“Banks got memos yesterday Tues. 17 Sept. telling them to get ready and be there this morning because it was scheduled between now and Fri. 20 Sept.
The RV announcement should be by tomorrow Thurs. 19 Sept. There is a scheduled time but no one wanted to put it out. We are now waiting for the big announcement on the Fed rate.
The Market will change with the Fed announcement. They want things to settle down and then will let the RV go. The rates are out. The Banks are ready. This should be our final call.”
Prime Minister Al Sadani announces Iraq is in the final phase of the hydrocarbon law, prompting discussions about a new exchange rate for the Iraqi dinar.
Highlights
🚀 Major updates on the hydrocarbon law from Al Sadani.
💰 Discussions intensify around the Iraqi dinar’s exchange rate.
🔑 The HCL is crucial for economic stability and growth.
💳 Shift towards electronic payments could modernize Iraq’s financial system.
📈 Economic indicators show potential for dinar revaluation.
⏳ Next 10 days are critical for possible exchange rate announcements.
🌟 Optimism surrounds Iraq’s economic reforms and future.
Key Insights
📜 Hydrocarbon Law Importance: The hydrocarbon law is essential for managing Iraq’s oil resources, which are vital for economic development and currency stability. Its successful implementation could lead to equitable revenue distribution.
💸 Need for New Exchange Rate: Current dinar rates are artificially low. A new exchange rate would likely reflect true economic conditions, fostering investor confidence and economic growth.
📱 Modernizing Payments: Transitioning to electronic payments signifies a move towards transparency and efficiency, which could facilitate a more market-aligned dinar valuation.
📊 Economic Growth Indicators: Rising oil prices and production are driving Iraq’s economy. Continued growth is crucial for any potential revaluation of the dinar.
🔍 Upcoming Changes Anticipated: Analysts expect significant announcements regarding the dinar’s exchange rate in the coming days, spurred by HCL completion and payment system modernization.
🤝 Stakeholder Optimism: There’s a general consensus among stakeholders that Iraq’s economic policies will positively influence the dinar’s value, reflecting broader economic health.
🌍 Future Outlook: While challenges exist, the current trajectory suggests that a stronger dinar value is achievable, contributing to a more stable financial environment in Iraq.
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Howdy and good morning to everyone
Member: I cannot believe another week just flew by….whoosh….its gone
Member: How close are we? One day closer than we were yesterday!! ;)
Member: Mark how would you rate your warm and fuzzy feeling on a scale of 1-10?
MZ: I would rate my warm and fuzzy feeling at about a 9.9 right now. It’s very warm and very fuzzy.
Member: this on NINA news Thursday: Al-Sudani leaves for New York early next week to participate in the UN General Assembly meetings
Member: I am still hearing RV in September
MZ: I am still hearing that as well. I hope it’s accurate.
MZ: It’s been very quiet overnight o the RV front but, it was a fantastic news week from Iraq. They are being told budget tables are approved and HCL is coming. We will have more news on that front tonight when MilitiaMan joins us. I am saving some interesting tidbits for tonight
MZ: Redemption center/banking folks on a shortened “on call” for this weekend in case they are needed. These are people that work in wealth management for large banks….
MZ: We have somebody that was recently invited to come in and SKR (Get a safe keep receipt) on currency. They have a very good relationship with their banker and were told to expect funds within a week or two tops. If I get permission I will share a little more on this one- if I can. IMO this tells us how close we are…or at least how close bankers feel we are. This was at one of the top 5 US banks .
MZ: No fresh updates on bonds since yesterday but, I do have some folks who finished final paperwork this week and are expecting their funds tomorrow. One is in Europe so by the time we do our podcast tomorrow –we may have an answer already…..So fingers crossed.
Member: Markz do the people RVing have 10 or more than 10 days to set appointments?
Member: We were told 10 days to make appointments and 30 days to exchange
Member: Mark how will you tell us it RV’d?
MZ: I’ll be wearing this…(holds up a white t-shirt with a golden egg on the front )
Member: Someone will need to pick me up off the floor when you wear that shirt
Member: MARK,When I see that golden egg shirt I am going to lay an egg!!!
Member: I'm probably not going to believe it for a week after I've done the exchange.....
Member: they could Totally do this curency exchange anytime...as long as its not on MSM, normies will Never know about it.
Member: Saturday is International Peace Day on my 2024 calendar. I've never seen that before. Hmmm.
