ABOUT THE NEWSLETTER:
February 20, 2025 Mnt Goat News Brief
Guten Tag everyone:
I have some news for you today.
GIVE A GIFT TO MNT GOAT
I decided to allow everyone to give a Free-will GIFT to Mnt Goat on PayPal if you so desire. Here is the link below.
Okay, so this month there is just so far, a handful of blog subscribers that have come forward to let me know they appreciate the Mnt Goat Newsletter. This is out of 20,000+. How do I know you want me continue the Newsletter if you don’t show me and tell me? Is it because the current news is more negative than usual? Then you ignore me? Yes, more sobering that you like.
Instead, do you want me to lie to you and to hype you up for a daily dose of guru lies intel? Is this only when you show your appreciation? I will say if this is the case then you really don’t belong on my blog anyway. I only tell the TRUTH and if this is hard to swallow than this blog is not for you.
You have to realize that in Iraq it is an uphill battle to overcome the entities that do not want Iraq to progress and mover forward. We have witnessed this constantly now since we got into this investment. I have presented so much evidence to you to show you what is really going on behind the scenes in Iraq and now actually coming out in the open. Remember the prophets told us that everything will be exposed and so it is. But with exposer, justice is also coming.
I recommend $10 dollars a month or whatever you can afford. Do you realize I write eight (8) Newsletters every month. I have to investigate the news, pull out the FACTS, then pull off the articles from Iraqi news channels, translate them, talk to my contact in Iraq and then write and publish the Newsletter. Do you think perhaps a little gift might show some appreciation for all this hard work? Just asking…. Enough said….. The future of the Newsletter depends upon all of you.
Let’s all try to chip in!
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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
Oh… this is VERY hard today in writing this Newsletter. Please don’t shoot the messenger! How can I possibly make better all the recent negative news? Oh… you say you are having a hard time accepting reality? This sobering news I present I hope will wake people up to the reality of what is now happening in Iraq. But it can also change on a dime and probably will. I have to tell you the problems stem mostly from the US and it efforts not to support Iraq in a “real sense”. It appears they will go a long way to shoot off their mouths about their self-righteousness and humanitarianism but only to protect the US dollar and use their military bases and nothing else.
But there is actually some good news too. Let’s explore both. I have put many of my commentary within the articles in the Articles Section today to shorten this Status of the RV section. I don’t want to write a book… lol.. lol.. lol.
😊 A sobering article in today’s news titled “A BURNING ECONOMIC DEBATE.. IS RAISING THE EXCHANGE RATE THE MAGIC SOLUTION FOR THE IRAQI ECONOMY?”. Sounds like a catchy title but I assure you if you read the full article, it is more negative thoughts about the dinar. The bad news is the deputy director of the CBI talks about lowering the “official” exchange rate to 2,000 – 2,500. I know it says raising in the title, but this is deceiving. They are using the literal sense of raising the numbers from 1310 to 2,000 – 2,500 dinars per dollar for the official CBI rate. They have not yet officially done it only debating it in the CBI.
Why are they contemplating this de-valuation of the dinar?
There is a shortfall of nearly $1.5 – 2.5 billion in oil revenues due to the oil being shut off from regions in Kurdistan in protest from not getting salaries paid correctly and the cost of extraction of the oil not appropriately accounted for in the budget amendment. This occurred during the weeks of ongoing debate to pass Law No. (4) of 2025 “First Amendment to the Federal General Budget Law. The Kurds simply shut off certain wells. Now they want their salaries but the Federal government in Baghdad is telling them they did not pump the oil to meet the budget as in the constitution. So, they are negotiating now how they are going to handle this payment. What they really need is the Oil and Gas Law to solidify these rules on the management of this oil. Kurdistan can not continue to disrupt the government as it has now and in the past every time it has a dispute.
The author pointed out that “Iraq has reserves of nearly 120 billion dollars against a trading source estimated at 103-104 trillion dinars, which gives the Iraqi currency a cover of nearly 170%, which is not a small matter, but the relationship with the dollar requires adjusting the exchange rate to achieve the required balance.”
