I have some XRP information. If you guys know Ripple XRP, the crypto arena, we have a new channel that has get started information because if you don’t know about it, XRP is new technology and a lot of the world doesn’t know about it, but there’s a lot of people that still do. But ultimately the bottom line is that technology is moving and so why not learn about it?
We’re not financial advisors by any stretch of the means. What we do is just give some information and we read the news. We try to be the best we can with what we know and if we can learn all together with this XRP and some other things related topics, have fun, enjoy. That XRP is going to be around for about 30 days for free.
So all of you that join, you won’t have to worry about it anymore. We’ll still get that one rate of 999 USDA. And obviously exchange rates around the world vary.
Look at the central bank delegation returned from the last round of negotiations with the United States treasury and the US Federal Reserve bank. They basically revealed a roadmap for radical and comprehensive banking reforms which begins with working to cancel certain things.
So basically it’s electronic platform for foreign transfers which was implemented and it’s basically in its first stage. But they say during the year of 2024 and up until right now, 95% of the transfer process from the electronic platform to the correspondent banking mechanism directly between it and iraqi banks has been achieved. So they’re at that stage now, they said that they were going to get rid of the dollar auctions, etc. like that in a manner that were aware of. They’re basically getting to the system and getting the banks all ready to go to do all their trade outside of the central bank.
The iraqi banks and correspondent banks will be doing all the import and they’ll be the ones that will be doing the dollar transfers for imports, exports. But ultimately the iraqi dinar will probably be on its own as opposed to having any real significant necessary need for commercial trade inside of Iraq because they’re going to get rid of their multi currency practise.
But basically they’re saying is going to happen before the end of the year. They don’t say what day, they just don’t. They’ve been saying it before the end of the year or within the end of the year, but now they’re still focusing on more like before the end of the year. That’s just for that last 5%.
They have 13 banks that are already set up, but I’m going to move forward. It says basically there’s been expectations and possible effects of an exchange rate and transfer operations to be baseless, but because the process will not be sudden or in one go at the end of this year. In other words, something could happen and it’s not going to be finished in one go at the end of the year specifically says because the process will not be sudden or in one go at the end of this year.
Trade that isn’t quite up to snuff or a par, be careful because you might find yourself with some losses. So anyway, they’re just basically not going to do it at one time. It says the central bank is basically found channels to transfer euros, channel yuan, chinese yuan, indian rupees and the UAE Durhams through approved correspondent banks.
We’ve known about that for quite a long time and it’s been something that’s been around since back into 2023. But, those 13 banks have actually begun to conduct transfer operations with that pre audit mechanism that has been agreed upon and approved in addition to transfers in the dollars. And who are they working with? They’re working with the US treasury and US Federal Reserve.
So therefore, if they’re saying they’ve begun this, they’re actually doing it and they have approval because of, they meet the criteria of international standards, etc. It says providing channels for personal transfers for legitimate purposes. So that’s anybody that wants to travel, do all that stuff. It says external purchases through electronic payment channels.
Another, another way of doing it, electronic payments, cross borders. Global transfer companies. Global transfer companies, they have cash sales for travellers, of course, paying cash dollars for incoming transfers to the parties and purposes specified in the central bank’s published instructions. So when they say published instructions, it means that people and traders, they don’t have any choice.
So central bank stresses that it has placed foreign transfer operations meeting dollar demands on soundtracks consistent with international practises and standards, the anti money laundering and terrorist financing law.
So they go on to say it’s proven that the reality of the price stability and control of inflation. So they have control. They’ve proven it.
Iraq’s not in a situation with runaway inflation, so we don’t have to worry about some of the things that you hear on the Internet.
But the new reform map is a result of these efforts previously made by the central bank and has been working on for a year and eight months. So they basically have been on this process, like I said. Well, almost as long as al Sudani has been in office. It’s about as long as the ministerial Council of Economics has been in place.
You guys remember that’s the highest executive authorities in Iraq, So basically they have a new audit mechanism that’s been put in place by the international company that’s facilitating this. The process has been finalised and has now been, is being restarted. So the central bank has continuously urged the opening of relations with correspondent banks because the iraqi bank, without having external correspondence, is considered a local bank and cannot open to the world.
So the central bank is telling you that specifically, if you’re not on the platform, you’re not doing what they’re doing properly, you’re not going to be able to do business with the world. But that implication right there alone should have you going, he just said what they’re talking about, doing banking with the world. They’re going to have to have an international acceptable IMF compliant exchange rate. They haven’t told us what that is yet, but we’re going to hopefully find out.
