Thursday, December 14, 2023

Central Bank achieves new step in right direction to regulate foreign trade, 15 DEC

 Central Bank achieves new step in right direction to regulate foreign trade, 15 DEC

Our national economy has been suffering for two decades from a lack of clarity of methodology, fragmentation of policies and uncertainty in economic decision-making, in addition to being affected by economic, political and security variables in the countries of the world and the countries of the region.


And inside Iraq, which clearly led to the lack of stability in the monetary system and the financial system and thus to the lack of achieving the required economic stability and what increased the complexity of the matter is the weak coordination between monetary policy and the fiscal policy and thus the lack of clear policies for the real sector, especially for agriculture, industry and trade, both internal and external, and certainly the impact on the lack of control over the operations of foreign transfers of imports in US dollars, which confected the monetary market and the commercial market during the years 2021 and 2022, and the obligation of Iraq by the US Federal Reserve to pass all foreign transfers through the electronic platform according to new controls and strict control to control the arrival of the dollar to the final beneficiary.


In addition, the lack of control of the government concerned authorities over illegal trade and the lack of control over unofficial border crossings, which forced the Central Bank to assume its role specified by Law 56 of 2004 and takes as of the first quarter of 2023 a large number of procedures, mechanisms and negotiating efforts with the US Federal Reserve and banks of other countries with which Iraq has an important trade exchange, such as China, India and some discreet correspondent banks for the purpose of regulating foreign trade operations and controlling the movement of foreign transfers in accordance with sound international banking standards.

The efforts of the Central Bank last week, after a number of negotiating rounds that lasted for several months, resulted in reaching a new agreement with the US Federal Bank and in cooperation with the banks (Ste Bank), (JP Morgan) and (Singapore Development Bank) and through some Jordanian banks, which have accounts open for some Iraqi banks, to open new banks, strengthen their balances in US dollars and use new currencies, namely the euro, the Chinese yuan, Indian rupee and the UAE dirhams, with the aim of increasing the reception channels of traders and importers, 

facilitating their foreign transfer procedures, shortening the time limits of foreign transfers in the electronic platform and addressing the rejections that previously occurred to some transfers of some traders.
As well as issuing instructions to allow banks to import foreign currencies that they need for the purposes of covering their daily transactions in accordance with special conditions and controls under the supervision of the Central Bank, the success of these steps requires the banks covered by the agreement with the US Federal Reserve and wishing to import foreign currencies

 to provide the necessary requirements and provide all the conditions and capabilities to attract traders, importers and customers in accordance with the standards and controls that have been agreed upon. This may require some time to enter the new method of foreign transfers with direct coverage of the correspondent banks that have been agreed with for direct implementation to enhance banking balances and diversify foreign currencies.


I believe and without a doubt that the Central Bank has begun to implement its new strategy with solid steps based on an accurate diagnosis of the problems of external transfers and the stability of the exchange rate. We hope that the number of banks covered and the number of discredent international correspondent banks whose dealings receive confidence from central banks, including the US Federal Bank, will increase and that the crisis of exchange rate stability has begun to take a breakthrough.

https://economy-news.net/content.php?id=37554

Crescent Petroleum prepares a $1 billion investment in Iraq, 15 DEC

 Baghdad (IraqiNews.com) – Crescent Petroleum plans to invest up to $1 billion in Iraq as part of a deal it struck with the Iraqi government in early 2023.

According to the CEO of Crescent Petroleum, Majid Jafar, the investments are in concession areas in the northeastern governorate of Diayla and the southern oil metropolis of Basra.

Crescent Petroleum has conducted an initial assessment of the gas reserves in the Kurdistan region of Iraq and has determined that these reserves are around 80 trillion cubic feet, according to Jafar’s statement cited by the Aliqtisad News.

Jafar explained that in addition to large quantities of crude oil, Crescent Petroleum’s goal is to create 750 million cubic feet of gas per day in Basra and Diyala.

“Although we may increase our initial investment by several times over the course of the 20-year contract, we still intend to invest close to $1 billion,” Crescent Petroleum’s official stated. 

Crescent Petroleum and Iraq concluded a 20-year agreement in February 2023 to develop four oil and gas projects in Basra and Diyala.

