Shafaq News / Reuters revealed on Saturday that Iraq ranked third on the list of major crude oil suppliers to India during December of last year.
In its report, it added that Russian oil constituted one-third of India's total oil imports in December, making Moscow the largest crude supplier to New Delhi, with exports reaching 9,561,014 metric tons, equivalent to 69.795 million barrels.
Saudi Arabia secured the second position with exports totaling 5,986,945 metric tons or 43.704 million barrels.
The report continued that Iraq claimed the third position with exports amounting to 5,129,418 metric tons, equivalent to 37.444 million barrels.
It noted that the list of suppliers also included the United Arab Emirates, Oman, and Kuwait.
They are now in Davos... Iraq's monetary reform is a hot topic because Iraq's monetary reform is restoring confidence in the Middle East...These conferences are only by invitation only. To see Iraq there and to be the star at the Davos meeting tells us Iraq is no longer with a program rate. It is an impossibility...
Movements before they release the lower denoms and new exchange rate we expected to see this...
December was to have everything ready in place to go. January all these systems are being implemented through the monetary reform education. From private banks like the one Aki [Iraqi bank friend] represents to international markets as of today January 15, 2024 they're all international now.
It's what we expected...there's not more to say...because everything now is in print...
Mon. 15 Jan. In Dec. Walkingstick: Everything was ready in place to go. During Jan. all systems were being implemented through the monetary reform education. As oftoday 15 Jan. they’re all international – from private banks like the one Aki [Iraqi bank friend] represents to international markets. It’s what we expected. There’s not more to say because everything is in print now.
Information/Anbar.. On Saturday, a security source reported that violent explosions were heard inside the Ain al-Assad base building in western Anbar.
The source said in a statement to the Al-Ma’louma Agency, “Violent explosions rocked the building of the Ain Al-Asad air base in the Al-Baghdadi district of Hit district, west of Anbar, followed by heavy fire from the American air defenses indiscriminately.”
He added, “The American forces imposed an air umbrella over the Ain al-Assad base, while the air defenses fired a number of gunfire into the air.”
He pointed out that “the security forces suggested that these explosions were caused by a missile attack on the base building,” explaining that “the security situation in all Anbar cities is safe and stable without any case of infiltration or security breach recorded.”
It is worth noting that Ain al-Asad Air Base, west of Anbar, is exposed from time to time to missile and drone attacks without the ability of the air defense system to confront these attacks.
[via PDK] Comment: Vietnam is sitting really pretty in their economy. They are main processors of silver! And get this, Cinnamon! MarkZ: News from Vietnam: “Vietnam treads the path to becoming an International Financial Hub” There is a lot of pressure from countries around the world for Vietnam to move their currency value up. Great things happening there.
“Iraq won the position of Director General of the Arab World Institute in Paris” This means they are on the world stage. What is going to be necessary for this? Full membership in the WTO and a new rate. That would make sense. Yesterday was a great news day from Iraq where they are openly talking about changing their value and a rate competing with the US dollar.
“ Iraq and the IMF are discussing cooperation and start meetings soon to support a reform program”
They would not be having these meetings on Iraq on the world stage unless they were ascending to the WTO and about to have a valuation change. And that is certainly what we are hearing from contractors and government officials inside Iraq.
We just don’t know the exact time…but know they are prepared. And they told us via an article...that they are getting ready to peg their currency to a basket of currencies from the region to increase the value of the dinar to compete with the US dollar.
Information / Baghdad.. The representative of the Patriotic Union of Kurdistan bloc, Sarwa Muhammad Rashid, stressed on Saturday the need to expedite sending the draft oil and gas law, while confirming that the law is on the table of government and parliamentary discussions. Zanganeh said in an interview with the Maalouma Agency, “The discussions of the region and the center during the last period focused on finding a road map through legislation of the oil and gas law, as it ends the outstanding crisis between the federal government and the Kurdistan region.” She added that “passing the oil and gas law will eliminate all outstanding problems between the federal government and the Kurdistan region,” noting that “after several months passed during the stages of writing the oil and gas law, it was not sent to Parliament for discussion.” She continued, “Parliament is waiting for the legislation of this law until it finishes the issue of how to export oil or invest gas in the coming stages.” The former member of the Parliamentary Oil and Energy Committee, Ghaleb Muhammad, confirmed to Al-Maalouma that passing the oil and gas law requires consensus among the large blocs that have a majority within the House of Representatives.
