Jon Dowling
Well it’s a fast start to a Monday.
Trudeau out, President Trump officially certified, despite a manufactured snowstorm. Nothing can stop what’s coming!
Iraq is paying the salaries of employees and the Kurds largest block. Watch Vietnam. Moves and countermoves.
Let’s see what else this week will bring?!
Walkingstick
The fact that Sudani is talking so much about the purchasing power to the Iraqi citizens is amazing...
It puts us exactly where we need to be with this monetary reform education...
IOO no prime minister has ever made such bold promises to the citizens of his nation.
These conversations of giving purchasing power to the citizens have never been seen in the Middle East nor said by a prime minister of the Middle East.
JON DOWLING
Ok I stumbled upon some very exciting news !!!!!
We know that Iraq and Vietnam are trading partners well I found this a few minutes ago.
They’re at par in countries rate and floating .
STATUS OF THE RV , PART. 2
I promised I would continue my weekly calls to Iraq to learn what is going on and that is what I fully intend to do.
I will be calling on Wednesday and relaying the info of my call to you on Thursday. I will ask about this Oil and Gas Law again.
Remember too that I need to unwind the mystery of what the hell is holding up the Project to Delete the Zeros and move ahead. Could simply be the Oil and Gas Law? The CBI seems to be at a standstill now.
It is my understanding, as told to me by my CBI contact, that they are monitoring the parallel market very closely at this point.
They are monitoring the economy for inflation as a result of this latest move of removing the currency auctions.
So far, the dollar has not changed all that much. The enormous spike in the dollar rate everyone expected did not occur, as the CBI said it would not.
So many of these economists were not correct. What do they know when it comes to this unchartered territory anyhow? These are all unprecedented moves by the CBI and there are no standard economic doctrines for them.
However, having said all this, there is still some very good news to share today.
We should all be happy nothing in Iraq or outside of Iraq may cause an issue. Many speculate the Trump will slap sanctions back on Iran soon after the inauguration. Folks, this is pure speculation.
The important part is that if this does occur, Iraq is much more sheltered from its effects due to moving the dollars sales to correspondent banks, outside of Iraq. The international auditing firms also protect the dollar sales from corruption, something that Iranian influence in the government perpetrated.
So, the US certified their electoral votes yesterday and so onward to the January 20th inauguration timeframe for President Trump for a second term. Will Trump be more responsive to Iraq than Joe Biden?
There is recent celebrating by the Central Bank of Iraq as it announces its success in adhering to its program related to the transition from external transfers through the electronic platform to the work of Iraqi banks through their foreign correspondent banks. Claims that the closure of the platform was expected to lead to an increase in demand for dollars in the parallel market, as many importers and traders rely on buying hard currency to meet their needs, thus driving up the price of the dollar even more. So far these claims have not occurred to any effective extent.
EXCERPTS FROM MARKZ
MZ: There is a good chance one of my Iraqi contacts will be sharing pictures of the new Iraq $20 note today . We do not want to get folks hopes up falsely.
So doing more vetting today. The conversation in Iraq is small denominations /notes. Why would they release small notes unless there is a value change?
MZ: Bond updates have been coming around 2-3 in the afternoon lately. Hopefully we have something fun to tell you tonight. I had 2 bond contacts yesterday who are looking to have their final contracts paid on or before the 10th.
NADER FROM MID EAST CC HIGHLIGHTS NOTES
In the video, the host, Militia Man, discusses significant developments in Iraq’s economic landscape as of January 2025. The Securities Commission has reported substantial growth in the Iraqi financial market, particularly in stock trading, reflecting increased confidence and investment from both local and international entities. The engagement of private sectors and international corporations is highlighted as a key factor in this growth, with a focus on diversifying the economy beyond oil. The host emphasizes the government’s strategic initiatives aimed at fostering economic stability, enhancing infrastructure, and promoting small and medium-sized enterprises (SMEs). Additionally, the video covers advancements in the postal system, digital services, and the ongoing development of major projects like the Grand Port and the Central Bank Tower, which have garnered international attention and classification as significant global projects. The host concludes with a positive outlook on Iraq’s economic renaissance, driven by collaboration with international partners and a commitment to modernization.
📊 Stock Market Performance Reflects Confidence: The substantial growth in the ISX indices indicates a thriving investment climate in Iraq. An increase of 20.23% in the ISX 60 suggests that investors are optimistic about Iraq’s economic recovery and future potential. This trend is likely to attract more foreign investment, as stability and growth in the financial sector can lead to increased capital inflow and overall economic development.