"RV UPDATE" BY CLARE & SANDY INGRAM, 15 DEC

 Clare

  Article:  "Iraq agrees with the UAE to launch financial transfer and trade financing operations between the two countries"

  Quote:  "The Central Bank stated in a statement...that Central Bank Governor Ali Mohsen Al-Alaq met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hana Al Rostamani, indicating that during the meeting it was agreed to launch financial transfer operations between the two countries and finance trade and imports between them. Iraq and the United Arab Emirates in the UAE dirham currency through First Abu Dhabi Bank "

 Article:  "Samsung: Iraq represents the most prominent market in the Middle East"

Sandy Ingram 

 Article: "CIA warns Baghdad of serious consequences if attacks against US personnel  continue"  Since October 17th the US presence in Syria and Iraq has been under constant threat. 

Sudani: Economic reform is its gateway to financial and banking reform, 15 DEC

Sudani: Economic reform is its gateway to financial and banking reform

Prime Minister Mohammed Shiaa Al-Sudani said on Thursday that: “Economic reform is its gateway to financial and banking reform,” while noting that “the government is committed to providing the dollar at the official price, and stressed its keenness to end the suffering of Kurdistan employees due to their salary delays,” Al-Sudani said in a televised interview followed by “informed” that: “Conducting the population census is the first steps to implement Article 140 of the Constitution was postponed to 2024 after it was scheduled to be held this year because of the provincial council elections,” pointing out that “it is time to raise the outstanding problems between Baghdad and Erbil, which lies at the border and budget ports.” 

He added, “We went to borrow from the Ministry of Finance to pay the salaries of the employees of the Kurdistan region and we are with finding a solution with a legal amendment that considers the employees of the Kurdistan region like the rest of Iraq’s employees,” stressing that “the government is keen to end the suffering of the crisis of the salaries of Kurdistan employees.” On the other hand, “economic reform is its gateway to financial and banking reform and the issue of the exchange rate requires this reform and we are committed to providing the dollar at the official rate to traders, investors, contractors, students and travelers.”

 He pointed out that “95 percent of our trade now passes through the electronic platform and there are those who circumvent the law and buy the dollar at the parallel price because he does not want to implement legal procedures.” “We will not accept that the official dollar rate is equal to the parallel rate because it encourages smuggling,” he stressed. On foreign trade, Al-Sudani said: “There is no problem for the Iranian side in dealing with trade with Iraq in dinars or toman.” “The problem of commercial transfers to Turkey has been solved by opening accounts in Turkish lira,” he continued. He stressed that “food prices have remained stable, despite the attempt of manipulators to speculate on the price of the dollar.”

اقرأ المزيد على الرابط : https://almutalee.com/news/السوداني-الإصلاح-الاقتصادي-بوابته-الإصلاح-المالي-والمصرفي

"RV UPDATE" BY WALKINGSTICK, 14 DEC

  Walkingstick 

 Why only [spend] 20% [of their budget] in 11 months?  IOO they're waiting for a new exchange rate.  They're going to use their currency...pressure will be reduced on the citizens by adding value to their currency...Stop using the dollar on January 1, 2024 because the monetary reform education is the key and we're telling you what we are doing.  IMO they are telling them all so they will understand where the monetary reform process is at at this moment.

 Why only [spend] 20% [of their budget] in 11 months?  IOO they're waiting for a new exchange rate.  They're going to use their currency ...pressure will be reduced on the citizens by adding value to their currency...

Stop using the dollar on January 1, 2024 because the monetary reform education is the key and we're telling you what we are doing.  IMO they are telling them all so they will understand where the monetary reform process is at at this moment.

 The 1st of January is when no other currency will be used by Iraqi citizens inside the country except their own currency.  Don't you think that's a clue!  They are pretty much telling you without telling you.  Can you pick up on this intent?  You don't have to be a detective to pick up on a clue like this!

