Dinar Recaps 20 2/25/24 Dinar Recaps 20 2/25/24

"More Tidbits From TNT" Sunday PM 2-25-2024

TNT:

TNT: Does deleting the currency’s zeros affect its value? An economist explains

Economic expert, Durgham Muhammad, said on Sunday that deleting the currency’s zeros does not conflict with its value, explaining what needs to be taken before resorting to this step.

Muhammad told Jarida, “Deleting the currency’s zeros is a regulatory process that does not conflict with its value, but this step needs educational campaigns to precede it, and a transitional period for trading the currency with its zeros and the new currency to know that the two currencies are equal in value.”

He stressed, “Printing new denominations must be proportional to the market’s need to cover daily trading, provided that there is no significant increase in the monetary supply in the market so that inflation does not occur.” link

TNT:

TNT: Does deleting the currency’s zeros affect its value? An economist explains

Economic expert, Durgham Muhammad, said on Sunday that deleting the currency’s zeros does not conflict with its value, explaining what needs to be taken before resorting to this step.

Tishwash: The end of the second round of negotiations between Baghdad and Washington for the withdrawal of the coalition... and Iraqi hopes for another

Foreign Minister, Fouad Hussein, announced today, Sunday, the end of the second round of negotiations between Baghdad and Washington regarding the presence of international coalition forces in Iraq.

Hussein said, in a press statement, “The negotiations are continuing and the second round has ended, and we hope to have other rounds,” without revealing the results of the last two rounds.

It is also possible that there will be a round of discussions in Washington during the visit of Prime Minister Muhammad Shiaa Al-Sudani to the United States, according to Hussein.

On January 25, the Ministry of Foreign Affairs announced the success of the negotiations between the Iraqi and American governments, which began in August 2023, to formulate a timetable specifying the duration of the presence of international coalition advisors in Iraq and ending the military mission of the coalition against ISIS. link

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Tishwash: For the first time in 20 years.. Iraq participates in the Ministerial Conference of the World Trade Organization

On Sunday, the Ministry of Commerce participated for the first time since 2004 in the Ministerial Conference of the World Trade Organization, which is being held in the capital, Abu Dhabi.

Minister Atheer Al-Ghurairi said in a speech during his participation in the preparatory meeting of Arab trade and economic ministers within the Arab group for the thirteenth Ministerial Conference of the World Trade Organization, followed by Al-Iqtisad News, that “Iraq is participating for the first time since 2004 in the Ministerial Conference of the World Trade Organization, which is held in... The capital, Abu Dhabi,” pointing to “the completion of the requirements for Iraq’s accession to the organization, which is the completion of the files of trade in goods and trade in services within the timetable for joining the global multilateral trading system.”

The minister pointed to "the desire and seriousness of the Iraqi government to establish balanced economic relations with all countries of the world at various levels and fields by improving the business and investment environment and making real reforms in laws and legislation."

He thanked "the Kingdom of Saudi Arabia for supporting the process of Iraq's accession to the international organization through the visit of its permanent ambassador to the organization, Saqr Al-Muqbel, and his chairmanship of the working group for Iraq's accession."

Regarding intra-trade and increasing trade exchange between Arab countries, Minister Al-Ghurairi noted “Iraq’s keenness on the importance of the presence of Arab countries in Iraq to restore its effective role in economic organizations.”

The Minister offered congratulations to "the State of the Comoros and East Timor on obtaining membership in the World Trade Organization link

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Tishwash: Al-Sudani: Strategic projects will work to attract partnership and economic integration in Iraq

Prime Minister Muhammad Shiaa Al-Sudani confirmed on Sunday that major strategic projects will work to attract partnership and economic integration, while pointing to Iraq's foreign position.

Al-Sudani's statements came in a dialogue symposium held by the Baghdad Institute for Dialogue, under the slogan (Regional Communication... The Centrality of Iraq), during which current topics and the course of Iraqi relations with neighboring countries and the world were discussed, and the most prominent positions in this regard were discussed.

Al-Sudani pointed out, at the beginning of his speech during the symposium, the importance of these research institutions in decision-making, and their focus on facts away from confusion and prejudices, indicating that the government has set a primary goal for its work, which is to build trust with the Iraqi street, which is itself a criterion for determining priorities in work. .

On the security axis, he stressed that ISIS today represents a defeated organization. The recent operations of our armed forces have proven its inability to exist even in remote areas. If stability is achieved and the capabilities of our forces develop, they will strengthen the conviction of the possibility of ending the presence of the international coalition and moving towards bilateral relations.

Regarding foreign relations, the Prime Minister stated that Iraq follows a balanced approach, staying away from alliances and axes, and is open to developed relations with everyone, and has the ability to communicate with them, and also has distinguished relations with the United States and Iran.

Al-Sudani reiterated "Iraq's position that rejects its lands being an arena for others' conflict, pointing out the importance of intertwining interests in the region, and the shift from political focus to economic focus."

He continued by saying, "Major strategic projects, such as the Development Road Project, will work to attract partnership and economic integration, and they reinforce Iraq's idea of proposing an economic bloc, as was previously proposed at the Arab Summit, as projects that fuel development and enhance integration between Arab countries link

Mot: . Now - Don't Spoil it Ya Knows!!!

DINARRECAPS8 2/25/24 DINARRECAPS8 2/25/24

Goldilocks' Comments and Global Economic Sunday Evening 2-25-24

Good Evening Dinar Recaps,

HUTCHINSON, Kan. — "Reno County State Rep. Michael Murphy is backing a bill to allow for physical precious metals to pay for items in Kansas."

Kansas is the first state to run this proposal through the legislative committee process. Florida, Utah, Texas, and Oklahoma are all working on one.

If successful, these states will have their own depository. People will be able to use a debit card that represents the gold and silver held in this depository just like a bank.

