Mnt Goat

• The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed today, Monday, “that the banking reform and development strategy is the main pillar for reforming the comprehensive national economy.”

How many times must they tell us this. Do you believe it yet?

• Al-Nusairi pointed out that “the measures currently taken by the Central Bank with the support of the government to launch its new third strategy for reforming and developing the banking sector for the years 2024-2026 according to seven main objectives, 24 sub-objectives and 75 initiatives to implement the objectives focusing on:

achieving monetary and financial stability,

strengthening the banking sector,

enhancing digital transformation,

activating electronic payment,

enhancing financial inclusion,

maintaining a sound financial system,

developing the organizational structure and human resources,

strengthening the internal and external relations of the Central Bank,

and the banking sector’s compliance with international standards.”

How many times in the news must they tell us the importance of electronic payments and the digital transformation? But are they where they need to be yet in order to pull the trigger on the Project to Delete the Zeros. In todays news they give us an answer.

• Al-Nusairi pointed out that “a national strategy for bank lending in Iraq for the years 2024-2029 was launched.
•  ECONOMIST: THE IRAQI BANKING SECTOR HAS ACHIEVED SIGNIFICANT GROWTH Al-Obaidi said despite all the challenges and shocks the banking sector  faced during this period, it was able to achieve growth in many areas, specifically in financial inclusion, as well as an increase in bank assets and maintaining the volume of deposits

Here it is “increase bank assets, get those stashes of currency into the banks. How will they do this?

• THE ROLE OF THE IRAQ STOCK EXCHANGE IN SUPPORTING MONETARY POLICY IN IRAQ Lawyer and banking expert Saif Al-Halfi, “The world is now moving with rapid steps racing with the wind in the role of stocks supporting monetary policies”. “we can look at the Iraqi Stock Exchange as a tool supporting monetary policy and influencing the state of the rentier economy.”

they told us the importance of the stock exchange (ISX) in the monetary reform. Get it yet?

•  IRAQI BANKING SYSTEM.. A SIGNIFICANT INCREASE IN THE NUMBER OF BANK ACCOUNTS AND THE VOLUME OF DEPOSITS FOR CITIZENS The accession of the Iraqi Deposit Insurance Corporation (ICDI) to the International Association of Deposit Insurers was a decisive step in improving confidence in the banking system. When citizens and investors trust the banking system, they are more willing to deposit their money in banks.

“Increase bank assets, get those stashes of currency into the banks.

•  The banking system in Iraq is gradually regaining citizens’ confidence with the increase in the number of bank accounts in the country.

. “Increase bank assets, get those stashes of currency into the banks.

• “There is no accurate figure for the amount of money looted in Iraq after 2003, but all indications indicate that it is hundreds of billions of dollars, some of which was smuggled abroad and some of which was turned into support for building economic wings for parties, forces and companies .”

And they told us they were concerned about a few million to print the newer lower denominations as a con for doing the Project to Delete the Zeros. Are you kidding me?

•  Economic expert, Abdul Rahman Al-Shaikhli, “EXPECTS IRAQ’S GOLD RESERVES TO RISE OVER THE NEXT TWO MONTHS.”

•  THE US FEDERAL RESERVE ADOPTS A NEW STRATEGY TOWARDS IRAQ.. “the dollar is threatened with rising to unprecedented levels”
•  EXTENSION PUTS 7 MEASURES BEFORE THE SUDANESE TO ELIMINATE THE “ROOTS OF CORRUPTION” IN THE CENTRAL BANK Member of the Political Bureau of the Imtidad Movement, Masoud Al-Rajhi, confirmed today, Saturday, “that the Central Bank has lost its sovereign decision due to the presence of two factors that hinder its work: conflict of interest and corruption, calling on Prime Minister Mohammed Shia Al-Sudani to take 7 measures to eliminate the roots of corruption in a serious and inevitable manner.”
• EXPANDING THE ELECTRONIC PAYMENT BASE IS AN IMPORTANT FINANCIAL TRANSFER. The global smart card company “Ki” described the expansion of the electronic payment base in the country as moving to an important stage in financial transactions.

The “digital transformation! You think its important?