"ANALYSIS OF RECENT NEWS OF IRAQ" BY MNT GOAT, 14 DEC

 REVEALING A DEEP DISAGREEMENT BETWEEN BAGHDAD AND WASHINGTON OVER THE AMERICAN PRESENCE IN IRAQ – URGENT

The past weeks have witnessed a long series of attacks on positions occupied by American soldiers in Iraq. Iraqi factions also targeted the American embassy building in Baghdad, and fired missiles towards the Americans in Syria 

It was noteworthy that US Secretary of State Anthony Blinken made repeated contacts with Iraqi Prime Minister Muhammad Shia al-Sudani, and visited Baghdad once, and US statements always indicated the need to protect American soldiers and diplomats, and considered this the responsibility of the Iraqi government “because it is the host government”.

Serious Disagreement

US Secretary of Defense Lloyd Austin called the Sudanese at least once, and the Pentagon statement at the time repeated what the State Department had said, including thanking the Sudanese government because it considered the attacks a “terrorist act .”

 However, upon verifying the content of the communications between the American ministers and the Prime Minister of Iraq, it became clear, according to Al-Arabiya and Al-Hadath sources, that there is a deep disagreement between the two parties .

Sources in Washington confirmed to Al-Arabiya and Al-Hadath that the Iraqi government’s words denouncing the attacks were limited to the headquarters of the American embassy, ​​and did not include attacks on American soldiers. Ministers Blinken and Austin expressed in their communications their commitment to the Iraqi commitment and condemnation of the attacks on American soldiers .

There are not many details about the outcome of the claim, but it seems that it has not reached a conclusion .

” The American raid is an assault “

Iraqi Prime Minister Muhammad Shiaa al-Sudani expressed his categorical rejection of the American raid in response to the attacks launched by the Iraqi factions, and in his conversations with American officials, he considered that the United States had “blatantly” violated Iraqi sovereignty when the American forces took the initiative and bombed the positions of one of the Iraqi factions and killed a number of members, hours after an attack on American soldiers .

(These are Iranian militia targeting US soldiers in order to force the GOP to force the withdrawal of American soldiers. Iran does not like the US presence and what will happen AGAIN once they are gone, if they pull out. Remember 2004          and ISIS? )

The Americans repeated during their contacts that this was the right of reply, and they insisted on doing the same in the future .

Sources for “Al-Arabiya” and “Al-Hadath” said that this dispute prompted the two parties to begin seriously discussing a timetable for the withdrawal of American forces from Iraqi territory  .

Disagreements Accumulate

These sources did not confirm that Iraq was the one who initiated the request, but it is clear that talk of the Americans’ withdrawal occurred more than once .

Previous information stated that US Secretary of State Anthony Blinken indicated in talks with the Iraqi Prime Minister that repeating the attacks would mean the withdrawal of the Americans and the rest of the coalition forces from Iraq because the matter is unacceptable, and this time it appears that the Iraqis were the ones who raised the issue of withdrawal due to the US raid on the site. The Iraqi Hezbollah Brigades on November 21 .

The impasse begins with the fact that the Iraqi government considers it difficult to oppose attacks on American forces. Many Iraqis view the American forces as “occupying” forces and cannot be defended, just as they are obligated to protect American diplomats on the territory of the host country .

They are no longer consultants

The Iraqis also consider that after the bombing, the presence of American forces in Iraq is no longer advisory and auxiliary, as was agreed upon with the Joe Biden administration at the end of 2021, and the new mission for the Americans began in the year 2022 .

The Americans consider Iraq to be a strategic interest for them and do not want to withdraw from it. This was confirmed by US government spokesmen two weeks ago when they were asked about the situation in Iraq .

The Americans also say that their mission in Iraq is still necessary to confront ISIS and ensure that the terrorist organization does not return to any previous activity, and they do not disclose that their presence in Iraq helps them achieve other goals, such as balancing the rising Iranian influence on Iraqi territory .

Exit by mutual consent

The Iraqis, for their part, at least the Prime Minister’s government did not want the Americans to leave, and now they do not want a chaotic exit or in a turbulent atmosphere.

When the American forces left at the end of 2011, the Iraqi government was keen for things to appear to be in agreement between the two parties, and the two parties showed clear concern for some details such as the handover and delivery programs .

 One of the oddities of the relations between the two countries is that Joe Biden, the current President of the United States, visited Iraq at the time and was the US Vice President at the time, and Lloyd Austin was the commander of the US forces in Iraq when they lowered the flag and left, and he is now the US Secretary of Defense .

