"LOOK AT THE MASSIVE LINEUP OF SPECIALISTS OF FINANCIAL MATTERS ALL TALKING ABOUT IRAQ'S... SCAM... NOT!!!" BY FRANK26, 1 SEPT

 KTFA

FRANK26: "LOOK AT THE MASSIVE LINEUP OF SPECIALISTS OF FINANCIAL MATTERS ALL TALKING  ABOUT IRAQ'S... SCAM... NOT!!!".....F26

Central Bank announces results of New York meetings

8/30/2024

Baghdad - WAA 

The Central Bank of Iraq announced, today, Friday, the results of the visit of the delegation headed by the Governor of the Central Bank, Ali Mohsen Al-Alaq, to ​​the United States of America, which lasted from August 26 to 29, 2024. 

The Central Bank of Iraq confirmed in a statement received by the Iraqi News Agency (INA) that "a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank, in addition to meetings with a group of companies (Visa, Mastercard and MoneyGram) as well as banks (Citi Bank and JP Morgan) as well as international auditing firms (KPMG, E&Y, K2i and Oliver Wyman)."

He added that "the participants in the meetings praised the major transformations achieved by the Central Bank of Iraq, which represent an unprecedented achievement at the country level, as the bank has achieved remarkable progress in monitoring procedures for foreign transfers and cash sales of the US dollar, which has led to improving systems, policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, terrorist financing and financial crimes."

He announced, "A meeting will be held between officials of the Central Bank of Iraq and its international partners by the end of this year regarding the major shift in ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, according to the plan set by this bank, and implemented internationally, which will allow the Central Bank of Iraq and the Federal Reserve Bank to exercise their supervisory roles away from executive procedures, as this shift will have important repercussions on the stability, fluidity and transparency of the country's foreign trade financing operations," noting that  "it aims to achieve the required stability in exchange rates, which in turn will lead to enhancing the efficiency of the financial system in Iraq."

He pointed out that "the meetings in New York City also addressed the mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the necessary requirements to open their accounts with international correspondent banks; with the aim of enabling them to complete their financial transactions, whether through external transfers in US dollars or other foreign currencies."

LINK

INTEL FROM A REDEMPTION CENTER CONTACT BY MARKZ, 1 SEPT

MarkZ 

  [via PDK]   I did get an update this morning from a redemption center contact.

 They very much still expect to be called into work this weekend.  Their chain of command said to expect to work before Tuesday.  This is excellent news.

---

MarkZ 

  [via PDK]   “Iraq’s Prime Minister Mohammad Shia Al Sudani chaired a meeting of the high committee for tax reform” 

 So when they reviewed it they found there was a 22 % growth in tax revenues. This means the economic reforms they are working on are working . This one is really big news.

 The chatter out of Iraq stays fantastic …we keep hearing stories about lower denominations in the streets but, people who are physically there say no - not yet…but that they are physically prepared for them...There has been a grinding juggernaut of progress in Iraq. Things do continue to move.

 The silence in the news is eerie…It definitely feels like the calm before the storm...I’m still praying August is our month.  Most of what I am being told right now is to expect it anywhere from last Monday until September 4th- somewhere in there to see us actually with appointments…we will see...I think the quiet is purposeful. 

https://dinarevaluation.blogspot.com/2024/08/latest-from-markz-31-august.html

Strong Economy, Strong Dinar: Insights from Economist Al-Badrani

DINAR REVALUATION REPORT: "Strong Economy, Strong Dinar" in Iraq: Insights from Economist Al-Badrani, 1 SEPT

 "Strong Economy, Strong Dinar" in Iraq: Insights from Economist Al-Badrani

As of August 30, 2024, discussions surrounding the Iraqi economy and the potential strength of the dinar continue to be influenced by various factors. 1  3  5An article titled "Strong Economy, Strong Dinar" by economist Al-Badrani offers insights into the relationship between economic stability and currency strength in Iraq.

Economic Stability and Currency Strength

Al-Badrani emphasizes the critical link between a strong economy and a strong national currency. Iraq, as a country heavily reliant on oil revenues, faces challenges in diversifying its economy and ensuring fiscal sustainability. 6 The economist argues that a diversified economy, reduced oil dependence, and fiscal adjustments are crucial for long-term economic health and the strength of the dinar.

Recent Economic Reforms

In June 2023, Iraq's parliament approved a record-breaking three-year budget totaling 198.9 trillion Iraqi dinars (approximately US$153 billion), marking the largest in the country's history and the first multiyear budget. 2 This move is viewed as a step toward addressing unemployment, poverty, and improving government services, which are key to enhancing the economy's resilience and the dinar's strength.

