🛡️ Reserves exceed international standards, enhancing investor confidence.
🌍 Strong reserves signal economic viability to global investors.
🏭 Government urged to stimulate local industries over imports.
🔄 Diversifying the economy could strengthen the Dinar’s value.
🎉 Weekly giveaway for viewers to engage with the channel.
Key Insights
💵 Financial Security: Iraq’s $113 billion reserves allow for a year of expenses without new revenue, showcasing fiscal health. This stability is crucial for the Dinar’s strength.
🚀 Investor Confidence: The significant reserves signal to international markets that Iraq is economically viable, potentially attracting foreign investments and driving growth.
🌱 Economic Diversification: By investing reserves into local industries, Iraq can reduce oil dependency and create job opportunities, fostering long-term economic stability.
🔒 Crisis Preparedness: Having reserves that exceed the standard six-month cover demonstrates Iraq’s preparedness for emergencies, reassuring citizens and investors alike.
📊 Currency Strength: Strong financial backing may facilitate a revaluation of the Dinar, making it more attractive in the global market.
🤝 Global Relationships: Maintaining large reserves enhances Iraq’s international relationships, positioning it as a stable investment destination.
🔄 Domestic Growth: Prioritizing local economic activity over imports could stimulate growth and self-sufficiency, ultimately benefiting the currency’s valuation.
AL-SUDANI, THE PRIME MINISTER OF IRAQ, ISSUES A NUMBER OF DIRECTIVES WITHIN THE FRAMEWORK OF DEVELOPING ELECTRONIC PAYMENT SYSTEMS
Prime Minister Mohammed Shia al-Sudani directed, today, Saturday, to take a package of measures and directives to develop electronic payment systems and services and follow up on their implementation by specialized committees.
A government source said, according to the official agency: “Within the framework of Prime Minister Mohammed Shia al-Sudani’s continuous follow-up to the development of electronic payment systems and services, and in light of his review of the field supervisory reports related to the implementation of these services in various Iraqi ministries and institutions, he directed to take a package of relevant measures and follow up on their implementation by specialized committees.”
He added, “The directives were as follows:
1.Directing the Ministry of Planning,in cooperation with the Central Bank of Iraq and the World Bank, to create a national budget allocated to support and develop digital payment systems across the country.
2.Directing all ministries, including the Central Bank of Iraq, to prepare an electronic cash flow statement periodically to ensure financial transparency, determine liquidity and manage risks, which contributes to improving financial planning. 3.Directing ministries and government institutions to establish strategic partnerships with banking and non-banking financial institutions as well as technology institutions and adopt effective action steps for cooperation and exchange of proposals and expertise.
4.Obligating financial and banking institutions to develop their technical and digital systems in accordance with the latest international standards, including strengthening anti-money laundering and anti-fraud systems; in order to ensure operational efficiency, improve the quality of banking services and achieve full compliance with regulatory controls.
5.Obligating financial and banking institutions to develop cyber protection systems and adopt the cyber resilience document, with strict adherence to the controls issued by the Central Bank regarding electronic governance, to ensure comprehensive protection of banking systems against cyber threats and ensure business continuity in the face of crises.
6.Directing ministries and government institutions to develop capable government work teams to follow up on electronic payment operations on a daily basis through training and qualification, and through specialized system portals provided by payment services companies.
7.Directing the Ministry of Communications to cooperate with ministries and government institutions to expedite the adoption of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 to be compatible with the requirements of electronic payment and collection settlements in the Ministry of Finance in cooperation with the Central Bank of Iraq.
8.Instructing the Ministry of Finance to submit a study on the mechanisms for creating intermediate accounts, adopted by government institutions as a mechanism for dealing with restricted government accounts to solve the problem of interruptions for citizens in the event of failure of financial operations.
9.The Central Bank shall issue directives to private and government banks to deal transparently and not discriminate between electronic payment companies.
10.The Central Bank of Iraq shall prepare what is necessary to cancel the prepaid ceilings for cards used locally to ensure wider and more flexible use.
11.Directing ministries and government institutions to establish specialized units within government departments to facilitate financial matching and settlements and resolve disputes arising from electronic payment, in coordination with banks.
12.Directing the Integrity Commission to intensify monitoring of collection points in government departments to ensure transparency and integrity.
13. Directing the Financial Supervision Bureau to develop and legislate administrative and financial updates that are compatible with electronic payment systems and to follow up on them on an ongoing basis.
