The Association Of Private Banks Reveals The Development Of Electronic Payment After Al-Sudani’s Decisions
Economy News – Baghdad The Iraqi Private Banks Association revealed the significant development in the use of electronic payment tools after implementing the directives of the Prime Minister, Engineer Muhammad Shiaa Al-Sudani, by publishing them in all ministries and government institutions since the first of last June.
The Executive Director of the Iraqi Private Banks Association, Ali Tariq, said in a press statement that electronic payment is witnessing a major transformation during the current stage, under the supervision of the Central Bank of Iraq, which has contributed to providing infrastructure and technical and advisory support to government institutions, indicating that the directives of the Prime Minister Engineer Muhammad Shiaa Al-Sudani contributed to promoting the concept of electronic payment by disseminating it within government institutions, in addition to the intensive advertising campaigns launched by the Central Bank and the Association of Private Banks.
Tariq pointed out that the number of ministries and government institutions that have contracted with electronic payment companies and published points of sale is 337 institutions.
He added that points of sale have grown by 123% since the Cabinet’s decision, and until now, there were 10,718 devices, while now, 23,906 points of sale distributed to 19,696 in stores and private institutions, 4,210 in ministries and government institutions, stressing that the number of financial settlements that took place through…
Points of sale, amounted to about 1.56 million transactions, including 1.15 million transactions for the private sector, and 403.7 thousand transactions for government institutions since the decision began until today.
Tariq concluded his speech by saying that electronic payment is the most important step towards reforming the economy, by enhancing the concept of financial inclusion and increasing trust between citizens and the banking sector, which will have a significant impact on increasing deposits and the ability of the banking sector to finance strategic projects. It also contributes to reducing corruption and activating… E-government by completing citizens’ transactions remotely.
PARLIAMENTARY FINANCE: THE DOLLAR CRISIS IS ON ITS WAY TO A FINAL SOLUTION
The Parliamentary Finance Committee confirmed today, Sunday, that the dollar crisis is on its way to a final solution, due to the presence of a real government movement towards this issue.
Committee member Moin Al-Kazemi told Earth News, “There is an unannounced government movement to end the dollar crisis and the rise in the exchange rate in the parallel market, with a large difference from the official rate, and this movement is witnessing great progress.”
Al-Kadhimi stated, “The crisis of the rise in the dollar exchange rate in the parallel market will witness a final solution during the coming period, but this matter needs some time, and the monetary authority in the Iraqi state is working on that, and there will be tangible results in this file.”
(It’s coming and so we must be patient)
STATUS OF THE RV
The saga about the Iraqi dinar RV only gets better and better as the months roll on. But how long will it be before Iraq is allowed to liberate its own currency? Again, they brag about their country and it’s great wealth and now even their position on the global stage and in the Middle East WOW! But the dinar still sits at 1/6 of a penny.
You may think the following is hypercritical of Iraq but remember the US will want to protect the dollar if Iraq is to be truly financially independent once again. The US is being very cautious in the amount of rope it gives the CBI and the Finance Commitee to hang themselves with. Will they hang themselves? So, the U.S., the main player returns on the field, to control the economic movement of Iraq especially when it comes to the dollar, and Washington returns to impose itself as the “captain” and lead the match, especially since the people know very well who is leading this game and controlling the rounds of the match.
But here is the good news in this regard. Once again, we see the U.S. satisfied with the Iraqi government’s performance, and the way it deals economically with the US Federal Bank, or with the requirements of the World Bank, and others we see coming out with new controls to control the movement of the dollar and announcing new punitive controls for Iraqi private banks that violate buying and selling operations in the local currency market. So don’t get discouraged when you such news as it is really good news. The banks of Iraq need to be punished for abuse and this lack of justice has been also the problem of the past and the reason why the corruption was so high.
So, in my last newsletter I went back and referenced many of the old articles going back to 2008 and forward. I was able to give a nice timeline on the project to delete the zerosand the attitudes towards accomplishing this effort and why it has been held up. Are all these prior issues now resolved? Are they now all clear to move ahead? If you are not certain go back and re-read the newsletter in the archives.