The author also adds “The real problem that hinders the rise of productive sectors, especially agriculture and industry, is related to the energy crisis, especially electricity, as this crisis leads to higher production costs, which prevents the development of these sectors,”. How many articles have we heard about this damned electric grid for Iraq. Now we see it again and the consequences of not having a secure 24/7 electric grid. How do you run the oil pumping stations, all the Point-of-Sale machines in the marketplace with electricity? How do the banks conduct electronic banking when electricity is unreliable?
So, we found out on Tuesday that is was the US itself that was hindering Iraq in getting this electricity problem solved. Go back and read the article. Don’t they want Iraq to progress? So, talk by the US is cheap and actions speak louder than words. Up to now I am convinced that it has been the US as one of the leading factors in holding back Iraq. I have given you so many examples already of what I mean by this statement. I am really getting sick and tired of all these stupid, ignorant intel gurus out there telling you Iraq and the all the four-letter agencies say they want the RV. No, they don’t and couldn’t give a damn about Iraq. Get it? The US has been the holdup, I assure you of this FACT! A decade ago, the CIA even came out in an article and told us that Iraq would be a detriment to the middle east if it were to develop into a wealthy super power. They told us that it must be contained. What the hell did this mean? Now we know. Folks it has been 20 years already and still Iraq is not rebuilt, still does not have their currency returned, and not yet reinstated on FOREX?
I find it very funny how investors to the IQD flock to it with grandeur stories of getting rich quick, comparing it to the Kuwaiti dinar reinstatement in the 1990’s. However maybe we should put on our “Big Boy” pants, get real and compare the IQD more appropriately to the Vietnam Dong.
So, let’s also take a look at the Vietnam Dong saga, as an example. Will Iraq have to wait much longer like Vietnam has since Vietnam is still without their normal lower denominations of Dong notes. They have been waiting since the Vietnam War was over in the early 1970’s. It has been over 50 years already for them and still, they use the large three zero notes. Why have they not revalued and did their Project to Delete the Zeros?
The reason can be summed up in one word – CORRUPTION. Vietnam launders the US Dollar for China. They also play a vital role in providing sweat shops for cheap labor for China owned companies. By keeping the rate low they are able to out produce most developed countries. This is why mimicked/copied products made in China are so cheap. It is that simple.
Yes, another stupid currency policy in spite of common sense. If you really wanted to hurt China and Vietnam for money laundering and sweat shops, you could revalue the currency to their real nominal value. This would hurt China and they would back off of using Vietnam so much this capacity. But these IMF currency policies seem to be all backwards and seem to support yet more corruption rather than stopping it. Sound familiar like they did also in Iraq with the dollar and currency auctions. Go figure!!!
If you play around with the dollar you are penalized. The US dollar is still King and when you play around with the King’s pawns, you get hurt. So, what is now happening in Iraq? They too are playing around with the King dollar and if they can’t fix this corruption soon it might also be a long wait for them too. Heck, it’s already been 20 years……. On the flip side of all this I don’t think the IMF, Word Bank or the CBI want to wait that long and are working diligently to fix the situation in Iraq. Perhaps they may bundle the Vietnam Dong too with the Iraqi dinar and so them both at once? But this will only happen with a sound monetary policy that changes the thinking of putting all currencies on a fair and level playing field. The currencies must be “Asset Backed” for their valuations. The prophets say that this is coming and we should be patient.
I also want to remind everyone of the video in one of my last Newsletters dated 02/18 of Steve Forbes and his speech on controlling the value of currencies. He specifically stated that it is not about focusing on the economy (which the Obama/Biden plan calls for) but instead looking at the non-monetary and monetary inflation signals when managing a currency. This is why the CBI has repeatedly told us their number one main concern is controlling inflation and not building the economy.
The Obama/Biden foreign policy also does not consider the billions of dollars in the DFI fund and the gold reserves. This wealth is not in the ground waiting to be tapped but liquid capital like collateral for the Iraqi economy. Like they told us many times already they can almost cover all of the dinar in circulation by 150% backed by their reserves alone. Can any developed country in the world claim this?