The Iraqis assert that they do not want to replace the American presence with any other presence or influence, alluding to the Iranian military and political presence, but the current government will find it necessary to balance the various Iraqi movements. So far, there is no opposition to the American exit, but the Kurdistan Regional Government and some Iraqi Sunni movements may find The Americans’ departure created a vacuum that they had not hoped for, while other movements, such as the Sadrist movement and the Iraqi factions loyal to Iran, called for the departure of American forces and considered them “occupation forces.”

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

Al-Sadr directs his supporters: Do not attack their “corrupt” elections and preserve Iraq’s stability, 14 DEC

 Al-Sadr directs his supporters: Do not attack their “corrupt” elections and preserve Iraq’s stability

Al-Sadr directs his supporters - Do not attack their corrupt elections and preserve Iraqs stabilityShafaq News/ On Wednesday, the leader of the Sadrist movement, Muqtada al-Sadr, directed his supporters not to attack electoral centers for the provincial council elections, which he described as “corrupt elections.”
Al-Sadr said in his account on the “X” platform (formerly Twitter), “We are people who are purified of the filth of their corruption and the ploy of their elections. They are people who corrupt… and God does not like corruption. So be pure and do not attack their corrupt elections… and preserve Iraq’s security and stability and Gaza’s dignity.. The Commander of the Faithful also maintained stability after the robbing of his caliphate and the attack on his beloved Fatima al-Zahra. Iraq is your responsibility, religion is your responsibility, and doctrine is your responsibility.”
Provincial council elections are scheduled to be held next Monday, December 18, in all Iraqi governorates except the Kurdistan Region.

"ANALYSIS OF RECENT NEWS OF IRAQ" BY MNT GOAT, 14 DEC

 CORRUPTION IN IRAQ: PARLIAMENTARY STATEMENTS ABOUT THE LOSS OF $21 BILLION

Statements about corruption in Iraq raised controversy again, after a member of the Finance Committee in the Iraqi Parliament, Muhammad Nouri Al-Khuzaie, announced the disappearance of 35 trillion Iraqi dinars (more than 21 billion dollars). The dispute escalated in Iraqi circles, and a sharp division occurred within the ranks of the Finance Committee in Parliament, amid the severe criticism directed by Al-Khuzaie regarding the financial policies adopted by the Central Bank of Iraq .

Al-Khuzaie said in press statements related to corruption issues in Iraq that more than 35 trillion printed Iraqi dinars do not exist inside Iraq, and that there are only two neighboring countries that deal with Iraq in dinars , including Iran.

He added that the control of the parties and the existing quotas within the financial system are what established the failure of the economic system in Iraq, criticizing the financial and administrative policy under which the Central Bank of Iraq operates.

He pointed out that the control of some influential parties over the Central Bank’s decisions affected the exchange rate of the dollar , adding that “the biggest mistake was pricing the dollar in the budget at 132 thousand compared to 100 dollars because it cost Iraq a loss of more than 9 trillion dinars and the difference between it and the market prices became large.”

Criticisms and Denials

Al-Khuzai’s statements about corruption in Iraq aroused the anger and dissatisfaction of the Chairman of the Finance Committee in Parliament, the representative of the State of Law coalition, Atwan Al-Atwani, who issued a statement in which he said: “We followed with great astonishment and disapproval the irresponsible statements made by Representative Muhammad Al-Khuzai during his hosting on one of the satellite channels for the talk. About the monetary policy in the country and the procedures of the Central Bank of Iraq.

Al-Atwani added in a statement issued by the Finance Committee, which he chairs: “We categorically deny the allegations that Mr. Representative (Al-Khuzaie) spoke about, as they lack credibility, accuracy, and objectivity, and indicate his lack of familiarity with the committee’s procedures and duties. We express our strong rejection of these allegations because of the great offense they carry.” “For the tasks and duties of the Parliamentary Finance Committee in particular and the legislative authority in general,” stressing that an investigation has been opened to determine the authenticity and source of these statements, which he described as “dangerous.”

epresentative Muhammad Nouri Al-Khuzaie responded quickly to the statement issued by the Chairman of the Finance Committee, stressing that this statement was not known to the members of the Committee, and that he would legally demand that the Chairman of the Finance Committee be withdrawn due to this personal decision, as he described it.