So, this recent visit by Al-Sudani to the United Nations (UN) was so significant I can hardly emphasize it enough WOW, WOW, WOW. Basically, he was making his case to the UN for three main issues, none of which was to coordinate the RV…lol..lol..lol.. Like I kept saying over the past couple decades that the RV is not the main topic but is a “byproduct” of the process of Iraq regaining its sovereignty. Since January of this year how many articles we have read about Iraq and its lack of being treated as a sovereign nation regardless of all the sanctions that been lifted since the two gulf wars with Iraq. Folks, it has been 20 years already since the invasion of 2003.
The main issues in the UN were all about:
1.All conditions of Chapter VII be lifted not just under pretense but in practice, especially with the economic and financial reforms;
2.Policies with Iran were established for trade relations and the Iranian militia that still exist in Iraq post ISIS war. A result of the UN meeting Iranian President Ebrahim Raisi announced that Iraq’s start disarming armed groups opposed to his country is “a positive step to ensure security.” WOW!
3.Reestablishing official “International” status with the rest of the world (this will also include the reinstatement of the dinar)
Here is his full speech with English translator:
Al-Sudani at the UN General Counsel Meeting Sept 19, 2023
So what did Al-Sundani announce when he arrived back in Iraq from his meetings with the UN?
Al-Sudani is now emphasizing Iraq’s openness to the countries of the world to create an economic bases for the country because it will push the flow of Arab and international investments. The visit of Prime Minister al-Sudani to Washington supported the stability of the Iraqi economy and control of the file of exchange rates of the dollar against the dinar. Oh yes…I like when they keep saying Iraq is STABLE. Al-Sudani pointed out that “Iraq is moving towards openness to all international countries to conclude balanced relations based on achieving common interests, preserving sovereignty, and non-interference in internal affairs.”
IN an article today we read that the Central Bank of Iraq has set next year as a date to limit internal commercial and other transactions to the Iraqi dinar instead of the dollar. The Governor of the Central Bank, Ali Mohsen Al-Alaq, said on Sunday, that “the bank is proceeding to dispense with external transfers next year and to rely on correspondent banks in correspondent banks in external transfer operations, as transfers through correspondent banks have reached 60%.” of the total transfers (outside the electronic platform of the Central Bank), while the implementation rate of verified transfers reached more than 95%,” indicating that “this came after an agreement between the Central Bank of Iraq and the US Federal Bank, similar to countries of the world, where central banks do not conduct business.” Executive, and its role is focused on supervision and control. This is their way of finally letting go of the sanction -like process of the currency auctions, even though we all know that sanctions have been completely lifted already. Get it? They are NOT just going to end the auctions but slowly phase it out.
Folks it can’t get much better than this news this period. But when will they RV and then reinstate?
I had my normal Saturday chat on my call with my CBI contact. I want to bring the news I was told. Afterall it is your GIFTS that make these calls possible, and I am always going to share what I am told. So, I was told that we can expect the re-education part of the process of the “Project to Delete The Zeros”. to begin shortly probably in October. It was explained VERY clearly and in detail to everyone what this re-education really means and so you could see it has NOT yet taken place. I do not care what these other idiot intel gurus re telling you. They are all idiots and liars!
Do you want a timeline?
I was given a timeline of October for the re-education process to begin and the distribution of the newer lower denominations (the first set) sometime before the end of December, if all goes according to plan. I was told to remember the CBI, as any bank, does not give out FREE money. Every lower denomination note must be accounted for and exchanged for the larger three zero notes just as they did in 2004 when they exchanged the Saddam Hussein notes for the three zero notes. This in-country ONLY RV rate you keep hearing about is the initial exchange rate to trade in or turn in the larger three zero notes. That is all it is. I was told this phase of the process MUST be completed in good standing prior to the reinstatement happening when the rate could change significantly higher as it goes international. ATMS will help in the process but mostly only afterwards ongoing. Initially it will be the banks that will set up exchange windows just as they did in 2004.
I know many of you in the past have disputed this in-country only rate and said it is not possible to have two rates for the dinar. You are so correct! I have always told you that there will only be one rate at a time. First the in-country RV rate for the initial exchange/conversion/redenomination that will take place in -country of Iraq. Then later about 2-3 weeks (or longer if needed) they will make their move to FOREX. In the meantime, they will watch and monitor for inflation. Have I not said this all along and standed firm on the process I was given in 2011?
