ABOUT THE NEWSLETTER:
February 18, 2025 Mnt Goat News Brief
Guten Tag everyone:
I have some sobering news for you today. Let’s explore it together.
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Acts 20:35
“In everything I did, I showed you that by this kind of hard work we must help the weak, remembering the words the Lord Jesus himself said: ‘It is more blessed to give than to receive.”
STATUS OF THE RV
I wanted to first summarize where we are now with this IQD reinstatement. I also want to give more insight as to what is holding up the RV and the Reinstatement of the Iraqi dinar. Folks its been 20 years already. Enough is enough!
But, if you have been reading my blog AND watching my presented videos all along, you can now CLEARLY see that there has been massive corruption in Iraq and with the US keeping the Iraq dinar artificially suppressed. Why did they do this? Let’s dig a little deeper into these causes today. In today’s news I give you a couple more interviews with Steve Forbes about the Feds actions. Do you really think the Feds want us to have all this money when they have been controlling the economy and any large fluctuation of prosperity in the US with interest rates and other measures. Do you think they want thousands of new millionaires? What makes you honestly think they want us to have all this money when their real intent is to destroy the U.S. and Canadian economies? All you need to do is listen to Forbes today and this comes very clear. I don’t know about you but I trust Forbes a hell of a lot more than all these intel guru idiots out there.
Economic Sector:
So, knowing about all this corruption do you now see what is holding up the RV? I have been telling you about this for many years, but many of you have to see it to believe it. How can you deny it now?
I wish I could support Obama/Biden and their policies in Iraq but unfortunately, they were the source of the problems that plagued Iraq for about the last two decades. The new president Trump has a new policy towards Iraq and it is beginning to take form. This recent move of stopping the physical dollar CASH flow to Iraq is apparent. As investors we now just have to hunker down and wait. This was a huge move and it will take time to shake out what paper CASH US dollars are already in the Iraqi economy. Again, I am telling you – THEY MUST BREAK THE PARALLEL MARKET AND DISSOLVE ILLEGAL VENDERS. I am presenting a very good recent article on this topic today and I am going to review it in detail.
☹ I was told many times already by my CBI contact that this crisis is at the heart of why the CBI can not set the in-country revaluation rate to what they need to conduct the Project to Delete the Zeros. The article it titled “FOUNDATION WARNS OF ‘PARALLEL BANKING SYSTEM’ AND ‘SHADOW ECONOMY’ IN IRAQ”. Okay, so this is not new of the parallel market and its detriment to the “official” CBI rate. However in today’s new we dig deeper into this topic as economists are now telling us of some of the solutions to this crisis of the parallel market. Here are the solutions. I would think that if they concentrate on implementing all of these solutions and do it now they can finally combat this black marketing of the dollar:
1.preventing unauthorized banking activities, and;
2.working to encourage small and medium enterprises to join the formal sector by providing attractive incentives, and;
3.legal frameworks can be put in place to regulate the work of informal financial institutions and place them under the supervision of the central bank to ensure a minimum level of oversight and:
4.In the most serious cases, the optimal solution may be to completely close unlicensed institutions and link all banking operations to formal institutions.
☹ Here is yet another article on this topic in todays news titled “MANAR AL-OBAIDI: THE SHADOW ECONOMY IN IRAQ EXCEEDS THE SIZE OF THE FORMAL ECONOMY”
The parallel banking system in Iraq is one of the major challenges that directly affects the stability of the financial system, as it consists of a group of financial institutions that operate outside the official framework and without supervision from regulatory authorities. Are you listening to me?
What these articles do not emphasize is that the CBI already outlawed the black market to some extent which includes those street exchangers working under illegal, unlicensed operations. Yes, you now have to be registered with the CBI to exchange currency outside the banking system. The are commonly called currency street venders. These non-registered ones are the ones they are worried about and can’t control. These are the culprits. In today’s news we also learn about the praising of the CBI in all it’s other efforts to reform the banking institutions and establishing the international banking relationships.
😊You might want to take a look at article titled “CENTRAL BANK ANNOUNCES DETAILS OF ITS MEETINGS WITH THE TREASURY AND THE FEDERAL RESERVE”. The Central Bank announced the end of the first quarterly meetings for the year 2025 with the US Treasury and the US Federal Reserve, which were held in Dubai / United Arab Emirates with the participation of international auditing and consulting firms (EY, K2 Integrity, Oliver Wyman). The meetings culminated in praise for the steps taken by the Central Bank of Iraq and the Iraqi government in reforming the banking sector, the most important of which were…bla, bla, bla ( you heard it all before from the IMF, World Bank and the US). But the dinar is still at 1/6 of a penny?
So, we might believe that any unauthorized banking activities can be caught relatively quickly just as in any bank in any developed country does today. This is fantastic news. The article emphasizes encouragement for enterprises to join the formal banking sector and not rely on the black market. But how do you give them incentives? Do you maybe change the value of the dinar so the “official” price is now much higher than the parallel market price? Would this draw them into the CBI supervision by the SBI of this shadow economy?
The idea of putting in place an optimal solution which creates a legal frameworks to regulate the work of informal financial institutions and place them under the supervision of the central bank to ensure a minimum level of oversight. I am surprised the CBI has not yet done this. Why is this a revolutionary idea?
My main point today is not so much what the CBI can recognize or not as the Black Market but rather can they can’t control it? It is obvious the Black Market is a know entity and an obstacle. Seems to me the only real solution and a final solution is to simply to take the paper CASH dollar out of circulation in Iraq, which the US has just announced that are doing. Didn’t I bring this to your attention before? Iraq then needs to keep emphasizing the use of the dinar. Remember we already read over the last two year about the de-dollarization of the economy.
But there is a breaking point too. This point is triggering a revaluation in-country and it will begin down that path of seriousness to reinstatement back on the foreign exchange market. Would this simply help or would the Black Market simply turn around and raise their rates even higher. However, I have to keep saying where are they going to get the dollars if plane loads of CASH is no longer being flown to Iraq and these payment are now all done electronically? How will they get this CASH?
To get any CASH in Iraq someone would have to go to a bank and fraudulently file receipts to pay imports into Iraq. Now this is when the audits can control and monitor the sales of imports and who is importing what and how much. But still, this CASH will be very limited and scarce.
The Obama/Biden plan is to grow the economy enough so that the reliance on imports is lessened ergo the need to pay for them in dollars or any currency is lessoned. But this still does not automatically revalue the dinar. Does it? There has to be a breaking point when the CBI says lets just use the dinar then more and more to pay for imports. Other countries have to want to take it. It must be valuable enough to drive a desire to take it. But it is hard to give incentives for importers to want it at 1/6 of a penny. Do you see where I am going with this? Yes, there is going to be a breaking point when they have to raise the rate of the dinar. The CBI will have no choice if the economy keep growing.
