FIREFLY: Big campaign to get citizens to trust the Iraqi banks starting today.
FRANK: This is the last part of the monetary reform education. Congratulations!
FIREFLY: Sudani is not playing games with anybody. It looks like he's working hand in hand with the US Treasury...Television now shows Rafidain Bank doing investigations on smuggling of the dollar...There's no end to the amount of corruption...
FRANK: Your corruption is amplified by Iran...that's why you have not had the new exchange rate or lower denoms...but it is really being curtailed...controlled...Pay attention to the leadership in your country removing the corruption...
The economic expert, Safwan Qusay, revealed the government’s hidden goal in implementing the electronic payment project throughout Iraq and its advanta
Qusay said {to Al-Furat News} that: “The policy of the American Central and Federal Banks was that everyone knew that the currency auction was contributing to the smuggling of the dollar to various countries and that it was intended for Iraqis only.”
He added, “But the policy of complying with international requirements and controlling the movement of the dollar was implemented after the success of the electronic platform in enhancing bank balances, as well as expanding the circle of financial inclusion by investigating the source of the Iraqi dinar. Currently, all employees of state departments and retirees are included with credit cards.”
Qusay added, “We also have a formal private sector and federal ministries that have begun to spread the culture of electronic payment to track the movement of the dinar. The more we introduce the dinar system within the regulatory department, the more we prevent the corrupt from changing the gender of the dinar, whether in the real estate market, gold, or other markets.”
He concluded by saying, “The whole issue is related to combating corruption through investment in technology, and one of these means is electronic payment.”
In its session the day before yesterday, Tuesday, the Council of Ministers approved the following regarding commissions for electronic payment operations: 1. (The recipient bears electronic payment commissions from the private and public sectors, and the payer does not bear any electronic payment commissions), and the government compensates a percentage (50%) of the commissions. The electronic payment paid by the holder (the merchant, the employer, and all private sector entities), provided that it is used to pay the holder’s obligations to the state exclusively through electronic payment, such as renewing licenses, paying taxes, customs, fees, municipal fees, electricity fees, and everything owed to the state, and it cannot be recovered in cash at any time. In any case. 2. Determine all electronic payment commissions (at a percentage determined by the Central Bank of Iraq), with a maximum commission limit that stops at a commission amount (the value of which is determined by the Central Bank of Iraq for both the public and private sectors) and what exceeds that without commissions, and a minimum that is exempt from commissions as well ( Exempting small transactions in the public and private sectors from commissions up to a ceiling determined by the Central Bank of Iraq. 3. The contracts signed based on what was stated in the decisions of the Council of Ministers related to electronic payment, especially the decisions of the Council of Ministers (23044 and 23620 of 2023) between state institutions and electronic payment companies, will continue to be effective until December 31, 2024, and the contracting institution may submit a reasoned request to the Central Bank of Iraq in If she wishes not to extend the approval process. 4. The decision will be re-evaluated in light of the results of the application before the end of this year 2024. 5. This decision will be implemented starting March 1, 2024.
In light of this, the Prime Minister’s financial and economic advisor, Mazhar Muhammad Saleh, believes that the decision recently issued by the Council of Ministers regarding electronic payment facilities and exempting the “citizen payer” from commissions for these operations is tantamount to creating a stimulating, sound and simplified environment for citizens to effectively use electronic payment methods. .
Saleh said, in a press statement, “The Council of Ministers’ decision regularized the contractual relations between the government and the citizen if it is an electronic collection, and between the citizen and the merchant if it is via an electronic payment card that takes place within market transactions.”
He stated, “According to the decision, the citizen does not bear any costs as a result of using electronic payment, while there is encouragement for the merchant that the state compensates an essential aspect of the costs of electronic payment in the form of high cash allowances that are used for tax settlements or to pay the various costs incurred, provided that the settlements are made by Exclusively through electronic payments.
He pointed out, “In all cases, the Cabinet’s decision regarding regulating fees for electronic payment services constitutes a stimulating environment that pushes towards the effective use of electronic payment cards, whether credit, debit, or prepaid, in a simple and convenient manner.”
You've got people all going, yeah man this next budget they're going to increase the value [of the dinar] when they're now talking about possibly devaluing the Iraqi dinar. That's not set in stone but it's something they're contemplating. I'm not saying they're going to do it. I'm just saying it's on their mind. It really depends on how far down oil prices drops.
As long as they keep moving forward like they’re doing there’s no reason for it not to, IMO, go up in increment…
Guru Nader question: “People are going to lose money if they change the 25000 for 25…If…I get 25 dinars that means I’m gonna go to the bank, if it go 3 to 1 that mean I’m gonna have only $75?”
I told everybody that is a possibility. Doesn’t mean it’s gonna happen but I’m saying this is what people should at least be prepared for…There’s a possibility they delete the zeros and then change the exchange rate.
