Advice, Personal Finance DINARRECAPS8 Advice, Personal Finance DINARRECAPS8
I Grew Up Rich: 6 Money Lessons I Learned After I Lost It All
G. Brian Davis Sat, June 29, 2024
An oft-cited statistic states that 70% of wealthy families lose their riches by the second generation, and 90% lose them by the third.
Why? Because the first generation earns it, the second generation spends it and the third finds itself back at square one.
It turns out that earning money and shepherding money long term require two different skill sets. All too often, no one in any of those three generations learns how to protect and grow wealth long term.
“I grew up in a wealthy family where my grandfather was the chairman of the largest textile processing mill in our city,” explained Muhammad Ali, sales director at George Digital. “Our business, established in the 1950s, was a significant player in the industry from 1970 to 2001 … However, our fortunes drastically changed, and by 2012, my father’s income dwindled to just $300 a month.
I Grew Up Rich: 6 Money Lessons I Learned After I Lost It All
G. Brian Davis Sat, June 29, 2024
An oft-cited statistic states that 70% of wealthy families lose their riches by the second generation, and 90% lose them by the third.
Why? Because the first generation earns it, the second generation spends it and the third finds itself back at square one.
It turns out that earning money and shepherding money long term require two different skill sets. All too often, no one in any of those three generations learns how to protect and grow wealth long term.
“I grew up in a wealthy family where my grandfather was the chairman of the largest textile processing mill in our city,” explained Muhammad Ali, sales director at George Digital. “Our business, established in the 1950s, was a significant player in the industry from 1970 to 2001 … However, our fortunes drastically changed, and by 2012, my father’s income dwindled to just $300 a month.
“In 2013, amidst our financial crisis, I developed an interest in programming. Unfortunately, we couldn’t afford a laptop, and we had to live with my grandparents, along with my father’s brothers and their families. This challenging period taught me several invaluable lessons about money and resilience.
“Eventually, I was the first person among my grandfather’s children and grandchildren to get a chance to study in the U.S.
“Here are some key money lessons I learned after losing it all.”
Diversify Your Income Streams
“Our family focused solely on the textile business, and when it failed, we had no backup.
“In 2015, I came across Russell Brunson’s book ‘DotCom Secrets,’ which sparked my interest in an online business. By September 2016, Adam C. Miller introduced me to the world of digital marketing. Despite the lack of resources and guidance, I persevered, slowly learning about digital PR … I also delved into local SEO (search engine optimization) and e-commerce business models.
“After our family’s textile business shut down, there was no one to restart the hosiery textile business. However, years later, I decided to reignite this passion to continue my family legacy and started Molani Enterprises, a textile sourcing and trading company. Alongside my ventures in PR and e-commerce, reviving the textile business was a way to honor my family’s history and rebuild our presence in the industry.”
Maintain a Financial Cushion
Everyone needs an emergency fund. Whether you keep two months’ or two years’ worth of living expenses in it depends on how stable your income and expenses are, but you need that cash cushion to carry you through the inevitable nasty surprises that life throws at you.
“Always keep cash savings to cover basic living expenses and emergencies. This reserve should not be touched for business investments. This lesson was crucial for me, as I witnessed bad financial decisions during our business downfall, where more money was sunk into a failing enterprise.”
Seize Opportunities
They say that when an opportunity knocks at your door, it does so dressed up like work.
To Read More:
https://www.yahoo.com/finance/news/grew-rich-6-money-lessons-210008891.html
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Chats and Rumors, Economics Dinar Recaps 20 Chats and Rumors, Economics Dinar Recaps 20
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpt from the Restored Republic via a GCR: Update as of Mon. 1 July 2024
Compiled Mon. 1 July 2024 12:01 am ESTby Judy Byington
Mon. 24 June 2024 Summary of Mr. Salvage Meetings and Conference Call from Brazil:
Everything is very advanced, thanks to a lot of work that was done last week, which was huge. Everything is moving very quickly to release the blocks on all procedures for the start of 4B notifications, remembering that American institutions have already made notifications for the first group, which is group 4A and a small group of 4B, not reaching 10%.
Everything is happening at the same time in this giant operation, part of the Operation Storm, we observe that a huge turmoil is already happening on the planet, one of these events and many that we talked about are also yet to happen, which is this big Internet Blackout.
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpt from the Restored Republic via a GCR: Update as of Mon. 1 July 2024
Compiled Mon. 1 July 2024 12:01 am ESTby Judy Byington
Mon. 24 June 2024 Summary of Mr. Salvage Meetings and Conference Call from Brazil:
Everything is very advanced, thanks to a lot of work that was done last week, which was huge. Everything is moving very quickly to release the blocks on all procedures for the start of 4B notifications, remembering that American institutions have already made notifications for the first group, which is group 4A and a small group of 4B, not reaching 10%.
Everything is happening at the same time in this giant operation, part of the Operation Storm, we observe that a huge turmoil is already happening on the planet, one of these events and many that we talked about are also yet to happen, which is this big Internet Blackout.
The Alliance is working very well. The White Hats are in control, the agony of the forces that oppresses the world is being completely revealed, everything is becoming clear. With each passing day more truths are coming to light so you can understand how hard and well they have been working.
The launch of the RV was slowed down due to many hacker attacks. As always, it is a process that requires absurd logistics and this launch of the Global Currency Reset is a military operation, we cannot forget that. It’s not simply being called and dealing with paperwork is not that simple, these logistics are military and that means no one knows what is happening and what will happen because all of this is very secret.
Many people are desperate thinking it won’t happen but it will, trust the plan, so we have to reassure ourselves. We are observing gigantic chaos but this reset will happen.
The United States is under pressure to deliver the Tier 4B launch, according to the information we have and this information is exclusively military.
The RV is being negotiated on the Forex.
The release of funds also comes directly from the United States Treasury’s Department of Defense Operations.This means that the funds will go into global operation and this is a huge job.
We have also been told that Bond Holders will be given access to their funds, as many have already been notified in the United States.
Nothing has been released yet but everything is ready. The logistics are military and this has to come from the United States, as they were the precursor of this entire movement for liberation and redemption.
Processes are being strangled in every way with cyber attacks.
We need them to issue these notifications of the second part of levels 4B soon. We are in a chronogram at the moment. The OK for release has already been given on a Global scale. It’s a very smart plan. It’s something that will surprise us.
Wells Fargo and HSBC are leading these operations of all these processes in the World.
There are local institutions in other countries that are already connected and are already ready for Global notifications and with access to all Treasury Departments in different countries around the World.
All these banks have signed confidentiality agreements (NDA) so it is normal for everything to be silent.
This week (of Mon. 24 June 2024) we hope to have a lot of news because since last week, work has been very busy with good prospects. This week we believe that the information will improve even more. Stay strong because we are reaching the finish line.
Nesara/Gesara is taking place in the United States, and it is a very important step for humanity.
Wells Fargo and HSBC are already financing the first layer that exists between 4 and 4B. 4B is the completion of 4A and 4A is already defined, so notifications from 4B begin an information process for Pay Masters, so level 4B is already receiving account movement.
All Zim funds will be placed into QFS accounts.
Digital backed gold is also implemented in these systems.
1% of the funds will be released when they start paying.
This week we will certainly have a lot of information about GCRV.
One thing is certain, the work has been very hard and we have no doubt about what is happening.