Do you see a conflict on plans here of how to develop Iraq – the CBI policy versus US foreign policy? Actually, this is what the uphill battle is all about that I keep talking about. What gives the US so much power to decide how Iraq will conduct its business? This idea that if you grow the economy inside Iraq it will supply most of Iraq’s needs, thus put the burden of lessening imports, thus less global trade is necessary thus less dollars used, thus the dinar will go up since the demand for dollars goes down to pay for the imports. What a silly notion. We go back to what comes first the chicken or the egg. But his is the Obama/Biden plan for Iraq and how to raise the rate of the dinar over the dollar. Get it?
Logically this may sound great if you nothing about finance and economics, but first I need to point out a country wants more trade both imports and exports. It’s called a balance of trade. Tariffs ensure the balance is maintained. Tariffs can also be a huge revenue source over time if more exports are realized. So, a country really does not want to dampen imports either as the Obama/Biden plan calls for.
If you are a financer and/or economists and really study how things work in the real world, it can be seen that be increasing the rate of Iraqi dinar will make it more valuable and thus more companies outside of Iraq will want it. Better yet if you reinstate the dinar on the global trading platforms. Thus, the amount of trade won’t even matter and the dinar will be more acceptable and it will decrease the demand for the dollar on its own. Alos don’t forget also that when the dinar is reinstated it will be repeg off the sole dollar peg and pegged to a weighted basket of currencies. So again, the Obama/Biden plan does not work and is senseless. The Obama/Biden plan will enslave the Iraqi economy forever. We will literally NEVER see the RV if this is the case. Get it?
So, the CBI plan will work, if only they let go of this stupid Obama/Biden plan and go ahead with the next step in the plan. The next step is the in-country RV with the Project to Delete the Zeros. Who will want the dollar when the dinar is more valuable in Iraq? The parallel market will not even really matter anymore either. So, what is the breaking point? When will the pressure to change the foreign policy towards Iraq really happen. When will the US let go and let Iraq manage its own affairs?
So, as investors we muddle through these trying times. We wait to see what the new Trump administration will do to help or hinder this situation in Iraq.
😊Some good news is in the article titled “BRITISH AMBASSADOR: OUR VIEW ON IRAQ HAS BEEN FIXED FOR 30 YEARS, BUT NOW IT HAS CHANGED FOR THE BETTER”. The British Ambassador to Iraq, Stephen Charles Hitchcock, confirmed today, Monday, that “Iraq is a country of opportunities and investments, while expressing his optimism about the future of Iraq, due to the creativity, courage, dignity and endurance of the Iraqi people.”
It sems to me that the US is taking Iraq for granted meanwhile the British are stepping up and moving ahead with Iraq. Will the British be the ones to speak up and help change the US policy towards Iraq. This would surely benefit them.
😊 Some more good news is that ISSUE NO. (4814) OF THE IRAQI GAZETTE WAS PUBLISHED ON 2/17/2025. It included Law No. (4) of 2025 “First Amendment to the Federal General Budget Law of the Republic of Iraq for the Fiscal Years (2023-2024-2025) No. (13) of 2023.” Also they just told us the budget will not yet be open as there are technical issues yet to resolve with the Kurds. Like I told everyone that the RV rate will NOT EVER be in the budget and so many of these intel gurus told you it was and just went ahead telling this was an event that would trigger the RV. Well. it has happened days ago, the law is passed and in the gazette and still no RV. I assure you with 1000% certainty that this event is NOT going to trigger the RV. You would have to be a brainless idiot to think this would happen taking into consideration the current state what is happening with the dollar in Iraq. Yes, brainless idiot and I mean you TNT Ray and Tony Renfrow. Oh… this is going to be yet another weekend of waiting and watching for the RV then disappointment again on Monday. Then these brainless idiots move on to more lies about a Wednesday RV and then the next weekend again. This brainless bullshit of his and other gurus has been going on for over a decade now.