•   PARLIAMENTARY TALK ABOUT THE TWO MOST IMPORTANT FEATURES OF IMPLEMENTING THE E-GOVERNANCE SYSTEM

Member of Parliament, Haider Al-Salami, considered today, Sunday, that the two most important features of implementing the e-governance system in Iraq are reducing the amount of corruption and the speed of completing transactions.

… The “digital transformation! You think it’s important?  You think the Feds and US Treasury are pushing this to combat corruption? Why in hell else are they parked in Iraq?

•  IRAQ SPEEDS UP STEPS TO JOIN WTO  The Ministry of Trade has doubled its efforts to join Iraq to the World Trade Organization (WTO) after participating in a wide round of negotiations that pave the way for full membership.

This WTO will NOT happen until the US Treasury says this corruption is cleaned up, at least to some level and standard. Yes, Oops they are holding it up again…

•  AMERICA TO CONFINE IRAQI BANKS TO PREVENT CURRENCY SMUGGLING TO IRAN The United States is working to prevent the Iraqi banking sector from helping Iran evade U.S. economic sanctions by stopping the flow of currency to Iran and using Iraq’s dollar reserves as a conduit to Tehran.

Could this be why the US Treasury just parked its ass on an entire floor in the CBI? Who the hell cares if it’s the new building or the old one.

• IRAQI PARLIAMENTARY INTEGRITY COMMITTEE ACCUSES CBI OF LACK OF TRANSPARENCY IN DOLLAR AUCTION “failing to provide data on the destinations where foreign currency is spent, confirming plans to hold the Bank’s governor accountable”.

• CORRUPTION AND FAVORITISM WEAKEN THE IRAQI STOCK EXCHANGE: NEGLECTED LAWS AND A BITTER REALITY Many joint-stock companies and banks participating in the Iraq Stock Exchange have shown their failure to submit their final financial statements for the year 2023, reflecting a state of chaos and indifference towards the laws regulating the work of the Iraq Stock Exchange.

Yes, they told us once again that the Stock Exchange reforms are important….isn’t this reform one of the Pillars of Financial Reform. This means they have to fix it, like in “REFORM” it…get it? Have they completed this yet? Apparently there is still much work to be done. Going to RV this weekend? Really? How ridiculous!

• US PRESSURES PUSH THE CENTRAL BANK OF IRAQ TO CLOSE AND MERGE TROUBLED BANKS An informed source revealed that the US Treasury and the US Federal Reserve have asked the Central Bank of Iraq to take urgent and strict measures to merge the banks restricted from using the US dollar.

Mnt Goat: Oops they did it again… Yes, yet another reason why the US Treasury and Feds have set up shop in the CBI. They are going to reorganize the entire banking system in Iraq. Literally almost start from scratch!

•  US TREASURY TAKES CONTROL OF IRAQ’S CENTRAL BANK TO COMBAT MONEY LAUNDERING Three informed sources close to the political and parliamentary decision-making process in Baghdad revealed extremely dangerous information confirming that the US Treasury Department has taken a permanent headquarters in the Central Bank of Iraq building.

Mnt Goat: Oops they did it again… Yes, yet another reason why the US Treasury and Feds have set up shop in the CBI. They are going to reorganize the entire banking system in Iraq. Literally almost start from scratch!

• PARLIAMENT RETURNS THE OIL AND GAS LAW TO THE GOVERNMENT: IT MUST ADD PARAGRAPHS THAT KEEP PACE WITH GLOBAL DEVELOPMENTS  after amending paragraphs in it and reaching political consensus on it.

Mnt Goat: Oops they did it again… If you had half a brain and been reading the articles on this matter you can clearly see that Kurdistan needs the money they make stealing oil as all oil revenue is supposed to go to the general Federal fund in Baghdad. The HCL would finally make this illegal. Oh.. but the 2005 Iraqi Constitution already makes it illegal but it also mandated a referendum to clarify it.

•  AL-SUDANI REVEALS PART OF HIS FIVE-YEAR PLAN 2024-2028: SERVICES AND DEVELOPMENT Prime Minister Mohammed Shia Al-Sudani launched the five-year national development plan (2024-2028), during a ceremony held today.

Mnt Goat: we will learn more about this in the coming weeks. We don’t need this fully implemented to get the RV.

•  AL-ALAQ: THE FINANCIAL SITUATION IN IRAQ IS GOING ACCORDING TO PLAN The Governor of the Central Bank, Ali Al-Alaq, confirmed the stability of the financial situation in Iraq.

