Egypt’s Elsewedy Electric discusses investments in Iraq
The Iraqi State leader, Mohammed Shia Al-Sudani, got on Monday the Chief of Elsewedy Electric, which has some expertise in economical foundation arrangements, Ahmed Alsewedy.
Alsewedy affirmed his organization’s status to put and work in Iraq, as it will lay out collaboration components and close arrangements in a few fields, which will be reported soon, as per an assertion delivered by the State head’s Office (PMO).
The gathering addressed the actions taken by the Iraqi government to speed up monetary change and rejuvenate industry and farming.
Inside an unmistakable vision expected to achieve a total financial and formative renaissance, the different sides examined fundamental measures to establish the ideal venture environment for the confidential area to draw in huge overall enterprises in a few claims to fame.
The Iraqi Prime Minister discussed the prospects for investment in the gas and electricity industries, the creation of new industrial cities, and the requirement for a service network that is integrated.
As Iraq moves certainly toward working on the rural area, Al-Sudani likewise featured open doors in the field of horticulture and the improvement of a plant to create refined water system sprinklers.
Article quote: “The budget is not affected by the rise or decline in dollar exchange rates, because Iraq will receive the dollar from the export of oil, and on the contrary, revenues increase as dollar prices increase globally,”The rate of the dollar to the dinar will NEVER be in the budget...NOT GOINGTO HAPPEN! ...The budget is dependent on the price of oil.
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"The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed...the effort to open more prospects for work with correspondent banks, while indicating that the joint committee with the American side regarding the banking sector will begin its work next week." Folks this is all positive news and exactly what we should expect to see at this point in time. Yes, it is now all about the Banking Reforms. This is what is going to get the dinar to officially pass the dollar. We already know the value is greater and so now we just need to go through the motions to get it recognized to its true value.
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Q & A
Question from Suki:
Hi Mtn Goat,
I was wondering this as well. If I remember correctly mid year, June, was also a feasible option. But you did mention January. I am trying to stay grounded, but my Wings are flapping as fast as the news is in Iraq. If policies continue to move as fast as they are, Do you think we still have to wait another 6 months since January is the best time for them to make a fiscal change? ----Thank you
Question from ashleypikes:
Thank you MG for a very exciting report today, yes the train is moving rapidly. As you mentioned we have moved into the second stage of financial an monetary reform. My question to you today is just how many more stages of reform are needed. It seems something is always added to the list in Iraq. You said not years to complete, however that is still a long time an since your contact has not given any timeframe which is proper conduct,, do we have to Wait till Biden is out or God forbid re-elected. Have you changed your tune in that scenario , thank you an blessings on you. We continue to wait ..
Answer Mnt Goat:
Guten tag Suki and ashleypikes. Seem both of these questions evolve around the timing of the RV. I will answer both now. As I have said a thousand times if not a million times in the last decade of my Newsletter – DO NOT DWELL ON THE TIMING. What good does this do for you? No one and not even the CBI knows the timing ,,,,get it? There is no such thing as delays it is all in your head. When the time is right Iraq will reinstate. There are other events that must proceed FOREX and I have reviewed these also many times. Don’t you get it by now?
Instead pay attention to the events as the reinstatement is a “byproduct” of the Financial Reforms more specifically Banking Reforms now underway. Did you reference the information I sent you on the Pillars of Financial Reform? Did you go read the White Paper? If you did then why are you asking me questions now on the timing of the RV? I do not in my heart believe that Biden will allow this event to occur.His administration may surprise us. we have had many surprises along this journey. It’s what you don’t know or what you think you know that will haunt you later.
Will we have to wait until January? It is a possibility, but I believe we may see it way before then. Oh… but you say the election is not until November and so Biden will still be around. Read between the lines folks,,, will you! I am saying he might not be around by then…get it? Why in hell do I spend all this time presenting the prophets and what God has to say about all this? Some say the U.S. has already signed off on it and we heard this a hundred times over too. Its all nonsense by nonsensical idiots trying to guess the RV timing. That is all it is. Get it? I am not going go there. If this is what you want then there are many idiot intel gurus out there that you can follow.
I wanted to share an interesting conversation I had...with my CBI contact this past Wednesday...I was told that the committee to work on the Project to Delete the Zeros has sent the CBI prepared articles to the news media for the sake of educating the citizens on the upcoming process. However, they are dated and so they are for the near future and not for current news. Yes, they are getting ready and moving ahead.
...we read three articles about the CBI official rate equaling the Parallel or Black market rate in the coming days. WOW!...Saleh, the prime minister’s financial advisor, then goes on to say this will make one dinar equal to one dollar in Iraq. WOW! ...I was told by my CBI contact months ago to watch for right before the CBI makes one more “official” rate change closer to 1000 from 1320. If you take 1000...and delete the three zeros 1000 what do you have? Of course, you have a situation of 1 dinar equals 1 dollar...But I believe that when they CBI does make this next official rate change it will move closer to 1166 and not 1000 which would make 1 dinar = 1.16 dollars just over a dollar to help the banks retrieve these dollars hoarded outside of the banks... Let’s sit tight and watch this play out.
