Al-Maliki Stresses To The US Ambassador The Necessity Of Maintaining And Developing Friendly Relations And Cooperation
Mawazine News – Baghdad The head of the State of Law coalition, Nouri al-Maliki, stressed today, Sunday, the necessity of activating the strategic framework agreement between the two countries, as well as working to develop bilateral relations to serve the two countries.
The media office of the State of Law coalition said in a statement received by Mawazine News, “Al-Maliki received in his office the American Ambassador Elena Romanski, and during the meeting the two sides reviewed the future of bilateral relations between the two countries, as well as the escalation of tensions in the region and the repercussions of the Al-Aqsa Flood operation and Baghdad’s keenness on the need to end The Zionist aggression and the opening of humanitarian corridors to bring in aid.”
Al-Maliki stressed “the importance of strengthening friendship and cooperation relations, and continuing to sustain and develop them in a way that serves the interests of the two friendly peoples,” noting “the necessity of activating the agreements concluded between the two countries, especially the strategic framework agreement, in line with the importance of the current stage and the many crises facing the region, especially Events in occupied Palestine, Lebanon, the Red Sea, northern Syria and Iraq,” calling for “speedy action to reduce tension and end the mutual attacks that may herald the expansion of the war.”
The statement continued, "The American ambassador "renewed her country's support for the stability of Iraq, stressing the continuation of dialogues between the two countries in order to strengthen partnership projects in various important and vital sectors." https://www.mawazin.net/Details.aspx?jimare=240790
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.
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.
...in my conversation with my CBI contact on my Wednesday call...We...talked about...the monetary reform and where it stood. I was told it would take some time, maybe weeks or months even for the currency swaps to take the needed effect in leveling out the parallel black market rate for the dollar. But my contact seemed very optimistic that the plan now in place could move this rate quicker than expected even. But I was warned not to expect instant success as there is still a period of monitoring it for wide swings, in other words it needs to be stable...We can see that there has been more progress towards currency reform in the last 12 months than in the twenty years combined.
There is much prosperity and abundance coming our way this new year. Let’s all just be patient and stay calm.
Article: "SUDANESE ADVISOR: EXCHANGE RATES WILL REACH 135 THOUSAND PER 100 DOLLARS SOON"If this really does happen we will be in great shape to see the one more program rate change we have been waiting for. But remember they will probably wait and monitor the rate to ensure it is first stable, How long we don’t know. But this is fantastic news today.
Article: "SUDANESE ADVISOR: EXCHANGE RATES WILL REACH 135 THOUSAND PER 100 DOLLARS
SOON"If this really does happen we will be in great shape to see the one more program rate change we have been waiting for. But remember they will probably wait and monitor the rate to ensure it is first stable, How long we don’t know. But this is fantastic news today.
I believe we will not get out of January without seeing the project to delete the zeros and my CBI contact ...gave me assurances that this could be the case.Keep our fingers crossed nothing else interferes in the process.
I am told they fully intend to have this parallel market on target and under control within January...if they can accomplish this target, we know what their next move will be... We don’t need to speculate...We know as a FACT
Parliamentary Finance Calls For Accelerating The Sending Of The Budget For The Purpose Of Approval
Economy | 01/21/2024 Mawazine News – Baghdad The Parliamentary Finance Committee discussed, on Sunday, with the Minister of Finance, Taif Sami, the completion of the 2024 budget schedules before their approval.
The House of Representatives media stated in a statement received by Mawazine News, that “The Parliamentary Finance Committee met with the Minister of Finance, Taif Sami, and the issues of employee compensation were discussed.” And inspectors and added amounts for purchasing energy and implementing projects included in the government plan.”
The Finance Committee asked the Minister of Finance to “expedite the preparation of the budget schedules and send them for review and voting on them.” For her part, Taif Sami said, “Financing projects is done according to the allocations and listing requirements, and the components and violations must be modified in coordination with the Ministry of Planning, in addition to the issue of the region’s revenues.”
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.
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.
Prime Minister Mohammed Shia’ Al-Sudani chaired today, Sunday, the meeting of the Board of Directors of the Iraq Fund for Development to review the projects and directions of the Fund in 2024.
