STATUS OF THE RV
I wish I had some fantastic news for you today. Iraq just keeps moving along. In the recent past my CBI contact told me they intended to launch a new third strategy for reforming and developing the banking sector for the years 2024-2026.
At that time, it was also told to me that this would be kicked off by the Project to Delete the Zeros in mid-June and so we still wait.
Meanwhile in other conversations since we were told why the Project to Delete the Zeros is stalled. I will not get into details of these reasons again today as I feel we must just buckle down and wait for this Biden administration to end, at least the part that is controlling the US Treasury and pretending to work with Iraq.
Again, I have to ask as to why the reinstatement has not already occurred, if no other rate on FOREX than to reflect the assets of the oil rentier economy already established and ongoing as we know it prior to 1990.
Prior to 1990, the rate of the dinar was hovering around $3.22.
So why are they still artificially suppressing the rate now? Now, it’s 1/6 of a penny?
The war has been over for 21 years, all of Chapter VII sanctions are lifted a year and a half ago, Iraq is producing 1/3 more oil than in 1990, their monetary reserves are the highest in history, up to 150 tons of GOLD and many more other marketable assets are now in motion.
Oh…did I mention the de-dollarization and all the banking and anti-corruption measures already put in place.
I believe it is this “all or nothing” attitude that is holding back Iraq as it needs its currency back online now. This is especially true for attracting foreign investors. It does not take a rocket scientist to see it.
So today let’s just sit and realize reality. Joen Biden may not even be alive as far as we know. He has not been seen in public for close to a week now, which is very unusual for any president, even FDR during WW2. He or someone is pretending to be Joe, is using social media to communicate with the citizens. No this is not some backwards third world country, this is actually happening in the U.S.A. right now!
What is the latest news?
In the recent news there is always one or two articles that stand out that we need to address and talk about. The most important today is titled –“ AL-NUSAIRI: IMPLEMENTING BANKING REFORM STRATEGIES IS THE MAIN PILLAR FOR REFORMING THE NATIONAL ECONOMY”. If you can please take some time and go read the article in the Articles Section of today’s Newsletter and then come back and read my discussion on it below.
The news from Iraq this period tells us the advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed on Monday, just yesterday, “that the banking reform and development strategy is the main pillar for reforming the comprehensive national economy.”
But we all already knew this, didn’t we? Iraq has been telling us this for years now and emphasizing it over again and over again and so again in today’s news. Their third strategy of banking reforms is based on the old strategy but just more of it as this new strategy. So why not explore it and get more details on it that we might be able to track some progress and understand more clearly what Iraq is doing.
THE NEW 3RD STRATEGY OF BANKING REFORM AND DEVELOPMENT:
Al-Nusairi said in a special interview with “Al-Eqtisad News” that “the strategy of banking reform and development is the basic pillar for comprehensive and radical reform of the national economy in line with what is stated in Article Twelve, Paragraph (7) of the government program”, which clearly and accurately stated that and I quote – “banking reform, with what it provides of a real and effective basis for the advancement of the Iraqi economy and the activation of investment through the restructuring and mechanization of government banks, reviewing their work, and stimulating and enabling private banks to be able to support investment and development in a real way.” Sounds like they have a solid plan to me. But why can’t they to get out of this stalemate and implement it fully? Is it the US that is holding them back?
I quote again – “Al-Nusairi touched on the “importance of the banking sector, as it occupies a vital position within the financial structure of the economy in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform.”
He pointed out “the measures currently taken by the Central Bank with the support of the government to launch its new third strategy for reforming and developing the banking sector for the years 2024-2026 according to seven main objectives, 24 sub-objectives and 75 initiatives to implement the objectives focusing on:
- achieving monetary and financial stability,
- strengthening the banking sector,
- enhancing digital transformation,
- activating electronic payment,
- enhancing financial inclusion,
- maintaining a sound financial system,
- developing the organizational structure and human resources,
- strengthening the internal and external relations of the Central Bank,
- the banking sector’s compliance with international standards.”
Al-Nusairi pointed out that “a national strategy for bank lending in Iraq for the years 2024-2029 was launched,
So have we now heard about these objectives before. Are these anything new to us? Of course, not but they must go deeper and this is what they are actually telling us now. Take for instance the digital transformation. What are the actual goals? I believe they need 100% of electronic payrolls for government employees and retirees. This way in order to get paid you will need a bank account, to which still many are reluctant to trust the banks. This will also make it cumbersome to stash and hoard money outside the banking system, as you will have to withdrawal it and it will be tracked.
Then, they need a certain % of the other population to have bank accounts and the use of debit cards. They need the ATMs installed and online, bla, bla, bla. You get the point. There is much more specific criteria only they are not telling us about it yet. Yes, we all know that Iraq has done some major work in all of these areas. But are they where they need to get according to the Barrack Obama 2012-2013 new criteria?
My question is this – Why are they mandating the strict adherence to this criteria? How many articles have we read already when the CBI says let us manage our own economy as we know what we are doing? The tell us the US is only hindering their progress not helping it. This has been their words not mine. My opinion does not matter much unless I can back it up with FACTS and I am trying to do so today.
So, obviously there is no RV yet and not back screen trading or other such nonsense, as many of these idiot intel gurus want you to believe. Again why would any investor pay up to $6 for a dinar when they can easily buy it from the Central Bank of Iraq for just 1/6 of a penny. Folks these lies just don’t make any sense. Think, think, think and use the brain God gave you.
Next, I wanted to cover some thoughts and questions on the minds of my readers. I like to publicly publish my answers on the blog since many more people can benefit from it too. I realize not everyone has been in this investment for as long as I have or many others. We have some newbies in our midst and with that comes newbie concerns.
