Association of Banks: Reducing the rate of inflation helped stabilize commodity prices, 3 OCT

Association of Banks: Reducing the rate of inflation helped stabilize commodity prices

Economy News – Baghdad

The Association of Private Banks confirmed on Saturday that the government’s success in reducing inflation to 3.8% helped stabilize commodity prices.

Ali Tariq, Executive Director of the Association of Private Banks, said in a statement reported by the official news agency, and seen by “Economy News”, that “the Association of Private Banks and the Central Bank of Iraq held a seminar entitled (The statistical cycle in the drawing of monetary policy),” noting that “the use of statistical data and information is a methodology taken by the Central Bank of Iraq, especially in the recent period in making decisions, whether at the level of monetary policy or decisions that affect the economy in general.”

He added that “the aim of the symposium is to clarify the economic, financial and banking data to the public by specialists; to view the data published on the Central Bank of Iraq website; to clarify the progress and imbalances with regard to the financial sector or monetary policy.”

Tariq stressed that “one of the important indicators is related to the banking sector, the size of deposits, the size of the money mass and the distribution of deposits between the public and private banking sectors, in addition to the impact of credit and loans and on GDP,” explaining that “on the other hand, as economic indicators, the most important of which were inflation rates, which decreased significantly in the recent period to reach 3.8 percent,” pointing out that “this is considered an excellent rate that maintains the stability of commodity prices and therefore the increase in prices less on the citizen.”

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https://economy-news.net/content.php?id=49412

BONDHOLDERS COULD GET THEIR PAYMENTS BEFORE THE 2ND FROM MARZ @DINARREVALUATION

 

STATUS OF THE RV, PART. 6 BY MNT GOAT, 3 NOV

 In an article titled “AL-SUDANI SUMMARIZES HIS GOVERNMENT’S ACHIEVEMENTS TWO YEARS AFTER ITS FORMATION “ the highlights of the speech of Prime Minister Mohammed Shia Al-Sudani during today’s cabinet session on Tuesday, October 29, 2024, on the occasion of the second anniversary of the formation of the government. You can go read the long list of all the work accomplished. I have to add that in the two decades of following this RV saga, I have never seen such a progressive prime minister. He is hitting all the reforms we should and are expecting. 

Oh.. but there are more and the one want -the currency reform. He has told the population many times already to expect it and its coming soon. Below is a video of his speak in the cabinet room. 

I recorded it and turned on the closed captions so you can read along, as they speak in Arabic.

The next bit of news is also VERY interesting. Please see article titled “THE FUTURE OF RELATIONS WITH WASHINGTON: IRAQ WANTS PARTNERSHIP, NOT HEGEMONY”. I can remember the first time Iraq used this term hegemony. I asked myself what the hell does that word hegemony mean? So, I thought of many of you, and you might feel the same way. I giggle now every time I see it articles. But I will say the word does a very precise meaning of what the U.S. has been up to with Iraq and how Iraq is still being held captive.

Define Hegemony: is the political, economic, and military predominance of one state over other states, either regional or global.

Can you understand now what the people of Iraq are saying? 

They want their freedom back, they want their country back. This they were promised when the US forces came into their country. They want freedom in all aspects, especially financial freedom. What do I mean by financial freedom? We all know that the US is intentionally suppressing the dinar and finding every excuse not to allow the reinstatement in the past. But Iraq was still under Chapter VII sanctions back then, so I gave it some merit. But now? Now since December 2022 these sanctions are over. Even the UN had decreed the DFI funds to be handed back to Iraq. That was over a year ago, yet the fund still exists in US banks. The U.S. wants to keep control over Iraq as long as they can. They are using this money as power and leverage. They are still not allowing Iraq to sell oil in other currencies. Remember the “petro-dinar”? All the articles on it. It will happen but this won’t  be the entire story only a part of it.  The US needs its military bases is Iraq. Well folks…this has been a struggle for Iraq, but Iraq will win the battle. Why not negotiate for these bases. But their negotiating power is diminished by the power of the US over the DFI fund. Get it? So, it is a sad situation be held hostage (hegemony) by a foreign entity so powerful! 

