Baghdad – Mawazine News The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Saturday, that the bank’s initiatives for housing lending have reached about 11 trillion dinars. Al-Alaq said in a statement received by Mawazine News, that “there is an urgent need today to stimulate and diversify the Iraqi economy,” stressing that “the initiatives of the Central Bank of Iraq for housing lending launched through the Real Estate Bank and the Iraqi Housing Fund reached about (11) trillion dinars.”
Al-Alaq stressed the need to expand the base of financial inclusion in Iraqi society, especially the expansion of the activities of small and medium-sized companies, which are the backbone of the economy, pointing out that “the employment of labor is of interest and focus of the Central Bank and the continuation of its initiatives for small and medium enterprises, which will culminate in the launch of the Riyad Bank supported by the Central Bank of Iraq and the contribution of civil banks.” He pointed out that “the development and implementation of the national lending strategy for the years 2024-2029 requires cooperation between a wide number of relevant and particing interest, to achieve the desired goal.”
did hear some interesting things from military contacts. One in particular kinda surprised me overnight...don’t panic because they do their best to cloud the timing...He said “Do not worry- it will be before July 4th.” We will have it all before July 4th. Actually a couple military contacts gave me that same time frame. I still have great hopes for sooner...it is interesting they have plans to have it completed by July 4th…For all we know it could happen tomorrow…nobody knows the timing.
Out of Iraq –
hearing we are supposed to be getting news on Sunday that has to do with the budget but since they have already passed it- does this mean we are getting a rate? Or which projects were executed or started? I do not know.
I am seeing rates of somewhere between $3.81 to $3.91 from a number of contractors working in Iraq. They are working on infrastructure - everything from hospitals to power grid to roads etc... And I am still thinking it will be $2 something on the dong. I hope I’m wrong and my contacts are right and it’s closer to the $3 mark.
Prime Minister Mohamed Shiaa Al-Sudani discussed with the Secretary-General of the United Nations Antonio Guterres on Sunday the timing of ending the work of the UNAMI mission, while the Prime Minister reiterated the need for major powers and international organizations to carry out their humanitarian, moral and legal duty to stop the aggression on Gaza.
The Information Office of the Prime Minister said to the Iraqi News Agency (Waa): “On Sunday, Prime Minister Mohammed Shia Al-Sudani received a phone call from the Secretary-General of the United Nations Antonio Guterres,” noting that “the relationship between Iraq and the international organization was discussed, and aspects of cooperation in various fields and programs, especially those related to facing climate challenges and reducing their effects, and the tasks of promoting and managing water.”
He added that “the communication touched on Iraq’s message regarding the timing of the termination of the work of the United Nations Assistance Mission for Iraq/UNAMI, the timing of reducing the levels of staff in the mission, and ways of bilateral coordination in this track.”
During the call, the Prime Minister expressed “the government’s appreciation for the efforts of the United Nations and its mission in Iraq,” praising “the programs and contributions made by the international organization during various stages, and keeping abreast of the challenges faced by our Iraqi people at various levels, which provided assistance to our people in the path of democratic construction, reconstruction and development, and recovery from the effects of terrorism and dictatorship.”
The telephone call witnessed the discussion of the situation in Gaza, and the results of the continuation of aggression against unarmed civilians facing the crime of genocide, as the Prime Minister of the Secretary-General reiterated “the need for major powers and international organizations to carry out their humanitarian, moral and legal duty to stop the aggression, protect our Palestinian people and guarantee their historical rights.
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If they change the value of their currency they're going to have more surpluses...The oil price is about $70 in the 2023 budget. That hasn't changed for '24 or '25 because that's a tripartite budget. They got a surplus. Oil is somewhere around $80. It's been as high as $91ish. The expectations of oil is to be somewhere in the neighborhood of $80/$90 and they even talk about $100/barrel...Iraq is going to be sitting pretty good...They have phosphates...sulfur...natural gas...Those non-oil revenue streams...taxes and tariffs are going to come online...Iraq has a good foundation for Alaq to do what he's supposed to do.