14. Emphasizing on government institutions and electronic payment service provider companies to implement the paragraphs contained in the electronic financial collection and collection agreements according to the responsibilities of each party contained in those agreements.
15. Directing government banks to complete the activation of the comprehensive banking system to improve financial and administrative performance.
16. Obligating all ministries and government institutions to adopt advanced electronic administrative and accounting systems to enhance efficiency and transparency.
(I just want to ask you one question. Do you think the implementation of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 is important prior to getting the RV and reinstatement? This is literally almost all they are talking about these days. YES, its important!!!!! 😊 Let’s follow its implementation then and see where it gets us. Can they complete it by eary 2025?)
Tues. 10 Sept. 2024: A Spanish speaking news channel (assumed from Mexico)
has announced the gold backed currency, revaluation of the dinar, fall of the $USD, that in July the US and Iraq had agreed to have all US troops out of Iraq by sometime in September and that wouldn’t happen until they were paid (by the revaluation) and how many are going to be extraordinary rich.
They have been waiting for this for so many years.
I assume everyone is excited as to what is happening,and hopefully by tomorrow I will be waking up with a rainbow next to my window.
There are certain things I cannot tell, as it is all confidential.
This is what we have been waiting for, for such a long time. All indicators are pointed to this week.
Iraq is already done, I suppose. The QFS is activated. All is ready to go.
Certain funds are liberated in Brazil. I have spoken to quite a lot of bondholders in Brazil they have confirmed that certain platforms are liberated.
The Pentecostal group is getting ready for this event, and every guest going to that event will get personal codes to activate their accounts, so they will have access to their funds. There are a lot of people going to Bogota and they will have a huge event there. The Pentecostal group that did not go to the event, like people like myself, will get their money in Mid-October, but I don’t care – I can wait.
I have been told that notifications may come out tonight, maybe midnight. They assured me they are coming through. They also told me, “Wolvie, get ready for that opera! We are going to give you a call to sing that opera with all your might! So it was an emotional call. We have all been through a lot together.
All is lined up for this week.
The German bonds and Dragon bonds will go first. If you have Dragon Bonds, you are absolutely blessed, and you may get paid tomorrow. It is a process. It does not mean just because you have not got it you will not get it.
The EBS might come at the time we get our blessing. We would probably go at nighttime with military escort so nothing can happen with us with military escort and do our exchange with a military escort. This may only be in America, not sure around the world.
Wait for notifications, they will tell you where you will have to go. All will be your notifications.
I’m very confident we will celebrate tomorrow! God bless you all…Wolverine
Iraq finalizes strategic agreement with major global oil company
9/6/2024
Baker Hughes, the global energy technology company, revealed on Sunday that it is discussing with the Iraqi Ministry of Oil the final touches to a strategic framework agreement, as well as signing a memorandum of understanding in the gas sector, stressing its commitment to the government and its desire to invest in Iraq.
A statement by the media office of Prime Minister Mohammed Shia al-Sudani, received by Shafaq News Agency, stated that the latter received today in Baghdad the Chairman of the Board of Directors of Baker Hughes, a company specializing in oil and gas, and its CEO Lorenzo Simonelli and his accompanying delegation.
Al-Sudani stressed that Baker Hughes is one of the four largest companies in the world specializing in energy and oil services, pointing out that “the government is keen on the company’s presence in Iraq, which was invited to expand investment in it, through cooperation with the government or with the private sector in the field of oil and gas.”
He noted that "the Iraqi market has become a promising market, and that the government is planning major projects, especially integrated projects in the oil, gas and petrochemical sectors."
Al-Sudani pointed to the development path that includes oil and gas transport projects, stressing the importance of completing the projects that the company is working on in Iraq, especially the Nasiriyah oil field in which the company is investing to extract associated gas, with a capacity of 200 million standard cubic feet, which is hoped to be completed in 2026.
For its part, the Baker Hughes delegation confirmed their commitment to the government and their desire to invest in Iraq in the oil or gas sectors. They came to put the final touches on signing a strategic framework agreement with the Ministry of Oil, as well as signing a memorandum of understanding in the field of gas and investing in the gas platform that will be established in the Grand Faw Port, expressing their desire to finance some projects in Iraq.
The Ministry of Finance announced, today, Sunday, the results of the meeting of the Ministerial Council for the Economy, which was held in the Kurdistan Region.
