Rady: America controls oil revenues and delivers them to Iraq by “distillation”, 13 JAN
Information / Baghdad… A member of the State of Law coalition, former MP Rasul Radi, confirmed today, Friday, that the American administration controls the Iraqi funds related to oil revenues through the Federal Bank and delivers them to Iraq by “distillation,” pointing out that Washington’s decisions are not strange to Iraq and everything is expected from them.
Radi told Al-Maalouma, “All information confirms that the Iraqi economy is hostage to the US Federal Bank, which controls the most important revenues on which the Iraqi government depends, which are oil revenues.”
He added, “Everything is possible and not surprising from the American administration if it takes an economic decision that harms the interests of Iraq, especially since oil sales revenues are placed in the aforementioned bank and Iraq obtains them through (distillation) when needed.”
He stated that “America has control over the Iraqi funds held by the Federal Bank, which has caused a rise in the dollar exchange rate and the occurrence of some financial harassment in the recent period.”
FIREFLY: There are many reports coming out today from Sudani people indirectly through the CBI telling us the amount of corruption here in Iraq is still staggering. They are finding ways to seal our currency...
FRANK: It is extremely hard for you guys to deal with your currency when...the currency you do have is being stolen.
FIREFLY: CBI on news saying they have taken measures and decisions on supporting the dinar and maintaining its value against other currencies in the world talking about how CBI fully supports and back dinar and how it will be holding its own against other currencies. Saying this will positively affect the exchange rate.
FRANK: I am excited that they are giving you deeper information about the monetary reform and how it’s going to add value to your currency and I love how they keep saying in the coming days let’s see what happens around 15 January.
FIREFLY:Financial expert on TV saying there will be changes to the value to the Iraqi dinar after the new year.
FRANK: The CBI, without any fear, without pulling any punches back, they flat out tell you the beginning for next year your currency will have value added to it. Of course, because you won't be able to use any other currency in your country.
Therefore the sanctioned, punished program, used toilet paper rate of your 3-zero notes is going away...You are about to be a powerful linchpin in the financial theater of this world. Iraq is about to change as quickly as darkness turns into light. Get ready, you are about to walk with elegance and grace once again.
FIREFLY: The television is talking about how Iraq and a basket of currencies will help to reduce the dollar rate. They are already talking about the yuan and rupee... The government is saying we aspire to end the parallel market dollar in the coming days.
FIREFLY: We have a special on TV and they say the Iraqi dinar wins the struggle against the dollar and wins control of the markets…
FRANK: The goal of the last few weeks has been to bring the market rate parallel with the dollar rate. Remember the CBI can’t touch the dollar value but they can touch the value of your currency of the dinar… They have been victorious of reducing the value of their enemy foreign currency like the American dollar and all foreign currency in your country verses your national currency which is at 1310 right now. But that rate is now in a position to change because of all the success of the monetary reform from the CBI and Sudani. That’s all there is to it.
The black market rate will no longer be…The black market rate is the American dollar. The CBI wants the official rate 1310 to match the dollar rate. That means the currency of Iraq is too low… Slowly we’re having a reciprocal effect where the dollar is going down and the dinar is going up…
Question: “Can any country RV their currency whenever they want?”
Yeah but they have to go through the IMF. That’s what the International Monetary Fund does – they regulate all the banks around the world and allow them to either increase, decrease, print new currency, destroy their currency, change their exchange rate. There is a systematic way of doing it. They’re called international banking laws.
FIREFLY:Financial expert on TV saying there will be changes to the value to the Iraqi dinar after the new year.
FRANK: The CBI, without any fear, without pulling any punches back, they flat out tell you the beginning for next year your currency will have value added to it. Of course, because you won't be able to use any other currency in your country.
Therefore the sanctioned, punished program, used toilet paper rate of your 3-zero notes is going away...You are about to be a powerful linchpin in the financial theater of this world. Iraq is about to change as quickly as darkness turns into light. Get ready, you are about to walk with elegance and grace once again.
Earth News/ Today, Friday, the Ministry of Finance discussed with the international auditing firm (Ernst & Young) the organization and restructuring of the ministry’s banks and companies.
A statement from the ministry, which was received by Earth News, stated, “Minister of Finance, Taif Sami Muhammad, chaired an expanded meeting with representatives of the international company Ernst & Young, which specializes in auditing and financial consulting, in the presence of the general directors of the Rafidain and Rasheed banks, the Agricultural, Industrial and Real Estate Bank, and the national and Iraqi insurance companies, in order to determine a work plan and proceed.” “With steps to merge and organize a number of the ministry’s institutions and restructure them in line with the objectives of the ministry’s financial and banking sector reform policy.”