Sudani...I think he's right when he says 2024 is going to be a year of achievement...We haven't seen the spending of the '23 budget yet nor have we se a pumping of that oil just yet and nor have we seen a full-blown assession to the World Trade Organization yet. Why is that? Because we probably have to wait to hear what they have to say when it comes to a Real Effective Exchange Rate. Hopefully that's what we'll see...in a very very short period of time.
Article: "The International Monetary Fund welcomes Iraq's accession to a program that supports economic reforms"
Quote: "Thursday...the International Monetary Fund welcomed Iraq’s accession to a non-financing program to support economic reforms" After decades of involvement...the specificity of many things are likely to be known by the IMF,
exchange rate regimes be sure. For Iraq to be moving forward with all reforms ...in that there is no financing needed should be eye opening for everyone. How does non-financing work with the IQD at 1,310 IQD to 1 USD for to pay for projects and commodities?
It has not ever while with an IQD exchange rate of $.0006 or even $.0007 to the dollar. So why would it be any different now? It clearly wouldn't.
The fun part is we are watching history in the making...Saudi Arabia strongly supports Iraq's ascension to the World Trade Organization...They've basically said Iraq has completed everything needed to be done. Everything is just shy of announcing they have WTO ascension.
Politician: Al-Sudani’s statements are messages to Washington to end the presence of its forces in Iraq
Information / Baghdad.. Political observer Sabah Al-Ugaili confirmed, on Saturday, that Prime Minister Muhammad Shiaa Al-Sudani’s statements in “Davos” represent direct messages to the American administration to implement the strategic framework agreement, as it includes ending their military presence in Iraq.
Al-Ugaili said in a statement to Al-Maalouma, “The Sudanese government has the seriousness and real desire to end the presence of the international coalition forces led by the United States of America, as they have become a factor influencing national sovereignty.”
He added, “Al-Sudani’s statements during the Davos conference and what preceded it confirm his government’s serious desire that the presence of coalition forces, including American forces, is important. However, this desire needs internal support by the political forces and parliament.”
He pointed out that “the Sudanese affirmation of this desire represents direct messages to the Americans to implement the strategic framework agreement, as it includes ending their military presence in the event that the ISIS threat disappears.”
He pointed out that “the support of the political forces for the government’s approach, as well as the issuance of a new resolution supporting the previous decision of the House of Representatives regarding ending the mission of the presence of international coalition forces, will give the Sudanese a moral boost.”
Al-Ugaili continued, “If the work of the bilateral committee is activated, the government must impose a specific time and period for negotiations with the Americans, as they are the party leading the international coalition, so that there is no procrastination or prolongation of time.”
Prime Minister Muhammad Shiaa Al-Sudani confirmed in statements during the Davos conference that Iraq no longer needs the presence of international coalition forces.
The next phase is to put our currency [dinar] in a basket.
We have control of it do we not? It's all the way down to 1310/1320 so close to 1200 or 1000.
We have control of the auctions have we not? Yes.
We have control over our reserves have we not? Yes. You have it all...
These other currencies don't mind going in a basket with you? No. They know by going into that basket supply and demand will be called upon for everyone in the basket...Iraq is the prettiest girl in town.
Question: "Do you think Iraq will depose current currency once revalued?" Once they revalue of course they're going to get rid of the currency...the 3-zero notes. They will introduce the lower denominations and the fils to the citizens. But it needs a different exchange rate that would match it to give it value. The exchange rate right now is so low there is no value...
IMO those of you that deal in commodities...you saw 1.68...on the 15th. Today you saw 3.04 on the commodity trades with the Iraqi dinar and you saw it being done in Iraqi dinars, no other foreign currency ...based on what we are seeing, they are agreeing to the future rate of the Iraqi dinar in commodities in dinars. These are contracts...to buy or sell a specific quantity of a physical commodity at a specific price on a particular date. Basically what you saw...IMO are Futures.
The Ministry of Commerce announced today, Saturday, the conclusion of the activities of the Baghdad International Fair in its 47th session, while touching on its advantages.
The Minister of Commerce, Atheer Al-Ghurair, said in a statement received by “Economy News: “The activities of the session were distinguished compared to previous sessions in terms of organization, qualification, diversity and size of participations of countries and companies, as well as the achievement of many partnership contracts between the Iraqi sectors and sectors of countries and companies participating in the international session.”