Mnt Goat: This is where the Alaq and the Feds butt heads…..

•  IRAQ RAISES ITS GOLD HOLDINGS TO MORE THAN 148 TONS after it was 145.7 tons, which represents 10.02% of its total other reserves. Iraq advanced one rank to reach 29th place globally out of 100 countries included in the table, after it was ranked 30^th.

There is a reason for raising its holdings in so much GOLD. Did you figure it out yet? You will in today’s Newsletter.

• PARLIAMENTARY INTEGRITY COMMITTEE PREPARES TO QUESTION THE GOVERNOR OF THE CENTRAL BANK OF IRAQ

Member of the Parliamentary Integrity Committee, Hadi Al-Salami, revealed on Thursday that his committee has been following up for more than a year on the file of ending the assignment of the Governor of the Central Bank, Ali Al-Alaq, from his position.

You see, Alaq can’t reveille the entire plan to the committee as they would see a huge spur of corruption later is selling and buying dinar. Its called insider trading…. Get it?

• CENTRAL BANK GOVERNOR’S RESIGNATION: ADMISSION OF FAILURE OR ESCAPE FROM THE REPERCUSSIONS OF THE FINANCIAL CRISIS? The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.

Mnt Goat: Remember that the GOI has not yet accepted his resignation. Alaq does not want to leave the CBI as he feels he is doing a great job but his plan takes time but they are getting impatient. Then the Feds stepped in…..

•  AFTER SANCTIONS.. A NEW AMERICAN STEP TOWARDS IRAQI BANKS The United States of America did not stop at punishing some Iraqi private banks by preventing them from participating in the currency auction held by the Central Bank of Iraq daily to sell the dollar, but the US Treasury Department recently returned and informed it of the need to merge and close some of those banks, thus deciding their fate after many suspicions had been raised about them.

Mnt Goat: Yes, yet another reason why the US Treasury and Feds have set up shop in the CBI. They are going to reorganize the entire banking system in Iraq. Literally almost start from scratch!

• AN EXPECTED MEETING IN NEW YORK.
  Al-Alaq said that “there will be meetings with the Federal Bank and the US Treasury Department at the end of August to review all aspects related to foreign transfer operations and discuss sanctions on some banks
• THE CENTRAL BANK OF IRAQ HAS PLACED ZAIN IRAQ ISLAMIC BANK UNDER GUARDIANSHIP, in a move that reflects the bank’s unsound practices and unsatisfactory management performance, threatening the independence and integrity of the Iraqi banking system.

Yes, yet another reason why the US Treasury and Feds have set up shop in the CBI. They are going to reorganize the entire banking system in Iraq. Literally almost start from scratch!¹

• TRADE BANK OF IRAQ INVITES EXCHANGE COMPANIES TO PARTICIPATE IN THE DOLLAR SELLING WINDOW It is noteworthy that the Central Bank of Iraq decided on July 4, 2024 to start selling dollars to travelers, exclusively through corporate and banking outlets at international airports.
•  RAFIDAIN ANNOUNCES THE IMPLEMENTATION OF THE COMPREHENSIVE BANKING SYSTEM IN 37 BRANCHES The media office of Rafidain Bank stated in a statement received by the Iraqi News Agency (INA), that “in implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, the comprehensive banking system was applied.

here it is again the “digital transformation! You think it’s important?  You think the Feds and US Treasury are pushing this to combat corrupting?

• DUE TO FINANCIAL VIOLATIONS, A REPRESENTATIVE DEMANDS THAT SUDANESE TERMINATE THE ASSIGNMENT OF GOVERNOR OF THE CENTRAL BANK Today, Monday, member of the Parliamentary Integrity Committee, Hadi Al-Salami, called on the Prime Minister to end the assignment of the Governor of the Central Bank, Ali Al-Alaq, stressing that he will direct oral questions to the Governor of the Central Bank.

•  GOVERNMENT ADVISOR: INCREASED EXPORT CAPACITY BOOSTS CURRENCY VALUE financial advisor to the Prime Minister, Dr. Mazhar Mohammed Saleh, stated that the global currency rates are determined in two main ways: floating and fixed prices, indicating that there are many local and international factors that control the strength of the currency, such as supply and demand, interest rates, inflation, growth in the local economy, trade balance, and others.
•  A NEW EPISODE OF THE ECONOMY IN A WEEK PROGRAM.  AGAIN ABOUT THE PROJECT TO REMOVE ZEROS FROM THE IRAQI DINAR AND ALSO ISSUE A NEW CURRENCY  A training film for the Iraqi citizens on the project to delete the zeros is broadcast throughout Iraq. You can watch the film and get more info HERE.

