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.
Bruce’s Big Call Dinar Intel Thursday Night 12-14-23
Transcribed by WiserNow
Welcome, everybody to the big call tonight. It’s Thursday, December 14th and you’re listening to the big call. Thanks for tuning in. Again, thank you sat team for getting all out all around the globe.
People are getting it and hearing it in their own language in about three seconds after I say it so that’s really terrific technology. Thank you sat team for putting that together – getting it out there for everybody. Everybody else that’s hearing me in English on free conference call – Welcome. Thank you for coming in again.
Let’s go into some intel. Let’s see what we have tonight. Now I received some information yesterday from a trusted source that gave us kind of a window that took us all the way to Sunday.
Between anytime – you can go anytime between now and Sunday, which is the 17th – I thought all right. Okay, good. Then we get something else today that extends it for a couple of days. There’s no it’s more likely to be between now and Tuesday the 19th.
I thought all right. Okay, two days we can live with two days. All right. Then on this call tonight, which was good intel from a very trusted source and a treasury representative. We’re talking we’re really looking at us to be notified on Monday.
Which is the 18th and exchange on the 19th if I have my dates right. Monday into Tuesday is what looks like is going to happen to tier 4B – that’s us. The Internet Group – the bond holders – I said 16,000 can see the funds in their account, but they don’t have access to it yet.
It looks like they will gain access to those funds Sunday and Monday – and bondholders will be paid out all the way through and through and beyond Christmas. It ought to be close They ought to be done pretty much by Christmas. We – that start let’s say – Monday with notifications – Tuesday with exchanges. – I think we will go through Christmas.
I believe the redemption centers will take Christmas day off, which is the date which is Monday the 25th and I believe they’ll leapfrog over it and they’ll continue on 26 all the way through the end of the month.
That’s what I forecast will happen with the redemption centers. But they did say they intend to get the started before Christmas and it looks like that’s what is going to happen.
We just need to let those email notifications from Fargo servers come into us with the toll free number and that this point we’re hearing that will happen on Monday.
And today’s Thursday, Friday, Saturday, Sunday, Monday, four days away. We should get her notifications and then set appointments and start on Tuesday. That is the plan as it has been laid out to me.
So you have basically that’s what we’re looking for. When are we going to start? When are the numbers going to come out? When are we going to center appointments and when are we going to start exchanges that covers the majority of everything that we are looking forward to hearing.
And when you have a window that is three or four days and you have another window, extending it two more days and now you have basically the time given for expecting it through the redemption centers. And I think we’re good to go
Now realize this. The Redemption center rates on their screens will be the best rates available they will be the best rates if you try to just say well, I’m just gonna go to this small mom and pop bank – You’re not gonna get the big rates. You’re not gonna get the rates that President Trump wants us to have
So even if you’re only a dinar or dong holder, you don’t have zim still call the toll free number because the races you’ll get on those currencies will be the highest as well. And there’s a vast difference between the redemption center screen rates and that of the banks. Even the tier one banks are not a match up.
They just aren’t – our guys at the redemption centers see all the rates on all screens. And they know what the bank rates are. They know what all the rates are and we get a review of those from time to time just to keep us up to speed.
So what you want to do is you want to get the best available rates. We know we’ve got new NDAs probably two page I think two page NDAs there is that 55 page booklet of who not to give money to if you do you’re most likely have your funds seizes – the funds will be frozen and quite possibly seized – they’re going to tell you who don’t you give it to who not to give it to so you better take a good look at that booklet before you start giving money away
Today is Thursday. We’re looking to get notified Monday should be our last call, as far as we can tell. And don’t be dissuaded by certain things that you might read online.
Because I can tell you this is pretty solid. Now did we think it was going to happen by now? By today or by the 15th? Yeah, we did.
But I know that they’re still in the midst of doing cleanup, and getting everything ready. They’re even through the point now where they’re going through redemption center staff to make sure they’re all playing, doing the right thing. And they have had some hiccups in that area yesterday. So they’re ready for us I believe. I believe political change is coming. Possibly by the weekend. We’ll see and stay in prayer for that –
Otherwise, I’m gonna say Merry Christmas everybody. And we will definitely catch you on the other side.
So we’re going to be in touch with you able to do so if we have your email address. We will let you know when we have a podcast, a special call to update you on our projects, how you can participate. What that’s going to look like.
Let’s do get through Christmas and New Year’s holiday and through Hanukkah. And let’s get through the other side and we will be in touch with you. That’s what I have to say tonight. everybody. Thank you for listening Let’s go ahead and pray the call out.