The Information Office of the Prime Minister said in a statement, NRT Arabia received, a copy of it, that “the Sudanese, chaired a meeting of the Board of Directors of the Iraq Fund for Development, in the presence of Minister of Education Ibrahim Al-Namis.”
He added, “The meeting witnessed the review of the Fund’s projects and directions in 2024, and part of the Fund’s investment plan, and the focus was on the project of building schools in the investment method as the first project of the Fund, during which the financial aspects and designs that use appropriate modern building materials were discussed, choosing the model that will be adopted in their construction, and stressing the importance of meeting environmental requirements according to designs suitable for temperatures and climate conditions.”
The meeting discussed “other projects that the fund will implement through the private sector, as the focus was on projects that are offered to citizens, in order to provide them with the opportunity to invest in large projects.”
According to the statement, the council decided to set priorities for action and implementation, and to introduce school building projects that replace mud, karafan and falling schools, as well as the vacant land identified.
Hi guys, I heard that no one heard my video. Mmm you might need my hearing aids Ok guys this is what it is at the moment Charlie has been told to remain silent which is a good sign Mauricio is under NDA D1 has been released fully D2 we have not received confirmation if it has been finished yet as it’s huge. Basel 3 gets finalised on 23rd January and it’s going to be huge Nesara I was told on this Sunday.
Things are definitely happening and it’s not BS. Please have faith and stay close to God that this is definitely coming.
The President of the Republic, Abdul Latif Jamal Rashid, and Prime Minister Mohammed Shia Al-Sudani, stressed on Sunday that the Iraqi government is the body concerned with enforcing the law and protecting the sovereignty of the country, pointing to the importance of resolving the issue of the salaries of the employees of the Kurdistan region.
The Prime Minister’s Information Office said in a statement, seen by “Economic News”, that “the Sudanese met, on Sunday evening, the President of the Republic, Abdul Latif Jamal Rashid, and during the meeting, they discussed the general situation in the country, political, security and economic issues, and stressed the need to unite efforts to consolidate and sustain the security and stability achieved.”
The statement added, “The Sudanese reviewed the results of his participation in the Davos Economic Forum in Switzerland, and the talks he held with the heads of the participating delegations and international financial institutions to strengthen Iraqi relations and strengthen joint cooperation, in a way that serves mutual interests.”
He explained that “the meeting witnessed a discussion on security developments, violations of Iraqi cities and territories, and the violation of sovereignty, undermining stability and threatening the safety of citizens.”
According to the statement, the two sides stressed that “the Iraqi government is the authority to enforce the law and follow up on the measures that ensure the protection of the security and sovereignty of Iraq.”
He added that “the two sides stressed the importance of supporting the government in implementing its ministerial program, especially related to providing services and improving the standard of living for citizens, moving forward with the reform program and reducing cases of corruption, in a way that provides a viable environment for investment and activating the private sector to contribute to the construction and reconstruction of the country.”
The statement continued, “The meeting touched on the need to address the joint files between the federal government and the Kurdistan Regional Government of Iraq, in accordance with the Constitution and the law, and to resolve the issue of the salaries of the region’s employees, in a way that guarantees their rights and secures their strength and source of livelihood.”
The Coincidence — Donald Trump says “Timber” twice. The Basel 3 Deadline Is Before Monday.
Jan 20th, the Sun & Pluto move together into 0° Aquarius, the zero point void, creating a system reset. Now, you may ask what does this astrological alignment means for humanity?
For humanity, this alignment may usher in a period of significant change, innovation, and a departure from established norms.
It could mark a time when collective consciousness takes a leap forward, embracing new ideas, technologies, or societal structures. The transition into Aquarius, an air sign associated with innovation and unconventional thinking, reinforces the potential for a paradigm shift.
Remember I told you all that Iraq was waiting for Basel 3? Remember I told you all that once Iraq reinstated their currency, it would cause a global paradigm shift? Remember I told you all that the BRICS Nations are waiting for Iraq? Remember I told you all that Iraq has met all requirements to join the WTO and that all political obstacles have been removed? Remember I told you all that once Iraq reinstate their currency on the Forex Market, we will officially be on the other side of the system? Remember I also told you that this currency revaluation is an “End Time Event”? Remember I told you1all the Iraqi Dinar revaluation will be used to finance the new Republic ?