He pointed out that “the Baghdad International Fair is a message to the world that Iraq is coming strongly as an important economic player capable of containing and interacting with the largest international gatherings in a way that serves the aspirations of our people for a free and dignified life, as well as that the exhibition was a message from the participating countries for their desire to build bridges of cooperation with Iraq.”
For his part, the company’s general manager Mustafa Al-Ani confirmed “the conclusion of the activities of the Baghdad International Fair as another year in his pioneering career that accompanied its launch in the 1960s,” and said that “this session was characterized by the participation of 22 countries and 850 local, Arab and international companies, which is the highest participation compared to previous sessions, where the participation of the Kingdom of Arabia was the largest participation.”
He added that “the conclusion of this session gives other aspects to the new Iraq in its economic developments, which can give it the opportunity to enter international investments, as the exhibition witnessed commercial shows of various international and local goods and goods in addition to the projects and achievements of local and international companies from various sectors as well as projects related to infrastructure, agricultural, industrial, technological and other fields.”
So, how long will us investors in the IQD have to wait before Iraq is allowed to liberate its own currency?
Why do I say “now is the time”?We know they are completely out of Chapter VII sanctions since December 2022...We know they want the Iraq funds (nearly USD 115+ billion) released from the NY banks and put in their custody...We know they have plans for yet more Sovereign Funds to invest their reserves.
We know they are making agreements now for “currency swaps” for trade...as Iraq will no longer be using any US dollars in Iraq as of January 1st 2024. We know that the IMF is now working on the final stages of pulling together agreements to build a new basket of six (6) currencies to re-peg the IQD. More pressure from Iraqi economics advisors to the government to use a “basket” of currencies for the new dinar peg. This is the IMF plan of 2011 all along.
We know since January they have undertaken a massive “de-dollarization” program and told it should have taken 6 years but they decided to do it in 1 year (2023).
Why such a hurry?
We know the value of the IQD right now does exceed even pre-1991 era but still at 1/6 of a penny for a rate?
The value won’t go up, its already there ...
Why is it being suppressed?
Iraq needs to see a rate reflecting the TRUE VALUE.
What is holding it back?
We know Iraq now pumps 2/3 more oil than in pre-1991 era. Iraq also has announced 132+ tons of GOLD reserves. We know they are pushing this year alone, more than any other year since 2005, for the passing of Oil and Gas law.
Why?
We know for a FACT that it is the U.S. through the Treasury Dept. direction that will NOT give sign-off to allow the reinstatement.
Why?
Finally, the CBI has told us many times already that January is the most opportune time to reinstate for accounting purposes, since it begins their new FISCAL year (for accounting purposes). Imminent World Trade Organization full accession.
Just be patient, the reinstatement is coming and I firmly believe from what we now know there is a very strong likelihood we NOT are going to be at the banks in early 2024 but there is still strong hope for early part of the new year.
There is no guarantees and so no one really knows a date when the event will occur. Let’s just follow the FACTS and see where they lead us…okay? Iraq is full of surprises and so anything is possible.
Minister: Baghdad International Fair achieved many partnership contracts with Iraqi and international sectors
Shafaq News/ The Minister of Commerce, Atheer Al-Ghurairi, announced on Saturday the conclusion of the activities of the 47th Baghdad International Fair after achieving “a great success” amid a huge official and public outpouring, whose activities began on the 10th until the 19th of this month of January.
In a statement today, the Minister stressed that “the course’s activities were distinguished compared to previous sessions in terms of organization, qualification, diversity and size of participation by countries and companies, as well as the achievement of many partnership contracts between Iraqi sectors and sectors of countries and companies participating in the international session.”
He pointed out that “the Baghdad International Fair is a message to the world that Iraq is coming strong as an important economic player capable of containing the largest international gatherings and interacting with them in a way that serves the aspirations of our people for a free and dignified life. In addition, the exhibition was a message from the participating countries of their desire to extend bridges of cooperation.” With Iraq.”
For his part, the company’s general manager, Mustafa Al-Ani, confirmed, “The conclusion of the activities of the Baghdad International Fair, bidding farewell to another year in its pioneering journey that accompanied its launch in the sixties of the last century.” He said, “This session was distinguished by the participation of 22 countries and 850 local, Arab, and international companies, which is the highest participation compared to the sessions.” Previously, the participation of the Kingdom of Saudi Arabia was the largest.
