Article Quote: “Approximately 1,000 ATMs will be installed across all provinces, districts, and areas of the Kurdistan Region of Iraq (KRG) by the end of 2024” We have been told years ago that the ATMs are pivotal to the Project to Delete the Zeros... good news!
We are just waiting for the “giant” leap when the CBI gives them the second rate change.
This should bring in much if not all the remaining capital outside the banking system back to the banks that need it desperately for the economy to grow. This second rate change should coincide with the project to delete the zeros.
FRANK26: "SUDANI TELLS THE WORLD IRAQ IS SECURE & STABLE... FOR THEIR MONETARY REFORM... AND YOUR CONTRACTS ARE ALSO SECURED!!!"...........F26
Al-Sudani to American companies: The current stability in Iraq is encouraging for you to engage in development projects
4/12/2024
Prime Minister, Muhammad Shiaa Al-Sudani, called on American companies to work inside Iraq.
Al-Sudani said, the current stability in Iraq should encourage American companies to engage in important development projects in the fields of energy, communications, housing, health care, education, transportation, and others.
He added that it is also important that we combat corruption, which is the other side of terrorism, as its impact is no less devastating, and that we work to ensure that the people’s money is directed towards valuable goals, and that it is also imperative that we work to diversify our economy away from dependence on oil, even while we benefit from it. From our position as the second largest oil exporting country in OPEC (in addition to our possession of large reserves of natural gas)
Al-Sudani stated, “Our urgent need for American expertise and technology extends to clean energy and the green economy, as we seek to develop sustainable and renewable sectors,” adding that “the strategic framework agreement established the legal basis for these activities, and that by investing in them, it will enable us to put Iraq in a position that helps it strengthen Its democracy, strengthening the state, and strengthening the rule of law, are the pillars that will allow us to restore Iraq to its historical brilliance.
Article "Bankers excited to meet the Treasury Al-Sudani will stay in America for a week.. A source from Baghdad and another from Washington reveal the agenda" Quote "The Iraqi government source confirmed to the 964 network that Al-Sudani will hold meetings with businessmen, and will be accompanied by Iraqi bank officials...The Sudanese visit lasts a week and includes 3 American states.
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From X/Twitter: Iraqi Prime Minister's Office account. Prime Minister, Mr. Muhammad Shiaa Al-Sudani, leaves the capital, Baghdad, heading to the United States of America, at the head of a government and parliamentary delegation and representatives of the private sector, at the beginning of an official visit at the invitation of US President Joseph Biden.
FRANK26: "AND... THE MONETARY REFORM VISION"...........F26
Advisor to the Association of Banks: The Prime Minister’s decisions to support private banks confirm the government’s vision of stimulus and banking reform
4/12/2024
Baghdad
Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, said that the seven decisions recently issued in implementation of the directive of Prime Minister Muhammad Shia Al-Sudani regarding supporting our private banks confirm the government’s vision in its governmental approach and strategy that is consistent with the Central Bank’s strategy to reform the banking sector.
He explained that these decisions outlined the executive and supportive procedures for comprehensive reform
For the banking sector, which constitutes the basis and true beginning of successful economic reform, which included the following:
1- Preventing monopoly in banking services
2- Activating the Central Bank’s financing initiatives
3- Increasing cooperation between private banks and the Central Bank in discussing decision-making related to supporting and developing banking work
4- Determining the contribution of foreign capital to Iraqi banks
5- Participation of government institutions and financial funds with private banks and expansion by opening branches in countries
The other
6- Government and Central Bank support for private banks in foreign institutions and banks
7- Increasing reliance on private banks by the Iraqi state and activating the deposit of government deposits
And deposits of government banks with banks
Private.
Al-Nusairi stressed that the implementation of the decisions, which came as a result of an in-depth study by the Ministerial Council for the Economy and in the presence of the Central Bank of Iraq, of the challenges facing private banks, especially after 28 private banks were subjected to US Treasury restrictions by stopping their dealings in the US dollar in external transfers, are practical applications to motivate private banks to develop their internal banking operations. And foreign affairs in a way that contributes to economic reform.
Pointing out the importance of discussing this important file to lift US restrictions on these banks during the visit of the Prime Minister and his accompanying delegation to Washington next week.
This file is certainly the focus of the concerns of the government, the Central Bank, the Association of Iraqi Private Banks, and the banking sector in general. We hope that efforts will succeed in creating new balanced relations between the American side and our Iraqi delegation in the field of organizing and developing clear foundations for both parties in banking relations in accordance with international standards.
Community comment "Sudani looks to be coming to the US on the 15th..." I think it more likely to happen toward the tail end of the 22nd to see our new rate.But Iraqi contacts think Sudani is going to announce it in Iraq before he heads to the US on the 15th…. I hope they are right and I am wrong.
Iraq now has full control of its funds and one of the requirements now that it has control of its funds...to pay back the United States. It cannot do that at a rate of 1310. But it can easily do it with a value change. I believe the next 10-11 days are going to be huge.