Exceeding Powers

Al-Khuzaie said during a phone call with Al-Arabi Al-Jadeed that the statement issued by the Chairman of the Finance Committee on December 9 was issued personally by the Chairman of the Committee without the knowledge of the rest of the members.

He added that this statement contains a lot of “lies”, attacks and personal transgression outside the limits of the authority of the Chairman of the Committee, stressing that Al-Atwani replaced the Central Bank and defended its failed financial and monetary policy.

Al-Khuzaie confirmed that he bears full responsibility for the information he disclosed to the media, about the disappearance of huge amounts of money, and the Central Bank’s mismanagement of the file of preserving funds and managing the crisis of the rise in the dollar exchange rate.

The Central Bank denied the accusations made by Representative Muhammad Nouri Al-Khuzaie about the disappearance of large amounts of local currency and their smuggling to neighboring countries, indicating the nature of the Iraqi currency and its quantities.

The Central Bank said in a statement that the alleged accusations of the disappearance of large amounts of Iraqi currency and their smuggling to some neighboring countries are not true, and that the quantities of Iraqi currency are printed according to the needs of the Iraqi economy within strict standards.

He stressed that the Central Bank is the only institution in Iraq that is subject to auditing of accounts and financial operations from four parties, which are: the Financial Supervision Bureau, an international auditing company, a committee of external auditors, and the Internal Audit Department.

He pointed out that making accusations about corruption in Iraq without providing any evidence to confirm them calls into question the intentions, and their goal is to harm the state’s economic interests, stressing his legal right to prosecute anyone who promotes such accusations.

Corruption is on the rise in Iraq

In its statement last year on corruption in Iraq, the former Parliamentary Integrity Committee estimated the volume of smuggled funds since 2003 at about $350 billion, equivalent to 32 percent of Iraq’s revenues during these years.

Last Sunday, the head of the Federal Integrity Commission, Judge Haider Hanoun, met with a delegation of officials in the United States of America, including Jesse Baker, Deputy Assistant Secretary of the US Treasury, to discuss the possibility of cooperation between the Iraq Money Recovery Fund and the US Treasury.

In a statement issued by the Integrity Commission, the head of the commission expressed the urgent need to help the US Treasury recover Iraqi funds that were lost before 2003 by the previous regime.

In this context, the economic researcher, Omar Al-Halbousi, believes that the issue of smuggling Iraqi funds abroad is greater than the procedures of the Integrity Commission, because there are influential parties with strong authority within the Iraqi state that stand behind the smuggling of funds.

Speaking to Al-Arabi Al-Jadeed, Al-Halbousi accused unnamed regional countries, militias and parties of being behind the Iraqi currency smuggling operations, pointing out that there are countries that used their powerful tools to provide facilities for smugglers, until there was a conflict inside Iraq between these countries to bring in the largest number of smugglers. For her own good.

Al-Halbousi explained that the Integrity Commission will not be serious in confronting the disappearance of Iraqi funds, regardless of their value, and the issue of announcing the recovery of lost funds from Iraq before the year 2003 is an attempt to cover up the larger thefts that occurred after the year 2003.

(Sounds like the corruption in the U.S. When will it be exposed and justice served.)

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

CBI agrees with US to meet its requests for cash shipments for 2024, 14 DEC

 CBI agrees with US to meet its requests for cash shipments for 2024


Shafaq News / The Central Bank of Iraq announced on Thursday that it had reached an agreement with a United States delegation to meet the bank's cash supply needs in dollars for the upcoming year. 

In a statement released today, the bank mentioned that its delegation concluded meetings with representatives from the US Federal Reserve and the US Treasury in Dubai. 


The meetings resulted in several agreements aimed at supporting CBI’s policies. These agreements focus on facilitating Iraqi banks in establishing relationships with correspondent banks and gradually transitioning towards enhancing pre-funding for these banks' accounts. 

The statement clarified that this aligns with the Central Bank of Iraq's previously announced plan to gradually reduce reliance on the electronic platform, aiming to discontinue its use during the coming year and restricting it solely to financial transfer registration for monitoring, auditing, and analysis purposes. 