A statement by the ministry received by the Iraqi News Agency (INA) stated that "the bilateral meetings between the Ministerial Council for the Economy and the Economic Council of the Kurdistan Region, which are currently taking place in Erbil, have been launched, in the presence of the Prime Minister of the Kurdistan Region, Masrour Barzani, where the discussions focus on mechanisms to enhance financial cooperation between the two parties and reach sustainable solutions to outstanding financial issues."
He added that "the discussions are taking place within the framework of government efforts aimed at enhancing cooperation between the federal government and the Kurdistan Region, and joint financial files such as salaries of the region's employees, the region's budget and border crossings, in addition to coordinating customs and tax policies, are among the most important issues affecting the stability of the Iraqi economy."
The Minister of Finance indicated - according to the statement - that "the discussions represent a historic opportunity to achieve financial reconciliation between the federal government and the Kurdistan Region."
She stressed the importance of "enhancing financial cooperation between the two parties and reaching sustainable solutions to outstanding financial issues," noting at the same time that "agreeing on a fair mechanism for distributing oil revenues and border crossings will contribute to enhancing confidence and economic stability in the country."
If you just look at the major headlines in the news from Iraq in today’s Newsletter, you can clearly see this “Electronic Payment”process is the most important banking reformthey must now institute to some extent. We just don’t when enough is enough.
But we will continue to read the headlines and eventually it will pop out in the news. It always does. I did not say this is the most important, but it is now at the forefront of the effort. Get it.
With the news today how can you possibly think otherwise. We might even say it is theLASTpiece to put in place in the RV puzzle to clearly see the end to this RV saga. This is why I was so excited in my last Newsletter of 9/5 and so I am even more excited today.
Here are some of the headlines. You can go read the full articles in today’s Articles Section of the Newsletter. WOW! WOW! Five (5) articles on this topic. Really? Yes, really! 😊
“IRAQ TO FULLY ADOPT ELECTRONIC PAYMENTS TO CURB CORRUPTION”
“PARLIAMENT ASKS FINANCE AND CENTRAL BANK TO SET TIMETABLE FOR TRANSITION TO ELECTRONIC PAYMENT BY END OF 2024”
“AL-SUDANI, THE PRIME MINISTER OF IRAQ, ISSUES A NUMBER OF DIRECTIVES WITHIN THE FRAMEWORK OF DEVELOPING ELECTRONIC PAYMENT SYSTEMS”
“INCLUDING THE GROWTH OF BANKING LIQUIDITY.. A GOVERNMENT ADVISOR REVEALS 3 GOALS FOR ELECTRONIC PAYMENT”
“BARZANI TO AL-ALAQ: THE NUMBER OF REGISTERED INDIVIDUALS IN THE “MY ACCOUNT” BANKING PROJECT HAS EXCEEDED HALF A MILLION”
Knowing all this, I just want to ask a few questions:
Do you think the implementation of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 is important to fully implement prior to getting the RV and reinstatement? Just asking…. This is literally almost all they are talking about these days. YES, it’s important!!!!! of course it is. This was a rhetorical question. Read my lips…. “It’s important!” 😊 Let’s follow its implementation then and see where it gets us. Can they complete it by early 2025? There must be some plan to accelerate the process. Don’t you think?
Do they need the Project to Delete the Zeros as their incentive to bring in the cash hoards/stashes into the banks? Can they do it without any incentive?
What is the level of liquidity that they are looking for in the Iraqi banks to say this is finally successful? In other words how many millions of bank accounts do they need? All we can do is wait and see if they tell us.
I am going to give you a summary again of the other issues that are also on the table. They are on the near horizon and my CBI contact has also told me these are issues that also must be resolved. I hate to give these lists because it is what we don’t know that always come up later to haunt us. But anyhow here is the list as we know it today:
Passing the Oil and Gas Law referendum, as required by their new 2005 Constitution.
Needed changes to The Investment Law No (13) of 2006 to meet the WTO requirements prior to full accession. We were told these change were already reviewed in parliament and then sent back to the cabinet for revisions. We wait.
Institute the Pillars of Financial Reform in the Banking, Insurance and the Iraqi Stock Market. This goes hand in hand with the electronic banking effort.
No, the RV is NOT all done and I laugh every time I hear these intel gurus, especially this jerk TNT Tony and baaaa group of sheepie followers. What is your definition of “all done”. To me it means that Iraq is going forward with the Project to Delete the Zeros and actually in the process of doing it not just talking about it again. Get it? Do they really even have a clue what is going on in Iraq.