Think About These 13 Points About IRAQ:
1. The Garden of Eden was in Iraq (Genesis 2:10-14). 2. Adam and Eve were created in Iraq (Genesis 2: 10-14). 3. Satan made his first recorded appearance in Iraq (Genesis 3: 1). 4. Sin originated in Iraq (Genesis 3:1-6). 5. The first murder occurred in Iraq (Genesis 4:1-16). 6. Noah built the ark in Iraq (Genesis 6:1-24). 7. While living in Iraq, Nimrod, developed false religious systems that today circle the globe (Genesis 11:1-10). 8. The tower of Babel, which instigated the development of the many languages throughout the earth, was in Iraq (11:7-9). 9. The actual nation of Babylon, which destroyed Jerusalem and took many Jews into captivity in 603–586 BC is present day Iraq (Daniel 1:1-2). 10. The wise men were from Iraq (Matthew 2:1-2). 11. St Peter most likely preached in Iraq (1 Peter 5:13). 12. Jonah preached to the lost people of Nineveh, who was located in Iraq (Jonah 1:1–4-11). 13. What started in Babylon (sin) will end in Babylon (destructive judgment).
Some think of Babylon as being the physical, spiritual expression of Rome with New York City being the center of economic Babylon. I find that rather far-fetched.
That’s another topic for another time.
Then, others identify Babylon as the Roman Catholic Church and the Pope in particular. No matter how we interpret “Babylon”, the Bible makes it clear that the land of Babylon—not Rome, not the United States, not Germany, not Russia and not China – will be a focal point of all prophecy in the last days. End quote. Roger Barrier
But this is not the important part. We are on the cusp of a paradigm shift that will officially begin with Iraq. Where are we going? Back to zero point.
Individual experiences may vary, but on a broader scale, this cosmic event encourages adaptability, openness to change, and a willingness to explore uncharted territories. It is a reminder that growth often emerges from the transformative process, and this celestial alignment could serve as a catalyst for positive evolution on a global scale. Astrology and Transitions.
In astrology, the movement of celestial bodies into 0° of a zodiac sign is considered a critical point, often associated with transitions or shifts. It can represent the ending of one phase and the beginning of another, symbolizing a reset or new beginning.
Now, what could this new beginning be. Well, Meg Benedicte stated something very interesting. Which falls right in line with what I have Bern telling you all regarding the new Republic. She stated It takes 248 years for Pluto to revolve around the sun. The last time Pluto moved through Aquarius in 1778-1798 was a time of tumultuous revolution. During Pluto’s previous transit, the French Revolution and American Revolution was led by citizen unrest striving to break free from oppressive monarchies, unhealthy living conditions, rampant poverty, and imbalanced power systems. The Aquarian people’s revolutions established new republics. Well, would you look at that. Another coincidence. She continues. The Great Wheel of Time turns again, as a new revolving global cycle begins.
We either align with the circular movement of revolutionary progress or stubbornly hold onto the past and physical status quo.
If you lived 248 years ago and knew the revolution was afoot, what would you do to prepare? Where would you choose to live? What loose ends would need to be tied up and completed? How best to simplify your life? What would you need in place to provide for your physical and spiritual sustenance? End qoute.
==>>> Which is why I constantly bring up the reason we will need to let go of any preconceived notion as to how “The Plan” will unfold.
Because people already have this faux idea as to who the heros will be once the show concludes because they do a lot of press tours and speeches trying to impose themselves as one of the people working with the White Hats to take down the Deep State when they have been working with the Cabal for 5 decades+. Working against Donald Trump.
What better way to establish a new way of living then to revamp the very system that financially enslaved us by requiring them to have real assets or reserves to function. No more typing up numbers on a computer when applying for loans and approving them based on assets that are not in any physical accessible vault in any bank and then charging interest on customers at a mortgage rate they presumed was fixed for X amount of years. I digress.
