Iraqi Dinar | Iraq’s Finance Committee Chairman Calls for IMF and World ...

"RV UPDATE" BY WOLVERINE, 29 FEB

WOLVERINE

 “Hi guys. A lot of people are asking me why it has not gone off yet. If you look at what is going on right now you will realize that we are close. They are ready. They are not waiting for anything anymore. There are no problems anymore. Iraq is a member of the World Trade Organization. On Thurs. 29 Feb. they will officially joined BRICS which means they must be asset backed. Venezuela could be among those other four countries joining BRICS as well. 

The Iraqi people are queuing up at the banks and waiting for the RV. All my sources are locked up with NDA right now and most Whales are under NDA. That is a good sign. We should have an announcement tomorrow Thurs 29 Feb. concerning the USTN. So just hold on as it’s not that long to go till Wolverine sings that Opera. God bless you all.” …

Wolverine

The Advisor to the Association of Banks praises the Prime Minister's support for the strategy of the Central Bank and private banks in achieving banking reform, 29 FEB

 The Advisor to the Association of Banks praises the Prime Minister's support for the strategy of the Central Bank and private banks in achieving banking reform

2/28/2024    Baghdad

Advisor to the Iraqi Association of Private Banks, Samir Al-Nusairi, praised Prime Minister Muhammad Shiaa Al-Sudani’s support for the procedures of the Central Bank and private banks to achieve banking reform, and his constant and continuous confirmation that support will remain a major goal until the banking sector overcomes all the challenges and obstacles it suffers from, both local and external, indicating that this Paying attention to the measures that the Central Bank launched in 2023 and that it will launch in 2024 has enabled the economy to recover and achieve good growth rates.

Samir Al-Nusairi said: Since assuming responsibility, the government has implemented policies and mechanisms in cooperation and coordination with the Central Bank and has developed a detailed road map to address the lack of methodology, the previous dispersion in financial policies, the chaos in managing the economy, and the imbalance that occurred as a result of the lack of coordination between financial and monetary policies.

He added, “The map included diagnosing the deficiencies and developing solutions, accompanied by the Central Bank reconsidering the tools and applications of monetary policy and focusing its plans on achieving priorities that are based on achieving financial and banking reform first.”

He continued, "These steps resulted in the issuance of reform decisions to enable the economy to grow at good rates, which were confirmed by international organizations, especially the recent reports of the World Bank and the International Monetary Fund, and their acknowledgment that the Iraqi economy in 2023 left fragility to gradually recover and achieved an inflation rate at an annual rate of 3.7%, which is the lowest rate in comparison." By 7%, in January 2023.”

He stressed that “this rate is the lowest compared to the inflation rates in the Arab and regional countries for the same period, and this is one of the goals of monetary policy by reducing inflation and maintaining the general level of prices despite the fluctuation in the exchange rate on the black market. In addition to that, the expectation of achieving growth in Non-oil GDP by 5%.”

Al-Nusairi explained, “The measures also included organizing the financing of foreign trade, regulating the global banking system, moving banks to build trust relations with global correspondent banks, obtaining their approval to open accounts for our banks with them, allowing direct commercial and banking dealings with them, gradually leaving the electronic platform, and introducing new foreign currencies into dealing.” For the purposes of foreign trade with China, the Emirates, Turkey and India, in addition to the US dollar, which will help stabilize the exchange rate in the trading market.”

Al-Nusairi pointed out that “the measures were also supported by the serious approach of the government and the Central Bank to move and transform from the cash economy to the digital economy and focus on developing electronic payment systems and securing the infrastructure for that, establishing a national company for payment systems, reconsidering the structure of banking financing, and preparing to launch the national lending strategy and establishing a Riyada Bank.” To finance small and medium enterprises and to reconsider the structural, regulatory and supervisory structure of the bank’s specialized departments.”

He added, “The important and basic priority that the Central Bank is working on includes preparing to launch the financial inclusion strategy, as the number of accounts opened in banks has grown by an increase of 25%, to reach more than 10.5 million accounts, while the number of credit cards issued has reached more than 18.5 million.” Card increased by 19%. The financial inclusion rate reached 41%, up from 33.5%.”

He pointed out that “all these reform measures were completed under difficult and complex circumstances during 2023, and with continuous communication, support, harmony, cooperation, support and supervision between the Prime Minister, Muhammad Shiaa Al-Sudani, and the Governor of the Central Bank, Ali Mohsen Al-Alaq, which enabled the economy to recover and advance, and the problems and obstacles to banking work will inevitably be overcome.” "The current situation is supported by wisdom, effective government intervention, and the banks' determination to move forward towards implementing the reform approach to the banking sector in the next stage."   LINK

"EXPLAINING THE IMPORTANT NEWS OF IRAQ" BY MNT GOAT, 29 FEB

  "EXPLAINING THE IMPORTANT NEWS OF IRAQ" BY MNT GOAT, 29 FEB

THE THIRD ARTICLE:

So, having said all this the third article backs up what I just said about the second article about how important electronic payments is to reducing the monetary mass, thus making the project to delete the zeros possible which contradicts what is said in the second article.

I quote from the article – “The Director of the Operations and Settlements Department at the Department of Information Technology and Payments, Zaid Humaid Rashid, said in a statement followed by the “Economy News” agency, that “electronic payment” will reduce the printing of paper currency as well as the strategic benefits of the country in general and the citizen in particular.”

They call the large three zeros notes “fiat currency” since it was expected to only be a temporary currency to help prevent hyper- inflation (which it did) as a result of the ten year embargo and wars. But it was not expected to continue this long, which we can see now that this is causing many of Iraq’s problems either directly or indirectly and it is time to end it.

