Wednesday, November 6, 2024
Coffee with MarkZ and Andy Schectman. 11/06/2024
😊PILLARS OF FINANCIAL REFORMBY MNT GOAT, 6 NOV
😊PILLARS OF FINANCIAL REFORM
WOW! WOW! WOW! I know, I know you are also a bit sick of hearing about these three major reforms groups from the White Paper. But haven’t we also seen so much progress on these reforms too? I have been showing all the articles on these Insurance but especially the Banking and Stock Market reforms. I have been emphasizing them whenever we see them. Remember? They are still ongoing and probably will be even after the reinstatement is done.
- Consolidation of banks, mandating only “official” CBI rates, ending corruption
- Assignment of banks to foreign banks to replace the currency auctions
- Reforms of the Iraqi stock market. Implementing a new investor interface to trade
In an article today titled “FOCUS ON THE BANKING SECTOR’, and I quote from it “Yasser Al-Mutawali notes these days a growing interest in the banking sector in general, both governmental and private. What does this trend mean? This comes amidst a noticeable shift in attention towards the banking sector, through the government allocating significant time in light of its great responsibilities, which means its awareness that all economic activities, including the implementation of strategic projects and means of encouraging investment, require a solid banking sector to implement its economic programs.”
Now you heard it from Yasser and so isn’t this what I have been telling you. Now that many of these banking reforms are working the government shifts its attention and focus more to the 2024 and 2025 budgets to the “implementation of strategic projects and means of encouraging investment”. Basically, now Iraq’s attention moves away from the banking and stock market sectors, the reforms and now to goes to the economy. All I can say is “I told you so” lol..lol..lol..!😊
WOW! WOW! WOW! Okay, so today in a very recent from a Nov 3rd article titled “IMPORTS AND DEPENDENCE ON OIL ARE OBSTACLES TO IRAQ’S ACCESSION TO THE WORLD TRADE ORGANIZATION” we read about “the financial advisor to the Prime Minister, Dr. Mazhar Mohammed Salih, said: The Iraqi economy lacks regulatory and supervisory regulations in the scope of trade relations and international requirements according to internationally approved standards”. Is this the hold up then?
Oh. But wait a second, hold your horses…. in an article from my Oct 10th Newsletter titled “THE GOVERNMENT COMPLETES THE FILE TO JOIN WTO”, in it we read that “Iraq has become an economic power that should not be underestimated, and has all the qualifications and capabilities to join the World Trade Organization (WTO) after completing all preparations for that”. So, what the hell is this recent article by Salih anyhow? What is Salih trying to tell us? Is he just trying to justify somehow the delay in the WTO full accession announce letting us think there is still much work to be done as the holdup? We are not stupid. We can read. Why is this announcement delayed? Put your thinking caps on for this one…. hint, hint GO RV!
In would like to tell you my “opinion” but if I did and I was wrong many would criticize me and bash me. So, I bring you just the FACTS and so let the FACTS lead us to the future and see how it all plays out between now and the end of the year culminating in early 2025 with the surprise we all pray for. Today is election day and so we begin this journey now that my CBI contact told me is planned to conduct the Project to Delete the Zeros.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/Parliamentary consensus to pass controversial laws soon - Urgent, 6 NOV
Parliamentary consensus to pass controversial laws soon - Urgent
Member of the House of Representatives, Muhammad Al-Ziyadi, confirmed today, Tuesday (November 5, 2024), that the politically disputed laws will soon be passed during the next stage.
Al-Ziyadi said in an interview with Baghdad Today, "There is a parliamentary consensus on passing the controversial laws that were postponed for more than one session due to political differences, especially since those laws were postponed by some parties under the pretext of the absence of a parliament speaker who represents a major component of the Iraqi people."
He said, "The upcoming sessions will witness the passing of these laws, and there is a parliamentary consensus on this. There is also the possibility of extending the legislative session for one month in order to decide on these laws."
Al-Zaydi explained that "these laws require dialogues and consultations to put the final touches on them at the legal and political levels."
Last Thursday, the House of Representatives settled the issue of the position of the Speaker of the House, granting confidence to Mahmoud Al-Mashhadani after two rounds of voting.
According to observers, the Iraqi parliament, in its current session and the last three sessions, is facing accusations of repeated negligence in completing the voting on dozens of important laws that affect the lives of citizens.
Some of these laws relate to important economic issues, the distribution of wealth, and freedom of expression, by postponing these laws to later sessions, for reasons that can be summed up as disagreements between parties on the one hand, and the repeated absences of representatives on the other hand, in addition to the fact that some of these laws do not conform to the interests of different political parties and factions. link
😊DE-DOLLARIZATION BY MNT GOAT, 6 NOV
😊DE-DOLLARIZATION
WOW! WOW! WOW! How much more evidence do I have to show you that we are on now course with the process, the first step of it? The Dr Shabibi plan says they must de-dollarize and so haven’t we seen this effort already?
Unfortunately, they will NEVER get to the point of eliminating the parallel market until they can get more of the major global banks to accept the dinar and convert it to dollars to pay merchants to pay their importers.
We read articles that so far arrangements have been made with only 4 major US banks for this purpose. There will have to be many more, especially Chinese, Eurpean and middle eastern banks. Many importers to Iraq simply still do not want to deal in the dinar.
They still want US dollars. Why is this? I have to tell you I have asked this to my CBI contact and I was told its solely because the dinar is still not recognized on the global currency exchanges it is felt is it is still “play money”. Their words not mine! So, knowing this we can now connect the dots and see just why Dr. Shabibi want the reinstatement first, if even at a lower rate, then the needed banking reforms to come later. His experience told him this was the case. We now see why he felt this way. But the IMF and global powers said yes originally to his plan to RV but behind the scenes covertly sabotaged his plan.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/Coffee with MarkZ. 11/05/2024
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