In a conversation with my CBI contact on Saturday I was told that if all goes well in the US elections, we can expect to see the preparation gearing to the reinstatement by the start of the project to delete the zeros and the swap out of the larger notes for the smaller denominations. I was told this is now planned to begin shortly after the voting is over and the winners are announced. I was told we might have to wait for the inauguration ceremony to conclude to see the reinstatement occur. I was also told that in reading many of the articles about the project to delete the zeros, that we see in the Iraqi news, to use a bit of discernment. Many of them are negative based, as we can see the Iranian influence in these stories. Many economists also ill-informed and still do not see the big picture or realize the extent of the process and why it must be done. She told me many still don’t even know the newer, lower denominations have been already printed and the coins stamped years ago. This is evident when you read or listen to their commentary.
I was also told to watch for yet more articles in the news about the project to delete the zeros but to be aware that ONLY the ones coming from her committee on this subject matter can be trusted. As you know my contact works on the committee from the Central Bank and it has been given the task of ensuring a smooth process. I was also told that in late November or early December we will see the newer lower denominations and their pictures and features depicted on the CBI site. The ending of the currency auctions at the end of 2024 will also be signal to us that everything is moving correctly and we should see the IQD returned or reinstated back to FOREX in early 2025.
I know there is lots of gab out in the dinar community and people are already questioning the information given to me from the CBI on this matter. I was told by my contact that this raging war in the middle east, extended to Iraq, could be an issue but so far Iraq is desperately trying to stay neutral.
Is Deleting the Zeros Really Going to Happen?
Just last week while in New York, the prime minister Al-Sudani told the world and I quote – “A stable Iraq in a sensitive region is beneficial to the world, which is what we have witnessed since October 7, as Iraq has maintained a great balance and calm, and we have kept Iraq away from the arena of conflict.” From this Al-Sudani speech you can also see that he wants Iraq to stay out of this middle eastern conflict with Israel but the Iranian backed politicians keeps trying to pull Iraq into it. Yes, if they did get involved this would be VERY destabilizing for Iraq, something Al-Sudani does not want especially at this time since they have taken these financial reforms so far already and they are so close to the reinstatement.
As of you may remember that Prime Minister Mohammed Shia al-Sudani came to New York last week to speak the UN General Council Meeting. Later he participated in a dialogue session held in New York after midnight on Wednesday, by the American Chamber of Commerce and Al-Monitor, in the presence of an elite group of investors, businessmen, representatives of American companies, and the Iraqi-American Business Council. You might want to read the article titled “HIGHLIGHTS OF THE DIALOGUE SESSION ATTENDED BY AL-SUDANI IN NEW YORK” to get more information about his visit.
Prime Minister Mohammed Shia al-Sudani confirmed from New York that the currency sale window will close at the end of this year, while revealing the government’s intention to establish a new bank that adopts the latest technologies.
Prime Minister Mohammed Shia al-Sudani expressed, on Thursday, Iraq’s readiness to enter into a partnership with American companies in the oil industry sector, revealing at the same time his government’s intention to establish a new Iraqi bank. This came during his participation in New York. Really now,,,, can the news get any better? Finally the US is engaging Iraq and seriously taking on partnerships, especially in the energy sector. So we know if the US is invested in Iraq something is up.
Who is holding up the RV?
It just seems the ones asking the question don’t really want to hear the TRUTH answer. They want a simpler answer, a quick solution to a difficult issue. Let’s explore this today.
In yet another article titled “WHY DOES THE US STILL CONTROL EVERY PENNY OF IRAQI OIL REVENUES?” we can now clearly see the corruption of the US upon Iraq. So, to answer this question of who is holding up the RV let’s look at the article. When I finished reading it I asked myself– Yes, why do they, if not for corruption?
The facts of why they should no longer control Iraq’s money are outlined clearly in this article. I quote from the article – “Attempts by the UN to restore Iraq’s control over its finances have largely failed. In 2010, UNSC Resolution 1956 demanded the closure of the DFI by no later than 30 June 2011 and the transfer of all proceeds to the Iraqi government.” I am not making this stuff up. You can go read the article yourself.
Also I need to point out yet another device the US is using to justify control over their funds thus the currency too, is the Executive Order EO 13303. I know most of you did hear about this EO every May when it come up for renewal. Since the signing of Executive Order 13303 (EO13303) by President George W Bush on 22 May 2003, all revenues from Iraq’s oil sales have been funneled directly into an account at the Federal Reserve Bank of New York. This flow of revenue will continue until this EO is ended. The RV can not and will not happen until this EO ends.