😊We also learn this period of news that in article titled “THE PRESIDENT OF THE REPUBLIC APPROVES THE AMENDMENT TO THE BUDGET LAW”. The President of the Republic, Abdul Latif Rashid, approved the first amendment to the Iraqi Federal Budget Law No. 13 of 2023, related to the export of Kurdistan Region oil through SOMO.
He added, “The law will not officially enter into force until it is published in the Official Gazette.” Do you remember what this amendment is for? It’s been so long already since it was first passed on to parliament to review and pass. “Note that the revenues from the sale of oil exported from the region will return to the federal treasury, according to the amendments related to the costs of production and transportation of oil.” This was the main issues from the Kurdistan region in the monthly salary payments they were receiving for their share of the oil revenues. Baghdad was not fairly taking into consideration the true cost of production and transportation of oil from the region. They wanted more in the budget and so now they have it. I want everyone to know that the passing of this bill in NOT the Oil and Gas Law and is NOT going to trigger the RV. I know a lot of idiotic intel gurus are telling that we have been waiting for this for the RV.
😊Another major step to fully globalizing Iraq is in the article titled “IRAQ MOVES TOWARDS GLOBALIZATION.. IMPLEMENTATION OF INTERNATIONAL ACCOUNTING STANDARDS BEGINS IN 2026”. In it we learn that the former director of the Financial Supervision Bureau, Salah Nouri, revealed the steps taken by Iraq to move to fully implement international accounting standards by 2026. “The unified accounting system, which was adopted in the mid-eighties, was appropriate for the economic situation at the time; but it led to Iraq’s delay in keeping pace with international standards.” So, in my eyes this is not going to trigger the RV but is certainly a right step in the direction we want. Remember the CBI told us that January is the most optimistic to revalue the dinar with any substantial change in value. Why? It is because of the accounting practices and it is MOST convenient to begin a new fiscal year clean with a new rate. Remember we may be already into February but we know they just passed the amendment to the budget law and so they have not yet even opened the 2025 budget. So there still can be a rate change coming but I would not go off half-cocked believing all this intel guru nonsense either.
Energy Sector:
😊Check out the article titled “REGIONAL OIL: THE PATH TO RESUMING EXPORTS AND ITS NEXT STAGES: NEW HOPES ON THE ROAD TO ECONOMIC RECOVERY”.
He pointed out that “the beginning will not be less than 250 thousand barrels exported daily, and it is possible that within a month or two, exports will return to 400 thousand barrels, and this is a new resource to raise the public treasury, especially since this oil can be marketed to European markets without any obstacles.”
I wanted to conclude my commentary today on a very serious note. This information is about the past US influence over Iraq. If you add up all the issues we have been reading about we can CLEARLY now see that the US has been obstructing progress in Iraq. Oh… they pretend they are helping, but if we take the time to watch and pay attention, and stick to the FACTS we can CLEARLY see this is NOT the case.
☹ For instance, why would the US be influential in putting in place these currency auctions procedures in the first place, then only to find out later about the corruption a decade ago, yet do nothing to change the process? Why use paper cash and peg Iraq to the US dollar when everyone wants US dollars and now you just made it soo easy to smuggle money and launder money out of Iraq? Could this be their real intent in doing this in the first place?
Why did they allow so many billions, Iraq says trillions, of dollars to flow outside of Iraq mainly to Iran with bribes to Iranian backed Iraqi politicians and US politicians. With all the exposure DOGE is finding in the US can you wonder why Iraq is also affected? Do you see now the tie in to the US with Iraq and the corruption that is holding up the RV?
☹ Also, this electric grid issue really gets my proverbial goat. So, the US knows Iraq will need 24/7 electricity in all provinces to help make the electronic payment process Pint of Sale (POS) in society (and the use of the ATMs) successful. Yet we find out just recently the reason why Iraq still, after 20 years, does not have this electric grid back up and running. Please go read article titled “POLITICIAN ACCUSES AMERICA OF OBSTRUCTING THE CONSTRUCTION OF POWER STATIONS IN IRAQ”. This corruption is absolutely sickening! Today, Saturday, the leader of the Sovereignty Alliance, Majeed Al-Dulaimi, accused America of being involved in obstructing projects to establish power plants in Iraq to end the electricity crisis for political reasons. He added that “the central government has received attractive offers from international investment companies specialized in establishing power plants in Iraq, but America is placing obstacles in the way of these countries under the pretext of terrorist threats,” Next we see a conspiracy to block the Dr Shabibi plan to reinstate in January 2013. Then in 2014 the Obama administration to allow ISIS infiltration into Iraq which then they also allowed Iranian backed militia into Iraq.
😊Still today in the next article titled “TRUMP MUST FINISH THE JOB IN IRAQ” dated February 16, 2025, By Yassin Fawaz I quote from the article “we find that for almost two decades, Iraq was at the center of U.S. foreign policy, absorbing huge sums and costing thousands of American lives. Now, just a few years later, it risks fading into geopolitical obscurity—forgotten by the U.S. public and by policymakers as well. That would be a mistake”.
Donald Trump built his brand on disrupting the status quo, whether in politics or foreign affairs. His first term saw major shifts in the Middle East, from the assassination of Iran’s Qassem Soleimani to the Abraham Accords between Israel and several Gulf and other Arab states. Now, he begins his second term with a clear inclination to shake things up again. In that context, Iraq should be front and center. The government in Baghdad must be held accountable for harboring and legitimizing Iran-backed militias, the very forces that have destabilized the region for years. But remember it was the US Obama administration who let the militia into Iraq in the first place. Under the Obama administration all US troops were pulled out to meet a campaign promise and helped Obama get elected for a second term, careless of the consequences to Iraq. Yes, this gap of US forces has to be filled and the Iranian militias have filled it. We witnessed all the rocket bombings and harassment of US forces since in Iraq. The cause is all amounted to bad US policy towards Iraq. I can go on and on with more but what’s the point. You get my point already, I hope. Could all this bullshit be holding up the RV. You think?
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What can we as investors do right now?
- Pray and pray that nothing will mess this up….
- Be very patient….
- Do not sell your dinar….
- No more intel guru talk….
- No more NESARA / GESARA crazy talk
- Stop listening to all these idiots as they are only confusing you more and more (especially TNT and “The Big Call” idiots.)
- Don’t over speculate and set unjustified expectations
I know the path to this reinstatement and I don’t have to speculate or guess.