A DARK FUTURE AND A SECURITY AND ECONOMIC COLLAPSE… THE AMERICAN WITHDRAWAL THREATENS THE IRAQI REGIME
In the wake of technical and security meetings between Washington and Baghdad, to schedule the American withdrawal that has been leading the international coalition in Iraq since 2014, analysts find that the “possible withdrawal” may leave the country under a security risk, and that it is not yet ready to deal with the deep challenges, starting with From the “strong” factions supported by Iran, to the ISIS terrorist cells that are still present, all the way to the factions’ control over Iraq’s money and capabilities.
A report by the American newspaper “The National”, translated by Shafaq News Agency, quoted former American Special Forces officer David Whitty, who worked with the Iraqi commando forces, as saying: “They are disturbed by our strikes, but they are the ones who attacked the coalition forces first,” referring to this. 150 of the attacks targeting Americans in Iraq and Syria since last October.
The report, citing analysts, warned that history may repeat itself if American forces withdraw again, noting that when American forces withdrew in 2011, Iraqi forces lost their efficiency due to widespread corruption, as military leaders sold fuel, ammunition, and even food to achieve gains. Personal, in addition to falsifying the pension statements allocated to the military.”
The American report indicated that recent coalition reports issued by the US Inspector General still warn that many of these problems still exist, especially in the logistical aspect, which raises fears that ISIS or similar organizations may reappear if the United States withdraws. United.
The report quoted Whitty, who is also a security consultant and worked closely with the Iraqi Counter-Terrorism Service that led the fight against ISIS, as saying that “the current training provided by the coalition to Iraqi forces may be too limited to protect the country,” adding: “There is no communication.” “With the Iraqi security forces only through the Ministry of Defense, this is very frustrating.”
The report continued that Whitty advised the United States to continue training Iraqi forces based on the Counter-Terrorism Service model, which included small American and Iraqi units that worked together to carry out joint missions.
According to the report, Whitty is concerned that without continuous training, old problems could resurface, which could jeopardize Baghdad’s ability to confront ISIS, or Popular Mobilization Forces groups such as: Kata’ib Hezbollah and Harakat al-Nujaba, which warned It may overthrow the Iraqi government if Iran requests it.
While the report pointed out that Whitty’s concerns relate to the danger of the Iraqi military culture returning to its previous state, he was quoted as saying, “We saw this happen after 2011, when standards declined and things deteriorated, and it concerns me in particular with regard to the Counter-Terrorism Service and perhaps what is happening now with… Regular army.
The report stated that regardless of the threat posed by ISIS, experts warn that the conflict between the United States and Iran in Iraq is unlikely to fade if American forces withdraw.
The report quoted Michael Knights, a researcher at the American Washington Institute, as saying: “When the United States left for the last time in 2011, ISIS was growing stronger in Syria and was beginning to regain its strength in Iraq,” explaining that “this is not the situation now, ISIS.” “It is not the real threat now. The main threat to Iraq’s security is the control of the state by Iranian-backed militias and stripping it of its assets.”
According to Knights, the Popular Mobilization Forces’ takeover of the Iraqi state not only led to a lack of funding for the Counter-Terrorism Service, but also caused renewed conflict between the United States and the Popular Mobilization Forces, noting that the Popular Mobilization Forces “have penetrated the Iraqi central government, and they are integrated into all ministries now.” Not only actual ministers, but assistant ministers and deputy ministers, all men from various militias, chosen by the coordination framework.”
While the American report noted that, under the current government’s budget, funding for the Counter-Terrorism Service decreased by 14%, and the budget of the Popular Mobilization Forces doubled, Knights was quoted as saying: “We needed a presence in federal Iraq in order to fight ISIS because we had an Iraqi partner.” But now there is no partner inside Iraq to fight the main threat, because the militias have taken control of the security sector.”
The report continued: “If Iraq turns into a center for regional wars carried out by the Popular Mobilization Forces, the conflict between the United States and the militias may continue and it may become easier for Washington to carry out strikes against the Mobilization Forces from outside Iraq in the event that the Americans withdraw.”
He explained that “the United States may become more capable of striking, punishing and harming those militias if they are outside Iraq,” adding that “Iraq may be exposed to fewer air strikes if the coalition collapses, because the President of the United States may be less conservative if the forces are forced to… And perhaps the embassy will have to leave,” noting that “this president may be a Republican.”
Knights concluded his speech by saying, “Economic stability will deteriorate in Iraq if the United States does not have the motivation to show restraint with regard to protecting Iraqi funds from international lawsuits, and if the United States rations Iraq’s supply of dollars because terrorist players may be viewed as they took over the country and the Ministry of Finance.”
[via PDK] My Iraqi contacts have said that the CBI has sent the new rates to the government. So the rumor is the CBI has released the rates to the Iraqi government...I have heard similar things from US bankers - that all rates are now set and fixed. So imo it’s “any moment” A number of contacts are still remaining silent because they have signed an NDA.
“ The US Treasury requests Iraqi cooperation to limit funding for armed factions” This is all part of what’s going on as Iraq cleans up. And yesterday - again in Iraq - they started openly talking about the exchange rate and the value of the dinar.
Comment: I hear more and more groups are under NDA’s. MarkZ: We are hearing of more and more… My banking contacts still feel If we have to sign one - it will be about the amount we get...we are definitely close.