Article: "A specialist details the negatives and positives of removing zeros from the Iraqi currency"
Quote: "Al-Mawsumi said...The process of removing zeros from the currency means replacing a new currency with the old currency with the aim of simplifying the accounting process between consumers,
and it is often resorted to by countries that suffer from high inflation and have become unable to deal with paper currencies of very weak value...Deleting zeros is an imaginary change in the value of the currency and does not change its purchasing power."
FRANK26: "SUDANI TELLS THE WORLD WE ARE OPEN FOR BUSINESS!!!"........F26
Prime Minister stresses Iraq's openness to all forms of constructive economic partnerships
9/25/2024
Baghdad
Prime Minister Mohammed Shia al-Sudani stressed, on Wednesday, Iraq's openness to all forms of constructive economic partnerships.
The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Prime Minister Mohammed Shia Al-Sudani received in New York today, Wednesday, the CEO of Dubai Ports Company, Sultan Ahmed bin Sulayem, which is one of the most prominent companies specialized in managing ports in the world."
He added that "the meeting discussed aspects of cooperation and the possibility of benefiting from the extensive expertise available to Dubai Ports in the field of rapid transportation of goods and re-export, especially its extensive and successful experiences in transporting goods between Asia and Europe, where bin Sulayem expressed the company's desire to cooperate with Iraq in this field, as well as the possibility of forming partnerships with the private sector in various industrial fields."
The Prime Minister stressed - according to the statement - "Iraq's openness to all forms of constructive economic partnerships," referring to "Iraq's efforts to use the available capabilities to implement the Strategic Development Road project, which is among the priorities of the government program; as it represents an important pillar for the non-oil economy and an opportunity to develop infrastructure and provide thousands of jobs and employment opportunities."
“The goal of the census is developmental, economic and Kirkuk second in completing the numbering and inventory process”
So they are doing a full census in November to figure out which money goes where….
I do believe this occurs right after the HCL is wrapped up and the government can then distribute the new funds. I was told to look for a census…and now we are finally getting it.
EXCERPTS FROM MARKZ
MZ: Straight out of Iraq “ Iraq and Indonesia agree to visa exemption. “ Isn’t this kinda funny ? And Iraq recently signed something like this with Vietnam. Now Indonesia- who is a major trading partner-just like Vietnam. . What are the other currencies expected to go with them at the exact same time? It’s almost like they are going lock step and certainly are being good neighbors.
MZ: “ The goal of the census is developmental, economic and Kirkuk second in completing the numbering and inventory process” So they are doing a full census in November to figure out which money goes where ….I do believe this occurs right after the HCL is wrapped up and the government can then distribute the new funds. I was told to look for a census…and now we are finally getting it.
Mark plays a video with Sudani speaking in Arabic with English translation.
MZ: He is talking about Iraq going international ….and being international is a huge deal. I put a retweet of that speech on X.
US Treasury: Supporters of Al-Sudani’s Reform Agenda
9/24/2024
Baghdad
The US Treasury Department confirmed, on Tuesday, its support for Prime Minister Mohammed Shia al-Sudani's reform agenda.
The ministry said in a statement, seen by "Al-Eqtisad News", that "Deputy Secretary of the Treasury, Wali Adeyemo, met with Iraqi Prime Minister Mohammed Shia al-Sudani on the sidelines of the United Nations General Assembly to discuss reforming the Iraqi banking sector, financial relations with the United States, and combating illicit financing."
The statement added, "The Deputy Secretary of the Treasury congratulated Al-Sudani on the great progress Iraq has made in reforming the banking sector, which has led to expanding Iraq's international financial connectivity and increasing financial inclusion."
According to the Treasury statement, Adeyemo affirmed “Treasury’s support for the Central Bank of Iraq and Prime Minister Mohammed Shia al-Sudani’s reform agenda.”
The Deputy Treasury Secretary praised the growth of the non-oil economy in Iraq by 6.0 percent, asking about "the steps the Prime Minister is taking to diversify the Iraqi economy from hydrocarbons," according to the US Treasury statement.
Earlier on Tuesday, Prime Minister Mohammed Shia al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and a number of Treasury officials.
You can see the excitement of what's going on is no longer a secret and it's being advertised and published and talked about and bragged about all over the world from New York, the United States Treasury, all the way back to Iraq.
The whole Middle East is on pins and needles.
They all know. They're excited and they know it's going to affect them as well too...
Frank26
Article: "The government forms a higher committee to adapt Iraq banks to International financial requirements" What does that mean?
It means the Iraq dinar is going to float internationally in international markets.
But it's at a program rate?
No it's not.
But it has sanctions on the country?
No it doesn't. Wells Fargo says it's on the OFAC list,
that it's on the 'bad currency' list?
No it's not...That going international requires a new exchange rate. Yes it does.