The difference is that gold and silver is held in the depository and not paper money. Hutch Post

© Goldilocks

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Goldilocks' Comments and Global Economic Sunday Evening 2-25-24

Good Evening Dinar Recaps,

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"Among the largest Citibank in the U.S. has conducted a simulation in which blockchain was used to tokenize a private equity fund, which could pave the way for greater institutional adoption of blockchain."

This pilot program is still in process. Yet, the soon-to-be adoption of crypto regulation and stablecoin utility use will make this a viable choice in the near future.

ETFs, collateralized assets, and tokenized assets held in a custody wallet are beginning to find their way into the banking system.

The simulations of blockchain transactions have been tested and seen as seamless movements of digital money very similar to the way traditional banking transactions have taken place.

The difference is that tokenized assets are collateralized by precious metals moving our banking system into a real-world asset type of transaction based on real values. CTN News l Chiang Rai Times

© Goldilocks

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"The US securities regulators are embarking on a comprehensive reform of the market infrastructure for US Treasuries. US Treasuries are debt securities issued by the United States Department of the Treasury to fund government spending."

These include:
Treasury bills (T-bills)
Treasury notes (T-notes)
Treasury bonds (T-bonds)

With the introduction of New Dealer Registration Requirements for the CFTC and the SEC, they will be working closer together in the future. EVERYTHING WILL BE ROLLING OVER TO THE CFTC FOR GOVERNANCE AND TRANSPARENCY WITH THIS NEW INFRASTRUCTURE REFORM OF THE NEW DIGITAL ECONOMY.

This new requirement for the US Treasury to register as a dealer will provide more collaboration between the CFTC and the SEC. The SEC will take a more active role in registering the new tokenized asset economy and the CFTC will take a more active role in governing these assets.

These new reforms will enforce higher Capital Requirements and increase more regulatory oversight to the Financial Stability Oversight Council.

All roads lead to gold, and gold will set us free.

© Goldilocks
Crypto Globe
Wikipedia
Maples
CFTC

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The Bond Market Is Doing Something Not Seen in Decades. It Could Signal Trouble in the Stock Market. | The Motley Fool

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Warren Buffett uses his annual letter to warn about Wall Street and recount Berkshire's successes | Finance Yahoo

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WASHINGTON (AP) — As income tax filing season officially starts on Monday, a limited number of taxpayers in 12 states will soon be eligible to join an IRS pilot program that will allow them to calculate and submit their returns to the government directly without using commercial tax preparation software.

The Direct File pilot program is rolling out in stages. To start, certain government employees are being invited to participate in the first weeks. The program will expand in February and March to include additional taxpayers in certain states. PBS

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How Artificial Intelligence Is Reshaping Banking | Forbes

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Dinar Recaps 20 2/25/24 Dinar Recaps 20 2/25/24

Is it time to delete zeros from the Iraqi dinar ?

KTFA:

Clare: Ziad Al-Hashemi, a researcher in international economy (Cambridge/UK) writes to Iraq Observer: Is it time to delete ?zeros from the Iraqi dinar

February 24, 2024 Opinions / Iraq Observer

The dinar and its three zeros - is it time to symak the dinar and return to the dinar 1980 Since the beginning of 2010, the talk within the Iraqi economic community has expanded about the zeros that burdened the dinar for nearly two decades, and the need to deal with them, and to rid the dinar and free it of the burden of heavy zeros.

The goal is (return to the value of 1980 dinar), like the issues and topics discussed and interacted by Iraqis, opinions have varied and differed between an enthusiastic supporter of deleting zeros and a hesitant and rejecter, and the .state of disparity continues to this day

The process of deleting zeros is related to replacing the old currency with multiple zeros with a new currency free of zeros.

KTFA:

Clare: Ziad Al-Hashemi, a researcher in international economy (Cambridge/UK) writes to Iraq Observer: Is it time to delete ?zeros from the Iraqi dinar

February 24, 2024 Opinions / Iraq Observer

The dinar and its three zeros - is it time to symak the dinar and return to the dinar 1980 Since the beginning of 2010, the talk within the Iraqi economic community has expanded about the zeros that burdened the dinar for nearly two decades, and the need to deal with them, and to rid the dinar and free it of the burden of heavy zeros.

The goal is (return to the value of 1980 dinar), like the issues and topics discussed and interacted by Iraqis, opinions have varied and differed between an enthusiastic supporter of deleting zeros and a hesitant and rejecter, and the .state of disparity continues to this day

The process of deleting zeros is related to replacing the old currency with multiple zeros with a new currency free of zeros.

In the case of the Iraqi dinar, for example, the prevailing proposal is to replace every thousand dinars of the current currency with one dinar of the new currency, and as is traded among economists in general and cashians in particular, the deleting zeros can achieve many benefits, the most important of which is getting rid of high inflation pressures on the economy and restoring confidence in the national currency and the monetary system as a whole, facilitating accounting processes and cash exchange between citizens, and reducing the cost of managing and maintaining the monetary block by reducing its .volume under circulation

These and other benefits have encouraged some countries to adopt the process of deleting zeros from their zero-sweaden currencies, in an attempt to get rid of the burdens of inflation, or to start a new economic page, going beyond the mistakes of the past.

According to some statistics, dozens of countries have tended to delete zeros, including countries in South America, Iran, Turkey and other countries in Africa and East Asia, and in total, we have 70 deletions of currency .zeros since 1960 until today Returning to the Iraqi situation, the huge accumulations over the past decades were the main and direct reason for the loss of the dinar of its value that it enjoyed during the seventies and eighties of the last century.