•  CENTRAL BANK PREPARES FOR NEW TALKS WITH THE FEDERAL RESERVE :  CANCELLATION OF ELECTRONIC APPLICATION FOR TRAVELERS’ DOLLARS TO PREVENT FRAUD In response to what Al-Zaman published on its front page in previous issues, the Central Bank obligated banks to ensure that the process of purchasing dollars and depositing dinars must be done in person by the beneficiary exclusively.
•  CENTRAL BANK GOVERNOR PARTICIPATES IN A WORKSHOP SPECIALIZED IN ELECTRONIC PAYMENT The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment.

You think electronic payment is important in Iraq? You think having the electric grid running 24/7 is also important? Are you making the connections now? All the events in Iraq are interconnected. One thing will allow something else.

• MONEY LAUNDERING: 500 ELECTRONIC PAYMENT CARDS USED TO TRANSFER MONEY OUTSIDE IRAQ WERE SEIZED AND THEIR HOLDERS WERE ARRESTED IN BAGHDAD The Intelligence Agency announced the seizure of 500 electronic payment cards used to transfer money outside Iraq and the arrest of their holders in Baghdad.

• NEARLY 200 BILLION DINARS IN “FINES” FROM THE CENTRAL BANK OF IRAQ ON BANKS AND EXCHANGE COMPANIES The Central Bank of Iraq announced on Tuesday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 181 billion Iraqi dinars during the past six months.

•  IS IT TIME TO MAKE A DECISION TO REMOVE THE ZEROS Economist Yasser Al-Mutawali,  From the above analysis, it is clear that the procedure of deleting zeros is not appropriate at the present time. When use of electronic payment tools reaches 90 percent of citizens, then the decision to delete zeros can be implemented easily and smoothly.

• ECONOMIST IDENTIFIES WEAKNESSES IN BANKING SYSTEM: 80% OF MONEY SUPPLY IN CITIZENS’ HOMES – URGENT Financial and economic affairs expert Alaa Jaloub Al-Fahd revealed today, Sunday (August 18, 2024), a weakness in the Iraqi banking system.

• GOVERNMENT ADVISOR: “PETRO DINAR” REQUIRES GOOD STOCK OF FOREIGN CURRENCIES AND GOLD The Prime Minister’s advisor for financial affairs, Mazhar Muhammad Salih, explained today, Sunday, that “the adoption of the dinar in pricing oil, or what is called (petro dinar), requires, first of all, the availability of foreign reserve currencies or gold.

Mnt Goat: Could this be why Iraq has been beefing us their reserves with so much GOLD?

 SUDANI: THE GOVERNMENT PAYS GREAT ATTENTION TO THE ELECTRIC POWER FILE Prime Minister Mohamed Shia al-Sudani said on Sunday that the government pays great attention to the electric power file.

• GOVERNMENT ADVISOR EXPLAINS THE POSSIBILITY OF USING THE DINAR INSTEAD OF THE DOLLAR IN OIL SALES The Prime Minister’s Advisor for Financial Affairs, Mazhar Mohammed Salih, clarified today, Sunday, what is being circulated in some media outlets regarding the possibility of using the dinar instead of the dollar in oil sales.
•  A DEPUTY REVEALS THE RESULTS OF THE WAR ON “HARD CURRENCY” SMUGGLING  “The efforts of the Ministry of Interior with the Central Bank and supporting formations contributed to reducing the file of hard currency smuggling by 80%, while directing 11 specific strikes to companies and offices dealing in the file of selling currency illegally.”

AS THE REGION CONTINUES TO STEAL OIL…THE OIL AND GAS LAW IS IN THE PARLIAMENT’S DRAWERS Independent politician Adnan Abdullah confirmed on Thursday that oil smuggled from the Kurdistan region is sold for less than half its value. Abdullah told Al-Maalouma, “The region smuggles about 300,000 barrels per day, and this is no secret and the government and all political forces know about