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"RV UPDATE" BY WALKINGSTICK, 11 DEC

 Walkingstick

 Question: "Do you think the tellers [In Iraq] have the lower denoms?"  No.  "...Executive levels?"  Yes.  Samples and specimens and LDs only at executive levels right now...

 [Iraqi bank friend update] 

IRAQI BANK FRIEND: The meetings we have had with the CBI we are learning the next steps.  Also we talked about in the meeting we are seeing many people in Iraq now coming into the banks and asking questions and we have given the banks permission, they are now allowed to explain all about the monetary reform process and where it's at right now to the citizens as they ask...

One of their biggest questions is, 'Is it true we are getting a new currency?  Yes.  Are we going to receive more purchasing power with this new currency?  Yes.  Are we going to see a change in our exchange rate?  Yes.  Is this why we are removing the dollar?  Yes.'  

They keep asking questions over and over again.  Also the question people are asking a lot about, 'When?  And how much?'  But at the meeting we agreed that the banks are not to be given that information just yet, not even the upper echelon.  The banks are saying, "In the very near future."  

These questions are due to the fact that it is no longer a secret...The monetary reform has been successful thus far. 

Oil announces the completion of drilling a new well in record time, 11 DEC

 Oil announces the completion of drilling a new well in record time

On Sunday, the Ministry of Oil announced they had finished drilling a new oil well in record time.

The Ministry has released a statement confirming that the technical and engineering personnel of the Iraqi Drilling Company have completed the drilling of the MJ-159 directional oil well. This well was drilled for the Basra Oil Company as part of a project to drill 42 oil wells in the Majnoon oil field in collaboration with Halliburton Company. The primary objective of this collaboration was to provide oil services.

“He stated that they used the modern IDC-56 drilling rig with a horsepower capacity of 2,000 horsepower to carry out drilling operations. They employed a directional drilling method with an inclination angle of 38 degrees and reached a depth of 3,310 meters. The drilling of the well was completed in 35 days, which is considered a record.”

He explained that the company had accomplished remarkable success on this project in terms of quality performance and strict adherence to health, safety, and environmental standards.

The Central Bank explains the disappearance of large amounts of local currency, 10 DEC

 The Central Bank explains the disappearance of large amounts of local currency

On Saturday, the Central Bank of Iraq denied allegations that large amounts of Iraqi currency had disappeared and been smuggled to neighboring countries.

The Central Bank has issued a statement where it denies the accusations of large amounts of Iraqi currency being disappeared and smuggled to neighboring countries. The Bank clarified that the quantities of Iraqi money are printed in accordance with the needs of the economy and under strict standards.

According to him, the first issuance of Emaar bonds was fully subscribed and done in accordance with the needs of the Ministry of Finance and the General Budget Law.

He emphasized that the institution is the only one in Iraq that undergoes audits of its accounts and operations from four parties, namely the Financial Supervision Bureau, an international auditing company, a committee of external auditors, and the Internal Audit Department.

The Bank emphasized that accusing someone without providing evidence to back up the claim raises doubts about the accuser’s intentions and objectives of damaging the state’s economic interests. The Bank also stressed its legal right to take action against anyone who promotes such unfounded accusations.

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Iraq requests US Treasury assistance in tracking the funds of Saddam Hussein's regime, 10 DEC

  Iraq requests US Treasury assistance in tracking the funds of Saddam Hussein's regime

The head of the Federal Integrity Commission, Judge Haider Hanoun, and his accompanying delegation met with US Deputy Assistant Secretary of the Treasury, Jesse Baker, to discuss the possibility of concluding a memorandum of understanding between the Iraq Money Recovery Fund and the US Treasury, according to a statement issued by the commission on Sunday.

Integrity stated in its statement that Judge Hanoun stressed, during the meeting that took place at the US Treasury headquarters, Iraq’s need for Treasury assistance, in order to reach the fate of Iraqi funds before the year 2003, linked to the era of the previous regime, its symbols and front companies, pointing out that concluding an understanding agreement between the two parties is sufficient. By facilitating this and removing obstacles and barriers, if any.

 Hanoun added, saying: Negotiating with the cronies of the former regime entails the need to lift the hold on the funds recovered from the American side, praising the quick response of the American side in this regard and its pledge to fully cooperate and as permitted by the laws.

For his part, Jesse Baker praised the cooperation between the US Treasury and the Central Bank, pledging also to cooperate with the Iraq Money Recovery Fund in tracking its funds during the era of the former regime, in addition to his cooperation with the Central Bank to combat money laundering and terrorist financing, which requires concerted efforts. To confront these crimes and combat their advanced methods.

It is noteworthy that the Iraq Money Recovery Fund, which was established under Law No. (9 of 2012) (amended), aims to recover the financial rights of Iraq that were obtained by others illegally. As a result of the misuse of the oil-for-food program, the blockade, smuggling, economic sabotage, or exploitation of the sanctions imposed on Iraq at the time; To achieve financial gains at the expense of the Iraqi people. link

"RV UPDATE" BY MILITIAMAN, 10 DEC

 Militia Man 

 Article:  "Encouraging the local currency and dealing with it in light of the current economic conditions the country is experiencing is an important issue especially with the government's intention to strengthen the Iraqi dinar against other hard currencies especially the dollar..."  They're educating them.  All these things are fascinating.  It's happening before our eyes.

  Let's see how much stronger the dinar is over the dollar.  Al-Sudani has stated..the dinar is going to be stronger than the dollar.  That's the key focus in my view.  I think it's powerful stuff.

 Article -  "The Finance Minister to the employees of the budget department, No vacation until the end of the year. " 

In other words, stay working.  We got work to do and it's probably likely going to be significantly more.

  Why?  Because if they change the value of the exchange rate their budget is going have to be addressed in a big way...It's telling you the budget's going to be sorted by the end of the year.  We're getting close...the year is coming quick.