Member: according to Goldilocks we will have a "Treasury Direct Account", when we exchange.
Member: Mark, I got a call from WF on Wednesday asking me to come in and speak with a wealth manager
Member: Our new US fiscal year is in 10 days…..Oct. 1st…..would sure be a great time to release new financial system, and new currency?
Member: It’s interesting that congress calender shows no work in October?
Member: International Currency Code Regulation ISO. New codes Jan 24 and Sept 16 listed currency IQD / ISO, VND/ ISO, USD/ ISO, etc. Regulations register currency under SEC calling currency codes ISO 4217
Member: Fall starts on Sunday 9/22 at 8:43 am EST.
MZ: We will have Militiaman on tonight…..see you then
Member: Dear lord please let this be our weekend. So many are tired, broke, and broken.
Mr. Cottrell and CBD Gurus join the stream today. Please listen to the replay for their information and opinions.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
Shafaq News/ Iraq's path toward democracy is marked by both achievements and daunting obstacles. Two decades after the US-led invasion aimed to transform its governance, the nation remains enmeshed in severe challenges, including rampant corruption, sectarian conflict, and critical human rights issues.
The world marks "International Day of Democracy" on September 15, an annual occasion established by the United Nations to underscore democracy's critical role in fostering peace, development, and human rights.
As democratic systems worldwide face mounting political, economic, and social challenges, the need to bolster and uphold these values has never been more urgent.
In its statement for the 2024 International Day of Democracy, the United Nations stressed that democracy is not just a political system but a way of life that empowers citizens to actively participate in decision-making while safeguarding their fundamental rights and freedoms.
“On this International Day of Democracy, let’s keep working to build a more inclusive, just, and equal world.”'
From Invasion to Fragile Democracy
On March 20, 2003, the United States, backed by British forces, invaded Iraq with roughly 190,000 troops under "Operation Iraqi Freedom." The stated goal was to overthrow Saddam Hussein's regime and usher in peace and democracy. By April 9, Saddam's government had collapsed, but instead of peace, the country spiraled into chaos, plagued by sectarian violence and the rise of insurgent groups, including al-Qaeda and later the Islamic State (ISIS).
The preemptive invasion had been justified by the alleged presence of weapons of mass destruction, including nuclear and chemical weapons. However, these weapons were never found, leading to widespread criticism and questions about the war's legitimacy.
Following the fall of Saddam, Iraq saw a series of notable political changes. The creation of the Iraqi Governing Council marked a turning point, as power was divided among the country's various sectarian and ethnic groups, creating a fragile political balance.
During the US occupation from 2003 to 2011, which took a devastating toll, with more than 100,000 Iraqi civilians losing their lives, Iraq entered a turbulent period, often referred to as "creative chaos." This phase was intended to pave the way for democracy after decades of political instability. Iraqi leaders were tasked with drafting a new permanent constitution, replacing a symbolic constitution that had gone largely unused for 35 years. Before this, the "Law of the Administration for the State of Iraq for the Transitional Period" was introduced to establish a pluralistic, representative democracy.
The drafting process, which involved Iraqis and US officials led by then-US Ambassador to Baghdad, Zalmay Khalilzad, culminated in the approval of a permanent constitution in a referendum on October 25, 2005. Despite gaining 78% approval from Shiites, Kurds, and some Sunnis, the constitution failed to achieve full national consensus, reflecting Iraq’s deep sectarian divisions.
Evolving Democratic Scene
In an interview with Shafaq News Agency, Rawaa Al-Musawi, legal expert and head of the "Irtiqaa" Organization for Sustainable Development/Irtiqaa Center for Community Development, emphasized that "Iraq is considered a democratic country from a formal and legal perspective, with an electoral system, multiple authorities, and the inclusion of citizens in decision-making through parliamentary representation. Citizens, therefore, have a role in governance by expressing their opinions and selecting their representatives."
However, Al-Musawi acknowledged, "In practice, the situation is unstable; security and social challenges, the spread of uncontrolled weapons, administrative corruption, and difficulties in safeguarding certain freedoms or amending specific laws negatively impact democracy and the rule of law. Nonetheless, democracy remains a relatively new concept for Iraqis, and raising awareness about it is crucial for societal development."
In turn, MP Abbas Al-Jubouri echoed this sentiment, noting that "the shift from dictatorship to democracy has brought about important change, though accompanied by friction and disruptions that may challenge the democratic process.”
