Selah Confirms: Iraq Will Go BRICS.

[Luigi1]

Here's some articles of Dinarian interests...Iraq confirms it's going BRICS...The USD Ofically dies on Oct 24 at the conclusion of the BRICS Summit...Treat as rumors.  Not verified.  Your opine.

 

 

FROM IRAQI SOURCES:       Its Currency Is “BRICS”… Government Advisor:  A Global Monetary & Financial System Is About To Be Born.

ARTICLE:  Saleh said in a press statement, regarding his expectations for the outcomes of the upcoming BRICS summit in Kazan, Russia, that “a monetary & payments system is imminent & enjoys international acceptance and credibility &  the new monetary situation must impose an official character in the arrangements for Special Drawing Rights (i.e., a currency).  International Monetary Fund (IMF), that is, the BRICS currency has a high weight in the weights of world currencies, according to which the International Monetary Fund deals with the stability of the ER & the strength of the new international currency (BRICS currency).”

 

He added:   “The Kazan summit must come out with an official announcement about the new international reserve currency called the BRICS UNIT currency,  which will undoubtedly represent an economic force for approximately.

 

Over 40% of the world’s population & represents about 30% of the size of the global gross domestic product, especially since The five countries contribute significantly to the global economy, representing approximately 25% of the global GDP alone.”

 

He pointed out that  “China & India are considered two main drivers of this growth, with their economic power increasing significantly in the past two decades until the present time & there is no doubt that half of the global trade is controlled by the group.” Saleh added: “With this, the BRICS group seeks to reshape the global economic system in line with its interests &
challenge the traditional dominance of Western countries in international economic institutions, especially the
establishment of its own financial institutions such as the New Development Bank.”

 

Russia holds the rotating presidency of the BRICS bloc this year, under the slogan “Strengthening multilateralism for equitable global development & security.”

 

Since assuming the presidency of the group, Russia has organized more than 200 political, economic & social events, and the main event will be the BRICS summit with the participation of a number of heads of state, which will be held in Kazan from October 22 to 24.

 

The BRICS group is a joint association between several countries that was created in 2006 by Brazil, Russia, India & China & later in 2011, South Africa joined it.

 

Since the beginning of 2024, Egypt, Ethiopia, Iran, the UAE & Saudi Arabia have joined BRICS.

 

Central Bank Of Iraq’s External Remittances Surge.

The CBI. Photo: INA  Baghdad (IraqiNews.com) – The CBI plays a crucial role in managing remittances and foreign currency transactions within the country.

 

The remittance environment has seen notable advances & changes in recent times, which may be attributed to governmental actions & wider economic factors.

 

Through its currency auction, the CBI claimed a 91 percent rise in overseas remittances in March 2024.

 

The bank sold almost $213.4 million at this peak in a single auction, with the majority of the proceeds going for documentary credits & remittances.

 

For documentary credits, the exchange rate was established at 1305 Iraqi dinars per US Dollar, while for cash transactions, it was 1310 Iraqi Dinars per US Dollar.

 

The efficacy of the CBI’s monetary policies in stabilizing the Iraqi dinar and promoting foreign exchange flows is demonstrated by this growth.

 

Additionally, the CBI has taken action to stop money laundering through the remittance network.

 

The implementation of an electronic foreign remittance platform has been crucial in identifying genuine beneficiaries of transactions, thus reducing avenues for criminal operations, as stated by the CBI Governor, Ali Al-Alaq.

 

This platform is part of a larger plan to improve international standards compliance & financial transparency.

 

Some Iraqi banks have lowered their external remittance charges to 0.5 percent in order to improve the remittance process.

 

This is in accordance with CBI regulations that seek to increase the accessibility of foreign currency services.

 

It is anticipated that this decrease would motivate more people & companies to use official channels for their remittance requirements.

 

The CBI’s recent remittance measures are part of a larger attempt to expand access to financial services for all individuals, increase regulatory compliance & stabilize the economy.

 

Al-Sudani Stresses The Importance Of Banking Reform By Enhancing Citizen Confidence & Cooperation With Investors.

Today, Thursday, PM Muhammad Shiaa Al-Sudani stressed the importance of banking reform in enhancing citizen confidence & cooperation with local & foreign investors.

 

He said Office The Prime Minister’s in a statement received by Al-Sumaria News, “Al-Sudani chaired a special meeting on efforts related to developing the work of the government banking sector, in the presence of representatives of Ernst & Young for auditing & financial consulting.”

