MZ: We have a really fun bank story from someone that works at a bank. This is a banking employee and I cannot tell you which bank. They asked (outside of the bank) about Nesara. The other persons eyes got really big and their jaw dropped.
They said “How do you know anything about this?” The bank employee told what they know about Nesara and the other said….”We have been signing a lot of NDA’s in our preparation for this , all of the employees are under a gag order and cannot speak about it ……
and we will be transitioning to a Wealth Management location .” They also made the comment that “the new money comes out in November. “ They have completed their training and have a new DelaRue machine.
Latest Updates on Iraq Economic Monetary Reform Completion 2024
Iraq has made significant strides in its economic and monetary reforms, with a focus on reducing oil dependence and enhancing fiscal sustainability. As of November 3, 2024, the country has achieved notable progress in several key areas, including banking reforms, non-oil revenue growth, and poverty reduction.
Banking Reforms and Financial Sector Modernization
Prime Minister Mohammed Shia Al-Sudani has emphasized the government's commitment to modernizing the financial sector and combatting money laundering. The Central Bank of Iraq (CBI) has completed 95% of banking transfers through an electronic platform, with the remaining 5% expected to be finalized by the end of 2024. This transition to a fully electronic system is a crucial step in aligning Iraqi banks with global standards and fostering a more robust investment environment.
Non-Oil Revenue Growth and Economic Diversification
The Iraqi government has made significant progress in diversifying its revenue sources. According to Prime Minister Al-Sudani, non-oil revenues have increased by 6%, and the poverty rate has decreased by 17.6%. These achievements are part of a broader strategy to reduce the country's reliance on oil and promote sustainable economic growth.
Fiscal Sustainability and Social Spending
Despite the challenges posed by oil price volatility, Iraq has taken steps to ensure fiscal sustainability. The International Monetary Fund (IMF) has recommended controlling the public wage bill and increasing non-oil tax revenues to protect critical social and investment spending. The government has also initiated reforms in the pension and electricity sectors to enhance efficiency and reduce fiscal burdens.
International Support and Cooperation
The United States Treasury Department has reaffirmed its support for Iraq's economic reforms, praising the country's rapid progress. US Deputy Treasury Secretary Wally Adeyemo highlighted the 6% economic growth rate and expressed readiness for further cooperation to advance economic development. This international support is crucial for Iraq's continued economic transformation.
Project Completion and Infrastructure Development
The Iraqi government has achieved 62% of its project targets across various sectors over the past two years, with a focus on infrastructure, wastewater treatment, and road and bridge projects. These projects have not only improved living conditions but also contributed to economic growth and job creation.
In conclusion, Iraq's economic and monetary reforms have seen significant progress in 2024, with a focus on reducing oil dependence, increasing non-oil revenue, and modernizing the financial sector. While challenges remain, the country's commitment to these reforms, coupled with international support, positions it well for continued economic growth and stability.
FIREFLY:Television is saying now the currency auctions were a mistake and the dinar should be link to a basket of currencies. They say it's the best thing for our economy.
FRANK: This monetary reform education is off the hook isn't it?! They're telling them constantly. It won't stop!
The much-discussed and often delayed Iraqi Hydrocarbon Law (HCL) is poised to play a critical role in the country's economic and political future. As of November 3, 2024, the law has been under intense scrutiny and debate for the past 15 years, reflecting the deep political and regional divisions within Iraq. The HCL aims to boost the country's hydrocarbon industry by attracting more international investments and transitioning from fee-per-barrel contracts to production-sharing agreements and service contracts.
Key Points of the HCL
Economic and Political Implications
The successful passage and implementation of the HCL would be a significant indicator of the Iraqi government's ability to achieve compromise and stability. Yahia Said, a key figure in the International Compact with the UN, emphasized that the law has become a political battleground between those who advocate for a more unified Iraq and those who prefer a decentralized federation. The law's approval could help calm violence and foster social, economic, and political stability.
Investment and Production
The new draft of the HCL, presented to the Iraqi parliament, aims to increase Iraq's oil production capacity to a record six million barrels per day (mbpd). This ambitious goal is part of a broader plan to accelerate hydrocarbon projects, including crude oil production, refining, gas, and renewable energy. The law's provisions for production-sharing agreements are expected to make Iraq a more attractive destination for international oil companies.
Regional and International Impact
The HCL's passage could have far-reaching implications for Iraq's relations with its neighbors and international partners. For instance, the resumption of the Iraq-Turkey oil pipeline operations, lauded by Turkish President Recep Tayyip ErdoÄŸan, highlights the potential for enhanced regional cooperation. However, the law's implementation will also depend on resolving ongoing disputes and building trust among various stakeholders.
Challenges and Controversies
Political Opposition and Regional Disputes
The HCL has faced significant political opposition and regional disputes, which have contributed to its long delay. The law's contentious nature reflects the broader political and economic challenges in Iraq. Critics argue that the current draft may not adequately address the concerns of all parties, particularly those related to revenue distribution and environmental impact.
Economic Incentives and Disincentives
While the HCL aims to create a more investor-friendly environment, some experts caution that the terms and conditions of the new contracts could still be a disincentive for international oil companies. The transition from fee-per-barrel contracts to production-sharing agreements will need to be carefully managed to ensure that both the government and private investors benefit.
Timeline and Next Steps
Legislative Process
The new draft of the HCL has been presented to the Iraqi parliament and could be voted on after the December elections. The financial adviser to Iraq’s prime minister, Mazhar Mohammed Saleh, has emphasized the importance of passing the law "as soon as possible" to establish a stable national road map for investment and production.
Future Outlook
The HCL's passage and implementation will be crucial for Iraq's future. It will not only impact the country's hydrocarbon industry but also have broader implications for its economic development and political stability. The coming months will be critical in determining whether the HCL can overcome the political and regional obstacles and achieve its intended goals.
Article: "AL-ALAQ: THE VOLUME OF CURRENCY IN CIRCULATION EXCEEDS 100 TRILLION DINARS"
Quote: “Today, we have more than 100 trillion dinars in circulation (issued currency), not all of the money supply, and reserves of more than 100 billion dollars, which means that the Central Bank has achieved an important basis for monetary stability,”
explaining that “inflation is the basic measure of the Central Bank’s ability to perform its mission and basic function. It is less than 3.8%, which is considered a typical percentage that actually achieves stability and prosperity.”