Will agreements with international banks contribute to solving the monetary problem in Iraq?, 16 DEC
Economic researcher, Ziad Al-Hashemi, confirmed on Friday that the agreements with the banks of the Emirati First Gulf, Turkish Labor, Singaporean Development and others will not end the monetary problem in Iraq.
Al-Hashemi said in a post on the “X” platform followed by “Newspaper”, that “it is expected that these agreements will provide multiple cash alternatives that will help the merchant.” Iraqis can transfer their trade funds quickly and flexibly and reduce dependence on the dollar in foreign transactions.”
He explained, “These agreements will also help reduce the demand for the parallel dollar by attracting the segment of merchants who previously turned to the parallel dollar in search of quick transfers away from the platform, its complications, and delayed approvals.”
He added, “However, the demand for the cash dollar will remain high, and the official dollar will continue to be withdrawn and converted into a parallel dollar by powerful parties that own huge amounts of dinars, and have no relation to regular or official commercial work, and will continue to put pressure on the Iraqi economy to obtain the dollar in all ways and means.”
He continued, “This fact was confirmed by the exchange rates during this period, which maintained their high levels and did not decline despite these agreements and despite hundreds of millions of (imported dollars). This is what makes the exchange rates ready to rise at any moment and with any new event.”
He stated, “Despite the Federal Reserve’s tightenings and the Central Bank’s attempts, it is expected that the problem of the cash dollar, the parallel dollar, and the imbalance in exchange rates will continue with us during the coming year, and we are waiting for more stringent, serious, and courageous solutions to end this problem from its roots.”
The monetary reform is not a secret and the Venturi effect of the monetary reform is causing so much pressure with so little time left to accomplish what they need to accomplish. What do they need to accomplish? They need to help their citizens of Iraq, to add value to their currency...
1 to 1 is stupid...Did they not say their desire is to be on par 1 to 1 with the American dollar? Did they not say their desire is to take that relationship and de-peg from the dollar and go into a basket where the dollar, ...instead of being pegged, will be paired with the dollar along with many other currencies...They told us that did they not? I didn't make this up in my imagination. This is the monetary reform plan...They told us about what is going to happen on the 1st...1 to 1 in a basket to start out with? No. IMO when it comes to calculating...look at inflation factors...M1, 2 and 3 figures ...No - 1 to 1 is stupid...it's ridiculous.
Question: 'How fast do you think the rate will increase [Once it floats]?'
Frank26: I always thought within a year. [Now] Anywhere within 3 to 6 months IMO.
Iraq has completed all of their banking competencies required by the CBI in Iraq to meet International Banking Standards. And tomorrow, they are expected to finish their banking reforms with their managers per a recent article.
Breitling
Question: "These articles that keeps coming out where starting January 1st commercial transaction will only be in dinar - How significant is that? To me it sounds significant. " Yeah, that's a big deal. It is. It's a super big deal because at a minimum it's the beginning of the end for them raising the value of their currency. It will be the beginning of it for sure.
Question: "Does Iraq need to RI by December 31st in order to open their 2024 budget?" No. I get that question every year. I don't know why. Who's putting that out there?
Statement of the Iraq Economic Contact Group of the G7, European Union and World Bank
December 2023
On December 12, the Iraq Economic Contact Group (IECG) held the final meeting of 2023, co-chaired by Italy and the United States. As friends and partners of Iraq, Canada, France, Germany, Italy, Japan, the European Union, the United Kingdom, the United States, and the World Bank commit to supporting Iraq in the implementation of a comprehensive and ambitious reform agenda, paving the way to sustainable and inclusive economic development.
The IECG is eager to strengthen its engagement with the Government of Iraq (GOI) through regular dialogue at both the political and technical level. This engagement is crucial to streamline cooperation between the two sides, identify and support common goals, and support the GOI’s priority reform areas. The IECG commends Prime Minister Mohammed Shiaa al-Sudani for appointing business and economics experts within his office and looks forward to collaborating with them.
The IECG was encouraged by Prime Minister Sudani’s announcement of new economic reform initiatives throughout 2023 and the passing of a historic three-year budget that laid the foundation for implementation of the government’s reform agenda. In October, Iraq gained membership to the European Bank of Reconstruction and Development (EBRD) – a move strongly supported by the IECG as the first step to unlocking new sources of investment and enhanced cooperation with other multilateral and bilateral financial facilities.
