STATUS OF THE RV PART 2 BY MNT GOAT, 4 JAN

 STATUS OF THE RV PART 2 BY MNT GOAT

😊There are two interesting articles everyone needs to read today concerning this recent move by the CBI on foreign transfers for imported good payments. 

The articles are titled “WITH THE BEGINNING OF THE NEW YEAR, THE US DOLLAR ENTERS A NEW PHASE IN IRAQ” and “CENTRAL BANK ANNOUNCES MAJOR ACHIEVEMENT IN FOREIGN TRANSFERS”.

 Both of these articles tell us the entire story of just what happened. 

One is very long but very interesting. Of course, these articles are trying to be objective in outlining the Pros and Cons of this recent CBI move.

 I do not agree with many of the Cons as there is an auditing process in place and the transfers are in dinars and converted to dollars or other currencies in the foreign country correspondent bank.

 So there is very little wiggle room for corruption or stealing of dollars anymore. This is going to lead to the downfall of the parallel market. How long will it take to kill the parallel market? Stay tuned as I am positive, we will be reading many articles about this in the near future.

Also, the CBI told us it is no longer in the business of selling dollars, which they tell us they never should have been doing that all along, but dire past circumstances forced them into the sales. 

The CBI is the keeper of the countries reserves and so why have they been selling the reserves? This has now stopped which will also mean more reserves over time and so we can see the Sovereign Funds concept becoming more and more of a reality for Iraq. 

See my Dec 31^st Newsletter for more information on the establishment of these Sovereign Funds for Iraq. Remember the reserves are the surplus oil revenues now mostly in the DFI funds parked in the U.S. banks. Will they obtain these funds and manage them outside of the control of the US Treasury?

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

FRANK26….1-1-25……..THIS IS A HAPPY NEW YEAR

CENTRAL BANK ANNOUNCES MAJOR ACHIEVEMENT IN FOREIGN TRANSFERS WITH COMMENTS OF MNT GOAT, 4 JAN

 CENTRAL BANK ANNOUNCES MAJOR ACHIEVEMENT IN FOREIGN TRANSFERS

The Central Bank of Iraq announces its success in adhering to its program related to the transition from foreign transfers via the electronic platform to the work of Iraqi banks through their foreign correspondent banks. This transition took place through stages that the foreign transfer process went through, starting with the window for buying and selling foreign currency and moving to the stage of the electronic platform for foreign transfers, and ending with operations to gradually enhance balances during the year 2024 and was fully achieved in the last week of this year.

This achievement is a radical transformation in line with the best international standards and practices to achieve a stable and secure financial system, and this work has received international support and praise throughout its implementation stages.

(Mnt Goat: So where is the RV then? Why still at 1/6 of a penny?)

The new transfer methodology is consistent with international practices followed in this field, which separate the responsibilities and duties of the Central Bank from the obligations, responsibilities and role of commercial banks. From this standpoint, the Central Bank of Iraq will continue to enhance the balances of Iraqi banks with their correspondent banks in the US dollar, in addition to a group of other currencies, such as (the Indian rupee, the Chinese yuan, the euro, the UAE dirham, the Saudi riyal, and the Jordanian dinar). This achievement has enhanced the efficiency and safety of foreign transfer operations, and their transition to the method followed in all countries of the world, which will make Iraq approach a new stage in its financial relations regionally and internationally and enhance the government’s orientations in expanding its economic relations and enhancing investment opportunities.

The efforts in this important achievement came through a series of ongoing detailed technical procedures and agreements, and great support from the Iraqi government, and the bank will continue to follow modern methods in managing monetary policy in Iraq, in line with its essential role in achieving financial stability, and its position among central banks in the region and the world, which will be positively reflected in the confidence and support of the external financial sector of Iraq and international financial and economic organizations.

Through this, the management of the Central Bank of Iraq seizes this important opportunity to express its thanks and appreciation to all those who contributed to achieving this great accomplishment, first and foremost the cadres of the Central Bank of Iraq, the banking sector in Iraq, and all international partners. 

