Wednesday, August 14, 2024
Didn’t my CBI contact tell us these workshops and training were coming? 😊 BY MNT GOAT, 14 AUGUST
CENTRAL BANK GOVERNOR PARTICIPATES IN A WORKSHOP SPECIALIZED IN ELECTRONIC PAYMENT
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development.
His Excellency the Governor said during his speech at the workshop: The Central Bank of Iraq works side by side with the government program and the Prime Minister’s direction to support electronic payment, and we are proud of what we have achieved so far. In 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.
His Excellency added that these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023.
His Excellency pointed out that payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023, revealing a huge increase in the number of points of sale (POS) to reach more than (50) thousand points of sale this year compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them are in government institutions after they were zero before the launch of the campaign in June 2023.
Expressing his hope that government institutions will adopt the establishment of units specialized in electronic payment technologies to work on following up and developing this important aspect.
Central Bank of Iraq
Media Office
August 10, 2024
(Didn’t my CBI contact tell us these workshops and training were coming? 😊 )
ANALYSIS OF IRAQ NEWS: PRIME MINISTER’S ADVISOR: THE GOVERNMENT HAS ESTABLISHED A ROADMAP FOR THE ECONOMIC MODEL IN IRAQ BY DINAR REVALUATION, 14 AUGUST
PRIME MINISTER’S ADVISOR: THE GOVERNMENT HAS ESTABLISHED A ROADMAP FOR THE ECONOMIC MODEL IN IRAQ
The Prime Minister’s Financial Advisor, Mazhar Muhammad Salih, on Saturday, defined the government’s vision for the economic model, and while he indicated that it will guide investment decisions to achieve their goals, he stressed that the government of Prime Minister Muhammad Shia al-Sudani has established a roadmap for the work of the economic model in Iraq.
Saleh said in a statement reported by the official news agency, and reviewed by “Al-Eqtisad News”, that “the economic model is a mathematical model used to represent the economy and analyze the behavior of various economic factors, as these models are used to understand how economic elements interact,” indicating that “at the level of the philosophy of the Iraqi government curriculum, the basics of modeling the Iraqi economy were launched from an important vision based on the principle of analyzing the entire economy, taking into account the overall variables, most notably the basics of development and growth in the gross domestic product and imposing stability and effective operation of the joints of the national economy and the level of its interconnections.”
He added that “the current digital life helps to use computing to conduct simulation experiments to understand the potential effects of various economic policies and adopt optimal paths from them,” stressing that “Iraq has established in its government curriculum a practical foundation and a roadmap for the work of the economic model for Iraq through the development path strategy, since the beginning of the government of Prime Minister Mohammed Shia al-Sudani.”
He pointed out that “the state of economic imbalance and its severe unilateralism has always required thinking about the future of the economy through an approach based on generating an alternative sector that leads the national economy,” explaining that “the development path program is an academic viewpoint, and what the German economic thinker Albert Hirschmann presented in his famous book (Economic Development Strategy) published in 1958, in combating the state of imbalance and economic unilateralism with a theory based on economic development weight, and a leader for the economy that provides a high degree of backward and forward sectoral interconnections and high interactivity that achieves sustainable growth and restores balance in the long term for the national economy.”
He pointed out that “this theory emphasizes in its model the need to invest in strategic sectors with a specific high priority instead of investing in all sectors at once,” adding that “according to this theory, other sectors will develop automatically over time, and from this standpoint the idea of the economic model for the future of Iraq in prosperity and diversity was born, which is undoubtedly based on a strategy for the overall economy based on the development path.”
Saleh noted that “this development strategy and the economic model that drives the macroeconomic variables, did not separate from it the vision of partnership between the state and the private sector and the principles of the social market within the data of the five-year national development plan and its objectives that were recently launched,” concluding his speech by saying that “the economic model or model for Iraq that we aspire to establish will provide the predictive foundations for evaluating economic policies and directing investment decisions to achieve their specific objectives in an optimal manner.”
The Prime Minister’s Financial Advisor, Mazhar Muhammad Salih, has outlined the government's strategic vision for Iraq's economic model. According to Salih, the economic model is essentially a mathematical framework used to understand and analyze the interactions among various economic factors. This model is crucial for guiding investment decisions and achieving the government's economic goals.
Salih explained that the government, under Prime Minister Muhammad Shia al-Sudani, has developed a comprehensive roadmap for Iraq’s economic model. This model focuses on evaluating the economy as a whole, including factors such as development, growth in GDP, and the stability and efficiency of the national economy.
