I had an interesting conversation with my CBI contact concerning what is now happening in Iraq concerning the financial reforms. She wanted to emphasis that these are financial reforms and not “social” reforms as she is reading in many of the forums from the USA. The Project to Delete the Zeros she said is a financial reform and she wanted this to be very clear.
Next, we talked about what would happen in December. In order to relay our conversation to you I am going to use the following article titled “AL-ALAQ: OUR CRITICAL POSITION IS VERY EXCELLENT”. I was told that thanks to the well-studied and wise financial policies of Prime Minister Mohammed Shia al-Sudani’s government, the country’s monetary position has become very excellent, as described by the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, in a special interview with “Al-Sabah”. Al-Alaq made this announcement “to reassure citizens and confirm that there are no real fears of any economic crises occurring here or there.”
Al-Alaq also said in a special interview with “Al-Sabah”: “The monetary position in Iraq is (very excellent) at the present time in terms of controlling inflation and the high adequacy of foreign reserves, which enables the Central Bank to remain stable, defend the exchange rate, and achieve monetary stability. I was also told Al-Alaq announced the Central Bank’s success in implementing the transition plan for “foreign transfers, in line with international practices and standards, and that it is currently taking place smoothly and transparently – especially covering imports at the official exchange rate – which leads to general stability in prices.” That the CBI is not working in a vacuum but rather with the support of specialized international organizations.” She confirmed the target for the Project to Delete the Zeros is still set for late December / early 2025, but the CBI had to monitor the situation from the switch over from the currency auctions to the (Fitr) platform of correspondent banks.
I want to review yet another recent article close to this period of news titled “AL-ALAQ: WE ARE CONSTANTLY REVIEWING THE DELETION OF ZEROS FROM THE DINAR, AND THERE ARE NO RESTRICTIONS ON OUR BALANCES IN AMERICA”. This article is from Economics News on 09/21/2024. I believe this article has a direct relationship with the first article I talked about and my conversation with my CBI contact. The CBI director through this dialogue with the new media is answering a series of questions from the news media. It this actually an educational session to the citizens once again?
How many times must the CBI tells us this same news? Again, in this dialogue Al-Alaq says that countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable. Why are the telling the citizens this same news again? Didn’t we also hear this news from many of the economic experts in the recent past. So here it is again. Why does Al-Alaq and other economists, want to keep reminding us this is coming to the Iraqi dinar currency too?
In the article Al-Alaq confirmed, in his extensive interview with Al Jazeera Net, which was reviewed by “Al-Eqtisad News”, I quote from the article “that the Central Bank responded to global economic challenges, such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi Dinar and prevent a sharp decline in its value.” Oh… is he talking about Stability? Isn’t this exactly what we’ve been waiting for? Remember there must be a Stable and Secure Iraq in order to conduct this process of deleting the zeros. How many times have they told us this? Do they have it now? Oh… and we know what the final outcome of this project is and it will lead to the reinstatement. We all need to keep the hope alive even if for some reason this effort is delayed again, which it could, as I want to be fair and honest with my readers that anything is possible. No, I am not conceding and telling it is delayed, at least not at this time. It is early December and my CBI contact told me the committee in charge of this rollout of the newer lower denominations is still planned for soon.
What else is in the news?
Another couple of articles I thought were interesting and are as follows:
The first one is titled “IRAQ SIGNS CONTRACT WITH ITALIAN CONSULTING FIRM ON FIRST PHASE OF DEVELOPMENT ROAD”. Oh… this is a good article for us to look at and it helps us piece it all together. So let’s do it.
The Ministry of Transport announced on, Wednesday, the signing of a consulting contract with BTP Company, to provide consulting services regarding the first phase of the Development Road Project (regarding the current railways). Oh… we read in a recent past article that this Development Road Project is not all a China project? What happened to all the China money that was to pour into this project? If you remember I presented a recent past article telling us that the deal with China is NOT going to materialize as they thought. The US influence over Iraq is not going to let China receive FREE oil for the next 30 years over the money they lend to Iraq for this project. The US is not going to let China influence Iraq this much and take control over it. Who paid the price of lives for the 2003 invasion to liberate Iraq? Did China participate? The spoils of war.
As investors we all also should realize that there is a deal with China and Iraq on providing oil at a fixed price. This deal was brokered by the US Treasury and it included pre-selling some of the U.S. oil credits to China at a fixed price. But these are credits and these credits only materialize when we, as investors then exchange our Iraqi Dinar. Yes, billions in oil credits. Get it? Remember when I described to my readers how this RV would be paid for, I talked about these oil credits. So, are you connecting the dots here? Are you beginning to see the BIG picture yet?