EO13303, titled “Protection of the Development Fund for Iraq and Other Property in which Iraq Has an Interest,” has been renewed annually by every US president, including Joe Biden in 2024. This executive order essentially places control over Iraq’s oil revenues under the discretion of the US President, leaving Baghdad with limited control over its resources and earnings.
Can it get any clearer that Iraq is not in control of the RV?
Why would the US allow the RV to happen which would lead to a stream of income from the trading of the IQD on FOREX, if they want to maintain control over Iraq using blackmail methods to do it, thus using money to do it. Remember “money talks, bullshit walks”. Please read the section in this article on “BLACKMAILING IRAQ”. It will be an eye opener for sure for many of you.
That “BLACKMAILING IRAQ” Section is below in red.
BLACKMAILING IRAQ
Whenever Washington feels that Iraq is not compliant with US regional goals, these fund transfers can be delayed or reduced. In January 2020, for instance, after the Iraqi Parliament voted to expel US troops following the assassination of Iranian Quds Force General Qasem Soleimani and Iraqi Popular Mobilization Units (PMU) Deputy Commander Abu Mahdi al-Muhandis, the Trump administration threatened to freeze Iraq’s access to its oil revenues.
Today, Iraq’s financial situation remains dire. Despite having oil revenues piling up in the Federal Reserve Bank of New York – estimated today at around $120 billion – Iraq is burdened with a growing debt that matches this amount.
The country’s inability to control its own funds has prevented long-term reconstruction and development, forcing it to rely on international loans. Ironically, Iraq has also become one of the largest holders of US Treasury bills, with investments totaling $41 billion in 2023.
In addition to its economic challenges, Iraq has been drawn into the escalating regional conflict amid the ongoing Gaza war and the intensification of Israel’s aggression against Lebanon. Iraqi resistance forces have actively participated in military strikes against Israeli targets in solidarity with both Palestinian factions and Hezbollah.
The involvement of Iraq in this conflict is not isolated. Iraqi factions have routinely targeted US military bases in Iraq and Syria – viewed as illegal foreign forces subjugating Iraq’s sovereignty – contributing to a broader escalation that has drawn in actors from across West Asia.
These troops have vowed to continue their campaign against both US and Israeli targets, aligning their actions with the region’s Axis of Resistance.
THE UN SHUTTERS DFI, BUT THE US REFUSES TO COMPLY
Iraq ceased to be under occupation, at least formally, when it signed the “Strategic Cooperation Framework” agreement with the US in 2008, which says that American forces are present in Iraq only at the request of the Iraqi government.
Attempts by the UN to restore Iraq’s control over its finances have largely failed. In 2010, UNSC Resolution 1956 demanded the closure of the DFI by no later than 30 June 2011 and the transfer of all proceeds to the Iraqi government.
Despite these clear legal directives, the DFI account remains under US control at the Federal Reserve Bank of New York in defiance of the UN Security Council resolution. Worse yet, enduring US dominance over Iraq’s financial resources has deeply exacerbated the corruption and dysfunction plaguing the country.
Ending the work of the UN International Advisory and Monitoring Board of the DFI was one way of obscuring the massive corruption and theft of resources by American and Iraqi actors.
The unprecedented corruption that was spread throughout Iraq and its institutions can be laid at the doorstep of this policy. The gargantuan amounts of hard cash that are flown into the country monthly, the unaccounted-for astronomical sums that disappear from various ministries, and the dollar exchange shops (banks) set up by political groups that thrived alongside the US occupation forces have turned Iraq into one of the most corrupt countries in the world.
Iraq’s dependence on the US for access to its own oil revenues, combined with its growing debt has significant impacts on its sovereignty, while its involvement in the regional war also will have implications on its relations with the US.
While Iraq may no longer be under formal occupation, the mechanisms of financial control established after the 2003 invasion persist. These controls not only limit Iraq’s economic development but also entangle it in broader geopolitical struggles.
Today, both the US Administration of Joe Biden and the Iraqi government led by Mohammad Shia al-Sudani – which has not taken steps to free Iraq’s sovereign funds – can be considered in violation of United Nations Resolution 1956 issued in 2010.
This control also includes control over their currency moving back to the currency exchanges. There is no sound legal basis for the hold up, other than the corruption of the US in prolonging the RV in the first place. Get it? Most of this corruption would not have taken deep roots if they had let the RV go through in 2012-2013 as planned by Dr Shababi. As I said, and many others, the longer they wait for the RV, the harder it is going to be to uproot the corruption. Was this all intentional? Where exactly was a lot of this lost or stolen money going? Did the US politicians get “kickbacks” from Iran the longer they let this go on? Yes, I know this all sounds almost unbelievably corrupt, but I am sorry to say that through Obama and the Biden administrations this scheme did exist. The nuclear deal was just a distraction from the real corruption. Get it?