In the past month, the government convened conferences on Public Private Partnerships (PPPs) and tax reform, including a new bank sector reform project with Rafidain Bank. Further, the GOI recently announced the establishment of the Iraq Fund for Development (IFD) alongside the Development Road project, and the Prime Minister strengthened economic ties with regional partners. The GOI’s efforts to expand the use of digital platforms for financial transactions, with electronic payment and other e-commerce mechanisms, represent important steps to minimize the informal economy and reduce opportunities for corruption.
Looking ahead to next year, the IECG welcomes further cooperation in support of Iraq’s economic and financial sector development, including Prime Minister Sudani’s policies to strengthen the dinar and oversee monetary policy. Clear communication of new dinar policies during the transition period will help avoid adverse effects on Iraqi households and businesses as well as on development cooperation projects and foreign investments in Iraq.
The IECG also stands ready to support Iraq’s next steps to becoming an EBRD Country of Operations, its journey toward World Trade Organization accession, and its potential partnership with the European Investment Bank (EIB). EIB’s expertise in road, railroad, water and sanitation investments, climate action, environmental sustainability financing as well as urban transmission initiatives will accelerate key infrastructure measures and help facilitate a green transition.
The IECG urges further attention in 2024 to address the deficit and public sector wage bill, measures that would improve fiscal resilience. Timely budget execution will be critical to the GOI’s ability to sustain important infrastructure investment, particularly in expanding domestic power generation, distribution, and expansion of green energy. Long-term sustainable economic development is contingent on a dedicated response to pressing climate and environmental challenges. Sustained investment in water management and infrastructure is critical to counteract the debilitating impacts of climate change.
To accelerate private sector growth, the IECG encourages government action to identify and address the challenges faced by domestic and international business, including efforts to promote transparent and predictable regulations. In this vein, we welcome further progress on the PPP, Companies, Industrial Investment, Customs, and Arbitration laws as well as timely implementation of the recommendations from the recent PPP and tax reform conferences.
On January 1, Italy and the United States proudly hand over the IECG to incoming co-chairs France and the United Kingdom. Under their leadership, the IECG will continue to support an ambitious reform agenda, promote sustainable economic development, and stand by Iraq’s side as a reliable friend and partner in 2024.
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.
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.
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 dirham currency (not the dollar) through the First Abu Dhabi Bank, as transfer operations in the UAE dirham began this day, Wednesday.” December 13.”
This is all good news for our investment.
Yes, this may be good for our reinstatement of the dinar process but 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.
However, one thing they do keep talking about if the reenacting of the Gold standard provisions for currencies.
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?
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.
My Conversation with my CBI Contact 12/13/23:
Recent talk about the disputes going on with the US forces and all the bombings.
This is important I was told.
It was confirmed to me that this is all a movement to rid Iraq once again of US forces.
There is lots of propaganda being told to the people about this to get pressure on the government to rid them of the US.
Remember too, the Iranian militia has remained in Iraq post ISIS war.
That was over 16 years already since the war ended (2007) and so many look at them now as Arabic, Moslum brothers compared to the western armed forces, at least this is what many Iranian Shia think.
Remember there are patriotic Shia and then there are Iranian Shia.
But even the citizens are afraid (mostly Sunni) of what will happen if the US forces do pull out entirely again.
Who will fill the gap this time as there will be a gap and the Iraqi forces are not strong enough yet.
It is like a double-edged sword.
This time, if the US does pull out, it is widely felt by the average citizen the Iranian Hezbollah militia forces and not ISIS the citizens will fear the most.
They walk the streets in their uniforms with arms.
They claim they are still here to protect the Iraqi people from ISIS.
But, my contact says this is just an excuse to occupy Iraq and a contradiction.
Like the US forces, but there are even more Iranians, they too are occupiers.
My contact does not understand why the US does not challenge them as occupiers too and put this issue on the table with the government.
Then we changed the subject and talked about the currency reform.
I asked about the impact of the confrontations with the US over their military stationed in Iraq.
I was told the situation it does impact the progress of the planned events for December as the committee was brought into a meeting with the leadership and told everything was now “on hold”.
But I know for a fact that January is the best and most opportune time to revalue and drastically change the program rate to an international rate on the global exchanges.
But the program rate is already on a pseudo-float within the country.
I asked what the next targeted steps where 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 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.
Question: "Can Iraq get into the World Trade Organization with the currency exchange rate of 1310 to 1 US dollar?"