There was an interruption at the beginning of the month but the RV movement is progressing substantially and constantly. There is the turmoil of attacks but it is happening, the movements are being authorized with certainty. It needs adjustments related to the communication of systems that have already been made and it is all very intense but it is happening.
In the Global Project, in the notifications, we cannot forget the German titles that are in the queue, followed by the Zim and the English titles.
TR confirmed that they have been notified that they will be paid as soon as possible and this week promises a lot.
They started the negotiations with Forex so this week (of Mon. 24 June 2024) we will have a lot of information for you. Have a great week.
Sun. 30 June 2024 Mike Bara: The “Bond Holder” has been told he will be paid this week. I was told what day, but cannot share it. MarkZ reported that an announcement about lower denominations has been made in Iraq.
Sun. 30 June 2024 Wolverine: I have seen a certified announcement of the release of the Global Currency Reset. It has been released. Presently the private contractors are getting paid. This week the Bond Holders will get paid. I’m not sure about the Tier4b Group (Us, the Internet Group).
Sun. 30 June 2024: Look for something to happen around July 8th in regards to the NESARA announcement to tie in with November 5th, allowing for the 120 days.
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Global Financial Crisis:
Sun. 30 June 2024 Banks Put on Alert for Cyber Attacks: https://timesofindia.indiatimes.com/business/india-business/banks-put-on-alert-rbi-warns-banks-of-credible-threat-intelligence-regarding-cyberattacks/articleshow/111375796.cms
Sun. 30 June 2024 India: Major Changes in Bank Accounts and Credit Card Billing Rules Starting July 1, 2024: https://delhibreakings.com/major-changes-in-bank-accounts-and-credit-card-billing-rules-starting-july-1-2024/
U.S. Department of the Treasury, IRS Release Final Regulations Implementing Bipartisan Tax Reporting Requirements for Sales and Exchanges of Digital Assets. The final regulations announced today will require brokers to report gross proceeds on the sale of digital assets beginning in 2026 for all sales in 2025. Brokers will be required to also report information on the tax basis for certain digital assets beginning in 2027 for sales in 2026. https://home.treasury.gov/news/press-releases/jy2438
Read full post here: https://dinarchronicles.com/2024/07/01/restored-republic-via-a-gcr-update-as-of-july-1-2024/
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Walkingstick [Iraqi bank friend Aki update] AKI: It's about time. WAlKINGSTICK: What he's telling us is it's about time to release the budget and the new exchange rate with the lower notes. That's what he meant.
Frank26 The ATM machines are like piñatas. They're ready to burst wide open and give everybody their sweet blessings. No doubt.
Suzie WTO Article: "FORMAL WORKING PARTY MEETINGS 2024 18 July 2024 - THU 18 JUL 10:00 Working Party on the Accession of Iraq" This is good news for Iraq on their accession to the WTO. Hopefully they will have or shown us by that time a new rate for the dinar. While international trade and economics are the important criteria for membership, having an international tradable currency is not a "cast in stone" issue but I certainly would think Iraq WOULD want that for credibility purposes if nothing else...
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BRICS NEXT WIN: Russia's Initiative to Create Commodities Exchange Threatens Western Influence
Lena Petrova: 6-30-2024
6 Banks Are Now At Risk of Collapse
Atlantis Report: 6-30-2024
The banking sector is facing a significant threat as economic conditions worsen, and there are mounting concerns about the stability of six banks.
As the global economy approaches a possible recession, lending standards are becoming stricter, creating a shaky situation for financial institutions.
The possibility of insolvency is causing widespread concern among investors, depositors, and the public. 6 Banks Are Now At Risk of Collapse.
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Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
TNT: Tishwash: Postponement of pensioner salaries distribution until tomorrow due to bank holiday
An informed source expected that the distribution of retirees' salaries would be postponed until tomorrow, Tuesday, due to the date of their distribution coinciding with the holiday of all banks today, Monday, due to the implementation of the semi-annual inventory.
The source explained to Shafaq News Agency that all banks in Iraq are closed today to conduct semi-annual inventory and financial systems operations, which affects the process of distributing salaries.
The source pointed out that the Ministry of Finance and the retirement departments are working to expedite the necessary procedures to ensure that salaries are paid as soon as possible after the end of the bank holiday.
It is noteworthy that the semi-annual inventory process carried out by banks includes reviewing accounts and ensuring conformity of financial records, which is a periodic procedure carried out in order to maintain the accuracy of financial and banking operations. link
TNT:
Tishwash: Postponement of pensioner salaries distribution until tomorrow due to bank holiday
An informed source expected that the distribution of retirees' salaries would be postponed until tomorrow, Tuesday, due to the date of their distribution coinciding with the holiday of all banks today, Monday, due to the implementation of the semi-annual inventory.
The source explained to Shafaq News Agency that all banks in Iraq are closed today to conduct semi-annual inventory and financial systems operations, which affects the process of distributing salaries.
The source pointed out that the Ministry of Finance and the retirement departments are working to expedite the necessary procedures to ensure that salaries are paid as soon as possible after the end of the bank holiday.
It is noteworthy that the semi-annual inventory process carried out by banks includes reviewing accounts and ensuring conformity of financial records, which is a periodic procedure carried out in order to maintain the accuracy of financial and banking operations. link
Al-Sudani: The world has realized the importance of Iraq's stability for international and regional security
Prime Minister Muhammad Shiaa Al-Sudani confirmed that the world realized the importance of Iraq’s stability for international and regional security, during his reception of the delegation of the European Foundation for Dialogue and Development.
During the meeting, according to a statement received by {Al-Furat News}, Al-Sudani reiterated “the importance of the cultural and social diversity enjoyed by the Iraqi people, which represents a social wealth that supports communication between fraternal factions, and consolidates unity of ranks against extremism, which represents an ideology alien to our people and its history.” ".
Rais stressed the government's "continuous support for this diversity, and the strengthening of places of worship for all religions and sects and freedom of practices in them, and throughout Iraq, which is full of mosques, Islamic mosques, Christian churches, Sabian-Mandaean and Yazidi temples, and the rest of the components of the Iraqi spectrum."
Al-Sudani mentioned, “The attempt of terrorism to dismantle this heritage and historical fabric, and the victory of the Iraqis and their overcoming that ordeal, and the recovery that Iraq is now going through in various fields, just as the world has realized the importance of Iraq’s stability for international and regional security, and what the government has followed in its program strengthening the principle of government of services and community care.”
“And setting priorities in public service, economic reform, combating corruption, and fighting poverty and unemployment, to enhance the value of citizenship.”
Al-Sudani also explained to the European Foundation delegation “the nature of the constructive relations that the government has adopted with the countries of the world, and the prospects for fruitful partnerships with the countries of the European Union and the agreements and memoranda of understanding that have been signed, or with neighboring countries and regional countries, through adopting the principle of mutual interests, which is one of the results of the stability of the Iraqi experience, despite the problems it faced that the Iraqis overcame through democratic construction and consolidation of constitutional institutions of government, in the best way among the forms of democracies existing in the region.”
The Prime Minister addressed "the events in Gaza and the continued brutal aggression against our Palestinian people, stressing Iraq's firm and principled position, and stating that the government is working with the countries of the region to prevent the expansion of the conflict arena, in addition to continuing to send relief and humanitarian aid."