Iraq is moving forward. They've got huge reserves...increased their gold, they're going to have the private sector, their stock exchange is going to be one to reckon with. It's an emerging market and a lot of money is going to be start flowing...
If they go on the Forex system it's going to be international. It's going to be fast and furious.
Could they do something within the county prior to that?
Sure, why not, educate the citizens, do what they got to do...
Question: People want to know if they can drag this out until next year?
Militia Man: We don’t know the timing. But, I don’t think we are even close to go that long.
There is way too much going on in the world and this is not only about Iraq. Remember all boats rise with the tide...I believe Iraq is ready to go with the rest of the world. Along with other countries like the Vietnamese dong.
Are they going to change the value of their currency...?
I'm pretty sure they are going to need to to pay for all these [reconstruction] objects...rebar, the cement - all that stuff is expensive at 1310. It's not so expensive if it's back at a 'previous era'....If they have the true value, their real effective exchange rate, it's going to be far cheaper...
Shafaq News / The President of the Kurdistan Region of Nechirvan Barzani received, on Sunday, the Secretary-General of the Qatari Foreign Ministry, Ahmed bin Hassan Al-Hammadi.
The Presidency of the Region said, in a statement received by Shafaq News Agency, that the meeting was attended by the Ambassador of Qatar to Iraq and the Consul General of the State of Qatar in Erbil, indicating that the two sides stressed the development of Qatar’s relations with Iraq and the Kurdistan Region, and there was also talk about Qatari investment opportunities in Iraq and the region.
The Qatari delegation affirmed its confidence in Iraq and the Kurdistan Region, and its desire to develop relations in the economic and commercial fields that Qatar opens in Erbil.
The delegation also expressed its readiness to invest in the fields of energy, tourism, agriculture, education, health and many other fields.
Barzani congratulated the Qatari delegation on the opening of the Consulate General in the Kurdistan Region, and stressed that the environment is suitable for Qatari investment in Iraq and the Kurdistan region, especially in infrastructure projects.
He also expressed his gratitude for Qatar’s support and assistance to Iraq and the Kurdistan Region, noting that Iraq and the Kurdistan Region have many partnerships with Qatar.
During the meeting, they also discussed the situation in the region and a number of issues of common interest.
The new currency that's coming out has more safety features on it than any other currency on this planet. More than the American dollar, because it's a state-or-the-art technology of how they produced it with the monetary reform.
Question: "What is the price of a bottle of Cokein Iraq?" Way too much and that's why the prices are being adjusted and a new exchange rate will come out to match the new or lower denominations.
The problem is you don't see any of these contracts open do you?
...No, all of these contracts are sitting there waiting and waiting for what?For Sudani to pull the trigger.What is the trigger?
The lynchpin that will activate the contract and readjust the value according to the exchange rate of the Iraqi dinar, where the contract was signed in the Iraqi dinar value but to match their [contract holder's] currency.
Brilliant... These signed guaranteed contracts will adjust to the calculation of the IQD value...These foreign currencies will not be calculated into the new exchange rate until the new Iraqi dinar exchange rate hits Forex...
A second set of books is a normal business action. Many companies, many firms for financial projections, for balances, for audit purposes, for changes whatever it may be, run a second set of books. The second set of books is simple business practice. It's not illegal unless you're doing it illegally under the table...This second set of books is not hidden...they [Iraq] expose it [their second second set of books] to the right people, IMF, World Bank, US Treasury...
The Central Bank of Iraq denied issuing a new currency of the category of (100) thousand dinars.
A statement by the bank said {Euphrates News} received a copy of it that “the image of a new currency reported by social media sites is a {fake} picture bearing the image of the late Iraqi architect Zaha Hadid.”
The Central Bank called on “citizens to be careful and not to deal with it if some put it for the purpose of fraud.”
