Prime Minister stresses Iraq's openness to all forms of constructive economic partnerships
Prime Minister Mohammed Shia al-Sudani stressed, on Wednesday, Iraq's openness to all forms of constructive economic partnerships.
The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Prime Minister Mohammed Shia Al-Sudani received in New York today, Wednesday, the CEO of Dubai Ports Company, Sultan Ahmed bin Sulayem, which is one of the most prominent companies specialized in managing ports in the world."
He added that "the meeting discussed aspects of cooperation and the possibility of benefiting from the extensive expertise available to Dubai Ports in the field of rapid transportation of goods and re-export, especially its extensive and successful experiences in transporting goods between Asia and Europe, where bin Sulayem expressed the company's desire to cooperate with Iraq in this field, as well as the possibility of forming partnerships with the private sector in various industrial fields."
The Prime Minister stressed - according to the statement - "Iraq's openness to all forms of constructive economic partnerships," referring to "Iraq's efforts to use the available capabilities to implement the Strategic Development Road project, which is among the priorities of the government program; as it represents an important pillar for the non-oil economy and an opportunity to develop infrastructure and provide thousands of jobs and employment opportunities link
Then also in today’s news they tell us and I quote from the article “AN IMMINENT PROCESS TO CHANGE THE SKIN OF THE IRAQI DINAR.. REMOVING ZEROS WILL REVEAL THE EXTENT OF CURRENCY MANIPULATION”
Define Imminent: as an adjective, about to happen.
I believe they really meant Inevitable rather than Imminent. With Arabic to English translation meaning sometimes gets lost.
But this is only my opinion and it could actually mean Imminent as I also believe we are in the final stretch leading to the Project to Delete the Zeros kicking off this fall between Nov and Dec we are very close to it now.
Either way we are very close and they can’t hold off progress much longer. This project, as you know, will ready the economy for the reinstatement in early 2025.
The reinstatement of the IQD will also facilitate the WTO accession, trade and coincides with the transition to the correspondent banking system will take place at the end of the year.
Define Inevitable: as an adjective, certain to happen; unavoidable:
I quote from the article titled “PRIME MINISTER: WE WILL SWITCH TO THE CORRESPONDENT BANKING SYSTEM TO CONDUCT 100% OF FOREIGN TRANSFERS BY EARLY 2025” – I quote from the article “Iraqi Prime Minister Mohammed Shia al-Sudani said that Iraq will switch to a correspondent banking system to conduct 100% of foreign transfers early next year.
Masoud Barzani to a parliamentary delegation: There is an opportunity to legislate the oil and gas law
The President of the Kurdistan Democratic Party, Masoud Barzani, stressed today, Wednesday, September 25, 2024, that "the opportunity exists to legislate an oil and gas law to regulate the distribution of wealth."
During his reception of a delegation from the Parliamentary Finance Committee, according to a statement by the Parliamentary Media Department, received by "Baghdad Today", Barzani stressed "his desire to resolve the differences between the central government and the region, expressing his support for the Finance Committee's movement in this regard."
The meeting discussed, according to the statement, "the overall common situation and ways to resolve the pending issues between the central government and the Kurdistan Regional Government, in a way that establishes a new phase of cooperation, coordination and understanding based on respect for the Iraqi constitution."
Al-Atwani reviewed "the files that the Finance Committee delegation came to discuss with the Kurdistan Regional Government, most notably the
implementation of the provisions of the Federal General Budget Law, the oil and national wealth file,the localization of employees' salaries, border crossings, taxes and customs, and other issues related to the financial aspect."
He stressed "the Finance Committee's constant efforts to find understandings that lead to radical solutions to the outstanding issues between the federal government and the region," stressing that "deferring the differences does not solve them, but rather increases their complexity."
Barzani praised the efforts of the Finance Committee "in terms of enacting laws, monitoring performance, and taking the initiative to end disputes." link
Hello! I have a question regarding the exchange rate after the DTZ. Based on my understanding a 25,000 IQD note will become a 25 IQD note. Let’s say for this example in the USA the rate ends up being .285 ($3.50 USD). Does this mean we would be exchanging a 25,000 IQD note x $3.50 for $87,500 USD -OR- would it be 25 IQD note x $3.50 for $87.50 USD?
Thank you so much to anyone able to explain this to me.
Answer from Mnt Goat:
First of all, what the hell is a DTZ? Who the hell have you been listening to?
To answer your questions please see this section in my blog. Please click on this LINK. It has been out there for a long time. Why don’t you click on it? Why didn’t you use the resources I provide you in my blog first?
This is exactly why I am here in my blog. I know all about the confusion and all the lies about this investment. These gurus are just a bunch of idiots trying to make a dollar off of fake intel. So, let’s at least get you on the right path. I am here to help those people who get al mixed up and confused by all this intel guru bullshit out there, especially TNT Tony, Bruce on Bigcall and MarkZ. Ouch..,, it hurts… Please click on the link to check out the rest of my blog. I hope this helps.
So, take out your currency. Lay it on the table and look at a 25,000 note. What does it say on it? Does it have 25000 or 25 on the face value? Enough said…. 😊
So, the CBI has told us just recently that Electronic Banking is an important step in the currency reform and banking process, but we knew that didn’t we?
