It is still about the electronic banking to secure the dollar and dinar from the hands of the corrupt and the black market. They need to know where all the money is going and who has it. They still also need to flush out the hoards of stashes of cash outside the banking system too. This will not and cannot happen to the level they want until the “official” price of the dinar is over the dollar.
The path to the reinstatement is crystal clear. So, take what we learned just in the last 9 months and you can see the writing is on the wall. I don’t say this lightly either. We are just about there. But first things first.
Now can you remember I told you as we near the elections in the US this current crooked administration of the Biden and Harris must first be dealt with. Also there still are some loose ends that need to be “tidied-upped”. We are just about 66 days away to Nov 5th. This is a pivotal election in many ways. So now as we get closer to the US election cycle, these other issue become more and more important. THE PUSH IS ON!
One of the loose ends is the much-needed amendments to the Iraq Investment Law. They told us in an article that the WTO requested some changes to the law. In this same article, they told that this was the ONLY issue holding Iraq back from full accession. So, what pops out in the recent news. The article is titled “PARLIAMENTARY ECONOMY COMMITTEE DISCUSSES AMENDING THE “INVESTMENT LAW”.
The Iraqi legislative arena is currently witnessing intensive discussions about the fourth amendment to Investment Law No. 13 of 2006, as amended, in light of the significant expansion of investment activity in the country in recent years. So we may see this law very soon. Then the WTO.
Next yet another article is the one titled “CENTRAL BANK DISCUSSES IN WASHINGTON THE RE-INTEGRATION OF BANKS BANNED FROM THE DOLLAR”
The Central Bank of Iraq discussed in Washington the re-integration of banks banned from the dollar, in addition to contracting with electronic payment companies. regarding the visit of the delegation headed by the Governor of the Central Bank, Ali Mohsen Al-Alaq, to the United States of America, in which he said that the delegation discussed the use of electronic payment cards and ways to organize and stimulate their use in line with Iraq’s trend towards electronic payment.
This came “during separate meetings with a group of companies such as (Visa, Mastercard and MoneyGram), as the international auditing company (KPMG) presented an extensive analytical presentation of the uses of these cards, supported by recommendations and proposals to enhance organized use and accommodate the significant increase in citizens’ use of these cards.”
The statement added, “The parties gathered during the negotiations praised the important steps in enhancing the banking sector reforms, the most important of which is the contract that the delegation of the Central Bank of Iraq concluded with the company (Oliver Wyman) to conduct a comprehensive review of the conditions of Iraqi banks, especially banks prohibited from dealing in the US dollar, as the company will work to develop practical solutions to reintegrate these banks into the Iraqi and international banking sector, in addition to improving the level of banks’ procedures in line with international.
I told you that we would hear of the results of this meeting soon. And so here it is and it all sounds promising/ They need to restructure these banks. They need to buy and sell foreign currency, including the US dollar.
Next there was an article titled “CBI LAUNCHES NEW PHASE OF INTERNATIONAL TRANSFERS”. On August 30th, Shafaq News told us the Iraqi Central Bank (CBI) delegation in New York has announced the commencement of a new phase in international transfer operations, involving 13 Iraqi banks. According to a statement by the bank, this initiative is aimed at diversifying currencies and facilitating global transfers. The statement highlighted that this development follows an agreement on mechanisms to regulate these transactions, which will now include the use of the Euro, Chinese Yuan, Indian Rupee, and UAE Dirham.
So, now read my lips…. Can you say “international” along with me? Now do you know why I am so happy today? Can you see the writing is on the wall too?
Then the proverbial icing on the cake is a statement made by Al-Sudani’s finance advisor Saleh, that he believed that removing three zeros from the currency, globally, requires two conditions:
- “political stability and economic stability. When these two factors are available, countries resort to removing zeros from their currency,” adding that “the value is fixed and not affected. Rather, it is a relative change.”
2. He stated that the project to remove three zeros “we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies.”
It is noteworthy that a number of economists and experts recently called for deleting three zeros from the Iraqi currency,
They once again told us that “there was a delay” but they are now working on it? So what changes do they need to make to go forward once again? I hated even to ask this question as we have witnessed and are now witnessing all these changes happen right in front of our noses. All I can now is “I told you so”. That they are not yet ready but we can clearly see it will not be much longer.