The statement quoted Ali Al-Alaq, the Governor of the Central Bank of Iraq, emphasizing the Central Bank's dedication to supporting Iraqi banks, enhancing their capacities, and aligning them with international practices. 


As per the statement, there was an agreement and approval from the aforementioned entities to fulfill the Central Bank of Iraq's requests for cash shipments for the year 2024. 

The meetings witnessed several understandings aimed at enhancing the capacities of Iraqi banks and bolstering their compliance with international standards, according to the Iraqi Central Bank's statement.


https://shafaq.com/en/Economy/CBI-agrees-with-US-to-meet-its-requests-for-cash-shipments-for-2024

"ANALYSIS OF IRAQ RECENT NEWS" BY MNT GOAT, 14 DEC

ASSOCIATED PRESS”: WASHINGTON SENT MESSAGES TO AL-SUDANI STATING THAT ITS PATIENCE IS RUNNING OUT!

The Associated Press revealed The American newspaper said that the attacks on American bases by the factions are forcing the Baghdad government to strike a balance that becomes more difficult day after day, while it indicated that Washington sent messages to the Sudanese government stating that its patience is beginning to run out.

The agency says in a report translated by Al-Sumaria News, “Dozens of attacks on American military installations by factions in Iraq during the past two months, with the intensification of the war between Israel and Hamas, forced Baghdad to take a balanced measure that has become more difficult day after day,” noting that “The missile attack on the US Embassy in Baghdad on Friday marked a further escalation as Iraqi officials seek to contain the fallout from the latest war in the Middle East.”

She adds, “Iran has great influence in…Iraq“, pointing out that “there are about 2,000 American soldiers in Iraq under agreement with Baghdad, mainly to counter the terrorist organization of ISIS”.

She continues, “Baghdad it also relies heavily on waivers Washington From sanctions to purchase electricity from Iran, and since the 2003 US invasion, reserves have been put in place Iraq of foreign currencies at the US Federal Reserve, giving Americans significant control over supplies Iraq of dollars”.

The agency explains in its report, “Sudani’s ancestors also had to walk a delicate line between Tehran and Washington but the war between Israel and Hamas has greatly increased the risks.”

Since the outbreak of war on October 7, a group of Iraqi militants called the “Islamic Resistance in Iraq” Responsible for at least 92 attacks on US bases in Iraq and Syria. They say their attacks are in response to support Washington to Israel and its military presence in Iraq and Syria, according to the agency.

The agency reveals that “Washington she sent messages saying that her patience was running out.”

After the attack on the embassy, the Pentagon said that Defense Minister Lloyd Austin he made it clear to Al-Sudani that attacks against American forces must stop.”

The US Secretary of State said Anthony Blinken For the Sudanese  Washington It expects Iraqi officials to take further measures to prevent such attacks, and believes they have the ability to do so, a US official told the agency. 

An Iraqi official said that the CIA Director William Burns During his recent visit to the region, Al-Sudani warned of “serious consequences.” If he doesn’t move Iraq to stop attacks.

In a call with the Iraqi Prime Minister earlier this month, Blinken said that the Americans would take matters into their own hands, arguing that Baghdad did not do enough to pursue the perpetrators, according to two Iraqi officials who spoke on condition of anonymity to the agency.

In early November, Blinken met with Al-Sudani in Baghdad one day before the Iraqi Prime Minister’s visit to Tehran. Al-Sudani had obtained a specific promise from the armed factions not to launch any attacks during Blinken’s visit, according to an Iraqi official. After the visit, Al-Sudani carried a message from Blinken to Iran to rein in the factions, according to the agency.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

"RV UPDATE" BY MNT GOAT, 14 DEC

 Mnt Goat 

 I asked [my CBI contact] what the next targeted steps were and I was told that the committee does not even know and were told just to standby and the CBI is going to try to “push” to continue as they are ready for the next step in the process.  I was told the IMF is negotiating the new peg for the dinar but to remember it impacts all countries in this new peg not just Iraq.  I was told this is close to being completed and should be done this week ending. This lines us up for next week to begin the currency sway [swap ?] out, but they told me it is delayed until further notice.   