In the context of modern technology, Salih highlighted how digital tools can facilitate simulation experiments to assess the impact of different economic policies and choose the best strategies. He emphasized that Iraq’s economic roadmap, initiated by al-Sudani's government, is based on a strategic development path.
Salih also discussed the need to address economic imbalance and dependence on single sectors by adopting a development strategy inspired by Albert Hirschmann’s theory from his 1958 book, "Economic Development Strategy." Hirschmann’s theory advocates for investing in key strategic sectors to stimulate overall economic growth and balance.
The economic model for Iraq aims to focus on strategic investments rather than attempting to develop all sectors simultaneously.
Over time, this approach is expected to lead to the natural development of other sectors.
This strategy aligns with Iraq’s broader five-year national development plan, which includes principles of public-private partnership and a social market approach.
Ultimately, Salih believes that this economic model will provide a foundation for evaluating economic policies and directing investments in a way that optimizes their effectiveness.
ANALYSIS OF IRAQ NEWS: CENTRAL BANK PREPARES FOR NEW TALKS WITH THE FEDERAL RESERVE : CANCELLATION OF ELECTRONIC APPLICATION FOR TRAVELERS’ DOLLARS TO PREVENT FRAUD BY DINAR REVALUATION , 14 AUGUST
CENTRAL BANK PREPARES FOR NEW TALKS WITH THE FEDERAL RESERVE : CANCELLATION OF ELECTRONIC APPLICATION FOR TRAVELERS’ DOLLARS TO PREVENT FRAUD
In response to what Al-Zaman published on its front page in previous issues, the Central Bank obligated banks to ensure that the process of purchasing dollars and depositing dinars must be done in person by the beneficiary exclusively.
Al-Zaman reviewed a document titled “Travelers’ Dollar Reservation” signed by the bank’s Deputy Governor, Ammar Hamad Khalaf, which stated: “Due to the spread of fake pages on social media bearing the names of banks and exchange companies licensed by the bank, these platforms defraud citizens by publishing a fake link linked to these platforms to complete the process of purchasing the dollar currency for travelers and misleading citizens for the purpose of uploading their information, account number or card and their identification documents, and after completing the entry of information into the platform, a message is sent via the WhatsApp application requesting the transfer of the amount to be purchased.”
ANALYSIS:
It looks like the Central Bank is taking a significant step to address fraud related to the purchase of dollars for travelers. By requiring all transactions to be completed in person, they're aiming to protect citizens from scams perpetrated through fake online platforms. Here’s a breakdown of the situation:
Cancellation of Electronic Application: The Central Bank has decided to cancel the electronic application process for purchasing travelers’ dollars. This move is in response to fraudulent schemes where scammers created fake websites mimicking legitimate banks and exchange companies.
Fraudulent Schemes: Scammers were using these fake platforms to trick people into entering sensitive personal information, including account numbers and identification documents. They would then send fraudulent messages via WhatsApp, asking victims to transfer money under the guise of completing their dollar purchase.
In-Person Transactions: To counteract this, the Central Bank now mandates that all transactions for purchasing dollars must be carried out in person at authorized banks. This measure is intended to reduce the risk of fraud by ensuring that transactions are handled directly and securely.
Document Details: The document reviewed by Al-Zaman, titled “Travelers’ Dollar Reservation,” was signed by Ammar Hamad Khalaf, the Deputy Governor of the Central Bank. It outlines the reasons for this new policy and aims to inform and protect citizens from the identified fraud risks.
STATUS OF THE RV BY MNT GOAT, 14 AUGUST
STATUS OF THE RV
Well,,,, Well ! We are almost halfway through August already and still no RV. Did you actually expect there to be an RV last weekend….lol.. lol. .lol.. 😊 All you idiot intel gurus with your meaningless predictions for an RV over the weekend. Yes, their crystal balls must not be working…lol..lol..lol.. 😊 I could have told you there would be no RV…. Oh wait,,,, I did! 😊 Why we haven’t yet seen the RV should not be a major concern of anyone anymore. What you should be thinking about most is the exchange of the currency and how to manage your money afterwards. The RV will come and it is on its way. But not yet as there is work to be done in Iraq to get to this point.
So, today’s news stems around two issues. One is the banking and monetary reforms and the other is the Project to Delete the Zeros.
Let’s talk about the Project to Delete the Zeros first.
Yes, the Project to Delete the zeros popped it’s head up again in the news. But why is our first question. yes, why now? This time it is a serious and a very informative set of interviews with two of the leading Iraqi economists. In the interviews we get to hear what they are thinking as resolutions to the economic issues facing the dollar and dinar. They must get this parallel black market under control. I have included the actual news media coverage video of the interviews in the Articles Section below OR you can read a full transcript of the interviews in the blog also. I set the captions to English. Here is the link to the written transcript.