Some statistics indicate that the Iraqi dinar lost by 400,000% of its value between the years 1990- 2007, meaning that the commodity that the citizen bought for 100 dinars in 1990 became buying it for 400 thousand dinars in 2007, and this is a huge huge increase, which cast a shadow on the Iraqi markets and the Iraqi commercial movement, increased the pressure on public money, and ate from the value of the citizens' cash savings, or in other words, greatly weakened the purchasing power of consumers

Accompanied by this Continuing to print the currency and increasing the cash mass in circulation, which until 1980 did not exceed 25 billion dinars, to rise in the 1990s to 40 billion, then the huge jump came in 2003 to reach the cash mass to 6 trillion dinars and exceed 27 trillion dinars in 2010 until we reached the level of more than 100 trillion dinars, and the number is able to increase, and the 25 dinars note was the largest banknote in 1990

But today we have the categories of .25,000 and 50,000 dinars Because of the achievement of a kind of security and economic stability in Iraq supported by a strong financial position due to the large oil revenues that generated huge reserves of hard currency, a group of financial and economic experts believe that it is time to start to scalate the dinar and delete its three zeros, where the process (in their opinion) will achieve a lot of positives that the Iraqi economy needs, the first of which is the return of the dinar as a store of value, restore confidence in the monetary system, reduce the demand for hard currency and get rid of the phenomenon of dollarization that has caused the economy and squandered huge financial wealth.

With the process of of flining the dinar, the issued cash mass can be reduced from 100 trillion to 100 billion and this is a number that can be managed more Efficient and .less expensive Despite the validity and opponence of this opinion in many aspects, there are some issues that must be taken into account before making such a decision.

The process of deleting zeros will not provide a magic solution alone through which the Iraqi monetary system can get rid of inflation and cover behind a young currency without zeros. Experience has shown that many countries have not benefited sufficiently from the process of deleting zeros, as the value of currencies have deteriorated in some cases, and the new currencies have returned to accumulate zeros again, in an undoubted confirmation that the fight against inflation requires other more effective solutions that are applied in parallel with the process of deleting zeros

And from those experiences, the experience of Brazil Which has been deleting zeros seven times since 1930 and with a total of 18 zeros, and this country succeeded only in the attempt in 1993, when the process of deleting zeros was associated with an economic reform process targeting the roots and .causes of inflation

With a quick look, we find that the Iraqi economy still suffers from serious structural and structural problems, including the issue of high rent, the fragility of the non-oil sectors and the deterioration of their domestic product, and the lack of sufficient discipline in monetary and financial policies and the ambiguous relationship between the two policies, not to mention the obsolescence of administrative and banking systems and the penetration of corruption all joints and sectors of the economy, and other negatives, and until the process of deleting zeros is achieved,

it is important to precede the implementation of an effective economic reform program that re-engineers and structures economic sectors, accompanied by a review and evaluation of both monetary and financial policies and adjusting the relationship between them, and developing appropriate plans to manage the transitional smoothly from an old currency burdened with zeros.

To a nascent currency that needs care and good management, so that the country can actually achieve the maximum benefit from the process of .deleting zeros and sinarg In addition, carefully choosing the appropriate timing for the implementation of the process of deleting zeros is one of the most important success factors that must not be absent from the monetary decision-maker.

The wrong timing in implementation may negatively affect the behavior of consumers, confusing the markets (including financial markets), hitting the reputation of the new dinar, returning to the state of dollarization, fleeing capital, providing new ways and paths for money laundering operations, supporting irregular and illegal operations.

This may lead to further rises in prices and inflation rates, and this means complete failure of the dinar flighting process. This process is considered a double-edged weapon that requires a high level of carefulness, planning and good execution, away from speed In the implementation to search for rapid economic or political gains

So I say in conclusion, that Iraq still needs more time, effort and work to study this process in a deep and extensive manner and prepare the necessary conditions and tools that the country needs to reach the stage of the ability to implement the process of faltering the dinar effectively and successfully, and then reap its fruits and benefit from it according to the plans set, then we can say with reassuringly that Iraq has become a strong dinar that maintains its value, comparable to other strong currencies around the world, and may be even stronger .than the 1980 dinar

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Henig: The goal is (return to the value of 1980 dinar), like the issues and topics discussed and interacted by Iraqis, opinions have varied and differed between an enthusiastic supporter of deleting zeros and a hesitant and rejecter, and the .state of disparity continues to this day The process of deleting zeros is related to replacing the old currency with multiple zeros with a new currency free of zeros.

Henig: THAT'S what I'm talkin' about!!!! Outstanding find, Miss Clare!!! Well done!!!

DallasDude: And furthermore the Iraqi Dinar in 1980,
1,980 dinars = $1.51 USD..IMO Good stuff Claire..

Dinar Recaps 20 2/25/24 Dinar Recaps 20 2/25/24

Thoughts From Ariel : The Dinar is a Tier 2 Asset

Ariel : The Dinar is a Tier 2 Asset

Sunday, 25 February 2024

What I am about to upload needs to be read carefully. Because it goes back to a lot of what I explained to you all. One thing you need to understand is that you hold what banks need during the transition period.

And that is a Tier 2 asset called the Iraqi Dinar. The article will explain this to you on a formal basis.

By having a strong Tier 2 capital base, banks can weather financial storms more easily and maintain their ability to lend money and support the economy. That’s where you come in. Your IQD is going to play a pivotal role once it is reinstated on the Forex Market

Ariel : The Dinar is a Tier 2 Asset

Sunday, 25 February 2024

And that is a Tier 2 asset called the Iraqi Dinar. The article will explain this to you on a formal basis.

Iraq will officially connect to corresponding foreign banks on March 1st to improve external balances.

After that will be the next big step and that’s becoming Article 8 Compliant and reinstating the IQD on global trade markets. After you read the article you will understand why banks had the meeting on February 20th for Tier 2 assets.

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Passing Through

Mckinle00935017: So it’s a “win-win” for us and the banks when we exchange after the revaluation?