Zero Point: Meaning different things for variety of areas that affect your life. Basel 3 (Banking System) ISO-20022 (Digital Currency) Artificial Intelligence (Singularity) Free Energy (Tesla Coils) Crystalline DNA (Ascension) Gold & Silver (Natural Resources) Holographic Healing (Medical Industry) Hydrogen (Vehicles) Etc. Everything in existence will go through a reset. Nothing will be the same. Guess what will be running the new automated system? AI. What is an AI God? In our time, it is not mythologies or idols in the place of God, but a new divinity, an “AI-centric” God, which according to some in the transhumanist movement, advocates for the enhancement of the human condition in terms of both its longevity and cognition. End quote. But this will be limited to the mechanics of AI. Where places will employ humanoid robots to serve you. Without any humans. Self-Driving Cars Self Cleaning Homes Self Flying Vehicles We all know this will not be something that replaces the divinity or source of all creation as God is in control of all things. But of course, we will have those who create their version of what this means through technological enhancements of their own personal doing just as they do with anything else. Which is none of our business what people decide to indulge in.
So, we have to prepare now. The old ways of doing thing will no longer apply. I told you all before and I will say this again. Once the quantum computers are released, there will no longer be no such thing as science fiction anymore.
Specialist: There Are Iraqis Whose Profits Have Reached $5 Million Through Daily Trading
2024-01-21 01:37 Shafaq News/ Ali Linqawi, the Emirati researcher specializing in financial markets, revealed on Sunday the presence of Iraqi currency speculators on the stock market, who achieved profits amounting to $5 million, stressing that Iraq supports its currency through its local stock exchange.
In an interview with Shafaq News Agency, Naqawi attributed the large number of Arabs, including Iraqis, who trade stocks on the stock exchanges to the advertisements and publication of the profits that are gained through them, indicating that “some of them (i.e. profits) are valid and some of them are to deception and fraud, and this is many in Iraq.”
The Emirati researcher explained, “There are Iraqis living in Dubai whose profits from trading and speculation have reached $5 million, but they do not want to appear in public,” adding that “among them are those who like to appear as businessmen or real estate owners.”
He added, "Adopting the Iraqi stock market to trade in the Iraqi dinar exclusively is a step to support the Iraqi economy and its local currency."
Linqawi pointed out, “Currently, there are no indications that Arab stock exchanges will reach the international level, but it is possible for the stock exchanges (Abu Dhabi and Dubai) to arrive in the future, and this takes time.” LINK
Clare: With the closure...the dollar price decreased
1/20/2024
The main stock exchange in the capital, Baghdad, closed today, Saturday, due to the decline in the exchange rate of the dollar against the Iraqi dinar.
Selling prices in money exchange shops in local markets in Baghdad reached 153,250 Iraqi dinars for 100 dollars, while purchasing prices reached 151,250 dinars for 100 dollars. LINK
Sir_Shawn: IMO- CBI official rate 1310 1 USD ~ 1310 IQD = 0.000763 Drop the three zeros 1USD ~ IQD 0.763 = 1.310 Anyone for a mic drop…
Question is when….
Paulette:IMO......I don't believe .76 USD for one IQD (1.31 IQD/1USD) would be adequate for the Iraqis to want to abandon the more valuable USD......The MOP/MOI study all the way back in 2009 stated 1.14-1.18USD to 1 IQD to start for 3 years prior to reinstating the true value of 3.22USD per 1 IQD
Sir_Shawn: Well in my opinion, you are right, so this brings up the basket of currencies and the float. The Dinar will correct itself probably instantaneous. The question is the second set of books where I believe they were using the 1.31 per Dinar. We know that all those buildings and cities were not built on 1310 Dinars. But still we wait… IMO
Paulette: IMO......the basket of currencies is what they intend to peg to instead of just pegging to one currency - the USD. At least this is what the CBI and the GOI has stated in the past. If they are pegged to just one currency, if the value (purchasing power) of that currency drops significantly, so does the value (purchasing power) of the IQD.
If they are pegged to a basket a currencies, if one drops the others keep the IQD "propped up". This is extremely important to Iraq as they are predominantly an import country. This is precisely what they stated years ago and those articles are probably somewhere within the pages of the Final Article thread. Bottom line, the pegging to a basket is to maintain the purchasing power and stability of the currency and not a singular event to increase the IQD purchasing power.
The issue I still see is in order to peg to a basket of currencies, they would "officially" have to depeg from the USD. While I have yet to see the US relinquish their receivership status over Iraq and the fact that the US is desperate to try to keep the USD propped up, I am unsure the actual mechanism of how they will be allowed to depeg and then repeg. It seems like receivership would need lifted first for that kind of move.