In the second article by former MP, Ahmed Hama Rashid, he disputes the claims of why today is said not to be appropriate for conducting the project to delete the zeros. I just wanted to tie all these articles together for you, to analyze them and connect them to the news we heard earlier about ending the electronic platform thus the currency auctions. Folks, something is up and it is really BIG and is going to happen SOON. It is brewing and it is going to smack us all at once in a series of events, like announcing the full accession to the WTO, then the Project to Delete the zeros and then we will see the new rate pop out on FOREX. Wammo! Then what? 

Let’s not also lose sight of some really major political events that are about to happen that will turn around and change the nation from this disgusting madness we have seen in the last three years in America. It too is all coming to a head and these political events in America will coincide with the events in Iraq. Just watch and let them all play out. But most importantly PRAY, PRAY and PRAY! The Glory of God is going to bring the long-awaited Abundance and Prosperity to the world.

Think, think and think some more! How can there be this much chatter about these important topics, important to us, unless they are now working diligently on it and getting ready to do it. These events are what we have been waiting so long for. Get it? These are signs or benchmarks for us to map back to the Dr Shabibi 2011 plan that gives us reassurance the plan is being executed and where they are in the plan. I have to tell you we are nearing the end of the plan very quickly now.

This reminds me when I was in the intelligence Corps of the U.S. Army. We learned to intercept the enemy communications. To know the enemy’s plans allows you to adjust your thinking and to make your own plans accordingly. For our investment this is the time to get ready for this event. There is a wise saying in the military – “Better to be ready than to have to get ready” and scramble later. For those of you with large investments, are you actually ready? Do you have a plan written down, step by step of what to do once you leave the bank? 

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

Iraq completes requirements to join WTO

Iraq completes requirements to join WTO, 29 feb

  Iraq completes requirements to join WTO

2/28/2024

The Iraqi Minister of Trade, Atheer Al-Ghurairi, affirmed that Iraq fulfilled the conditions necessary to become a member of the World Trade Organization (WTO) following the completion of economic reforms and the enhancement of the investment climate.

Al-Ghurairi told the Emirates News Agency (WAM) that Baghdad finalized issues related to goods and services in accordance with the deadlines set for integration into the international trade system.

The remarks of the Iraqi Trade Minister took place during his participation in the 13th Ministerial Conference of the WTO held in the UAE capital, Abu Dhabi.

The Iraqi government expressed interest in joining the WTO after submitting a request to do so in 2004. Iraq needed to be a member of the multilateral international trade system in order to regain its place as a major player in the global economy.

Al-Ghurairi mentioned that an Arab-level gathering would be held to hear about their experiences prior to joining the organization and how to take advantage of its benefits.

In addition to debating the future of the global trade movement in light of current challenges, Al-Ghurairi said that the conference sends a strong message to the countries of the world about the value of joining this organization.

The Iraqi official added that Iraq is attempting to expand its commercial and economic connections around the world in order to create new opportunities for collaboration. LINK

"EXPLAINING THE IMPORTANT NEWS OF IRAQ" BY MNT GOAT, 29 FEB

 "EXPLAINING THE IMPORTANT NEWS OF IRAQ" BY MNT GOAT, 29 FEB

THE SECOND ARTICLE:

The second article is from an interview with a former MP, Ahmed Hama Rashid, who said on Sunday and I quote – “that deleting the zeros or printing a new currency costs the Iraqi treasury huge amounts of money, and this process is not appropriate at the present time, as the Iraqi economy is in a stage of contraction, and the Iraqi dinar is shaky against the US dollar and other currencies. Any increase in this amount will lead to monetary inflation that will reflect negatively on the purchasing value of the Iraqi dinar.”

I believe this article has very little credibility and if we investigate former MP, Ahmed Hama Rashid we find that he is an Iranian Shiite and sympathizer, exactly the kind of politician we don’t want in the Iraqi parliament. Why do I feel like he is not a creditable source for information?

I feel this way because Iran wants to keep Iraq just where it is. The funneling of the US Dollars to Iran is their goose that lays the golden eggs. Next the information in the article is not accurate as he states the process is not appropriate at the present time but does not realize that by not completing the project in the past is part of the root cause of the problems they are now having with the dinar.

Next I quote from the article – “considering that each new denomination of paper costs the state treasury about 6 cents, and currently more than 95 trillion dinars are printed, and this is the total size of the monetary mass, as for the trading volume” He does state that any increase in the amount (meaning increase in the amount of currency in circulation) will lead to inflation. However, the CBI has told us they do not intend to issue the newer lower denominations equivalent to replace all of the trillions of 3 zero notes dinars now in circulation, but to reduce the monetary mass significantly (almost in half) as a result of this project, which is ONLY possible through the electronic banking reforms. So this is connection to electronic banking. Get it? Funny how yet another separate article from today’s news contradicts former MP, Ahmed Hama Rashidand again and tells us and I quote from it – “about the disappearance of 1.2 trillion dinars.. The Iraqi printed currency declined as the third largest decline recorded in 20 years”. So, it appears the CBI has already done much work to accomplish shrinking the monetary mass. So, what’s former MP, Ahmed Hama Rashid point? He is just complaining and as I said he objects to doing what is right to end the corruption in Iraq because he is part of it. 

Next I quote again – Rashid told “Jarida”, “Deleting the zeros or printing a new currency costs the Iraqi treasury very large sums of money”  In a recent past article the CBI told us that printing the newer lower denominations would cost a mere millions of dollars not billions and we know that the reserves at over $115 billion and are more than sufficient to allow it. So, this nonsense about cost is just that – nonsensical, ignorant talk. There is not a better time than now to conduct the project to delete the zeros.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/