Yet the US again acts as the bully and gets what it wants, even if it circumvents the sovereignty of Iraq. Did the US invade Iraq to free Iraq from the dictatorship of Saddam? It’s been over 20 years already and so where is all this freedom they promised? Remember two points: Having a constitution does no good unless you follow it; Do you see my point here? So, who is in control of the RV? if you can’t see by now that, everything I have been telling you is true and that namely the US through the US Treasury has been holding up the RV, than I give up on you.
So, to conclude every piece of forthcoming events told to me by my CBI contact so far have come to pass or are now underway. We have seen the consolidation of banks, the dissolving of some banks, and in today’s news we read about the defunding of some. Is this not what the US Treasury is in Iraq to do. We also witnessed many educational articles and videos presented to us, sponsored by the CBI, as we were told would happen. We were told prior to June that June would be the kick off of the process of the 3rd phase of the strategic projects for Financial Reforms and we witnessed the US Treasury then get involved.
I have to drill this into your mind to help you understand what is going on in Iraq.
Then we were told earlier that the project to delete the zeros, could not occur unless the US Treasury gave its assurances to complete the process once started, which meant to go all the way to the reinstatement (end of process). It could not do this at that time and then the US Treasury finally stepped in and is now more forcefully and aggressively moving these reforms ahead. We seem to see only mostly the banking reforms but they are also working to help recommend procedures and regulations of the Iraqi Stock Market (ISX) and get it back on track too. These are also reforms in case you forgot. According to the US Treasury these reforms are necessary to combat corruption. Just so you remember my contact also told us that Ali Al-Alaq was not leaving the CBI as the director and his resignation was NOT accepted. He really did not want to leave but used this tactic for pressure to get the GOI Finance Committee to listen to him and to appreciate his plan to get to the reinstatement.
AL-SUDANI ISSUES BANKING DIRECTIVES, INCLUDING SUSPENDING CAPITAL INCREASES FOR BANKS SUBJECT TO US SANCTIONS
A government source revealed, on Thursday, that Prime Minister Mohammed Shia al-Sudani issued directives related to financial and banking reforms, including not increasing the capital of banks subject to US sanctions.
The source told Shafaq News Agency, “Prime Minister Mohammed Shia al-Sudani, before leaving for New York, held a number of meetings with banks and the Central Bank of Iraq, where those meetings discussed in detail the Central Bank of Iraq’s plan to rehabilitate private banks by contracting with an international consulting company.”
He explained that “the Prime Minister directed a number of points, on the importance of the plan for developing private banks by Oliver Wyman Company being clear in terms of timing, distribution of responsibilities, and issuing progress reports in this regard.”
The directives included “accelerating the implementation of the recommendations issued by the Ministerial Council for the Economy to support Iraqi banks, including delaying the increase in capital for banks banned from dealing in dollars by the US Treasury.”
The source indicated that Al-Sudani also directed “the preparation of a study to activate the local cards project internally, as well as urging Iraqi ministries and institutions to increase dealings with licensed Iraqi banks in various banking services and open accounts with them.”
LAW TO REGULATE {ELECTRONIC PAYMENT}
The Financial Supervision Bureau intends to work on developing electronic payment operations, revealing the drafting of an integrated draft law to regulate them in cooperation with the General Secretariat of the Council of Ministers.
The Deputy Chairman of the Bureau, Qaisar Ghazi Zaghir, told Al-Sabah: “Coordination has taken place with the General Secretariat of the Council of Ministers regarding the preparation of an integrated draft law regulating the electronic payment process, and the procedures are still ongoing.” Ghazi added that “the Bureau is committed to the directives of Prime Minister Mohammed Shia al-Sudani regarding the activation of electronic payment during the next phase, and directing the Bureau to develop and legislate administrative and financial updates that are compatible with the systems of this type of payment and follow up on them continuously,” noting that “the Bureau is preparing a special program to audit electronic payment contracts and operations in ministries, entities not affiliated with a ministry and governorates, and issue audit reports on observations and violations in those activities, and the relevant authorities have been informed of them.”
He explained that “the Bureau seeks to provide technical assistance to all government agencies in the field of answering inquiries regarding electronic payment contracts and operations, and directing the Ministry of Finance to adopt the electronic receipt instead of the paper receipt in financial transactions.”