If you are a faithful follower of my blog, then you clearly should be able see I have NEVER misled you on the information. How can I say this? It is because I show you evidence and FACTUAL information not some make-believe fairytale bank stories, or lies that four letter agencies are talking to me, because there aren’t and I don’t care what the hell they are saying anyway. None of this ridiculous NESARA or GESARA bullshit either. Get it? Stay away from all this crap. It is an illness that has spread throughout our dinar investment community. It is easy to lie and make up stories but much, much harder to spend the time translating articles and applying them to what is really going on. Yes, giving you proof not rumors. We must stay grounded as this RV is coming to a closure and there is not much longer to wait.
Their words not mine…..No Rumors, No Hype, No Opinions ,,,,,
Just the FACTS!
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These prophecies are more important now than ever. They give us the strength, perseverance and hope that a better time is coming and that God’s Hand is at work behind the scenes. If you just take a second even to look around you at this past election cycle how ca you deny that God is at work. It is amazing and there is no other way that these events could have happened the way they turned out. But there is more to come, much more! Now that God has his biblical David re-elected we need to pay attention to what He does next.
God told us it will be an “hypnotic November” and turbulent until next June 2025 and so, isn’t it? Was He lying to us? Remember that these globalist have had it too good for too long and are not just going to lay down and let themselves be destroyed. They are going to fight until the very end. If all else fails the will get more and more desperate to overcome the good trying to rebuild and free our nation.
These prophecies today are powerful and I encourage everyone to listen carefully to them. Is there a connection to getting our long-awaited RV? Of course there is, and if you can’t see it yet then just wait and it will become more and more obvious to you how the crooked run U.S. administrations have corrupted Iraq and held it hostage since the 1991 and 2003 wars with the Bush, Obama and Biden administrations. But this control too is going to end and God is going to finally FREE the Iraqi people again.
From God to the PROPHET: Julie Green
All I can say about these two prophesies today is WOW! This is actually already begun.
“A Firestorm of Truth Will Set the Establishment On Blaze”.
Prophecy begins at the 17:19 mark. The 3rd one from Feb 8th.
“The Biggest Political Slush Fund Is About To Be Emptied”.
Prophecy begins at the 14:10 mark. First one from Feb 9th.
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HOW DO WE KILL THE GIANTS OF DEBT, SOCIALISM AND SECULARISM?
Please, please listen VERY carefully to this prophecy. I cannot emphasize enough to spend the time to watch this one – “The Big E”. I am not saying its going to take 6-7 years to get the RV, but that the RV is part of the process along the way and will happen in the process of the prophecy fulfillment.
Do you remember these prophecies from 2007? This is our time now to fulfill these prophecies. So, let’s take a step back and rewind to review them. Then watch to see if Trump does orchestrate their fulfillment. I also believe this wiping out the debt is related to the new energy sources that are coming. In the meantime, the US will work at bringing down the cost of energy. But I believe this will only be a temporary measure until these new sources come.
Folks, I know you may be having a hard time seeing this, but all of this goes hand-in-hand with what we are looking for… the RV of the Iraqi dinar.
This prophecy is especially important and coincides with the more recent Feb 9th prophecy from Julie Green. Did you listen to it? WOW!
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WHAT WAS PRESIDENT OBAMA’S POLICY ON ILLEGAL IMMIGRATION?
Can you see a drastic change in policy of the Biden even from Obama? Does this seem so very weird to you that any president would just open up the US southern boarder? What about all the existing immigration laws? Why hasn’t anyone, as of yet, been prosecuted for breaking the law?
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BRACE YOURSELF FOR WHAT’S COMING IN THE NEXT FOUR YEARS AND……
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A FIGHT IS BREWING BETWEEN TRUMP AND FED CHAIR JEROME POWELL—HERE’S WHO WILL WIN
This coming fight is going to be about the entire way the Fed operates. This is interesting for us investors in the IQD and maybe other currencies too. Forbes speaks about how to stabilize a currency. His insight is invaluable. At some point they will have to put all currencies on a level playing field. How they do this and when, we don’t know. But what we do know it it’s coming, it has to come and soon and it will effect a lot currencies.
I also like watching this presentation because if you listen carefully, you can already see the seeds being planted where someday soon the duties of the Feds are turned over to some sort of new agency run by the U.S. Treasury. Why do I say this?
So this battle is about to rage, says Forbes and it is going to begin with the whole concept of how the Federal Reserve operates. From there, if satisfaction is not resolved this could lead to what many believe will be an entirely new Fed like organization, but taken out the hands of the banking cartel. Do the Feds today actually know what they are doing? Are they really working in the best interest of the U.S.?
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THIS IS THE ‘SINGLE MOST CORRUPT’ ACT OF ANY US PRESIDENT
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DUMB AND DUMBER.
How do these people ever get elected. And more importantly keep getting re-elected?
Are the people in their districts dumb or dumber?
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A “CONSTITUTIONAL CRISIS” OR JUST A SCRIPT TO FOLLOW?
Here we go again…..
Okay, so we talked about this propaganda machine before from the major news media channels. So, here we go again. A new set of buzz-words and talking points given to them to use and they are all using it now on almost all news channels. It’s time to bash Trump again. Coincidence? But who is feeding them these talking points? This is all going to be exposed in the very near future. God tells us through his prophets this will end. But what will happen to all these news media channels doing this to us?
Oh… now they say everything Trump is doing as is a “constitutional crisis”. Give me a break!!!! ☹ But years ago, where was the concern about constitutional crisis when they opened the US borders wide open for the drug cartels and child trafficking? Where were the talking points then? Where was the concern about long-standing immigration laws being unlawfully broken? The democrats couldn’t even hold a trial in the Senate for the articles of impeachment for Mayorkas, then head of Home Land Security. Where was the “constitutional crisis” then? Do you see my point?
Its only when Trump tries to fix their idiotic, insane mess that they created that they cry out constitutional crisis. Are you tired of all this bullshit yet? Just remember who is telling you these lies when you vote in the 2026 mid-terms. You do get what you vote for…. But you see it now first hand in this video today. Folks I am not making this stuff up. Watch if for yourself. But we can fix it. FAKE NEWS in the country must end. Yes, they really think you and I are stupid and dumbed down.
WHEN WILL THE NEWS MEDIA DO SOME REAL JOURNALISM INSTEAD OF JUST FOLLOWING A CAREFULLY CRAFTED SCRIPT GIVEN TO THEM BY THE DEEP STATE TO FOLLOW?
DOGE HIT DEMOCRATS HARD. WHY DON’T THEY SUPPORT CLEANING UP THE CORRUPTION AND WASTEFUL SPENDING?
Certainly, this would all be good for the nation and the it’s citizens. Am I missing something? You can’t spend yourself to prosperity. Please watch the prophecy above by Kim Clement called “HOW DO WE KILL THE GIANTS OF DEBT, SOCIALISM AND SECULARISM?”. This was from 2007. It’s time for fulfillment of this prophecy now!
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FIRST GOLD AUDIT IN DECADES. IS IT ALL THERE?
