BY 48.5%.. BANKS ASSOCIATION: FINANCIAL INCLUSION IN IRAQ HAS INCREASED
(What does “financial inclusion” mean? Shame on you if you don’t know or remember. Folks, this is important stuff to remember. I have shown article after article talking about it. Here is yet another one. When will they feel they have achieved enough? I think they are about there already. Choo Choo!!!)
The Association of Private Banks announced today, Saturday, that financial inclusion in Iraq increased by 48.5% during the current year, while confirming Iraq’s efforts to reach a rate of 60% in financial inclusion operations next year.
(So now we have some gauge we hoped to get. What is their goal? Is it 80, 90, etc.. percent or 60%?)
The head of the Private Banks Association, Wadih Al-Handhal, said in a statement to the official agency, which was followed by Iraq Observer, that “the number of bank cards reached 20 million cards during the year 2023, and we expect a significant increase in this file during the current year and the coming years,” indicating that “financial inclusion in Iraq increased by 48.5 percent during the current year.”
He added: “We seek to reach 60% during the next year in financial inclusion operations, and we confirm that the change is taking place from the Supreme Authority, represented by the Prime Minister and his office.”
He stressed the “necessity of including financial inclusion in school curricula, starting from primary grades and reaching universities, to know its details, practice it and review it, in addition to continuous training to reach the development of infrastructure,” noting that “the number of bank accounts in 2020 reached 6 million and in 2023 to 13 million accounts.”
Prepare for the Biggest Global Debt Collapse in History – Gold’s Time Is Now! - Francis Hunt
ITM Trading: 9-17-2024
Francis Hunt, the Market Sniper, warns of an impending global debt collapse that could surpass any financial crisis in modern history. Drawing comparisons to past events like the Vietnam War overspend and Nixon’s 1971 gold standard shift, Francis explains why this collapse will be more severe and why gold is the key to protecting your wealth.
He also discusses how future interest rate cuts and currency devaluation will make gold even more valuable as a safe haven. If you're concerned about the economy, this video offers crucial insights on securing your assets.
Article: "AFTER THE DECLINE IN OIL, A GOVERNMENT ADVISOR: WE HAVE THE CAPABILITIES TO CONFRONT THE PROBLEMS OF THE GLOBAL ECONOMY"
I consider this one of those WOW! articles. Quote: “the highest reserves in the country’s monetary and financial history” also “the growth indicators in the non-oil GDP have touched 6%” WOW!
“ECONOMIC RENAISSANCE AND UNPRECEDENTED PROGRESS.. IRAQ MAXIMIZES ITS NON-OIL REVENUES AND REDUCES ITS DEBTS”. They are telling us the national debt is only 9% of their reserves now at $108 billion and GDP growth is very good... words like “unprecedented” and “maximizes”...tells me our choo choo train is moving down the tracks at an accelerated pace now.
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What can we as investors do right now?
Pray and pray that nothing will mess this up….
Be very patient….
Do not sell your dinar….
No more intel guru talk….
No more NESARA / GESARA crazy talk….
Stop listening to all these idiots as they are only confusing you more and more (especially TNT, MarkZ and “The Big Call” idiots.)
Don’t over speculate and set unjustified expectations….
I know the path to this reinstatement, and I don’t have to speculate or guess. If you are faithful follower of my blog, you then too can clearly see I have NEVER misled you on the information. How can I say this? It is because I show you evidence and FACTUAL information not some make-believe fairytale bank stories, memos or lies that four letter agencies are talking to me, because they aren’t, and I don’t care what the hell they are saying anyway.
Let me tell you something. Remember when this guy TNT Tony was telling you he had contacts sitting in meetings with the US Treasury and then as a result of these meetings they would call him and tell him they were planning to RV on a certain targeted timeframe? Oh yes, he did this for almost 10 years. So, if this is all true, they why has the RV not yet happened? Oh… but something always held it up. Of course it did and we know what it is, don’t we. Its called corruption and money laundering.