So, at least we now have a timeline when they did plan it and still could do it based on what happens with the US bombing issue. My contact did reiterate that the process now is irreversible and must go forward. The US had already given assurances they would not back out if the CBI moved ahead. So all I can say is let’s sit tight and watch what does happen in the coming week.

 ...just recently Iraq now began broadcasting news in-country to the citizens that the dinar is an “issue of a homeland” in a real way...a patriotic video...is telling the people that the dinar is valuable and will revitalize the nation...It DOES NOT say the dinar is going to be stronger than the dollar, but it does tell the citizens they should be very proud of their national currency and that it is very valuable. Valuable at 1/6 of a penny? ...something BIG is about to happen with the dinar...

Starting today…a third of Iraq’s imports will be freed from the control of the dollar, 14 DEC

 Starting today…a third of Iraq’s imports will be freed from the control of the dollar

2023-12-13 | 03:01
Starting today...a third of Iraqs imports will be freed from the control of the dollarThe Central Bank of Iraq announced today, Wednesday, the launch of the process of financing Iraqi imports from the Emirates with the Emirati dirham.
The Central Bank of Iraq stated in a statement received by “Al-Sumaria News”, “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hana Al-Rustamani, and during the meeting it was agreed to launch financial transfer operations between the two countries and finance trade and imports between Iraq.” And the United Arab Emirates in the UAE dirham currency through the First Abu Dhabi Bank.
The bank indicated that transfer operations in the UAE dirham will begin today, Wednesday, December 13, and the first phase of this agreement will be with five Iraqi banks, which will be gradually increased. He stated
that “this step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it serves… “Towards reducing dependence on the electronic platform for financial transfers and working in accordance with the normal international practices adopted in strengthening Iraqi bank balances for the purposes of financing trade.”
Iraq’s imports from the UAE annually amount to more than 20 billion dollars, most of which are considered re-exports of goods from other countries, out of total imports to Iraq. It amounts to 60 billion dollars annually.
Accordingly, this means that approximately 35% of Iraq’s annual imports will not be made through the dollar in the future.
alsumaria.tv

"STATUS OF THE RV" BY MNT GOAT, 14 DEC

STATUS OF THE RV

I have to tell you I am disappointed at what I am hearing from Iraq. But there is some good news too and the bad news could change suddenly, as I am told. 

No, the RV has not yet happened. I will address my conversation with my CBI contact from yesterday also later on in this section. First I want to address some more weird news that I feel is not giving the entire picture of what is going on in Iraq with the financial reform process. These articles can be deceptive if you didn’t already know better and read articles from the past that contradict them.

Today, Thursday (December 14, 2023), the Central Bank of Iraq announced the end of its meetings with the delegation of the Federal Reserve and the US Department of the Treasury in Dubai. The meetings resulted in a number of agreements related to supporting the policies of the Central Bank of Iraq in its orientation to support Iraqi banks in establishing relationships with correspondent banks and the gradual transition of operations to enhance the advance balance of the accounts of these banks, and this is consistent with what the Central Bank of Iraq previously announced in its plan to gradually reduce from relying on the electronic platform to ending its work within the next year 2024 and limiting it to recording financial transfers for the purposes of control, auditing and analysis.”

According to the statement, the Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed that “the Central Bank is determined to support Iraqi banks, enhance their capabilities and prepare them to work in accordance with international practices,” while the statement explained that “it was agreed and approved by the above authorities to meet the requests of the Central Bank of Iraq for cash shipments for the year 2024″.

Meanwhile Iraqi Banking expert, Mahmoud Dagher, on Wednesday said it was impossible for the Central Bank of Iraq to prevent dealing in dollars in the country. He said and I quote from the article – “The Central Bank cannot prevent dealing in the dollar. There is nothing in the banking law or in the instructions of the Central Bank that supports this approach” He claimed they have no right, and dealing in the dollar will continue as dealing with the dinar. But what does this last statement really mean. Does it mean dealing in dollars in the hands of the citizen or the banks?

I want add that as investors we read the CBI policy that will begin Jan 1st 2024 and it did not say that there would be no dollars used in Iraq. What Ali al-Alaq did say as a new policy, is that the banks will still maintain accounts for depositors in dollars. However, within the country of Iraq, if these dollars are withdrawn from the banks they will be converted to dinar. This is the end result of the de-dollarization process of 2023.