In summary Iraq is waiting to see the results of the US election, however, remember they still will need the assurances from the US Treasury and Feds on the process and that they will follow through to the end of it once the Project to Delete the Zeros is started. They believe there will be a great pressure from the new administration after the election to end the baloney. My CBI contact actually told me to tell you to PRAY that the right people win the U.S. elections. Enough said… Once started it would be very hard to turn back. So, I know you are anxious just like me and mein hubby. But we just have to PRAY and PRAY some more for these people of Iraq and that nothing messes up this process. Will you pray with me for the US elections? Will you pray with me for the Iraqi people?

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

AL-SUDANI SUMMARIZES HIS GOVERNMENT’S ACHIEVEMENTS TWO YEARS AFTER ITS FORMATION, 3 NOV

AL-SUDANI SUMMARIZES HIS GOVERNMENT’S ACHIEVEMENTS TWO YEARS AFTER ITS FORMATION

Insert video here

Two years after the formation of the government, Al-Sudani celebrates the completion of 62% of the government program

Highlights of the speech of Prime Minister Mohammed Shia Al-Sudani during today’s cabinet session, Tuesday, October 29, 2024, on the occasion of the second anniversary of the formation of the government:

The government’s overall achievement rate of targets in various fields during the government’s term reached 62%.

🔷 We succeeded in prominent and important files, faced difficulties in other files, and were late in some details and files.

🔷 Over the course of two years, we stopped more than once to evaluate the course of work, and we issued 3 reports on the implementation of the government program.

🔷 Our achievement was not limited to one sector, nor to one city or governorate, but rather covered the districts, districts, and city centers.

🔷 The service and engineering effort team was dedicated to completing quick services, and we addressed stalled projects, some of which date back to 2005, through Cabinet decisions.

🔷 The number of stalled projects was (1471) projects. We resumed work on (555) projects for ministries, and the stalled projects decreased to (916) projects.

🔷 We resumed work on (442) contracts and projects at the governorate level, and the ongoing projects amounted to (8934) projects.

🔷 We focused on infrastructure projects, sewage treatment plants and networks, and the provision of drinking water, and until yesterday we included new projects due to population expansion.

🔷 The traffic congestion relief project was one of the most prominent projects in Baghdad, which has not seen a bridge since 1996, despite the expansion.

🔷 Last year, we started road and bridge projects related to the million-person visits, to serve millions of visitors, and the number of traffic accidents decreased.

🔷 We were late in providing some services, such as the water desalination project in Basra, and the required service at Iraqi airports, which is still below the required level.

🔷 We were late in preparing residential plots of land, and it was our obligation to start distributing 500,000 residential plots of land, and land is one of the complex problems that hinder residential projects.

🔷 In health, we opened new hospitals, specialized centers, health centers and primary care, and a large number of hospitals and health centers were rehabilitated.

🔷 In electricity, we achieved the highest production of electrical energy by reaching 27 thousand megawatts, and we started new projects, and opened projects to resolve grid bottlenecks, and others related to the combined cycle and new feeders.

🔷 We have taken an important step in solar energy, and work is underway on 15 projects with a total capacity of 5,720 megawatts.

🔷 At the housing level, we announced important residential cities that will bring about a qualitative shift in allocating housing units with all services to citizens.

🔷 We have made significant progress in school building projects, some of which are lagging behind, such as Project No. 1. This year, we will complete the Iraqi-Chinese agreement projects, and schools have been rehabilitated and restored in all governorates.

🔷 There is a project by the (Iraq Development Fund) that will end the issue of the need for schools according to a new vision related to purchasing the service.

🔷 The National Education Strategy 2022-2031, the Study in Iraq project, and scholarships for studies at reputable universities were launched.

🔷 In the axis of combating poverty, 962 thousand families were covered by social protection, an increase of 85%, which means that 7 million and 600 thousand individuals were covered by social protection.

🔷 130 million food baskets have been distributed monthly since the formation of the government, and over a period of two years.