For its part, “the delegation of the European Foundation expressed its appreciation for the warm reception, and praised the tangible state of stability in Iraq, through the tours it made in the capital, Baghdad, and its briefing on various development projects, stressing the necessity of conveying this image away from attempts to mislead.” link
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Tishwash: This is in Iraqi news
Japan.. New banknotes using "3D" images
Japan is set to issue new banknotes that will use, for the first time in the world, advanced holograms, as an anti-counterfeiting measure.
The Japanese Kyodo News Agency said that this change is the first in the design of Japanese currency in 20 years, explaining that the size of the printing of the face value numbers on the new 10,000-yen, 5,000-yen and 1,000-yen banknotes will be larger than on the current issues, so that all people can easily recognize them, while the tactile marks will make it easier for the visually impaired to know their value.
The process of printing currencies using the new technology is scheduled to begin next Wednesday.
By the end of March next year, approximately 7.5 billion new banknotes will be printed.
Kyodo quoted the government as confirming that the current banknotes will remain valid even after the new banknotes are introduced link
Mot: .. and then just Like That --- Pooooof!!!!
Mot: Extra hungry!!
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News DINARRECAPS8 News DINARRECAPS8
Iraq Economic News and Points To Ponder Late Sunday Evening 6-30-24
The Prime Minister's Advisor Announces That Iraq Has Completed Its Integration Steps By Providing Safe Environments To Attract Investment
Economy News – Baghdad On Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified the important strategic, field and organizational factors encouraging international investors to work in Iraq, while pointing out two basic starting points for the development of the investment environment in the country.
Prime Minister Mohammed Shia al-Sudani confirmed last week, while chairing the eighth meeting of the Higher Committee for Reconstruction and Investment, that Iraq has become a safe and attractive environment for capital from international companies, and a preferred market for businessmen and investors, thanks to the facilities and legislation provided by the government since its formation.
Iraq Economic News and Points To Ponder Late Sunday Evening 6-30-24
The Prime Minister's Advisor Announces That Iraq Has Completed Its Integration Steps By Providing Safe Environments To Attract Investment
Economy News – Baghdad On Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified the important strategic, field and organizational factors encouraging international investors to work in Iraq, while pointing out two basic starting points for the development of the investment environment in the country.
Prime Minister Mohammed Shia al-Sudani confirmed last week, while chairing the eighth meeting of the Higher Committee for Reconstruction and Investment, that Iraq has become a safe and attractive environment for capital from international companies, and a preferred market for businessmen and investors, thanks to the facilities and legislation provided by the government since its formation.
Saleh said, in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Prime Minister's statement regarding the development of the investment environment in Iraq comes from two main starting points: the first is Iraq's completion of its integration steps in providing safe and appropriate environments to attract foreign investment in Iraq, the latest of which is our country's accession to the agreement sponsored by the United Nations and called the Singapore Investment Agreement."
He added, "This agreement seeks to improve the investment climate in member states by enhancing transparency and fair regulatory procedures, in addition to providing mechanisms for resolving disputes between investors and countries through faster mediation or international arbitration, which gives investors a legal means to guarantee their rights, all of which are factors that the government of the Republic of Iraq believes in to encourage international investors to invest in our country with high resources."
Saleh stressed that "the Singapore Agreement and joining it is an important step towards enhancing international trade and investment, which contributes to achieving economic growth and improving economic relations between international groups."
He added that "the second part, which the Prime Minister referred to, is the momentum of the natural and human material resources of an important strategic country like Iraq, which ranked ninth among the countries of the world in terms of natural resources, and first in the world in possessing one square kilometer of resources in the ground."
He explained that "the geographical location of Iraq, which connects European countries by land with Asian countries by sea, encouraged the launch of the Development Road project, which took its executive steps from the Faw Port upwards within the construction of the dry canal and the upcoming related industrial, agricultural and service projects and in accordance with an important regional and international cooperation framework to attract global investments."
He pointed out that "all these strategic, field and organizational factors represent a positive invitation for international investors to work in Iraq under the direct sponsorship of the executive authority to facilitate their work and with high-precision legal protection." 154 views 06/30/2024 https://economy-news.net/content.php?id=44769
Central Bank Sales For Today Exceeded $279 Million
Sunday 30 June 2024 13:10 | Economic Number of readings: 167
Baghdad / NINA / The Central Bank of Iraq announced, today, Sunday, the total sales of foreign currency through the electronic window.
The window recorded the total amounts of transfers abroad (remittances, credits) of $ 254,007,407, while the total cash sales amounted to $ 25,860,000, and the total sales amounted to $ 279,867,407.
The selling price for transfers and cash was assigned at 1310 dinars per dollar, while the bond credits and international settlements for the electronic card were at 1305 dinars. / End 11 https://ninanews.com/Website/News/Details?key=1137912
Dollar Prices In Baghdad And Erbil Markets Now
Economy 06/30/2024 Baghdad - Mawazine News publishes an evening list of dollar prices against the Iraqi dinar in the markets of the capital, Baghdad, and Erbil. The list is as follows:
Baghdad Selling prices: 148,000 Buying prices: 146,500
Erbil Selling prices: 147,750 Buying prices: 146,500
https://www.mawazin.net/Details.aspx?jimare=250522
Economist: Direct Banking Investment Is Prohibited By Order Of The Central Bank
Economy Central Bank of Iraq Investment law 2024-06-30 02:32 Shafaq News/ Economic expert Mustafa Akram Hantoush explained on Sunday that the Central Bank of Iraq is adopting a “strict” central policy in its dealings with the banking sector, which limits the ability of banks to engage in direct investment and financing economic projects.
Hantoush told Shafaq News Agency that this policy makes it difficult for the banking system and investors to invest their capital in new projects without obtaining special approvals from the Central Bank.
Hantoush added that the current procedures followed by the Central Bank prevent banks from entering the fields of direct investment, which hinders the realization of a vital role for the banking sector in moving the wheel of the national economy. He explained that
the banking system, in light of these procedures, does not have sufficient capacity to play an effective investment role in line with normal banking rules, but rather the investment decision becomes subject to the directions and approvals of the Central Bank.
Hantoush stressed that this approach lacks the concept of "financial liberalization" for banks, which would provide the banking sector the opportunity to enter the Iraqi market directly and support investment opportunities, while adhering to banking and legal controls.
He stressed that reviewing these policies may be a necessary step to activate the role of banks in supporting economic projects and promoting investment in Iraq. https://shafaq.com/ar/اقتصـاد/خبير-اقتصادي-الاستثمار-المصرفي-المباشر-محظور-ب-مر-البنك-المركزي
Iraq, Saudi Arabia Conclude A Deal For A Submarine Cable Construction Project
Amr Salem June 30, 2024 Underwater internet cables. Photo: Shafaq News Baghdad (IraqiNews.com) – The Iraqi Ministry of Communications signed on Thursday a contract for a submarine cable construction project with the Saudi Telecom Company (STC) to increase internet capacity in Iraq.
In a press conference after signing the deal, the Iraqi Minister of Communications, Hiyam Al-Yasiri, said that this is the third deal signed by the current Iraqi government.
The director of the media department in the Iraqi Communications Ministry, Omar Al-Amiri, explained that the project will help facilitate the movement of global communications and link the countries of Africa and Asia to Europe via Iraq.