Central bank sells more than 250 million daily at the official price. They go on to say that this means that the bank covers foreign trade, explains there’s no inflation or price increases and they’re just basically saying there’s great praise in all meetings with international organisations, including the International Monetary Fund, the Federal Reserve, the US treasury, for these transformations, the management and the organisation of these external transfer process in the central bank of Iraq at the present time. So the largest entities in the world that deal with the function of moving money cross borders and payments is all set. They’re praising Iraq for how far they’ve come and what they’ve done.
So basically what they’re saying is that these operations were suspected by an independent external audit office.
So that’s big. So could that have been Ernst and young, K tube, KPMG probably, some of which have been completed while we await the completion of these audits in order to determine the overall picture and classify the nature of any problems or these problems, how procedures will be carried out regarding them later. So they’re obviously working on it.
And Samir al Nasiri, who is the one that was authoring this, basically gave an in depth update. I highly recommend you guys read it. It has 18 months of information that they talk about monetary, economic, financial and banking reforms have been effectively completed. Okay, so payment channels, global money transfer companies, all involved, everything for travellers.
Basically the correspondent banks have the ability to facilitate and cover foreign trade. What are they going to do with that? They’re just not going to have to use the central bank in the manner that they have in the past.
The central bank has a function and it hasn’t always been the function the way they have these dollar auctions. They told people on the ground, the people that are in the parallel market, that illegal black market, if you will, that change is coming.
The headline, I should say is al Sudani direct discourse is our permanent approach to building trust with the citizens. Prime Minister Mohammad Shia al Sudani stated that the direct discourse is our permanent approach to building trust with our citizens.
So in his speech today, he continues to say that they’re taking the same approach with higher momentum and unwavering determination towards building a strong, unified, independent Iraq. And an independent Iraq is a good thing. The government is everyone’s government.
And it’s success and ability to the aspirations of Iraqis. And what are they going to try to do? Achieve development, prosperity. Prosperity.
And it all will benefit all of the people as well. So ultimately, al Saudani’s just got an unwavering approach. He cleaning up and unifying the country. As you can tell, they’re trying to unify, well, they have a unified treasury account.
The visit of the Iraqi Economic Council delegation is important to enhance transparency and cooperation with the Kurdistan region. The iraqi prime minister’s advisor, he confirms that the visit of the Iraqi Ministerial Council of Economics.
That’s the MCOE that you’ve heard me talk about. In this particular case, it’s the MCOE for economic affairs delegation to the Kurdistan region reflects positively on the level of following up on the implementation of the general budget law, especially in the articles that are linked to organising the financial and economic issues of the Kurdistan region and enhancing transparency and cooperation with the Kurdistan region. They go on to say there’s importance of this visit, especially in the financial, banking and economic affairs that are related to the implementation of public policies and the coordination of federal mechanisms and procedures and their governance in line with the paths of the state’s government programme.
But federal mechanisms, I’m wondering if that’s of their new words for their new exchange rate, but it doesn’t say exchange rate, but federal mechanisms. We’ll see the instructions of the implementing the federal general budget law, especially article eleven of that law, are related articles to organising the financial and economic issues of the region.
I think it’s law number 13 of 2023, which is what the tripartite budget. And it’s according to the prime minister’s advisor of economic affairs, who’s talking about this. He goes on and says that a high level economic delegation, which gains great importance in enhancing transparency and close cooperation between the federal government and the regional government in a way that serves and enhances common national interests of the country. So al Sadani and everybody is looking forward to doing what?
Serving the people. So the Kurdistan regional government, Prime Minister Masrur Barzani, kind of the top dog over there in Kurdistan, it says the delegation of Iraqi Ministry Council for economic affairs at the Saud Saad, I should say Abdullah base for official occasions happened in herbal. So that’s where everybody was at, is at the Saadae base. It says the iraqi ministry of finance had set some objectives up of and for the visit of the delegation for that Ministerial Council of Economic affairs to Erbil.
Baker Hughes is one of the largest companies in the world that specialises in energy and oil services. So look, it says here the prime minister, Mohammed Shia al Sudani, received the chairman of the board of directors of Baker Hughes, a company specialized in oil and gas.
And its CEO Lorenzo Simonelli and his accompanying delegation, Al Sudane stressed. This is Al Sudane talking. Baker Hughes is one of the four largest companies in the world, specialising in energy and oil services, pointing out the government’s keenness on the company’s presence in Iraq, which was invited to expand investment through cooperation with the government or the private sector in the field of oil and gas, knowing that the market, the iraqi market, is becoming a promising market and that the government is planning major projects, no doubt especially integrated projects in the oil, gas and petrochemical sectors. So one of the largest, fourth largest or one of four largest companies in the world is knocking on Sadani’s door, or vice versa.