“Even so, democracy remains the most effective system."
Speaking to Shafaq News Agency, Al-Jubouri added, "The concept of democracy in Iraq is becoming more deeply embedded in the political process with each passing day. While obstacles persist, democracy is emerging in a region where such systems are scarce, which is a positive development for Iraq."
Al-Jubouri also highlighted that "individuals and small groups are attempting to exploit the democratic system for personal interests, but these efforts will not damage the overall picture."
Human Rights Struggles
Iraq remains among the nations facing serious threats to democracy, 21 years after transitioning from dictatorship to democratic rule. According to Sarmad Al-Badri, spokesperson for the Iraqi High Commission for Human Rights (IHCHR), the country "still faces many challenges and complexities in the human rights file," despite the adoption of democratic laws and a constitution allowing for parliamentary and provincial council elections.
"There is a strong connection between democracy and human rights," Al-Badri told our agency. "The more democratic the states are, the more sustainable and effective their human rights laws become, in terms of legislation and the protection of citizens and their rights."
Iraq's 2005 constitution, the sole legal framework in effect, dedicates a section to "rights and freedoms." Article 14 guarantees that " Iraqis are equal before the law without discrimination based on gender, race, ethnicity, origin, color, religion, creed, belief or opinion, or economic and social status." Article 15 further affirms the right to "life, security, and liberty," stating these rights cannot be revoked except by law and judicial authority.
Yet, Al-Badri underscored that "greater efforts are still needed" to address ongoing human rights issues. Iraq continues to struggle with "health, environment, services, education, housing, freedom of opinion and expression, prisons, and preliminary investigations," he said.
Additionally, the country faces a litany of ongoing crimes, including "drug-related offenses, suicide, human trafficking, child labor, and domestic violence," alongside unresolved issues like displaced persons in camps.
Corruption, environmental degradation, desertification, drought, and overcrowded prisons further complicate the situation.
"All of this makes the state of human rights in Iraq far from ideal," Al-Badri explained, though he acknowledged progress in housing standards, daily income, and victim compensation.
Troubling Democracy Index
The latest Democracy Index report from the Normandy Institute in the European Parliament highlighted Iraq's precarious position as one of the ten most dangerous countries for democracy, placing it 130th out of 138 nations. Despite 21 years having passed since the US invasion, Iraq remains mired in severe challenges, including persistent security instability, humanitarian crises, economic and developmental setbacks, energy deficits, sectarian strife, and widespread corruption. “The country received a low score of 3.6 points.”
Furthermore, the report noted a slight improvement from last year, with Iraq moving up three spots from its 2023 ranking of 133rd.
Nonetheless, Iraq continues to face major threats to peace and democratic stability. "Iraq is still under the threat of terrorism, weak in addressing climate change, and suffering from water shortages and a food crisis," the report stated.
Protecting Rights, Promoting Democracy
IHCHR spokesperson has urgently called on Parliament to accelerate the enactment of critical human rights legislation. This includes laws on Child Protection, Domestic Violence, Freedom of Opinion and Expression, and the Right to Access Information. Moreover, he stressed the need for legislation addressing alternative penalties and ensuring that all laws are aligned with human rights standards.
"We need to implement regular reviews of laws and decisions in line with current realities and progress.”
In a separate appeal, he urged the Experts Committee in the Iraqi Council of Representatives to promptly appoint the Board of Commissioners for the High Commission for Human Rights. "The Commission is a constitutional body with a crucial role in monitoring and advancing democracy in Iraq," he stated.
If you remember last month, at just about this timeframe, the Iraqi economist Yasser Al-Mutawali asked the question to the Finance Ministry and to the general public – “Is It Time To Remove The Zeros” ?
So, another month has passed and we still didn’t see this project executed. But we will and soon. In conversations last week with my CBI contact I was told by the committee in charge of working on this project and executing it, that they are targeting November 2024. This period will begin the process for the swap out with the newer lower denominations.
To me this also means about a 1:1 at par rate of the IQD with the US dollar. But remember this is IN-COUNTRY only. Also remember these actions ALWAYS have dependencies. So let’s talk about these dependencies and make sense of them today.
Once again, the Project to Delete the Zeros raises its head up. But also remember the past. I know from experience from many of my conversations with my CBI contact that they pivot on goals, set them and then move in that direction. Often, they underestimate the timeframes needed to meet their goals they have to do to get there first and then hope for the best.