What does this all mean?
It means I believe they are targeting January 2024 for their reinstatement and not before. Has the CBI not told us already this is the BEST and OPPORTUNE time to reinstate? So, here we go again…. This is the beginning their fiscal year. Maybe they intend to do it prior but there is no evidence of it on my end to prove it.
There is NO possible way they could do it before since it is now almost October and they will need months of prepping the citizens, setting up the exchange windows at the banks and then conducting the efforts.
Sometimes I take questions asked me and share my answers on the Newsletter with everyone. So here is one such comment worth sharing:
QUESTION: MG, thank you again for all your hard work ! Could you re-post information about the Chinese deal to ask about when we go too the banks, please ma’am. I have no problem looking it up in the archives myself, it’s just that I don’t recall exactly when you last spoke about it. Thanks Kelly
Mnt Goat ANSWER: I find it very sad that I bring all the news of the RV, Reinstatement and of the corruption within the WEF and UN and how it is affecting US politics. These politics effect everything yet all one of my readers could comment on is to ask about the China contract rate? Why can’t you understand that it is all interconnected? Sorry I told everyone that I would only archive 8 newsletters and now it’s only 2 and so pay attention to the policy. The information has ben deleted off the archive already as it was a June 2023 newsletter. Remember also that you are NOT getting involved with any contract with China. It is the US Treasury that is allowing you to partake in a special program that piggybacks off the oil contracts with China. I can’t keep repeating myself over and over again. Sorry! 😦
Just be patient, the reinstatement is coming but first things first.
PS: Be sure to tune into the POLITICAL section of today’s Newsletter. It is chock full of information related to yet more exposure and the coming impeachment of the Biden corruption. I hope everyone had a very nice Rosh Hashanah for all my Jewish followers. For those who don’t know the Jewish New Year festival called Rosh Hashanah , is held on the first (also sometimes the second) day of Tishri (in September). It is marked by the blowing of the shofar and begins the ten days of penitence culminating in Yom Kippur.
Minister of Finance: The government continues its efforts for economic reforms
9/26/2023 Baghdad
The Minister of Finance and Governor of Iraq at the Asian Infrastructure Investment Bank, Taif Sami, participated today, Tuesday, in the work of the official session at the governors’ level in the bank for its second and final day, with the participation of the Director General of the Iraqi Fund for Foreign Development in the Ministry of Finance.
According to a statement by the Ministry of Finance, the session’s agenda included “voting on a number of decisions, most notably accepting the membership of a number of countries in Asia and Africa in the bank, voting on electing a new president and two deputies to the bank’s Board of Governors, in addition to approving the annual report of the Asian Bank’s work for the year 2022.”
The Minister of Finance indicated, "The Iraqi government will continue its efforts for economic reforms, adopting a road map to achieve sustainable development goals and a gradual approach to financing development by maximizing revenues for the budget and the contribution of international banks, including the Asian Bank, to finance promising investment projects in Iraq." LINK
Article: "Central Bank of Iraq approves new system for external transfer" They're turning more and more to the Iraqi dinar for use than the US dollar which is exactly what you want.
This will definitely strengthen the Iraqi dinar and as it becomes stronger, the value in the exchange between US dollar and Iraqi dinar will strengthen - They will have more value. We will see an increase in the exchange for the Iraqi dinar.
After the past week we're seeing a lot of things happening fairly quick over there in Iraq...You guys want to know if I'm excited about what's going on? Of course I am. Is it good news? Of course it is.
But what do I always say? Stay grounded because when it comes to Iraq they have a habit of doing a lot of great things and doing something that screws it all up. But this time around I'm more optimistic than I am pessimistic.
The reverse of the Authorization for Military use that can actually be done by next week. I'm looking forward to that because.
I'm curious to see how that's going to work out, how that affects the sanctions that are against the currency of Iraq. Because if we can get those reversed that's going to be a major step for Iraq and Iraqi dinar...
Al-Sudani wraps up his visit with the United Nations General Assembly...He was supposed to meet with Biden but my understand is that they did not meet but he did speak with a couple of his staff members.
