony of the conference was attended by the respected Governor of Nineveh, Professor Abdul Qader Al-Dakhil, the Chairman of the Parliamentary Education Committee, Prof. Muzahim Al-Khayyat, the Assistant Chairman of the Parliamentary Energy Committee, Mr. Mansour Al-Maraid, the representative of the Nineveh Operations Commander, the representative of the Nineveh Police Commander and the President of the University and the assistants of the President of the University of Mosul for Scientific Administrative Affairs, the Dean of the College, members of the University Council, personalities from the city and a number of faculty and students of the college and the university.
The opening of the conference began with a recitation of verses from the Holy Quran, followed by Prof. Dr. Ali Abdul Sattar Al-Hafiz, followed by the reading of Surat Al-Fatihah on the souls of the martyrs of Iraq, then playing the national anthem, then a speech by the respected Governor of Nineveh, in which he talked about the importance of development and economy in order to restore confidence in the Iraqi currency and about the reconstruction revolution in the province, which was accompanied by the process of reconstruction of Iraqi universities, especially the University of Mosul
Followed by a speech by the Chairman of the Parliamentary Education Committee and a speech by Mr. The Dean of the Faculty welcomed the attendees, as he spoke about the importance of supporting the national economy and the need to support it, the recovery of trade, the fight against corruption and the implementation of the decisions of the monetary authority, then a speech by the Director of the Nineveh Future Center for Strategic Studies in Mosul, the consultant engineer Nabil Al-Youzbeki
Then the start of the work of the conference axes, the first session chaired by Dr. Ahmed Younis Al-Sabawi for the first speaker was Prof. Dr. Dariusz Zarzecki in Financial Management at the University of Zsczecin in Poland, followed by the distribution of shields and certificates to the organizers, supporters of the conference and members of the committees.
The themes of the conference touched on enhancing the challenges and opportunities related to financial and economic stability in Iraq, and working to develop effective strategies to restore confidence in the Iraqi dinar and promote sustainable development.
The conference aimed to highlight the role of economic policies in achieving stability and restoring confidence in the Iraqi dinar, discussing the main challenges affecting the stability of the Iraqi dinar, proposing possible solutions, building cooperation networks based on effective strategies to promote economic development in Iraq, and exchanging knowledge and experiences on strategies to improve economic development in Iraq. LINK
Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 Concerning the CBI announcing to you Iraqi citizens that they are activating the banking reforms...That means they are activating the monetary reform. They're going to give you your new lower notes. They are going to give you your new exchange rate. They're going to give you the keys to the ATM... You are now going to be receiving your purchasing power not only through the new exchange rate but via the HCL and the jobs the economic reform is about to produce.
Fnu Lnu Reminder...Redemption centers ARE BANKS. They are bank offices designed to be off premises for the purpose of validating and verifying the IQD and accrediting your bank account with the exchange amount deposit. They are banks and you WILL NOT get better rates at a BANK EXCHANGE CENTER. It is AGAINST the LAW to sell a financial instrument for different prices at different places. It is called "THE RULE OF ONE PRICE"...There are laws and they will be followed.
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Reality to Hit as Historic Bubble Bursts with Michael Oliver
WTFinance: 10-16-2024
This interview was from a WTFinance podcast with Michael Oliver. Michael is a regular guest who is the founder of Momentum Structural Analysis. During our conversation we spoke about how the US is currently the largest market, why the FED won't be able to save it, precious metals and gold, whether silver will outperform this time, a debt crisis and more. I hope you enjoy!
0:00 – Introduction
0:16 - Hell in markets still on the cards in 2024?
4:20 - FED saved the day?
6:40 - Silver to outperform?
8:35 - Extended bond bear market?
11:50 - Flash crashes incoming?
15:30 - Trends keep increasing
18:20 - What is happening in China?
20:25 - Debt crisis?
25:16 - Commodity super cycle?
27:00 - Where does gold and commodities go?
31:10 - Miners to perform?
34:35 - One message to takeaway from conversation?