It seems like there’s quite a bit happening with the Central Bank of Iraq. Here’s a summary of the key points:
Governor Controversy: The Central Bank is dealing with some controversy surrounding its governor, Al-Alaq. This has been a topic of discussion and might be impacting the perception of the bank's operations.
Meeting in New York: Al-Alaq is scheduled to meet in New York to discuss issues related to bank penalties. This could be part of broader efforts to address regulatory challenges or improve oversight.
Dollar Exchange Rates: There are no current plans to alter the dollar exchange rates. This suggests stability in this area for the time being.
Foreign Trade Transformation: The Central Bank is undergoing a major reorganization aimed at enhancing transparency in foreign trade. This includes improving the process and data management for external transfers, ensuring that transactions are clear from initiation to the final beneficiary.
These steps indicate a focus on increasing transparency and efficiency in financial operations, which could have significant implications for Iraq's economic landscape and finally to the value of the Iraqi dinar.
Member of Parliament, Sarwa Abdul Wahid, called on Wednesday for the formation of a parliamentary committee to present its results to the House of Representatives regarding the difference in the budget tables, which amounts to 8 trillion dinars.
Abdul Wahid said in a statement seen by Al-Eqtisad News, "After talking about the difference in the budget tables, which amounts to 8 trillion, it became necessary for the presidency of the council to respond to the letter of the Council of Ministers that was sent on the first of last July, and as a result, the head of the Finance Committee ordered the formation of a committee to find out the facts."
Abdul Wahid explained, "It seems that there is (deception on the issue), so we demand the formation of a parliamentary committee whose results will be presented to the House of Representatives to find out the facts. If the Cabinet's letter is accurate and there is manipulation of the tables, then this is a disaster that must not be ignored, and Parliament must not be allowed to be a bridge for the corrupt." link
ERBIL (Kurdistan 24) – The Federal Commission for Integrity continues to coordinate with Interpol to arrest former Iraqi Oil Minister Ihsan Abdul-Jabbar, who is involved in billions of dollars of corruption.
In mid-August August 2023, the Karkh Investigation Court, which specializes in integrity issues, issued a decision to seize the movable and immovable funds of former Oil Minister Ihsan Abdul Jabbar.
At the time, Iraqi supervisory sources spoke of inflation and extreme wealth in the minister's funds, who, according to the same sources, owns millions of dollars worth of real estate in Iraq and abroad.
Earlier, the head of the transport and communications committee in the Iraqi parliament, Zahra al-Bajari, confirmed that the former minister in the integrity courts has 68 files related to financial and administrative corruption and waste of public money.
At the time, she pointed out that Abdul-Jabbar was involved in damaging public funds within the oil sector worth $ 825 billion.
Al-Bajari said in a press statement on October 18, October, 2022, that the former minister "amended a contract between the Ministry of Oil and two British and Chinese companies related to the Rumaila oil field in a way that causes financial damage to Iraq estimated at more than $ 825 billion over 25 years."
The Iraqi MP said, based on a report of the financial audit, that among the paragraphs affected by the amendment in the contract is a paragraph to reduce oil production and export by 750,000 barrels per day. link
Incoming from Skipper, our GLL Military Ops Logistics Guy and Operations Informant - 8.17.24 💥👀💥
💢Skipper: Got word in the middle of the night that things are ramping up quickly.
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EXPLAINING THE RV
💢This is a valuable resource, a history lesson which explains the "RV" (revaluation of currencies globally) and instructs new learners on understanding how large sums of funds may be acquired for Humanitarian purposes by obtaining and redeeming Zimbabwe Bond Notes. This basic History lesson will be your foundation to understand coming financial events.
RV History: the late Dr Dan Ecklund, Author
Part 1 of 4
Historical Background
The funding for the medbeds, and for thousands of humanitarian projects all over the world, originates in South America 500 years ago. And in Mexico. The Inca and Aztec silver and gold mines were taken by the Spanish Conquistadores. The precious metals were shipped across the Atlantic to Europe.
Since most of the banking for Europe was in Venice, that is where much of the silver and gold arrived.
Marco Polo and his brother were Venetian traders, who had followed the spice trade routes to China. Asia had three or four things coveted by Europe: Tea, Silk, Spices, and Porcelain were at the top of the list. Much of the Inca Silver made its way to China and the Spice Islands (Indonesia) in exchange for these three items. And much of the wealth of Europe ended up in China and SE Asia.
But, the Asians did not want anything from Europe, so the silver just stayed there. Much of it was maintained in underground vaults, in Indonesia, Philippines, and other countries.
Eventually, the English figured out how they could get some of their silver back. There was a plant in Afghanistan which was very popular. The English took that plant and had it grown by their slaves in India, and then sent to China. The Chinese did not want this plant, as they knew what it would do to their people.
But the Europeans insisted This was in about 1850, as I recall, and the plant gave its name to the conflict that resulted: The Opium Wars. The Europeans refused any regulation of their opium trade, and the Chinese population was decimated by opium addiction.
With the Chinese nation (the Ching Dynasty) crippled by addiction, Japan settled into northern China. They sponsored bandits and brigands to assist the Japanese government to take over much of China: Bandits and theives would steal from the people, the people would cry out to their leaders, but nothing happened. The Japanese invaders offered to help the people to drive out the bandits, and their help was accepted.
The bandits moved onward, and the cycle was repeated. Eventually, the Imperial Ching Dynasty government was pretty much driven out of existence, and in 1911 a Honolulu-trained physician led his movement to take over the Dynasty and establish the Nationalist Chinese Government.
The Elders
The Nationalist Government fought against the Japanese occupiers in the Sino-Japanese War of 1935. The Japanese took much of the treasure they had stolen from China, and hid it in the vaults mentioned above. They established a guardian tribe over at least some of the vaults, who continue guarding the vaults to this day. The vaults full of gold, silver and other treasure extend for miles in several countries. I have spoken to people who have been allowed to visit them. You can learn more about the Japanese vaults in the book Gold Warriors. https://www.barnesandnoble.com/w/gold-warriors-peggy-seagrave/1100872379
When Japan was defeated, the royalty of several Asian nations claimed ownershop of the vaults. We call them the "Chinese Elders", though many of them were not Chinese. These Elders devoted their treasure to finance the prosperity and advancement of the world. But, how would they convert a bunch of ancient gold and silver into modern money?
In 1945, there was a world monetary conference in Bretton Woods, New Hampshire. A plan was agreed to by the nations to use the US Dollar as the world reserve currency. All other currencies would be pegged, or based on, their relative value vs the US Dollar. The Elders agreed to let their funds be used as collateral for all of the paper money currencies...TO BE CONTINUED
