Article: " "Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency"
Quote: "Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions...
Explained that the three zeros added price and monetary inflation to the currency, starting with the Iran-Iraq war...generated inflation in the value of the currency.
He pointed out that when prices rise, we need larger denominations of money to maintain the equivalence between price and money. For example, due to price inflation, 25 Iraqi dinars have become 25,000 dinars. Saleh pointed out the importance of reducing the calculations that have reached trillions in recent years.
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Article Continues "...adding that the process of raising three zeros does not only mean the value of the currency, but also the calculations and statistics...
Removing three zeros from the currency, globally, requires two conditions: political stability and economic stability. When these two factors are available, countries resort to removing zeros from their currency, adding that the value is fixed and not affected. Rather, it is a relative change....
The project to remove three zeros we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies."
Saudi Arabia and Iraq Strengthen Financial Intelligence Cooperation
In a strategic move to enhance bilateral efforts against illicit financial activities, Saudi Arabia and Iraq have approved a Memorandum of Understanding (MoU) to intensify cooperation in combating money laundering and counter-terrorism financing. This agreement, endorsed by the Saudi Cabinet during its weekly meeting chaired by Crown Prince Mohammed bin Salman on August 27, 2024, underscores the commitment of both nations to tackle financial crimes.
The MoU facilitates the exchange of financial investigations between Saudi Arabia's General Directorate of Financial Investigation at the Presidency of State Security and Iraq's Money Laundering and Countering Financing of Terrorism Office. This partnership, initially signed on the sidelines of the Arab Forum of Anti-Corruption Agencies and Financial Intelligence Units held in Riyadh in May, brings together experts from both countries to share intelligence and expertise in anti-money laundering and counter-terrorism financing measures.
A Milestone in Regional Financial Security
Saudi Arabia, a founding member of the Middle East and North Africa Financial Action Task Force (MENA FATF) since 2004, has demonstrated significant progress in implementing global anti-money laundering and counter-terrorism financing guidelines. The Kingdom's efforts to combat monetary crimes have been bolstered by comprehensive laws and partnerships with international organizations and countries, including the Financial Action Task Force.
Enhancing Regional Stability
This MoU is a testament to the joint commitment of Saudi Arabia and Iraq to regional stability and security. By fostering a robust framework for financial intelligence sharing, both nations aim to disrupt illicit financial flows and strengthen the integrity of their financial systems.
The Saudi Arabian Cabinet has approved a Memorandum of Understanding (MoU) with Iraq aimed at tackling money laundering and terrorist financing. In a statement, the state-run Saudi Press Agency (SPA) reported that agreement involved, "exchanging financial investigations related to combating money laundering and terrorism financing between the Saudi General Directorate of Financial […]
(receipts)
*Iraq 2024 Budget is Currently Suspended Unconstitutional, Now Going Through An Appeal Per Federal Court-Delaying It on Purpose(Scripted) Along With {“World Wars”In The Middle East & Financial Events…Stock Markets/Fake Fiat} [waiting on Israel/US to attack Iran Nuclear Plant].
*The Budget #4782 Is Still Not Printed On The Gazette(that’s great news). We Want It On The Gazette After The Dinar Rate Changes.
*WTO Final Steps Meeting in Nov Towards Full Ascension By End Of Yr.
*U.S Troops Will Begin Withdrawing From Iraq This September. (Trump Mentioned They Wont Leave Iraq Until They Get Paid In Full-Hmmm).
*BRICS Summit Scheduled This Oct.
Iraq Will Be Part/Joining of BRICS. (TRADABLE CURRENCY NEEDED).
*The Iraq General Population & Housing Census Scheduled To Be Conducted In October(After 27yrs). Head Count Needed For Financial Disbursement From The HCL-AFTER RATE CHANGES.
*U.S. Treasury Dept Took Over Iraq Central Bank(CBI) To Get This Monetary Reforms Done & Over
The U.S. Wants To Get Paid Now!!!
*Possibility Of Trading Oil With Iraq Dinars.
*Court Rules XRP Not Being A Security Which They’re Also ISO-20022 Compliant & Paired with the IQD.
*Iraq Will Remove The Three Zeros Due To Historic Low Inflation, Political & Economic Stability-(iraq is very stable)-New Dinar Lower Currency Notes incoming.
*Iraq Banking System is Basel lll Compliant. Iraq Dinar Currency Has Been ReClassified From C to A&B. Stated Directly From The CBI (in other words Iraq banking system is world class TOP NOTCH).
*CBI Governor Ali Mohsen Al-Alaq Had Meetings With The Federal Reserve/U.S. Treasury Department This Week To Resolve Final Issues Including Lifting Sanctions On Iraq Banks (i wonder why).
*Iraq Has Been Removed From The Grey List of Money Laundering.
*The Ministry Of Education/Council Of Minister Has Set September 22 as The Date For The Start Of The 2024-2025 Academic Year(aligning w/middle year fiscal budget).
*Baghdad International Airport Was Just Reopened To The Citizens On Aug 17th. After An Unspecified Duration Of Being Closed (why now).
*Iraq Has Accomplished These Following Steps For Its Reforms In Order To Reinstate The Dinar:
-Economic Stability
-Political & Security Environment
-Effective Implementation
-International Support
*The Central Bank of Iraq Will Cancel The Dollar Transfer Platform By The End Of This Year(no more $ auction-no more corruption stealing).