Next, the CBI then told us all about the success of initiative. See article titled – “CENTRAL BANK GOVERNOR ANNOUNCES SUCCESS OF DIGITAL TRANSFORMATION PLAN IN IRAQ” WOW! WOW! WOW!
So what message is he trying to tell the Iraqi people? I do not think he is saying final success on that there is good success so far. Remember we were told the goal is about 80% of the working citizens. I quote from the article – “it clearly indicates the success of the digital transformation and electronic payment plan, and the percentage rose from 20 percent a few years ago to 48.5 percent”
Then also in today’s news, a parliamentary member comes out and says Iraq has a stable economy. I quote from the article – “PARLIAMENTARY FINANCE: IRAQ IS EXPERIENCING GOOD AND STABLE ECONOMIC CONDITIONS”. So then where is the project to delete the zeros? Didn’t Ali al-Alaq and others tell us that Iraq needed a stable economy to conduct the Project to Delete the Zeros? So they achieved it and now what?
Then also in today’s news they tell us and I quote from the article “AN IMMINENT PROCESS TO CHANGE THE SKIN OF THE IRAQI DINAR.. REMOVING ZEROS WILL REVEAL THE EXTENT OF CURRENCY MANIPULATION”
Define Imminent: as an adjective, about to happen.
I believe they really meant Inevitable rather than Imminent. With Arabic to English translation meaning sometimes gets lost. But this is only my opinion and it could actually mean Imminent as I also believe we are in the final stretch leading to the Project to Delete the Zeros kicking off this fall between Nov and Dec we are very close to it now. Either way we are very close and they can’t hold off progress much longer. This project,
as you know, will ready the economy for the reinstatement in early 2025. The reinstatement of the IQD will also facilitate the WTO accession, trade and coincides with the transition to the correspondent banking system will take place at the end of the year.
Define Inevitable: as an adjective, certain to happen; unavoidable:
I quote from the article titled “PRIME MINISTER: WE WILL SWITCH TO THE CORRESPONDENT BANKING SYSTEM TO CONDUCT 100% OF FOREIGN TRANSFERS BY EARLY 2025” – I quote from the article “Iraqi Prime Minister Mohammed Shia al-Sudani said that Iraq will switch to a correspondent banking system to conduct 100% of foreign transfers early next year.
Then another article goes on to say “The Prime Minister stressed that the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform, and less than 5% remains to be completed by the end of this year,after which the transition to the correspondent banking system will take place
”,
Does this mean the currency auctions as we know them today will end? Yes, I believe they are telling us they will end and the Central Bank will no longer support paying for imports in US dollars paid out of the CBI reserves. So the conversion of dinars to US dollars for this purpose WILL END. Instead, the Iraqi banks will work with “correspondent” banks in the countries they are doing trade with to pay for the goods and services. Looks to me that Iraqi merchants will take their Iraqi dinars and pay for the imports. The “corresponding” banks will then take the dinars and convert them to the currency used within the country of origin to pay for them.
EXAMPLE:
Let me give an example of the upcoming situation they just told us will begin in early 2025:
An Iraqi merchant buys a ship load of German beer. He then goes to an Iraqi bank and electronically pays for the beer in his dinars in his account. Dinars are then electronically sent to a German bank in Munich, Germany, as requested by the vender in Germany. The German bank converts the dinars to Euros and places them into the account of the vender (the brewery or wholesaler of the beer). Is this not exactly what we all hoped and wished to see for the last 2 decades? Yes, this normal international trade practices like all other countries and acceptance of the dinar globally. This is the final straw to ending the sanction like practices imposed upon Iraq due to the war. We all know that all provisions of Chapter VII were completed and Iraq FULLY released from the UN Chapter VII in December 2022. So it has taken this long to work out the process and finally get back to normal trade relations with the world. Part of this process is also to get back to normalizing their currency which also has to be set back to normal denomination of lower denominations on the face of the currency. Iraq was NEVER intended to stay on these larger 3 zero notes forever. Get it? It was part of the sanction process. Now the sanctions are over.
More proof of moving forward:
If this was not the case of reinstatement, then why would Germany (meaning the German bank) even want the Iraqi dinars if it was not a secure currency and globally tradable? What the hell would they do with the dinars? Banks are not in a habit of bad investments. Get it? So, YES, I am telling you the dinar would have to be tradable in the currency exchanges and widely accepted. Yes, back on FOREX. Can you say Revaluation? Can you say Reinstatement? Folks look at all the evidence I am showing you today. Do you still believe that there is not a 99% possibility, almost a 100% certainty that something has to happen to the Iraqi dinar in the next 3 months? I leave the 1% open because of the conflict going on with Israel and the terrorists. Still anything can explode and delay this process. But only delay it.
Folks, at this point I don’t’ know what else to tell you. Let’s tie up some lose ends.
We read in today’s news that the Oil and Gas law is not yet passed. Could this be a holdup?
Also, the Investment Law changes, as requested by the WTO and already reviewed by parliament are still sitting in the GOI going through revision. I suspect these Investment Law changes are also connected with the Oil and Gas Law too and so both will go together. But they are telling us this will NOT happen in the currency session of parliament. Will they work around the constitution and delay these laws and still move ahead with the currency reform? Let’s see how this plays out in the coming months.
