HASSAN ALI ABDEL: DEVELOPING THE FINANCIAL SECTOR IS THE KEY TO DEVELOPMENT
(But we as investors following this RV saga already knew this ,,,,didn’t we?)
Banking expert Hassan Ali Abdul stressed the importance of government trends aimed at promoting the reality of electronic payment and its role in attracting foreign investment flows, and adopting the use of advanced technological means of communications and information.
Abdul explained the importance of supporting the next phase aimed at developing the performance of economic sectors in a way that achieves diversity in the country’s financial revenues and working on preparing in-depth studies on the available and accessible capabilities in non-oil activities and trying to develop them to be able to create alternatives, in addition to the necessity of preparing a long-term strategy that takes into consideration various aspects.
He explained that the entire process requires an advanced banking system capable of supporting all economic operations, and our private banks are now aware of this and are working hard to develop all aspects of their work.
He pointed out that Iraq is an important economic front for many international companies in the coming period, and we must work in this direction and create a suitable environment to attract international efforts.
I know that many of you are speculating on what Trump will do as president for Iraq. Will he kill the progress? Come’on folks how stupid a thing to even think at this point. 😊Why would he do this? Let’s take a look at the article in today’s news titled“WHY WILL IRAQ BECOME ONE OF TRUMP’S “PRIORITIES” IN THE COMING PERIOD? – URGENT”.
So, I will sum up what is going to happen in the middle east once Trump takes office. In fact we already see the seeds being sown for this to happen. I quote from the article – “Political researcher Ahmed Al-Yasiri predicted, on Friday (December 13, 2024), that major changes will take place in the Middle East region after Donald Trump assumes the presidency of the United States of America.
Al-Yasiri said in an interview with Baghdad Today,“Trump is planning major changes in the Middle East region, and therefore the region is entering a new phase, andIraq will be at the forefront of these changes in terms of the security and economic reality.” Who put together the peace plan for the middle east under the last Trump administration? Enough said about this….
😊The title of one of our articles today is set to answer the question on all the minds of the Iraqis. It is titled “AFTER THE EVENTS IN SYRIA… WILL IRAQ WITNESS A NEW ECONOMIC PHASE?”. I quote from the article “Iraq is suffering from major economic challenges due to political and military crises in some surrounding countries, but the impact of these crises on the Iraqi economy is still somewhat limited” – “In this regard, economic expert Ahmed Fouad told Iraq Observer that “Iraq enjoys stable financial flows and strong international trade relations,” indicating that “the tensions in Syria, including the recent events and the fall of Bashar al-Assad’s regime, will not fundamentally affect the Iraqi economy, which relies on central economic policies and strong oil revenues.”
The final status of the RV is we are still waiting for the full implementation of the new process with correspondent banks to process payments of imports for Iraq. We are told this will all but eliminate the parallel market and it will no longer be of concern for the stability of the Iraqi dinar.
We have been told that this will lead to the next phase, which I am told by my CBI contact is the initiation of the currency reform, as now they will be able to conduct the process with relative knowledge of its success. Also do not forget that in order to begin the process Iraq still needs assurances from the US that it will support it and allow it to proceed to the end of the process.
I am not going to waste your time going over the current and future opportunities that Iraq has for tremendous wealth again. We should all see it now by reading all this other articles about trade deals, tourism, etc. etc. With the coming Trump reorganization of the middle eastern policies towards more peaceful means, we will see yet more of a surge even towards this prosperity for Iraq and its neighboring countries.
Many of us may think the military actions taken by Isreal and the IDF as a bit too much over the top and not necessary, but I assure you there is God guiding the IDF and a purpose for its actions. We will see the end result in the coming years as it takes fold. Then you will see it. We will all thank them for their sacrifices.
We must stop listening to these activists who pander the terrorists and who hate the Jews and look at them as their enemy. If you sit down and discuss with them and ask the question WHY they can’t give you a solid, justified reason. This is the same brainwashing that has perpetrated the minds of American votes also when you ask the same question why they hate Trump so much.
They can only give you a superficial reason without being factual based on reality. Again, this is what happens when you are brainwashed. Its like waking up one day and realizing they have brainwashed you to bark like a dog and kiss the floor. You wake up laying of the floor and wonder how you got there….lol..lol.. sadly enough.
It is appreciation week once again and I hope everyone can decide to help keep the Newsletter alive. This is a critical time period over these next couple months. I hope we will not have to wait again till next year and be sitting here singing our Christmas song by Perry Como again. I strongly believe this will not be the case and so pray and pray hard that the prosperity and abundance promised us by God is here.
