FRANK26: "LOL!!!... GIVE IT UP ALREADY... ALAQ IS NOT GOING ANYWHERE.".........F26
The judiciary and the State Council confirm that the Governor of the Central Bank of Iraq is subject to the legal retirement age (documents)
9/18/2024
The State Council and the Supreme Judiciary settled the controversy over the continuation of the Governor of the Central Bank of Iraq, Ali Al-Alaq, in his position after reaching the legal retirement age.
The two councils confirmed in documents reviewed by Shafak News Agency that the legal age for retirement is 60 years, and upon reaching it, the duties of the official assigned to it end.
According to the documents, the House of Representatives clarified the legal position of Al-Alaq continuing in his position by addressing the State Council, which confirmed that Al-Alaq is included in the State Employees Law, noting that it had previously had an opinion on this matter on August 26, 2019.
In turn, the Supreme Judicial Council confirmed what was approved by the State Council regarding the inclusion of heads of independent bodies in the State Employees Law.
As you might remember each month, I started compiling a list of the newest events we have witnessed during a period of time. I wanted to continue this effort also for the month of September, but I am not.
Instead, I have to say it is all just about implementing the Electronic Payment and Inclusion of the banks into this new process.
I decided to save time not to list out all the articles this month. You know what they are and you read my commentaries throughout the month. But this does not downplay this effort by the CBI and the Finance Committee. They are committed now to complete this effort, and I believe they are way beyond our expectations of just where they currently stand in this effort.
Ali Al-Alaq is still the acting Director of the CBI just as we were told by my CBI contact the GOI never did accept his resignation.
The goals are still the same as they want to eliminate this Black Market corruption with the dollar and set the rate first at par with the official CBI rate.Then once this is in control, they intend to change the official rate and the rest is history as the saga of the currency swap out can then occur.
Again, in the articles today they talk about the stashes of currency outside the banking system and tell us there is that there are about 70 trillion dinars (about 50-60 billion US dollars) of free money supply, pointing out the possibility of investing it through the transition to the electronic system in financial transactions. But how will they do this? How can they get the citizens to turn over this money to the banks to get it digitized
?
Economist Qusay told Al-Maalouma told us that by focusing on investing in financial inclusion is accompanied by many benefits, the most prominent of which is withdrawing the free cash flow outside the banking system into the banking system. This is estimated at about 70 trillion dinars, or an average of 2 million dinars for every Iraqi citizen.”
We have read in the past that this effort to get this amount to the banks, could lead to an increase in liquidity in banks and increase their ability to grant through small and medium income-generating projects or by increasing the capacity for long-term strategic investment financing. So do you see the strategy yet of what Iraq is doing? In articles today they point out that and I quote – “Iraqi banks have the qualifications to switch to the electronic system, noting that “the transformation of the financial sector to the electronic system with credit cards will pave the way for attracting international investments and increasing confidence in the Iraqi economy.”
In short summary, is this not what we all want to happen so they can pull the trigger on this revaluation and reinstatement. Just asking 😊 😊 😊.
If you want to take a look at the previous list of events for previous months, we have never seen such progress since late 2022, please click on the LINK HERE to get to this blog page to read all the other events.
FRANK26:"ALAQ CONSTANTLY REASSURING CITIZENS THAT THE USD WILL NEVER COME BACK, BUT THEIR NEW CURRENCY WILL COME BACK SOON".............F26
Is the decline in oil prices related to the rise in exchange rates? An "important" clarification from Al-Alaq
9/18/2024
Baghdad
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Wednesday, that all transfers are subject to auditing processes, while he indicated that the decline in oil prices has nothing to do with the rise in the exchange rate.
Al-Alaq told the official agency, which was followed by "Al-Eqtisad News", that "the Central Bank provides the dollar at the official price to all commercial and personal channels, travelers, and all types of operations that represent legitimate activities, operations, and requests."
He pointed out that "any price outside the country is a price that only indicates the existence of abnormal operations that attempt to deviate from the official and legal system and the correct fundamental channels," stressing the need to "focus on the amount of sales carried out by the Central Bank at the official price and those seeking the dollar, whether they are traders, importers, individuals or travelers.
"
He pointed out that "methods have been put in place for each channel to secure the provision of dollars on the one hand, and a very large degree of oversight to verify the integrity of the pre-operations before they are implemented," noting that "this is a major shift in foreign transfer operations, as they were previously audited at a later stage, and today all transfer operations are not carried out or implemented except after they are subject to the auditing process."
He explained that "the decline in the price of oil has nothing to do with the rise in the exchange rate because Iraq has foreign currency reserves that enable it to defend the exchange rate."
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Wednesday, that all transfers are subject to auditing processes, while he indicated that the decline in oil prices has nothing to do with the rise in the exchange rate.
Al-Alaq told the Iraqi News Agency (INA): "The Central Bank provides the dollar at the official price to all commercial and personal channels, travelers, and all types of operations that represent legitimate activities, operations, and requests."
He pointed out that "any price outside the country is a price that only indicates the existence of abnormal operations that attempt to deviate from the official and legal system and the correct fundamental channels," stressing the need to "focus on the amount of sales carried out by the Central Bank at the official price and those seeking the dollar, whether they are traders, importers, individuals or travelers."
He pointed out that "methods have been put in place for each channel to secure the provision of dollars on the one hand, and a very large degree of oversight to verify the integrity of the pre-operations before they are implemented," noting that "this is a major shift in foreign transfer operations, as they were previously audited at a later stage, and today all transfer operations are not carried out or implemented except after they are subject to the auditing process."
He explained that "the decline in the price of oil has nothing to do with the rise in the exchange rate because Iraq has foreign currency reserves that enable it to defend the exchange rate."
💢Q & A - Camper Warm Fuzzies 😛 #rvthereyet #happycampers #GLL This was from chat on Thursday night 9.19.24
💢Q - Teddie Bear: Hi Ginger ❤️… should we be warm and fuzzy also? 🥹🫣 (After seeing Mark's terrific video clip)
💢A- Ginger: Hahaha 😂😁. That's so cute
Welp, I gotta tell ya.... Warm your fuzzies at your own discretion. 😉😛☺️
I'm personally gonna remain in chill mode 😉😁😎🌺. I'm gonna wait and see what pans out over the next several days. I'm encouraged, for sure.... But I'm guarded too...
We're still waiting for a definite confirmation that CMKX has begun to actually pay out. 🤔 That's still up in the air as far as I'm concerned. ➡️ If anyone has first hand knowledge of movement please let me know ASAP.💥
➡️ Until then, I see us in a holding pattern -- but the happy news is it could all move in a matter of hours (electronically) or a couple of days after the adjudicated funds paperwork is hand delivered to recipients (by sheriff deputies, etc). The point is, it will be fast and not a long, drawn out process. I just don't see this (CMKX) as a domino that's fallen yet. (We need this to go because it's in the GCR side of the coin. See my past teaching posts to learn more. Search 🔍 key word "Bookends")
Also, we're waiting for the "Trigger Event" (whatever it will be) - another piece I just can't budge on. 🤨🧐🤔 The stage is being set for something bigger to pop off. What will it be?
When these people/gurus/psychics were "calling it" for yesterday and today (earlier 9.18 & 9.19),
I was just over here rolling my eyes. Nope I didn't see it. Not quite ready. My gut says these items - non negotiables - still have to happen. But I'm very happy with the news coming from Iraq nonetheless. 🙂
After we get confirmation that CMKX has gone THEN I'll be in the warm and fuzzy mode. 😁😉💜
Until then, hang with us here in the chill zone in the lovely Lounge.