He added, “The conclusion of this session gives other aspects to the new Iraq in its economic developments, which could give it the opportunity to enter international investments, as the exhibition witnessed commercial displays of various international and local commodities and merchandise, in addition to the projects and achievements of local and international companies from various sectors, as well as projects related to infrastructure.” agricultural, industrial, technological and other sectors.”
IT’S GOING TO BE ONE OF THE BIGGEST BLESSINGS TO NEVER EVER AGAIN HAVE TO WORRY ABOUT WHERE THE NEXT SOURCE OF FUNDS IS COMING FROM TO PAY THOSE MOUNTING BILLS – THE FAMILY OFFICE FOR INSTANCE HOPEFULLY WILL TAKE ON THAT HORRIBLE TASK FOR US – (BEING EXCEEDINGLY WELL PAID TO DO SO – OF COURSE) – AND YOU CAN’T TELL ME OH SO MANY OF US – ARE FINALLY GOING TO GET TO GO ON A DREAM HOLIDAY – LIKE ME YOU PROBABLY DON’T EVEN REMEMBER THE LAST HOLIDAY YOU HAD IT WAS SO SO SO LONG AGO.
A NEW HOME FOR MANY IS A PRIORITY, I KNOW IT IS FOR MY SON AND I – CAN’T WAIT TO GET OUT OF THIS CONCRETE JUNGLE – NEVER AGAIN – AT LEAST IT’S CEMENTED IN MY MIND WHAT I DON’T WANT AND A VERY CLEAR AND BEAUTIFUL PICTURE OF WHAT I DO WANT – AND FOR ME PEACE OF MIND, AND PEACE AND QUIET ARE PARAMOUNT – ALONG WITH SPACE TO BREATH – A BEAUTIFUL VIEW AND HOPEFULLY NO CLOSE NEIGHBOURS, NOT THAT I DON’T LIKE PEOPLE, I DO – BUT LIVING AS WE HAVE THESE PAST 10+ YEARS, HASN’T BEEN FUN AND FOR SURE NOT SOMETHING YOU’D WANT TO REPEAT ANYTIME SOON.
FOR THOSE OF YOU THAT ALREADY HAVE A LOVELY HOME AWESOME – FOR ALL OF US SOON TO HAVE A LOVELY NEW HOME – THAT’S AWESOME TOO – THEY KEEP SAYING DO WHAT BRINGS YOU JOY AND HAPPINESS. THOSE LONG HEART HELD PROJECTS WILL OF COURSE ULTIMATELY BRING THE MOST JOY TO OUR WHOLE BEING – HEARTS – MINDS AND SOULS – COMPLETELY FULFILLED BY HELPING OTHERS WITH NOT EVEN A THOUGHT AS TO THE COST – NOW THAT’S FINANCIAL FREEDOM.
WE I KNOW WILL HAVE ALL THE HELP AND GUIDANCE WE COULD EVER POSSIBLY NEED – ALL WE HAVE TO DO IS ASK AND OUR MENTORS AND ANGELS AND LOVED ONES I KNOW WILL ALWAYS BE WILLING TO OFFER THEIR LOVE AND GENTLE KIND NUDGES TO KEEP US ON TRACK. IT’S GOING TO BE HARD ISN’T IT – EVEN FINDING WORDS TO BEGIN TO EXPRESS OUR DEEPEST GRATITUDE AND THANKS TO OUR FATHER AND JESUS AND THOSE WONDERFUL GUIDING ANGELS BUT BECAUSE LOVE IS ALL THERE IS – WE’LL FIND A WAY – LETS SEE WHAT IS IN GOD’S WORDS TO TELL US ABOUT – LOVE BEING IS ALL THERE IS –
Love is mentioned 168 times in the English Standard Version of the Book of Psalms.
Many of the Psalms were written by King David, a man after God’s own heart, and from whose line Jesus descended.
King David recognised God was sovereign over all the decisions and actions on earth. God is always moving, beyond what we can see.
PSALMS 70 : 21-22
LOVE GIVES US HOPE
“You who have made me see many troubles and calamities will revive me again; from the depths of the earth you will bring me up again. You will increase my greatness and comfort me again.”
Bruce just said at the opening of the call that from what he’s hearing – seeing as Bob’s last song was “Celebrate” – that we too might just be about ready to be in Celebration Mode.