Al-Amiri noted that such projects will have a positive economic impact on Iraq by utilizing its geographical location.
In June 2023, the Iraqi Ministry of Communications announced that it was launching internet service through space to provide the best internet service to people in Iraq.
Projects to provide internet via fiber-optic cables require a relatively long time to complete the deployment of cables in all areas because of the difficulties represented in the excavation works and the expensive costs of these projects.
In order to diversify the sources of internet service, increase competitiveness, and reduce prices, the concerned department in the Iraqi Ministry of Communications started the contractual procedures to introduce ‘internet via space’ service in Iraq for the first time.
Iraq is following in the footsteps of developed countries that employ low-orbit satellite technology to deliver internet access directly to people via a vast network of satellites operated by reputable corporations.
To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
Even if misfortune is only good for bringing a fool to his senses, it would still be just to deem it good for something.-Jean de la Fontaine
Never does a man know the force that is in him till some mighty affection or grief has humanized the soul.-Frederick W. Robertson
Disappointment is the nurse of wisdom.-Sir Boyle Roche
Challenges make you discover things about yourself that you never really knew. They're what make the instrument stretch, what make you go beyond the norm.-Cicely Tyson
A woman is like a tea bag: you never know her strength until you drop her in hot water.-Nancy Reagan
http://famousquotesandauthors.com/topics/adversity_quotes.html
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Frank26, KTFA Dinar Recaps 20 Frank26, KTFA Dinar Recaps 20
KTFA Sunday Night Conference Call
FRANK26…..6-30-24…….WHERE’s THE BUDGET
This video is in Frank’s and his team’s opinion only
Frank’s team is Walkingstick, Eddie in Iraq and guests
Playback Number: 605-313-5163 PIN: 156996#
KTFA
Sunday Night Conference Call
FRANK26…..6-30-24…….WHERE’s THE BUDGET
This video is in Frank’s and his team’s opinion only
Frank’s team is Walkingstick, Eddie in Iraq and guests
Playback Number: 605-313-5163 PIN: 156996#
Read More
Chats and Rumors, Economics Dinar Recaps 20 Chats and Rumors, Economics Dinar Recaps 20
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Sun. 30 June 2024
Compiled Sun. 30 June 2024 12:01 am ESTby Judy Byington
Global Currency Reset: (Rumors and Opinions)
Sat. 29 June 2024 Wolverine: “The news has been overwhelming coming from so many sources. Some say it’s starting tonight. Some say it’s already started. They’re getting ready in Iraq for the RV tomorrow (Sun. 30 June 2024). …The latest is that you should get ready. It’s really coming.
The G-20 (an intergovernmental forum comprising 19 sovereign countries) gave the release and emails for the Internet Group will be coming out sometime between Mon. 1 July and Fri. 5 July. …Some Bond People have already been paid. They aren’t answering my calls because they are under NDAs.
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Sun. 30 June 2024
Compiled Sun. 30 June 2024 12:01 am ESTby Judy Byington
Global Currency Reset: (Rumors and Opinions)
Sat. 29 June 2024 Wolverine: “The news has been overwhelming coming from so many sources. Some say it’s starting tonight. Some say it’s already started. They’re getting ready in Iraq for the RV tomorrow (Sun. 30 June 2024). …The latest is that you should get ready. It’s really coming.
The G-20 (an intergovernmental forum comprising 19 sovereign countries) gave the release and emails for the Internet Group will be coming out sometime between Mon. 1 July and Fri. 5 July. …Some Bond People have already been paid. They aren’t answering my calls because they are under NDAs.
Wolverine Cont……Be responsible with your money. Use it wisely. You will be an NDA and you cannot talk about the RV. If you talk about it you will get your money frozen and you won’t get it. I’ll be going silent for about three months. Get ready for tomorrow (Sun. 30 June 2024) for the biggest celebration you have ever had because that’s when the RV is coming out – about mid day in Iraq. This is not a false alert because it is really coming. I can’t wait because all that hate I have been hit by will go away. God Bless you. I love you. Welcome to the new World. Bye Bye.”
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Sat. 29 June 2024 Mr Salvage BREAKING NEWS FROM BRAZIL:
• Levels 4A and 4B are ready to receive notifications.
• The United States is under pressure to release NESARA.
• Wells Fargo and HSBC are on high alert
• All transactions are under military supervision.
• All payers are ready and funded
• All notifications will be released globally.
• All funds will be distributed globally
• The RUMOR is that they expect this to happen during the week.
Sat. 29 June 2024 Banker: “I have nothing to confirm the hour we will be notified about appointments to exchange or the dollar value of same, I do know the banker has had his staff on a one hour call to report to their assigned locations once the release has become authorized for the past three days, and that the rate in country was published in the Gazette today Sat. 29 June 2024. So folks we are extremely close. GOD Bless.”
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Judy Note: From the information contained herein it’s assumed that matters regarding the Global Currency Reset and changeover to Sovereign Republics of nations of the World were imminent:
Everything has been completed for NESARA/GESARA payouts including GESARA being announced through certain media, making it legal.
All debts of various nations including the US, have been settled using GESARA funds collected from the Cabal. GESARA has begun paying out in several countries, with the US payouts to citizens scheduled.
Payouts for the Global Currency Reset has been authorized, scheduled and reported.
Word was that right now some Tier 3 Zim Holders were in Reno meeting with their Wealth Managers and proceeding with the redemption process. The Pentecostal Group has already started to pay out their Group One.
On Thurs. 27 June the new Iraqi Dinar rate was available to citizens of Iraq through their debit cards and ATMs.
Very soon Tier4b was expected to begin exchanges in China, the process going across Asia and into Europe and then to the US.
The Pentecostal group will begin to pay out their Group Two on Thurs. 4 July – the same day the US will be celebrating Independence Day with major announcements expected.
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Global Financial Crisis:
The new USA Treasury Dollar, backed by RWA (Real World Asset), is coming. The Financial Accounting Manual for Federal Reserve Banks states that the Treasury Secretary can instruct the Fed to revalue the Gold on the U.S. government’s balance sheet. It will likely be revalued to over $20,000 per oz. Boom. It’s coming. https://rebrand.ly/USDEBTCLOCK_GoldAssets
Read full post here: https://dinarchronicles.com/2024/06/30/restored-republic-via-a-gcr-update-as-of-june-30-2024/
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Walkingstick The ATM machines, they're all poised like centurions that are standing there. These ATMs are guarding the lower notes. It's time for all of this to come out now. It's just the budget we are waiting for. We're not waiting for any laws, we're not waiting for any new procedures.
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
We are now hearing from our news on Channel One that Iraq has been fully accepted into the WTO. This is going to be official...July the 18th. FRANK: To join the WTO Iraq does not need a currency with value. No, that's not the point. Iraq needs a currency that has no restrictions, no handcuffs, no limitations in order for it to float on an international market...whatever the case this is very good.
URGENT INFO for Iraqi Dinar Investors; Major Issues Affecting Future Rate
Edu Matrix: 6-30-2024
URGENT INFO for Iraqi Dinar Investors; Major Issues Affecting Future Rate 2024 Budget; Government Jobs; World Bank; Exchange Rates; Currency News; Iraq: Iraqi Dinar, Vietnam Dong, ZiG Currency, Haiti's Currency, Gold, and BRICS Currency Plans.
