Mnt Goat – List of Significant Events: SUMMARY OF THE PAST 30 DAYS (Late March to Mid April 2024)

SUMMARY OF THE PAST 30 DAYS: (Late March to Mid April 2024)

• We know they want the Iraq funds (nearly USD 115+ billion) released from the NY banks and put in their custody to do what they want with it. They are tired of being bullied by the U.S. with their own money. Since Iraq is now out of sanctions there is no longer a need to store their oil revenues in this escrow fund with the US Treasury.

• We know they have plans for yet more Sovereign Funds to invest with these oil revenue reserves. The economic and financial advisor to the Prime Minister, Mazhar Muhammad Saleh, proposed an “unusual” idea to establish a sovereign wealth fund.
  Saleh said {to Al-Furat News} that: “The SWF sovereign wealth funds, which Kuwait started with the Generations Fund since the 1950s, were followed by surplus countries exporting raw materials in general and oil in particular, on the basis of diversifying the investment of those financial surpluses in financial and real investment opportunities in major economies.

• We know they are making agreements now for “currency swaps” for trade with Iran, China, Turkey, Kuwait, Emirates, and many EU countries as Iraq will no longer be using any US dollars in Iraq as of January 1^st 2024.

• We know that the IMF is now working on the final stages of pulling together agreements to build a new basket of six (6) currencies to re-peg the IQD.

• More pressure from Iraqi economics advisors to the government to use a “basket” of currencies for the new dinar peg. This is the IMF plan of 2011 all along.

• We know since January they have undertaken a massive “de-dollarization” program and told it should have taken 6 years but they decided to do it in 1 year (2023). Why such a hurry?

• We know the value of the IQD right now does exceed even pre-1990 era but still at 1/6 of a penny for a rate? The value won’t go up, its already there. Get it? Why is it being suppressed? Iraq needs to see a rate reflecting the TRUE VALUE. What is holding it back?

• We know Iraq now pumps 2/3 more oil than in pre-1990 gulf war era.

• Iraq also has announces 132+ tons of GOLD reserves.

• We know they are pushing this year alone, more than any other year since 2005, for the passing of Oil and Gas law. Why?

• We know for a FACT that it is the U.S. through the Treasury Dept. direction that will NOT give sign-off to allow the reinstatement. Why?

• Finally, the CBI has told us many times already that January is the most opportune time to reinstate for accounting purposes, since it begins their new FISCAL year (for accounting purposes).

SUMMARY OF THE PAST 30 DAYS: (Late April to Mid May 2024)

• Imminent World Trade Organization (WTO) full accession

• The Central Bank of Iraq is heading to cancel the electronic platform and the currency auctions in 2024.

• Banks will be responsible for financing foreign trade directly through the dollars they own and not from the CBI reserves.

• Banks will be fully responsible for auditing invoices and transfers, which is the practice globally.

• We know the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay the Iraqi dinar to the Iraqi bank.

• Announced the application of Customs automation according to the newly global ASYCUDA system. Border crossings, customs, and taxation whose annual value amounts to nearly 60 billion $$$$$$ on average. Huge revenues that can rival the oil revenues

• We were told that Iraq will leave government cash dealing and switch to 100% electronic collection in mid-2024.

• The political analyst, Abbas Al-Ardawi, confirmed that the visit of Prime Minister Muhammad Shia Al-Sudani to Washington came to liberalize the Iraqi dinar and stabilize the economy.

• Iraq announces a new stage of standing on its feet after 20 years of political conflict since 2003. A new stage of cooperation with the US. by a Strategic Framework Agreement (SFA), an agreement between the United States and Iraq is a significant document that shapes their bilateral relationship going forward.

• There is a decision issued by the Central Bank to cancel the window of selling and selling foreign currency in 2024 (not just thinking about it anymore).

• Al-Sudani, announced that a satisfactory agreement had been reached with the American side regarding banks that are prohibited from dealing in the dollar currency.

• The Development Fund for Iraq (DFI) established after 2003, under sanctions has ended and remaining funds will be released to Iraq.

• The current US President, Joe Biden, did sign the Exec order 13303 decree extending the state of national emergency related to the situation in Iraq for another year which expires May 22, 2025.

• Announcement of the start of a strategy to invest in Iraq’s third largest natural wealth of huge reserves of phosphate, a potential of billions of revenues for Iraq.

• The General Authority of Customs announced today, Tuesday, achieving what it described as a historic increase in its revenue rate during the first quarter of this year, while it expected a doubling of revenues once the automation project is completed.

• The Council of Ministers of the Kurdistan Region decided to hand over the non-oil revenues generated therein to the federal government. Includes customs and tariff revenues.

• May 1, 2024, the economic expert, Farman Hussein, expected the continued decline of the dollar’s ​​exchange rate against the Iraqi dinar until it reaches the official rate of the Central Bank of Iraq.

• Economist debate the central bank’s decision to float the dinar exchange rate in the coming period.

• Iranian First Vice President Muhammad Mokhber stressed the necessity of using national currencies in economic exchanges, pointing out that the friendly, deep and historical relations between the two countries require the use of national currencies.

