My commentary today is wordy and long, but most informative. But most importantly remember that these are not my “opinions” or “suggestions” rather they are taken from the news directly from Iraq. All I did it translate them and try to make some sense of them for you.
I quote from the article titled “I WANT TO SPREAD AWARENESS ABOUT ELECTRONIC PAYMENT? READY TO USE IT?”
The rate is controlled by the currency exchange or the CBI (official rate) whichever one they are linked to. Either way, the rate is determined at the bank, when the transaction goes through at the bank when the card is used. NO rate on the card. Not possible and common sense even dictates this.
Next, we read from this article that the banks finally issuing these debit cards that can be used globally, such as in the U.S.
Next, we can interpret these electronic debit cards as yet another move by Iraq to open up to the rest of the world. It should tell you yet another move out of the sanctioned- mode that Iraq has been in just occurred. Thus they are joining the world stage again but bigger and better this time. Yes, it is slower than we want but it is happening right in front of our noses now.
I want to cover yet another article titled “A NEW LAW TO REFORM THE IRAQI ECONOMY.. WILL IT ACHIEVE ASPIRATIONS?”. As I mentioned Iraq seems to be in rebuilding their economy. Yes, all about the ECONOMY now. Why is this? Most likely its because the banking reforms are winding down and so now they have the banking and financial infrastructure needed to move much more aggressively in the direction of rebuilding their economy. What do I mean by infrastructure? What I mean is all the work they have been doing (and I have been showing you) on the Pillars of Financial Reform (banking, insurance and stock market reforms).
Now that the citizens have begun trusting the banks (due to the electronic and digital banking) they are now turning in their stashes and hordes of currency. This allows for much more liquidity in the banks as the banks now have more capital to loan out for projects to rebuild the economy. Get it? See how these reforms are now helping? With more confidence in the banks investors are also beginning to flock into Iraq to get a slice of the proverbial pie of the money they can make in Iraq.
So now we see the Pillars of Finance Reform, the groundwork laid down to rebuild the economy and so the attention now moves to the economy. Just keep remembering what I told you – the reinstatement is a “BYPRODUCT” of the Financial Reforms. Rebuildng the economy can not happen with the capital and they can’t get the capital unless they collect these stashes of dinars. They told us this in the White Paper and then in articles years ago.
Yes, I too know that the agreements and paperwork are all nearly completed to set the reinstatement in motion. But who cares? Really who cares when we know this is not going to happen until the CBI is ready. The CBI is not ready until they first secure the banks, the stock market, provide security (insurance) and then begin rebuilding the economy.
There is also the case of the change of the corrupt US administration. yes I must mention this too as it is a factor. They will not be ready until the US Treasury and the Federal Reserve gives them the green light. These events have no significance to us unless the new rate of the dinar in on FOREX and a rate that we like to see.
We also know that this move to FOREX is NOT going to happen until we see the Project to Delete the Zeros orchestrated.
This article talks about obligating all licensed exchange companies under categories (A, B) and all licensed brokerage companies of category (C) to buy and sell foreign currencies to obtain a specialized certificate for their companies’ work. This is all good as it shows the CBI is adding yet another safeguard of the Iraqi Stock Exchange (ISX) from corruption. It is titled “SPECIALIZED COURSE IN THE WORK OF EXCHANGE AND BROKERAGE COMPANIES (A, B, C)”
Then in another article they tell us the market value of listed companies on the ISX increased in market Iraq for securities to exceed the 20 trillion dinar barrier for the first time Iraqi supported by the banking sector. I want to point out that the articles says “supported by the banking sector”. Do you see now how the Financial Reforms support each other and are an important foundation for what is to come next? What is to come next? Could it be the currency reform? Yes, the Financial Reforms will have to be put in place for the currency reforms to be implemented. Again, the foundation must be laid before we can see the currency reform process. Go read the article titled “INCREASE IN THE MARKET VALUE OF COMPANIES LISTED ON THE IRAQ STOCK EXCHANGE”. Go read it.
Yes, so I am going to be persistent in drilling the Pillars of Financial Reforms into everyone’s head. I am relentless as this is the CBI talking to me asking now to tell you the TRUTH. This is how and ONLY how we are going to see the reinstatement.
Croatian PM: Iraq represents an important opportunity for development and investment in the energy and oil sector
EdgeNext and Commercis announce Partnership for Iraq Expansion. According to a press release, this collaboration will enable the expansion of EdgeNext’s cloud delivery services throughout Iraq, “bringing transformative improvements to the country’s digital landscape.”