WHY WILL IRAQ BECOME ONE OF TRUMP’S “PRIORITIES” IN THE COMING PERIOD? – URGENT
Political researcher Ahmed Al-Yasiri predicted, on Friday (December 13, 2024), that major changes will take place in the Middle East region after Donald Trump assumes the presidency of the United States of America.
Al-Yasiri said in an interview with Baghdad Today, “Trump is planning major changes in the Middle East region, and therefore the region is entering a new phase, and Iraq will be at the forefront of these changes in terms of the security and economic reality.”
He added, “According to this change, Iraq will witness internal events, some of which will be difficult and related to the security aspect of the weapons file outside the control of the state. Trump is planning to significantly limit these weapons as part of the policy of trimming Iran’s arms in the region.”
Trump will assume his duties as US President on January 20, and since winning the presidential elections, he has been making provocative statements from time to time about developments in the region, including that if the detainees in Gaza are not released before his inauguration, there will be “hell” in the Middle East, he said.
If you have been reading my Newsletters all along in these past couple years, you should realize a HUGE change or transformation has occurred in comparison since the time period prior.
It is a transformation of Iraq like no other they have ever experienced.
It has come on the heels of being released from Chapter VII.
I ask everyone to trust me in that I am in close contact with the CBI committee that is responsible for rolling out the Project to Delete the Zeros.
I get weekly statuses that are telling us that Iraq is only moving ahead and not backwards. I am told it won’t be long.
In a couple weeks we will see the fruits of a two-year long process of de-dollarization, electronic digitization and internationalism of the banking sector in Iraq.
There is absolutely no way that Iraq can move ahead to fulfill it’s plan for their country without a stable currency and have it listed back on the global currency markets. Then we go to the bank…..
Didn’t I tell everyone years ago that Iraq is going to be a central hub for the middle east?
Let me correct myself in saying it is now a central hub only it is not yet fully geared up and running to its potential. Eighty-five docking stations for freight ships at the port of Faw and only five are now open.
Imagine when all eighty-five slips are operational? The amount of freight that will flow through this port of Faw.
Many ask me about the fall of the Syrian government. Did the fall of Syria now solidify the plan and connect the final piece to their puzzle in this transformation process?
Did the election of Trump have anything to do with this final phase of economic development now that they have the backing of the banks and the financial reforms all but completed.
According to a statement by the Central Bank, received by Shafaq News Agency, the electronic platform for foreign transfers managed by the Central Bank of Iraq began at the beginning of 2023 as a first phase to reorganize financial transfers in a way that ensures proactive oversight of them instead of subsequent oversight by the Federal Reserve auditing daily transfers.
According to the statement, it was “an exceptional measure as the Federal Reserve does not usually do this, and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks.” Did you read what I just read? WOW! 😊
He continued: “During the year 2024 and until now, 95% of the transfer process from the electronic platform to the mechanism of correspondent banks directly between it and Iraqi banks has been achieved, which means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan.”
The bank confirmed that trade with the UAE, Turkey, India and China represents about 70% of Iraq’s foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees and UAE dirhams, through accredited correspondent banks in those countries.
I quote from the articles “He added in this regard: “(13) Iraqi banks have actually begun conducting transfer operations with the prior audit mechanism that has been agreed upon and approved in addition to transfers in dollars, with the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels and international money transfer companies and cash sales to travelers, and the payment of cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions.”
So, the process has actually already begun to some extent.
I quote from the articles – “The bank noted that it has placed foreign transfer operations and meeting dollar demands on sound paths consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law”. Yes, they are tightening the screws on the corruption practices, something they should have done a decade ago.
I quote from the articles – “The Central Bank’s statement concluded that “providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation.” Oh, what did they just say….control inflation? Isn’t this all part of Dr Shabibi’s plan at the end of the process to control inflation and check for it to ensure stability prior to unleashing the dinar back on FOREX?
KURDISTAN REGION SIGNS TRADE AGREEMENT WITH INDIA (PHOTOS)
The Chamber of Commerce in Erbil, the capital of the Kurdistan Region, signed an agreement on Thursday to enhance trade with India.
The head of the Erbil Chamber of Commerce, Gilan Haj Saeed, told Shafaq News Agency, “The relations of the Kurdistan Region with India are old, and we always hope for the development of these relations in all fields. India is one of the main countries importing oil to Iraq, and likewise Iraq is a major importer of Indian products.”
Haj Saeed expressed his hope that the signing of the Memorandum of Understanding today would be a good incentive to enhance the trade process between the two sides and to include all areas in a way that serves the common interests.
He also hoped that Indian companies would invest in the Kurdistan Region under the current investment law that provides great facilities to investors so that the foreign investor would be considered like the local investor with all privileges, pointing out that “the Kurdistan market needs investments in all fields.”