One of the key requirements for joining the WTO is establishing a convertible currency at a "realistic exchange rate"...the exchange rate of 1310 to 1 USD raises concerns about the convertibility and stability of Iraq's currency... There is no specific threshold for what constitutes a "realistic" exchange rate...It has to be a stable currency which means... Iraq must have a stable economy...When 95% of your budget is totally relied on oil sales that is not a stable economy. Iraq is going to have to build their private and public sectors...
Can Iraq go into the World Trade Organization with an exchange rate of 1310 dinar? Yes...if the dinar is stable.
When this thing happens and it's gonna happen...we have no idea about 2024. That doesn't mean it can't happen in 2024. I'm anticipating a rate change happening in the first quarter as they get away from using the dollar and they use the dinar more, as they start doing business with these countries they did a currency swap with, the demand for dinar will increase and is it'll go up in value.
Sudanese: Economic reform is the gateway to financial and banking reform
12/14/2023
The Prime Minister, “Mohamed Shiaa Al-Sudani,” said today, Thursday, that: “Economic reform is the gateway to financial and banking reform,” while noting that “the government is committed to providing the dollar at the official rate, and stressed its keenness to end the suffering Kurdistan employees due to the delay in their salaries”
Al-Sudani said in a televised interview followed by “Al-Mutalaa” that: “Conducting the population census is the first step in implementing Article 140 of the Constitution. It was postponed to May 2024 after it had been scheduled.”
It was held this year due to the provincial council elections,” pointing out, “It is time to remove the outstanding problems between Baghdad and Erbil, which lie in the border crossings and the budget.” He added, “We went to borrow from the Ministry Finance to pay the salaries of Kurdistan Region employees, and we are in favor of finding a solution with a legal amendment that considers Kurdistan Region employees as equal to the rest of Iraq’s employees,” stressing that “the government is keen to end the suffering of the Kurdistan employees’ salaries crisis.”
He stressed on the part of Another, “Economic reform is the 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 merchants, investors, contractors, students, and travelers.”
He pointed out that “95 percent of our trade now passes through Through the electronic platform, there are those who circumvent the law and buy the dollar at the parallel price. Because he does not want to apply legal procedures.” He stressed, “We will not accept that the official dollar price is equal to the parallel price; Because this encourages smuggling.”
Regarding foreign trade, Al-Sudani said: “There is no problem on the Iranian side in dealing commercially with Iraq in the dinar or toman currencies.”
He continued: “The problem of commercial transfers to Turkey was solved by opening accounts in the Turkish lira.” He stressed that “food prices maintained their stability, despite the attempts of manipulators to speculate on the price of the dollar.” LINK
[via PDK] A lot has happened over the 14th and the 15th and more is expected to happen over the next couple of days. We have seen tremendous progress over the last few days…behind the scenes...I absolutely think we are finally here.
When we first got into this and looked at the Vietnamese dong we were hopeful it would come out around .30 to .36 cents. Which is still amazing. But I have not heard it was going to be that low. I am still hearing it will be between $2 and $3.
In Iraq: “Central Bank achieves a new step in the right direction to regulate foreign trade.” Also the CBI just wrapped up meetings with the US Treasury and the Federal Reserve about “Becoming International” and they are content with the changes they have made for Iraq to be fully recognized internationally.
Most of my Iraqi people think we are within a couple of days. My banking people think we are within a couple of days. Just remember we don’t know the timing. But I am super excited.
A banking expert answers: Is it possible to ban dealing in the dollar?
12/14/2023 Private|..
Banking expert, Mahmoud Dagher, on Wednesday, ruled out the possibility of the Central Bank of Iraq preventing dealing in dollars in the country.
Dagher told Jarida , “The Central Bank cannot prevent dealing in the dollar, as there is nothing in the banking law or in the instructions of the Central Bank that supports this approach, so they have no right, and dealing in the dollar will continue as dealing with the dinar.”
He stressed that “there are huge bank accounts for depositors in dollars, so it is unlikely to prevent dealing with it,” stressing the necessity of “arranging the status of the dinar instead.” LINK
They have told them [Iraqi citizens] a change is coming. Do you need another clue? Come January 1st what are the citizens supposed to do? What are they supposed to use?
Should they continue to use a worthless currency? Should they continue to live in misery, poverty, when they were promised other things? Iraq will be another Dubai. What more can the CBI do after the first? Reinstate and float. That will make the Iraqi citizens very happy...
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!
