CSC is the Central Security Custody system. Somewhere between the 28th and the 1st and these next 72 hours this CSC will go into effect because it was a mandate from the BIS to make sure Iraq was ready on the 28th to do international transfers...
The auctions we believe you will see a change in them on the 28th...This is an important step. There are many steps that are occurring right now at the end of this monetary reform that are important.
On the 28th - go international financial transfers. On October 1st - all international private satellite banks of the CBI around the world to be opened. On 3rd - for them to have an Independence Day...In the days to come a new currency will be given to the Iraqi citizens IMO. This is a forewarning a new exchange rate is coming but the new exchange rate won't come out until they give the new currency or simultaneously.
I believe on the 28th Iraq is going be in a position to do financial international transfers without any restrictions.
Oh, boy! Wouldn't that be great?
I believe it's a 10 day period...28th to 8th of next month...I believe in these 10 days we're also going to see the HCL. And I believe without a doubt, the reason why we haven't added the HCL and everything else is because we don't have a new international exchange rate.
..It is fantastic. These 10 days have great potential for may things to be paid.
Oil prices rose in early trading today, Wednesday (September 27, 2023), as markets focused on tight supplies ahead of winter and the “soft landing” of the US economy.
Industry data issued Tuesday showed that US crude oil inventories rose last week by about 1.6 million barrels, compared to analysts’ expectations of a decline of approximately 300,000 barrels.
(Yet the dinar is at 1/6 of a penny still?)
More news….
THE DRAFT IRAQI OIL AND GAS LAW…THE “BIG KNOT” HAS NOT YET BEEN RESOLVED
(Any so-called intel guru that tells you the Oil and Gas law (HCL) is all done is flat out lying to you. Why do you even listen to their calls or visit their sites? They have no clue.)
Since the first session of the Iraqi Council of Representatives, in 2005, the draft oil and gas law has been locked away, as disagreements prevent its approval in its final form.
After 18 years, he announced, in late last August, the formation of a committee to develop “a draft of the oil and gas law and present it to the government and the House of Representatives,” according to what MP Firas Al-Muslimawy revealed to the Iraqi News Agency, “INA.”
The representative confirmed that “there is a real will in the House of Representatives to legislate the law,” noting that “Iraq’s oil is one and indivisible, and there is a movement towards achieving justice in the distribution of wealth to the people, whether in the Kurdistan region, the center, or the south.”
(I encourage everyone to read the entire article in the Articles Section of today’s Newsletter. It is very informative and will help you understand the delay in getting this law passed.)
Please also reference my up-to-date research on the Oil and Gas law in my blog by clicking on this LINK.
STATUS OF THE RV
So, in the past we have talked lots about SECURITY & STABILITY and how they were necessary to conduct the Project to Delete the zeros, which leads to the RV and Reinstatement. But we talked more about the stability part and so let’s cover the security part today. Is Iraq secure?
Do they have the capability the worth off another major ISIS or like threat?
In today’s news Article Section we read and I quote – “The Joint Operations Command confirmed, today, Wednesday, that it possesses all preparations and weapons to preserve the country’s security and capabilities. The command’s spokesman, Major General Tahseen Al-Khafaji, said {to Al-Furat News}: “We, as security forces, possess the preparations and weapons that enable us to maintain the security of our country, its capabilities, and vital targets.” Al-Khafaji added, “The armament of the security forces is good and we aspire for it to be higher, as well”.
Also the US government in Washington confirmed that the presence of US troops in Iraq is agreed with Baghdad days after statements by Iraqi Prime Minister Mohammed Shiaa Al-Sudani that ISIS no longer poses a threat, and that his country no longer needs the international coalition. I quote from the article – “ US forces are in Iraq at the invitation of the Iraqi government to undertake the task of advising, assisting and empowering,” State Department spokesman Matthew Miller said.
Also Al-Sudani noted in an interview with C. N. On the sidelines of his participation in the 78th session of the United Nations General Assembly, the “the Iraqi and American Ministries of Foreign Affairs are arranging a date this year, to meet the invitation of the American President for us to visit Washington,” noting that “one of the most important topics to be discussed in the visit is the Strategic Framework Agreement.”
You decide if Iraq is now secure enough….. 😊 Does it meet these guidelines of SECUIRTY imposed by the U.S.? Why would the US agreed to pull out of Iraq is they felt it was not secure enough and Iraqis could not handle a crisis?
THE DOLLAR SAGA continues….