If you were considering going back to the gold standard wouldn’t you want to know that the existing gold reserves are intact. With all the exposure of corruption we have witnessed so far can you see why Trump needs this audit?
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CHELSEA CLINTON’S SHOCKING $84M USAID PAYOFF
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SHOCKING SCENES AT USAID HEARING – CONGRESS MEMBERS STUNNED
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USAID FUNNELED MONEY TO GAIN-OF-FUNCTION RESEARCH IN WUHAN LAB
Yes, the US “illegally” helped to fund this research which caused the pandemic.
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INSIDE FEMA’S SICKENING HISTORY OF MISSPENDING BILLIONS OF TAXPAYERS’ DOLLARS
Oh… but they can spend money on illegal immigrants but ran out of funding for NC hurricane victims, yes US citizens?
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DONALD TRUMP SIGNS EXECUTIVE ORDER ON ‘RECIPROCAL TARIFFS’
All I can say is it’s about time we had a real commander and chief in charge….
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FEMA SENT $59M LAST WEEK TO LUXURY NYC HOTELS FOR ILLEGAL MIGRANTS
This really get my goat…. when we watch US citizens suffer from hurricane disasters with very little FEMA support. Where is all the FEMA funds going? Well…. now you know. Remember that we didn’t have to have this illegal immigration crises so please don’t tell me to feel sorry for these homeless immigrants suffering in NYC. There has to be some rational for all this. Get it? Why create the crises in the first place? That’s my point.
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YES, ITS ALL JUST ABOUT COMMON SENSE!
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IS IT POSSIBLE TO ELIMINATE PROPERTY TAXES ON YOUR REALESTATE?
First of all, this has absolutely nothing to do with this NESARA or GESARA bullshit you may keep hearing about. Yes, I know it is on the original bill that did not even make it to congress for a vote. So the principle and concept is there. But some mysterious entity behind the scenes has nothing to do with the progress made in this direction so far.
I already covered this nonsense in a prior Newsletter about NESARA and GESARA and how this group wants to take credit for every reform going on today. So, let’s get real today on this subject matter. There are lots of ordinary, honest people working very hard to make a difference to help expose and make this change in how revenue is generated to fund the government at the local level. Yes, the government still somehow has to be funded. There is no magical group behind the scenes that is going to make this change for you. It all takes dedication and hard work. There are alternatives to the property tax that may in fact generate even more revenues to run out municipalities.
There are already several states working on legislation to eliminate these Property Taxes. We see especially Texas, North Dakota and now Florida working on this issue. I am sure there will be many more states to follow. Will there be just RED states or will BLUE states also get on the bandwagon? It is the hope that more states will follow this trend as time progresses. Remember as a home owner it is up to you to pressure the government as it is not going change without your input. Do you want this change bad enough?
If you look at the numbers, public education is one of the highest draw on revenues generated from property taxes. In this video today they explain some of the simple ways that government can fund public education and other local expenditures without taxing your home each year. It also exposes more wasteful spending in the cost of public education versus private schools. Why do public schools cost twice and something three times as much? I sure that if someone would do the digging like DOGE is doing at the federal level we will expose a lot of wasteful spending and probably much corrupt money too. So the first task is to streamline the spending. Remember the less revenue needed the less that needs to be funded.
I also need to point out that this video does NOT talk about property taxes of personal vehicles. This is another issue that needs addressing. Why do we keep getting taxed on our vehicles? We already paid a sales tax on it when we purchased it. Some states do not tax vehicles while others do. Why is this? Can the states that do tax, work with states that don’t tax to research to find ways to eliminate it or shift this revenue generation? Again, we must streamline the Department of Motor Vehicles. Are they already too big? Anything is possible and it all begins with you, the citizen getting involved.
I also want to point out that this video was presented by an ordinary citizen trying to make a difference. Are you going to be part of the PROBLEM or part of the SOLUTION?
Watch this video first:
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Pray, Pray, Pray & Pray some more!
Please try to remember to pray each and every day. The rosaries for me is my way to pray and has had a significant impact on my life. It has meant many miracles for me and my family. It can be for you too, and the Blessed Immaculate Mary asks that we pray “faithfully” each day. You can also pick your own personal prayers, as the rosary is just my choice, and I just wanted to share it with you. Just look at the past election. This is the start of God’s glory being manifested again on the U.S. Why is he so good to us in spite of the wickedness by many? It is because there are many of us who still worship him, pray and ask for our salvation. We are the prayer warriors for God. Yes, these are the people holding this country together. Will you decide to join us too?
We all know something has gone terribly wrong with our nation. A supernatural battle is taking place to determine the fate of America. In just twelve minutes a day you help bring forth a divine intervention to save our country using this book. Let us not forget to fast, meditate and pray for the salvation of America. There is an organization that is taking on this endeavor through helpful prayer guidance. This is what I plan to do. How about you?
Anyone can join the hundreds of thousands already involved in this rapidly-growing prayer movement. It’s easy to get started:
Pray the Daily Prayers To Save Our Country
Order the official prayer book, read or listen online, or print them out. Just click on the prayer book below.
A National Prayer Movement
for God’s Help
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FOUNDATION WARNS OF ‘PARALLEL BANKING SYSTEM’ AND ‘SHADOW ECONOMY’ IN IRAQ
The “Iraq Al-Mustaqbal” Foundation for Economic Studies and Consultations warned, on Saturday, of the danger of the parallel banking system, which constitutes about 84% of the “informal” economy in the country, considering this system to “limit the ability of official bodies to monitor the movement of funds.”
The head of the institution, Manar Al-Obaidi, said in a statement published today, a copy of which was received by Shafaq News Agency, that “in the Iraqi economy, the parallel banking system stands out as one of the major challenges that directly affects the stability of the financial system.”
He explained that “this system consists of a group of financial institutions that operate outside the official framework and without supervision from regulatory authorities, but nevertheless play an influential role in the economic scene.”
Al-Obaidi also pointed out that “these institutions have emerged gradually over the past twenty years, starting from simple financial activities until they developed into entities that provide services similar to official banks, such as: lending, credit facilities, receiving deposits, and transferring money internally and externally,” adding that “among these institutions we find salary distribution outlets, exchange shops, consumer associations, and even some non-profit organizations.”
He added, “These institutions were able to achieve widespread popularity for several reasons. The first is the absence of effective oversight, which made work procedures easier compared to official banks, which attracted many customers looking for flexible and fast alternatives. The second and more important reason is the great demand from owners of small and medium enterprises.”
The head of the institution noted that “in Iraq, this type of project constitutes about 84% of the informal economy, and they are projects that are not officially registered, which deprives them of access to traditional banking services and pushes them to resort to these parallel financial institutions.
