Prime Minister Mohammed Shia Al-Sudani issued on Friday a number of recommendations to reform the financial and banking system in Iraq.
The Information Office of the Prime Minister said in a statement received by “Economy News” that “as part of efforts to reform the financial and banking system, as one of the priorities of the government program, the Sudanese directed to take a number of steps in this regard:
1. Increasing the number of banking branches in the governorates to meet the needs of the local population, and in a way that contributes to expanding the scope of financial services, while paying attention to buildings, their modernity and providing their basic requirements.
2. All banks in the governorates must adopt modern technologies such as online banking services and mobile applications, making it easier for citizens to access their banking services easily.
3. Emphasizing on banks the importance of developing their financial services commensurate with the needs of individuals and small companies, such as soft loans and savings accounts.
4. Enhancing financial inclusion in the governorates by providing banking services to different categories of society, including districts and areas in villages and rural areas.
5. Launching conferences and awareness campaigns in the governorates, to educate citizens about the importance of dealing with banks and how to manage and invest funds properly.
6. Organizing workshops to train young entrepreneurs and local businessmen on how to deal with loans and financial services.
The statement explained, “The Ministry of Finance, the Central Bank of Iraq, and the associations of Iraqi private and Islamic banks will coordinate with the governors’ offices to complete the above tasks according to jurisdiction and responsibility, and submit quarterly reports (every three months) to the Prime Minister’s Office on the progress of work regarding the steps mentioned above.”
Everyone should be VERY excited in the aftermath of the U.S. elections. I can’t help but be reminded of the song “The Wicked Witch is Dead” from the classic movie The Wizard of Oz. All of my wonderful readers who voted in this election. Did you vote based on the issues or on personality or maybe just because you felt obligated to vote straight party line ticket? I certainly hope its not the later.
Today is Thursday and here we sit with no RV and once again many of these intel gurus told everyone it was supposed to RV yesterday, Wednesday. Oh yes, their such great contacts told them so….. lol.. lol.. ☹ Folks, I just can’t believe the stupid stuff I am hearing. It all makes my head spin. Yes, sometimes mien hubby and I pour a nice glass of wine and sit and listen to these intel calls. We laugh and laugh at how stupid.
So, let’s Chattanooga Choo Choo our Choo-Choo home!
I want to get right into my conversation I had yesterday, Wednesday, with my CBI contact. Of course, my main questions were based around where do we go from here, now that the US elections are over? The response to my questions boils down to the negotiating that Iraq will do with the new administration as the future Trump cabinet is being named.
My contact told me not to expect any move forward with the Project to Delete the Zeros until this new administration signals, they will “fully” support it and the “process” and move to the end of the process, which is, as we all know, the reinstatement. Remember we don’t go to the bank until the reinstatement back on FOREX occurs, the end of the process. Then the new rate also has to coincide with a rate of the dinar we are willing to exchange for.
My contact also told me there is a planned meeting next week with the director Al Al-Alaq to review the status of the committee work and plan out the next phase of the project to delete the zeros. I asked “next phase”? Please explain, I said? I was told that the CBI will no longer be supporting the currency auctions come the end of the year. I already knew this. But this was the best part when she told me they are now working on many more foreign banks besides the already arranged four (4) U.S. banks that are going to also come into process of supporting the international conversion of dinar to dollars on payment of imports to Iraq. Folks this was music to my ears when I heard this news. Why would these other banks want to exchange dinars if they were not going to be worth something and globally traded? We already reviewed why in one of my recent Newsletters. At that time, I told you just what I was told by my CBI contact back then. But now there are more banks coming onboard.
This news was VERY good news for all of us. It tells us there is going be some huge change in policy of currency exchange for international trade with Iraq. Think about it, why else would the CBI make such a drastic change in policy with the currency auctions if the US didn’t tell them to “ditch the dollar” and do it now. Why is the US Treasury working so hard and even occupying an entire floor of the CBI if not to help them ditch the dollar.
But in order to do it Iraq needed the reforms as I described in the “Pillars of Financial Reform”. Remember according to the Obama plan reforms come first, then they can rebuild their economy and somewhere in the new economy building phase, they strike out and delete the zeros and reinstate. Didn’t we just read this in a recent article in my Nov 5th Newsletter? So, come the end of 2024 don’t you think these reforms will be ‘good enough” to let the dinar finally get to FOREX? I was told t his is their target. We are now hearing mostly about the economy and rebuilding it. Seems the news from Iraq changed over from talking mostly about the banking and stock market reforms to rebuilding the economy. Yes, it seems it’s now all about the economy.