New Plan May Eliminate Property Taxes in Some States
Sachs Realty: 6-30-2024
Professor of Applied Economics at Johns Hopkins and Former Economic Advisor to President Ronald Reagan, Steve Hanke talks about rising property taxes.
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Economics, Gold and Silver, News DINARRECAPS8 Economics, Gold and Silver, News DINARRECAPS8
Seeds of Wisdom RV And Economics Updates Sunday Afternoon 6-30-24
Good Evening Dinar Recaps,
XRP News Today: Did the Binance Ruling Sink SEC Plans to Appeal?
XRP gained 0.28% on Saturday, June 29, closing the session at $0.4722.
SEC vs. crypto case-related news drove buyer demand for XRP.
On Sunday, investors should consider the possible influence of the latest court ruling on ongoing SEC vs. crypto cases.
Ripple Chief Legal Officer Stuart Alderoty shared the news of the court ruling, saying:
Seeds of Wisdom RV And Economics Updates Sunday Afternoon 6-30-24
Good Evening Dinar Recaps,
XRP News Today: Did the Binance Ruling Sink SEC Plans to Appeal?
XRP gained 0.28% on Saturday, June 29, closing the session at $0.4722.
SEC vs. crypto case-related news drove buyer demand for XRP.
On Sunday, investors should consider the possible influence of the latest court ruling on ongoing SEC vs. crypto cases.
Ripple Chief Legal Officer Stuart Alderoty shared the news of the court ruling, saying:
“For all the SEC has done to muddy the waters with its inconsistent legal theories, the Courts are seeing right through them. The Binance decision last night is long but absolutely worth a read.”
Read more:FX Empire
~~~~~~~~~
Ripple vs SEC Case As of June 30, 2024: Torres’s Verdict On XRP Stands
The legal landscape surrounding cryptocurrencies in the U.S., especially XRP, is gaining much-needed clarity. Two recent court decisions have significantly impacted the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple and broader industry regulations.
In a significant victory for the crypto industry, District Judge Amy Berman Jackson has bolstered the legal precedent set by Judge Analisa Torres in the SEC vs. Ripple case. Judge Jackson’s decision in the Binance vs. SEC case centered on the classification of Binance’s BNB token.
The SEC argues that secondary sales of BNB by users on crypto exchanges constituted unregistered securities offerings. However, Judge Jackson disagreed, dismissing the SEC’s claim.
This ruling, shared on X by Fox Business journalist Eleanor Terrett, aligns with Judge Torres’ previous decision in the Ripple case.
Read more:Times Tabloid
~~~~~~~~~
XRP Secondary Sales Deemed Non-Securities, Judge Torres’ Doctrine Stands
Judge Jackson’s ruling that XRP secondary sales aren’t securities boosts Ripple and sets a crucial precedent for the entire crypto industry.
Judge Jackson and Torres’ aligned decisions clarify that crypto assets traded by individuals on exchanges do not qualify as securities.
XRP price jumped over 1% after the ruling, aiming to regain $0.50, with increased interest from derivatives traders on OKX and BitMEX.
Judge Amy Berman Jackson has upheld Judge Torres’ doctrine, asserting that XRP’s secondary sales are not securities. This ruling came during the Binance vs. SEC case, where the SEC’s claim regarding secondary sales of Binance’s BNB was dismissed. To that end, the ruling by Judge Jackson, in concurrence with that of Judge Torres on the sale of XRP, sets an example in the crypto industry.
Read more:Crypto News Land
~~~~~~~~~
Pro-XRP Lawyer Sees Binance Ruling as Boost for XRP Non-Security Status
Attorney Bill Morgan says Binance case ruling boosts XRP’s non-security status.
Judge Jackson cited Judge Torres’ Ripple case decision when dismissing parts of the SEC’s case against Binance.
Morgan highlights that the ruling aligns with Judge Torres’ interpretation of the Howey test.
Read more:Coin Edition
~~~~~~~~~
XRP Lawsuit: Ripple Notches Massive Wins as CEO Brad Garlinghouse Clarifies XRP’s Security Status
Ripple Labs CEO Brad Garlinghouse has taken swipes at news outlets over inaccurate reporting of a court decision involving XRP and the US Securities and Exchange Commission (SEC).
The fiasco began following a ruling by Judge Phyllis Hamilton of the US District Court for the Northern District of California, which threw out a class action suit against the issuers of the XRP token. While considered a massive win for Ripple Labs, the judge allowed an individual state law claim to proceed to trial based on alleged “misleading statements” made by Garlinghouse in 2017.
As XRP’s community celebrated the dismissal of securities law violation, CoinDesk and a raft of crypto news outlets reported that Hamilton’s decision could imply that XRP may be a security. The reporting triggered a stir in the ecosystem as XRP enthusiasts believe the question of the asset being a security was finalized in a 2023 decision by District Judge Analisa Torres in New York’s Southern District.
CoinDesk described the ruling as a “fly in the ointment,” but the report elicited fierce kickbacks from XRP’s community, with Garlinghouse leading the charge. According to Garlinghouse on X (formerly Twitter), Garlinghouse described the report as “embarrassing,” noting that Hamilton did not expressly term XRP as a security.
Read more:ZyCrypto
~~~~~~~~~
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6 Ways To Build Wealth After Getting Laid Off — That Don’t Include a New Job
Vance Cariaga Thu, Jun 27, 2024
Layoffs are a fact of life in the modern economy — even when the economy is growing and unemployment is low, like now. The list of companies that have announced layoffs this year alone reads like a “who’s who” of corporate titans and includes Amazon, Walmart, Microsoft, Alphabet (Google), Tesla, Bristol Myers Squibb, Nike and Disney.
The disconcerting thing for workers is that employers sometimes announce layoffs even when they’re doing well financially. In some cases, businesses announce layoffs to make up for past hiring sprees. In other cases, they simply replace workers with AI or other technologies.
Given the size and frequency of layoffs these days, it’s understandable that some folks who have been given the pink slip have decided to stop looking for jobs altogether. If you fall into that category, here are six ways to build wealth that don’t include getting another full-time job.
6 Ways To Build Wealth After Getting Laid Off — That Don’t Include a New Job
Vance Cariaga Thu, Jun 27, 2024
Layoffs are a fact of life in the modern economy — even when the economy is growing and unemployment is low, like now. The list of companies that have announced layoffs this year alone reads like a “who’s who” of corporate titans and includes Amazon, Walmart, Microsoft, Alphabet (Google), Tesla, Bristol Myers Squibb, Nike and Disney.
The disconcerting thing for workers is that employers sometimes announce layoffs even when they’re doing well financially. In some cases, businesses announce layoffs to make up for past hiring sprees. In other cases, they simply replace workers with AI or other technologies.
Given the size and frequency of layoffs these days, it’s understandable that some folks who have been given the pink slip have decided to stop looking for jobs altogether. If you fall into that category, here are six ways to build wealth that don’t include getting another full-time job.
Find a Side Hustle Instead
Unless you were given a generous severance package after getting laid off, you might need to bring in some immediate income to help navigate the initial rough patch. That doesn’t mean you have to get another job, however. There are plenty of side hustles available that let you work on your own schedule and be your own boss.
If you have expertise in a particular field, for example, you could serve as a consultant and earn up to $100 an hour or more. If you have a strong background in social media and a large network of online friends and followers, consider becoming an influencer. It’s not uncommon for successful influencers to earn six-figure incomes through sponsored promotions, brand collaborations, merchandise sales and other means.