We also read in the news today that over the course of the dollar crisis, the government took several decisions that were intended to reduce the value of the dollar against the dinar, but these decisions failed to find solutions, and the crisis is still continuing. The economic expert, Diaa Al-Mohsen, believes that the Central Bank of Iraq is “incapable” of finding the real mechanism to control the rise in dollar prices, pointing out that “the Central Bank works with a mechanism that allows the process of evasion and currency smuggling. But we know the solution they must take and that is to make the Iraqi dinar more valuable than the US dollar. Al-Sudani months ago already told us the dinar was more valuable but the “official rate” is still 1/6 of a penny. So, until they decide to pull the plug and let it go they will continue this fight against the dollar.
As you know I often am asked by my American site manager, George if I can respond to questions asked on the blog. So I will try to answer a couple today. I want to thank those that are concerned enough to ask.
Question from workhome09: Will there be a cap limit on the dinar when exchanging? Thanks for all you do MG Godbless.
Mnt Goat Answer:
Hello workhome09:
Yes, the IMF will place the dinar initially on a managed float and I was told around a $9 cap but that was years ago and things have changed. The new peg is to six main of the developed countries with only about 65% to the USD. I wouldn’t be surprised if we witness up to $12 before they cut it off. Dr Shabibi told us in 2011 that the dinar back then could sustain a rate of $16.So go figure. They are now pumping 2/3 more oil and have agriculture exports now and also 132 tons of gold. Also lots of needed and valued industry needed minerals. The Customs & Tariffs alone, if they can get their head out of their asses, could rival the oil revenues. So go figure. They are filthy rich! 😊 I am seeing a constant rate of about USD $3.80-$4.25 range on the back screens at the bank right now.
Question from Roger:
Holiday in Iraq on Ocober 3 – iraqis will for the first time celebrate their Independence Day. Next day – October 4 is Iraq finally a member of World Trade Organization. This is hard facts that cannot be debunked. Can Iraq still continue with the program rate of 1132 until the end of the year? Or will CBI release the new small category notes before October 4?
Mnt Goat Answer:
Hello Roger, hope you are doing fine. We are very good here in Germany except for the slump in business and the woke rules from the woke government. Germans are hard people and so we will try to survive somehow.
Thank you so much for your comments and questions. I am glad to help.
Looks like two questions so I will try to answer both. I wish we can see the RV at least within Iraq so they can exchange to the newer lower denominations by then, but I do not have a date. WE just need them to kick off the process into high gear and get doing. Get it?
This would be a grand idea for al-Sudani to do for the people on liberation day. WOW! As you know they will not give out any dates only a window when they plan to do it. I was told October for the re-education and them they should follow closely with the newer lower notes.
But remember this is not their final rate. It is only a temporary rate in-country for the citizens to make the transition to the newer lower denominations and to suck up all the 3 zero notes. Did you hear me? I said temporary even in Iraq. The dinar CAN NOT have two rates at once. Get it!!!! I repeat The dinar CAN NOT have two rates at once.
We will see a different rate on FOREX and this will then be the in-country then also once they complete the redenomination, which will be much higher. Since they do plan, as far as I am hearing, to reinstate the dinar until around January, they will use the in-country RV rate first, as I just mentioned. At that time the programs rates are done. No more 1132, it will be around 1:1 with the US dollar. Did I say $1? No! I did say around 1:1. Get it? Your question on this is confusing. Seems you still don’t comprehend the process. I hoped this helps you and others. Seems no matter how many times I go over it, many still don’t get it.
About the WTO accession, the articles told us months ago they were in the final stages and so they are all ready to go. They only want a currency that can be international prior to making the final move. They don’t need the currency to revalue only reinstate to be in the WTO, but we know they will revalue when they do reinstate it and go international. Get it? I know lots of idiot gurus tell you otherwise but you come to my blog for the TRUTH and so here it is. Read it again and carefully. I repeat, they DO NOT have to RV (no mandate for the WTO says they do) only need to reinstate for the WTO, but they are choosing to significantly revalue when they do reinstate it. So we are good…. 😊
I can tell you unequivocally, with 1000%, no doubt whatsoever, that the RV is NOT going to happen on the Independence Day of Iraq of Oct 3rd or even Oct 4th or even in the month of October in general. 😦 Sorry you were lied to again! Makes you wonder who you should listen to for your information on this investment? This is FACT and we all need to stop the rumors without anything of factual terms to back them up. No wonder so many people are confused.
Define To Speculate: form a theory or conjecture about a subject without firm evidence or any evidence. Spreading rumors.
Turkey and Iraq need to work together on oil policy, 29 SEPT
The relationship between Turkey and Iraq is in need of a major reset. A recent arbitral award relating to the use of a pipeline that runs from Iraq to Turkey illustrates how relations between both countries have been beset by what appear to be uncoordinated policies and a failure to capitalise on mutual interests. Conversely, recent developments also demonstrate how much work would be required to achieve a reset, which is why it is so important for both sides to reflect internally on how to engage with each other.