The Central Bank stressed “there are no intentions to print a new currency at the moment, stressing that it is taking legal action against violators and promoters of that counterfeit currency.”
What if China invades Taiwan and the retaliation from from their military or defense forces in the region is to destroy the 3 Gorges Dam? Because this is the only reason I could think of as to why D. Trump would accept Bitcoin. I think that was a greenlight from CIC.
Because that coin is still not ISO-20022 Compliant. So that reason can be thrown out the window.
In general I think Bitcoin will be flushed through the Stellar MBS Project. Because if you cut the Red Sea Cables that alone would destroy Bitcoin. So as you can see multiple options exist. The Wuhan lab is under the 3 G-Dam.
Based off of the fact that becoming ISO-20022 Compliant requires Crypto to be clean & clear of any blackmarket Drug & Human Trafficking. Is Bitcoin eligible now? Doubt it.
Here is what people do not know. Banks do not understand the tech behind XRP. All they know is that its they like the transaction speed, low cost, and environmental friendly aspect. But they inadvertently signed up for their own demise.
When banks signed on with Ripple they basically killed themselves in the process. The finalization of Basel 3 is the nail in the coffin.
XRP will allow people to become their own bank. And no longer need to move money through their system. Which is the Rothschilds banking system.
Which is one of the reasons why the Blockchain Bill passed congress this week. Because I told people the parallel market in Iraq is the reason the reinstatement didn't occur yet because that is what is artificially keeping the Iraqi Dinar value low. But the IQD/XRP are paired as well.
A deeper reason. This below statement from an anonymous source was sent to me. And it makes absolutely sense.
______
Anon: Crypto started out as a Deep State agehda. There is a man named Ken Kurson. He used to work with Steve Mnuchin, Trump's Secretary of the U.S. Treasury. Ken Kurson has written a speech or two for Trump. Ken Kurson is now the chairman of the board of directors at Ripple, the company behind XRP.
Ken Kurson replaced David Schwartz as the chairman, David Schwartz patented blockchain technology in 1989 and used to work for the NSA but is now the CTO (Chief
Technology Officer) of Ripple and one of the 3 creators of XRP.
The other 2 are Arthur Britto and Jed McCaleb.
Jed McCaleb has gone on to create XLM, another digital asset that can match the transaction speed of XRP but is focused on wholesale and retail payments while XRP is focused on cross border payments.
XRP and XLM will be 2 of the very few cryptocurrencies that survives the regulatory clarity that we are supposed to see on Dec- 3rd.
Bitcoin will hang around but will plummet in value as it can be controlled by China's CCP due to only 4 miners in China combined possessing over 50% of the mining power. End quote.
________
This goes back to my previous point. Ripple is the only company behind a digital asset to have made partnerships with over 400 financial institutions and governments around the world, including our own U.S.government.
They're partnered with the Universal Postal Union which has 85 post offices that double as banks. They're partnered with multiple central banks and other big name banks such as Bank Of America. But, they started by partnering with small banks first.
They're also partnered with the
IMF. Most of these partnerships came about after Trump signed EO 13772 into law which is about building faster pay settlement systems and mentions Ripple by name.
There is more I want to add but I have to take care of some things 1st.
Report: Arab Banks Expand In Iraq Because Of Washington!
Economy | 25/05/2024 Mawazine News - Follow up Al-Arabi Al-Jadeed newspaper published a report in which it talked about the expansion of the work of Arab banks in Iraq, while indicating an increase in investments in the country as a result of US sanctions on Iran.
Report text: Major Arab banks have expanded their presence in the Iraqi banking sector over the past months, through their cash investments and direct dealings with private Iraqi banks, amid efforts to enhance the financial and cash balances of Iraqi banks and attract foreign capital.
Iraqi banks are facing major challenges against the backdrop of sanctions imposed by the US Treasury Department on 24 banks, banning their cash transactions in dollars, to limit currency waste and suspicious transfers.