**Iraq Central Bank(CBI) Gave Their Outlets/Partners Instructions On How To Advance Train Their Employees On Foreign Currency Exchange Procedures.
**(History)-The Central Bank Of Iraq Introduced The New Iraq Dinar Currency In October 15, 2003 {the rate changed in september 03} & The Currency Exchange LASTED For ONLY (3) Months Until Jan 15 2004.
*Most Likely, You’ll Have 90 Days From The Day The Rate Changes To Exchange Your Iraq Dinar Currency(imo).
*The Late Dr Shabibi Governor of Iraq Central Bank From 2003-2012, Stated That Iraq Can Only Change The Currency Rate In The Beginning Or The Middle Of The Year. (that is Iraq financial MIDDLE of the Yr)
*Iraq Internal Financial Budget Runs From {April-March}-jeff**Therefore, Iraq Financial MIDDLE Of The Year Would Be OCTOBER.
*New Middle Yr Financial Budget Period is {October}. Therefore,
Iraq Budget Would Need To Be Constitutionally Active With A New Exchange Rate To Be Implemented BEFORE Oct.
*The Month of September Is a Highly Known Historical Possibility of Rate Changes.
*Al-Sudani Openly Stated To The Citizens Of Iraq, That They Will Receive Their Purchasing Power(“ratechange”) In 2024, Swearing On Allah Himself.
(PREDICTION)
{imo}
*It’s All Lining Up For Us Dinar Investors To Finally Be Financially Blessed This Year in 2024 Rate Change Anywhere Between {Mid September-Mid October 2024}
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AL-ALAQ IN NEW YORK AT THE END OF AUGUST.. WILL HE SUCCEED IN LIFTING THE BAN ON THE SANCTIONED IRAQI BANKS?
Washington has sanctioned 32 banks over suspicions of money laundering and smuggling to Iran
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, intends to visit the US capital, Washington, at the end of this month to discuss lifting the ban on Iraqi banks sanctioned by the US Treasury Department, as well as enhancing bilateral cooperation between the monetary institution in Iraq and the US Federal Reserve.
Al-Alaq’s visit to Washington comes at a time when the gap between the official and black market rates for exchanging the dollar against the dinar continues, despite the measures taken by the Central Bank of Iraq over the past months, which it says “contributed to limiting its rise to double,” but it is not known whether the visit will witness success in lifting the ban or stabilizing the exchange rate.
“double penalties”
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, had previously confirmed that the fluctuation of the dollar exchange rate creates a state of economic and financial instability, especially with the widening gap between the official selling price of the dollar and the parallel market price.
Al-Atwani said in a statement on the sidelines of his chairing of the committee meeting that hosted the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, to discuss the monetary policy file in the country, that “the widening gap between the official selling price of the dollar and the parallel market price creates a state of economic and financial instability.”
He stressed that “the stability of the exchange rate is a central issue for the state, as there is a duality in the issue of imposing US sanctions between Iraqi banks and correspondent banks, which requires the management of the Central Bank of Iraq to move effectively and address this crisis, in addition to tightening control over the work of private banks, in a way that ensures the integrity of all their procedures and work.”
Visit to protect the Iraqi banking system
In contrast, the financial advisor to the Iraqi Prime Minister, Mazhar Mohammed Salih, said, “Historically, Iraq has kept its oil receipts account at the Federal Reserve Bank in New York, based on a previous UN Security Council Resolution No. 1483 in May 2003, in addition to the foreign currency reserve account in dollars.”
The US Federal Reserve is the main source of the dollar, meeting Iraq’s foreign trade financing needs and facilitating payments for international exchange between our country and the world, according to Saleh.
He continued in his statement to Al-Jabal: “Thus, the upcoming visit of the Governor of the Central Bank of Iraq, Ali Al-Alaq, to New York City, USA, comes to protect the Iraqi banking system and support its stability after 32 banks were banned from dealing in the dollar currency by the monetary authority in the United States for unknown reasons.”
He added: “The Central Bank of Iraq, by virtue of its work and responsibility in maintaining the stability of the financial system of Iraq, must negotiate with the American side regarding the issue of banks that are sanctioned or deprived of the dollar to alleviate the severity of the deprivation in a way that enhances the effectiveness of the banking system in supporting development and economic activity,” noting that relations between Iraq and the United States are outlined by “the strategic framework agreement signed between the two countries in 2008 and are directed towards many axes that aim to sustain relations between the two parties and strengthen them for the benefit of our country, and that the economic axis and financial and banking cooperation is one of those axes that aim to deepen bilateral relations between the two parties.”
Banking sanctions ‘no longer justified‘
In turn, financial researcher Bassam Raad explained that the upcoming visit of the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, to Washington has “positive effects and aims to achieve Iraq’s financial interests and obtain technical support in the banking field to ensure the success of the monetary policy plan by relying on authorized banks as correspondent banks in foreign transfer operations,” noting that the visit aims “to maintain a bilateral dialogue on possible measures for the purpose of lifting sanctions by the US Treasury Department on banks banned from dealing in the US dollar.”
He stressed in his statement to Al-Jabal that the banks that are banned from dealing in foreign currency (dollars) are currently committed to international standards for combating money laundering and are working to take due care in financial transactions, noting that accordingly, “the sanctions are unjustified, especially after the Middle East and North Africa Financial Action Task Force (MENAFATF) confirmed in May of this year that Iraq is one of the countries committed to the recommendations in the field of combating money laundering and terrorist financing.”