I cannot emphasize enough that if you want to know what is truly holding up the RV inside Iraq then please, please go and watch the video or read and study the transcript of the video. It is so informative and even I learned so much from it. Yes, I thought I knew it all, but I have learned differently over this past decade that we never know it all. It is what we don’t know that makes us look stupid later on because we didn’t take the time to learn. Now you have this opportunity to learn this aspect and so please take it.
There is also an article by the financial advisor to the Prime Minister, Dr. Mazhar Mohammed Saleh that backs up what the economists are also saying in the video. The title is “GOVERNMENT ADVISOR: INCREASED EXPORT CAPACITY BOOSTS CURRENCY VALUE“. It is the very first article in the Articles Section of today’s Newsletter. I also recommend reading it as it seems to complete the big picture of what Iraq needs to do. But remember also one of the economists in the video interview says it is possible to increase the value of the dinar even in a rentier oil economy, as just the oil alone brings value to the dinar, far more that the current rate reflects. He says, it is a matter of how you would peg the dinar and he explains the rest in the video. Go watch it! it is exactly what the hell I have been saying all along…. 😊
Remember also that, even if Iraq had all it’s proverbial “ducks in row”, the RV would still be stalled due to the US pressures in the Biden/Obama administration not to want this measure of money transferred to the general populous of the US, when they are intentionally trying desperately to break the economy and bring down the US to reset it to a globalist plan. Remember the US politicians already exchanged in 2012 -2013 and so they don’t give a damn if we other investors have to wait until the “cows come home”. This is how much the Obama administration cares about the economy of the US and it’s people. Yes, just all talk and no action. Just a bunch of greedy bastards using their political influence and know-how to rig the system. This government must be changed out. This is real and we have proof this is their strategy. The prophets tell us it is not going to work and so we move on. We continue….
I need to point out that most, but not all, what is said in the video today has already been explained many times and is in my Project to Delete the Zeros blog section. I would pay particular attention to the SOLUTIONS that the economists now give to rectify the issues with the currency auctions and the dollar. There are options and something is going to move this Project ahead. As always I look forward to my Wednesday call to Iraq.
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For everyone I need to make a few points now that are very important to remember. These points are key to getting the “Project” started in the first place and so we should emphasize them, remember them and then watch in the news for progress in this direction. This is ongoing progress. Here are the titles of the articles. You can go read them in the Articles Section. But the titles along tell the story. I included a brief summary to save you time:
“WE FEAR THE “DESTRUCTION OF THE POLITICAL PROCESS” BY REVEALING THE NAMES OF THOSE INVOLVED IN THE THEFT OF THE CENTURY” :
MP for the Al-Sadiqoun parliamentary bloc, Ali Turki Al-Jamali, said Friday, August 2, 2024, that there is fear of “ruining” the political process by revealing the names of those involved in the theft of tax deposits known as the “theft of the century.”
“CENTRAL BANK PREPARES FOR NEW TALKS WITH THE FEDERAL RESERVE : CANCELLATION OF ELECTRONIC APPLICATION FOR TRAVELERS’ DOLLARS TO PREVENT FRAUD” :
The Central Bank obligated banks to ensure that the process of purchasing dollars and depositing dinars must be done in person by the beneficiary exclusively at the airports.
“CENTRAL BANK GOVERNOR PARTICIPATES IN A WORKSHOP SPECIALIZED IN ELECTRONIC PAYMENT “
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development. we are proud of what we have achieved so far. In 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.
“MONEY LAUNDERING: 500 ELECTRONIC PAYMENT CARDS USED TO TRANSFER MONEY OUTSIDE IRAQ WERE SEIZED AND THEIR HOLDERS WERE ARRESTED IN BAGHDAD” :
The Intelligence Agency announced the seizure of 500 electronic payment cards used to transfer money outside Iraq and the arrest of their holders in Baghdad.
The agency stated in a statement received by (Today News), that “its detachments specialized in combating organized crime in Baghdad/Karkh monitored information indicating the existence of an illegal network that transfers money outside Iraq through electronic payment cards.”
“NEARLY 200 BILLION DINARS IN “FINES” FROM THE CENTRAL BANK OF IRAQ ON BANKS AND EXCHANGE COMPANIES” :
The Central Bank of Iraq announced on Tuesday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 181 billion Iraqi dinars during the past six months.
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What else is in the news….
