WHITE PAPER UPDATE (Stock Market)
White Paper Reforms are in progress as we can see the results today in the news. Where is the item 6, the FOREX reinstatement? Here are just a couple recent articles from late last week. Does it look like Iraq accomplished it goals with the Iraq three prong financial world – Banking sector, Stock Market, Insurance Sector?
Here is a list of many past and present articles on this matter:
Economy News – Baghdad
Al Mansour Investment Bank announced that it will start distributing cash dividends of 4.25% of the capital. The bank said in an announcement to its shareholders, seen by “Economy News”, that “the bank will start next Wednesday to distribute cash dividends to shareholders for the year 2022 at a rate of 4.25% of the capital based on the decision of the bank’s general assembly.”
Economy News – Baghdad
The Credit Bank of Iraq announced the distribution of cash dividends of 12% of the capital. “Cash dividends of 12% of the bank’s capital will be distributed to shareholders as of next Sunday, in the branches of Baghdad, Erbil and Basra,” the bank said.
Economy News – Baghdad
Iraqi Islamic Bank’s profits grew by 175% during the second quarter of 2023 compared to the same period in 2022.
According to its budget, the Iraqi Islamic Bank achieved a profit of 33.3 billion dinars until the end of the second quarter of this year, while its profits were 12.1 billion dinars during the second quarter of last year. This profit comes after banking operations revenues increased by 117%.
The bank’s assets increased by 14% to reach 1.6 trillion dinars, and the bank’s deposits increased by 31.4%, reaching 672.6 billion dinars.
The cash credit granted by the bank increased by 26%, reaching 510.3 billion dinars, compared to 405.6 billion dinars at the end of last year.
It is noteworthy that the Iraqi Islamic Bank, established in 1992, has a capital of 250 billion dinars, and owns 15 branches throughout Iraq.
______________________________
Q & A
Every so often I find it necessary to explain further what has already been said many times in my newsletters. These questions come from the comments made in my blog. So today I scanned the comments and pulled out many relevant questions. Obviously, I can not address every question.
Question: I understand that we’ve been told that Iraq has succeeded to be a full member of the WTO. Is there a reason why it’s still listed as an observer country nation rather than a full member. As for the WTO, if you look on their website, Iraq is not listed as a member (https://www.wto.org/english/thewto_e/acc_e/a1_iraq_e.htm#statusThanks
Mnt Goat Reply: So, I have showed you the article itself telling us that Iraq has met all the requirements for full accession to the WTO. If you click on the link, you provided, and scroll down to the very first meeting notes link 2004, you will clearly see that Request for Accession has been submitted. The last meeting held to update status working session was July of last year 2022. At that time, they noted 1 more year. It is now a year later. Look for their 2023 meeting and it will probably note the full accession. I believe they are waiting for this meeting to announce it. But there may be another reason too and it may be the lack of an international currency. Get it? They are just waiting for this occur. So what comes first the cart or the horse? We must bear in mind things are complicated sometimes and holdups do occur based on dependencies on other events. Things are not always as straight forward as we would like them to be. This is why I too keep saying – What the hell in the holdup to the reinstatement?
Working Party on the Accession of Iraq – Accession of Iraq – Request for Accession Pursuant to Article XII
Access:
Restricted
| | 11/10/2004 | | | 10 KB | | | Pages: | 1 | | | Doc #: | 04-4249 |
If we look at the document below on the progression of status, on the WTO site, we can clearly see that Iraq is much farther than what is showing here. This diagram needs to be updated. It is very old. As we read articles telling Iraq has paid up its fees and dues accordingly for all WTO consultation sessions. So, we know these sessions formally ended. What is the next step?
Iraq is already way over to the right in this diagram.
_____________________
Question: How many other countries that are members of the WTO do not have currency listed on the Forex. If there are none, can the U.S. be embarrassed or fined for holding up the Revaluation?
Mnt Goat Reply: I can not see any countries trading with international trading organization status with benefits of the WTO without an internationally recognized currency. How would they trade without it? Trade needs conversion of currency rates. I do not believe the US would be embarrassed about anything. I believe the workings are done for full accession to the WTO and may be waiting to make the formal announcement for the currency reinstatement to occur. Even though it may seems like a long time to us waiting weeks or months this is just time for them and it is all going to work out in the long run. Just be patient. Again, I am telling you to stop looking at a single event as a trigger and just relax! 😊
____________________________
Question: Is the contract price for the dinar available for Canadians, eiter for the dong or the dinar?
Mnt Goat Reply: No, but if I were you, you might want to consider coming to the US to exchange or having a friend or relative in the US exchange your currency for you. Hope it all works out for you, but still if it does not the “market” rates of both currencies is going to be great anyhow.
____________________________
Question: When Obama and his cronies cashed out… did they get paid cash or with SKR’s? Thank you as always!
Mnt Goat Reply: What happened in the exchanges is a mixed bag. The senators and congressmen who voted and supported the war were invited to take part. It is my understanding they exchanged, took their money and ran. This part was of course illegal since the reinstatement actually did not happen and US Treasury sanctions on the IQD currency were still in force. It was the US Treasury that allowed the banks to exchange. So who was the real culprit? Someday this will also be all exposed and I am sure a whistleblower will shortly come forward on this scandal too. The American people must wake to what these bastards have been doing to fill their own pockets using their political influence and positions of office. Obama right now it trying desperately to distance himself and his friends from the crime by putting time between the event. They are hoping to run out the clock on the statutes of limitations. Could this be our holdup too over these years? Just asking…The other exchanges who were family, friends, neighbors, etc, who got caught up in the so-called CBI scandal when they shut down the exchanges in December 2012. These people got SKRs.
____________________________
Question: Article 140: This sounds like this process could take years to complete. So this begs the question, is the full enactment of article 140 of Iraqi constitution necessary for the reinstatement of the dinar? Thank you for all you do!
Mnt Goat Reply: I fully believe that Article 140 will also be settled as a result of the Oil and Gas law. Actually Article 140 is a huge part of the reason why the Oil and Gas law has taken so long.
____________________________
Question: So you & the Cbi stated the Oil & has law is a needed law for a fully implemented constitution. My question is if there are other laws you know of that must or should be made to acquire said full implemented constitution?
Mnt Goat Reply: Constitution wise there is also Article 140 but I believe this too will be settled with the Oil and Gas law or shortly afterwards. There is no requirement for a “referendum” or law specific to Article 140 required. I hope this helps.
____________________________
Question: Hello Mountain goat appreciate all you do. I was wondering if the US could be holding it back till they launch the new fednow system ? Thanks
Mnt Goat Reply: So, for readers who don’t know what the “FedNow” system is let me first cover this. The FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments in real time, around the clock, every day of the year. This is the only difference from the existing Swift System. Institutions desiring to participate will have to upgrade code in their systems to integrate with it. So why should this effect the RV? You tell me because I have not even a clue. Who told you it would? Why would you even ask? Are you trying to target the RV once again to one single event?
For more information please see link below:
No comments:
Post a Comment