INTEL ONLY
*WHERE ARE WE NOW*
Iraq – we heard from our source – in Iraq that not only do we have an Intl and In-country rate but we also have Iraq trading that rate internationally about when markets close tomorrow Friday about 5 – 6 pm and we should see it in the US – if you are able to see the bank screens for trading and we know it’s still really strong and way above the Intl and In-Country and that’s just a benefit we have at the RC – so that is really cool.
Bond Holders they have been waiting just like us and they should receive something Saturday should receive access to funds – so in about 48 hours time so Bond Holders can see what is in their accounts and they’ll be able to get access to 10% so that’s great news for them.
And today from 11am to 2:15 a final CC all the information and protocols that the RC needed to have a call that answered questions from Treasury and WF to RC around the US – so we have over 11,000/12,000 around the US they are everywhere and they said it was the last email and last CC to have and that’s positive. That’s a long call – last minutes updates today.
The role and challenges of Iraqi banks in economic development, 20 JAN
The Iraqi banking sector plays a crucial role in shaping the country’s economic landscape. Institutions such as the International Development Bank, the National Bank of Iraq, the Bank of Baghdad, the Rafidain Bank, Al-Rasheed Bank, and the Commercial Bank of Iraq constitute essential components of the financial infrastructure in Iraq. Although they contribute significantly to financialintermediation, investment and development financing, challenges remain, hindering their full potential.
The banking sector in Iraq is diverse, and includes private entities such as the International Development Bank and the Bank of Baghdad, along with state-owned giants such as the National Bank of Iraq, Al-Rafidain, Al-Rasheed, and the Commercial Bank of Iraq. Each institution plays a unique role in the economic ecosystem, contributing to financial stability, growth and development, and despite their critical role, Iraqi banks face enormous challenges that limit their effectiveness. Sectarian and partisan quotas within the banking system, in addition to administrative and financial corruption, have restricted these institutions. The Commercial Bank of Iraq, which was established in 2003 under coalition authority, faces restrictions primarily related to lending to the government.
In addition to the obstacles to financial facilitation, although the Trade Bank of Iraq is able to open credits, it imposes strict requirements on commercial banks, which hinders their ability to facilitate trade. High guarantees of up to 110% create obstacles for local companies and limit their participation in international transactions. Transparency issues and the demand for specialized staff increase the complexity of the process, creating disparities in the treatment of local and international clients.
As for the World Bank and local loans, despite the efforts made to strengthen local financing, the World Bank’s success in obtaining less than 5% of small projects through Iraqi local loans raises questions. The high efficiency required by Iraqi banks, especially in investment projects, conflicts with international standards, which may hinder economic development in the country.
The challenges faced by Iraqi banks extend to the public, affecting citizens’ confidence in the banking system. Memories of looting and theft during the 2003 invasion still linger, causing reluctance to deposit money in banks. World Bank figures reveal that only 23% of Iraqi families have accounts in financial institutions, reflecting a broader lack of confidence in the banking sector.
This sector suffers from the dilemma of dollarization, and according to economists, the contradiction between official rhetoric and reality is very clear, and while the state encourages depositing savings in banks, legal reforms and basic services are still absent. Ghanem points out that Iraqi banks do not allow deposits in dollars for savings, which leads to large losses in hard currency. Many Iraqis prefer to store their savings in dollars at home, which erodes confidence in local currencies.
To address these challenges, a comprehensive approach is necessary. Reforms aimed at reducing corruption, improving transparency, and simplifying banking operations could enhance the efficiency of Iraqi banks. Encouraging financial education and digital payment methods can also contribute to rebuilding public confidence. Striking a balance between regulatory measures and facilitating economic growth will be necessary for the Iraqi banking sector to play a stronger role in the country’s economic development.
Economic Studies Unit, North American Office, Rawabet Center for Research and Strategic Studies
They're taking the public and the private sector and they're merging them together so they can move this into a full-blown market economy...
rticle: "The International Monetary Fund welcomes Iraq's accession to a program that supports economic reforms"
Quote: "Thursday...the International Monetary Fund welcomed Iraq’s accession to a non-financing program to support economic reforms" After decades of involvement...the specificity of many things are likely to be known by the IMF, exchange rate regimes be sure.