He pointed out that “the existence of an official banking system and a parallel one represents a great danger to the Iraqi economy, as it enhances the phenomenon of the shadow economy and limits the ability of official bodies to monitor the movement of funds,” considering that “this gap opens the door to many illegal practices such as tax evasion and money laundering.”
Al-Obaidi pointed out that “to deal with this situation, it is necessary to adopt firm solutions aimed at closing the gap between the two systems,” indicating that “this can be achieved by:
1.preventing unauthorized banking activities, and;
2.working to encourage small and medium enterprises to join the formal sector by providing attractive incentives.
He continued by saying that: (solutions to the problem of the parallel market)
1.legal frameworks can be put in place to regulate the work of informal financial institutions and place them under the supervision of the central bank to ensure a minimum level of oversight.
2.In the most serious cases, the optimal solution may be to completely close unlicensed institutions and link all banking operations to formal institutions.
Al-Obaidi continued, saying, “The Iraqi experience has shown that the shadow economy may exceed the size of the official economy, which poses a major challenge to the relevant authorities in most cases,” stressing that “previous attempts to control it have failed due to its ability to adapt to new circumstances and maneuver any regulatory measures.”
The head of the “Iraq Al-Mustaqbal” Foundation concluded that “for this reason, dealing with this challenge requires a balanced strategy that combines firmness in applying laws and flexibility in providing legal paths for these institutions to integrate into the formal economy, while ensuring the protection of the economy from potential risks.”
(if you have been following my blog all along you know all about the parallel market and it is one of the challenges facing the CBI. You also know why they need the monetary reforms. This black market is holdup and is preventing the CBI from getting permission to reinstate the dinar. This issue must be remedied. I like this article because it gives solutions but sill it does not fully show the mechanism to get to the solution. I suspect this will be forth coming. We already witnessed one mechanism as part of the solution by president Trumpand that was to cut off the CASH dollars. The black market operates on CASH.)
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MANAR AL-OBAIDI: THE SHADOW ECONOMY IN IRAQ EXCEEDS THE SIZE OF THE FORMAL ECONOMY
The parallel banking system in Iraq is one of the major challenges that directly affects the stability of the financial system, as it consists of a group of financial institutions that operate outside the official framework and without supervision from regulatory authorities.
Economic researcher Manar Al-Obaidi said, in a clarification received by “Baghdad Today”, today, Saturday (February 15, 2025), “Institutions play an influential role in the economic scene, and they have gradually emerged over the past twenty years to provide services similar to official banks such as lending, credit facilities, receiving deposits, and transferring money internally and externally.”
He added, “Among these institutions, there are salary distribution outlets, exchange shops, consumer associations and even some non-profit organizations. These institutions have been able to achieve widespread expansion due to the absence of effective oversight, which has made work procedures easier compared to official banks and attracted many customers looking for flexible and fast alternatives.”
He continued: “One of the main reasons for the spread of this system is the great demand from owners of small and medium enterprises, which constitute about 84% of the informal economy in Iraq, as it is difficult for them to access traditional banking services due to their lack of official registration, which forces them to deal with parallel financial institutions.”
He explained that “the existence of a formal and parallel banking system poses a threat to the Iraqi economy, as it enhances the phenomenon of the ‘shadow economy’ and limits the ability of official bodies to monitor the movement of funds, which opens the way for illegal practices such as tax evasion and money laundering.”
He pointed out that “to deal with this situation, it is necessary to adopt firm solutions, such as “closing the gap between the two systems”, by preventing unauthorized banking activities, and encouraging small and medium enterprises to join the formal sector by “providing attractive incentives”. Legal frameworks can also be put in place to regulate the work of informal financial institutions under the supervision of the Central Bank to ensure the necessary oversight.”
He stressed that “the Iraqi experience is an example that the ‘shadow economy’ may exceed the size of the formal economy, which represents a major challenge for the relevant authorities. In light of this, this situation requires a balanced strategy between strictly enforcing the laws, while providing legal paths for these institutions to integrate into the formal economy, in a way that ensures the protection of the economy from potential risks.”
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CENTRAL BANK ANNOUNCES DETAILS OF ITS MEETINGS WITH THE TREASURY AND THE FEDERAL RESERVE
The Central Bank announced the end of the first quarterly meetings for the year 2025 with the US Treasury and the US Federal Reserve, which were held in Dubai / United Arab Emirates with the participation of international auditing and consulting firms (EY, K2 Integrity, Oliver Wyman). The meetings culminated in praise for the steps taken by the Central Bank of Iraq and the Iraqi government in reforming the banking sector, the most important of which were:
1.The development of the US dollar cash distribution system in Iraq, which they considered the most controlled and monitored system in the world, which limits manipulation and smuggling of the US dollar.
2.The qualitative shift in foreign transfer operations and the steps taken by the Central Bank of Iraq to address the risks arising from these operations, which have now risen to the levels of transfer operations carried out by international banks.
3.The consulting firms (EY and Oliver Wyman) reviewed the plans to reform and upgrade the public and private banking sectors in line with international standards and to facilitate the involvement of Iraqi banks in the international financial relations network.
Since the operations carried out by banks operating in Iraq depend largely on the trust of international correspondent banks in the Iraqi banking sector, we emphasize the need to ensure that the official channels of this bank are adopted to know the latest news and not to transmit incorrect news such as some Iraqi banks being subject to international sanctions and others.
Central Bank of Iraq
Media Office
February 16, 2025
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POLITICIAN ACCUSES AMERICA OF OBSTRUCTING THE CONSTRUCTION OF POWER STATIONS IN IRAQ
Today, Saturday, the leader of the Sovereignty Alliance, Majeed Al-Dulaimi, accused America of being involved in obstructing projects to establish power plants in Iraq to end the electricity crisis for political reasons.
In a statement to / Al-Maalouma / agency, Al-Dulaimi said that “dozens of investment companies specialized in the energy sector have submitted investment offers to establish power plants in Anbar Governorate and other governorates.”
He added that “the central government has received attractive offers from international investment companies specialized in establishing power plants in Iraq, but America is placing obstacles in the way of these countries under the pretext of terrorist threats,” indicating that “the steps to connect electricity with Jordan are still far from the level of ambition and are not useful.”
He continued, “All solutions are to import electricity from neighboring countries or establish small power plants.”
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RASHID BANK’S CAPITAL JUMPS FROM 2 BILLION TO 50: WHAT ARE THE REASONS? AND IS TIMING RELATED?
Today, Thursday (February 13, 2025), banking and financial expert Alaa Al-Fahd revealed the reason for increasing the capital of Rashid Bank at this time.
Al-Fahd told Baghdad Today, “This measure is part of the government’s reform of banking policy by expanding the size of banks and their participation in economic development. There is a reform policy that the government is pursuing with the Central Bank of Iraq, with the assistance of international companies, in order to develop banking work and increase bank branches. Therefore, there was an obligation to increase capital according to the requirements of the stage.”