He added, “The meeting discussed the draft submitted by Ernst & Young regarding the organization and restructuring of the Rafidain and Rasheed banks and the merger of the National and Iraqi Insurance companies, and discussed the proposed plan and implementation stages and determined the frameworks of the contract and drafted them in a manner consistent with the priorities of reform and development, as well as discussing the study submitted by the company and diagnosing Obstacles to transformation, financial and legal solutions and treatments that ensure the integrity of the merger and structuring process.”
The Minister of Finance explained that “the Ministry has a program to restructure government banks and is working on it in cooperation with the Central Bank of Iraq and the relevant international organizations,” adding that “the process of merging, structuring, and introducing modern financial technologies will push towards making Iraqi banks internationally and locally accepted and responsible for providing services to the system.” Government finance and individuals simultaneously, determining the roles of banks and subcommittees, and determining contract durations.”
Sami added, “The Ministry’s vision includes a comprehensive review and evaluation of the work of banks, and carrying out structural administrative reforms, which include providing a package of integrated banking services to citizens and companies and making them more consistent with the national economy that supports achieving sustainable economic development.”
The Minister of Finance stressed “the necessity of benefiting from the expertise of reputable international companies, which can play an effective and essential role due to their expertise and consultations in charting the correct path for the projects implemented by the Ministry in accordance with its financial policy that conforms to international standards and specifications.”
It is worth noting that Ernst & Young is considered one of the leading international companies, possessing extensive experience and achievements in this field to regulate the work of financial institutions, and has a solid professional history through its review of many central banks, commercial banks, and major companies in the region and the world.
Al-Alaq said he was going to delete the zeros/the project to delete the zeros off the exchange rate. What did Al-Sudani say? He said the dinar would be stronger than the dollar.What did Salih say? He said they were going to have a major announcement. We're going to see if all three of those guys are telling the truth or not. I have a feeling they are...
Accounting started January 1st. Taxation in the dinar, commercial trading in the dinar was supposed to start on the 1st. We're going to have to watch them expose how this rolls out.
Iraqi stock exchange soars 97%. The other day we talked about what 52% and that was a pretty bold statement for them to say that. Now they're talking about 97% annual gain as an indication of economic upswing.. .
The oil & gas law is a very important and is considered to be integral to the citizens needs and the economic development of the country. They stop short of telling us what came of the oil & gas law today. Why?
...One reason would be that there is exchange rate sensitivity with respect to the law...An exchange rate to be one that is stronger than the dollar (Per Al-Sudani) will help largely in that regard. So, yesterday they were focusing on the importance of this law and with urgency. A very good sign!!!
Finance Minister Taif Sami revealed on Friday that there is a program to restructure government banks.
The Ministry of Finance said in a statement received by NRT Arabia, a copy of it, that “the Minister of Finance chaired an extensive meeting with representatives of the international company, Ernst and Young, who are concerned with auditing and financial consulting, in the presence of the general managers of Rafidain and Rashid banks, the Agricultural, Industrial and Real Estate Bank, and the national and Iraqi insurance companies, in order to determine an action plan and initiate the steps of integrating and organizing a number of the ministry’s institutions and restructuring them in line with the objectives of the policy of reforming the financial and banking sectors in the ministry.”
She added, “The meeting discussed the draft submitted by Ernst & Young related to the organization and restructuring of Rafidain and Rashid banks, the merger of the national and Iraqi insurance companies, discussing the proposed plan, the stages of implementation, determining the contract frameworks and formulating them in accordance with the priorities of reform and development, as well as discussing the study submitted by the company and diagnosing the obstacles of transformation, financial and legal solutions and treatments that ensure the integrity of the merger and structuring process.”
The Minister of Finance explained, according to the statement, “the Ministry has a program to restructure government banks and is working on it in cooperation with the Central Bank of Iraq and the competent international organizations, adding that the process of integration, structuring and introduction of modern financial technologies will push towards making Iraqi banks internationally and locally acceptable to provide services to the government financial system and individuals at the same time determine the roles of banks and subcommittees and determine contract periods,” pointing out that “the ministry’s vision includes a comprehensive review and evaluation of the work of banks and conducting structural administrative reforms, involving providing a package of integrated banking services to citizens and companies and making them more in harmony with the national economy supporting sustainable economic development.”
Sami stressed “the need to benefit from the expertise of discreet international companies, which can play an effective and fundamental role due to their expertise and consultations in charting the correct course for projects implemented by the ministry in accordance with its financial policy conforming to international standards and specifications.”
The statement added that “Ernst & Young is one of the leading international companies, and has extensive experience and achievements in this field to organize the work of financial institutions and has a sober professional history through its review of many central banks, commercial banks and major companies in the region and the world.”