[via PDK] The big news is the article and report...from the IMF...where they quite literally say that Iraq has a fantastic year ahead and much of that is due because of the passing of the exchange rate revaluation.
The IMF released an actual bulletin discussing how well their meetings went with Iraqi officials…they talk about all the things Iraq did right and what the world is going to be… they even mention that part of what will make their economy so successful in 2024 is the exchange rate revaluation...
I asked an Iraqi contact in government/finance his thoughts about if the revaluation they mention was the one in Feb where the dinar went from 1562 to about 1300 dinar per one dollar. …He said NO this is not what they are referencing. …so this is exiting straight from the IMF itself. Now we just need to cross the finish line.
Last week, Prime Minister Mohammed Shiaa Al-Sudani, while answering the questions of those present in the (Peston Talk) program on the Rudao screen, said that economic reform starts from financial and banking reform and the confirmation that the economic vision of the government is based on a careful diagnosis of the obstacles and challenges of economic reform, which has not been achieved since 2003 because the banking and financial sector has not witnessed any real reform process for two decades because without a healthy financial and banking sector, a healthy national economy cannot be built.
Therefore, the Prime Minister’s vision for comprehensive and radical economic reform comes in line with what was mentioned in more than 12 axes that discuss economic reform, the details of which were mentioned in the government curriculum, which was focused on and considered one of the priorities to be implemented.
What is interested here is what is mentioned in the twelve axis (financial and banking reform) and the paragraphs (1, 2, 3, 4, 5, 6 and 7) thereof, which stated clearly and accurately that (financial and banking reform in a way that provides a real and effective base for the advancement of the Iraqi economy and stimulate investment through restructuring and mechanization of government banks, reconsidering their work, stimulating private banks and enabling them to be able to support investment and development in a real way) and that the vision of the Prime Minister focuses on the importance of the financial and banking sector so that within the financial structure of the economy occupies a vital center in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the main step for economic reform and the measures currently carried out by the bank The Central Bank, with high coordination with the support of the government, to implement its new comprehensive strategy to reform, develop and classify banks according to several axes, most notably the completion and implementation of projects from the monetary economy to the digital economy and the community of cash, and the development of national payment systems by establishing the National Company for Payment Systems, which will develop and operate payment systems under the supervision of the Central Bank, launch the strategy of financial inclusion, work to adhere regularly to international standards of the international standards of the global financial system, focus on organizing foreign trade financing, opening accounts for Iraqi banks with correspondent banks, controlling foreign transfers, opening dealing in other foreign currencies, in addition to the US dollar. Also, drawing up a national plan for lending that adopts new mechanisms to regulate the granting of loans for the development Small and medium enterprises according to the initiative of the Prime Minister as a leader for the employment of young people and qualifying them to choose their projects by relying on the own financial capabilities of banks and attracting deposits to provide and invest liquidity in accordance with the instructions of the Central Bank.
And directing the initiative of financing small and medium enterprises towards the economic and productive sectors that have the most impact on contributing to development. The establishment of Riyada Bank, the establishment of the Loan Guarantee Company, the activation of the work of the Deposit Guarantee Company and the amendment of its internal system to enhance confidence in the banking sector. Continuing the measures and using monetary policy applications to control the exchange rate and reduce the gap between the official price and the black market price, which began to narrow towards reaching the target and balanced exchange rate.
Referring to the Prime Minister’s assertion that the government cannot accept that the official exchange rate is equal to the black market rate. All this indicates that the many services provided by the banking system in the developed countries were not able to achieve their progress and economic growth. The strength of the banking structure has become a necessity for building a prosperous economy that adopts modernity and sound sustainable development. The development of banking habits and awareness of the importance of developing banking facilities in a way that secures building the national savings base and developing the financial resources necessary to build the economy has become one of the priorities of the decision-maker.
Therefore, the safety of the banking system and the mobilization of sound decisions in the field of economic policies towards the development and modernization of banking systems ensures achieving momentum in the world of real and financial investment, which revives the financial and monetary markets, which leads to attracting foreign capital seeking profit. The government and the Central Bank should take the necessary measures to fortify and strengthen local banking systems in a way that makes it able to face the challenges of moving capital from and from abroad without causing money laundering or smuggling of foreign exchange, thus increasing the profitability of financial and banking institutions and strengthening the structure of GDP. This is what the government and the Central Bank are currently active in, which is in fact a vision and a new reformist economic thought to harness all the possibilities and energies in order to achieve it in the next stage.
