DINAR REVALUATION REPORT: Iraq's Parliamentary Economy Committee Discusses Amending the Investment Law, 1 SEPT

 Iraq's Parliamentary Economy Committee Discusses Amending the Investment Law

In September 2024, Iraq's Parliamentary Economy Committee convened to deliberate on amendments to the country's Investment Law. 1 The discussions centered around the need to enhance the law to attract more foreign direct investment (FDI) and bolster the private sector, which has remained weak. 1

Background on Iraq's Investment Law

The current Investment Law, No. (13) of 2006, was enacted to create a more favorable environment for investments in Iraq. 6 It established the National Commission for Investment, responsible for formulating national investment policies and granting investment licenses. 6 However, the law has faced criticisms for not being fully effective in stimulating investment, primarily due to bureaucratic hurdles and security concerns. 1

Proposed Amendments and Objectives

The proposed amendments aim to address the shortcomings of the existing law and to create a more investor-friendly environment.

 Key objectives include: Simplifying the investment licensing process to attract more FDI. 

Strengthening the role of the National Commission for Investment to better support investors.

 Providing clearer guidelines on land use and ownership for foreign investors. 

Establishing a dispute resolution mechanism to address investor concerns.

Challenges and Opportunities

Iraq's economy, heavily reliant on oil revenues, has been seeking diversification and modernization of its financial and banking sectors. 1 The proposed amendments to the Investment Law are seen as a critical step in this direction.

However, the country's political dynamics, corruption issues, and lack of basic services remain significant challenges. 1

Stakeholder Perspectives

Government: The new government, under Prime Minister Mohammed Shia’ al-Sudani. 1 is optimistic about the potential of the amended law to attract FDI and boost the economy. 

Investors: Foreign investors have shown interest but remain cautious due to security concerns and the slow pace of reform. 3 

Civil Society:There are concerns among civil society groups about the transparency and accountability of investment deals, particularly in the upstream oil industry. 3

Parliamentary Economy Committee Discusses Amending the "Investment Law", 1 SEPT

  Parliamentary Economy Committee Discusses Amending the "Investment Law"

The Iraqi legislative arena is currently witnessing intensive discussions about the fourth amendment to Investment Law No. 13 of 2006, as amended, in light of the significant expansion of investment activity in the country in recent years.

These discussions come within the framework of efforts aimed at improving the investment environment and addressing the gaps in the current law.

In a press interview followed by “Economy News”, member of the Economic Committee, Diaa Al-Hindi, confirmed that the proposed amendment is “important and necessary” due to the many problems that the current law suffers from, explaining that “the current law requires fundamental amendments in several aspects, including the mechanism for selecting heads of bodies and members of the board of directors in bodies, in addition to the conditions for granting and withdrawing investment licenses, additional extensions, and grievance procedures.”

Al-Hindi pointed out that the amendment seeks to address those issues that the current law did not adequately address, which negatively affects the investment climate in Iraq.   link

" I WAS JUST ADVISED TO BE ON ALERT FOR THE NEXT 24-48 HOURS" BY TEXAS SNAKE, 1 SEPT

 TEXAS SNAKE

• Fri. 30 Aug. 2024 Texas Snake
•  “I was just advised to be on alert for the next 24-48 hours as news we expect was about to be released.”

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TEXAS SNAKE

• Tues. 27 Aug. 2024 Texas Snake: “I can confirm Farm Claim payments as well.  There is positive movement.”

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 TEXAS SNAKE

Will read all your posts and hopefully the banker will have something positive I can share with y'all tomorrow.

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TEXAS SNAKE

Nothing to share just wanted to let you folks I was still around

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 TEXAS SNAKE

Well folks everything remains very positive for our anticipated event so continue to pray this event in for the sake of the world's economy as well as each of us participants.  GOD Bless each member.

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TEXAS SNAKE

Banker indicates many positive items are pointing to Thursday, we shall see.

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TEXAS SNAKE

AUGUST 03

 love this room now, Leaves TS to be free to speak, admins never jump in cause issues and people have continued to come in and all seem to keep to the subject, truly the room has become what we all wanted it to be.

It is presently 3:10 AM in Bagdad Monday morning and additional info is coming forward over and above what was shared on the Conf Call I was included in last night.  Still very encouraged about tomorrow in US as well as this coming week.