Another interesting article is titled “AFTER YEARS OF SUSPENSION… IS THERE NO NEED TO LEGISLATE THE “OIL AND GAS LAW?” In the article the talked about political conflicts that are escalating in Iraq, casting a shadow over the two-decade-old oil and gas law, disrupting efforts to regulate the exploitation of oil wealth and its distribution between the region and the central government. In this context, the member of the Patriotic Union of Kurdistan, Ghiath Al-Surji, explained on Wednesday, the reasons for not legislating the oil and gas law, noting that the need to legislate such a law has disappeared, especially after the issuance of judicial decisions regarding the oil and exports file. Of course the author is wrong in this opinion. Also do not forget about the recent agreements with Turkey, as the oil sold to Turkey was also a huge issue in formulating the law. But these issues should only help settle and not negate the necessity for the Oil and Gas Law.
Yes, there is still a need to get the referendum passed in parliament. This is not me saying this, instead it is the Iraqi 2005 Constitution. We have also read countless articles over the years, especially more recent ones. The Oil and Gas Law referendum is REQUIRED by the Iraqi constitution, and they cannot just disregard it, if they so desire. The U.S. and the UN is not going to let them. They must pass the law in parliament and settle this decades long issue of having a sound law regarding this major part of the government revenues. Don’t you also think this would be a smart move too since they are still a rentier state?
Next I want to review the article titled “MP ACCUSES FORMER IRAQI CENTRAL BANK EMPLOYEE OF BEING BEHIND US SANCTIONS”. Over the weekend on Sunday, the Parliamentary Integrity Committee accused a former employee of the Central Bank of being behind the banking sanctions imposed on some Iraqi banks by the US Federal Reserve. As we know, the number of banks sanctioned is 32 out of 72 banks operating in Iraq.
A member of the Parliamentary Integrity Committee, Vian Dakhil, said in a statement received by (Kalima) and I quote “that a former employee of the Central Bank hid the emails received from the Federal Bank, JP Morgan and Citibank to inquire about some issues related to the bank’s work”. Sounds to me like yet another conspiracy exposed. Think about it. This issue has caused the price of the dollar on the black market to rise and fluctuate over and over again from the official CBI rate since the demand for the dollar out paces the supply. The IMF made it clear that the CBI must be able to control the official rate for a minimum of 90 days to consider it STABLE. Have they done this? Are they able to do this? What is a major factor in not being able to do this? Was it taking the dollars from these 32 banks and creating a shortage of dollars? Just look at the delay in the Project to Delete the Zeros also due to this conspiracy?
The author adds that failure to respond to these issues of the corruption with the dollar led to some banks being punished, stressing that most banks do not know the reason for the penalties imposed on them. On the other hand, economic expert Mustafa Akram Hantoush said that the statements of the members of the Parliamentary Integrity Committee are closer to reality than the statements of the Central Bank of Iraq.
He added that the collapse of the Iraqi banking system and the punishment of 32 Iraqi banks without any clear charges during a period of (a year and a half) is not normal and from the banking work perspective this may be the first incident of this kind in the world. Hantoush pointed out that the worst thing is the lack of serious solutions from the Central Bank of Iraq to this situation, but rather the move towards cancelling the (Fitr) platform by the end of 2024 and handing over the dollar file to banks affiliated with foreign investors and banks (Jordanian and Gulf), according to Shafaq News.
Hantoush wondered whether the Central Bank of Iraq knows that by not finding solutions for the Iraqi banking sector, it will fire the mercy bullet at the entire Iraqi banking system and it will be punished as a whole, which will lay off nearly (100) thousand workers in the Iraqi private banking sector for the benefit of Jordan and the Gulf States, and why are Iraqi banks not guaranteed to open an account for them in the correspondent banks in dollars (Citibank / JP Morgan) like the countries of the region did.
He continued, “Why has the mechanism for cooperation and auditing with Ernst & Young regarding transfers in currencies other than the dollar not yet been determined and announced?” I assure everyone that I also checked on the information on this article with my CBI contact. Yes, the CBI did know about the conspiracy and wanted to begin the process to transfer the currency auctions to the correspondent banks. In another article from today’s news (see above) we also read and I quote “that Al-Alaq announced the Central Bank’s success in implementing the transition plan for “foreign transfers, in line with international practices and standards, and that it is currently taking place smoothly and transparently – especially covering imports at the official exchange rate”. It is currently taking place smoothly and transparently? Really?