This ban affected banking services inside Iraq, which prompted the Central Bank of Iraq to issue its latest instructions to return to Law No. 4 of 2010, which stipulated the approval of one or more qualified shares for joint-stock banks, on the condition that this joint-stock bank be monitored by the central bank in its home country.
Which contributed to opening the way for Arab and foreign banks to open their financial credits and cash investments with a number of Iraqi private banks.
The volume of external transfers to Iraqi banks and banks, directly or through correspondent and joint-stock banks, amounted to approximately 265 million dollars per day, by purchasing the dollar through the currency selling window at the official price of 1,310 dinars per dollar, while no official statistics were issued on the size of the cash masses that were pumped to buy. Shares in Iraqi banks.
In details, the Central Bank of Iraq recently granted four new licenses to Jordanian banks, namely the Union, Housing, Jordan, and Arab Banks, and they were preceded by other licenses to Arab and foreign banks according to investment ratios contributing to the Iraqi private banking sector.
A local newspaper published that the share of Arab banks in the National Bank of Iraq amounted to 76.7 percent of the bank’s shares, while the share of the Jordanian Capital Bank reached 61.85 percent, the share of Cairo Amman Bank reached 9.90 percent, while the share of the Palestinian Arcadia Investment Fund reached 5 percent.
This comes amid the efforts of the Jordanian Housing Bank to buy a stake in the Iraqi Al-Mansour Bank, to which Qatar National Bank contributed 54 percent. Earlier, the Jordan Kuwait Bank announced the signing of the agreement to purchase a 51.79 percent stake in the Bank of Baghdad’s shares.
Acquisition opportunities
Financial and banking expert, Abdul Rahman Al-Sheikhli, said that there are no specific numbers about the volume of Arab and foreign investments in Iraqi banks, but the Central Bank of Iraq has given foreign and Arab banks opportunities to acquire large shares in Iraqi banks at a rate of more than 50 percent.
Speaking to Al-Araby Al-Jadeed, Al-Sheikhli stated that the goal of the Central Bank of Iraq in granting contributions at high rates is to try to bring non-Iraqi capital to the sector.
He added that Arab countries' investment in Iraqi banks is large, amid contributions from Jordanian, Kuwaiti, Qatari and Emirati capital.
He pointed out that the Central Bank of Iraq's invitation to foreign banking investments came due to the migration of Iraqi capital abroad and the smuggling operations resulting from the financial and administrative corruption that has spread throughout the entity of government institutions.
He added that the lack of cash liquidity in banks is due to the loss of citizen confidence in the Iraqi banking system, specifically private banks, which prompted the necessity of bringing in foreign investments.
New investments support Iraqi oil
Al-Sheikhli explained that Iraq today is witnessing relative stability in the political, security and economic system, and the investment environment has become safe and attractive for investment, especially after the emergence of real projects in the country, whether governmental or within the private sector.
Al-Sheikhli stressed the importance of using foreign investments, which will contribute to creating additional resources away from the oil that Iraq has relied on over the past years.
The US sanctions imposed on private Iraqi banks and the restriction of dealing in foreign currencies gave the opportunity to foreign and Arab banks that hold accounts with international and American banks to contribute to the market share in Iraq in a very large proportion.
Financial expert, Safwan Qusay, said that reconsidering restricting the movement of these Iraqi banks would prevent the monopoly of foreign banks operating in Iraq, which hold large accounts and credits with Iraqi banks at a rate exceeding 49 percent of the capital.
During his conversation with Al-Araby Al-Jadeed, Qusay stressed the necessity of protecting the financial system and providing an integrated banking system that relies on reviewing the policies of the Central Bank of Iraq by preventing monopoly operations on the sale of foreign currencies, including the dollar.
Qusay stressed the importance of lifting the sanctions and restriction system and replacing it with the correction system, and guiding the restricted banks to enhance their ability to comply, meet the needs of customers, know the movement of the Iraqi dinar, and invest in technology.