Ariel Absolutely. You will be their lifeline. So they will treat you like royalty. No games will be played.

https://dinarchronicles.com/2024/02/25/ariel-prolotario1-the-dinar-is-a-tier-2-asset/

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Ariel : The Purpose of Tier 2 Reserves

Sunday, 25 February 2024

Making It Plain: Purpose of Tier 2 Reserves

• Tier 1 Capital: This is the thick, strong inner wall, made of things like shareholder equity and retained earnings. It’s the first line of defense against financial trouble.

• Tier 2 Capital: This is the second wall, not as strong as the first but still valuable. It’s made of things like undisclosed reserves, subordinated debt, and hybrid capital instruments.

Tier 2- A revaluation asset. Which is what the IQD and other foreign currency is considered. Banks are holding meetings to help set up this safety net against the coming currency revaluation that will phase out the fiat currency (USD) by converting your IQD into the US Treasury Bills that the banks will use as reserves.

So you will basically create a financial blanket against the coming Black Swan event when banks will have to weather this storm. So if you happen to have 10-50 million in IQD you just bolstered the reserves of the bank that will do your exchange.

The purpose of Tier 2 reserves, like other elements of Tier 2 capital, is to provide an additional buffer to protect the bank from losses. It acts as a cushion before the bank has to tap into its core capital and potentially affect its ability to lend money.

Here’s a breakdown of some key benefits of Tier 2 reserves:

• Absorb losses: If the bank faces bad loans or other financial difficulties, Tier 2 reserves can be used to absorb those losses before they reach the bank’s core capital. This helps to protect depositors and other creditors.

• Maintain financial stability: By having a strong Tier 2 capital base, banks can weather financial storms more easily and maintain their ability to lend money and support the economy.

Do you understand your role now? You will be the lifeline of banks going forward. They know this. Which is why they are preparing to serve your best financial interest once the IQD is trading globally on the Forex Market.

https://dinarchronicles.com/2024/02/25/ariel-prolotario1-the-purpose-of-tier-2-reserves/

DINARRECAPS8 2/25/24 DINARRECAPS8 2/25/24

Currency Insider Iraqi Dinar - Dong Updates Sunday AM 2-25-24

Currency Insider Iraqi Dinar - Dong Updates Sunday AM 2-25-24

Iraqi Prime Minister Shia Al Sudani Big Announcement About Iraqi Rv – 1:27

Bad news for Vietnam Dong investors – 1:13

Iraqi dinar revaluation before 30 days 1:42

Iraqi dinar 1 to 1 rate started – 4:56

Currency Insider Iraqi Dinar - Dong Updates Sunday AM 2-25-24

Iraqi Prime Minister Shia Al Sudani Big Announcement About Iraqi Rv – 1:27

Bad news for Vietnam Dong investors – 1:13

Iraqi dinar revaluation before 30 days 1:42

Iraqi dinar 1 to 1 rate started – 4:56

Iraqi Prime Minister Shia Al Sudani Big Announcement About Iraqi Rv – 1:27

https://www.youtube.com/watch?v=L4jgbQb1Xc8

Bad news for Vietnam Dong investors – 1:13

https://www.youtube.com/watch?v=_deKlGfuKmQ

Iraqi dinar revaluation before 30 days – 1:42

https://www.youtube.com/watch?v=ZhUMluXoobw

Iraqi dinar 1 to 1 rate started – 1:56

https://www.youtube.com/watch?v=kLuU4pHBJ-c

Dinar Recaps 20 2/25/24 Dinar Recaps 20 2/25/24

"Tidbits From TNT" Sunday 2-25-2024

TNT:

CandyKisses: Faction leaders set a "deadline" for Americans: either withdraw or resume fighting

Today, Sunday (February 25, 2024), a number of leaders of armed factions in Iraq set a deadline for the United States to withdraw its forces from Iraq completely, while choosing between withdrawing or resuming attacks against US forces.

The US National Radio Network (NPR) quoted statements from the leaders translated by "Baghdad Today", where the spokesman for the Sayyid al-Shuhada Brigades, Kazem al-Fartousi, said that "the factions will resume attacks against US forces again if they do not withdraw by the next US elections in November next year."

TNT:

CandyKisses: Faction leaders set a "deadline" for Americans: either withdraw or resume fighting

Unlike the battles fought by Iraq against Iran and Kuwait, which were imposed on it by Saddam Hussein's regime, this battle against US forces was chosen by the Iraqi people, not only to remove the forces' occupation, but also in support of the brothers in occupied Palestine," al-Fartousi said.

In turn, Kataib Hezbollah spokesman Mohammed Mohi, according to the network, said that "the US administration will pay a heavy price for the assassinations carried out against leaders in the Popular Mobilization Forces during the past month, most notably Baqir al-Saadi," stressing that "Kataib Hezbollah will confront the US forces and expel them not only from Iraq but from the entire region."

The network indicated that "the assassination of Baqir al-Saadi and the air strikes carried out by US forces last month against targets inside Iraq prompted the continuous efforts to remove US forces to escalate," wondering about "the reasons that call for the administration of US President Joe Biden to keep US forces in Iraq despite the lack of need."

The network pointed out in its report and interviews with faction leaders, that "Iraq has witnessed great security stability during the past period, the presence of US forces has become directly threatened by the tension between the factions and those forces," calling for "reconsidering their presence during the coming period to preserve the security gains achieved inside Iraq."

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Tishwash: Al-Bayati: America practices a policy of double standards to control Iraqi funds

Former MP Jassem Al-Bayati accused the American side of practicing a policy of double standards through its control of Iraqi funds and oil revenues in its banks and imposing sanctions on Iraqi banks under unjustified pretexts.

Al-Bayati told Al-Maalouma, “America imposes its control over Iraqi funds and imposes sanctions on local banks, while granting licenses to international ones operating in Iraq.”

He added, "International banks operating in Iraq receive billions daily because of American policy," noting, "These banks obtain, control, and control Iraqi funds without any deterrent."