So, in part Banking expert, Mahmoud Dagher is correct but in part is seems he is barking up the wrong tree in emphasizing to correct something that does not need correction. The CBI policy was stated very clearly and he should go read it first before publishing such statements. Such statements only add to the confusion in people’s minds. We have to be careful in the translation from Arabic to English as meanings are also lost.   

Then there is Economist Ziyad Al-Hashemi who said on Wednesday that the financing process for the Development Road Project has reached a dead end, after Iraqi efforts to obtain the investment financing necessary to launch this project faltered. He added, the latest is the Turkish President’s efforts to persuade Qatar and the Emirates to invest in this project, which seems to have not led to a satisfactory result. Oh boy nothing but bad news today….But we know that China has already invested billions into the “Silk Road” project, as we read these articles too in the recent past. So, we must consider why Turkish, Qatar and Emirates investors do not, as this time, want to invest in this project. It is not that the project “faltered” but rather they do not wish to compete with China.

So today another one bites the dust! Last week we read about the Central Bank of Iraq began covering retailers’ imports from Turkey with tens of millions of euros as an initial payment, in implementation of the banking arrangements agreement concluded with Turkey last week. This period of news we read news about another country with international payment arrangements made outside of using the US dollar. So recently the Governor of the Central Bank of Iraq, Ali Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hanaa Al-Rustamani. During the meeting, according to a statement by the Central Bank, a copy of which {Al-Furat News} received, “it was agreed to launch financial transfer operations between the two countries and to finance trade and imports between Iraq and the United Arab Emirates in the UAE dirhamcurrency(not the dollar)   through the First Abu Dhabi Bank, as transfer operations in the UAE dirham began this day, Wednesday.” December 13.” WOW, WOW, WOW. This is all good news for our investment.

However, I also want to caution you as citizens of the U.S. Yes, this may be good for our reinstatement of the dinar process but there are ramificatios too. This de-dollarization can be very bad for the value of the dollar throughout the world. Remember the dollar is the standard of median of exchange throughout the world. It has helped stabilize the values of other currencies as it was the standard to which all other currencies gauged. But with the massive debt caused by careless spending, especially during the Biden administration, the dollar is actually worthless with over 35 trillion of national debt. It is only through the speculation and the petro-backing of the dollar called petro-dollars (selling oil in US dollars) that has kept the dollar a float though its high demand. But this too the Biden administration seeks to kill, talking now in the latest Summit on so-called climate change, to get off oil as a standard energy supply just decades away.

What does this all mean for Iraq?

Well…we already read multiple articles from Iraq pushing the U.S. to release their oil revenue funds from the US banks. Next will come selling oil outside of the petro-dollar. Trust me on this one it is coming. I know there are some intel gurus out there telling the dollar is “king” and will never fail. But at the same time they are ignorant people and do not keep abreast of just what is happening right in front of their noses.

If this fails then what? We are literally witnessing it fail right in front of our eyes. What will happen next?

There are many of these idiots selling you this concept of NESARA/GESARA which is of course all foolishness and I explained many times why this is so. However, one thing they do keep talking about if the reenacting of the Gold standard provisions for currencies. Folks, we can already see the seeds being planted right front of our noses. In fact, not only planted but already the new sprouts are arising out of the ground… So, what will the dollar be worth when we finally get to exchange? I fully believe we are going to see a crash with the turning into 2024. I am not a financial analyst and I surely am not qualified to give financial advise, but I too can see the crash coming. It is now just a matter of how severe will it be?

This crash is also confirmed by the modern day prophets as tell us do not FEAR. God is telling us it will be short-lived. PANIC and FEAR will only make it worst.

Back to the dinar revaluation…

Is this why the sudden de-dollarization we are witnessing taking place not just in Iraq, but in Iraq is this why they had to get off the sole de facto peg to the US dollar with the dinar? Do they want the dinar to crash?

So, there are multiple reasons why, what is happening in Iraq is happening. It is just not all about the revaluation. If it was then where is the currency swap out? It is mid-December already. Where are all the articles we were promised would happen with the re-education process to identify the newer lower denominations and explain to the citizens just how the swap out will work?  Then today out pops an article telling us the currency auctions will not end in early 2024.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/