FIREFLY:Mr Sammy told me the dollar auctions were the main and only thing that was holding down the value of the Iraqi dinar and now that Iraq has opened channels to the international countries for money transfers and when the black market of the dollar auction closes it will allow the value of our currency to go up.
FRANK: I agree with him 100%...The stoppage of the auctions is the key to everything. All of the other dominoes are going to fall one after the other at a very fast pace...
Sudani is working very hard to make sure that he closes the auctions with everything in place in order to give you purchasing power he promised you...
CENTRAL BANK DENIES AUDIO RECORDING ATTRIBUTED TO AL-ALAQ
(More propaganda to bash Ali Al-Alaq. They simply don’t want the enormous transformation of Iraq that is here and more is coming. They will no longer be able to steal the way they have in the past. Guess they will have to get creative again….lol…lol…. 😊)
A responsible source at the Central Bank denied, on Thursday, an audio recording attributed to the Central Bank Governor, Ali Al-Alaq.
The source said in a statement reported by the official news agency, and seen by “Al-Eqtisad News”, that “there is no truth to the recording attributed to the Governor of the Central Bank, Ali Al-Alaq, in which he spoke about smuggling $250 million daily through remittances and the rise in the dollar price.”
He added that “the Central Bank has achieved a major accomplishment in putting the external transfer and cash sale of the dollar and other currencies on a transparent path that is consistent with international standards and practices and has received wide international acclaim.”
He continued that “the measures taken achieve stability in the exchange rate and that covering imports at the official price achieves what we are witnessing in terms of general stability in prices and reducing inflation.”
I need all my blog followers to be VERY patient in waiting for the reinstatement of the Iraqi dinar. I know, I know it has been a decade or more for many of you and you are frustrated. But think of how the citizens in Iraq feel. Please don’t let this Christmas dream die because you are discouraged. My contact tells me its right in the wings waiting for the ‘go ahead”.
We must pray and pray very hard that the new process with correspondent banks is success as this is the nail in the proverbial coffin for the parallel black market.
To get a very good summary and update of what has been happening in this regard of the upcoming changes, please take a look at the recent articles in today’s Newsletter. This news is nothing new to us. We read dozens of articles already explaining these changes to us. So why do they keep emphasizing it over and over again? Could it be part of the education to inform the citizens of the upcoming changes?
😊They are titled and found in the Newsletter articles section:
“CENTRAL BANK GOVERNOR: OPENING EXTERNAL CHANNELS WITH FOREIGN CURRENCIES ELIMINATES THE BLACK MARKET” and
“PARLIAMENTARY COMMITTEE: GOVERNMENT WORKING TO REDUCE GAP BETWEEN PARALLEL AND OFFICIAL EXCHANGE RATE TO ACHIEVE STABILITY”
“EXCHANGE RATE RISES IN LOCAL MARKETS AS DOLLAR SELLING PLATFORM IN IRAQ NEARS COMPLETION”
When they refer to “exchange rate stability” what they really means in not so fancy terms is the ability to control their currency and adhere through all mechanisms to the “official” CBI rate.
How can they think they can significantly revalue and reinstate the dinar unless they can control the currency?
How many times have they told us this in the past that this is needed. Now they say they have a way to achieve it and it was just the normal international practice of doing business with other countries all along that was the solution.
Yes, they had to get off the sanctioned mode of doing business to buy imports using only the dollar to pay for them and go back to normal international practices, of multi-currencies.
But oh..oh..…wait a second….!!! 😊
What happens to the de-facto peg to the U.S. Dollar then when they do all this?
Won’t they have to also get of this sole peg? I know for a FACT that the IMF is standing in the wings waiting and watching for the results of this new process of paying for imports.
They are watching for inflation. Will there be a backlog of transactions waiting to pay foreign merchants or will this go smoothly. A gross backlog could drive up the prices in the stores as shortages could occur. There might be inflation.
I am told by my CBI contact that if it is successful after monitoring for inflation, then if all is good, the CBI will launch the Project to Delete the Zeros and we know what comes next.
They will have too also launch the new peg of the IQD to the new basket of currencies. Are you happy yet?
IRAQI PRIVATE BANKS RELY ON CBI FOR “EASY PROFITS,” LACK ECONOMIC ACTIVITY, EXPERT SAYS
Most Iraqi private banks still “depend” on the Central Bank of Iraq (CBI) without engaging in any economic activity, banking expert Mohamed Salem confirmed on Monday.
Salem told Shafaq News Agency, “Most private banks engage in limited credit activities and do not contribute significantly to stimulating the Iraqi economy. Their revenue primarily comes from currency exchange, relying on electronic trading, hard currency, and electronic payments. They obtain dollars from the CBI, sell them, and make easy profits.”