You are correct it will be Monday when the banker calls me in the morning.

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AUGUST 06

Well foiks truly wish I had something to report but with all the NDA;s being issued it is much harder to obtain anything of value.

AUGUST 07

Things are in positive motion folks hang in there, NDA's are the issue at present for status of our benefits to be realized but it is days not months

AUGUST 09

Texas Snake, [08/09/2024, 9:13:08 p. m.]:

While due to the many NDA's that those who have provided info to me has resulted in the limited info I can share we are still in a positive situation to realize our objective.  Wish I could share more of the particulars but cannot risk their safety.

Gonna be an early night forme as I need tp prepare a men's breakfast for our church in the morning but will open for a bit for you folks to share anything you may have.

LATEST REPORTS OF TEXAS SNAKE: 

RV UPDATE BY TEXAS SNAKE, 4 AUGUST

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-texas-snake-4-august_01843290374.html 

RV UPDATE BY TEXAS SNAKE, 2 AUGUST

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-texas-snake-2-august.html 

"WE ARE CLOSER EACH DAY" BY TEXAS SNAKE, 1 AUGUST

https://dinarevaluation.blogspot.com/2024/08/we-are-closer-each-day-by-texas-snake-1.html

Iraq's Bold Move: Oliver Wyman to Revamp Banking & Infrastructure!

DINAR REVALUATION REPORT Central Bank of Iraq Contracts with Oliver Wyman for Banking Sector Restructuring, 1 SEPT

 Central Bank of Iraq Contracts with Oliver Wyman for Banking Sector Restructuring

The Central Bank of Iraq has recently contracted with Oliver Wyman, a global consulting firm, to conduct a comprehensive review of the conditions of Iraqi banks, particularly those banned from dealing in US dollars. 1 This move is aimed at developing practical solutions for the reintegration of these banks into the Iraqi and international banking sector, alongside improving banking procedures in line with international standards. 2

Enhancing Banking Sector Reforms

The partnership with Oliver Wyman comes at a critical time, as the Central Bank seeks to facilitate the establishment of direct banking relations and improve the quality of services provided by banks to better serve the Iraqi economy. The company is scheduled to begin its work soon to address the challenges facing Iraqi banks, especially those under sanctions. 1

Delegation Visit to the United States

In related news, a Central Bank of Iraq delegation, led by Governor Ali Al-Alak, visited the United States to discuss developments in the Iraqi banking sector. 5The talks have included the evolving situation within Iraq's banking industry and the restrictions placed on using the US dollar by numerous private Iraqi banks. Discussions have also touched on the potential elimination of the current currency platform at the start of the next year, with a shift towards relying on correspondent banks, which could impose additional constraints on private Iraqi banks.  5

Collaboration with International Firms

During this visit, the delegation held separate meetings with various companies, such as Visa, Mastercard, and MoneyGram. 2 The meetings focused on enhancing electronic payment systems and stimulating their use in alignment with Iraq's push towards electronic payments, demonstrating the Central Bank's commitment to modernizing the banking sector.

International Auditing Firm's Role

The delegation also discussed the role of an international auditing firm, KPMG, which presented extensive analytical insights on the use of electronic payment cards, supported by recommendations and proposals to enhance their organized use and accommodate the significant increase in citizens' adoption of these cards. 2

Diversifying Currencies in External Transfers

In a separate development, the Central Bank of Iraq announced the start of a new phase in foreign transfer operations, involving 13 Iraqi banks. This initiative, which aims to enhance currency diversity and facilitate international transfer operations, will include dealing in euros, Chinese yuan, Indian rupees, and UAE dirhams.  3

Commitment to Transparency and Security

The Central Bank of Iraq's commitment to achieving the highest levels of transparency and security in all foreign transfer operations is evident in its ongoing efforts to support economic growth and expand international cooperation with global markets. 3

Conclusion

The Central Bank of Iraq's proactive measures in contracting with Oliver Wyman and collaborating with other international firms underscore its dedication to reforming and modernizing the Iraqi banking sector. These initiatives are expected to contribute significantly to the overall economic development of the country by improving banking services and fostering international partnerships.