🌐 Emerging Market Appeal: As Iraq becomes increasingly appealing to international investors, it presents an opportunity for economic diversification away from oil dependency. The influx of international corporations signals confidence in Iraq’s security and economic stability, which are critical for sustainable growth. This trend may lead to the establishment of more diversified industries, reducing vulnerability to oil price fluctuations.
🏗️ Infrastructure Development as a Growth Catalyst: The recognition of the Central Bank Tower and Grand Port as top global projects underscores the importance of infrastructure in Iraq’s economic strategy. These projects not only improve the physical landscape but also enhance Iraq’s capacity to engage in international trade, attract tourists, and create jobs, which is essential for long-term economic sustainability.
🏢 Role of SMEs in Economic Sustainability: The focus on small and medium-sized enterprises illustrates the government’s recognition of their vital role in driving economic growth. By fostering entrepreneurship and innovation, particularly in technology sectors like artificial intelligence, Iraq aims to create a resilient economy that can adapt to global changes and challenges.
✉️ Digital Transformation of Services: The shift towards electronic postal services and the introduction of national electronic cards represent a significant modernization effort in Iraq’s infrastructure. This transition not only facilitates better commerce but also enhances governmental efficiency and transparency, which are crucial for building public trust and encouraging investment.
💰 Strategic Use of Oil Revenues: The call for a new economic renaissance leveraging surplus oil revenues reflects a proactive approach to financial management. By investing these funds into sustainable development projects, Iraq can diversify its economy and build financial buffers that will help stabilize the economy in times of crisis.
🔍 International Banking Standards and Stability: The collaboration between the Central Bank of Iraq and international auditing firms is a pivotal step towards improving the credibility and stability of Iraq’s financial system. This development is expected to enhance the operational framework of Iraqi banks, making them more competitive and capable of attracting foreign investment.
In conclusion, the video presents an optimistic view of Iraq’s economic landscape as it emerges from years of instability. The focus on infrastructure, international partnerships, and the promotion of a diversified economy are key themes that suggest a transformative period for Iraq. As the country continues to implement these initiatives, it holds the potential for significant economic advancement, placing it on the global stage as an emerging market with much to offer.
Jeff
Nope, they haven't stopped [the "auctions"]. They're resuming. They sell U.S. dollars daily abroad...because Iraq doesn't have a tradable currency.
These remittances will continue until the rate changes.
The only real change that's happened is the dollars...are transferred now at the banking level instead of the central bank level.
They're preparing the banks to be able to transfer foreign currencies abroad and be ready for the rate change when it occurs...
STATUS OF THE RV
First, I need to say there is no RV yet in-country or outside of the country. There are no newer lower denominations being distributed in Kurdistan or elsewhere in Iraq.
No, the ATMs are not loaded with these notes either. The new IQD rate we hope to see is not yet on FOREX. Contractors are Not being paid the new RV rate.
Please don’t listen to all this foolishness going on with these idiot intel gurus and Youtubes. They have no proof of what they say and just spread senseless rumors as they have been doing for the last decade.
Next, let’s get into the real news of this period.
So, the news this period is all VERY GOOD!
It may not be exactly what we all hoped for but nonetheless VERY GOOD. It is only early January of 2025 and we are still waiting for the news of the second in-country revaluation that they told us to expect once they get the parallel market under control.
Is it now under control?
😊Next let’s revisit this damned Oil and Gas law. Yes, I know we are all sick and tired of it.
I wish that Iraq could just pass it and get it done.
Remember that this is a constitutional requirement for the Iraqi new 2005 constitution. We have been told many times in articles that this “referendum” must be written and passed as part of the “Stability” for Iraq. I hope everyone can see exactly why they are telling us this.
You can go read the entire article today titled “ A GUARANTOR OF ZEROING OUT CRISES.. PARLIAMENTARY DEMANDS TO LEGISLATE THE OIL AND GAS LAW”. In the articlethe Kurdistan National Union parliamentary bloc called on the federal government, on Tuesday, “to expedite and send the oil and gas law to the House of Representatives for study and approval as quickly as possible.” Why the urgency? WOW, WOW, WOW! Their words not mine! 😊
The bloc’s spokesperson, Susan Mansour, said in a statement to Al-Maalouma Agency, “The enforcement of the oil and gas law is sufficient to eliminate the problems between Baghdad and Erbil,” noting that “the law was very late in being included in the central government.” This last statement is all telling.
To me it sounds like it’s one of the last, if not the last piece from the constitution to forming their new central government. Yes, it has taken this long already and enough is enough.
Anyone with half a brain can see that the Oil and Gas Law (or HCL) is NOT completed.