“While private banks have stepped back from offering loans, they have led in electronic trading and providing services like ATMs and other digital services, areas where government banks have lagged,” he added.
He explained that “private banks’ services have encouraged employees to localize their salaries, while government banks, except the Trade Bank of Iraq, have struggled with low salary localization.”
“Despite their failure to keep pace with international or even private banks, government banks remain trustworthy in safeguarding depositors’ funds, even in the face of challenges such as the theft and looting they experienced in 2003,” the expert emphasized.
(looks like these bankers will either have to sell other banking products or find another job…lol..lol.. 😊)
The Central Bank of Iraq is warning against fake trading companies while promoting advancements in tourism and digital currency to boost the economy.
Highlights
⚠️ Fake Companies Alert: CBI warns the public about fictitious trading companies.
💰 Tourism Revenue Growth: Iraq aims for tourism to cover a third of its budget.
🌐 Digital Currency Future: Discussions on digital platforms for currency and trade are ongoing.
📈 Economic Partnerships: Iraq is enhancing cooperation with regional markets for investment growth.
🏛️ Cultural Heritage: Iraq’s rich history attracts millions of tourists annually.
💳 Electronic Payments: The shift towards digital payments is underway for salaries and transactions.
🛢️ Oil Revenue Discussions: Ongoing negotiations to unify oil pricing and revenue sharing between Baghdad and the Kurdistan region.
Key Insights
⚠️ Consumer Caution Needed: The CBI’s warning indicates a proactive approach to protect citizens from scams, suggesting a shift towards more secure financial practices.
💰 Tourism as a Revenue Stream: The focus on tourism as a significant revenue source reflects Iraq’s potential beyond oil, which could diversify the economy and create jobs.
🌐 Embrace of Digital Currency: The discussions surrounding digital currencies and platforms hint at Iraq’s intention to modernize its financial system, aligning with global trends.
📈 Strengthened Regional Ties: Iraq’s collaboration with Abu Dhabi and other regional markets emphasizes a strategic move to enhance investment and economic resilience, crucial for future growth.
🏛️ Cultural Tourism Potential: Iraq’s ancient heritage positions it uniquely in the tourism sector, suggesting that investment in this area could yield substantial economic benefits.
💳 Transition to Digital Economy: The shift to electronic payments signifies an important modernization step, which could streamline financial operations and improve economic efficiency.
🛢️ Negotiation for Oil Revenue: Ongoing discussions on oil contracts demonstrate Iraq’s commitment to resolving internal economic challenges, which is essential for stability and growth.
EXCHANGE RATE RISES IN LOCAL MARKETS AS DOLLAR SELLING PLATFORM IN IRAQ NEARS COMPLETION
(This is an excellent article and so if you really want to catch up on what is about to happen with the currency platform and the changeover to the correspondent banks about to handle these transactions and how they will do it, then please take a few minutes and read this article.)
The dollar exchange rate recorded a new rise today, Tuesday (December 17, 2024), during trading on the main stock exchange and the local market .
Baghdad Today correspondent said that the dollar exchange rate recorded 150.950 dinars for every 100 US dollars in the main stock exchange in the capital, Baghdad .
He added that the selling price in the exchange offices recorded 152,000 dinars, while the buying price recorded 150,000 dinars for every 100 US dollars.
On Wednesday (September 4, 2024), the Central Bank of Iraq revealed the mechanism for ending the electronic platform for foreign transfers, while indicating that the placement of foreign transfer operations and meeting requests for the dollar are on sound paths consistent with international practices and standards .
The bank said in a statement received by “Baghdad Today”, that “the electronic platform for foreign transfers managed by the Central Bank of Iraq began at the beginning of 2023 as a first stage to reorganize financial transfers in a way that ensures proactive oversight of them instead of subsequent oversight by the Federal Reserve auditing daily transfers, and this was an exceptional procedure as the Federal Reserve does not usually do this, and
a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks .”
He added that “during the year 2024 and until now, 95% of the transfer process from the electronic platform to the mechanism of correspondent banks directly between it and Iraqi banks has been achieved, which means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan,” explaining that “some expectations about potential impacts on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one batch at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be completed in the coming short period .”
He stressed that “trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq’s foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees, and Emirati dirhams, through approved correspondent banks in those countries, and (13) Iraqi banks have actually begun conducting transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars .”
He continued: “With the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels and international money transfer companies and cash sales to travelers, and the payment of cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions .”
The Central Bank of Iraq stressed that it “put foreign transfer operations and meeting dollar demands on sound paths consistent with international practices and standards and the Anti-Money Laundering and Terrorism Financing Law,” explaining that “providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices resort to, who move away from official channels in their dealings, so they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and others .”