• Bank Governor revealed Central Bank Ali Mohsen Al-Alaq, on Thursday, announced the progress of a plan supported by the government to change the map of the banking sector and its reality in Iraq.

• Advisor to the Prime Minister for Religious Affairs, Munir Al-Tarihi, confirmed today, Tuesday, that Iraq represents an important region and a strategic bridge in the region and the world.

• The Iraqi government submitted this request during the month of May 2023, at a request to the Security Council and the Secretary-General of the United Nations, to reduce the mandate of the United Nations Mission (UNAMI) and conduct an objective assessment of its work; in preparation for the end of its mission and closing it permanently,

• The Chairman of the Securities Commission, Faisal Al-Haims, confirmed today, Wednesday, that the Commission is studying the possibility of licensing brokerage companies to trade in shares on international stock exchanges in Iraq.

• Today, Wednesday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, stressed the importance of moving to reform the banking sector in Iraq.

• Prime Minister Mohamed Shia al-Sudani said on Wednesday that the memorandums of understanding signed with the United States during his visit to Washington last month are being implemented on the ground.

• The UN, IMF and World Bank all on one day, Thursday, noted significant progress that Iraq has made in recent years, despite ongoing challenges. The reinstatement spigot has been opened. The direction is now clear.

• Samir Al-Nusairi, the Central Bank announced that it will launch the national lending strategy on 5/25/2024, which is a clear announcement of the beginning of the second phase of its banking reform strategy.

• CBI announces it has completed the first phase of it by achieving tangible and important results in the field of regulating foreign trade financing and regularization of the global financial system through strict adherence to standards. International compliance, building solid international banking relationships with international banks and correspondent banks. Get ready….

• Iraq also has now announced 142+ tons of GOLD reserves.

SUMMARY OF THE PAST 30 DAYS: (Late May to Mid June 2024)