I will conclude my commentary today by saying I await good news. We all should not give up on our prayers. In times like this we have to be extra diligent and pray. Yes, pray harder than ever and tell God what you want and need. There has to be a breakthrough soon. Iraq cannot continue indefinitely like this. They have set up the banking system for international transactions. Everything is actually in place to do business with the rest of the world. The only question is when (not if) will they complete the currency reform as planned. I also encourage everyone to continue following the news in the US about its reforms and fighting corruption as these reforms will also most likely also be reflected in changing the foreign policy towards Iraq to a more sensible and common sense approach and stop playing politics.
Q & A
Question from skyline: Mtn. Goat Thank you for all you do for us Iraqi Dinar followers. I have been digging looking for the oil contract project being brokered between US Treasury and China. I’m hoping you can point me in the right direction of articles or where I can find more information on the deal.
Answer from Mnt Goat: Guten Tag Skyline. How are you today? Okay so this topic of China contracts is between the US Treasury and China. I have covered this topic a million times already in my blog. Are you a newbie? The agreement is NOT for you or any of us investors to read or see this agreement. In other words, you have to mind your own business, as I am told to tell my readers by the US Treasury! 😊 Your business is to ask for it at the banks and, if the special rate is still available, you should be offered it, but only if you ask for it. Please see the following LINK on this subject matter.
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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 Systematic Change Is Coming To The Nations”.
Prophecy begins at the 16:13 mark.
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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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TRUMP WEIGHING ‘DOGE DIVIDEND’ TO SEND TAXPAYERS CHECKS WITH SAVED FUNDS
Trump has said this could be as high as $5,000 in 2025. This would be 20% of the DOGE savings back to American citizens and 20% to pay down part of the national debt for 2025 alone.
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EXPLAINED: TRUMP’S WILD PLAN FOR GAZA
Has President Trump finally gone over the top?
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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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THE PENTAGON FAILS FINANCIAL AUDIT SECOND YEAR IN A ROW.
This failed audit it going to give the Trump administration wood to the fire to fix the system. You can’t deny the FACTS.
‘FEARMONGERING’ DEMOCRATS OVER DOGE EFFORTS
What are the afraid will be exposed. In today’s Julie Green prophecy God tells us that DOGE has just begun to dig into the corruption and what will come next will amaze you and sicken you what they have been doing to America.
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DOGE JUST UNCOVERED $4.7 TRILLION IN UNTRACEABLE GOVERNMENT SPENDING
And you wonder why the federal deficit is so high? What did you get for all this money? Did you know the entire annual budget for the US government is only about $4.5 Trillion dollars.
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SHOCKING FRAUD DISCOVERED IN SOCIAL SECURITY
Social Security members with birthdates that out date our nation. Yes, longer than 249 years old. This only shows that someone input these FAKE members into the system using dead peoples IDs. The question looming is did the system actually pay out to these members and where did the payments go? This could be hundreds of billions of dollars yet the democrats are always claiming that social security will go insolvent in 5 more years. Well… did anyone bother to clean up the agency and the payout process?
But now it’s going to get done and all it takes is the political will to fix it. Maybe now we can have our appropriate and honest social security payments at the amounts we all earned over the years we have been paying into the system. Just saying….
Thank You President Trump! Thanks Elon Musk for all the hard work.
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DOGE CLAIMS IT FOUND: BILLIONS LINKED TO GOVERNMENT-ISSUED CREDIT CARDS
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SHOCKING SCENES AT USAID HEARING – CONGRESS MEMBERS STUNNED
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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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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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FA BURNING ECONOMIC DEBATE.. IS RAISING THE EXCHANGE RATE THE MAGIC SOLUTION FOR THE IRAQI ECONOMY?
An ongoing debate among economists in Iraq about the effects of adjusting the exchange rate of the Iraqi dinar against the US dollar on the national economy, especially in the fields of agriculture and industry.
The opinions of experts and officials vary between supporters and opponents of changing the exchange rate, with a focus on how this will affect the productive sectors and the overall economy.