He stated that "America imposes a ban on Iraqi banks and sanctions on Shiite parties."

He described the American measures as "a farce, especially since this money it controls is money from Iraqi oil sold abroad, and not money belonging to it to impose its authority over." link

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CandyKisses: Al-Hakim congratulates Kuwait on the anniversary of their liberation from Saddamist occupation

Baghdad Today - Baghdad

The President of the National State Forces Alliance, Ammar Al-Hakim, congratulated the State of Kuwait on Sunday (February 25, 2024) on the occasion of the anniversary of liberation from the "Saddam occupation".

Al-Hakim said in a statement received by "Baghdad Today", "We congratulate the government and people of Kuwait on the Kuwaiti National Day, which coincides with the anniversary of Kuwait's liberation from the Saddam occupation, which tasted the peoples of the two brothers neighboring countries, Iraq and Kuwait, and the entire region and inflicted heavy losses whose devastating effects will remain visible."

Al-Hakim added, "We all hope that the relations of brotherly and friendly countries will be characterized by brotherhood, love, joint work, mutual interests and respect to serve the higher interest of their peoples," praying to the Almighty to "keep the evils of terrorism, extremism and hatred away from our countries and bring security, stability and prosperity to them."

Every year on 25 February, Kuwait celebrates National Day, the anniversary of its independence from the United Kingdom in 1961, as well as Liberation Day from the "Saddam" invasion in 1991.

In August 1990, Iraq under former President Saddam Hussein invaded Kuwait before liberation the following year with Arab and international assistance, while the two sides resumed diplomatic relations in 2003 after the overthrow of Saddam's regime.

Mot: .... Perfect Timing Believe in a miracle

Member: .... Aaaahhhhhh - the Things ole ""Earl"" Helps Us Learn each Daze!!!

DINARRECAPS8 2/25/24 DINARRECAPS8 2/25/24

Iraq Economic News and Points to Ponder Sunday AM 2-25-24

Tlm724 Administrator Bondlady’s Corner

The Value Of Electronic Payment Exceeded 9 Trillion Dinars During 2023

Economical 02/25/2024 Baghdad: Hussein Thaghb There is a consensus from the public and private sectors on the necessity of regulating the reality of electronic collection in Iraq after the local market witnessed great interaction using electronic payment and the value of use increased remarkably in 2023 to exceed 9 trillion and 661 billion dinars through financial movements exceeding 15 million transactions.

Participants in the workshop on enhancing electronic government collection, organized by the Iraqi Private Banks Association with the support of the Prime Minister’s Office and sponsored by the Central Bank of Iraq,

described electronic payment as an important new stage that guarantees the paths of funds and makes them more transparent, but it is not without challenges that can be overcome in cooperation with the Central Bank and specialized companies.

Iraq Economic News and Points to Ponder Sunday AM 2-25-24

Tlm724 Administrator Bondlady’s Corner

The Value Of Electronic Payment Exceeded 9 Trillion Dinars During 2023

Governor of the Central Bank of Iraq Dr. Ali Al-Alaq said:

The successes achieved in the field of electronic payment stem from the great support given by Prime Minister Muhammad Shiaa Al-Sudani to this important project.

We also value the efforts of the ministries that interacted with this project and gave it priority, pointing out that the launch of electronic collection comes as a translation of the Central Bank’s objectives in Adopting advanced technologies in electronic payment.

Al-Alaq stressed that electronic collection contributes to strengthening government financial resources and operates in a transparent environment in light of the components provided by the Central Bank.

The project targets ministries and non-governmental institutions at the same time, and the citizen can now pay from anywhere and this is for the optimal use of cash.

Director General of Payments at the Central Bank, Adnan Asaad, indicated that the decisions of the Council of Ministers had a positive impact on activating electronic collection, especially in the second half of 2023, pointing out that the total collection from gas stations exceeded 10 billion dinars, and the number is expanding, as is the number of employee cards.

In localization services as of June 2023, it amounted to 8,653,310, and the total electronic collection through electronic payment gateways in the year 2023 exceeded 108 trillion through financial transactions exceeding one million transactions.

Asaad pointed out that the commissions charged to citizens in electronic payments are “zero” and in the public and private sectors, and this issue requires expanding the citizen’s culture, and here is the responsibility of all concerned institutions.

Executive Director of the Association of Private Banks, Ali Tariq, said:

The workshop brought together most of the state institutions and the private sector with a large and qualitative presence that witnessed identifying all the problems facing the ministries in this important project, and working to solve them through coordination with the companies and institutions concerned.

Tariq stressed that the great cooperation shown by the team of the Central Bank of Iraq and specialized companies with the presence of the Association of Banks achieves smooth work and contains all the problems or challenges facing some institutions, pointing out the presence of financial expertise capable of mastering advanced technology and employing it in the correct manner, and that the training carried out in We have begun to see positive results in this aspect,

and we now have a developed work team in Iraq, where the Association has prepared continuous training programs for several years that enable human resources to use advanced technology.

As for the representative of the International Smart Card Company, Ghazi Al-Kanani, he pointed out that the reality of electronic payment has begun to expand significantly, and the citizen has begun to interact greatly with the electronic services that are provided, and this came after the citizen felt the positives provided by this project, pointing out that electronic payment was established with the aim of providing The best services and mechanisms that facilitated his daily life.

He stated that electronic collection will follow the collected funds to their legal destination without tampering, and will enhance the federal budget with large revenues, pointing out that Iraq is facing a new phase that preserves the funds’ paths and takes their destination to the appropriate place.

As for Traffic Major General Adel Al-Araji, he said:

Electronic collection is a new experience and has faced several challenges due to the ramifications of revenues and the lack of educational campaigns.