Al-Alaq also told us the CBI is using unconventional financial practices to implement these financial reforms. In the past, I already explained why the CBI is going this and we can now clearly see yet more at to why in this article. In short, the CBI must conduct breakthroughs in the financial reforms, even it means many GOI, economists or even parliamentary officials not fully understanding these unconventional moves. The push is on. How many times has the Finance Committee or Parliament interviewed the Al-Alaq over his decisions to manage the monetary policy of Iraq? I believe strongly that Al-Alaq knows that if he is guided by conventional practices alone and doesn’t not take some risks in spite of being criticized by his peers, it will be decades longer in finally realizing the dream of the Iraqi Dinar. Let me give you one example of what I mean by the actions of Al-Alaq in handling foreign transfers. Read the next article.
In another article today titled “WARNING AGAINST CANCELING THE ELECTRONIC PLATFORM: IT MAY END THE BANKING SYSTEM IN IRAQ“ we see this example of not understanding the “unconventional” financial reform strategy of Al-Alaq. The researcher and specialist in financial and banking affairs, Mustafa Hantoush, says that the Central Bank of Iraq, by not finding real solutions for transfers and moving towards stopping the (fitr) platform and handing over the Iraqi Dinar to (4) correspondent banks owned by investors and banks.
He claims, the Central Bank of Iraq is failing in one of the most important banking policies, which is the policy of achieving competition in the banking sector and preserving banking sovereignty. Therefore, we demand that the Central Bank come up with specific solutions, including extending the work of the (Fitr) platform in coordination with the new administration of the United States of America.”
He continued by saying, “It is necessary to guarantee the Iraqi banks to open an account for them in the correspondent banks in dollars (Citibank/JP Morgan) as the countries of the region have done.” He pointed out that “it is also necessary to determine and announce the mechanism for cooperation and auditing with Ernst & Young regarding transfers in currencies other than the dollar (euro – yuan – Lira – dirham).”
What I have to say about this article, with opinions by Hantoush, is that he does not understand the necessity to get the IQD reinstated and do it as soon as possible to allow the movement ahead in the economic reforms part of the reform and reconstruction of Iraq. Al-Alaq remembers the 2012-2013 attempt and so understands the necessity. He is taking flack now from these economic experts in moving ahead with this plan for the end of the year. Could Al-Alaq wait even longer until more agreements are made with many more of the correspondent banks, as Hantoush suggests? Yes, Al-Alaq could but he is moving ahead and he has told the citizens this new FITR platform and I quote “announced the Central Bank’s success in implementing the transition plan for foreign transfers, in line with international practices and standards”
So, what is this dream of Al-Alaq? We read years ago when Al-Alaq has told us he strongly supports the Iraqi Dinar of the past and will bring it back to its “glory days”. This is the ultimate goal of all these financial reforms and “pillars” Iraq keeps talking about. They are all just a means to the end. The end is the reinstatement, a by-product of all this hard work of financial reforms.
The VISION of the CBI
The coming Era of Gold:
Let us research and then sit back, relax during this holiday season of Christmas that has begun. God through His profits also keeps telling us there is going to be a wealth transfer. Does this mean our RV or is this just the tip of the iceberg of what He has planned for this nation? If you recall Kim Clement also talks about California and gold in many of his prophecies in the same tone. What does God mean by all this talk of gold. Now more recent prophecies talk about a shaking of California in both a literal and metaphorical sense. They say sometime in July. What does God mean by these words? This is going to be an interesting summer of 2025.
The VISION of the CBI
Could it be that a huge vain of gold is about to be exposed by an earthquake in California and this gold is the catalyst that brings the U.S. back to the gold standard, along with ways to resolve the national debt issue? I am not telling just asking…. Who knows the answers to these questions. But I will say that if you are patient enough you will hear and then see the outcome of these prophecies. God does not just jabber for nothing and chat with prophets for nothing. Instead, He talks to his prophets and every word is of importance sooner or later. Remember too He told His prophets that “in the coming period the U.S. would see prosperity and abundance like NEVER before the history of the nation”. Oh…. what the heck does this mean? How will He bring all this about? If you are paying attention (and I hope you are) you can see just the very beginning signs, the seeds being talked about of what is to come in this area that God talked about so many times and continues to tell us. I firmly believe it will be the Trump administration and those that follow this administration that will bring in this new era.
Just one more note. Didn’t Kim Clement in his “Hypnotic November” prophecy, tell us about a December surprise. What can this surprise be? Is it the dinar RV or something else of great abundance and gifts?