In 2020, the Central Bank of Iraq decided to adjust the exchange rate of the dollar against the dinar, as the purchase price of the dollar from the Ministry of Finance reached 1,450 dinars, while its selling price to banks was set at 1,460 dinars, and to citizens at 1,470 dinars per dollar.
In February 2023, the Central Bank of Iraq announced another adjustment in the exchange rate, to become 1,300 dinars per dollar, as the decision came in an attempt to control inflation and achieve stability in the general price level.
Protecting the Iraqi Dinar
In turn, economic expert Alaa Al-Fahd believes that “the current exchange rate represents a balance that protects the value of the Iraqi Dinar and maintains the general price level, which helps protect the poor classes.”
“The main reason behind the rise in production costs is due to the rise in energy prices, not the exchange rate,” he told Iraq Observer.
“The real problem that hinders the rise of productive sectors, especially agriculture and industry, is related to the energy crisis, especially electricity, as this crisis leads to higher production costs, which prevents the development of these sectors,” Al-Fahd added, noting that “countries like China have a low exchange rate for their currency, and despite that, their industry is thriving, which means that the decline in the currency may be an opportunity for the growth of local production, and not necessarily an obstacle to development.”
Historically, the Iraqi dinar has witnessed fluctuations in its value. In 1980, the dinar was equivalent to 3.3 US dollars, but its value deteriorated during the Iran-Iraq war, falling to about 4 dinars to the dollar in 1988. After the invasion of Kuwait and the imposition of an economic blockade in the 1990s, the value of the dinar deteriorated significantly, reaching about 3,000 dinars to the dollar in 1995.
Raise the exchange rate
On the other hand, Deputy Governor of the Central Bank of Iraq, Ihsan Shamran, believes that “industry will not rise unless the state finds itself in it, and neither will agriculture unless the exchange rate is changed, as the current rate is unfair, and the Iraqi exporter sells goods at any price and makes a profit because the dollar is very cheap.”
Shamran added in a press statement that “the cheap dollar is pushing some exporters to sell any commodity inside Iraq in exchange for the dollar, as the exchange rate should be between 2,000-2,500 dinars per dollar, considering that the Iraqi currency is very strong due to its high balance.”
He pointed out that “Iraq has reserves of nearly 120 billion dollars against a trading source estimated at 103-104 trillion dinars, which gives the Iraqi currency a cover of nearly 170%, which is not a small matter, but the relationship with the dollar requires adjusting the exchange rate to achieve the required balance.”
Experts have differed on the impact of these amendments on the Iraqi economy. While some believe that devaluing the dinar enhances the competitiveness of local products and reduces the budget deficit, others believe that it leads to higher living costs and negatively affects low-income groups.
Economists believe that the real problem lies in the structure of the Iraqi economy and its heavy dependence on oil, in addition to challenges related to energy and infrastructure, which hinder the development of other productive sectors.
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BRITISH AMBASSADOR: OUR VIEW ON IRAQ HAS BEEN FIXED FOR 30 YEARS, BUT NOW IT HAS CHANGED FOR THE BETTER
The British Ambassador to Iraq, Stephen Charles Hitchcock, confirmed today, Monday, that Iraq is a country of opportunities and investments, while expressing his optimism about the future of Iraq, due to the creativity, courage, dignity and endurance of the Iraqi people .
Hitchen said in a speech during the economic conference of the Iraqi-British Business Council, “My mission will end in two weeks, and it is natural for us to start thinking about what conclusions we can offer, and I share with you several ideas after a beautiful experience with you in Iraq. I am optimistic about the future of your country, and the source of optimism is the creativity, courage, dignity and endurance of the Iraqi people .”
He added, “Despite the challenges and problems, you can see that the trend towards the future is more positive in the current year 2025, and this is better than the situation in 2020, which was better than 2015, which was better than 2007, and the trend towards the future is clear and the existence of challenges cannot be ignored or denied, and you know the size of the challenges ahead of you .”