Challenges and Opportunities

Despite these reforms, Iraq faces significant challenges, including pervasive corruption, inadequate public services, and political instability. 1 These issues have hindered economic progress and contributed to public discontent. However, there are positive strides in human rights and governance, which could potentially create a more stable environment for economic growth. 2

Perspective on Currency Value

Critics argue that the current forex rate for the dinar does not accurately reflect the true value of the currency given Iraq's oil economy. 3 Al-Badrani's article suggests that the dinar's value is suppressed, and a more realistic rate would better represent Iraq's economic potential.

Path Forward

Al-Badrani's article highlights the need for Iraq to progress economically to strengthen the dinar. This includes private sector development, labor market reforms, financial sector modernization, and restructuring state-owned banks. 6Addressing these areas could lead to higher economic growth, a stronger dinar, and reduced vulnerability to oil price volatility.

Conclusion

The strength of the Iraqi dinar is inextricably linked to the country's economic health. Al-Badrani's analysis underscores the importance of comprehensive economic reforms and diversification to ensure long-term stability. As Iraq continues to navigate its economic challenges, the strength of the dinar will remain a key indicator of the country's overall economic performance.

ABOUT SALEH SAYING ONE THING AND THEN SAYING ANOTHER THING BY FIREFLY & FRANK26, 1 SEPT

  Frank26   

[Iraq boots-on-the-ground report]  

 FIREFLY: Saleh on TV right now and he just told us that the project to delete the zeros is ruled out at this present time...Then he turns around and says we need to reduce the amount in the budget from trillions to billions and then ends the conference talk by saying many have called for the removal of the three zeros which would increase the dinar...We are both in shock and stunned because he said one thing and then he said another thing. 

 FRANK:  What he's telling you is exactly right...it doesn't make any sense...This is B.S.  It is a lie...Trust me, nothing is stopping the purchasing power that is coming to you Iraqi citizens.  Nothing...China did the same thing back in the 90s...They came out with a full page article in their newspaper saying there were not sign to increase the value.  3 days later they increased the value. This may be the same scenario.  A diversion for speculators.

How PM Al-Sudani is Transforming Iraq's Investment Landscape!

DINAR REVALUATION REPORT: Al-Sudani Directs Formation of Committee to Review Financial and Legal Observations on Oil Companies' Transfer, 1 SEPT

 Al-Sudani Directs Formation of Committee to Review Financial and Legal Observations on Oil Companies' Transfer

In a significant move, Iraq's Prime Minister, Mohammed Shia al-Sudani, has taken the initiative to establish a special committee aimed at scrutinizing the financial and legal implications of the decision to transfer oil companies. 1 This decision comes within the broader context of al-Sudani's efforts to reform and stabilize Iraq's economy, which heavily relies on oil revenues.

The Need for Review

The review process is crucial for ensuring that the transfer of oil companies aligns with Iraq's national interests and complies with international standards. By directing a thorough examination of the financial and legal aspects, al-Sudani demonstrates a commitment to transparency and good governance. 2

Financial Observations

The financial impact of transferring oil companies involves assessing the potential gains and losses for the Iraqi economy. This includes evaluating the companies' current contributions to the state budget, potential revenue from the transfer process, and the long-term economic benefits or drawbacks.

Legal Observations

The legal review will focus on ensuring that the transfer is conducted according to Iraq's laws and regulations. This includes confirming that all parties involved adhere to contractual obligations and that any legal frameworks governing the transfer are respected.  3

Committee's Role

The committee tasked with reviewing the financial and legal observations will have a comprehensive mandate. It will be responsible for analyzing the implications of transferring oil companies and providing recommendations to the Prime Minister. The committee's findings will play a crucial role in shaping future policies regarding the oil sector in Iraq.

Impact on Iraq's Economy

Iraq's economy is heavily dependent on oil revenues, making the committee's review a critical factor in the country's economic stability. The outcome of the review could influence future investments, partnerships, and the overall direction of Iraq's energy sector. 4

International Relations

The decision to transfer oil companies and the subsequent review by the committee could also impact Iraq's international relations. It signals to global partners that Iraq is committed to prudent management of its resources and to maintaining a stable economic environment.  5

Conclusion

Prime Minister al-Sudani's directive to form a committee for reviewing the financial and legal observations of the decision to transfer oil companies is a significant step toward ensuring Iraq's economic stability and compliance with international standards. The review process will be closely watched by both domestic and international stakeholders as it could have far-reaching implications for the future of Iraq's oil industry. 6