Commentators have long argued that there are obvious synergies between Turkey and Iraq that should be capitalised upon. Turkey is a major importer of oil and gas, both of which are plentiful in Iraq. Conversely, Iraq is famously vulnerable to climate change. Its main sources of water originate in Turkey, which has constructed a large number of upstream dams. Much of its farmland is being damaged and abandoned as a result. In addition, much of Iraq’s water infrastructure is antiquated, while Turkey has significant expertise that it can share.
Instead of capitalising on these synergies, Iraq has been unable to build its own joint strategy towards Turkey, while Turkey has sought to benefit from Iraq’s weakness since 1991. As a result of these dynamics, in 2013, Turkey negotiated an agreement with the Kurdistan Regional Government (KRG), which controls the autonomous Kurdistan region of Iraq, to allow the KRG to pump oil into the (pre-existing) Iraq-Turkey Pipeline and then load it onto vessels in the Turkish port of Ceyhan for export without involving the Ministry of Oil in Baghdad.
Baghdad protested that use of the pipeline was governed by an agreement between Iraq and Turkey which stipulated that the export of all oil that flowed through the pipeline should be controlled by the Ministry. It brought two separate claims before the International Chamber of Commerce. The first related to oil that was exported through the pipeline in 2014-2018 and the second relating to 2018-2022.
In March 2023, an arbitral tribunal finally issued an award in the first dispute in Iraq’s favour. The tribunal also ordered Turkey to pay Iraq approximately $2 billion in damages, and also ordered Iraq to pay around $500 million in damages to Turkey for a variety of costs and expenses. The second dispute for the period 2018-2022 is expected to lead to a similar financial award in Iraq’s favour, without any corresponding amount in Turkey’s favour.
The arbitral award was an opportunity for both parties to re-engage with each other constructively. The award should have encouraged both parties to turn the page, to re-evaluate what they had achieved through their respective strategies and build on the synergies set out above.
However, instead of reengaging with each other positively, both parties adopted unconstructive positions that complicated matters further. Surprisingly, the parties’ actions were also incoherent, which suggests internal incoherence in both Turkey and Iraq. Elements in both countries have also taken actions that undermine their own respective positions.
As soon as the award was issued, Turkey immediately moved to close the pipeline, something that was not required by the tribunal. When Iraq asked for Turkey to allow for the flow of exports to resume, Turkey responded that the closure was to ensure the pipeline’s structural integrity following the February 2023 earthquake, a concern that it had not raised before.
As if that wasn’t peculiar enough, Turkey also stated behind the scenes that it would not reopen the pipeline until a number of conditions were met, including that Iraq abandon its second claim for 2018-2022. The closure means that Iraq has lost approximately $6bn in lost profit, an amount that it is probably entitled to recover from Turkey under the ITP Agreement. At the time of writing, the pipeline remains closed.
More recently, Turkey has argued that due to interest calculations, on balance Iraq owed it a payment of $950m and not the other way around. However, Turkey has also argued in the French courts that the award should be set aside, which strongly suggests that Turkey may not be so convinced by its interest calculations after all.
For its part, Iraq publicly stated that it was keen to reach an agreement with Turkey on this matter. At the same time, however, immediately after the award was issued, in a needlessly aggressive move that possibly motivated by overeager legal counsel, Iraq moved with lightning speed to have it enforced in the US courts without reaching out to Turkey first. Turkish officials have since stated that they felt slighted by Baghdad’s action.
This history of counterproductive actions and never-ending escalations should give officials in both countries pause. Both countries should engage in some serious introspection on how they have managed their bilateral ties and how to do better in the future. For states such as Turkey and Iraq to resolve their differences through the courts and threats of further action is a travesty – particularly given the synergies mentioned above.
In addition, both sides should examine the means through which they have been communicating with each other on these issues: currently, communication is oftenthrough ad hoc meetings, as well as uncoordinated statements and legal actions by a variety of different government departments. Instead, both countries should explore ways to centralise strategy and decision making, and to create a permanent forum of exchange and negotiation (for example, through the formation of a permanent strategic committee).
Turkey and Iraq are natural allies that have much to offer each other. But to improve their own positions, both sides will have to engage in significant introspection and offer concessions. Were they to do so, it is hard to overstate how much could be achieved.
The Emirates Chambers and the Iraqi Development Bank launch the “Together” initiative to enhance trade cooperation
The Federation of Emirates Chambers announced today, Thursday, the launch of the “Together” initiative under the slogan “Partnership for a Promising Economic Future” in cooperation with the International Development Bank of Iraq, UAE Branch.
