MilitiaMan and KTFA Members Wed. 4-24-19 "it is Getting Very Hot"
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MilitiaMan and KTFA Members Wed. 4-24-19 "it is Getting Very Hot"
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KTFA:
DELTA: US agency: Baghdad Tehran to negotiate the purchase of natural gas in Iraqi dinars https://www.sotaliraq.com/2019/04/24/
MilitiaMan: It looks like the work in progress is heating up since late last year. Now that Iraq and Iran must make a deal in dinar to circumvent sanctions (possibly have made one), something they both need, imo. Iran needs trade for local liquidity sake at home, just as the Iraqi's need electricity for a different sort of liquidity, as in A/C units.. lol
The citizens, may not want to bare another summer like the last, especially with no purchase power. Look who is talking about MOUs still in regard to alleviating pressure from the lack of adequate services. Not only is Saudi Arabia, but, similarly so too, is Jordan.
All aside from what Iraq can produce on her own. They clearly have on the books noted that they are aware they need to stop flaring gas and start storing for to be self sufficient.
....
I may be wrong on this but, the spread on present IQD and Riyal is about 35 times +-. IQD @ 1,190 to 1 USD and the Rial being about 41,666 to 1 USD at present. They will need to make a deal.
I'll bet Mr. T knows that full well and is and has been all over it behind the scenes anyway, for some time. I suspect the pressure in Iran is red hot to get a proper deal done with the neighbor and in a currency that has value or at least adjust as to not take a hit in trade value between Iraq, and so an appropriate deal can be utilized to alleviate disparity in exchange rates and to avoid sanctions by the rules in place per the USA.
They'll need to get guarantees that money can move through appropriate and transparent measures in an Iraq Bank inside of Iraq. Therefore, that money can be managed accordingly by those who over see the audits, accounting, etc., and can make any assurances to those that need to know the facts.
With the potential of a lets say for instance the IQD has an initial rise up to say just 1IQD to 1USD. Then that just blows up Iran's spread and makes their currency vastly inferior in value by far more between the Rial and the IQD, just as the Rial is to the USD today.
So, lets not forget that Iran has stated they are toying with dropping four zeros. That may just do the trick for trade to stay effectively the same. Effectively nothing changes in value between Iraq and Iran if that happens, if I have that right, imo. Iraq, RIs and Iran is forced to lop.. all imo..
We shall see if Iran makes a proper deal to sweeten the pot or not for her citizens.
My take is regardless, it is getting very hot.. lol ~ MM IMO
24th April, 2019
Over the past four years, the Central Bank of Iraq has been able to achieve a technical revolution in the field of payment systems and modern banking technologies and electronic payment, which led to the transfer of banking products to advanced services to serve customers and compete the offer of Arab and foreign banks of the services of its customers.
What is important here is that e-payment companies, owned by private shareholders, have supported the direction and implementation of the Central Bank's strategy for the years (2016-2020) in the development of payment systems and electronic payment techniques, reflecting the high financial coverage ratio according to the latest World Bank report from 11% to 22%.
Which is to be confirmed here is the role played by the International Company for smart card (K), which is the first company that introduced electronic payment technologies to Iraq in 2007 in partnership with Rafidain Bank and Rashid using the card (smart card) to pay the salaries of retired civilian and military beneficiaries of welfare salaries Which is the first national mixed company run by the Iraqi private sector and the state banking sector.
This product has been able over the past years to provide rapid service and without risk to the ways to 7 million subscribers by thousands of ports and that the most prominent features of the product can be filled card in all branches of the Rafidain Bank and by the ports spread along the geographical area of Iraq and can be reissued in case of loss Theft or fraud without any risk to the customer or money in the card due to biometric technology.
The company has also issued a MasterCard card, a global bank card which provides the opportunity to deposit money or spend it electronically or by ATM. Duck bank account, making the company cross the borders of Iraq through its partnerships with global payment systems, making a national product in order to compete on a global level to take pride in what is "Made in Iraq".
So we have said that KI is the leader in the national private sector in providing electronic payment services. LINK
MilitiaMan: Financial Inclusion and Financial Coverage are both addressed here.
They have as we know gone hand and hand and not only with respect to the State, but with the help of the private sector. They are telling the citizens most important, but, they are also telling us now how far they have come and how safe and secure it is to bring in your money and get cards.
They can facilitate all your needs and concerns through the Smart Cards. They are telling them with a card you can not only deposit but, spend.. lol Who doesn't like spending? ha..
So, clearly this is now well within supporting that Financial inclusion is becoming and more likely is a success and rolling out now as we speak to a level they see fit for MR to date.
Lets see if it has a finality this week in respect to how the process is unfolding and at what level they feel is enough Financial Inclusion for the state as a whole.
With IDB and ITB having similar and more reaching rolls starting into the region and the world economy at large, it sure looks promising that re construction can and will get a foothold like no one may deny any longer. imo ~ MM
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