• The international group Financial Action Task Force (FATF) in the field of combating money laundering and terrorist financing, lifts Iraq from ‘bad’ or “grey” financial list. Can you remember the days when Iraq was on the black list? Then we all cheered when they moved to the grey list. Now they move off the grey list. This alone is need for a celebration. Get it?
• Ending the power of America and its manipulation of the Iraqi economy is a priority to discuss,” adding that “this move will end the pressures exerted by Washington in many files.” Mnt Goat: The biggest pressure to be solved is with the $120 billion dollar DFI fund. Sanctions are over and Iraq wants total control over its own wealth.
• Decided to “permanently” end UNAMI’s mandate totally by the of  31 December 2025 in Iraq. Mnt Goat: I honestly don’t know if many of you know what this means. Iraq has been out of sanctions Chapter 7 for more than a year and a half already. Why have they not ended this UNAMI mission before now? So, this is great news!
• The government of Iraq sees clear indicators: the parallel dollar will be equal to the official one soon. Mnt Goat: I do not think it is equal as of yet, but the CBI did tell us it is finally under control.
• There is a decrease in demand in the parallel market for the dollar, and this has had a positive and direct impact on the stability of the exchange rate. Mnt Goat: So yes, we do see the direct impact on the RV with the parallel market being stable. Per my CBI contact.
• Al-Rafidain Bank, one of Iraq’s main national banks announced: the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings. Other banks will soon follow. Mnt Goat: And they are following with more as the weeks roll on. We had articles telling of more progress in this item. See another bullet down below on the ATMs.
• “If we assume that the central bank issues a new currency (like the newer lower denominations), this will not affect the exchange rate of the Iraqi dinar.”
• Economist: the budget is not affected by dollar exchange rates and explains the reason. (I told you so! Mnt Goat: There is no new RV rate in the budget. It is based on the price of a barrel of oil not the rate of the dinar. Per my CBI contact.
• Returning the banking sector as much as possible to open more horizons for working with correspondent banks. Mnt Goat: Opps there’s the Pillars of Financial Reforms again….
• Farhan Al-Fartousi, stressed the importance of the Al-Faw Grand Port project, indicating that it is a starting point for the “Development Road” project and that it enjoys the support of all parties in the country. Mnt Goat: Get’r done!
• The Central Bank of Iraq is working according to well-studied plans, and there is no intention to issue new currencies in large or small denominations. that the issuance of new cash denominations, large or small, will not affect the dinar exchange rate. This is just as Mnt Goat has told you many times already. More proof! Per my CBI contact.
•  This significant increase in deposits clearly reflects the effective role played by the company in stimulating the culture of savings and encouraging citizens to deposit their money in banks instead of keeping it at home. Mnt Goat: Yes, the CBI told us they must shrink the monetary mass by more than 1/3 to move to the next revaluation and so they must get this money outside of the banking system into the banks and out of circulation. Per my CBI contact.
•  The Iraqi Deposit Insurance Company plays an important role in supporting this trend, as it is a pillar of financial stability, Financial technology has demonstrated its ability to enhance financial inclusion in Iraq. Mnt Goat: Pillars of Financial Reform? Sound familiar?
• “In line with the state’s general policy of supporting the Iraqi and foreign banking sector and foreign investments in Iraq, the Council decided to support the independence of the Central Bank of Iraq in formulating monetary policy in accordance with its applicable laws and instructions.” Mnt Goat: More proof Al-Sudani’s GOI and the CBI are working hand-in-hand to support the monetary reform policies. They both want to bring back the IQD to its former glory. They must be joined together in this effort and support each other to get’r done.
• maximizes Iraq’s oil resources, in light of the goal of converting at least 40% of Iraq’s oil exports into derivatives and refining products, in addition to gas investment. Mnt Goat: Yes, yet more revenue streams… Just how filthy rich is Iraq? 40% WOW! But we all know it is just a matter of time before oil use declines as newer sources of energy are on the horizon and coming soon. Iraq knows it too.
• the reason why citizens resort to buying gold bullion to save their money is as a result of the weakness of the banking system. Mnt Goat: The real reason is the CBI is backing the new dinar with GOLD. Per my CBI contact.
• the Iraqi Securities Commission announced the signing of an environmental, social and corporate governance guide agreement with the International Finance Corporation (IFC), affiliated with the World Bank. Mnt Goat: Here we go again those Pillars of Financial Reform ….
• The economic and financial advisor to the Prime Minister, Mazhar Muhammad Saleh, proposed an “unusual” idea to establish a sovereign wealth fund. Mnt Goat: This suggestion is more than a suggestion or hypothetical. They are doing it! The fund or series of funds is to properly invest the DFI fund money out of the US banks and US Treasury control into the direct control of Iraq of almost $120 billion US dollars and leverage the earnings to help subsidize the annual budgets. Right now, it sits in an escrow account earning nothing. Imagine that! Per my CBI contact.
• Iraq: current year 2024 allocated an amount of up to 4.9 billion dollars to establish a pipeline extending from Basra in the far south of Iraq on the waters of the Gulf, to the city of Haditha. The project will change the map of the oil industry and production in the region and give Iraq a great advantage over other oil neighbors.” Mnt Goat: Yes, they need to bring to market the increase in oil production due to the all the new wells they are drilling. Yet, more revenue streams for Iraq. How do they plan to fund such a large project. Do they need a change in the IQD rate? Is this what we are waiting for so they can publish the budget in the Gazette?
• the Ministry of Oil clarified the details of the memorandum of understanding signed with the American company Honeywell to develop 7 new refineries. Mnt Goat: Yes, to diversify their oil product to produce gasolene and diesel fuels and other petro products. More revenue streams… WOW! WOW! WOW!
• Deploying ATMs throughout Iraq. Al-Rafidain Bank has begun deploying ATM machines in its main branches. Eight banks have so far taken part in the project, including BBAC, Cihan, RT Bank, Bank of Baghdad, Iraqi Islamic Bank, National Bank of Iraq, Trade Bank of Iraq, and the International Development Bank. Mnt Goat: Electronic banking is all part of the prerequisite for the Project to Delete the Zeros. They have NOT yet changed over to the newer lower denominations in them. Per my CBI contact.
• The MyAccount project is the KRG’s financial inclusion program which aims to “provide public sector beneficiaries with a safe and convenient way to access their salaries.“ Mnt Goat: This goes hand in hand with the electronic banking reforms that must be successful prior to the Project to Delete the Zeros. Per my CBI contact.
• The international group Financial Action Task Force (FATF) in the field of combating money laundering and terrorist financing, lifts Iraq from ‘bad’ or “grey” financial list. Mnt Goat: I can still remember when they were on the “black” list. They have come a long, long way.

• Ending the power of America and its manipulation of the Iraqi economy is a priority to discuss,” adding that “this move will end the pressures exerted by Washington in many files.”

• Decided to “permanently” end UNAMI’s mandate on 31 December 2025 in Iraq. Mnt Goat: they are tidying up the lose ends from the war. Yes, clearing up all these mandates.

• The government of Iraq sees clear indicators: the parallel dollar will be equal to the official one soon. Mnt Goat: how long is soon? Weeks and even months gone by already…..lol..

• There is a decrease in demand in the parallel market for the dollar, and this has had a positive and direct impact on the stability of the exchange rate.

• Al-Rafidain Bank, one of Iraq’s main national banks announced: the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings. Other banks will soon follow. Mnt Goat: this is the major part of the 3rd phase of the reform strategy for Iraq.

• “If we assume that the central bank issues a new currency (like the newer lower denominations), this will not affect the exchange rate of the Iraqi dinar.”

• Economist: the budget is not affected by dollar exchange rates and explains the reason. Mnt Goat: I told you so!

• Returning the banking sector as much as possible to open more horizons for working with correspondent banks.

• Farhan Al-Fartousi, stressed the importance of the Al-Faw Grand Port project, indicating that it is a starting point for the “Development Road” project and that it enjoys the support of all parties in the country.

• The Central Bank of Iraq is working according to well-studied plans, and there is no intention to issue new currencies in large or small denominations. that the issuance of new cash denominations, large or small, will not affect the dinar exchange rate. Mnt Goat: They are talking about no new 3 zero notes. Yes, these are the plans from 2011 in coordination with the IMF and the US.