He continued, “For 30 years, British ministers viewed Iraq as a country of crises, a dangerous region and a security challenge. Now, for the first time, we have changed our ideas and see Iraq as a country of opportunities and investments,” indicating, “The presence of our embassy in Iraq is not because of the past, but because of the future, and this is a turning point in our ideas .”
He explained, “The Iraqi government is responsive to our ideas and we have a contact group for the Iraqi economy which includes the G7 and the World Bank,” explaining, “We spoke with government advisors with the aim of unifying economic ideas .”
He added, “Prime Minister Mohammed Shia al-Sudani’s recent visit to London was to renew trade relations and announce projects worth 12 billion pounds sterling, and we have coordination and cooperation with the Prime Minister’s Office to implement these projects in the coming period .”
Hitchen concluded by saying, “The most important existential challenge is not ISIS or regional problems, but the demographic and economic situation before you. We expect, over the next 15 years, a decline in the price of oil and an increase in the population, as in 2003 there were 23 million people, now there are 46 million people, and in 2040 the number will reach 70 million people, and this is a big challenge.”
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ISSUE NO. (4814) OF THE IRAQI GAZETTE WAS PUBLISHED ON 2/17/2025.
2025-02-18 10:28:00
– Law No. (1) of 2025 “Amending Personal Status Law No. (188) of 1959.”
– Law No. (2) of 2025 “Second Amendment to General Amnesty Law No. (27) of 2016”.
– Law No. (3) of 2025 “Cancelling the decisions of the (dissolved) Revolutionary Command Council and returning the properties to their owners.”
– Law No. (4) of 2025 “First Amendment to the Federal General Budget Law of the Republic of Iraq for the Fiscal Years (2023-2024-2025) No. (13) of 2023.”
– Regulation No. (3) of 2025 “The first amendment to the Civil Airports Wages System No. (6) of 2018 issued by Cabinet Resolution No. (67) of 2025.”
– Instructions No. (1) of 2025 “Implementing the Second Amendment Law to Amnesty Law No. (27) of 2016, effective from the date of voting on it in the Iraqi Council of Representatives on 1/21/2025.”
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AL-NUSAIRI: NO SANCTIONS ON IRAQI BANKS, AND FALSE REPORTS CAUSE PANIC
(We must all stop the fear mongering and stick to the FACTS. What did the CBI say about this?)
The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed that there are no sanctions on Iraqi banks, stressing that the US Treasury Department and the US Federal Reserve have not issued any decisions to impose new sanctions, and that the information circulating in this regard is inaccurate and aims to create confusion in the Iraqi market.
Al-Nusairi said in an interview with the Rudaw media network, which was followed by Al-Eqtisad News, “There are no sanctions and no sanctions have been issued. The evidence is the statement issued by the Central Bank of Iraq yesterday, which clarified the results of its discussions with the US Treasury Department and the US Federal Reserve, in the presence of global auditing and consulting companies operating in Iraq, and the meeting was held in Dubai.”
The advisor to the Private Banks Association believed that “the official statement issued by the Central Bank of Iraq must be adopted, because it confirms the transparency of the Central Bank of Iraq, as well as the transparency of international financial and auditing organizations and institutions, including the US Treasury and the US Federal Reserve.”
He noted that “this statement included praise from the US Treasury Department and the US Federal Reserve for the development of the cash dollar distribution system in Iraq, according to the mechanism established by the Central Bank of Iraq in 2024, which has proven effective in reducing manipulation and dollar smuggling, and has been classified as one of the most advanced systems in the world.”
Updating foreign transfer mechanisms and market control
Regarding the mechanisms of foreign transfers, Al-Nusairi explained that the Central Bank of Iraq “achieved a qualitative shift in foreign transfer operations, as it began working on January 1, 2025 with a new mechanism that relies on opening accounts for Iraqi banks with global correspondent banks in America and China, instead of the previous electronic platform.”