US Ambassador discusses with Oil Minister reopening Iraq-Türkiye pipeline. US Ambassador Alina Romansky discussed with Oil Minister Hayan Abdul-Ghani the reopening of the Iraq-Turkey pipeline today, Friday.
Al-Sudani: Investment opportunities exceeded $100 billion and industrial cities were established in Baghdad. Prime Minister Mohammed Shia Al-Sudani held a meeting yesterday, Monday, with the Chairman of the Egyptian Al-Suwaidi Group of Companies, Ahmed Al-Suwaidi, and a group of directors of Egyptian industrial and commercial companies, in the presence of a number of advisors to the Prime Minister.
During the meeting, Al-Sudani pointed out the expansion of economic cooperation between Iraq and Egypt, especially in partnerships with the Egyptian private sector, stressing that the investment opportunities offered in Iraq,
Next, I want to bring one more bit of news to you that I consider a very good explanation of exactly what I have been telling you about the phased approach to reforms. The title of the article is “BANKING REFORM METHODOLOGY AT THE CENTRAL BANK (2016-2026)”.
I quote from the article –“The steps of banking reform that the Central Bank has been taking since 2016 began when Mr. Ali Mohsen Al-Alaq was appointed Governor of the Central Bank of Iraq on 9/9/2014, which is a difficult and complex stage in Iraq’s security and economic history.”
So, you see this is why my CBI contact told me Ali Alaq was not going anywhere when he pressured them to accept his methods of reform or he would resign. The pressure to get him to resign did not work. The good guys in the government did not accept his resignation and instead they are now only following and supporting his plan even more. But who wanted him to resign in the first place? It was, of course, the Iranian backed politicians in the parliament. Can you see it now? Can you see the corruption of the politicians on one hand who do not want Iraq to move ahead? Like in the U.S. they seeded these corruption politicians in the government through the free elections, which they probably rigged. Can you see why it is taking so long to get back on FOREX? Yes, it’s a long road and they are literally “slugging it out” to get there. But they will succeed and we are seeing their success in every one of my Newsletters. We all know what the final “prize” is, don’t we?
The title of the article is “REMOVING ZEROS AND REVALUING THE IRAQI DINAR”. If you just read the title it is all telling of what the author is trying to say. Yes, it says revaluing the Iraqi dinar and to learn more about the process as to how they are doing this and getting a hold on the timing of it. So, I really like this recent article as it tells much more than many of the other articles, we have read about removing the zeros. In today’s article let me quote from it as Ali Daadoush gives us many reasons why a country may do this process other than just hyperinflation, as many people want to tell you and discourage you.
“There are several reasons behind renaming the currency (removing zeros), and they can be summarized as (controlling inflation, facilitating trade and the economy, political factors such as a change in government, for example, in addition to technical considerations such as updating financial systems, which are usually part of a larger project to update the country’s financial systems, such as converting to new digital systems for dealing with the currency).”
Then he goes on to say also and I quote “From what has been mentioned, we find that (deleting zeros) is not carried out randomly, but rather is implemented after a comprehensive study of the economy and the challenges it faces, and it must be accompanied by other economic and financial measures to protect the economy from financial fluctuations. Therefore, renaming the currency is a complex decision that requires a comprehensive study of the economy and politics in the country, and it must be implemented while minimizing the potential negative effects on the economy and citizens.
Is all of what he is saying all of what Ali Al-Alaq, the Director of the CBI has been telling us too. So why do we all worry so much about when this event is going to happen? Don’t you see that if you just follow what else the CBI is telling us as he just told us and I quote “by other economic and financial measures to protect the economy”. So, what are the “other” economic and financial measures? We know them to be the Pillars of the Finanicial Reform and the Economic changes they are making. We now see in the news this migration more to much news on working on the economy now and moving away from news on the Pillars (banking, stock market and insurance reforms). So what does this tell us? It says they have made much progress in the reforms as stated that needed to be accomplished in their strategies. Remember the article about the strategies and how they planned to tackle these issues with the economic and financial and what measures they would take.
I do not know how else to explain it all to you except to try to connect the dots and help you see the bigger picture that Iraq is not just going to pop out a rate on FOREX without first accomplishing all these other tasks, and they need to first accomplish these items as they talk about in these ongoing strategies, then to conduct the Project to Delete the Zeros and the final product, a byproduct of it all, is to reinstate the dinar to FOREX.
We must all just settle down, relax as we are NOT going to see the RV process kick into high gear until after the U.S. November election and you damned well better pray this current corrupt administration is gone.
