Do you remember the article titled “AN IMMINENT PROCESS TO CHANGE THE SKIN OF THE IRAQI IRAQI DINAR.. REMOVING ZEROS WILL REVEAL THE EXTENT OF CURRENCY MANIPULATION”. This news was not too long ago. Yes, current news not from years past. So, what just happened to get me excited?
What just happened is the CBI announced the completion of the expansion of foreign transfer channels for local banks to include new currencies. They told us they filled that 5% gap and implemented. Yes, they implemented the process and it is now underway. They then told us in the article and I quote:
“It is worth noting that a smooth transition took place during 2024 from the electronic platform to directly accredited correspondent banks, thus the Central Bank achieved a fundamental transformation in line with international banking practices, and this transition is widely praised.”
Now the CBI has to monitor for inflation and corruption. How will the corrupt try to break into the process? Can they even? But this time even if they do or could it won’t be the US dollars from the CBI reserves. This new process preserves the CBI reserves and finally gets Iraq out of this silly sanctioned process for buying imports, after all they did end Chapter VII sanctions two years ago.
Just to remind everyone of how this new process is now working: In the new process the merchants take their Iraqi Dinar (profits) go to the bank to electronically transfer the Iraqi Dinar to correspondent banks signed up with the CBI to handle these transactions. The Iraqi banks then electronically send Iraqi Dinars to the corresponding foreign banks that then take the Iraqi Dinars and convert it (or exchange it) for the currency needed in the foreign country to pay for the goods or services (i.e. Jordanian Dinar and the Saudi riyal, and allowing Iraqi banks to finance trade with Turkey in euros after it was previously limited to using them with European Union countries, in addition to transfers available in US dollars, Emirati dirhams, Chinese yuan and Indian rupees, etc. etc.) If you notice the currency window no longer exists in Iraqi banks as the CBI is no longer furnishing the conversion of Iraqi Dinar solely to US dollars to pay foreign merchants only US dollars.
But here is yet more really good news in article titled: “CENTRAL BANK GOVERNOR: OPENING EXTERNAL CHANNELS WITH FOREIGN CURRENCIES ELIMINATES THE BLACK MARKET”. Central Bank Governor Ali Al-Alaq confirmed on Thursday that opening channels in foreign and Arab currencies achieves stability in the exchange rate and gradually eliminates the black market. We were told of the issue of the parallel market and my CBI contact told me that this had to come in par with the “offiicial” CBI rate in order to make the in-country revaluation of the Iraqi Dinar possible, before the project to delete the zeros could occur. So what did the CBI just tells us? They said that the new correspondent bank procedure should eliminate the parallel market. Folks, are you listening to me? Are you connecting the dots along with me? Stop all the worry about the timing and instead just relax and follow the process. Get it? The RV is going to happen, but first things first. is the glass half empty or half full?
You can be pessimistic or optimistic, Its your choice but it will not affect the outcome either way.
Do you realize how long we have been waiting for this news to get off the sole dollar in payments for imports and be done away with these corrupt currency auctions? Yes, Iraq is now officially out of the sanctioned mode of paying for imports and moved to standard internation practices, just like todays article told us. Can the news get any better (other than getting the RV of course) I am jumping up and down and so happy because I know what must come next. I see this process moving ahead now very nicely.
But folks we are almost there, but not yet. Hang on a bit longer. I know we expected to see the project to delete the zeros by in December yet but it did not occur and probably won’t. According to my CBI contact the new elected US administration is now working with Iraq and has contacted Iraq and so this is also VERY GOOD news at this time. We must be patient and let the process play out. The process does not change only some events along the way to get there in Dr Shabibi’s plan to reinstate. Now that this part of the process of eliminating the dollar (de-dollarization) is all but almost completed but there is one last step. Yes, I said there is one more step to the de-dollarization process and that is to get off the sole de facto peg to the US dollar. This step must take place and soon, VERY SOON! There is no longer a need for it. Get it? It’s time to bring the Iraqi Iraqi Dinar to the forefront.
What will be in the new basket of currencies for the new Iraqi Iraqi Dinar peg?
The IMF has told us years ago what might be in it. They talked at that time of six currencies from the major developed countries. We will not know for sure what the currencies will be until the IMF announces it. Remember that the Obama and Biden administrations did little, if any, effort to try to preserve the US dollar and were intentionally putting programs in place to kill it. Why? Why would you do this if not corrupt? Is this treason or what? It’s called globalist corruption.