🇺🇸💥🇺🇸. Zimbabwe promoting their new Zig currency and jailing illegal currency sellers. 🇺🇸💥🇺🇸👇👇
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🇺🇸💥🇺🇸☝️☝️☝️☝️Nader says that the war with Iraq had ended when Sudani came to the U.S. last month. 💥💥💥 The U.S. will keep bases in Iraq to protect their assets just like they do in Germany and other places. 💥💥💥 The U.S. gave 100% of Iraq to Iraq.🇮🇶 It happened this month! 💥💥💥. Great news! 🇺🇸💥🇺🇸☝️☝️☝️
Launching The Activities Of The National Bank Lending Strategy 2024-2029
May 25, 2024 His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, launched the National Bank Lending Strategy in Iraq 2024-2029, in the presence of a number of officials and representatives of diplomatic missions and organizations in Iraq, in cooperation with the German Agency for International Cooperation (GIZ).
His Excellency the Governor said in a speech he delivered during the celebration:
The lending strategy started from the pivotal role of the banking sector in the financial system, by acting as an intermediary between depositors and borrowers, and
through it is achieved to support economic growth, strengthen the business sector and help individuals achieve their needs and ambitions, indicating that bank lending It is the cornerstone of economic activity, driving growth and achieving well-being.
His Excellency added that there is an urgent need today to stimulate and diversify the Iraqi economy, stressing that the Central Bank of Iraq’s housing lending initiatives that it launched through the Real Estate Bank and the Iraqi Housing Fund have reached about (11) trillion dinars.
His Excellency stressed the need to expand the base of financial inclusion in Iraqi society, especially the expansion of the activities of small and medium enterprises, which are the backbone of the economy,
pointing out that employing the workforce is a matter of interest and focus for the Central Bank and the continuation of its initiatives for small and medium enterprises, which will culminate in the launch of Riyada Bank, supported by By the Central Bank of Iraq and with the contribution of private banks.
He believed that developing and implementing the national lending strategy for the years 2024-2029 requires cooperation between a wide number of relevant parties and a shared interest, to achieve the desired goal. Central Bank of Iraq information Office May 25, 2024 https://cbi.iq/news/view/2589
"The BOE is now the first major central bank discussing how it plans to revert to a similar system as before, draining reserves, then using repos – instead of bond purchases (QE) – to deal with issues."
The transition from government bonds to repos will take time as the remaining "Approved Financial Projects" that deal with infrastructure, real estate, and home loans “will take time to unwind.”
Here we go. The movement from utilizing bonds for liquidity to Repo Market lending such as the one we are in now called SOFR.
The Secured Overnight Financing Rate is collateralized by US Securities. The US Treasury holds gold as security for the use of gold certificates issued to the Federal Reserve Banks.
Gold is a Tier 1 asset under the Basel III banking regulations. This classifies physical allocated gold as the safest tier asset in comparison to cash. Gold is about to become King.
Under the Basel III rules, gold in allocated accounts is considered a Tier 1 asset and has zero risk weighting.
ETFs or Exchange Traded Funds that we are seeing be formulated on the market through Bitcoin and Ethereum are Tier 3 assets holding a riskier custody opportunity.
Gold is now being relisted, at the Bank of England, as the safest asset over cash going forward. Through the use of our new Tokenized Asset Commodity Based Market, our Stablecoins coins that represent a country's currency is about to be reclassified through gold.
Any country holding gold as collateral can now reclassify their currency as a collateralized security. It will increase the demand for gold and for Stablecoins that represents a country's currency.
This will be inclusive of all countries (ie Iraq) who have become Basel 3 compliant and moving to a local currency regimen as a payment source on the new digital economy.
As our new Digital Global Regulations through MICA finish this month and produce a white paper for other countries to follow, we can look for new credit valuation adjustments to begin after the June 30th, 2024 deadline for them to become law.
The demand for gold is the bridge into our next economy, and it's path forward to a new world is about to commence.