We beg for our money from them… Where is the sovereignty!! Central Bank: Washington agreed to meet Iraq’s request for cash shipments for the year 2024, 15 DEC
The Central Bank announced Thursday, the American side’s approval to meet the Central Bank of Iraq’s requests for cash shipments for the year 2024.
The bank said in a statement, “The delegation of the Central Bank of Iraq concluded its meetings with the delegation of the US Federal Reserve and the US Treasury in Dubai.”
He added, “Representatives of the US Federal Reserve and the US Treasury appreciated the efforts made by the Central Bank of Iraq during the year 2023 to achieve compliance with the Iraqi banking system.”
The bank indicated 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, and the meetings witnessed a number of understandings that aim towards building the capabilities of Iraqi banks and enhancing their compliance with international standards.”
The bank continued, “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 reduce Gradual reliance on the electronic platform will be completed within the next year and limited to recording financial transfers for the purposes of control, auditing and analysis.
For his part, the Governor of the Central Bank of Iraq stressed that “the Central Bank is determined to support Iraqi banks, enhance their capabilities and prepare them to work in accordance with international practices.”
Al-Halbousi’s party is moving legally to restore him to his position, 15 DEC
Baghdad – The “Taqaddum” Party, led by former Parliament Speaker Muhammad al-Halbousi, is making political moves on Wednesday to return its leader to his previous position, in light of political divisions between the Sunni blocs and a raging conflict that hinders agreement on a name for the presidency of Parliament.
Al-Halbousi knows that his opponents are moving in all directions to remove his replacement from the “Taqaddum” party, but they faced disagreements that led them to postpone the session three times in approximately one month, which was a disappointment for them. The Presidency of the House of Representatives decided on Tuesday to postpone the session to elect a new Speaker of the House until further notice.
Party leader Muhammad Al-Alawi said, “There is a legal movement underway to restore former Parliament Speaker Muhammad Al-Halbousi to his position again in accordance with legal and constitutional procedures.”
He stated that “returning Al-Halbousi to his position is very possible, and there is a legal and political effort to do so,” stressing that “this matter is one of the most prominent reasons for postponing the Parliament session to elect a new Speaker of Parliament.” He believed that “there is great hope for Al-Halbousi’s return during the next short period.”
Al-Halbousi’s opponents are seeking to exploit the opportunity to gain the position, but the competition between the Sunni parties and the intertwining of their alliances is in his interest. Muthanna Al-Samarrai, who leads the “Al-Azm” coalition, is trying to seize the position in favor of his candidate, former Parliament Speaker Mahmoud Al-Mashhadani, from other competitors, most notably Shalan Al-Karim, Abdul Karim Abtan, and Yahya Al-Muhammadi from the “Taqaddum” party, and Salem Al-Issawi from the “Sovereignty” coalition.
The dismissed president won a new round in his political battle after the judicial body in the Electoral Commission rejected on Wednesday a lawsuit to dissolve the “Taqadum” party with which it is competing in the local elections this month. According to the Board of Commissioners, the lawsuit filed by representatives against the party did not include all the required papers and documents.
Earlier, the Judicial Cassation Body rejected the same request, and according to a letter issued by the head of the Judicial Body, the request was rejected for violating the provisions of Article 32 First of the Political Parties Law and not observing proper legal procedures in submitting a request to dissolve a political party.
The representative of the Taqaddam Party, Fahd Mishaan, confirmed on Wednesday, “We respect the decisions of the Federal Court regarding the Al-Halbousi case,” considering that the response to the “Hal” Party’s appeals was expected. Mishaan said, in television statements, “We respect the decisions of the Federal Court, but they do not mean the end of the political end,” denying “the existence of any withdrawals within the “Taqaddum” party.”
The party was able to win Anbar seats in the Iraqi parliament in the 2021 elections, winning 14 of the governorate’s share of 15 seats. This party’s influence extended to the governorates of Nineveh, Salah al-Din, and Diyala, as well as parts of the capital, Baghdad, and the number of its members in Parliament rose to 43 deputies, moving away from its closest Sunni competitor in Parliament, which has 16 seats.
The Presidency of the Iraqi Council of Representatives decided to officially terminate the membership of Council Speaker Muhammad al-Halbousi, based on the decision of the Federal Supreme Court, as of the fourteenth of November 2023.
After the controversy that arose regarding the postponement of the session to elect a Speaker of Parliament on Wednesday, the Federal Supreme Court on Thursday issued a constitutional interpretation regarding the vacancy of the position of Speaker of the House of Representatives, and stressed that holding the session for the purpose of opening the door to nominations is subject to the provisions of Article (12/Third) of the Council’s bylaws, and that this It must be held for the purpose of opening the door for nominations and selecting a president for the Council according to an absolute majority.
