SUMMARY OF LAST POSTS OF FRANK26, 19 SEPT

 Frank26  

 Article:   "Two conditions to achieve it .. Al-Sudani's advisor rules out removing 3 zeros from the currency"

  This is what's happening right now.  This is called diversion tactics...slight of hand.  This was done with China and it was done with Kuwait...This is part of the monetary reform.  To put out disinformation that is a deterrent, maybe, that is putting

speculators at bay.  

Frank26   

I pray that this dream will come true for the both of us. 

 It is very close.

  There's no doubt about it. 

 All the indications are pointing that it's very close.  I just hope we get some good news when Alaq [returns from] New York...

Frank26 

 The new lower notes and the new exchange rate will revolutionize the whole Middle East, let alone the whole world...The monetary reform is the linchpin.  It's the trigger.  It's the button that will be pushed to change financial structures around the world...We investors of the dinar have a backup for a backup in order to survive this global financial change... 

Frank26 

 Article:  "Iraq and America to resume negotiations on the banking sector next Monday" 

 ALAQ'S VISIT IS ON IRAQI BANKS... IRAQI BANKS ONLY CARE ABOUT A NEW EXCHANGE RATE.

Frank26 

  I don't care about the WTO and HCL because it only waits for one thing, the new exchange rate.  The only mechanism that everyone is waiting for is the new exchange rate.  

That is the simple fact.  This fact is real because Sudani is constantly reinforcing that idea...by constantly coming out on TV and talking to you [Iraqi citizens] about you're going to get purchasing power.

We found out the 3 zero notes are going to coexist with the lower notes for 10 years.

  Do you understand the power behind that?  

That means we're going to be able to participate in not only the float but the Real Effective Exchange Rate (REER)

 Frank26 

 The goal is what?  Retrieve those [Three zero notes].  

How? 

As soon as we raise the value, give them purchasing power, as soon as we drop the 3 zeros, they're going to bring in all that 80 something percent [still in Iraqi mattresses]...The monetary reform plan is brilliant...It is moving at a very fast pace.

DINAR REVALUATION 

ANALYSIS OF WHAT EDDIE TOLD TO FRANK26: 

"Then Saleh talking about oil being sold in dinars instead of dollars." 

 Economist back on tv saying it’s time to drop the zeros."

---It sounds like there's a couple of interesting economic discussions happening in Iraq right now!

1. Saleh and Oil Sales in Dinars: Saleh's suggestion to sell oil in dinars instead of dollars could be aimed at strengthening the Iraqi dinar and reducing dependence on the US dollar. This move could potentially stabilize the local economy and improve national financial sovereignty. However, it would also require significant adjustments in international trade agreements and currency exchange systems.

2. Dropping Zeros from the Dinar: The economist's call to drop zeros from the dinar is a common monetary policy strategy known as "currency redenomination." This involves introducing a new unit of currency that is worth a thousand or more times the old unit. It's often done to simplify transactions and improve the currency’s image after periods of high inflation or economic instability. For Iraq, this could be a step towards stabilizing the currency and restoring confidence in its value.

Both of these measures reflect efforts to address economic challenges and enhance the stability of Iraq's financial system. The success of these strategies will depend on how they are implemented and their impact on the broader economy.

SEEMS THAT WE ARE REALLY CLOSE TO OUR DESIRED RV!!!

https://dinarevaluation.blogspot.com/2024/08/dinar-revaluation-update-seems-that-we.html

THE OIL & GAS BILL STANDS AS A SIGNIFICANT LEGISLATIVE MILESTONE TO IRAQ...

DINAR REVALUATION REPORT: Iraq's Legislative Agenda: 2024 Oil and Gas Bill, Common Assistance Bill, and Government Committee Bill, 19 SEPT

 Iraq's Legislative Agenda: 2024 Oil and Gas Bill, Common Assistance Bill, and Government Committee Bill

In the midst of Iraq's ongoing efforts to stabilize its domestic situation and diversify its economy, three significant bills have gained attention and are poised to be presented to the House of Representatives [1]. These include the Oil and Gas Bill, the Common Assistance Bill (pay scale), and the Government Committee Bill. Each bill carries substantial implications for Iraq's economic and political landscape, aiming to address issues from oil revenue management to public sector reforms.

Oil and Gas Bill: A Crucial Step in Modernizing Iraq's Energy Policy

The Oil and Gas Bill is at the forefront of discussions between the federal Iraqi government and the Kurdistan Regional Government (KRG). This legislation is seen as a critical step in addressing the long-standing dispute over the constitutional rights of the Kurdistan region regarding oil and revenue [2]. The bill's passage is expected to provide a framework for the cost recovery and profit sharing for international oil companies (IOCs) operating in the region. The hope is that by incorporating these contractual rights into Iraq's budget and future laws, it will foster a more stable and predictable environment for investment in the oil and gas sector.