But a new president elect has got work to do. He has plans to revise and save the US dollar. So, the weight of the US dollar in the basket could change but it will be in the basket and probably the dollar will stay as “King Dollar” for some time to come.
What else is in the news?
Well, it seems they found a way to smuggle currency but not through the new process of foreign payments I just talked about. We must pay attention to what they are really saying in some of these articles as there are elements in Iraq who will take every opportunity to bash the CBI and try to put their hard work down. In this regard, there is an article today and it is titled “IRAQI DOLLAR SMUGGLING RETURNS TO THE FOREFRONT.. CENTRAL BANK GOVERNOR “BEAUTIFIES” THE BLEAK PICTURE”. Go figure….Just so you know this article is talking about the 2023 electronic platform put in place. And yes the corrupt did find ways to sneak through and steal using this platform. We all read about this platform. This platform was NOT infallible and had issues but was temporary. They told us this too. Did you listen.
The new process that is now in place as the CBI stepped up from this 2023 platform. The 2023 electronic platform essentially just put in place a high level of screening, auditing and accountability by using electronic digital process but still essentially the same currency auctions. What just happened now at the end of 2024, as I explained above, was to end this process of currency auctions entirely and use the correspondent banks too exchange the Iraqi Dinar for multi-national foreign currencies as needed and no longer the sole dollar.
In another article titled “REASONS FOR THE DELAY IN SENDING GENERAL BUDGETS IN IRAQ AND ITS ECONOMIC REPERCUSSIONS” we can begin to understand the dilemma of the budget saga. Folks, Iraq is trying desperately to fix the system they have in place of budgeting. The article tells us the system has been an ongoing issue and needs to be fixed. It lists the issue involved and is very informative. I will tell everyone something. The hold up of the budget is NOT about the RV. The budget is held up repeatedly because the system set up to do it is broken. Get it? It is BROKEN! Even in attempting to fix it the Al-Sudani administration tried to conduct a 3-year budget to eliminate all this hassle each year and speed the process through. I quote from the article:
“Member of the Finance Committee in the House of Representatives, Jamal Kojer, revealed the main reasons behind the delay in sending and approving the general budgets in Iraq, which are due to the weakness of successive governments and their failure to adhere to laws and the constitution.” And also
“Koger said, during an interview with Al-Mada, that “this phenomenon has become a recurring feature in the last ten years, which has negatively affected investment and the national economy in general.”
I am not an expert in the Iraqi budgeting process but one thing I can tell you for sure with 1000% assurance the hold up of the budget implementation is NOT due to waiting for the new RV rate.
The real question we should be asking is can they fix it and why is it so important to fix it? If you recall the IMF when it conducted its conferences consultation sessions with Iraq a decade ago, the results showed a recommendation that Iraq must pay the Kurds in a regularly scheduled time periods and stop the delays. So a delay in opening the budget each year is part of not adhering to these recommendations. But what caused the delays in payments is also the result of Kurdistan boycotting parliament sessions due to not getting the funding in the first place or Article 140 or the Oil and Gas Law. They can’t vote in parliament unless they have a quorum. The Kurds would hold up these sessions due to lack of attendance.
The article tells us especially of the impact on the investment side. As investors in the Iraqi Dinar I would think we should be concerned about this issue. I quote from the article “Koger pointed out that “the investment aspect is the ‘biggest victim’ of the delay in approving the budget, as the first months of the year are wasted due to the lack of financial liquidity and the delay in approving plans and projects.”
“He explained that the actual disbursement of any project requires two main factors:
1. The monetary factor: the availability of the necessary financial liquidity.
2. The time factor: providing time to implement the administrative and executive stages of the projects.”
He explained that “this delay disrupts the attraction of foreign investments that depend on adherence to financial deadlines,” adding that “countries that do not approve their budgets until the fourth or fifth month lose the confidence of foreign investors in their ability to fulfill their obligations “
Do you see now the delay in the budget also is rippled down in the rebuilding of Iraq and the funding of many major projects. The contractors need to be paid also on a regular schedule. We also see the same kind of games being played each quarter in the US too with its budget. For good reasons, the budget went from an annual to a quarterly budget in the US government. But these reasons are gone, yet the government still operates in the “desperate” and “survival” mode. This allows for ‘pork barrel” bills of special interests which is enormous waste. Do we really need a park named after Nancy Pelosi?
