FIREFLY: Bank friend...there's still a need to collect 30% of the people with bank accounts...Half of our parliament owns banks. That's how they were stealing all the money until Sudani and Alaq have now cleaned that up...Citizens of Iraq are veering away from banks until a rate is available..
FIREFLY: Ramadan is over on the 8th. Then we have EID holiday from the 8th to the 14th and then on the 15th Sudani is supposed to go to Washington D.C...It's time to get a little excited...
FIREFLY: The foreign minister already in USA is a prelude to Sudani grand stand that's coming April 1st, our new fiscal year.
FRANK: So much is now pointing for your 1st quarter. April the 1st or maybe the first week of April especially with Sudani going to see the President of the United States in Washington DC on the 15th of April. It seems to me he's going to go see the president with a new exchange rate under his belt...not the weak leadership of a program rate.
FIREFLY: TV is say when Sudani goes to Washington. OMG that's a long time off. Means nothing changing until after that probably, if it does this year.
FRANK: I don't care if it happens on the 15th of April. I don't care if it happens tomorrow. I just know it's happening with all that we're seeing. The proof is there. There's no doubt about it.
FIREFLY: Tv talked about parliament finance has been meeting...with the CBI officials talking about mechanisms to pay the salaries and all the project we have. This is a good sign. They are meeting right before the budget goes to parliament next week.
FRANK: Firefly knows if it does go to parliament and they vote, it will expose an exchange rate. Certainly not a program rate.
FIREFLY: Talked to bank friend. He told me it seems to be the quiet time but soon news on the amending budget will appear...Nothing will get done, so it's going to be soon. The dropping of the zeros is off the exchange rate...We were told on TV that during next week the 2024 amended budget will arrive at parliament for their vote.
FRANK: Stay very close to your friend because at any moment IMO I believe he'll be able to give you what you're looking for, what they promised you.
Minister of Finance of the World Bank: We have made plans to accelerate the pace of financial and banking reforms
4/1/2024 Baghdad – INA
Finance Minister, Taif Sami, confirmed today, Monday, the development of plans to accelerate the pace of financial and banking reforms, while the World Bank indicated continued serious and fruitful cooperation with the Iraqi government.
The Ministry of Finance said in a statement received by the Iraqi News Agency (INA): “Minister of Finance, Taif Sami, received today the Regional Director for the Middle East at the World Bank, Jean-Christophe Carré, the Special Representative of the Bank in Iraq, Richard Abdel Nour, and a number of experts and specialists.”
She added, “During the meeting, priorities for development projects and ways to support the World Bank to strengthen the financial and business sectors and improve the investment environment were discussed,” noting, “It was emphasized that continued bilateral coordination to promote sustainable development was discussed, in addition to discussing the Bank’s support for the government program for economic reform in Iraq.” “.
The Minister of Finance referred to the Ministry’s efforts and plans towards accelerating the pace of financial and banking reforms in line with the Iraqi government’s vision aimed at consolidating the foundations of the national economy, creating economic balance, and correcting the course of financial policy in Iraq.
For his part, the bank representative pointed out “the continuation of serious and fruitful cooperation with the Iraqi government, in everything related to providing the necessary support in terms of expertise for development projects and reforms related to the financial and business sector.” LINK
Question: Hi MG: Thank you for all the WOW news!!!
The article below came out about Iraq joining the SWIFT system. How is Iraq able to do money transfers on SWIFT if they are still under OFAC sanctions? Thank you - Gavin
Chambers of Commerce: Implementing the SWIFT system will attract international commercial activities to Iraq.
Mnt Goat Answer: Guten Tag Gavin. This is a VERY intelligent question and so I thank you for it. It shows that you have been paying attention.
Yes, Iraq did hook into the SWIFT system at the end of 2022 adopting the international financial messaging system as part of the reforms, to help tackle money laundering and ensure respect for international sanctions.. So, to answer your question just read the rest of my good news above. It is all now happening quickly. The banks in the US have not yet been notified of any changes to lifting OFAC. Although implementing SWIFT for Iraq years ago is VERY GOOD news it is old news already. It is all of these kind of events point to one direction – having the banking capabilities to perform with the rest of the world on a large global scale. Choo-Choo!!!! 😊
Their words not mine…..No Rumors, No Hype, No Opinions ,,,,,
Saleh: The 2024 budget schedules are being prepared according to the tripartite budget
4/2/2024
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the financial tables for the 2024 budget are being prepared in accordance with the legislation of the three financial budgets.
Saleh told {Al-Furat News} agency, “The proposed financial schedules that are being prepared by the executive authority today are based on the financial legislation in force and approved in accordance with the aforementioned tripartite budget law.”