🔷 We have activated the student grant, school nutrition, and tuition fees for those covered, people with disabilities, and children with diabetes, and added them to social protection and health insurance.

🔷 We targeted multidimensional poverty and poverty alleviation for families below the poverty line.

🔷 Government measures contributed to reducing the poverty rate in Iraq to 17.6% after it was 23%.

🔷 In the file of combating unemployment, the government addressed inherited problems by appointing hundreds of thousands of higher education graduates, contracts, and top graduates, and we launched the (Riyada) initiative for employment.

🔷 Government measures contributed to reducing the unemployment rate in general from 16.5% to 14.4%.

🔷 In combating financial and administrative corruption, we worked at several levels to reform the administrative institutions, and adopted a new philosophy in recovering funds and wanted persons, and achieved numbers in this field.

🔷 In the axis of economic and financial reform, the government has taken steps that constitute structural reforms in which all state institutions have contributed.

🔷 Overall inflation was reduced from 4.9% in 2022 to 3% in 2024.

🔷 We achieved a 6% increase in non-oil revenues, and increased tax revenues for the year 2024 by 23%.

🔷 The amounts collected from electronic payments reached (7.6) trillion dinars, after they did not exceed (2.4) trillion dinars in January 2023.

Highlights of the speech of Prime Minister Mohammed Shia Al-Sudani during today’s Cabinet session, Tuesday, October 29, 2024, on the occasion of the second anniversary of the formation of the government:

🔷 The establishment of the (Iraq Development Fund) represented the most important reforms included in the budget law, and represents a new vision to support the private sector, and we included an article related to granting sovereign guarantees for projects.

🔷 We have achieved a shift in offering investment opportunities and granting investment licenses in the field of industrial and agricultural projects.

🔷 We started localizing the pharmaceutical industry, opening several projects, and reaching 35% coverage of local needs after it was 10%, and it is hoped to reach 85% within 3 years.

🔷 The failure to properly implement the Social Security Law has had a negative impact on the private sector as companies, and has also undermined workers’ guarantees.

🔷 We have taken measures to support an attractive business environment for companies, register companies with tax departments, and provide customs facilities.

🔷 We face challenges at border crossings, despite the reforms and implementation of network connectivity, but the revenues of the crossings have not reached the required level, especially with regard to our crossings in the Kurdistan Region of Iraq, and we need more measures to control them and unify the customs tariff.

🔷 We have been late in developing the tourism sector, and we have not invested in our religious, historical, archaeological and natural sites, despite their importance in supporting the national economy.

🔷 We have the right to achieve self-sufficiency in terms of strategic crops, and we need to work more to implement an agricultural vision according to the available water resources.

🔷 We have made decisions to establish a national mobile phone company, and we are waiting to complete the matter with international companies so that the service will be available and represent additional revenues for the state.

🔷 In the sports sector, there are advanced percentages of stadiums that have been completed and that are important to athletes.

🔷 We announced the Strategic Development Road project, and signed the quadripartite memorandum of understanding with Qatar, the Emirates, and Turkey, and work is ongoing to complete it.

🔷 We work in parallel with companies specialized in the design process for current railway rehabilitation projects, to be a second project until the development road project is built.

🔷 We announced the (Karbala-Najaf Train) and (Baghdad Metro) projects, and we are continuing negotiations with the sectoral entities and the consulting company.

🔷 The water management project with the Turkish side is one of the most important strategic projects that will ensure sustainability in the agricultural sector.

🔷 We have achieved advanced completion rates in the announced projects for the Grand Faw Port, including the docks, the submerged tunnel, the navigation channel, the container yard, and the link road.

🔷 We have reached an agreement with the countries of the international coalition to end the coalition’s mission within a declared time frame.

🔷 We were able to issue a resolution in the UN Security Council regarding the UN mission.

🔷 We face financial challenges through providing cash liquidity, controlling spending priorities, and shifting to a program budget according to the ministerial program.

🔷 We seek to increase revenues, rationalize spending, and digitally transform financial and customs transactions.

🔷 We work to subject all financial transactions to compliance and governance rules.