He explained that “today the capital (2) billion dinars does not match the current reality, due to the number of branches and shareholders owned by Rashid Bank, and therefore increasing the bank’s capital will contribute to classifying the current situation and contribute to improving the current reality.”
The banking expert added, “This increase is the beginning of restructuring the banks, especially Rafidain and Rashid banks, and making them at a level that meets the ambition of the current stage, and is at the level of development and the level of the needs of the Iraqi economy.”
The Federal Council of Ministers, during its session last Tuesday, approved increasing the capital of Rashid Bank from 2 billion dinars to 50 billion dinars, from the bank’s expansion reserve account, with the Iraqi Ministry of Finance taking the necessary measures for implementation.
Earlier, the government announced ambitious plans to restructure government banks, most notably Rafidain and Rashid Banks, with the aim of transforming them into more modern and efficient financial institutions capable of meeting the needs of the growing Iraqi economy.
The Council of Ministers also decided in its session held on January 13, 2025 to establish a completely new bank, based on the latest digital banking technologies, and aiming to provide integrated banking services to individuals and companies, both inside and outside Iraq.
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IRAQ, CZECH STRENGTHEN TIES WITH KEY AGREEMENTS
On Thursday, Iraqi Prime Minister Mohammed Shia al-Sudani met with Czech Prime Minister Petr Fiala in Prague. Al-Sudani’s media office stated that both sides signed an agreement and five memorandums of understanding across various sectors.
“The ceremony included the signing of an air transport agreement between the Iraqi and Czech civil aviation authorities, as well as a memorandum of understanding between the Iraqi Ministry of Oil and the Czech Ministry of Industry and Trade.”
The media office added that “a draft memorandum of understanding was signed between the Ministries of Interior of Iraq and the Czech Republic, along with a cooperation memorandum between the Iraqi and Czech Federations of Industries, another between the Iraqi and Czech Chambers of Commerce, and a letter of intent with the Iraqi Ministry of Environment.”
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IRAQ MOVES TOWARDS GLOBALIZATION.. IMPLEMENTATION OF INTERNATIONAL ACCOUNTING STANDARDS BEGINS IN 2026
The former director of the Financial Supervision Bureau, Salah Nouri, revealed the steps taken by Iraq to move to fully implement international accounting standards by 2026.
Nouri said in a statement to {Euphrates News} that: “The unified accounting system, which was adopted in the mid-eighties, was appropriate for the economic situation at the time; but it led to Iraq’s delay in keeping pace with international standards.”
He added, “The Accounting and Auditing Standards Board adopted 14 accounting rules according to international standards until 2016; but that was not enough to keep pace with global developments. In 2017, the board made a bold decision to adopt all international accounting standards, with the aim of enhancing financial transparency and attracting foreign investments, especially in the oil and banking sectors.”
Nouri pointed out that “the committee tasked with preparing the new unified accounting system completed its work in 2019, and the implementation of international standards was announced in 2021, but the Corona pandemic postponed this implementation.”
He stressed that “the year 2026 will witness the final implementation of these standards, which will make the Iraqi accounting environment consistent with the requirements of global financial markets.”
“This step will encourage foreign companies to invest in Iraq and will provide transparent financial data that will help in making sound investment decisions,” Nouri concluded.
International accounting standards are a common language for companies around the world, making it easier for investors to understand companies’ financial statements and make informed investment decisions.
This step comes as part of Iraq’s efforts to enhance financial transparency and attract foreign investment, especially in light of the economic challenges facing the country.
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ANNOUNCEMENT OF THE PUBLIC TENDER NUMBERED (2025/1) FOR THE SUPPLY, INSTALLATION AND OPERATION OF MACHINES FOR COUNTING AND SORTING IRAQI AND FOREIGN CURRENCY (DOLLARS AND EUROS) FOR THE BRANCHES OF THE CENTRAL BANK OF IRAQ IN (BASRA AND MOSUL)
The Central Bank of Iraq announces the holding of a public and private tender for the preparation, installation and operation of machines for counting and sorting Iraqi and foreign currency (dollar and euro) numbering (65) machines, with (35) machines for the bank branch in Basra and (30) machines for the bank branch in Mosul, according to the technical specifications and legal conditions contained in the standard document for the preparation of goods prepared by this bank, at a total estimated cost of (1,134,250,000) Iraqi dinars (one billion, one hundred and thirty-four million, two hundred and fifty thousand Iraqi dinars) from the planning budget of the Central Bank of Iraq for the year 2025 and from the allocations of the bank branches (Basra and Mosul) .
Those wishing to participate in the tender from companies (agents of specialized companies in Iraq legally accredited) with experience and expertise should purchase the tender documents in paper form by visiting [Central Bank of Iraq / located in Baghdad – Rashid Street – Building No. (2) Floor (3) Legal Department / Contracts Department] after paying the price Tender documents amounting to (250,000) Iraqi dinars (two hundred and fifty thousand Iraqi dinars) are non-refundable and they have the right to purchase tender documents electronically via the electronic platform. Purchasing tender documents via the electronic platform is optional for those wishing to purchase from companies with the payment of the amount of purchasing documents and the fees for the electronic purchasing service via the platform by those wishing to purchase electronically. The electronic or paper purchase receipt bearing the name of the company or its authorized manager issued by the management of the electronic platform system is approved when purchasing documents electronically for the purposes of submitting and analyzing the bid.
The bid closing date will be before the end of the official working day on (Sunday) corresponding to 3/16/2025. Bids are delivered to the address [Central Bank of Iraq / Legal Department / Contracts Department / Building No. (2) Floor (3) / located in Baghdad – Rashid Street], and the bidder to whom the tender is awarded shall bear all taxes and fees imposed under the applicable Iraqi laws on the full contract amount in addition to bearing the fees for publication and advertising in the national newspaper and the electronic platform and fees Archiving the contract electronically.
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THE PRESIDENT OF THE REPUBLIC APPROVES THE AMENDMENT TO THE BUDGET LAW
The President of the Republic, Abdul Latif Rashid, approved the first amendment to the Iraqi Federal Budget Law No. 13 of 2023, related to the export of Kurdistan Region oil through SOMO.
Secretary of the Kurdistan Regional Government Council of Ministers, Amanj Rahim, said, “The President of the Republic approved the first amendment to the Iraqi Federal Budget Law No. 13 of 2023.”
He added that “the law became official after the President of the Republic signed it, noting that the revenues from the sale of oil exported from the region will return to the federal treasury, according to the amendments related to the costs of production and transportation of oil.”
He added, “The law will not officially enter into force until it is published in the Official Gazette, Al-Waqa’i’ Al-Iraqiya, which is the last procedure required before its implementation begins.”