Shafaq News/ On Saturday, Hassan Majid, head of the Kurdistan Democratic Party (KDP) bloc in the Kirkuk Provincial Council, called for the full implementation of Article 140 of the Iraqi constitution,
"Article 140 of the Iraqi constitution was designed to resolve issues in disputed areas through a phased process—compensation, normalization, and a census. Hundreds of displaced people have yet to receive compensation, which means parts of the process remain incomplete in Kirkuk and other areas affected by demographic changes under the Ba'ath regime," Majid told Shafaq News Agency.
He stressed the importance of addressing the historical displacement of Kurds from Kirkuk, noting, "Over 4,500 Kurdish villages in and around Kirkuk were destroyed, and many residents were forced to leave. These people must be allowed to return and be included in the census, as they are the original inhabitants of the region."
Majid stressed that the census is crucial for Iraq, providing comprehensive data on the population, including youth, women, and children, as well as vital indicators like poverty rates and infrastructure needs. "This data is critical for planning services, and projects, and understanding the demographics of each region," he added.
Regarding the KDP’s participation in the Provincial Council sessions, Majid said, "Our attendance at Kirkuk council sessions depends on a decision from the Federal Supreme Court. Some argue that the local government formation was legal, while others claim it was not. The court’s decision will be final in settling this matter."
Earlier this week, KDP official Mohammed Kamal urged the government to delay the census in Kirkuk until Article 140 is fully implemented. "While preparations for the census are necessary, the situation in Kirkuk is unique. Many displaced residents are still in the Kurdistan Region, and thousands of Kurdish villages were destroyed by the Ba'ath regime in 1988," Kamal said during a press conference.
Iraq's last full census was in 1987, with a follow-up in 1997 that excluded the Kurdistan Region. For years, the country has relied on unofficial estimates from research institutions. In 2022, the Ministry of Planning estimated Iraq's population at over 42 million.
The census has been delayed due to concerns over its politicization, with ethnic groups in disputed areas like Kirkuk—including Kurds, Arabs, and Turkmen—voicing opposition, fearing the results could affect their political aspirations in a city that sits atop major oil fields.
Iraq just visited the United States on August 26 to 29, 2024. It was a high level negotiating team that met with JP Morgan, the US Treasury, Federal Reserve Bank, visa, mastercard, moneygram, Citibank, as well as International auditing firms such as KPMG, E&Y, K2i and Oliver Wyman.
One of the values of a meaning such as this includes trade facilitation. International auditing standards help to facilitate trade and support economic growth. Every international negotiator knows how to factor currency rates into agreements with their foreign business partners.
Part of the discussion dealt with moving from an electronic platform to a virtual bank whereby a Direct Banking relationship can occur. Direct banks, also known as branch-less or virtual banks, offer their services online, through mobile apps, email, and other electronic means.
Another portion of the conversation moved towards International engagement through International correspondent banking such as the Swift system provides. A network of international correspondent banks is a complex system of financial institutions that work together to facilitate global transactions.
Yes, this requires a stable exchange rate that can be used between countries in trade and foreign currency exchange. These determinations are a part of supply and demand ratios factored in through trade.
The people invited to this meeting was no accident. It was a negotiating team ready for action. It was a meeting to discuss "the requirements necessary to open their accounts with international correspondent banks." This transition is expected to occur by the end of this year.
This moves Iraq from a supervisory role with the United States to a more independent nation with their own rules and regulations to guide their financial agreements around the world. Yes, this is the information have been looking for for long time.
Shafaq News/ On Saturday, Kurdish leader Masoud Barzani and the head of the Azm Alliance, Muthanna al-Samarrai, discussed the efforts to elect a new Speaker of the Iraqi Parliament and the latest developments in the region.
Discussions took place during Barzani's reception of Al-Samarrai and his accompanying delegation at the Saladin resort in Erbil, the capital of the Kurdistan Region.
During the meeting, they exchanged views and opinions regarding the political situation and developments in Iraq, and discussed recent efforts to elect a new Speaker.
The Speaker position has been vacant since November 14, 2023, when the Federal Supreme Court ended Mohammed al-Halbousi’s tenure due to "fraud" allegations brought by MP Laith al-Dulaimi.
The ongoing deadlock in electing a new Speaker stems from disagreements among Sunni blocs over the position.
Despite several parliamentary sessions, the crisis remains unresolved. The "Taqaddum" bloc, led by former Speaker al-Halbousi, insists on retaining the position as its right, while the "Sovereignty" bloc, led by Khamis al-Khanjar, and other Sunni groups argues that the role should be allocated to the Sunni community as a whole rather than a specific party or bloc.
The Coordination Framework had set a deadline for the Sunni blocs to elect a new speaker, but this effort did not resolve the disputes.
Recently, Kurdish leader Masoud Barzani, during his first visit to Baghdad in six years on July 3, stepped in to mediate among Sunni factions, meeting with key political leaders and officials. His efforts focused on facilitating an agreement on a candidate for the speaker role, including bringing together al-Halbousi and al-Khanjar to help resolve the ongoing crisis.