For Iraq to be moving forward with all reforms ...in that there is no financing needed should be eye opening for everyone. How does non-financing work with the IQD at 1,310 IQD to 1 USD for to pay for projects and commodities? It has not ever while with an IQD exchange rate of $.0006 or even $.0007 to the dollar. So why would it be any different now? It clearly wouldn't.
The fun part is we are watching history in the making...Saudi Arabia strongly supports Iraq's ascension to the World Trade Organization...They've basically said Iraq has completed everything needed to be done. Everything is just shy of announcing they have WTO ascension.
QFS UPDATE JANUARY 18th 2024 REDEMPTION 2024 Quantum financial system
The QFS is “alive” with consciousness and can identify your DNA and the frequency of your specific activities.
The quantum energy field is filled with super intelligent consciousness.
Since the quantum energy field is in the consciousness of every human being, every human being can contact it.
The quantum energy field knows who you are and what you do. Because you are part of the multidimensional and super intelligent quantum energy field, like all the physical matter of creation.
The QFS can read your mind and know your location at all times through frequency waves. This follows previous discoveries by pioneering physicists Albert Einstein, Nikola Tesla and Max Planck, as well as modern quantum physicists and spiritual sources, who claim that we are all connected at the subatomic quantum level through our unique energy signature, vibration and frequency. As well as our thought energy.
The quantum computing system cannot be hacked or abused. The Dark Cabal loves to steal money digitally. However, hackers are likely to access QFS due to the sophisticated technology.
Dark Cabal has made several hacking attempts and all attempts have failed. In fact, alternative news claims that once the quantum system identifies the location of the hacker’s computer server, the QFS can send a signal to the hacker’s server and destroy it.
It has been reported that any goods, wealth or funds stolen by the Dark Cabal will be returned to every person on the planet through the QFS.
➠ Introduction: The world is on the brink of a financial crisis of unprecedented proportions.
As the clock ticks down to January 23, banks around the world are scrambling to ensure compliance with Basel III standards. This looming deadline is not a common occurrence. It has the potential to reshape the very foundations of the financial system and redefine the global balance of power.
1. Basel III: Critical evaluation. Detailed analysis of Basel III standards Importance of asset-backed funds Consequences of non-compliance
2. The global banking crisis: a time bomb. Severity of the global banking crisis Vulnerabilities of the current financial system. Impact on economies around the world
3. Redefine the world currency: a controversial proposal. Argument for redefining the world currency Possible challenges and benefits Impact on financial stability
4. Take control of the global military alliance. Relationship between finance and military power Proposal to rebuild the military alliance The geopolitical implications of such a measure
5. The path to a new world order. Examining scenarios and possibilities Global leadership and its competitors Possibility of paradigm shift
As the world anxiously awaits January 23, one thing is certain. This means that we are at a historical crossroads.
At stake is the future of the global financial system and, with it, the potential for the emergence of a new world order.
Only time will tell whether this impending crisis will bring about the changes that some of its proponents suggest or simply serve as a wake-up call for the banking industry.
But one thing is certain: the world is watching and the stakes are higher than ever.
Question: "Do you think Iraq will depose current currency once revalued?"
Once they revalue of course they're going to get rid of the currency...the 3-zero notes. They will introduce the lower denominations and the fils to the citizens. But it needs a different exchange rate that would match it to give it value. The exchange rate right now is so low there is no value...
IMO those of you that deal in commodities...you saw 1.68...on the 15th. Today you saw 3.04 on the commodity trades with the Iraqi dinar and you saw it being done in Iraqi dinars, no other foreign currency ..
.based on what we are seeing, they are agreeing to the future rate of the Iraqi dinar in commodities in dinars. These are contracts...to buy or sell a specific quantity of a physical commodity at a specific price on a particular date. Basically what you saw...IMO are Futures.
Sudanese: We Are Proceeding With Financial And Banking Reform Steps
Posted On 01-19-2024 By Sotaliraq 01/18/2024 Prime Minister Muhammad Shiaa Al-Sudani said that Iraq is proceeding with financial and banking reform steps, while the World Bank announced its support for the government’s measures in the field of modernizing and developing the banking sector, especially with regard to implementing the electronic payment system.
On the sidelines of his participation in the Davos Economic Forum, Al-Sudani met with the President of the World Bank Group, Ajay Banga, and discussed with him the cooperation relations between Iraq and the World Bank, in various economic fields, which contribute to supporting the government’s efforts and strategic plans towards more investment and development opportunities in Iraq.