Common Assistance Bill: Pay Scale Reforms for a More Equitable Workforce

The Common Assistance Bill, often referred to as the pay scale bill, is aimed at reforming the public sector's compensation structure. This bill carries the potential to significantly impact the salaries and benefits of public sector employees, addressing disparities and aiming for a more equitable and efficient workforce. By revising the pay scale, the Iraqi government is taking steps to ensure that salaries are competitive and reflective of the skills and responsibilities of public servants, contributing to a more motivated and productive public sector [3].

Government Committee Bill: Strengthening Governance and Accountability

The Government Committee Bill is another legislative effort focusing on enhancing the effectiveness and accountability of government operations. This bill is expected to introduce measures that will streamline decision-making processes, improve the oversight of government bodies, and ensure greater transparency in public administration. By strengthening governance structures, Iraq aims to address issues of corruption and inefficiency, fostering a more responsive and accountable government that can better serve its citizens [4].

Visualizing the Legislative Process: A Timeline of Key Events

To better understand the legislative process and the timeline for these bills, the following timeline provides a visual representation of key even

31/5/2023

Drafting of the Oil and Gas Bill

14/9/2023

First Reading of the Common Assistance Bill

30/9/2023

Consultation on the Government Committee Bill

31/12/2023

Submission of the Oil and Gas Bill to the House of Representatives

9/3/2024

Final Approval of the Common Assistance Bill

29/4/2024

Expected Passage of the Government Committee Bill

Conclusion

As Iraq navigates its path towards economic diversification and political stability, the Oil and Gas Bill, the Common Assistance Bill, and the Government Committee Bill stand as significant legislative milestones. These bills not only address critical issues within their respective domains but also reflect Iraq's broader aspirations for reform and development. By passing these bills, Iraq aims to create a more stable, equitable, and effective governance structure that can accelerate the nation's progress and improve the lives of its citizens.

MP holds Al-Sudani responsible for withdrawing important laws from the House of Representatives, 19 SEPT

 MP Hadi Al-Salami held State head Mohammed Shia Al-Sudani answerable for pulling out significant regulations from the Place of Agents, most prominently the retirement regulation, on Wednesday.

“The Prime Minister pledged before the House of Representatives to send important laws to implement his government program,” Al-Salami stated.

He added, “The most noticeable regulations that should be shipped off the Place of Agents are the Oil and Gas Bill, the Common Assistance Bill (pay scale), and the Government Committee Bill.”

He brought up that “there are regulations that were removed from the public authority and were not gotten back to the Place of Agents, most eminently the retirement regulation, which is viewed as one of the significant regulations.”

He thought about that the Top state leader bears liability regarding hindering significant regulations.

EXCERPTS OF MNT GOAT: "WHY WOULD IRAQ EVEN NEED THIS SOVEREIGN FUND?" , 19 SEPT

 😊Another article today on establishing a sovereign fund but 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.

CBI's New Banking Guidelines: What You Need to Know!

DINAR REVALUATION REPORT: Economic Analysis: Impact of Declining Private Sector Deposits on Iraq's Banking System, 19 SEPT

Economic Analysis: Impact of Declining Private Sector Deposits on Iraq's Banking System

An unofficial Iraqi financial report has revealed a significant decline in the acquisition of private sector deposits by 12 local banks compared to a significant increase in the share of banks that have banking relationships with American financial institutions. 2

Shift in Private Sector Deposits

A report by Iraq Future for Economic Studies and Consultations disclosed a shift in the distribution of private sector deposits among Iraqi banks during the first half of 2024. Three Iraqi banks that maintain correspondent relationships with US financial institutions controlled nearly half of all private sector deposits in the first six months of 2024, holding 47% of private deposits, an increase from their 34% share in 2019. 2

Meanwhile, the 12 banks capable of international financial transactions, but without US correspondent relationships, saw their share of private sector deposits drop to 36% by mid-2024, down from 42% in 2019.  2

Implications on the Iraqi Banking System

This shift in private sector deposits has profound implications for the Iraqi banking system. The Central Bank of Iraq has acknowledged that reliance on correspondent banks for external transfers plays a crucial role in this new distribution of deposit shares. 4 The rise of US-linked banks is expected to continue, with these banks accounting for more than 50% of private sector deposits by the end of 2024. 4

Impact on the Iraqi Economy

The decline in deposits in local banks that lack US correspondents is the result of several factors, including corruption and liquidity risks. Banking expert Abdulrahman Al-Shaikhli explained that corruption in the banking sector and the lack of confidence in local banks have contributed to this trend.  4

Conclusion

The significant decline in the acquisition of private sector deposits by local banks in Iraq and the increasing dominance of US-linked banks pose challenges to the country's banking system. This trend could potentially lead to an imbalance in the banking sector, impacting the financial stability and growth prospects of the Iraqi economy. Understanding and addressing the underlying issues, such as corruption and lack of confidence in local banks, is crucial for the sustainable development of Iraq's financial sector.