Now we hear first hand what my CBI contact told us was taking place to clean up and enforce the banking laws.
THE CENTRAL BANK OF IRAQ DECIDES TO CLOSE THE BABYLON BANK
The Central Bank of Iraq decided to close the Babylon Bank.
According to a document issued by the Central Bank of Iraq, addressed to the Babylon Bank, and received by “Al-Eqtisad News”, it decided to “refer the bank to forced liquidation based on the provisions of Article No. 69 of Banking Law No. 94 of 2004.
He added: “Appointing Ahmed Abdul Mahdi Nehme as liquidator of your bank.”
(This is the US Treasury inside Iraq as the strong arm to enforce Iraqi banking laws, something that was difficult for the CBI to do without repercussions from political members who used the banks to steal. So, now we hear first hand what my CBI contact told us was taking place to clean up and enforce the banking laws.)
Prime Minister Mohammed Shia al-Sudani participated in a dialogue session held in New York after midnight on Wednesday, by the American Chamber of Commerce and Al-Monitor, in the presence of an elite group of investors, businessmen, representatives of American companies, and the Iraqi-American Business Council.
During the session, His Excellency pointed to the new reality of Iraq, which is witnessing an economic and developmental renaissance in all its sectors, and has also taken great strides in the field of energy investment and associated gas, which had been wasted for years and cost the country losses estimated at billions of dollars, due to the import of gas and oil derivatives.
Mr. Al-Sudani stressed that the government has embarked on a series of rapid projects, including the important agreement with Total, which will contribute to increasing oil production and investment in associated gas by about (600) million standard cubic feet, in addition to offering the fifth and sixth rounds appendix, and entering into contracts for oil production and gas investment, indicating that after 2028, Iraq will achieve self-sufficiency in gas, in addition to activating oil derivatives projects, including the strategic Karbala refinery, whose production capacity reaches 140 thousand barrels per day, as well as rehabilitating the Baiji refinery, which was completely destroyed during the battles to liberate Baiji, and its production capacity is 150 thousand barrels per day.
The following are the most prominent points made by the Prime Minister during the dialogue session:
– When I assumed my duties as head of the government, the investment in associated gas was less than 40 percent, and now the percentage has risen to about 70 percent.
– We have finished importing oil derivatives, and we will stop importing gasoline at the beginning of next year, after completing the FCC project in Basra.
– We are ready to enter into a partnership with American companies in the oil industry sector.
– Our vision is to convert 40% of exported oil into transformation industries, which will give us more benefits than selling crude oil.
– Our policy is based on diversifying the contracting parties that invest in our oil and gas fields without specific conditions.
– The licensing round procedures are clear and transparent and do not favor or favor one company over another.
– Development cannot be achieved without a solid banking sector that operates according to approved international standards, and 95% of financial transfers in Iraqi trade are conducted through reliable banks.
– The currency sales window will be closed at the end of this year, and the money laundering office at the Central Bank is operating effectively.
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The government has contracted with Ernst & Young to reform the government banking sector, and we have strengthened citizens’ confidence in banks and expanded financial inclusion.
– Iraq is currently going through an unprecedented stage of stability and recovery since 2003, which is an opportunity to support the transition from a stage of wars and conflicts to a stage of development and stability.
– A stable Iraq in a sensitive region is beneficial to the world, which is what we have witnessed since October 7, as Iraq has maintained a great balance and calm, and we have kept Iraq away from the arena of conflict.
/ Our security forces have reached an advanced stage of capability and efficiency, and we have started an armament program to enhance their capabilities, and ISIS today does not represent a threat to our security.
– We need American small and medium-sized companies to form partnerships with Iraqi companies.
– We are working to create job opportunities for young people by activating the private sector or supporting their private projects, through several programs, including the (Riyada) initiative.
– The size of the projects granted for investment will provide a large number of jobs, and it is necessary for companies operating in Iraq to open training centers to develop the capabilities of young people.
– We stressed to companies operating in the electricity sector the establishment of stations maintenance centers in order to speed up completion and reduce costs.
– The government has a clear direction to support the agricultural sector, and farmers and farmers are in a transitional phase to use modern irrigation technologies that we supported by 30%.
– We provided loans to workers in the food industries sector of various types, part of which is covered by sovereign guarantees.
– The Central Bank has independence and exercises its powers with complete professionalism, and we intend to establish a new bank that adopts the latest technologies.
– We invite all companies operating in the field of electronic payment to work in Iraq and we will provide them with all facilities.
– We have developed a plan to develop the infrastructure, with allocations of up to 83 billion dollars.
September is the month where you have seen and heard more from the Central Bank ever throughout this entire year...
They have been more vocal and have completed more steps in the month of September than any other month...Critical things are happening. They're preparing to go international.
Jeff
They need to step away from oil. That's a World Trade requirement. They need additional forms of revenue streams to join the World Trade. They can't have just oil as a revenue stream. That's why they really have to roll out taxation and implement...
Jeff
September has been the most active month and it's been the most informative with news, actions, everything.
September has been their busiest month preparing for this rate change throughout this entire year. That's not coincidental.
They're preparing for the rate change. And they're preparing to go international.
Jeff
Pretty much everything happening right now, along with Sudani being in the UN, everything has to do with Iraq going international...
Jeff
We had five of these articles talking about deleting the zeros...and then one today, so six total within 3 days. Very amazing ...
Removing zeros is getting rid of the large 3-zero notes and replacing them with smaller size currency notes but at an increased value. So when the rate changes the large notes have the same purchase power before the rate change as the smaller notes after the rate changes. They would have to increase the value for the currency, strengthen it, to delete the zeros...
The Finance Committee announced, today, Thursday, an important agreement with the Kurdistan Regional Government of Iraq regarding reviewing its oil contracts with international companies and adapting them constitutionally.
The office of the head of the committee, Atwan Al-Atwani, stated in a statement received by (Al-Rabia), that “the committee delegation currently visiting Erbil held an expanded technical meeting with representatives of the Kurdistan Regional Government in the building of the Council of Ministers of the region, to discuss resolving the outstanding issues between Baghdad and Erbil.”
The head of the parliamentary delegation, Atwan Al-Atwani, said, “The meeting reviewed the oil files, financial revenues, automation of border crossings, unification of customs tariffs, and localization of employees’ salaries.”
...we have been told many times that the Project to Delete the Zeros is not just a common project to redenominate but for Iraq it is also a steppingstone as part of the process to the reinstatement.
This is the reason why I am so captivated on what just happened these last few days...We witnessed another onslaught of articles about the Project to Delete the Zeros once again...
the news media reports what is going on in Iraq so someone, something must have reignited the spark for the Project to Delete the Zeros...Yes, it was the CBI and when the CBI talks, I listen...the CBI sets monetary policy.