They're talking about reducing Iraq's dependence on oil. Dependence on oil is going to go away because they have non oil related products...services...and sectors. That's going to be from the taxes and tariffs at the borders, imports, exports, natural resources. They're going to have other than just oil. They're going to have other circumstances...They're talking about 350 million ton of sulfur...They're trying to achieve sustainability for the private sector..
Everybody knows Iraq is about to go International and they're going to have a digital transformation ...When they have this investment budget and they start spending...Iraq is going to be filthy rich with revenue streams from the electronic borders, agriculture, tourism... mining, sulfur, phosphates...they're going to have revenue like no other.
There isn't anything else like it, in my lifetime, that I can see is going to trump Iraq... Don't forget...Iraq has a massive amount of hydrogen for clean energy...nobody else is talking about it...The amount of money and revenue streams Iraq is going to have is almost incomprehensible...It really is intense on how much money these guys are going to make on a regular basis..
Gold Telegraph: China signaled to global markets that they should no longer follow the Western gold pricing standards!!!
(Part of de-dollarization.)
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Did you ever hear of the Independent Treasury Act of 1920? The Independent Treasury Act of 1920 suspended the de jure (meaning “by right of legal establishment”) Treasury Department of the United States government. Our Congress turned the Treasury Department over to a private corporation, which when seen in its true light, is a fascist monopolistic cartel, the Federal Reserve and their agents.
The bulk of the ownership of the Federal Reserve System, a very well-kept secret from the American Citizens, is held by these banking interests, and NONE is held by the United States Treasury: Rothschild Bank of London Rothschild Bank of Berlin Warburg Bank of Hamburg Warburg Bank of Amsterdam Lazard Brothers of Paris Israel Moses Seif Banks of Italy Chase Manhattan Bank of New York Goldman, Sachs of New York Lehman Brothers of New York Kuhn Locb Bank of New York.
The Federal Reserve is at the root of most of our present statutory regulations, “laws”, in the control and regulation of virtually all aspects of human activity in the United States, through successively socialistic constructions laid upon the Commerce clause of the Constitution. Basically, the Federal Reserve is the “STATE” of the United States. Thomas Jefferson once said: “I believe that banking institutions are more dangerous to our liberties than standing armies”.
The Gold Standard is how we undo all of this corruption.
Sudanese to US Deputy Secretary of State: Government Responsible for Protecting Embassies and Rules, 21 DEC
Baghdad – 964
Prime Minister Mohammed Shiaa Al-Sudani said on Wednesday that the government is responsible for imposing security and stability and protecting diplomatic missions, embassies, and international coalition positions in Iraq.
This came during his reception, the Deputy Secretary of State of the United States of America Victoria Nuland, in Baghdad, where he congratulated the success of the provincial council elections.
A statement of the Sudanese Media Office, the network received 964 copies of it:
The Prime Minister, Mr. Mohammed Shia Al-Sudani, received this Wednesday morning, the Deputy Minister of State of the United States of America, Ms. Victoria Nuland, and her accompanying delegation, where she congratulated the Iraqi government on the occasion of the success of the provincial council elections.
The meeting witnessed a review of bilateral relations between the two countries and ways to strengthen them in the areas of joint cooperation and the strategic framework agreement between the two countries.
During the meeting, the Prime Minister stressed the importance of working to promote the stability of the region, and referred to the responsibility of the Iraqi government in maintaining security on its territory, its seriousness in imposing security and stability and protecting diplomatic missions and embassies, and the locations of the presence of international coalition advisers working in Iraq, stressing the government’s refusal to take any action on Iraqi territory by any external party.
During the meeting, Mr. Al-Sudani also touched on the events in Gaza and the heinous crimes committed against the Palestinians, stressing that the international community has lost much of its credibility because of its positions towards what is happening in Gaza.
For her part, the Assistant Secretary of State referred to the cooperation relations between the two countries, and the keenness to sustain them in several areas, and explained that the United States is moving to end military operations in Gaza as soon as possible, and work towards a political path that guarantees the legitimate rights of the Palestinians.
The reforms are absolutely waiting on the rate change to implement. They can't implement the reforms without changing the rate. They're telling you the rate change itself is very clearly waiting and has been waiting this entire year on these [provincial] elections...
Since October of last year [Iraq's Federal elections] they have been setting the economic stage for the rate change... They're done setting the economic stage. They don't have any more economic steps to do. That's why they're finishing the very last step of removing and cleaning up corruption at the second half of the government - The provincial level.
Today on Monday Iraq is holding their elections. What does this mean to us? According to Iraq's Central Bank removing corruption is the absolute minimum requirement for Iraq to be eligible to revalue their currency..
.These are the provincial level elections. It's the second half of the government. They already completed and held all their federal elections in October of last year...These elections are critical to the country to move it forward...