This announcement came as a continuation of the memorandum of understanding signed in June 2023 between the two parties to support and empower the private sector in the United Arab Emirates and the Republic of Iraq in various commercial and industrial fields, according to the Emirates News Agency, WAM.
Cooperation between the two parties contributes to supporting the private sector in the two countries. It also facilitates the work of Emirati companies operating in Iraq and Iraqi companies operating in the Emirates, and opens the door to more opportunities in the two markets for companies from both countries, which contributes to raising the value of bilateral trade exchange, which, according to the bank, currently amounts to More than $27 billion; Thus, the UAE will be Iraq's first trading partner.
The Union announced the organization of a special pavilion for the “Together for Partnerships” initiative at the 47th session of the Baghdad International Fair, which will be held from November 1 to 10, 2023.
Hamid Mohammed bin Salem, Secretary-General of the Federation of Emirates Chambers, said that the Federation’s participation in the “Together for Partnerships” pavilion in the 47th session of the Baghdad International Fair will include exhibits from a number of Emirati companies from various sectors, and that extensive discussions will take place on the sidelines of the work of this session, to discuss ways to encourage... Emirati investment in Iraqi free zones.
He added that participation in the next session of the Baghdad International Fair comes within the framework of the UAE private sector's constant keenness to participate in all economic activities organized there, given the importance of Iraqi markets for Emirati products of all types.
He pointed to the great potential of the Iraqi economy and the promising opportunities for companies, calling on Emirati companies and Emirati investors to explore these opportunities.
For his part, Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank, stressed that the Federation of Emirates Chambers plays a pivotal role in promoting the growth of business and investments between the UAE and the outside world, and that the “Together for Partnerships” initiative pavilion in the next session of the Baghdad International Fair will be a pioneering platform for communication between... Companies, business owners and investors from the Emirates and their counterparts in the Republic of Iraq at the business and individual levels, and it will represent an opportunity to improve trade and economic relations between the two countries.
He added: "During the coming period, we will organize many joint economic events that serve the business sector and investors in the two countries."
He hinted that signing the memorandum of understanding with the Federation of Emirates Chambers will contribute to facilitating the work of Iraqi companies present in the UAE and Emirati companies operating in Iraq, and will also support those companies’ efforts to expand in the two markets.
Khalaf stated that the UAE is Iraq's first trading partner with a trade volume of $27 billion annually, and a growth rate ranging between 5 and 6 percent, which means that trade exchange with the UAE represents about 10 percent of Iraq's total international trade.
He pointed out that, within less than a year of its presence in the Emirates, the bank has managed about 8 percent of the volume of trade exchange between the two countries.
He pointed out that there are more than 4,000 Iraqi companies registered in the UAE, and a number of Emirati companies that own investments in the Iraqi market, pointing out that the volume of UAE investments in Iraq exceeds 25 billion dirhams, or more than 7 billion dollars, distributed among many sectors and sectors. Mainly the energy, infrastructure and housing sectors.
He explained that the bank supports Emirati companies operating in Iraq in their various activities, whether financing or managing payments, collection and transfer.
This announcement came during the launch and activation ceremony of the “Together” initiative, which was organized by the International Development Bank at its headquarters in Dubai, in the presence of engineer Farida Al Awadhi, President of the Emirates Businesswomen Council, and a number of representatives of companies operating in the country.
The initiative's logo was designed after the saying of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, about Iraq: “We are close to each other in distance and in heart. link
Question: Will there be a cap limit on the dinar when exchanging?
Mnt Goat Answer: Yes, the IMF will place the dinar initially on a managed float and I was told around a $9 cap but that was years ago and things have changed...I wouldn’t be surprised if we witness up to $12 before they cut it off.
Dr Shabibi told us in 2011 that the dinar back then could sustain a rate of $16...They are now pumping 2/3 more oil and have agriculture exports now and also 132 tons of gold...They are filthy rich! I am seeing a constant rate of about USD $3.80 - $4.25 range on the back screens at the bank right now...
Sandy Ingram
Iraq is on the verge of satisfying the IMF (International Monetary Fund) recommendation that they have a solid income stream outside the oil industry.
The Development Road Project will not only provide 4 billion US dollars in revenue each year, it will also increase the GDP of Iraqi citizens.
Holly
Some very important things are going to happen:
1. The USA sanctions on auctions for Iraq are being lifted after 30 years! Signed off by treasury last week when Iraq was in USA! Boom
2. Iraq is being part of the WTO by October 4th! They have to have an international rate to be part of it! Boom
3. Iraq is having their first ever Independence Day on October 3rd!! Congratulations Iraq! This means they are independent and their war has ended! This by far is the biggest boom ever!