He stated that “presenting the financial tables for the fiscal year 2024 to obtain parliamentary approval for those tables, which include public revenues and expenditures, undoubtedly embodies a legislative path that we see in all cases as more flexible in the legislative process because the financial principles and constants have become an integral part of the Federal General Budget Law No. 13 of 2023 (the Tripartite), which is the law that was originally legislated by the House of Representatives and by a vote of the legislative authority and published in the Official Gazette last year.
”
A few days ago, the Council of Ministers received the budget schedules from the Ministry of Finance, and began working on them to sign them and send them later to the House of Representatives.
The Parliamentary Finance Committee expects to resolve the budget schedules this month.
Welcome to April and so let’s spring into the season of Spring. Like the unfolding of the season of Spring we are slowly seeing the sovereignty of Iraq coming to a reality and not just on paper. So today I am going to show you yet more tangible evidence.
In today’s news articles we learn about the expiration of the extension of the US President’s Executive Order 13303 put in place in 2003. So, there is no extension this year. I believe April would be the time to extend it. Why is this so important to us investors?
First the expiration of 13303 shows to us again that Iraq is slowly moving out of the sanctioned mindset altogether. We know that in December of 2022, Iraq completed its war reparations payments to Kuwait and thus followed that all the remaining UN sanctions were lifted. What happened next was the VERY quick response by the CBI to begin the de-dollarization process in Iraq in 2023, which brings us to where we are today. The unanticipated length of resolving the issue of the stability of the parallel market delayed the process we are now looking for.
But you might also say that where is our protection as investors in the dinar with the expiration of 13303?
THINK, THINK, THINK!!!! 😊
Will we still need protection even? Many investors have been waiting for this news all along and tell us that this is a VERY GOOD sign for us in that since we no longer will need its protection the dinar is soon to be free to move into its full potential as a sovereign, global currency. This is the important point I am making today. Remember it is normally renewed on April 1
st and so what is in stored for us in April? Just saying,,,, don’t go off half-cocked.
To make the news even better we read in the articles today that the post-war DFI fund and its process is also no longer in effect. WOW! This means that oil revenues no longer have to be placed under US Treasury accounts in NYC and then Iraq has to beg for dispersing this money. These remaining dollars will now be transported from the Federal Reserve Bank in NYC to the Baghdad, Iraq CBI. WOW! WOW! WOW! We have waited so long to hear this good news. I am now sure on the exact amount but it I believe it is the bulk of the CBI foreign reserves in US dollars we have been hearing so much about ($110-115 billion). It is my understanding that Iraq is going to place this money in multiple sovereign funds for investments. We have read many past articles about these funds…. remember? The future revenues generated from these funds could subsidize many of its social programs on an ongoing basis and help to rebuild its military. Already there is talk of an Iraqi Naval Force strong enough to protect is oil and trade shipments. WOW!
So, all this VERY GOOD recent news then brings us, begs us, to ask the simple question as to why Iraq still has a 1/6 of a penny rate. But remember they are still under the “program” rate, not yet reinstated and has not yet “normalized” to the true rate to reflect the true value of their assets. It is all just now a suppressed rate under the war torn “sanctioned” rate process but this too is about to change and we will soon see tangible evidence of the currency reform too. It is coming are you ready? So today is Tuesday and I did call Iraq and talked to my CBI contact. We were all just as happy and excited.
I am still being told to look for the Project to Delete the Zeros as it is coming. I don’t want to spread rumors and so relax, but I was told in Saturday conversation with Iraq the plan is to have it rolled out in April. WOW! Of course I was not about to get firm date, as I don’t think even the CBI knows for sure. Let’s just pray that nothing interferes with this upcoming move. This will be the second major rate change we were told would happen to help collect this VERY large part of the monetary mass that the banks desperately need for investment. I talked about this issue in my last Newsletter dated March 28 it is still in the Mnt Goat Archives if you want to read it again to refresh. So, again in another article we read about this dilemma but no firm talk about how to resolve it.
The Acting Speaker of the House of Representatives, Mohsen Al-Mandlawi, stressed last Thursday, that achieving security, stability and progress is achieved through complete sovereignty of Iraq.
Opps, there’s that security, stability again. 😊
I sincerely hope that many decided to pray the Operation True Cross, Auxilium Christianorum prayers to save our countries. Remember that even once the reinstatement happens and you are back from the bank, the fun stuff is just beginning. The attacks on our countries by the globalist agenda will only intensify. We are still years away from winning the war. There are still many issues to be resolved with all the corruption if we truly want enjoy this money in a FREE SOCIETY. The government will try to take this money any way they can. Don’t fool yourself into complacency and laziness.