Remember, and I keep asking you to remember, that the RV is really a byproduct of the process, get it? It all about the process. I believe they no longer have a choice. To ditch the dollar, they will have to get rid of the currency auctions and do business of foreign trade just like any other country. Remember that the currency auctions were imposed upon Iraq as part of the fix to help Iraq survive while under the Chapter VII sanctions. Those sanctions have been over since Dec 2022. I know you are tired of hearing all this from me…. lol.. lol.. but it is almost 2 years since.
To sum it all up – To me I see what is happening in Iraq as a final “cleanup” from the sanctioned days and war years. Kind of like the final rinse in the washing machine before the clothes come out clean. They are getting back on their feet, they are getting clean of corruption. Remember that under Saddam Huissen, there was massive corruption too only we never knew about it then. The concentration now it mostly on using the banking sector successes and new laws to rebuild economy. Yes, the groundwork or foundation has been laid out.
In the coming years, you will see Iraq as a major tourist destination and people will flock from around the world to see their museum treasures. I may even return there someday myself and remember my military time. It would also be nice to perhaps have dinner with my CBI contact in person. Maybe I will get a tour of the new CBI building… lol.. lol.. lol.. ?
Prime Minister Mohammed Shia Al-Sudani, on Friday, conducted a telephone call with US President-elect Donald Trump, expressing congratulations to the President and the American people on the occasion of winning the elections, and the great trust given to him by the American people.
The two sides also stressed, according to a statement from the Prime Minister’s Office, a copy of which {Euphrates News} received: “The desire to pursue the strategic partnership between the two countries, and strengthen bilateral relations in ways that exceed the security aspect, through close cooperation in the fields of economy, money, energy and technology.”
The Prime Minister pointed out that “he was aware of Trump’s words and promises, during the election campaign, including his commitment to end the wars in the region, and the two sides agreed to coordinate together to achieve this.”
For his part, the US president-elect expressed the desire to work positively with the Prime Minister, and to meet in the near future to discuss expanding relations between Iraq and the United States of America, and to work on these common files.
My contact told me not to expect any move forward with the Project to Delete the Zeros until this new administration signals, they will “fully” support it and the “process” and move to the end of the process, which is, as we all know, the reinstatement.
Remember we don’t go to the bank until the reinstatement back on FOREX occurs, the end of the process. Then the new rate also has to coincide with a rate of the dinar we are willing to exchange for.
My contact also told me there is a planned meeting next week with the director Al Al-Alaq to review the status of the committee work and plan out the next phase of the project to delete the zeros. I asked “next phase”? Please explain, I said? I was told that the CBI will no longer be supporting the currency auctions come the end of the year.
I already knew this. But this was the best part when she told me they are now working on many more foreign banks besides the already arranged four (4) U.S. banks that are going to also come into process of supporting the international conversion of dinar to dollars on payment of imports to Iraq. Folks this was music to my ears when I heard this news.
Why would these other banks want to exchange dinars if they were not going to be worth something and globally traded? We already reviewed why in one of my recent Newsletters. At that time, I told you just what I was told by my CBI contact back then. But now there are more banks coming onboard.
Sudan's top adviser refutes leaked 'billion-dollar bribe' allegations
11/8/2024
Abdul Karim Al-Faisal, Chairman of the Advisory Board in the Council of Ministers, denied on Friday what was circulated by some social media and "yellow pages" about a "fabricated" audio leak.
Al-Faisal explained, in a statement received by Shafaq News Agency, that "the audio clip that was published was fabricated against me, and I deny the issuance of such content in its entirety and in detail, and it is pure slander," stressing that "there is no truth to his withdrawal from work."
He continued: "I place all my trust in the Iraqi judiciary, which, after God, will be the support and helper to bring me justice against those who wronged me," announcing that "this is targeting and warning to
everyone who works and fights with honor and integrity the types ofcorruption that have ravaged Iraq's wealth."
Al-Faisal concluded by saying: “I know that this is a price paid by those who do not rely on the corrupt and their methods that lack chivalry and morals, and the rumour-mongers will not deter us from building the state and its institutions with this cheap targeting.” LINK