In another article titled “AFTER AN INTERRUPTION OF MORE THAN 30 YEARS, IRAQ WINS THE CHAIRMANSHIP OF THE EXECUTIVE COUNCIL OF THE ARAB INVESTMENT COMPANY” We witness Iraq stepping up as a leader in the middle east once again. The Iraqi Embassy in Libya announced today, Tuesday, that Iraq won the presidency of the Executive Council of the Arab Investment Company in the year 2025. All I can say is the writing is on the wall as Iraq develops more and more a middle eastern leader of nations.
I want to bring one more topic on everyone’s mind today. That is the topic of Syria and its implications on Iraq.
But what is it in Syria that the elite really want, that Assad was not giving them?
Why pick on Syria? When president Obama took office in 2009, the planned a coup to overthrow Assad and it began. Obama had left the US presidency in 2017 without any success in Syria. What happened? So, this plan started way before the invasion of ISIS, in fact ISIS never invaded Syria but rather was created, funded and weaponized in Syria.
I will make a very bold statement now. I will even say that ISIS was created with one main purpose and that was to attack Iraq and slow down any financial or economic progress. ISIS was a controlling mechanism for the elite, who were not yet ready to give up Iraq and its riches. This was the tie to Iraq.
In other words, the goose laying the golden eggs and all the corruption was not yet ready to die. Yes, Syria, is an Important and strategic region in the Middle East but like the Ukraine it is being used as a garbage dump (not literally of course) for the US and Russia and their plans for the region. What we just witnessed is merely Russia throwing up the white flag in Syria and letting the US have it way. As you know the US will always use so-called rebels first rather than send in American troops, if needed. So it was now time for Assad to go.
What else do we know? We also know that there is a strategic oil pipeline with possibilities for also a major gas pipeline connection too. Why is this important? If you look at the map you can see the path of the pipeline and its strategic position through Syria. Folks nothing just happens. I have to keep reminding everyone of this.
The plan is to bring that Russian oil and gas down through Afghanistan, Georgia, Armenia to Syrian ports on Mediterranean Sea. Why did the Russians just back down in Syria? Why was the US really in Afghanistan? What just happened in Syria? Remember Russia shut of its gas to Europe. These events are all interconnected and orchestrated. The globalists have long term plans and they don’t care how long they take. They seize the opportunity when it occurs. They just completed their path for the flow of these resources. But this Russian oil is not as good as Iraqi oil. But it is revenue and developed countries do need more and more oil.
Q & A
Question from John Tanner:
greetings Mnt Goat, as you have taught us, Dr Shababi stated this deletion of zeroes should happen at the end of the fiscal year. So if this doesn’t happen during last week of December this year, wouldn’t that mean it would have to wait until December 2025?
Answer from Mnt Goat:
Guten Tag John. I have to correct you on your statement. The Central Bank of Iraq (CBI) told the citizens more than a decade ago that the most advantageous time to conduct a significant rate change of the IQD was at the beginning of the fiscal year for accounting purposes. This is what they said an article. Now compare this past statement to what the statement you just made. How does it vary? Next you ask if we will have to wait until next year, since it appears the Project to Delete the Zeros is not now underway and we are in the later part of December already. I assume this was your next question? I will answer it.
There is a short-term plan being played out only we don’t know all the specific details. The CBI may even wait to conduct the switch out of currency notes to the newer lower denominations in very early January or later when they can best assess the success (or not) of the correspondent banks in payments in place of the currency auctions. There is also the issue of the new US administration under Trump and how they will react to Iraq and help or hinder its progress further. I am hearing from my CBI contact they are going to move it ahead even faster. This recent move with the correspondent banks should knock out the parallel market altogether first and put the dollar in line with the CBI “official” rate. This was needed first. Then the CBI plans to push out the new in-country CBI official rate we have been waiting for along with the project to delete the zeros. I just talked to my CBI contact today, Wednesday and this is what I am told. We just have to sit tight and see what happens next. I wish I could tell you more positive news. Right now, this is a very sensitive time, things will be moving fast soon. I can’t think of better news at this time.
Truely I can hardly believe that anyone could think the plan is to wait another year to reinstate the Iraqi Dinar. I may eat the words I just said but look at the evidence and what just happened. Do you realize the ramifications of this move? The parallel market will go away. The CBI will finally be able to make the US dollar equal to the official CBI rate, thus finally controlling the dollar in Iraq. Then what is the next step? Have you been listening to the CBI?