I will tell you why it didn’t RV for Tony, it is because it was all made-up bullshit and he does not have any real contact(s) in any US Treasury meetings. Get it? If he did and what he said in the past was true, they why in hell in the US Treasury now in Iraq working on the banking reforms? Why did they decide to move in and occupy an entire floor in the Central Bank of a sovereign nation, if they already decided Iraq was clean of corruption and okay to RV over these last 10 years? Why then has the RV not happened according to TNT Tony idiot? Why did Iraq even allow them to enter the Central Bank building and occupy it if Iraq too did not want the corruption to end and to get their currency back online.? Do you see my point here? Yes, there is still work to be done and the RV is not all done. Get it? If you only used your head and common sense you can see through many of these so-called, self-proclaimed idiot intel gurus and their lies.
These rumors are like an illness that has spread throughout our dinar investment community. It is easy to lie and make up stories but much, much harder to spend the time translating articles and applying them to what is really going on. Yes, we must stay grounded as this RV is coming to a closure and there is not much longer to wait.
FRANK26: "WE TOLD YOU THE PHONES WILL PLAY A PART IN THE MONETARY REFORM EDUCATION!!!"..F26
Apple delegation suggests to Al-Sudani to register the company's phones in Iraq
9/17/2024
Prime Minister Mohammed Shia Al-Sudani discussed, on Monday, with a delegation from the American company Apple, the digital transformation in Iraq.
A statement by Al-Sudani's office received by Shafaq News Agency stated that "during the meeting, common topics were discussed, as the Prime Minister indicated that Iraq is witnessing transformations in the digital reality today, and spoke about the work of the Supreme Committee for Digital Transformation in Iraq headed by him, in addition to other committees working in the same field, and he also indicated that Iraq has transformed into a successful investment environment in which many major companies operate, which requires rapid digital keeping pace."
Al-Sudani stressed the importance of working to raise the levels of digital and technological capabilities of young people, which would expand job and employment opportunities and work to implement government programs aimed at completing all transactions through an integrated digital environment.
For its part, the company's delegation proposed working within the framework of contributing to developing the capabilities of young people, and caring for developers in the fields of technology in cooperation with universities, as well as registering phones entering Iraq in a way that makes them at competitive prices, and due to the importance of the company's phone products, because they support digital transformations related to the economy and money, according to the statement.
We as long-term investors, still ask ourselves why did many of these politicians, family members and friends of friends get to exchange so early in the process, yet we sit here and wait. Seems very corrupt to me. This is the disturbing part about waiting and watching this saga play out. But it will play out as there is enormous pressure in all aspects as to how to handle and manage Iraq’s wealth.
😊Another article today on establishing a sovereign fundbut this time it is more seriously addressed and more aggressively and not just recommendations. They are going to do it and use all these additional revenues to fund it, such as taxes, customs, tariffs, minerals, and other major financial outlets sectors. You can go read the entire article titled “PARLIAMENTARY FINANCE COMMITTEE DISCUSSES PROPOSAL TO ESTABLISH SOVEREIGN FUND”. The Parliamentary Finance Committee announced, on Monday, discussing a proposal to establish this sovereign fund. They have to park all this money somewhere and let it grow.
Why would Iraq even need this sovereign fund? So, let me explain. At least this is how it was told to me by my CBI contact. Iraq will need to invest its money. But what money? Are we talking about the oil revenues? Yes, some of this money is from excess oil revenues beyond what they need to pay to run the government and salaries of Kurdistan. This excess comes when the budget is priced lower than the actual outgoing price of oil. We can call this “surplus revenues”. Right now they put this money in their reserves so they can use it for the proverbial “rainy day” if the oil prices drop below their budgeted price of oil.
What Iraq is now attempting to do, and they will be successful, is to try to harvest all avenues of additional revenues beyond the oil revenues. We can clearly see that the oil industry is not the energy of the future. It is not that oil is running out anytime soon but that there will be cleaner, more efficient energy sources coming our way. Keep in mind what the prophets also told us about three (3) news sources of energy and that these sources would be very affordable and practical. So, then why still use dirty oil. Do you get my point?
