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Goldilocks and Seeds of Wisdom
Goldilocks posted some news links with comments to help us better understand financial global news:
Our world has changed these last 3 years. The de-dollarization of the US dollar is about to be felt around the world.
This will create new norms inside the Forex Market. Other currencies will begin to have breathing room to grow into their real values.
P*****g foreign currencies to gold, rather than, the dollar will give these dormant currencies new life and new opportunities.
The Great Transfer of Wealth and Power among our Nations is currently formulating a new look at our world revealing new opportunities for growth never seen before in history.
Welcome to the Age of Creativity.
https://nationalinterest.org/feature/west-must-prepare-long-overdue-reckoning-206538
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“Based on the decision of the Board of Directors of this bank No. (88) for the year 2023 in its session numbered 1636 held on 6/4/2023, it was decided to withdraw the license of the company that may mediate in the sale and purchase of foreign currencies, confiscate the letter of guarantee in favor of this bank, cancel the certificate of incorporation granted to it, and provide us with a letter to delete the name The above company is from the records of the Ministry of Commerce / Companies Registration Department.”
You may be asking yourself why this is happening at a time when an expected rate change is so close.
The evidence is clear from recent writings and articles. Iraq is going through JP Morgan.
I do not expect this to be a permanent position for JP Morgan. Rather, it is a temporary and transitional necessity at the moment.
Iraq’s banking system is currently going through logistics training on the FEDNOW International Payment System, and this will go a long way in moving their banking system forward.
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Per CBI Banker Contact, the rate change is not expected to be revealed in the budget. Now, don’t lose heart because you thought this is where you were going to see it.
In a real way, Iraq and JPMorgan are working out new ways of doing banking operations. Foreign Currency gains/losses are a part of formulating Bank Operations. They are factored into the expenses of a bank. And, a revalued rate will keep this section of their Bank out of the red.
Iraq has a large amount of foreign currency reserves to protect their Banks during times of a crisis. This, along with gold reserves, will move them into Basel 3 compliance.
Iraqi News LINK
TaxGuru LINK
Indeed LINK
this will really stir things up
Source: Dinar Recaps
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