🔷 The old legislation does not keep pace with the current stage, and it disrupts the process of reconstruction, investment and services.

🔷 The region is going through developments as a result of conflicts, which directly affect the security and economic conditions in Iraq.

🔷 We are in the process of making a ministerial amendment according to performance and work indicators. It is not a political position towards this bloc or this party, but rather a desire to achieve more effective performance to meet the requirements of the stage and the aspirations of citizens.

🔷 We have completed an important entitlement, represented by the provincial council elections, after it was delayed for years.

🔷 The population census is one of the important entitlements that await us.

THE CBI CONTINUES TELLING TO THE CITIZENS THAT THEY ARE GOING TO RAISE THE VALUE OF THE DINAR

 

STATUS OF THE RV, PART. 4 BY MNT GOAT, 3 OCT

 Then we learn in another the article titled “AL-ALAQ CALLS FOR FIXING THE PRICE OF A BARREL OF OIL IN THE BUDGET AT $40”  Yes, when the CBI talks I listen. Ali Al-Alaq has never let me down. I am big fan of his. I do believe in his plan to bring this reinstatement to reality. He is a very strong believer in the possibility of the great wealth that could be Iraq’s, if only they can manage these much needed reforms.

In this news articles we also find that Ali Al-Alaq, the governor of the Central Bank, revealed the imminent/establishment of national companies and banks specialized in electronic payment and financing small projects, while calling for fixing the price of a barrel of oil in the budget at $40. So, to me it sounds like he has control over the fate of the economy and is planning changes to coincide with the new monetary and financial system. Opps…. Did I just say “new monetary and financial system”?

As investors following the CBI moves, we must keep remembering that the main goal of the CBI is to watch for inflation. It is the Central Bank and so it must protect the reserves of the country and use them wisely for the benefit of all. Is this not “monetary policy” ? Oh… but let’s not forget that the dinar is all part of this effort too and the nations wealth is always dependent on the sovereignty and value of its currency. So can you see Ali Al-Alaq also know this factor and this too is a final outcome of all his efforts. But his effort are also ongoing even after the reinstatement we have left the bank from our exchange. These reforms are NOT about us, but about making Iraq a power house of wealth, prosperity and abundance. We are just a small part of it, the last stop on the choo-choo train. When the train stops they are at their destination. Then they must continue to grow from that point.

Next, the CBI talks about “cross border” controls for money transfers. The bank said, according to a statement received by “Baghdad Today”, that “in order to reduce the risks of bringing in and out money across the Iraqi borders and exploiting this in money laundering or terrorist financing operations, and based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2025, and the provisions of Controls No. 1 of 2029 (amended Controls No. 1 of 2017), the following must be adhered to. You can go read the list of controls if you wish in the article section of today’s Newsletter.

Going forward let’s turn our attention to see if the prime minister is a good prime minister or if he is sandbagging the reforms, like many Iranian officials have alluded to.

So after Two years after the formation of the government, Al-Sudani celebrates the completion of 62% of the government programs. I would say this is VERY accomplished.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

IRAQ IS DITCHING THE US DOLLAR. WHY? BY MNT GOAT, 3 OCT

 IRAQ IS DITCHING THE US DOLLAR. WHY?

I wanted to bring this video to you today so you can hear the news of what is taking place in Iraq and to know it is NOT all just about the RV. This is not my words but words of researched news journalist. This process of ditching the US dollar has a much wider, a more concerning reason for Iraq. But having said this, ditching the dollar is, in my opinion, as it is Iraq’s, the first real step to solidify the inevitable end to corruption with their currency and the revaluation. This will lead to what outside Iraq investors in the three zero dinar notes want to hear, yes it will lead to getting back on the foreign currency exchanges.

But what about BRICS? Rumors have talked about Iraq wanting to join BRICS. Can they? Will they be allowed to full accession to BRICS?  

Before we answer these pivotal questions, let’s first take a look at what BRICS is so we all are on the same page and understand this organization first. Then we can answer the question – Is this Iraqi membership coming in the near future?