The buildings and cities were built on the USD value predominantly from oil sales. The number of IQD to the USD value seems irrelevant. Look at Vietnam and all they have accomplished with a currency value of less than a tenth that of the IQD. The big difference is Vietnam expanded their currency supply and Iraq has not. Iraq clearly has full intent to RI their currency and change their currency structure to rid itself of the 3 zeros. These articles are definitely contained in the FA thread.
If they are truly heading to a simple 3 decimal space move on their exchange rate and as you said they are heading to 1.31USD to 1 IQD, they would have to make another move first to 763.4 from 1310. Frank has said they had planned on one more move. As of now, a simple decimal move of 3 places would mean 1310 IQD to 1 USD would become 1.310 IQD to 1 USD or 76 cents per IQD
Frank26:"SUDANI, MAY I ASK AT WHAT RATE?"..............F26
Clare: Minister: Baghdad International Fair achieved many partnership contracts with Iraqi and international sectors
1/20/2023
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.” LINK
Article "The International Monetary Fund welcomes Iraq's accession to a program that supports economic reforms"
All I could say was Holy cow! That's huge. The IMF, remember who they are. They are the one who give Iraq/CBI permission to raise or lower the value of their currency, to print or to destroy currency. Everything they do in their banking structure is governed by the IMF...This is the announcement by the IMF that Iraq is international.
Question "How long will it take for the US to update the IQD price?" Instantly, the moment the CBI pulls the switch on the new exchange rate. It's electronic. It pops up everywhere.
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...
Saturday 20, January 2024 | Political Number of readings: 271 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that Iraq today is on the right path. Al-Sudani said during his inauguration today of the Fine Arts Intersection Bridge, that the projects are being completed according to the timings, or even less than their timings.
He added that the bridge at the Fine Arts Intersection is simple and the ceiling of our goals and ambitions is large, indicating that this intersection came after a clear vision and promise from the government regarding the provision of services.
He explained that the projects in this area will be completed with the Sarafiya Intersection Bridge and the construction of a bridge parallel to the Sarafiya Bridge.
The Prime Minister renewed the government’s commitment to implementing all projects.
We coming out from war. We coming out from the worst thing in our life. We just start to walk...We just start to grow...It almost collapsed but didn't collapse. It maintained itself and maintained himself stable...The only thing that destabilize the economy of Iraq is the war...Iraq is a very strong country...In a couple years Iraq is going to be one of the stronger countries in the world...Iraq is very strong.
Iraq survived the worst thing in their life. We survived 3 or 4 wars in the last 50 years. We survived it and each time we came back and we came back strong. This time we're going to come back very strong...Iraq economy never collapse by himself. Iraq economy always stable unless somebody else disable it for them. Iraq's economy is one of the best economy in the world and it's going to come back to the best economy in the world. The negative things about Iraq will never revalue, it's a scam, that's all bullshit. Iraq's going to come back one day and it's coming to come back soon.
On the sidelines of the Davos Forum at its 54th session held in Switzerland last week, the Prime Minister, the Prime Minister and his accompanying delegation, and the Governor of the Central Bank continued to hold meetings, understandings and negotiations with the World Bank, the International Monetary Fund, the President of the European Bank for Reconstruction, JPMorgan Bank and global financial institutions with the aim of accelerating the measures implemented by the government in cooperation with the Central Bank towards achieving financial and banking reform.
In implementation of the twelve government curriculum (financial and banking) in which the government’s program for the financial and banking sector and strategic policies and procedures were drawn up in paragraphs (1-7).
To restructure the public budget, manage public money, reduce the pressure of consumer spending in favor of projects and programs for sustainable development, pressure public debt to a minimum, limit external borrowing for investment and service projects. The borrower repays the loan from the project revenues, establish the Iraq Fund for Development and include it in the general budget in 2023.
Controlling the border crossings, reforming the tax system and making, maximizing revenues for economic productive sectors other than oil, and reaching their percentage in budget revenues over the next 3 years to 20%. The main and important goal is to reform the banking and private sector, according to paragraph (7), which considers financial and banking reform is the beginning of the successful economic reform, with a focus on structuring and enabling government banks, reconsidering their work, and enabling private banks to be able to support investment and development in a real way. It is indeed initiated by the government and the Central Bank with contractual and negotiating procedures with the international auditing and advisory company Ernst Andy Young and under the supervision and direct follow-up of the Prime Minister and his confirmation that the company’s global programs are applicable and differ from previous experiences and to ensure the achievement of the goal according to the time period planned to complete the project in full.
