STATUS OF THE RV
Now that the budget schedules for 2024 are passed and published we begin to see the details of some of the largest projects coming out in the news.
The largest project that Iraq is undertaking is the new oil pipeline.
But just let me add that this article’s news is so amazing for many reasons.
Let me address these reasons today and how it will impact the timing of the RV we are all looking for.
Then, let me say that when this article came out in the same news period another article popped out about details of a memorandum of understanding signed with the American company Honeywell to develop 7 more refineries in Iraq, and while it indicated the Prime Minister’s directive to prepare a study to establish a pipeline network adjacent to the development road, it revealed projects that will enter service soon related to raising refining capacity.
So, knowing all this what oil do you think they will be refining with all this new refining capability?
Of cure it is so obvious, it will be the oil pouring from the pipelines already in Iraq as they can then divert the new oil from the new oil pipelines to be constructed for exporting.
Folks, they just told us they will be expanding their oil capacity that may very well exceed even the Saudi’s.
Iraq will also be selling these refined oil products to the rest of the middle east and probably Europe and the US.
How much more revenue will Iraq generate before they finally give us the new rate?
I can also add to this list the Dr Shabibi plan to get to the reinstatement.
Remember that the RV we are looking for is only a byproduct of the reforms needed as stated in the White Paper.
To get to the reinstatement (and back to FOREX) they must first reform these three sectors – banking, insurance and stock/securities markets.
There is no laundry list of items.
It is simply a matter of regaining their sovereignty and getting to a position that the CBI has already determined to where they can then execute the Project to Delete the Zeros and we know the rest of the story once they do this.
We will not be able to exchange until the OFAC sanctions are lifted on the US banks for the Iraqi dinar.
Yes, like you I can see that it should already be done, but that is my thinking not the CBIs.
Yes, there is a plan in place and there is nothing we can do but relax, sit back and watch the show.
Remember we were told to look for the beginning of the educational program for the project to delete the zeros sometime in the month of June, if nothing changed.
So, I want to see if we are still on track since it is June 18th already.
I would not hold your breath and wait for January 2025, since all the signs are pointing now to much, much sooner than later.
I almost forgot to mention the “icing on the cake” for today’s news.
It’s about the huge ATM installation and testing going on in Iraq.
Why is this so important?
We were told by the CBI not too long ago the significance of that the ATMs role will play in the Project to Delete the Zeros.
Folks its all interconnected.
Once to get everyone, or near everyone, on the electronic banking their pay checks will go to “direct deposit”.
You probably have your paycheck electronically deposited too from your employer.
To get petty cash they will need the ATM machines.
At this time the petty cash will be set to the newer lower denominations post delete the zeros.
Do they have to RV to make the budget work?
If you take what the prime minister told us about the dropping of the zeros in his news in an April 2023 article, we can see that taking the 1320 rate and dropping the 3 zeros makes it $1.32.
If we take the 6.5 billions dinars allocated for the new pipeline construction it is actually about $4.9 billion dollars.
If we divide 6.5 billion dinars / 4.9 billion dollars, we get USD 1 = IQD1.32 or IQD 1 = USD0.76.
Do they need the change in rate to build the pipeline?
What about the other projects too like the 7 new refineries?
Does this tie back to the budget as a whole also needing the change in effective exchange rate?
Just saying as it is too weird and coincidental.
But if it does they will have to get their act in gear real soon, as they also told us they plan to begin this new pipeline now NOT in 2025.
Also how do they plan to pay for the 7 new refineries?
They did not tell us how much these will cost but you can guess it is in the billions too.
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RAFIDAIN BANK BEGINS DEPLOYING ATMS IN ITS MAIN BRANCHES
Al-Rafidain Bank has begun deploying ATM machines in its main branches
The bank indicated in a statement, a copy of which {Al-Furat News} received, that the devices will be successively deployed in institutions, commercial areas and malls, in implementation of its strategic objectives in enhancing the spread of the bank’s services in accordance with Al-Rafidain’s strategy to enhance financial inclusion and provide the best services to its customers.
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FIRST MYACCOUNT ATM TO BE INSTALLED IN SULAIMANI
(I told everyone this was coming soon.
The GOI wants to use debit cards to pay salaries and govt benefits to employees.
This means they will have to electronically send over the money to the bank accounts much like we do in the west now.
This is a debit card project like a checking account but a debit card instead of writing checks just as you have at your bank.
The ATM machines are also an integral part of this plan and we were told over a year ago now that the ATMs are part of the Project to Delete the Zeros.
If you think about it (not too long) you can see how it all fits together.
Just the FACT that they are installing these ATMs tells me they are not going to a totally cashless society but just catching up to the rest of the modern world.
When all the pieces are in place they are going to move ahead with the project and delete the zeros.)
In the Kurdistan Region of Iraq (KRG), more than 25,000 civil servants received their April salaries via their MyAccount master cards, and the number is expected to grow for the May salary.
Kurdistan24 Reporter Aram Bakhtiar on Friday stated that the first set of ATMs will be installed outside the Sulaimani Municipality as part of the MyAccount project.
In the Kurdistan Region of Iraq (KRG), more than 25,000 civil servants received their April salaries via their MyAccount master cards, and the number is expected to grow for the May salary.
Kurdistan Region Prime Minister Masrour Barzani on May 31, in a post on X called for Kurdistan Region civil servants to continue registering for the MyAccount initiative.
The government’s Department of Information Technology (DIT) designed, tested, piloted, and implemented a secure application for onboarding KRG civil servants into the program in line with the Central Bank of Iraq’s Know-Your-Customer (KYC) needs, according to a press release previously shared with Kurdistan24.
Eight banks have so far taken part in the project, including BBAC, Cihan, RT Bank, Bank of Baghdad, Iraqi Islamic Bank, National Bank of Iraq, Trade Bank of Iraq, and the International Development Bank.
MyAccount project is the KRG’s financial inclusion program which aims to “provide public sector beneficiaries with a safe and convenient way to access their salaries.”