 

The office added, “During the meeting, a package of recommendations was presented by the company to proceed with the reform of the Rafidain Bank, which included the new legal status of the Rafidain Bank, its capital, its business strategy & the new consultant who will work with the bank to meet the global requirements of modern banking, as these recommendations will be presented to Council the Ministerial.”

 

The economy will then submit it to the Council of Ministers for approval.”

According to the statement, Al-Sudani explained that “the issue of structuring Rafidain Bank is the first of the government’s banking reforms, which was given special attention to follow up on all its reports, submitted by the concerned authorities, especially from the committee concerned with the structuring process.”

 

The Prime Minister stressed “the importance of the banking sector reform project, which began with Rafidain Bank,” noting “work to provide a bank with specifications and standards through which problems can be overcome & confidence given to citizens, in addition to enhancing cooperation with local & foreign investors.”

 

A Specialized Course In The Work Of Exchange & Brokerage Companies (A, B, C).

Reference to the circulars of the Directorate of Supervision of Non-Banking Financial Institutions in Nos. 3/3/33 and 15/3/33 dated 1/21 & 3/13/2024 to oblige all licensed exchange companies under categories (A, and brokerage companies under category (C) Buying & selling foreign currencies, all approved by obtaining a specialized certificate in the work of their companies … for more uncles & a list of names of candidates       

 

 

 

[Luigi1]

Here's MZ Two Cents Worth....

 

 

MarkZ  Update- Some highlights by PDK-Not verbatim.

THREAD:

Member: Good morning y’all. I pray that everyone is well and ready to be blessed!

Member: Another week bites the dust.

Member: I hear RV between the 22nd and the 26th October.

MZ: There are a couple bank stories this morning. “Two days ago a Chase bank lady came into my store. I asked her if she knew about the new money? Yes- she said…..We are on a 24 hour call plus we are training on the new system”.

MZ: “Just now spoke to someone at Wells Fargo and they said they know about the new money but its not quite time to release it yet”.

MZ: “Spoke to the teller at my Chase bank this morning in Arizona. I asked if this branch would be a RV center….He didn’t know what I meant so I told him about the dinar. He said he was from Iraq and still has family there. He told me that Iraq was in a Renaissance and is a very prosperous nation. He also confirmed Iraq has gone to a new digital banking system. “

MZ: Iraq dinar will not keep that low value long.

Member: Friend in a small credit union in Oregon, went in and asked about the new currency. She said they had it and was shocked he knew about it.

Member: coworker’s mother is a manager at WF Bank. she says the money is there, just waiting to be told when to start using it.

Member: A coworker told me his dad was told by a 5/3 teller that they have rainbow currency in the vaults! In Chicago.

Member: My Huntington Bank drew up my gifting letters and gave me the cost to exchange. I am going to talk with them about a currency account next week.

MZ: We have seen some different rates lately at the banks……Some had gone from .00076 to .01 . Hopefully we are going to the banks soon.

Member: Huntington Bank is selling dinar and dong.

Member: Any bond news?

MZ:  Noone is running around with cash in their pockets but I know of a couple facilitators that have received funds. They are asking historic bond holders for the next series for next week. This means that somewhere between now and then they have to start paying out on those German bonds…I am very much paying attention to this in the next few days.

Member: I think your bond people have money in the bank but it’s not liquid yet. I believe when they pull the trigger for all of us when their money becomes liquid and we are able to start setting appointment

Member: Are redemption staff working this weekend???

MZ: “New online tools let Iraqi small businesses  navigate export rules” this is mostly about agriculture quality and packaging and what it takes to sell on the international market. This is something we have not seen in Iraq since the 1970’s.

MZ: “Customs concludes and agreement with the Land Transport company to ensure the payment of customs duties and taxes for goods in transit”  This is more modernization.

MZ: “Washington supports Iraq’s efforts to achieve comprehensive economic development”  Whenever a country is about to revalue- you will see this lady (Alina Romanowski) being an ambassador there.  She had experience with Kuwait.

Member: Mark, do you believe nothing can happen in Iraq until the parliament approves an unconstitutional budget? Or is all of that bla bla?

Member: If the budget needs the rate….it could happen about the same time…imo.

Member: With the HCL funded is the RV imminent?

MZ: HCL- We keep seeing rumors but they have not announced it. I believe they have done everything but just not announced it .