There is also a new economic strategy that is underway, and it stems from the economist academia in Iraq. We can clearly see from the interviews from these two economists today, about the Project to Delete the Zeros, that this project is tied to the stability of the economy and taking this new route to solve the issues involved. You can go and read the article titled “PRIME MINISTER’S ADVISOR: THE GOVERNMENT HAS ESTABLISHED A ROADMAP FOR THE ECONOMIC MODEL IN IRAQ”
I quote from the article: “The Prime Minister’s Financial Advisor, Mazhar Muhammad Salih, on Saturday, defined the government’s vision for the economic model, and while he indicated that it will guide investment decisions to achieve their goals, he stressed that the government of Prime Minister Muhammad Shia al-Sudani has established a roadmap for the work of the economic model in Iraq. Saleh said in a statement reported by the official news agency, and reviewed by “Al-Eqtisad News”, that “the economic model is a mathematical model used to represent the economy and analyze the behavior of various economic factors, as these models are used to understand how economic elements interact,“
To be fair, I also wanted to list out what these economists are calling obstacles, but are they really obstacles? We should know better by now to decide for ourselves and if these economists are just exaggerating or not and have talking points that do not really apply in Iraq’s financial condition today, like when they say printing the newer lower denominations is expensive. We know better…. don’t we? We know a monetary mass of the newer lower denominations have already been printed. The CBI needs to shrink the monetary mass to coincide with the plan. Also with a $213 billion CBI reserves I hardly think that a mere couple million in printing fees would make much of a difference in the overall gain from the Project.
What else is in the news?
There is an article titled “EXPORTING ECONOMIC CRISES“. I thought this VERY interesting since it exposed yet more corruption with this concept of one global government. You see they almost have it already only they keep it hidden under a pretense of National Sovereignty. But how can you have sovereignty when some outside entity is calling most of the shots about your economy and money supply/valuations. These entities are not just advisor agencies. They run the finacial systems globally. I quote from the article – “Anyone who follows global economic trends will notice, from time to time, a financial crisis occurring here and there.” Why?
“These crises lead to transitional economic crises that are clearly visible in some countries and hidden in others, and the effects differ here and there depending on the fragility of the economy of the countries in which the crisis appears in terms of clarity and the strength of the economy of other countries in which its effects are hidden. Perhaps money is the root of the problem, as its interactions crystallize to be reflected in the economy”.
In the article is also states and I quote – “I only refer for the purposes of analysis and clarification to the mechanism of financial crises in major capitalist centers and then their transition to global economic crises, They are a product of globalization, which has opened borders wide open through international agreements binding on countries. The arms of globalization, especially the International Monetary Fund, the World Bank, the World Trade Organization, and the United States Agency for International Development, have helped deepen them by imposing their strict, binding conditions, whether in the field of financing, granting loans, or the aid that countries need, and the necessity of applying them to the policies of those countries in a way that achieves a high degree of economic liberalism. Here, the picture becomes clear regarding the export of crises that dominate the financial markets, as money is the basis.
It is natural that monetary chaos causes fluctuations in exchange rates and differences between the official price and the parallel price, which is a prominent phenomenon in emerging and weak economies. Examples include, but are not limited to, the Turkish, Iranian, Egyptian, Iraqi economies and many others, along with other reasons, of course, which are the reason for the occurrence of financial crises.
Crises are a phenomenon exported from abroad. Do you see what this global governance can do and how destructive it can be. It is too powerful and can easily manipulate countries using the power of money. Why so much power in the hands of so few agencies. Yes, these agencies in themselves are the problem. They must be rooted down to mere advisory agencies and any real power diminished. The power must be given back to sovereign nations and their sovereignty and freedoms respected.
What can we investors do to help in the RV situation?
We must now buckle down and pray and pray like never before for the success of Al-Sudani and his agreements with Washington are implemented. You do want the RV don’t you? Pray for Iraq and also the U.S. in that there are strong enough representatives in the US Congress and the Senate who will stand up and continue to fight to uphold the US Constitution and keep fighting this Washington corruption. Pray that that God’s Hand will intervene and save our great country. Remember you can say the Rosary daily or use the prayers and links I provided from the Auxilium Christianorum for your prayers. Of course there is also your own form of prayer too. Folks your prayers so far ARE WORKING and God has heard our cries. Just look at all the progress made just since December 2022 when Iraq announced they were finally entirely out of Chapter VII. And now in 2024 the spigot is wide open the final issues preventing the reinstatement are being dealt with one by one. Can you see it too. I am trying my best to help you see it. We don’t’ need this foolishness of this speculative crap or everyday / any day garbage intel confusing us. You think this is all just coincidental? God’s Hand is at work here. He has given Iraq his anointed leader Al-Sundani to help in his work. Even I have to sit back in amazement of what he has accomplished so far. Pray for him and all his success. Let see what August brings us.
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