Rent Out Part of Your House
If you are a homeowner, one of the best ways to earn immediate income following a layoff is to turn your house into a moneymaker. As the Virtual Vocations website noted, sites like Airbnb and Vrbo let you list single rooms in your house to travelers and traveling workers. You can earn an average of about $924 a month renting a room with a bed, bathroom access and cleaning services.
Invest In Dividend Stocks
You don’t have to be a stock market expert to find securities that can provide immediate income. The best way to do this is to build a portfolio of dividend stocks that let you collect regular passive income, which can compound into substantial long-term wealth.
Use your dividend payments to purchase additional shares through a dividend reinvestment plan (DRIP), and keep adding new capital. Modest initial investments can snowball into diversified six- and seven-figure portfolios over time.
Invest In Real Estate
To Read More:
https://finance.yahoo.com/news/6-ways-build-wealth-getting-220008576.html
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Iraq Economic News and Points To Ponder Sunday AM 6-30-24
Investment: Iraq Has Become An Important Economic Destination In The Region
Information/Baghdad.. The National Investment Commission confirmed today, Saturday, that Iraq has become an important investment destination in the region and the world.
The Authority’s media said in a statement to the “Al-Ma’louma” Agency, “The improvement in the investment climate inside Iraq reflects the government efforts made to strengthen the economic and investment sector.”
He added, "The National Investment Commission monitors its investment and strategic projects in order to continue the rates of achievement and record the nature of the challenges that must be addressed to ensure the progress of work in Baghdad and the provinces." He pointed out that "there are major movements to create a safe climate to attract investments that achieve sustainable development in Iraq.”
Iraq Economic News and Points To Ponder Sunday AM 6-30-24
Investment: Iraq Has Become An Important Economic Destination In The Region
Information/Baghdad.. The National Investment Commission confirmed today, Saturday, that Iraq has become an important investment destination in the region and the world.
The Authority’s media said in a statement to the “Al-Ma’louma” Agency, “The improvement in the investment climate inside Iraq reflects the government efforts made to strengthen the economic and investment sector.”
He added, "The National Investment Commission monitors its investment and strategic projects in order to continue the rates of achievement and record the nature of the challenges that must be addressed to ensure the progress of work in Baghdad and the provinces." He pointed out that "there are major movements to create a safe climate to attract investments that achieve sustainable development in Iraq.” https://almaalomah.me/news/68835/economy/الاستثمار:-العراق-بات-وجهة-اقتصادية-مهمة-بالمنطقة
A Deputy Identifies The Positive Points In The Chinese Agreement.. “The Best For The Iraqi Economy.”
Posted On 06-29-2024 By Sotaliraq Today, Saturday, Representative Rafiq Al-Salhi identified the positive points in the Baghdad-Beijing Agreement and its impact on the national economy.
Al-Salhi said in an interview, “No one disagrees on China’s economic dimension on the international stage at the present time, with its capabilities growing in all fields to become a major economic power on the global level.”
He added, “The economic agreement between Baghdad and Beijing is important for both parties and carries positive dimensions in terms of creating flexibility in the implementation of strategic projects by Chinese companies that are distinguished by their ability, high efficiency, and interaction with the situation in a positive way.”
He pointed out that "the Baghdad-Beijing agreement is the best for the national economy, and reviving its provisions will constitute another support in opening new economic horizons through development projects, especially with regard to the Grand Faw Port."
It is noteworthy that Iraq signed an economic agreement with China during the era of Abdul Mahdi’s government, but international pressure led to its postponement. LINK
Oil Rises Significantly And Is Heading For Gains For The Third Week In A Row
Saturday 29 June 2024 08:55 | Economic Number of readings: 206 Baghdad / NINA / Crude oil prices witnessed a noticeable rise during global market trading, and prices are heading to achieve gains for the third week in a row, supported by improved market sentiment regarding the possibility that American demand for crude oil will increase during the coming period, driven by strong economic growth data in the United States. United States (the largest consumer of crude oil in the world).
At the end of trading yesterday, Friday, spot contracts for Brent crude witnessed a jump of 0.34% and reached about $85.66 per barrel, and spot contracts for West Texas Intermediate crude also rose by 0.57% and recorded about $82.22 per barrel.
Crude oil prices received support that enhanced their rise during global market trading on Friday, after data received from the US Bureau of Economic Analysis yesterday showed that the final reading of the gross domestic product growth rate in the United States recorded a growth of 1.4% during the first quarter of this year, In the same quarter, the US GDP price index recorded a growth of about 3.1% during the first quarter, which reinforced market speculation about the possibility that US demand for crude oil would increase during the coming period, supporting oil price levels in the market.
In this regard, crude oil prices recorded a clear rise during market trading, amid the prevailing state of fear in the global market regarding the possibility that the crude oil market will be exposed to a large supply deficit during the coming period, especially after a Ukrainian plane caused a fire to break out in an oil tank for the Russian Druzhba pipeline.
(One of the largest parts of the Transneft system, which monopolizes Russian pipelines), in the Tambov region, southeast of Moscow, which led to a fire in a crude oil warehouse, which pushed oil prices to rise in the last week’s trading.
Also, crude oil prices rose significantly during trading, coinciding with the escalation of geopolitical tensions in the Middle East between Israel and Lebanese Hezbollah, with Hezbollah intensifying its attacks with missiles and drones in northern Israel during the past weeks, which increased pressure on the Israeli government, and led to... Escalating tensions in the region, which may extend to areas rich in crude oil, and this would enhance expectations of the possibility that the oil market will be exposed to a shortage of supplies, and lead to a rise in crude oil prices in the market.https://ninanews.com/Website/News/Details?key=1137691
Iraq Transfers $1 Billion Abroad In A Week
Economy | 03:08 - 06/29/2024 Baghdad – Mawazine News The total sales of the Central Bank of Iraq of the dollar during the week in which the auction was opened amounted to more than one billion dollars. The Central Bank sold, during the past week and for the 4 days in which the auction was opened, one billion, 105 million, 258 thousand, and 154 dollars, at a daily average of 276 million, 314 million, and 538 dollars, lower than the week before the Eid holiday, which amounted to one billion, 378 million, 885 thousand, and 407 dollars.
The highest sales of the dollar were on Wednesday, where sales amounted to 281 million, 804 thousand, and 784 dollars, while the lowest sales were on Sunday, where sales amounted to 273 million, 244 thousand, and 330 dollars.
Foreign remittance sales last week amounted to 1 billion, 005 million, 048 thousand and 154 dollars, an increase of 90% compared to cash sales which amounted to 100 million 210 thousand dollars.
Sales went in the form of cash and remittances abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards amounted to 1310 dinars per dollar, and the selling price of remittances abroad amounted to 1310 dinars per dollar, while the cash selling price amounted to 1305 dinars per dollar. https://www.mawazin.net/Details.aspx?jimare=250464
Find Out The Exchange Rate Of The Dollar On The Baghdad Stock Exchange
Baghdad - Mawazine News The dollar exchange rate against the dinar rose slightly today, Saturday, in the central stock exchange and the markets of the capital, Baghdad.
With the opening of the Al-Kifah and Al-Harithiya stock exchanges, dollar prices recorded 147,250 dinars for every 100 dollars, while they closed last Thursday at 147,150 dinars for every 100 dollars.