Samir Al-Nusairi, the Central Bank announced that it will launch the national lending strategy on 5/25/2024, which is a clear announcement of the beginning of the second phase of its banking reform strategy...CBI announces it has completed the first phase of it by...building solid international banking relationships with international banks and correspondent banks. Get ready….
The UN, IMF and World Bank all on one day, Thursday, noted significant progress that Iraq has made in recent years, despite ongoing challenges. The reinstatement spigot has been opened. The direction is now clear.
So, in today’s news we read multiple articles coming out from the CBI and the Iraqi news telling us about yet more “WOW!” news...much of this news is confirming what my CBI contact told me recently so my trust level of my contact increases too. ...In today’s news the CBI is telling us they are moving into the “second phase of banking reforms” ...WOW! WOW! WOW! ...Folks this RV train is moving along rapidly now. It is right in our faces now what they are doing. No more guessing or hoping. The reinstatement spigot is now wide open! ...The reinstatement is coming...Folks, it is now EXPLODING!
So, in today’s news we read multiple articles coming out from the CBI and the Iraqi news telling us about yet more “WOW!” news...much of this news is confirming what my CBI contact told me recently so my trust level of my contact increases too. ...
In today’s news the CBI is telling us they are moving into the “second phase of banking reforms” ...WOW! WOW! WOW! ...Folks this RV train is moving along rapidly now. It is right in our faces now what they are doing. No more guessing or hoping. The reinstatement spigot is now wide open!...The reinstatement is coming...Folks, it is now EXPLODING!
Folks just remember I am telling you that Iraq already has a value to the dinar way above the 1/6 of a penny. They do not have to develop the private sector to raise the dinar, the economy or...export more products...
An economist confirms the possibility of Iraq entering the field of investment in oil derivatives
On Tuesday, the expert in economics Safwan Qusay confirmed the possibility of Iraq entering the market for investing in oil derivatives, delivering its derivatives to various nations around the world, and avoiding any changes in the price of oil worldwide.
Qusay told , “Iraq can possibly arrive at independence in fuel, particularly gas, and shift to putting resources into the administration of oil subsidiaries at the capacity level.”
“The shift to the aforementioned investment guarantees Iraq a realized revenue, so that in the event of a decline in global oil prices, Iraq can invest in the available stock of derivatives with the aim of not reflecting price fluctuations on import operations and thus ensuring that the oil products marketing company is not harmed,” he added.
He said, “Achieving self-sufficiency in fuel and the shift toward investment and export of derivatives requires the development of oil refineries and the establishment of new refineries that guarantee Iraq’s shift toward investment and export of derivatives.”
Question: ...is it true the Budget has nothing to do with the rate. It’s dependent on oil?
MarkZ: Yes and no…in the budget they left a mechanism for a revaluation based on rates and oil production. ….They can do the budget without the rate change- does it make sense to do that? NO….because they have been running over a 30% deficit each year.
I have been unable to find a complete copy of Iraq’s budget that was passed to look for a rate.
I do not think the new rate is in the budget that was passed …yet. They have the mechanism for changing the rate in there though. So they can do that rate change at anytime...They are still showing the official rate of 1310….
It happened like this in Kuwait also…that although they had started the RV process. Kuwait was still showing the official rate for awhile.
Comment: Maybe they are waiting to put the new rate in the Gazette- either Wed or Sat?
Sudani suspends after approving 2024 budget schedules
Baghdad Today - Baghdad
Prime Minister Mohamed Shia Al-Sudani expressed, on Monday (June 3, 2024), his thanks and gratitude to the House of Representatives for its efforts that resulted in the approval of the budget tables.
Al-Sudani said, according to a statement by his media office, received by "Baghdad Today": "With more appreciation and pride, we congratulate the responsible step of the esteemed House of Representatives, represented in approving the budget tables for the year 2024 , related to Law (13 of 2023), the law of the "Federal Budget of the Republic of Iraq for the fiscal years (2023, 2024, 2025).”
He added: "We express thanks and appreciation for the efforts of the Presidency of the House of Representatives, political forces, parliamentary committees, and the Finance Committee, which completed the government effort, and what was previously approved in the Council of Ministers, represented in the budget tables (A, B, C, D, E, and f).
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He continued: "We reaffirm the continuation of the implementation of the government program, which received the vote of the Council of Representatives and the support of political forces, in order to complete the goals and implement the priorities that represent, above all, the aspirations of our Iraqi people and their demands that the government wishes to fulfill."
He added: "On this occasion, we call on the House of Representatives and provincial councils to support the work of the government by following up on the legislative and oversight effort, which our government institutions with all their arms and bodies consider as a support for their work, an evaluation of the path, and a guarantee against corruption, deviation and failure, just as we pledged to our people that there is no place for procrastination, nor courtesy at the expense of people's interests, preserving public money, and implementing service in all its names."
"We ask the Almighty God Almighty for success and repayment to obtain His satisfaction, glory be to Him, and to obtain the satisfaction of our honorable people."