The meeting also witnessed, according to a statement by the Prime Minister’s Office, a review of the measures and steps taken by the government and the Central Bank of Iraq, in terms of financial and banking reform. The projects financed by the International Finance Corporation (IFC) were also discussed, most notably the project to rehabilitate and develop Baghdad International Airport.
Al-Sudani pointed out “the importance of World Bank reports reflecting, realistically, the new government’s policies that were implemented in the economic and banking sectors and supporting the private sector, which aim to diversify the economy, increase its growth, and achieve financial stability, in light of the challenges facing the region and the world.”
For his part, Banga praised the government's measures in the field of modernizing and developing the banking sector, stressing his support for those measures, especially with regard to the implementation of the electronic payment system.
The Prime Minister also met in Davos with Khaled Hoballah, the regional CEO of JP Morgan for the Middle East and North Africa.
The meeting witnessed the discussion of prospects for cooperation in the financial fields, and opening accounts for Iraqi banks, as well as the possibility of the bank participating in the government’s efforts to adopt electronic payment applications in the Iraqi markets.
They also discussed coordinating technical efforts between the Central Bank of Iraq and J.P. Morgan in establishing Ideas related to trading central bank digital currencies.
Al-Sudani pointed to “Iraq’s aspiration towards the bank’s cooperation with the Iraq Fund for Development, and the financing it targets to finance private sector projects in Iraq,” stressing that “Iraq is proceeding with financial and banking reform steps, in a way that helps develop this vital sector.”
For his part, Hoballah expressed JPMorgan’s readiness to enhance cooperation with Iraq as a government, with the Central Bank of Iraq, and the Iraqi banking sector, confirming the bank’s intention, as a first stage, to open accounts for three private Iraqi banks.
The Prime Minister, Muhammad Shiaa Al-Sudani, met in Davos with the Secretary-General of the North Atlantic Treaty Organization (NATO), Jens Stoltenberg, and during the meeting, they discussed the prospects for cooperation between Iraq and the alliance and ways to strengthen the partnership in the security field, exchange information, track terrorist networks, and reveal their sources of funding.
The meeting also touched on the file of ending the presence of the international coalition forces in Iraq, which the government included in its ministerial curriculum, after the development achieved by the Iraqi forces in terms of preparation and full readiness, and the importance of agreeing on executive steps to arrange the end of its mission through bilateral dialogues, ensuring a smooth transition of its duties. .
The Prime Minister appreciated “the efforts of the NATO countries and their support for Iraq, through military operations in the war against ISIS terrorist gangs, and in the field of providing advice and training to the Iraqi security forces.”
Al-Sudani added, “Iraq does not mind cooperating with the countries of the international coalition in the field of armament, training, and equipment, within the framework of bilateral relations that bring together Iraq and the countries of this coalition.” LINK
...we heard from...one of our contact in Iraq...that not only do we have an international rate and an in country rate - which are different – for Iraq - but we also have Iraq trading that rate on the Iraqi dinar internationally...about when markets close ...Friday...banks close around six o'clock - somewhere in that timeframe the Iraqi dinar - the new Iraqi dinar rate will be trading internationally - and that we should see it here...in the US...
Now we know where the dinar closed [Thursday] we know where it was a couple of days ago on Tuesday and it's still really strong ...trading range way above the international rates and way above the in country rate for Iraq...One of our very strongest highest banks and sources is saying that we will have our notifications by or before Saturday - this coming Saturday...I think we're we're almost home.
One of our strongest sources is saying that we will have our notifications by or before Sat. 20 Jan, or they could start on Mon. 22 Jan as that is what the Redemption Centers are preparing for.
We heard from our source in Iraq that not only do we have an Intl and In-country rate but we also have Iraq trading that rate internationally about when markets close tomorrow Fri. 19 Jan. About 5 – 6 pm ESTwe should see it in the US. Some time Sat. 20 Jan.
Bond Holders should receive access to funds – in about 48 hours time Bond Holders will be able to see what is in their accounts and get access to 10%. So today we heard that there was an Iraqi Dinar In-Country Rate of a little over $3. But our rate is going to be higher. Back in 2012 Dr. Shabibbi said it would be well over sixteen. Well, we’re well over that, and we should be in good shape in terms of what they offer us.