To overcome this future situation Iraq must now make the changes and make them way in advance. The plan therefore is to capitalize on ALL and EVERY additional source of revenues besides oil. We were told that a combination of these revenues could rival the oil revenues. Really? Years ago, when I first heard this, I found this hard to believe, but as time passed I can see that there is enormous potential to get off the oil rentier economy and move more to self-sufficiency. Iraq must take advantage of all these sources of revenues. In addition, they are now kick-starting manufacturing. Yes, I am told the factories are being rebuilt and newer ones coming to life. This too will create more tax revenues, exports and of course jobs.
Having said all this about additional revenues, one must also keep asking but why? Is there more to this that meets the eye? If you really study what is going on in Iraq you then can see it. No, not some stupid intel guru bank stories but take the time to really study. Then out pops the replacement of the petro-dollar and on to the petro-dinar. I want now to reinforce the enormous magnitude of this move if they can pull this off.
But to pull it off they will need sort of an insurance policy. This insurance policy is the additional revenues. Think about it…. What if oil does decline, and it will, then what happens to Iraq if they solely pegged the IQD to the price of oil. Both would tank and goodbye Iraq. However, if they can sustain themselves with an additional source of revenues from these sovereign funds. They must rival the oil revenues and get them to this point.
So, what happens in the mean time when the price of oil is way beyond their budgeted amount? They will then keep growing their sovereign funds. This is the huge part of it all too. Most already tell us Iraq is filthy rich and they are, but they are not yet done as I described to you their near future plans. Right now the Kuwaiti dinar is one of the highest valued currencies in the world. Why? If you proportionately look at Iraq and compare its ability to generate wealth it can far out produce Kuwait. Why then is the KWD at $3+ and the IQD at about $.006?
I need everyone to relax and stop speculating and hoping for the RV tomorrow or next weekend. Just let the RV come to us. It is a byproduct of the effort not the main effort in itself. Get it? This other crap is all just intel guru rumors. Get it? I hope you do by now because after a decade of this bullshit you should go see a good shrink if you don’t.
The point I have to make again today is that there is a plan. We can not affect the plan. It is motion and ongoing. We can only learn about it and then watch it play out. It is playing out. My job now FOR YOU is to dig and find out more details of this plan. Yes, I already now the overall process and I will give it to you once again below. But I am talking now DETAILS, the nitty gritty details of what they are doing and the thresholds they are looking for. For instance, what percentage of the population do they need to have bank accounts regularly using electronic payments for everyday life. Then how about the merchants? Are the stores and shops all transitioned over? What about the banks, the most important pillar (as they just told us again). Are the banks in full inclusion? What is the “inclusion” of these banks and financial institutions in the electronic digital payment effort? Did they fix the issues with the Iraqi Stock Market (ISX) that we read about in the news not too long ago? Then at last is the additional revenues at the desired levels to rival the oil revenues? Can they now institute the petro-dinar and change over officially from a rentier economy? When it is estimated this will happen?
So questions like these above will drive my conversations with my CBI contact on my Wednesday calls to Iraq. I just wanted to let everyone know that I am working very hard to get the answers and others for YOU. No bank stories or bullshit updates from three letter agencies. I get all this crap too just so you know. I am not void of some really good contacts in the US Treasury and US banks. The difference is I am smart enough to know bullshit when I hear it.
When there is any real, honest and substantial news from them I will let you know. I have to also add that the CBI is NOT. and I repeat NOT, the entity holding up the RV. It is combination of entities as the CBI could conduct the project to delete the zeros beginning today and it would be successful too, however the US Treasury is not going to conduct its part along with the IMF until they are satisfied with the needed reforms. They need to see the economic changes they require. I know, I know this seems very unfair and it is, but this is hardball politics being played out. I keep asking what gives them the right to do this to a sovereign nation? Iraq is a sovereign nation, isn’t it? Is this just a notion or reality? It is all a matter of who controls what, get it? Who controls the management part of FOREX….enough said…. 😊
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Here is the process of the reinstatement again:
Institute the reforms the “Pillars of Financial Reform” – Banking, Insurance, Stock Market;
Get rid of the parallel market and demand for the dollar through the black market;
Realize the Central Bank “official” rate of the dinar and overcome the dollar crisis.
Be able to raise the “official” rate of the dinar against to dollar to a sustainable, realistic rate that reflects the true economy of Iraq (just over a dollar in-country),
Conduct the Project to Delete the Zeros: decrease the monetary mass by collecting these large three zero notes, stashes/hoards of dinars and dollars. Swap out the currency.