Member: GOLD & SILVER TRADING UP WITH GOLD NOW AT $2,730 & SILVER AT $32.77 (REALTIME).

Member: Gold jumped almost $22 with Silver reaching for $33 Something’s shaking.

MZ: This is shocking to me this morning -Watching gold and silver.

Member: I’m ready to see silver break above $33.225 and then it’s off to the races IMO.

Member: Brics summit will go a long way to see what happens about the RV…Starts on Monday next week.

Member: I heard Chase and BOA are close to bankruptcy.

Member: That banking info was shared by Jeff Rahm at Fearless Floyd in the last 2 days. BOA, Chase & Duesche Bank collapse/merger.

Member: Chase is sure opening a lot of branches for being close to bankruptcy.

MZ: BOA is certainly behaving like a bank on the ropes. But are they on the ropes? We don’t know for certain. I argue all banks are on the ropes because of derivatives.

Member: I haven’t heard that shotgun yet . Praying to get it soon!

Member: Remember we are privileged to be invited to be Involved. This is major in Iraq and they have no concern for us investors! Stay positive, keep working, and change your mindset to abundant and service.

Member: Enjoy your day and stay positive.

[Luigi1]

From The Throat Of The Goat...CBI has a time table...

 

 

 

Mnt Goat:       CBI Has A Time Table.

ARTICLE:   Does the CBI have a time table to their plan of reforms and are they following it?  …they are now targeting early 2025 for the reinstatement.  Everything they are doing from now to the end of year is geared towards this target is on a timetable.

[kelsguy1113]

I have a question... if they unpeg from the dollar and peg to the BRICS, doesn't that mean no more sanctioned currency and has to be driven by true value? I guess I am wondering why they would do that at this point...

[Luigi1]

2 minutes ago, kelsguy1113 said:

I have a question... if they unpeg from the dollar and peg to the BRICS, doesn't that mean no more sanctioned currency and has to be driven by true value? I guess I am wondering why they would do that at this point...

 

The US will lose control of the IQD & China will have ga reater influence in the Iraq economic reform.

US was absent as 135 contracts were recently leased.

Right now Russis is signing multi $billion Dollar arms deals with Iraq,

US sanctions on Iraq are meaningless at this time.

Iraq's future is with China, not the US.

The BRICS will release the new currency called the UNIT any day now.

IQD & the UNIT will become the global traded currency.

The USD is out, dead in the water, floating face up.

Over half the world will be on BRICS & will account for half all global trade.

The US had a golden opportunity to get on the gold standard & cash in on lucrative Iraq projects.

It's so easy to blame Russia & China...We did it to ourselves.    IMHO.

[BETTYBOOP]

If they go to BRICS it could move everything forward and an rv / ri sooner than any of us imagined

[Luigi1]

21 minutes ago, BETTYBOOP said:

If they go to BRICS it could move everything forward and an rv / ri sooner than any of us imagined

 

My biggest fear is China & Russia will hijack the RV-RI.

RV-RI for them & a LOP for the rest of us.

[Longtimelurker]

3 hours ago, kelsguy1113 said:

I have a question... if they unpeg from the dollar and peg to the BRICS, doesn't that mean no more sanctioned currency and has to be driven by true value? I guess I am wondering why they would do that at this point...

 

Maybe to crash the USD?

[screwball]

Let’s see what the next few days and the BRICS summit brings! Who knows I cenrtainky don’t but is possible that a move to BRICS is on the cards!

[screwball]

2 hours ago, BETTYBOOP said:

If they go to BRICS it could move everything forward and an rv / ri sooner than any of us imagined

100% I see it as a positive….and very possible let’s see what big announcements come out of BRICS

[screwball]

8 hours ago, Luigi1 said:

Saleh said in a press statement, regarding his expectations for the outcomes of the upcoming BRICS summit in Kazan, Russia, that “a monetary & payments system is imminent & enjoys international acceptance and credibility &  the new monetary situation must impose an official character in the arrangements for Special Drawing Rights (i.e., a currency).

 

8 hours ago, Luigi1 said:

Saleh added: “With this, the BRICS group seeks to reshape the global economic system in line with its interests &
challenge the traditional dominance of Western countries in international economic institutions, especially the
establishment of its own financial institutions such as the New Development Bank.”

Says it all a possibly float against a basket of currencies made of BRICS currencies