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TRUMP MUST FINISH THE JOB IN IRAQ
February 16, 2025
By Yassin Fawaz
For almost two decades, Iraq was at the center of U.S. foreign policy, absorbing huge sums and costing thousands of American lives. Now, just a few years later, it risks fading into geopolitical obscurity—forgotten by the U.S. public and by policymakers as well. That would be a mistake.
Donald Trump built his brand on disrupting the status quo, whether in politics or foreign affairs. His first term saw major shifts in the Middle East, from the assassination of Iran’s Qassem Soleimani to the Abraham Accords between Israel and several Gulf and other Arab states. Now, he begins his second term with a clear inclination to shake things up again.
In that context, Iraq should be front and center. The government in Baghdad must be held accountable for harboring and legitimizing Iran-backed militias, the very forces that have destabilized the region for years.
As part of such a move, the regime in Iran would also be put in its place. For too long, Tehran has meddled in the affairs of Arab countries via a network of militias that it partly funds, supports, and occasionally directs. This so-called “Axis of Resistance” has suffered major blows in the past year because of the regional conflict sparked by the October 7 massacre in Israel by Iranian-backed Hamas.
Hamas is now badly degraded in Gaza. Hezbollah has been thrashed in Lebanon. Yemen’s Houthis, emboldened by Iran, face the real prospect of serious Western retaliation for their outrageous impeding of commercial traffic in the Red Sea. The Iran-backed Syrian dictatorship has collapsed.
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REGIONAL OIL: THE PATH TO RESUMING EXPORTS AND ITS NEXT STAGES: NEW HOPES ON THE ROAD TO ECONOMIC RECOVERY
Former member of the Natural Resources Committee in the Kurdistan Parliament, Jihad Hassan, commented today, Monday (February 17, 2025), on the statements of the Minister of Natural Resources in the regional government regarding the resumption of the region’s oil exports.
Hassan said in an interview with Baghdad Today, “This is an economic step that will revive the economy of the region and Iraq in general, and the matter was dependent on Baghdad and Ankara, as the region has been ready for a long time to export oil without any obstacles.”
On the other hand, the expert and advisor on oil affairs, Govind Sherwani, confirmed that “the President of the Republic signed the amendment to Article 12 of the budget law related to the allocations for production and transportation of the region’s oil, and this issue was the obstacle to resuming exports.”
In an interview with Baghdad Today on Monday (February 17, 2025), Sherwani said, “The law will come into effect after its publication in the Official Gazette, and with regard to the technical aspect, a delegation from the Federal Ministry of Oil visited the region to review the technical aspects.”
He added, “It is expected that within a week or the end of this month, the technical arrangements will be completed, and export will become possible. It is certain that the previous quantities, which are 400 thousand barrels per day, will not be, because these arrangements and the rehabilitation of the oil wells that were left for two years require a long time, and it may take more than 3 months to reach the previous rates.”
He pointed out that “the beginning will not be less than 250 thousand barrels exported daily, and it is possible that within a month or two, exports will return to 400 thousand barrels, and this is a new resource to raise the public treasury, especially since this oil can be marketed to European markets without any obstacles.”
At the beginning of 2025, new developments came in the amendment of Article 12 of the budget law, which paved the way for the resumption of oil exports from the Kurdistan Region. This step is considered an important solution to a legal problem that was hindering oil exports, and provides the region with an opportunity to enhance its economic revenues by exporting oil to global markets, especially European ones.
Despite the technical challenges facing the process of resuming exports, such as rehabilitating oil wells that have been out of service for two years, experts expect that the export process will begin in limited quantities, with the possibility of gradually increasing them in the coming months.
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AMERICA STOPS THE DOLLAR CASH TO IRAQ: WILL THE DOLLAR RISE AGAINST THE DINAR?
In a surprising move, reports indicate that the United States has decided to stop sending cash dollars to Iraq, a decision that could have profound effects on the Iraqi economy and its financial market. This shift raises many questions about its impact on the value of the Iraqi dinar, currency markets, and the local banking sector.
(All I can say is its about time! But this is a major change and there will be adjustments that will have to be made.)
What is a cash dollar?
Cash dollars refer to money that is physically sent to Iraq by the United States, usually through banks or other economic mechanisms. This cash flow has played an important role in supporting the Iraqi economy, especially in light of the economic challenges facing the country.
The reason behind the American decision
Sources indicate that the US decision comes in the context of economic and diplomatic pressures on Iraq, which include issues related to the national economy and monetary policies. Some reports also indicate that the United States may seek to limit the use of the dollar in Iraqi financial transactions, in an attempt to enhance the stability of the local currency and reduce dependence on foreign currencies.
Impact of the decision on the Iraqi dinar
The decision is expected to cause significant volatility in the local currency market. The US dollar is one of the main currencies traded in Iraq, and stopping its cash flow could lead to a shortage in supply, which could (initially) push the dollar higher against the dinar.
The impact of the rise on the Iraqi market
The increase in the value of the dollar may lead to higher prices in the Iraqi market, which will exacerbate the burden of inflation and affect the ability of citizens to purchase basic commodities. This may also indirectly affect economic activity, especially in sectors that rely heavily on imports.
(So how can the CBI get the dinar to be worth more than the dollar? Is it time to conduct the in-country RV to just over a dollar? Just asking…)
Are there any solutions?
The Iraqi government will face a major challenge in dealing with these developments. The next phase may require developing new economic and financial strategies to mitigate the impact of sudden changes in currency rates. It is necessary to have a move towards strengthening the Iraqi dinar and diversifying the sources of the national economy away from heavy reliance on the dollar.
Conclusion
In light of these developments, it will be important to monitor the short- and long-term effects of this decision. Iraq needs decisive steps to secure the stability of its national currency and protect its economy from the repercussions of the decision to stop the use of the CASH dollar.
(Remember this is the use of CASH dollar. They will still have electronic transfer from the Feds of dollars to Iraq. But this is a move that I believe is in agreement with the CBI to finally shut down the parallel market for good. This comes on the heals of the issue with Rafidian bank’s continue smuggling of the cash dollars to Iran. This is an amazing article. A “WOW!” article. I still am having a hard time believing it when I read it. The US is finally doing it. They should have cut off the dollars off years ago. We would be much farther ahead now in the RV process. But now it is being done. A good sign for us investors. How will this impact the Iraqi economy? Seems to me the US wants the dinar to rise in value and this may be leading us to something VERY IMPORTANT.)