He pointed out that there are committees in the General Traffic Directorate that supervise electronic payment operations, noting that collection in the Karbala Traffic Directorate reached 100% and in Basra 60%. He emphasized the work to allocate one day each week for electronic payment, as we have platforms that work exclusively on electronic payment.

As for the representative of the Ministry of Oil, Yasser Ammar, he confirmed that the Ministry had circulated the electronic collection experience from the first quarter of 2023.

There were challenges to completing the work, but we worked to overcome them, pointing out that all 350 government stations operate with electronic payment.

As for the representative of the Minister of the Interior, he confirmed that the Minister of the Interior directed the adoption of electronic payment and that collection and collection be electronic from May 1, 2024, pointing out that

there are challenges that are being addressed in cooperation with the concerned authorities, and that the Ministry believes in developing the performance of electronic payment and what rises to global performance. https://alsabaah.iq/92335-.html

Treasury Penalties And The Bitterness Of The Lesson

Economical 02/25/2024 Yasser Al-Metwally, I completely disagree with those who portray the Treasury’s action against banks as a measure to prevent dealing in the dollar.

Rather, it is an actual punishment.

So why improve the image?

Let us examine the negative effects of the treasury’s decisions on the banking sector. The first effect is harming the banks’ reputation, and everyone knows the effects of reputational risks in disrupting banking work and the reluctance of customers to deposit or withdraw their money simply because of specific fears resulting from the chaos caused by sanctions, rumors, and some lurking speculators.

At a time when strenuous efforts were made by the banks, their associations, and even the Central Bank during the past short period to restore confidence, and banking activity began to recover and provide some banking services to the fullest extent, until the US Treasury’s decisions came against more than a third of private banks, without a doubt, causing reputational risks from new.

But it seems that confidence still remains among some of the customers in the strength, sobriety, steadfastness, and conviction in the face of these decisions that appear to be violations and are hidden for political purposes, and even

the violations highlighted were for previous periods before the instructions issued by the Treasury.

Here, the banks that were subjected to these sanctions must work steadfastly and not let these decisions weaken their role in providing banking services that contribute to enhancing confidence and deepening their bridges with customers in order to continue banking activity.

Perhaps what some banks offer is a source of admiration and unparalleled steadfastness.

I mention, for example, Al-Tafif Islamic Bank, the International Islamic Bank, and other banking activities and products that do not care about sanctions, which is the ideal response to these absurd sanctions in some of them.

The issue of canceling the currency window was decided a while ago, and we have warned in several articles not to rely on the window’s activity as it is temporary and under specific circumstances.

The process of mitigating the impact of Treasury sanctions requires the relevant authorities (the Central Bank, the Ministry of Finance) to find means of support to protect banks and support them in practicing their credit and other banking activities.

Perhaps the Deposit Insurance Company and its activation are one of the most important of these means, despite my observations on the weakness of its media and marketing role, as it

It needs to clearly show its activities.

In parallel, the Central Bank and the Association of Banks must work in all available ways to find means to cancel most of these unfair decisions against some banks due to their commitment to the required international standards.

Banks should benefit from the decision to allow dealing in currencies alternative to the dollar in foreign transfer activities, especially since BRICS is a strong competitor that is inevitably coming, and it is an opportunity that will provide Iraq and help it be accepted into the group in the future.

There is no way to get rid of the burden of the dollar except with the next alternative, and the Treasury, with its measures, is pushing to search for an alternative. https://alsabaah.iq/92336-.html

Mazhar Saleh: Iraq Is Searching For A Globally Advanced Position In Gas Production The first 02/25/2024 Baghdad: Hoda Al-Azzawi Iraq is focusing on seizing an advanced position in the list of the ten largest gas producing and exporting countries in the world, while possessing huge reserves that place it in 12th place in the world, but it produces less than 9 billion during an entire year, in addition to the urgent need to enter the gas sector.

Sustainable energy.

Adviser to the Prime Minister for Economic and Financial Affairs, Mazhar Muhammad Salih, said in an interview with “Al-Sabah”:

“Iraq is one of the countries most likely to engage in the use of renewable energies, especially solar energy, as it is one of the rare countries with increased sunrise hours.” Saleh added,

"Iraq needs to enter the era of renewable energy, in addition to respecting carbon zero agreements for the optimal use of natural gas," noting that"it is necessary to diversify the sources of energy production and use and enter into the clean energy sector and economic development.

Today, we need to produce twice the current energy."". In the face of the increasing need for energy, Saleh pointed out that “the economic reform plan is moving towards diversifying the Iraqi economy.

Economic diversification begins with the oil sector by shifting from absolute rentierism to relative rentierism.

Instead of importing oil derivatives worth more than $5 billion, it can be compensated by switching from importing “To a source of petroleum products, which allows Iraq to maximize the value of national income and create diversity important for sustainable development.” https://alsabaah.iq/92366-.html

Hello, World!

Minister Of Oil: Economic Motives Are Behind The Withdrawal Of Some Companies, And We Will Stop Importing Gasoline This Year

Economy Baghdad – IA Today, Saturday, Oil Minister Hayan Abdul Ghani revealed a plan to increase oil production in the southern fields, while stressing that the withdrawal of some investment companies has economic motives.

Abdul-Ghani said in his speech during the (Sixth Baghdad Dialogue Conference / Regional Communication), which was attended by the Iraqi News Agency (INA):

“The Ministry of Oil has developed an ambitious plan to increase production, but Iraq is a major part of OPEC, and is committed to the organization’s production ceilings, and

Iraq’s share reached Four million and (600,000) barrels per day, and there was a reduction two years ago and production became four million and (400,000) barrels per day.

There are two voluntary reductions, and Iraq implemented them, and production reached (4) million barrels per day,” pointing out that “the goal of that is to maintain stability.” Prices and achieving a balance between supply and demand.