Selling prices in banking shops in local markets stabilized at a selling price of 148,250 dinars, while purchasing prices reached 146,250 dinars for every 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=250452
To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
Who hath not known ill fortune, never knew himself, or his own virtue.-David Mallett
Adversity is the trial of principle. Without it a man hardly knows whether he is honest or not. -Henry Fielding
I think the years I have spent in prison have been the most formative and important in my life because of the discipline, the sensations, but chiefly the opportunity to think clearly, to try to understand things. -Jawaharlal Nehru
We only really face up to ourselves when we are afraid.-Thomas Bernhard
Difficulties are things that show what men are.-Epictetus
http://famousquotesandauthors.com/topics/adversity_quotes.html
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Chats and Rumors Dinar Recaps 20 Chats and Rumors Dinar Recaps 20
DJ: DID YOU KNOW?
We watch for a global financial reform (GCR) yet fail to take into consideration the diversity of governing bodies and systems that actually inhabit the world. The world is a tapestry of diverse governance systems, each shaped by a unique blend of historical, cultural, economic, and social factors. Understanding why countries have different forms of government requires diving into the complex interplay of these influences.
To implement a GCR each sovereign’s governing body must be considered. One size does not fit all.
In some cases the historical context of a country plays a pivotal role in determining its government structure. Nations with a colonial past often inherit elements of their colonizers’ political systems. As an example, many countries in Africa and Asia that were once part of the British Empire adopted parliamentary systems.
DJ: DID YOU KNOW?
We watch for a global financial reform (GCR) yet fail to take into consideration the diversity of governing bodies and systems that actually inhabit the world. The world is a tapestry of diverse governance systems, each shaped by a unique blend of historical, cultural, economic, and social factors. Understanding why countries have different forms of government requires diving into the complex interplay of these influences.
To implement a GCR each sovereign’s governing body must be considered. One size does not fit all.
In some cases the historical context of a country plays a pivotal role in determining its government structure. Nations with a colonial past often inherit elements of their colonizers’ political systems. As an example, many countries in Africa and Asia that were once part of the British Empire adopted parliamentary systems.
Conversely, nations with revolutionary histories, such as the United States and France, often developed systems that reflect their struggles for independence and democratic ideals, leading to presidential and semi-presidential systems, respectively.
In other cases cultural values and social structures have shaped governance. In societies with a strong emphasis on communal decision-making and consensus, such as many indigenous communities, governance systems often reflect these principles. Some African nations incorporate traditional councils into their modern political frameworks. In other nations, the role of religion significantly influences government forms, as seen in the theocratic systems of Iran and Saudi Arabia, where religious doctrine guides political decisions.
Economic conditions can also drive the form of government a country might adopt. Industrialized nations with diverse economies tend to favor democratic systems that can adapt to changing economic needs and encourage innovation.
On the other hand, countries with economies heavily reliant on natural resources may develop more centralized forms of government, where control over resources can translate into political power, as seen in many oil-rich states.
For any type of universal financial system to integrate into the diversity of forms of government across the globe, it has to take into consideration the multifaceted nature of human societies. With that requires adaptation of a universal financial language ( Basel 3.5 and ISO 20022 with likely more to come). Most have adapted these languages but not all have yet.
Also keep in mind that each sovereign country must look after the specialized needs within their borders. In fact it is their duty, regardless of any particular governance structure, to make decisions that are beneficial to its people. In order to fulfill that function a country must be sovereign.
Sovereignty is crucial for a country as it ensures its autonomy and the ability to govern without external interference. It is essential for preserving a nation’s integrity, stability, and the democratic principle of self-determination.
This independence allows a nation to make decisions that reflect the will and interests of its people, maintain control over its resources, and implement policies tailored to its unique cultural, social, and economic needs. Sovereignty also enables a country to enter into international agreements and participate in global affairs on its own terms, thereby protecting its national identity and promoting its development.
So while the masses and Intel providers seem focused on the mechanisms being structured, developed and deployed for delivery of these funds it is the “behind the scenes” geopolitical activity that is crucial. How these funds will integrate into the diversity of governance structures is the key.
Anyone can build a boat but if there is no water to float it on all you have is a motor home with no wheels.
DJ
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Economics, Gold and Silver, News DINARRECAPS8 Economics, Gold and Silver, News DINARRECAPS8
The Latest RV And Economics Updates from the Seeds of Wisdom Sunday AM 6-30-24
Good Morning Dinar Recaps,
Iraqi Dinar: IBBC ISSUES MAJOR NEW PAPER ON DE-DOLLARISATION OF IRAQ
Professor Frank Gunter publishes a new paper commissioned as part of a series by IBBC's advisory council on the challenges of de-dollarisation for Iraq.
The Advisory Council members and IBBC members have actively contributed to the paper in the past 4 months. It will be presented online on the 18th June in a webinar and in person at the Spring Conference on 2nd July. The Arabic translation will be published soon.
Previous advisory papers include 2020, 'Iraq 2020: Country at the Crossroads', 'Corruption Worse Than ISIS: Causes and Cures Cures for Iraqi Corruption', 'Seaports and Airports of Iraq: Rules Versus Infrastructure' and 'Privatization of State-Owned Enterprises'.
The Latest RV And Economics Updates from the Seeds of Wisdom Sunday AM 6-30-24
Good Morning Dinar Recaps,
Iraqi Dinar: IBBC ISSUES MAJOR NEW PAPER ON DE-DOLLARISATION OF IRAQ
Professor Frank Gunter publishes a new paper commissioned as part of a series by IBBC's advisory council on the challenges of de-dollarisation for Iraq.
The Advisory Council members and IBBC members have actively contributed to the paper in the past 4 months. It will be presented online on the 18th June in a webinar and in person at the Spring Conference on 2nd July. The Arabic translation will be published soon.
Previous advisory papers include 2020, 'Iraq 2020: Country at the Crossroads', 'Corruption Worse Than ISIS: Causes and Cures Cures for Iraqi Corruption', 'Seaports and Airports of Iraq: Rules Versus Infrastructure' and 'Privatization of State-Owned Enterprises'.
Professor Gunter provides an analysis of the drivers of impact on the dinar exchange rate and examines how best to deal with the parallel market of dinars to dollars. He outlines the practical policy initiatives that should reduce the gap between the official and parallel exchange rates in the medium-term.
In particular he lauds the Government of Iraq on its commitment to tackle corruption and to modernise the banking system in one fell swoop but warns of the pressure on the dinar exchange rate as budgets are overstretched and the new banking recipients (state banks) receive the liquidity to enable the economy to perform.
He writes 'All three of these forces -the anti-corruption effort, the banking liberalization, and the lavish 2023-2025 budget- will create challenges for the management of the dinar exchange rate. One could argue that over the last two decades the Government of Iraq (GoI) had little control over its exchange rate; that exchange rate policy was determined by other sectors of the political economy in Iraq.
But even if this is true, the level of the exchange rate and changes in that level are believed by many Iraqis and foreigners as providing valuable insight into the quality of economic management in Iraq.
This importance is exemplified by the current efforts to de-dollarize the Iraqi economy while there is excess demand for dollars. This excess demand is shown by a parallel exchange rate of roughly 1500 dinars per dollar compared to the official exchange rate of 1310 dinars per dollar.