Really now, how can anyone say this knowing that they keep publishing these articles on this subject matter. Why do these idiot intel gurus keep telling you it's all done?
Many tell you they “assume” its all done as it no longer is in the news. But yes, it is in the news! Well… here is yet another article out of many about it and this time they are telling us its urgent. Could this be a piece of the puzzle in getting this RV that most just ignore by saying it’s done and so they don’t pay attention to it. Let’s explore this more today, okay?
This article seems to me the most urgent I have read so far on this subject matter. Why now? Folks they told us in early 2023 that they would resolve this issue that year, but here it is two years later.
Is this yet another issue that must be resolved prior to moving ahead with the currency reform? Have they set a target date for this? Are they trying to tell us something?
Okay so what do know for a FACT about this law? We know that the law had been passed on to parliament already and the first reading conducted. That was a year ago. Then it was passed back to Al-Sudani’s cabinet for changes and they are sitting on it. So far these changes have not surfaced back to parliament in the new law for a second reading.
Why? I believe it is held up because these changes are part of what we are looking for. Remember that oil revenues are not going to be the sustainable future for Iraq. They must go to other sources of revenues as they are now doing. We read about its successes in today’s articles.
MAJEED
MZ: I had a good article on that yesterday. The current auctions are strengthening external balances in banks. They specifically said they are strengthening the exchange rate.
Member: do you see the Iraq dinar going by itself?
MZ: I know there are some that claim that…..but I don’t think so. My sources still think its going at the same time as the rest of our currencies.
Member: Nader just posted 1170 IQD per one Us dollar
Member: is the dinar floating?
MZ: Its floating in the parallel market in a direction that supports us. It was 1500 a few days ago in the parallel markets which mean we are watching the dinar gain value in the free market. They are changing how auctions work and want us to know why..
CENTCOM reveals operations in Iraq, Syria to defeat ISIS
Shafaq News/ The Central Command (CENTCOM) and partner forces conducted operations in Iraq and Syria, from December 30, 2024, to January 6, 2025, in support of the ongoing campaign to defeat ISIS.
From December 30 to January 6, Central Command and Iraqi forces conducted multiple strikes in the Hamrin Mountains of Iraq, targeting known ISIS positions. The operations disrupted and degraded ISIS’s ability to plan, organize, and conduct attacks against civilians in the area, as well as U.S. citizens, allies, and partners throughout the region and beyond.
He noted that during the operations, ISIS fighters clashed with coalition forces on several occasions, which led to the use of coalition airstrikes, using F-16s, F-15s and A-10s. The A-10s, tasked with supporting ground forces in the area, succeeded in eliminating ISIS fighters inside a cave.
One coalition member was killed and two from two different countries were injured. There were no injuries to U.S. personnel or damage to U.S. equipment.
He noted that from January 2 to January 3, the Syrian Democratic Forces, empowered by Central Command forces, conducted an ISIS operation near Deir ez-Zor, Syria, resulting in the capture of the leader of an ISIS attack cell.
The statement stressed that the United States and members of the Multinational Joint Task Force – Operation Inherent Resolve (CJTF-OIR) maintain our continued commitment to combating ISIS.
Frank26
Remember that picture Alaq was holding up with the big board [of 1940 1 dinar note]...That is an old picture from 2017 [article]...If you go back and read it, it told the Iraqi citizens they the CBI was starting a mechanism to add value, purchasing power, to their currency.
[Now] they showed that same picture from the archives to tell Iraqi citizens they are done, what they started in 2017 they have finished in '24.
They are done and we are now going to introduce the lower notes and a new exchange rate. That's why you [Iraqi citizens] are being given [exchange 3-zero note] instructions today...
Economist: New steps by the Central Bank regarding dollar transactions
Economic expert Safwan Qusay revealed today, Sunday, that there are new steps by the Central Bank to enhance transparency and global openness.
Qusay said in a statement to Al-Maalouma Agency that “the Central Bank of Iraq and the US Federal Reserve are moving towards authorizing Iraqi banks to contract with international auditing companies, instead of relying on the dollar selling platform alone, with the aim of auditing credits and transfers before they are implemented."
He explained that "this measure is in the interest of the Central Bank, as it contributes to avoiding the risks of money laundering cases and international sanctions," noting that "this step is a turning point that contributes to drawing a clear map for the work of Iraqi banks on the global stage, as they will deal with international correspondents and financial guarantees in addition to instant transfers, which enhances their position in global markets.”