"Most oil fields are managed by international companies, and there are ambitious plans to increase production in the Rumaila field in Basra Governorate, which is the largest field, where production currently reaches one million and 300 thousand barrels per day, and production will reach one million and 800 thousand barrels, in addition to developing the Zubair and Western fields."

Qurna and West Qurna 2,” noting that “development plans and increased production will be consistent with global requirements for crude oil and without flooding the market with surplus oil.”

The Minister of Oil continued, "OPEC has a plan to increase crude oil production to 16 percent in the coming years," explaining that "the organization's production currently amounts to about 100 million barrels, and production will reach 116 million barrels per day, according to the market's need."

He stressed that "Iraq has made plans to use clean energy, especially in the field of gas, and plans have been drawn up to invest in gas, and contracts have been signed in this regard and to stop burning gas," noting that "Iraq has launched two licensing rounds in the field of gas, targeting more than 33 fields in order to increase gas and transform Iraq."

From an importing country to a producing country, Iraq is likely to be a gas exporter.” He stated that "gas investment will be in exploratory patches in Nineveh, Anbar, Diwaniyah and Muthanna because they contain large quantities of gas."

Regarding oil refineries, the Minister of Oil indicated that “the oil products produced by the Karbala refinery are all environmentally friendly,” noting that “the ministry opened a refining unit in the Basra refineries, as well as the opening of the Baiji refinery,” stressing that “the ministry proposed investment refineries in many From the governorates, there are companies that have expressed a desire to invest in these refineries, and the offers will be discussed by the ministry.”

He stressed that "the Ministry of Oil is keen to transform Iraq from an importer to an exporter in the field of petroleum products, especially gas oil and kerosene.

The Ministry was able to stop many petroleum products, and the import of gasoline was reduced from 16 thousand cubic meters per day to 6 or 7 thousand cubic meters and within In the coming months, these quantities will be reduced and imports will be stopped in the second half of this year.”

Abdul-Ghani explained, “Foreign companies are still operating freely in Iraq and are expanding and growing, whether in oil or gas investment.

As for the companies that withdrew, they withdrew of their own volition and for purely economic motives, especially ExxonMobil.

This company was informed not to agree to the withdrawal, but it insisted.” To withdraw due to the creation of investment opportunities in Africa.” He continued,

"These companies aim to achieve profits and are looking for profitable opportunities wherever they are.

As for foreign companies, especially European ones, they have a desire to invest in gas fields in Iraq."

https://www.ina.iq/203752--.html

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/

Provoking Points To Ponder on Money

Definition of the upper crust: A bunch of crumbs held together by dough. - Anonymous

Money can't buy happiness, but it will certainly get you a better class of memories. - Ronald Reagan

The man who invented slow-motion movies got his idea while watching a Scotsman reach for a check in a restaurant. - Anonymous

When asked to borrow money: "I'll see what my lawyer says. . . . And if he says yes, I'll get another lawyer." - W. C. Fields

Money won't buy happiness, but it will pay the salaries of a large research staff to study the problem.- Bill Vaughan

By the time a man is rich enough to sleep late, he's too old to enjoy it. - Anonymous

Money can't buy you happiness, but it does bring you a more pleasant form of misery. - Spike Milligan

Another good thing about being poor is that when you are seventy your children will not have you declared legally insane in order to gain control of your estate. - Woody Allen

Money makes the man. - Aristodemus

A fool and his money are soon parted. - George Buchanan

Penny wise, pound foolish. - Henry Burton

Famous Quotes and Authors, Famous Quotations for all Occasions

DINARRECAPS8 2/25/24 DINARRECAPS8 2/25/24

Iraqi Dinar Video Updates Late Saturday Evening 2-24-24

Iraqi Dinar Video Updates Late Saturday Evening 2-24-24

IRAQ Stock Exchange Massive News 2024/Iraqi Dinar RV – 3:11

USD/IQD rate closes lower 2024/Iraqi Dinar RV - 2:55

Iraqi Dinar Video Updates Late Saturday Evening 2-24-24

IRAQ Stock Exchange Massive News 2024/Iraqi Dinar RV – 3:11

USD/IQD rate closes lower 2024/Iraqi Dinar RV - 2:55

IRAQ Stock Exchange Massive News 2024/Iraqi Dinar RV – 3:11

https://www.youtube.com/watch?v=yUv_bn5x158

USD/IQD rate closes lower 2024/Iraqi Dinar RV – 2:55

https://www.youtube.com/watch?v=B6cXG5Gj9fo

Dinar Recaps 20 2/25/24 Dinar Recaps 20 2/25/24

News, Rumors and Opinions Sunday AM 2-25-2024

KTFA:

Frank26: "LIKE A GEIGER COUNTER THE CBI ROAMS".............F26

The outlets seized money in Iraqi dinars and dollars whose owners tried to smuggle them out of the country

- Baghdad

On Thursday, the Border Ports Authority announced the seizure of funds in Iraqi dinars and dollars whose owners attempted to smuggle them out of the country.

A statement by the authority, seen by Al-Iqtisad News, said: “The Trebil border port was able to arrest an Iraqi traveler in possession of (7) MasterCard cards at the departures checkpoint without declaring them, and after examining them with the POS machine at the Civil Customs Center, it was found that the total amounts amounted to (52,829,000) fifty-two million eight hundred and twenty-nine thousand Iraqi dinars.”

KTFA:

Frank26: "LIKE A GEIGER COUNTER THE CBI ROAMS".............F26

The outlets seized money in Iraqi dinars and dollars whose owners tried to smuggle them out of the country

- Baghdad

On Thursday, the Border Ports Authority announced the seizure of funds in Iraqi dinars and dollars whose owners attempted to smuggle them out of the country.

The statement added, "The Shalamcheh border port was able to arrest an Iraqi traveler in the departure hall who did not have official documents in possession of (62) thousand US dollars. He tried to smuggle it by concealing it in a professional manner."