An important cause of this exchange rate gap is that the GoI, with the strong encouragement of the U.S. Federal Reserve, is attempting to reduce the use of the U.S. dollar in both Iraq's internal economy and its external transactions. Since 2003, the U.S. dollar has facilitated economic growth in Iraq by providing a widely accepted medium of exchange for purchases as well as a reliable store of value for savings. In the long run, whether de-dollarization will have a significant adverse impact on the Iraq economy will depend on how rapidly the GoI can increase both the efficiency of alternative mediums of exchange and the perceived security of alternative stores of value.'
© Newshounds News™
Source:Iraq Business News
~~~~~~~~~
To Boost Foreign Investments, Iraq signs Singapore Convention
From the UN Development Programme (UNDP). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.
In a landmark move to attract foreign investors to Iraq, the country celebrated its signing of the United Nations Convention on International Settlement Agreements Resulting from Mediation ("Singapore Convention").
Under the patronage of H.E. Prime Minister Mohammed Shia Al-Sudani, the United Nations Development Programme (UNDP) and the National Investment Commission (NIC) of Iraq hosted a high-profile conference on mediation today [Wednesday 26th June, 2o24].
Creating an environment for global investors
Kick-starting the conference on behalf of H.E. the Prime Minister Mohammed Shia` Al-Sudani, the Advisor to the Prime Minister, Nasser Saleh Abdulnabi Al-Asadi reiterated the government's unwavering focus on foreign investment.
"We are steadfast in our progressive reforms, striving to transform Iraq into an inviting and secure investment destination. Iraq's accession to the Singapore Convention is a significant milestone, fortifying our efforts to build a robust business sector. We will persist in our endeavours to bolster investment, combat corruption, and generate employment opportunities for our youth," he said.
On April 17, 2024, Iraq took a significant step by signing the Singapore Convention, as the Convention eases enforcement of mediated settlement agreements, paving the way for enhanced international trade and commerce between countries.
"Iraq is ready to strengthen its collaboration with countries across the globe to foster investment as well as diversify and increase its trade, and the Convention is an important tool for us to operationalize this," ` said Dr. Hayder Makiya [Makiyya], Chairman of the National Investment Commission.
Iraq enters its new chapter
The conference, generously backed by the European Union, was joined by the European Union Ambassador to Iraq, Thomas Seiler.
"We are working hand in hand with the government and UNDP to support the government's ambition to make Iraq a secure and attractive destination for foreign investments, including from the 27 EU Member States. Effective mediation opens a new door for Iraq's international trade and business."
Through its Anti-Corruption and Commercial Dispute Resolution Initiatives funded by the European Union, UNDP has also been working with Iraqi universities to build the capacities of law students in commercial dispute resolution, including mediation.
"With the signing of the Singapore Convention, Iraq is committed to transforming the landscape of commercial cross-border dispute resolution which will significantly impact businesses engaged in international trade and commerce. We will continue supporting the Government in legislation and building the necessary institutional and human capacity to make mediation work." said Auke Lootsma, Resident Representative of UNDP.
The hope is that Iraq's signing of the Singapore Convention is the foundational beginning the country needs in order to attract and instill confidence in investors who wish to do business there - creating a climate that is conducive and safe for foreign investment.
About the Singapore Convention
The Singapore Convention is a multilateral treaty that provides a uniform and efficient framework for the enforcement of international settlement agreements resulting from mediation. It applies to agreements concluded by parties to resolve commercial disputes and facilitates international trade by enabling easy cross-border enforcement of these settlements. As of 11 June 2024, the Convention has 57 signatories and 14 parties. Iraq is the most recent signatory of the convention.
About UNDP's Commercial Dispute Resolution Initiative
To create an inclusive ecosystem for investors and boost foreign investment, UNDP has been strengthening commercial dispute resolution legislation and practices in Iraq. In addition to the support for mediation, the initiative includes technical support for drafting new law on arbitration in compliance with the UNCITRAL Model Law on International Commercial Arbitration and international best practices. By facilitating consultations, workshops, and discussions with a broad range of stakeholders, UNDP aims to enhance capacity building and mainstream efficient commercial dispute resolution practices across the country.
© Newshounds News™
Source:Iraq Business News
~~~~~~~~~
DRAGON BOND: What it Means, How it Works
What Is a Dragon Bond?
A dragon bond is a long-term debt security issued by firms operating in Asian nations (excluding Japan), but denominated in foreign, stable currencies, such as the U.S. dollar (USD) or the Japanese yen (JPY).
Dragon bonds are Asian corporate bonds, ex-Japan, but denominated in a foreign currency.
Dragon bonds are denominated in currencies deemed to be more stable than the home currency to help mitigate the foreign exchange risk.
Dragon bonds, introduced by the Asian Development Bank (ADB) in 1991, are analogous to eurobonds issued by European corporations in foreign currencies.
Understanding Dragon Bonds
A dragon bond is a fixed-income security denominated in currencies deemed more stable than the home currency; it is seen as more attractive to foreign investors as a result. The rationale for structuring them to be as appealing as possible to investors outside of Asia is because they mitigate the foreign exchange risk that can impact returns as currency values fluctuate. Dragon bonds are similar to eurobonds in that they are denominated in foreign currencies that are liquid and stable, but in the Asian context instead of Europe.
Dragon bonds were first introduced in 1991 by the Asian Development Bank (ADB). Because of the foreign denomination, these can be more complex than other bonds because of international differences in taxation, regulatory compliance issues facing firms that issue them, plus limited liquidity in trading them in secondary markets.
Dragon Bonds and Currency Risk
Dragon bonds were created to broaden the market for fixed-income securities in Asia and develop more active Asian financial markets. Although Asian companies had issued bonds in local currencies, they appealed mostly to domestic investors limiting access to capital. Foreign investors were often reluctant to buy bonds dominated in currencies that could fluctuate rapidly. Currencies such as the U.S. dollar and Japanese yen were considered stable enough for accumulating assets.
For example, an Indonesian company might issue a 20-year bond denominated in Indonesian rupiah (IDR), with a coupon rate of 4-percent paid annually. If the U.S. dollar-Indonesian rupiah (USD/IDR) were 10,000 rupiahs per one U.S. dollar, then a 100-million rupiah bond would be the equivalent of $10,000. Each interest payment of 4 million rupiah would represent $400 at the time the bond is issued.
To an Indonesian investor, an investment of 100 million rupiah would pay 4 million rupiah per year with return of principal after 20 years. But for an investor buying such a bond with U.S. dollars, an unfavorable movement between the relative value of the two currencies could create extra risk.
If in the next year the exchange rate shifted from 10,000 IDR/1 USD to 11,000 IDR/1 USD, then the first coupon payment of 4 million rupiah would only be worth only about $364 instead of $400 as anticipated when the bond was first issued. The bond's 100-million rupiah face value would be worth about $9,091. And if the prevailing interest rate moves up, the value of the bond would be even lower.
However, a dragon bond denominated in USD, while still subject to interest rate risk, would not be subject to currency risk. The regional economy has changed significantly in the years since the introduction of dragon bonds in 1991, including the 1997 Asian financial crisis, and the growth of the Chinese economy. However, dragon bonds continue to help Asian markets attract more foreign investment.
© Newshounds News™
Read more:Investopedia
~~~~~~~~~
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