He pointed out that "it is possible to rehabilitate banks that are currently facing restrictions, which will lead to achieving greater stability in the exchange rate," indicating that "the Central Bank attaches special importance in the next stage to increasing foreign currency reserves, which contributes to facilitating trade operations and supporting economic activity.” link
MarkZ
[via PDK]
Auctions in Iraq have been occurring. I was told by a contact over there that this is the final part of their de-dollarization.
Article: “The Iraqi dollar and the first day “passed peacefully” The Central Bank is innocent and free for the dinar”
According to Iraqi Press today is the first day without the auctions. I am feeling good about auctions ending which should mean a new rate. I am told Iraq was reducing their reserves to de-dollarize the market. This in anticipation of a rate change.
The Iraqi dollar and the first day “passed peacefully”.. The Central Bank is innocent and devoted to the dinar
Quick review by Mahmoud Dagher
“The first day passed peacefully,” said Dr. Mahmoud Dagher, a prominent financial expert, commenting on the first day of official work after the New Year’s holiday and the start of implementing the decision to cancel the dollar selling platform for traders and companies, which had been controversial for 20 years.
Since Sunday morning, there has only been a slight increase in the dollar price. According to Dagher, who managed the operations of the Central Bank for many years, the platform’s function has changed from being a seller of dollars to Iraqi companies, to an intermediary between Iraqi banks and foreign correspondent banks (JP Morgan and Citibank)
Which will be responsible for auditing and approving the transfers, instead of the Central Bank of Iraq, which has cleared its responsibility in this way according to an understanding with international institutions and the US Federal Reserve, and is currently devoted to taking dinars from Iraqi traders and converting them into dollars to be transferred to foreign banks that have begun to organize Iraqi trade.
Dr. Mahmoud Dagher - Economic Expert:
Canceling the platform does not mean that the Central Bank is not converting dinars into dollars.
The Central Bank receives the dinar from the banks, which is the money of the customers (traders), and converts it into dollars and delivers it to the foreign correspondent banks. It will not undertake the auditing, but they will undertake that.
The currency selling window will remain, but its mission will not be to sell dollars but to convert dinars into dollars, and there was no problem in the market today, Sunday, although the dollar rose very slightly. link
Militia Man
[Iraqi] Banks are closed. Sudani said he was going to make...the dinar stronger than the dollar. I think it's going to still hold true. I think that's the expectations of the world. We're going to see that happen.
To be a global economic powers [Iraq's] exchange rate will need to be far different than 1310. It's just the way it's going to be. They haven't done anything yet. They're hiding things when it comes to that.
Article: "Monetary stabilization mechanism will maintain financial stability in the country" What is that going to be?
It's the reinforcement mechanism, it's the new one. It's not the old dollar auction. They're still going to use the dollar and many different foreign currencies. Realize, when Iraq turns their currency on to go international, Iraq is going to be a foreign currency that will be traded on international markets. So when they talk about "foreign currencies" think about Iraq being one of them. So when they talk about a "basket of currencies", Iraq is going to be one of them within it.
Iraq and America discuss activating the strategic framework agreement
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed with the Chargé d'Affaires of the US Embassy in Iraq, Elizabeth Kennedy Trudeau, preparations for holding a meeting of the Iraqi-US Joint Committee to activate the Strategic Framework Agreement.
Hussein said in a post on the (X) platform, "Yesterday, I met with Ms. Elizabeth Kennedy Trudeau, Chargé d'Affairs of the US Embassy in Iraq. We reviewed the developments in the region and the importance of continuing to coordinate positions, especially in confronting the terrorist organization ISIS."
He added, "We discussed preparations for holding a meeting of the joint Iraqi-American committee to activate the strategic framework agreement for friendship and cooperation between the two countries link
EXCERPTS FROM MARKZ
MZ: Auctions in Iraq have been occurring. I was told by a contact over there that this is the final part of their de-dollarization.
MZ: “The Iraqi dollar and the first day “passed peacefully” The Central Bank is innocent and free for the dinar” According to Iraqi Press today is the first day without the auctions. I am feeling good about auctions ending which should mean a new rate.
MZ: I am told Iraq was reducing their reserves to de-dollarize the market. This in anticipation of a rate change.
MZ: Bond Guys: I am expecting a number of updates throughout the day. European contacts are back in their seats today. First time since right before Christmas. News should start flowing this afternoon.
Member: Difference between banks and redemption Centers?
Member: Redemption centers are in redeeming banks…..and will have enhanced security for high wealth individuals. This is required for the very large exchanges that are expected. Also rates may be much higher.
Continuing The Iraqi Currency Auction: Enhancing External Balances And Banks’ Interest In Cash Carriers
