...this is just not another article about the Project to Delete the Zeros but much, much more...I believe this project is going to move forward this fall, and I am told not until after the US election.
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CBI INTEL CONTACT
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.)
The government announces the suspension of gasoline imports and the closure of the currency auction at the end of the year
9/26/2024
Prime Minister Mohammed Shia Al-Sudani participated in New York, after midnight on Wednesday, in a dialogue session held 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, Al-Sudani pointed to the new reality of Iraq, which is witnessing an economic and developmental renaissance in all its sectors. It has also taken great steps 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 petroleum derivatives.
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’ annexes, and entering into contracts to produce oil and invest in gas
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 highlights of the Prime Minister's speech during the dialogue session:
When I assumed my duties as Prime Minister, the investment in associated gas was less than 40 percent, and now the percentage has risen to about 70 percent.
We have ended the import of petroleum 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 there is no favoritism or preference for 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 selling window will be closed at the end of this year, and the money laundering office at the Central Bank is operating effectively. The government contracted with Ernst & Young to reform the government banking sector, and we strengthened citizens’ confidence in banks and expanded financial inclusion.
Iraq is going through an unprecedented period of stability and recovery since 2003, which is an opportunity to support the transition from a period of wars and conflicts to a period 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 largely maintained 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 begun an armament program to enhance their capabilities, and ISIS today does not pose a threat to our security.
We need American small and medium-sized companies to partner with Iraqi companies.
We work 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 have confirmed to the 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 growers are in a transitional phase to use modern irrigation technologies, which 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 working 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 amounting to $83 billion. LINK
Article: "Al-Sudani concludes his visit to New York by meeting Guterres, who praised the discussions to end UNAMI’s work in Iraq"
Clare
Article: "Iraq Plans Currency Redenomination Amid Economic Challenges" Quote: "Many countries remove zeros from their currencies to revalue the national currency and facilitate financial transactions. This process involves eliminating a certain number of zeros from the nominal value of the currency, making it less inflationary and more stable."
Clare
Article: "Al-Sudani heads to New York to participate in UN General Assembly meetings" Quote: "Prime Minister Mohammed Shia Al-Sudani will head to New York...Saturday, to participate in the meetings of the 79th session of the United Nations General Assembly."
Article: ”Al-Sudani leaves for New York early next week to participate in the UN General Assembly meetings"
Article: "The judiciary and the State Council confirm that the Governor of the Central Bank of Iraq is subject to the legal retirement age (documents)" Quote: "The two councils confirmed in documents...that the legal age for retirement is 60 years, and upon reaching it, the duties of the official assigned to it end."
FRANK26: "DIGITAL BANKS ARE THE FUTURE OF IRAQ."............F26
Central Bank Governor Announces Success of Digital Transformation Plan in Iraq
9/25/2024
The Governor of the Central Bank, Ali Al-Alaq, announced today, Wednesday, the success of the digital transformation and electronic payment plan in Iraq, while stressing that digital banks will allow citizens to manage their operations through the phone.
Al-Alaq told the official agency, which was followed by "Al-Eqtisad News": "Through the data that was discussed in the electronic payment conference, 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, which is double the percentage," indicating that "this percentage came during the last two years."
He added that "there is a major transformation supported by a national strategy and a serious and direct government direction by the Prime Minister and giving the issue the momentum it deserves by providing the necessary infrastructure,"
explaining that "Iraq now has advanced infrastructure to accommodate electronic payment tools and financial services of all kinds so that we can soon move to the transformation to digital banks in which the mobile phone will be the one leading the various operations. This facilitates services for citizens, reduces the chances of fraud, reduces the chances of corruption, and provides important data at the national level on the nature of transactions, their content, and oversight of them and the compliance achieved through the large system."
He continued: “Many requests have been submitted to the Central Bank to establish digital banks, and this is evidence that the trend is receiving the attention of investors. There are more than 60 requests that the Central Bank is currently examining carefully to be able to meet the requirements and conditions that achieve success, because we must ensure that the first step in digital banks is a successful step,” stressing “the conditions, controls and rules that digital banks operate under, but they represent a major shift in banking services, and through them, citizens will be able to manage their operations through mobile phones.”
He pointed out that "a large percentage of Iraqis own mobile phones, and this is an advantage that we must invest in to carry out this task."
FIREFLY:We see articles on the news, reporters saying the imminent change to our currency is coming. Then he talked about deleting the zeros and the good that this would do and the bad. Then said our dinar would be stronger than the Jordan dinar.
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Today the television here in Baghdad again is also talking about deleting the zero project just like the Kurds televisions yesterday...They're saying it is back in the spotlight. They're talking about the banking road map by Alaq...
FIREFLY: TV shows USA Treasury personnel and they're saying to us that Iraq is very close to competing their money transfers to electronic to offset money laundering.
FRANK: To see it coming from the US Treasury is good...You ain't close dude! Horse shoes and grenades are close. This is pinpoint laser accurate. It is done! It is being announced.