The prime minister refers back to what the development path I mentioned that includes projects to transport oil and gas, of course, stressing that the importance of completing these projects that the company is working on, on interac, especially the Nasiri oil field, in which the company is investing to extract associated gas with a capacity of 200 million standard Cuba cubic feet, you mathematicians probably could figure that out, which is hoped to be finalised and completed in 2026. So that’s not, that’s just a little over a year, maybe. Okay. Baker Hughes delegation confirmed their commitment to the government and their desire to invest in the Iraq and oil and gas sectors.
So there’s a commitment from these guys. They have come to put the final touches on a strategic framework agreement with the Ministry of Oil. And let’s see, it says, as well as sign memorandums of understanding in the field of gas and invest in the gas platform that will be established in the grand port of FA, expressing their desire to finance some of the projects. So the grand port of Fa gas to move where through probably Iraq into Turkey and into Europe.
So we’ll see how that turns out. So here’s an article that, this is fascinating and we’re going to get to the last one, but this is from the prime minister’s advisor, Soleil. I’ve always taken a shine to Nasseri. We had earlier on the first report, because they’re trusted, they’ve been around a long time and they literally are the right hand men of al Sudani for specific reasons and for other entities, finance ministry, etcetera, they have good advice and they tell it like it is and they probably keep very, very consistent.
The central bank’s decisions to contribute to reducing inflation rates in the country. So Soleil, he’s a financial advisor, of course, to Mohamed Saleh.
And you got to realise, why is Soleil, the financial advisor, talking so much about, for instance, enhancing the value of the local currency? Isn’t that what we’re waiting for, enhancing that value? I think we are.
Soleil said in a statement to the news agency that central bank’s policies play a major role in the stability of the currency. Now it’s still talking about currency which arrives, which, I’m sorry, achieves harmony between the internal value of the currency and the external value. So they’re talking about what value of the currency? Explaining that decisions to raise or reduce interest rates, a component of value as part of monetary policy work, will undoubtedly reflect on reducing inflation.
They’ve had very little inflation, okay. And now they’re talking about still even reducing it, possibly even more, okay, and maintaining the stability of what? The value of the iraqi currency. He adds that booming and sustainable economic growth in GDP contributes to enhancing the value and stability of the currency.
Noting that the real factors affecting the strength of the national currency include high productivity, high employment of the labour force, in addition to real investment, innovation, especially technological development, which enhances the value of the currency, all of which are factors generated by the real sector in the economy or national development policy. He points out the importance of political stability, the strength and governance of the administrative system, which are important behavioural factors in enhancing confidence in their national currency. So look, Soleil is openly talking about the value of their local currency, internal external value, reducing inflation, stability of the value of currency, strength of the national currency, enhancing the value of the currency, it’s just. It’s off the charts.
They talk about being historic. I’m pretty sure, with language like that, I’m looking forward, something forward to something that’s going to be very historic. The last but not least is fascinating because it’s a reiteration from Soleil, but it’s in a little different format than that. What I just read, it says, are the central bank’s decisions enough to stop inflation and strengthen the currency in Iraq?
Question, the news outlet basically says, part of the iraqi government, their efforts to improve economic situation and stabilise their local currency. The financial prime minister advisor says that the central bank’s decision is reducing inflation rates and strengthening the value of the national currency is part of that process. What’s the role of the bank? As he says, the role of the bank in Iraq is what stabilising the currency, I mean, just keeps going on, including decisions, rates or lower interest rates play an important role in stabilising local currency.
He explains that these policies aim to achieve a balance between the internal and external value of the currency. Economic growth, for instance. What’s it all about? Strengthening the currency’s value.
Soleil points out that sustainable economic growth strengthens the currency’s value, stimulating productivity and economic growth. He goes on, the technology and innovation can play a crucial role in improving productivity and economic growth, which enhances the value of the currency.
It says, importance of political and administrative stability. It says, Soleil explains that the political stability and the strength of the administrative system are important factors to what? Enhancing confidence in the national currency. Many people wonder about the extent of the political and administrative stability in Iraq, especially a lot of ongoing political crises and administrative challenges.
But yet achieving political stability may be essential to achieving the desired economic goals. And I’m not so sure that they don’t have economic stability. We know that Mandalawi is still the deputy of the House of Representatives. They don’t have a president in that yet.
So is one in the wings? Is one going to show up here shortly? But it’s based off the constitution. They can still do laws and all the things that are necessary to run the country because of in their constitution, that that can happen to facilitate the needs of the people.