Finally, the Central Bank of Iraq expresses its full readiness to support all Iraqi banks that work to develop and enhance their performance in the field of governance, compliance, and combating money laundering in a way that positively reflects on the confidence of international and regional banks in them to contribute to strengthening the Iraqi banking system and the Iraqi economy in general.

Happy New Year to you all. 

Central Bank of Iraq

Media Office

January 1, 2025

(When the CBI talks, I listen.)

FIREFLY: Saleh came out...and said the rise of the dollar will only be a bubble in the market, 4 JAN

 Frank26  

 [Iraq boots-on-the-ground report]  

 FIREFLY:Saleh came out...and said the rise of the dollar will only be a bubble in the market for a temporary period. 

 He doesn't want us to worry about it.

 He said it will not affect what is going to be given to us...Mr Sammy told me, wait and see what Alaq says.  He and the CBI control the rate not the parliament finance committee.

 FIREFLY: They're giving us instructions now on TV and standards. 

 They call it for the circulation and exchange of bank notes.  They tell us this mechanism is a unification...These are instructions on how to bring in our 3-zero notes... They just told us this mechanism will include a form of counting and sorting currency.  They say this will be implemented 2nd of January.  

FRANK:  This is great news.

EXCERPTS FROM MARKZ : from the Central Bank of Iraq today!! @DINARREVALUATION #iraqidinarinvestor

 

STARTING TO IMPLEMENT ASYCUDA GLOBAL SYSTEM FOR AUTOMATING CUSTOMS OPERATIONS, 4 JAN

 STARTING TO IMPLEMENT ASYCUDA GLOBAL SYSTEM FOR AUTOMATING CUSTOMS OPERATIONS

The Prime Minister’s Media Office announced on Tuesday the start of using modern automation systems to facilitate the entry of goods into border crossings and monitor them centrally, and the agreement to implement the global ASYCUDA system to automate customs operations.

The office said in a statement, seen by “Al-Eqtisad News”, that “in implementation of the directives of Prime Minister Mohammed Shia Al-Sudani regarding administrative and financial reform, which is included among the priorities of the government program, a special meeting was held today in the Prime Minister’s Office headed by the Prime Minister’s Advisor for Border Customs and Ports Affairs, where the procedures related to the governance of border ports and customs systems were discussed.”

The statement added that “the meeting witnessed the announcement of the completion of the necessary infrastructure to link all border ports with the latest technologies, and the start of the use of modern automation systems to facilitate the entry of goods into border ports and monitor them centrally. It was also agreed to implement the global ASYCUDA system for automating customs operations, enhanced with electronic payment services starting from January 1, 2025.”

He pointed out that “this step will contribute to achieving automation in ministries and institutions, including the e-government project and providing electronic payment services, which contributes to enhancing transparency and accountability, simplifying procedures, facilitating services and reducing bureaucratic obstacles, in addition to establishing good governance and combating corruption.” 

MNT GOAT: ABOUT THE IMPLEMENTATION OF ASYCUDA GLOBAL SYSTEM IN IRAQ, 4 JAN

 Mnt Goat   

Article:   “STARTING TO IMPLEMENT ASYCUDA GLOBAL SYSTEM FOR AUTOMATING CUSTOMS OPERATIONS” 

 in this article they are telling us the system will start on Jan 1st 2025. How could this be without the IQD on FOREX for a reference rate?

   I believe that this ASYCUDA system will NOT yet be online since the IQD is not yet on FOREX. ...it will need the IQD on FOREX to properly conduct the customs collection service through ASYCUDA...

my analytical thinking mind tells me something was held up again. It sounds too fishy to have multiple events being targeted around the same period (beginning of Jan 2025), and all of them relying on the IQD getting to FOREX.  Do you see it too?  Come on folks this is exciting not a disappointment!