He pointed out, "Their statements were duly recorded and they were referred, along with the seized items, to the competent judicial authorities to take legal measures against them." LINK

Frank26: "BECAUSE IT WAS STARTED WITH THE MONETARY REFORM FIRST IN ORDER FOR THE ECONOMIC REFORM TO SUCCEED"..............F26

Multiple advantages and an important turning point... How did electronic payment methods affect the Iraqi economy?

2/22/2024 Baghdad

The process of gradual transformation towards the use of electronic payment methods has constituted an important economic turning point in Iraq, especially with government support that stresses the necessity of adopting this type of dealings in all governmental and private departments, which specialists describe as “important”, stressing that the transformation towards...

The use of “electronic money” represented by payment cards, and abandoning cash dealing, carries several advantages, including eliminating many cases of corruption, absorbing citizens’ hoarded cash, as well as the possibility of reducing the rise in inflation after using small amounts in buying and selling operations through points. Electronic sales, according to the official newspaper.

This electronic transformation of the use of money in daily transactions represents the utmost importance in the government’s directions, which is making great efforts to complete this direction, especially after “the Council of Ministers had previously obligated private educational institutions, universities, private colleges, fuel processing stations, centers and shops of all kinds.” Restaurants, pharmacies, private medical clinics, stores, all wholesale and retail marketing outlets, professionals, and others that require payment for their interests within the boundaries of the Baghdad Municipality and the governorate centers and districts throughout Iraq, with a minimum amount of their cash receipts through the electronic point-of-sale (POS) system. .

Despite the short period of time in which it was officially decided to actually start using electronic payment methods (POS) in the country, “the World Bank believes that the infrastructure for electronic payment systems in Iraq is the best in the region,” praising during a meeting with the Governor of the Central Bank, Ali Mohsen Al-Alaq, Director of the World Bank Office in Iraq, Richard Abdel Nour, explained, “The Central Bank’s procedures for facilitating financial transfers to different segments in Iraq.”

Al-Alaq had confirmed that “the Central Bank and the government give great priority to the issue of electronic payment because of its important economic repercussions and raising the level of transactions away from excessive use of cash,” indicating that “the Iraqi economy is a cash economy par excellence and the electronic payment process aims to reduce the economic degree of cash in a way.” big ".

The Central Governor added, "The Prime Minister is very supportive of the process of transitioning to electronic payment and holds successive and continuous meetings in order to strengthen the procedures related to this issue. We have made important progress in arranging electronic payment at the level of collection and payment in state institutions."

The "gradual" dispensing with paper money is, according to a member of the Iraqi Economists Association, economic researcher Muqadam Al-Shaibani, of great importance capable of achieving packages of positive results, especially since the dissemination of electronic payment tools in all stores will contribute to gradually abandoning the use of cash, and this will be It has significant consequences for the national economy.

Al-Shaibani also pointed out that the government granted privileges to all store owners by exempting them from tax if they use electronic payment methods, and this constitutes an important incentive, pointing at the same time to what he described as the “fundamental point” that the electronic payment process can achieve.

He explained the possibility of absorbing approximately 92% of the cash mass saved in homes after the complete shift towards electronic currency dealing, as the banking system will be able to invest it in supporting productive projects that contribute to the continuation of the money cycle and reduce inflation rates and also contribute to a high degree in eliminating red tape and corruption in institutions. The state, stressing the need to issue punitive decisions on public and private institutions and agencies that are reluctant to implement and publish electronic payment tools.

It is noteworthy that the Association of Private Banks, in a statement to the official agency, counted the number of electronic payment devices and payment cards during the year 2023, confirming that this issue is witnessing a major transformation.

The Executive Director of the Association of Banks, Ali Tariq, said: “The electronic payment file is making continuous progress thanks to the support and directives of Prime Minister Muhammad Shiaa Al-Sudani, and the government’s insistence on achieving this goal has stimulated all institutions, whether governmental, private or financial institutions, to cooperate in the field of providing electronic payment tools to the citizen.” Across the public and private sectors.”

He pointed out that "after the issuance of the Council of Ministers' decision to generalize electronic payment last year, a very significant progress and leap was achieved with regard to the number of points of sale, whether in the private or government sector, as it rose in just half a year from about 7,000 devices to 24,000 devices at the end of the same year." 2023, expecting that “the number of electronic payment devices will increase further during the year 2024.”

He pointed out that "nearly two and a half million cards were issued in 2023, whether prepaid cards or cards linked to an account to activate them in this field." LINK

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Courtesy of Dinar Guru: https://www.dinarguru.com/

Jeff The starting point of the US interactions with Iraq was on March 17, 2003...Is it possible the US might end its actions with Iraq on the anniversary date of when it started...March 17, 2024?

Frank26 Question: "Is it good to hold some of our currency and hope the exchange rate will increase years from now?" That's your decision. I can't answer that for you. But its a logical thing if it's in the float. Let's say you got 2 million, exchange 1 million and check out the float. Maybe you can get it for 2 to 1, 3 to 1, 4 to 1. Yeah, that's proper stewardship. But based on the amount of time they give you is how you determine whether you hold them or fold them.

Why Central Banks Have Been Stockpiling Gold | Ronald-Peter Stoeferle

David Lin: 2-24-2024

Ronald-Peter Stoeferle, Managing Partner of Incrementum AG and author of the "In Gold We Trust" report, discusses why central banks around the world have been adding to their gold reserves, as well as the impact of monetary and fiscal policies on markets this year.

0:00 - Intro

1:20 - 2024's investment themes

3:30 - Monetary policy

4:41 - Fiscal policy

6:35 - Global trends

10:15 - Stocks vs. gold

14:43 - Central bank gold reserves

19:48 - Consumer spending

21:47 – Bitcoin

https://www.youtube.com/watch?v=bKYpnp7Cmmg