It also clarified that the election of the Speaker of the Council must take place by an absolute majority in that session or in the following sessions after the first session, stressing that the House of Representatives must continue to perform its duties during the legislative term and that its sessions be held under the chairmanship of one of the two Vice-Presidents until a new president is elected, and stressed that there must not be Failure to elect a new president is a justification for disrupting the work of the House of Representatives.
BANK STORY LADY: I called Chase Bank this morning...I asked would they be exchanging the Iraqi dinar this January 1, 2024. He said we haven't been given the information yet but we will probably get it around December 31, 2023 or January 1, 2024.
FRANK: I agree with him BTW.
BANK STORY LADY: He was so nice. He invited me to come in at anytime and open an account. The other [call] said not all the Chase Banks would not be handling the foreign currency. They didn't know which ones yet.
The General Company for Petroleum Products Distribution has set the first quarter of next year as the date for ending cash circulation at gas stations, while clarifying that the citizen’s share of white oil is 200 liters at the height of winter.
Manager In the year of distribution of petroleum derivatives, Hussein Talib, said in a statement, “The new fuel card for white oil was launched in Baghdad, and it contains 4 vouchers and each voucher is 100 liters, and No. (1) was launched at the beginning of this month of December, and thus the share Citizen 200 liters in the peak winter season,” stressing that “the card is valid in Baghdad and the rest of the governorates.”
Talib confirmed that “the company is continuing to automate all projects so that their work will be electronic under a unified card,” pointing out He noted that “in the year 2024, cash and paper circulation will end in the process of supplying citizens with oil derivatives of all kinds from the Oil Derivatives Distribution Company.”
Regarding the electronic payment process at fuel filling stations, Talib said: “ The Petroleum Derivatives Distribution Company was first involved in the issue of electronic payment at government filling stations in Baghdad, and it was under trial operation, and after completing the procedures to address the failures in this program, the company announced that the first quarter of the year 2024 will be the date for the departure of the cash mass and cash circulation at fuel filling stations. The processing will be based on all types of Visa cards, and not restricted to a specific card or to a specific party, as there are several gateways licensed by the Central Bank in the process of payment and electronic trading at fuel filling stations.”
He noted that “Some media outlets are trying to thwart this major government project, by circulating incorrect news about the existence of a tax or deduction, and in turn we reassure citizens that purchasing this card is free of charge, whether from the banks or through the electronic application launched by the banks to reach the home.” ;, stressing that “this includes all governorates except the Kurdistan region.”
Article "STATEMENT OF THE IRAQ ECONOMIC CONTACT GROUP OF THE G7, EUROPEAN UNION AND WORLD BANK" This is the road map they have been using to show the world their intentions.
They have every intention to see Iraq succeed and get back into the international arena and into her rightful place in the international financial system! We can see by the evidence over the last few months that support they are getting down to the wire...
Iraq is presenting that they're going international and they have been talking about it for a long period of time.
They've actually doing it for a long period of time and they're coming to fruition to where they've publicly told us they were going to start spending money and that could be as soon as around the 20th. Then you have the end of the year dinar only. They have the taxation in dinar on the same time frame. These little bits and pieces they feed us, their time frames, we put it together...and we'll see how they roll out in the coming days. It's a phenomenal process...
The dollar is going away between now and the 20th for commercial purposes. It will not be used as of the same data for taxation in the country... Will they still be able to buy dollars to travel. ..? Yes. Will they be able to use the dollar for transactions in country for commercial purposes?Answer, No. Will they be able to use any other currency other than the dinar for commercial purposes within the country as of January 1, 2024? ...the answer is no... Standby for this to get really exciting because everything we're seeing is telling me that we've never been here before...
Article: "Samsung: Iraq represents the most prominent market in the Middle East" The Iraqi markets are going to explode. Samsung is going to be there all along the way. They will not be alone be sure. Having an early start is a big deal...Iraq's private sector is going to be on fire.
Al Sudani has established a "Unique private sector development council..." ...Giving credibility to the private sector is getting ready to explode. It's going to be phenomenal.
If the Finance Minister needs to work to the end of the year to make sure that everything's sorted and ready to go and do it right and do it properly so the Iraqi citizens get what they deserve which is purchasing power.I think it's a phenomenal situation. I think everybody can clearly see...they're doing it and it's coming to fruition...