Oliver Wyman Company and lifting sanctions on banks banned from the dollar , 1 SEPT

 Oliver Wyman Company and lifting sanctions on banks banned from the dollar 

The Central Bank of Iraq has contracted with Oliver Wyman, a global consulting firm that has the ability to “restructure companies to succeed in difficult times, build a new strategy in banking, and be a leader in risk, strategy, and human resources, helping clients navigate a dynamic environment across four global firms.”

A firm like Oliver Wyman can therefore help sanctioned Iraqi banks understand the sanctions imposed on them, work on strategies to mitigate their impact, and even help remove these sanctions in some cases. 

Legally, the firm can help Iraqi banks understand international laws and sanctions applicable to them, identify any legal risks associated with their activity, and then provide recommendations on how to improve banks’ compliance with international sanctions, and develop plans to mitigate risks.

In addition, the firm will help Iraqi banks communicate with international government agencies to learn more about the sanctions imposed on them, or to request “exceptions or mitigations,” by providing training programs for employees in Iraqi banks to develop their skills in the field of sanctions compliance.

From the above, we conclude that Oliver Wyman can play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then submit a recommendation to the Treasury Department and the Federal Reserve that paves the way for lifting the sanctions.  link

LATEST FROM WOLVERINE, 1 SEPT

 WOLVERINE

Sat. 31 Aug. 2024 Wolverine

 “Looks like everything has been lined up for Tues. 3 Sept. The Precatorias was supposed to go today, but now they are going to go on Tues. 3 Sept. It’s going to be a shotgun start. All contracts have been signed. Everything is ready to go. …Tier 1, 2, 3 and 4 banks around the world are fully integrated and ready for distribution. The RV is finally here. God bless. Your friend, Wolverine”

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Fri. 30 Aug. 2024 Wolverine

 “I’ve been told that all platforms have been shut down. They are all now getting ready to release payment. Once the Precatorias start all Yellow Dragons Bonds from my platform will cease operations immediately.

• We are finally here after 30 years of waiting. We are actually here and ready to cross the finish line. It will be emotional for all of us when it hits us…

• Let’s start out with intel.. What I have been told is that the Precatorias is about to start this weekend. It is an old debt/money owed to the people of Brazil, and back in 2017, they went to court on this, and they finally won the case, and they will get the funds released, more than trillions of dollars involved.  This is another platform that has associated itself with the RV, globally and this is about to be released on the weekend. The QFS had a hiccup, so it was temporarily delayed.

• Zurich, I was told that this week all will get released. The codes are there so they can all get released. Not much to say as all is ready.

• My sources said the Philippines have started, not sure of the payments, the process?  But they said the engine has started.  East to west. Hopefully that is true.  This is from various sources saying things are coming out from Asia to the West.

• All the private platforms deals are being paid this week as well, by the new week – this is coming from Zurich as well…. Starting by the new week – Monday is Labor Day in the USA, so we are looking from Tuesday onwards

• When the Precatorias gets released, the Yellow Dragons from my platform sales cease immediately. If you are interested in those bonds before they close the doors. This came through last night so I wanted to let you know.

• I got a letter from an official in the Brazil and they are part of the RV process: “We close the week with the following report: the auditors of the World Bank and Peter Wong’s Platforms who arrived in Brazil on 08/27/2024 are packed and ready to return to the U.S.

• Since Monday 09/02/2024 is a holiday in the USA (Labor Day), there is no way to have banking hours on the Reno Platform (Nevada/USA), so it was defined in the meeting within the BACEN on the date of 08/29/2024 that the global START will take place on 09/03/2024 (next Tuesday), when then Brazil 2, the USA and the other countries that will make up this project that covers 47 countries (and their respective Central Banks), after several exhaustive tests and adjustments, will finally be able to synchronize and proceed simultaneously with the release and settlement of the financial operations of which they are part.

• I emphasize that in Brazil the released and approved operations to be paid are LTN and T*A, (like farmer’s claims) which were unified within the same platform).

• I also learned that the deadline for distributing the amounts in the payrolls of the Managers that will be received will begin on 4th of September and extended until 9/13/2024. “

https://dinarevaluation.blogspot.com/2024/08/they-are-all-now-getting-ready-to.html