I'm sure by now he must have some kind of idea how this [Thursday's] vote's gonna go...on whether or not they reverse the authorization of military use over there in Baghdad.I'm wondering if there was any kind of stipulations or agreements that were made one way or the other butnext week we're going to find out.
We know they've been working on reforming their banking system so it could work with international financial system.
If they de-dollarize, get rid of the capital controls and they can have access to international financial systems, outside investors would come from all over to invest in Iraq. You could see the Iraqi dinar jump up pretty good.
Iraqi premier pledges decent living for all Iraqis, 26 SEPT
Shafaq News/ Prime Minister Mohammed Shia al-Sudani vowed to ensure a decent life for every Iraqi citizen in a ceremony commemorating the Prophet Mohammed's birthday on Tuesday.
He urged religious leaders and intellectuals to promote unity and renounce sectarian and racial discord.
The Prime Minister's office in a statement earlier today said that al-Sudani attended a ceremony organized by the Sunni Endowment Diwan to commemorate the birth of Prophet Mohammed.
Al-Sudani called for embodying the humanitarian goals and values espoused by the Prophet's mission, advocating for their application across various spheres of public service and work.
"If we intend to follow the honorable path of our Prophet, it necessitates shouldering the responsibility and trust in establishing justice, and providing equal opportunities for all citizens," said al-Sudani.
The prime minister accused "foreign agendas" that have infiltrated the nation of stirring sectarian discord and chaos and lauded Iraqis for navigating the tumultuous days that followed the 2003 change with unity and solidarity.
He recalled the horrific era when terrorist gangs swept governorates in Northern and Western Iraq, committing heinous crimes and subjecting people to brutal atrocities.
Al-Sudani underscored the collective stand of Iraqis of all religions, sects, and ethnicities to liberate land and humanity, mingling their pure blood in one of history’s most significant sagas. He urged collective responsibility to sustain this societal unity and brotherhood.
The Prime Minister reassured the government's commitment to safeguarding the security and dignity of all Iraqis, irrespective of their affiliations, and to thwart efforts by divisive elements sowing seeds of discord among the people.
Al-Sudani urged "the religious figures and intellectuals to embrace a discourse of unity, devoid of the venom of sectarianism or abhorrent discrimination."
Iraqi PM: The biggest challenge we face is gaining people's trust, 26 SEPT
Shafaq News/ The Iraqi Prime Minister Mohammed Shia Al Sudani described his biggest challenge since assuming office ten months ago as "Gaining the trust of the people."
In an interview with The National in New York during his participation in the High-Level Week of the United Nations General Assembly, Iraqi Prime Minister Mohammed Shia Al Sudani Al Sudani spoke of his "commitment" to improving the lives of Iraqis, with priorities that include "providing basic services, fighting corruption [and] undertaking economic reforms, which can all strengthen the confidence of people in this political system."
Al-Sudani told The National that trust is only restored "through credibility and fulfilling promises. If we succeed, all other challenges can be met".
Al Sudani said that his government is strong and able to deliver despite many challenges.
He described his government's foreign policy as "balanced, independent with sovereign decision-making, far from the desires and interests of others," stressing, "Disruption in Iraq brings disturbances in the region and the world, as we saw with ISIS," he said.
His government is seeking to create joint projects in the region to build on possible cooperation, such as the "Iraq development road project," which he has invited countries in the region to join, strengthening the links between Asia and Europe.
"We will not be part of any sphere of influence."
Al Sudani's trip to New York included meetings with US Secretary of State Antony Blinken and White House Coordinator for the Middle East Brett McGurk; he revealed that he told US officials that his country's relationship "should not be only within a security dimension … while we are open to bilateral security cooperation", highlighting the importance of "Iraq's independence and we will not be part of any sphere of influence."
One issue raised is the presence of foreign troops in Iraq.
He confirmed that Iraq does not require combat troops; "we have military advisers, but even their presence needs regulation in terms of their size, location, and how long they remain," he said.
"This is part of what is needed for our sovereignty and stability, to take away any excuse from those who demand keeping arms out of the control of the state because of the presence of foreign troops."
Concerning tensions with Kuwait regarding Khor Abdullah, Al Sudani told The National that "in Iraq, there is a division between the various branches of power," deflecting the issue as a judicial one.
However, he stressed that his government is "committed to international laws and the decisions of the UN Security Council, in addition to the sovereignty and territorial integrity of the state of Kuwait."