Watch/monitor for inflationary pressures on the process;
Reinstate the IQD back to the global currency exchanges ie. FOREX. Not just a placeholder on FOREX pointing to ISX but the ability of tradable buy and sell options.
NOTE: This process above is an overall process and does not detail out the ongoing extent of efforts effecting this process and how they will achieve each step. This is now what we are reading in the everyday articles from Iraq.
FRANK26: "AND THE MESSAGE SAYS... NO MORE PROGRAM RATE, NO MORE RESTRICTIONS!!!".....F26
"Our Country's Dream"... Al-Sudani Sends an "Important" Message to Gulf States Regarding the Path to Development
9/17/2024
Baghdad
Prime Minister Mohammed Shia al-Sudani stressed that the drop in oil prices to less than $72 confirms the need to diversify the Iraqi economy, while he addressed a message to the Gulf countries regarding the path to development.
Al-Sudani said during a televised interview followed by "Al-Eqtisad News", "The federal administration's budget allows it to pay $8 for every barrel of oil produced, while contracts signed with the Kurdistan Regional Government give companies $26. This stagnation has affected production from the region and led to a delay in the resumption of the pipeline."
Baghdad has been unable to agree on how much to pay international oil companies operating in the north of the country for their production.
"We have to look at how we balance these issues. Do we look at the budget to see what we can do or do we try to look at prices?" he added.
“Closing the pipeline, which can carry nearly half a million barrels per day of oil from Kurdistan to the Turkish coast, would cost billions of dollars in lost revenue. However, restarting it would pose a dilemma for Iraq, which has failed to comply with OPEC+ production limits amid dire financial needs but has repeatedly said it will compensate for overproduction,” he said.
Al-Sudani said, "We are committed to abiding by OPEC decisions and maintaining the oil price in a way that achieves a balance between the interests of users and producers."
Pipeline problems
Turkey halted the pipeline in March last year after an arbitration court ordered it to pay Iraq $1.5 billion in compensation for transporting oil through it without Baghdad’s consent. Ankara, which claimed the pipeline was shut for repairs after two massive earthquakes in February, said in October it was ready for operations and that it was up to Iraq to resume flows.
But financial and legal issues have emerged, such as compensating companies for costs. International companies have said they also want to settle their overdue receivables — including $1 billion for oil produced between September 2022 and March 2023.
With exports halted, companies have begun producing some crude and selling it domestically. Iraqi officials have previously said this production has caused problems with compliance with quotas set by the Organization of the Petroleum Exporting Countries.
Iraq’s production cap is set at 4 million barrels a day, but it produced 4.32 million barrels a day last month, according to data compiled by Bloomberg. The country, along with some other OPEC+ members, will gradually lift those limits starting in December.
Al-Sudani is keen to “increase production in the long term after years of war and internal conflict that have affected Iraq’s oil industry. In August, BP signed a preliminary agreement to help boost production from the Kirkuk region. Iraq is also rehabilitating and modernizing damaged refineries to help reduce fuel imports.”
The Prime Minister continued, "Because of the wars and the blockade over the past four decades, Iraq has been late in exploiting the wealth we have of gas and oil properly. Now we are looking at how to exploit the new wealth we have and how to use it effectively."
Diversify the economy
But he said, "The drop in oil prices in London to around $72 a barrel - near their lowest levels since 2021 - underscores the need to diversify the economy."
Iraq is OPEC's largest oil producer after Saudi Arabia and derives the bulk of its revenues from exporting the commodity, and needs much higher prices to balance its budget.
The IMF has long said the country needs to develop its private sector, and that economic progress is being hampered by a huge public sector wage bill, with successive governments not doing enough to curb high wage increases.
Al-Sudani pointed out that "his administration is looking to invest about 40% of Iraq's oil revenues to boost the non-oil sector," adding that "the planned trade corridor extending from Basra Governorate in southern Iraq to Turkey and then to Europe was a 'dream' for his country, and he is looking to the Gulf states to help finance the project, which is supposed to cost $17 billion."