The meeting with the CEO of JPMorgan Bank of America on the sidelines of the Davos Forum held in Switzerland, asking him to cooperate with the Central Bank and banks to open accounts for Iraqi banks to regulate foreign trade financing and help accelerate digital transformation applications and the use of electronic payment technologies, in addition to the diligent follow-up of the Minister of Finance and the Governor of the Central Bank of Iraq.
With regard to banking reform, the Central Bank has made great efforts to implement what was stated in the government curriculum in the face of the challenges faced by the reform process, where in 2023, the organization of foreign trade financing and digital transformation in the banking sector was achieved, the imminent launch of a national lending strategy, the establishment of a Rida Bank to finance small and medium enterprises, and the work is continuing to reduce the exchange rate fluctuation of the monetary dollar in the parallel market. In general, the plans of the Central Bank aim at my mirrors:
First – Developing and reclassifying the Iraqi banking system, enhancing citizens’ confidence in it and providing financial solvency that enables it to meet requests quickly and when requested.
2-Transforming banks to their primary function of lending for sustainable development.
3. Banks that do not provide loans and banking facilities that help in development lose their meaning as banks, which requires a specific position on them from the Central Bank.
4. Banks are the lever of development and the importance of the Ministry of Finance and the Central Bank to support banks, develop their functions and rely on their own capabilities in dealing with sober international correspondent banks, to be organized by the international banking system in accordance with international standards and to obtain the internationally approved classification.
v. Withdraw funds outside the banking cycle and enter them into the banking system by providing comprehensive banking products and services to customers without slack, smoothly, easily and transparently.
All the above objectives Although the period set for implementation according to the government’s timetable ranges from (1-4) years, the government and central bank strategy for 2024 will shorten the time and achieve most of the above goals. There are banks that are moving towards the required development and banks that still need an additional period of time to achieve the goals, and there are troubled banks that are now making exceptional efforts from the bank to the central and management of these banks to rehabilitate them.
What concerns us here is the real functional role of banks in providing loans and banking facilities and moving from the role of banking to the developmental role. There are two important observations that must be taken into account with regard to providing loans and banking facilities to stimulate the economy.
First: The nature of the activities of banks depends on the nature of the activities of the economic sectors, and that economic activity is concentrated in foreign trade (imports), so it requires controlling imports, supporting the local product, and supporting the private industrial sector, which the government is currently working to promote with calculated executive procedures and with the cooperation of all other sectors.
Second: It is necessary to provide the legal environment and extend the authority of law in order to eliminate the phenomenon of default in the payment of loans by making legislative amendments and treating private sector debts similar to the debts of the government sector as excellent debts payable, which will help the expansion of the private banking sector to grant bank financing of all kinds.
The other important thing is to move the public and private banking sector to a sober and sophisticated economic sector that is committed to international regulations, rules and standards for compliance, anti-money laundering, financial reporting and risk management, and thus to be actually a lever for development.
And contributing to the revitalization of the economic cycle by activating and supporting the financing of small and medium enterprises and large development projects through which the construction of a solid national economy and sustainable development is achieved that ultimately serves the Iraqi people and their aspirations for a better life.
This means that each government or private bank has a targeted plan for the four years specified in the government curriculum and under the supervision and follow-up of the Central Bank in the fields of development of payment systems and modern banking technologies, moving from cash dealing to dealing with modern electronic payment methods in accordance with international standards, offering new banking products to stimulate financial inclusion, work to build capacity, train and qualify human resources, achieve the goal of investing in human capital and develop the structural structure of the banking sector.
Banks also pay attention to the application of financial stability standards, which are financial safety indicators such as the capital adequacy rate, liquidity ratio, profitability ratio such as the ratio of profit and net profit to capital, the ratio of return on assets, the ratio of return on shareholders’ equity, the ratio of activity cost, leverage and the ratio of the employment of funds, in addition to the adoption of indicators to measure performance efficiency.