He spoke of his meeting with Kuwait's Prime Minister, saying: "I confirmed to him our government's position and expressed Iraq's desire to continue the work of the joint committees and to have ongoing mutual visits between the officials and experts of the two countries, across all fields, in order to strengthen the levels of cooperation and building of trust."
Al Sudani said, "Iraq after 2003 is completely different from Iraq before [that time]. We are working now at setting up cross-border projects and developing ties with all our neighbors, including Kuwait".
As for relations with the Gulf more generally, Al Sudani said that the GCC countries are active in Iraq through investment projects and active participation in the Baghdad Conference, which also involves Jordan, Iran, Turkey, France, and others.
The conference will have "a new vision, one based on economic integration which can further regional stability and joint infrastructure, in addition to other measures," he added.
In the spirit of improved relations in the region, Al Sudani stressed his firm belief that "Syria, with its current political makeup and people, is better than an unknown alternative that could lead the region to enter a new war in the region."
He added, "Any security disturbances in Syria can lead to ISIS being unleashed. We need to re-engage Syria and meet its people's needs".
And yet there are tensions with Iran and Turkey with regular air strikes on Iraqi territories, mainly targeting dissident Kurdish groups.
Mr Al Sudani said, "We are dealing with this matter through diplomacy and our rejection of violence or the threat of violence. Our ability to respond is there, but we prefer diplomacy".
He added, "We have emptied the camps of [Iranian dissident] armed groups, which is part of our constitutional obligation not to allow the use of Iraqi territory to attack another country."
Al Sudani explained that Iraqi troops are now monitoring the borders in the Kurdistan Region.
"There is a real war against corruption."
His primary concern for the moment is domestic affairs.
He added, "this government's 2023 budget set aside $4 billion for cash support for individuals and families below the poverty line, and 1.7 million individuals and families are included in this program".
Each gets an average of $200 a month and added financial support for students as "battling poverty is not just about income, it is about education, health, society … we do not want poverty to be inherited".
Tackling poverty and providing essential services is part of Al Sudani's effort to "end poverty in Iraq within five years."
"In February [of that year], Iraq's revenues from oil were at $1.5 billion, while $4.5 billion was needed to cover [public sector] salaries, meaning we had to borrow $3 billion".
One of the biggest impediments facing the private sector is corruption, which Al Sudani acknowledges.
"There is a real war against corruption; on a daily basis we are working to recover funds and recover those who took the funds … we follow up on all information, even a statement post on social media".
Responding to those who question the effectiveness of the fight against corruption, Al Sudani said there is no "political manipulation when it comes to corruption … we are fighting it in reality, not only in media statements".
Al Sudani spoke at length about illicit trade in Iraq, including the role of those who smuggle US dollars to Iran.
"Our trade with Iran is approximately $11 billion, but Iran is sanctioned, which means a trader cannot send funds to Iran in return for goods as that is prohibited, so the trader goes to the parallel [black] market".
The Iraqi central bank is working with its Iranian counterpart to address this issue, "an important part of controlling the price of the currency rests on regulating our trade with Iran."
He added there had also been problems with informal transfers to Turkey for trade, but now the Iraqi government has mandated transfers are to be completed through the banking system.
The prime minister is also attempting to tackle the illicit tobacco trade, which he says must be controlled.
"We get zero tax revenues from tobacco trade, and yet from Mosul to Basra, tobacco products fill the stores … they are coming in from illegal trading routes", primarily through the Kurdistan region of Iraq, "with whom we are working to close this loophole."
Concerning the local elections on December 18, Al Sudani told The National, "Over 300 parties have registered to contest the local elections … and this is another healthy indicator that the political regime has stabilized".
As for the October 2019 protests, known as the Tishreen movement, Al Sudani said, "We look to it with respect; we respect all elements of peaceful protests within a legal framework."
Looking to the future, Al Sudani is focused on strengthening Iraq's economy and its ability to tackle climate change by expanding solar energy projects, recycling, and "a comprehensive water policy, including modern irrigation systems."
He said Iraqi President Abdul Latif Rashid would be leading Iraq's delegation to Cop28 and working on major projects to tackle desertification and water scarcity."