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TARGETING IRAN, US TIGHTENS IRAQ’S DOLLAR FLOW, CAUSING PAIN
BY QASSIM ABDUL-ZAHRA AND ABBY SEWELL
February 2, 2023
BAGHDAD (AP) — For months, the United States has restricted Iraq’s access to its own dollars, trying to stamp out what Iraqi officials describe as rampant money laundering that benefits Iran and Syria. Iraq is now feeling the crunch, with a drop in the value of its currency and public anger blowing back against the prime minister.
The exchange rate for the Iraqi dinar has jumped to around 1,750 to the dollar at street exchanges in some parts of the country, compared to the official rate of 1,460 dinars to the dollar.
In Baghdad, exchange houses were closed on Thursday, while the Kurdistan Regional Government banned exchange companies in Sulaimaniyah from making transfers.
Mustafa Al-Karawi, a member of the parliamentary budget committee, told the state news agency that the Central Bank “must meet the requirements of the Federal Reserve to…reduce the scarcity of hard currency in the country.” He said new domestic procedures would be rolled out to improve access to currency, while a delegation of Iraqi officials will travel to the U.S. for negotiations next Friday.
The devaluation has already sparked protests. If it persists, analysts said, it could challenge the mandate of the government formed in October after a yearlong political stalemate.
The dinar’s deterioration comes even though Iraq’s foreign currency reserves are at an all-time high of around $100 billion, pumped up by spiking global oil prices that have brought increasing revenues to the petroleum-rich nation.
But accessing that money is a different story.
Since the U.S. invasion of Iraq in 2003, Iraq’s foreign currency reserves have been housed at the United States’ Federal Reserve, giving the Americans significant control over Iraq’s supply of dollars. The Central Bank of Iraq requests dollars from the Fed and then sells them to commercial banks and exchange houses at the official exchange rate through a mechanism known as the “dollar auction.”
In the past, daily sales through the auction often exceeded $200 million per day.
Ostensibly, the vast majority of the dollars sold in the auction are meant to go to purchases of goods imported by Iraqi companies, but the system has long been porous and easily abused, multiple Iraqi banking and political officials told The Associated Press.
U.S. officials confirmed to the AP that they suspected the system was used for money laundering but declined to comment in detail on the allegations or the new restrictions.
For years, large quantities of dollars were transferred out of the country to Turkey, the United Arab Emirates, Jordan, and Lebanon through “gray market trading, using fake invoices for overpriced items,” a financial adviser to the Iraqi prime minister said, speaking on condition of anonymity because he was not authorized to discuss the matter publicly.
The inflated invoices were used to launder dollars, with most of them sent to Iran and Syria, which are under U.S. sanctions, leading to complaints from American officials, he said.
In other cases, the currency is smuggled across land borders under the protection of armed groups that take a cut of the cash, said Tamkeen Abd Sarhan al-Hasnawi, chairman of the board of Mosul Bank and first deputy of the Iraq Private Banks League. He estimated that as much as 80% of the dollars sold through the auction went to neighboring countries.
“Syria, Turkey, and Iran used to benefit from the dollar auction in Iraq,” he said.
A member of one of Iraq’s Iran-backed militias, who spoke on condition of anonymity because he was not authorized to speak publicly on the subject, said the majority of Iraqi banks are owned indirectly by politicians and political parties that have also used the dollar auction to their benefit.
Late last year, the Fed began imposing stricter measures.
Among other steps, at the request of the U.S., the Central Bank of Iraq started using an electronic system for transfers that required entering detailed information on the intended end-recipient of the requested dollars. One hundred Central Bank employees were trained by the Fed to implement the new system, the prime minister’s financial adviser said.
“This system started rejecting transfers and invoices that used to be approved by the central bank,” he said. “Around 80% of transactions were being rejected.”
The amount of dollars sold daily in the auction plummeted to $69.6 million on Jan. 31, from $257.8 million six months earlier, according to Central Bank records. Far fewer of the dollars are going toward buying imports as well, down to around 34% from 90%.
Even when transactions are approved, it takes banks up to 15 days to get the funds rather than two or three days, Hasnawi said.
Unable to get dollars at the official price through banks, he said, traders turned to the black market to buy dollars, causing the price to rise.
In November, the Central Bank of Iraq added four new banks to the list of those banned from dealing in dollars. Two U.S. officials confirmed that the Fed requested the four banks be blocked because of suspected money laundering. They spoke on condition of anonymity because they were not authorized to comment on the case.
A spokesperson for the New York Fed declined to discuss the specific measures taken with regards to Iraq. But the Fed said in a statement that it enforces “a robust compliance regime” for the accounts it holds. The statement said that this regime “evolves over time in response to new information, which we gather in the regular course of monitoring transactions and events that may impact an account and in communication with other relevant U.S. government agencies.”
The system of keeping Iraq’s oil revenues at the Fed was originally imposed by U.N. Security Council resolutions after the 2003 ouster of Iraq’s Saddam Hussein by the U.S-led invasion. Later, Iraq chose to maintain the system to protect its revenues against potential lawsuits, particularly in connection to Iraq’s 1990s invasion of Kuwait.
(We will need Exec Order 13303 to end for this DFI fund to be transferred to Iraq and out of the hands of the U.S. Feds. This is key and we all need to watch for this move. Will Trump extend it in May 2025? )
The new U.S. restrictions come at a time of increased tensions between the U.S. and Iran. Negotiations over a nuclear deal are floundering. Washington has imposed new sanctions and condemned Iran for cracking down on protesters and providing drones for Russia to use in Ukraine.
Also, in Iraq, allegations came to light in October that over $2.5 billion in Iraqi government revenue was embezzled by a network of businesses and officials from the country’s tax authority.
The case “brought (U.S.) attention to the scale of corruption in Iraq” and how the corruption can benefit Iran and other parties hostile to the U.S., said Harith Hasan, head of the Iraq unit at the Emirates Research Center, an Abu Dhabi-based think tank.
The new Iraqi prime minister, Mohammed Shia al-Sudani, who came to power via a coalition of Iranian-backed parties, does not have a strong relationship with the U.S. that could have enabled him to soften the implementation of the new financial measures, Hasan said.
Al-Sudani has downplayed the current devaluation as “a temporary issue of trading and speculation.” He replaced the Central Bank governor and instituted measures intended to ensure a supply of dollars at the official rate.
Al-Hasnawi said the government’s recent measures will not stop the financial bleeding. If the current situation persists, he said, “within one year, most banks will declare bankruptcy” and there is likely to be mass civil unrest.
“This U.S. pressure impacts the Iraqi street in a clear manner, and we do not see clear solutions until now,” he said.
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Their words not mine…..No Rumors, No Hype, No Opinions ,,,,,
Just FACTS!
Disclaimer: All information in this newsletter is not intended for investment decisions / purposes. Mnt Goat is not a financial analyst, planner, banker, attorney or associated in any role with giving out professional investment advice.
Auf Wiedersehen
Much love to ya all,
Mnt Goat
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