Al-Nusairi criticized the unspecialized media and unspecialized analysts who published misleading information about the alleged sanctions on Iraqi banks, saying: “They have been annoying citizens for two days with false claims that there are sanctions on five Iraqi banks, and that the number of sanctioned banks will reach 37 banks. They even went so far as to promote false information about the sanction of Rafidain Bank, without relying on any official source.”
He considered that “the official source in Iraq is the Central Bank of Iraq, in addition to the consulting and auditing companies and organizations that we deal with, and our ongoing relations with the US Treasury Department and the US Federal Reserve.”
Yesterday, the Central Bank of Iraq denied that Iraqi banks were subject to international sanctions, calling for “reliance on official channels to know the latest news,” after media reports indicated that the US Treasury intended to impose sanctions on 5 Iraqi banks, without specifying their names.
Banking sector reform and adherence to international standards
The methodology of financial and banking reform pursued by the Iraqi government and the Central Bank is proceeding according to a fixed plan, Al-Nusairi said, adding: “There are no sanctioned banks, and the US Treasury has not announced any Iraqi banks subject to sanctions.”
He stressed: “The Central Bank of Iraq is the body responsible for protecting the financial system in Iraq, and any decision issued by any international body, whether from the US Treasury Department, the US Federal Reserve, or any other organization, regarding a penalty on any bank, the Central Bank of Iraq will immediately take measures to stop it, transfer this penalty, and stop its dealings.”
He added, “Protecting the Iraqi financial system is a top priority for the Central Bank and the government, and cannot be compromised.”
Number of banks subject to dollar restrictions
He recalled that the number of banks whose use of the dollar has been restricted amounts to 28 banks since 2022, 2023 and 2024, in addition to 4 banks that were sanctioned by the US Treasury Department (OFAC), bringing the total number to 32 banks, “all of which were audited by international consulting firms such as Ernst & Young, Quito and Oliver Wyman, and none of them were proven to have violated instructions or dealt with countries subject to sanctions.”
In March of last year, the Central Bank of Iraq and the US Treasury agreed to review sanctions imposed on Iraqi banks, according to a statement issued by the bank at the time.
The agreement came after Iraq asked the United States in February to reconsider imposing sanctions on 21 Iraqi banks, noting that the reasons behind imposing such sanctions were not stated.
But “Iraqi banks restricted from dealing in dollars are currently working to correct their situation and adhere to international standards, which was praised by the US Treasury and the US Federal Reserve during the last meeting,” the advisor to the Private Banks Association pointed out.
The US measures led to a decline in the value of the Iraqi dinar against the dollar, as the official exchange rate is 1,320 dinars to the dollar, while it is traded in the parallel market at about 1,500 dinars.
New mechanism for foreign transfers according to international standards
The advisor to the Association of Private Banks noted that the Central Bank of Iraq “has moved since January 1, 2025 to a new mechanism for foreign transfers, whereby operations are carried out directly between the bank that has a correspondent bank and the correspondent bank itself, while regulatory authorities, such as the US Federal Reserve and the US Treasury Department, audit the transfers after they are sent, and not before that as was previously the case.”
He explained that “the Central Bank no longer carries out executive procedures for transfers, but rather its role has become focused on economic stability and monetary policy, in accordance with international standards and with high transparency, which strengthens the pillars of monetary policy.”
The Iraqi economy has moved from the stage of “fragility“
Al-Nusairi touched on the strength of the Iraqi economy, noting that “according to reports from the World Bank and the International Monetary Fund, the Iraqi economy has moved from a stage of fragility to a stage of recovery, and these are international reports based on transparent and accurate data.”
In response to a question about the availability of dollars to traders, the advisor to the Private Banks Association stated that “the dollar is available to all traders and companies in Erbil, Sulaymaniyah and all Iraqi governorates, according to legal banking procedures, but any trader who has not registered his company or works in retail trade without complying with banking standards will be held legally accountable.”
He stressed that “the Iraqi dinar will regain its strength and the exchange rate will return to balance sooner or later, but that depends on completing the methodology of financial and banking reform, and addressing the issue of the remaining cash use of the dollar in the market.”
Regarding the strength of the local currency and the amount of liquidity, he explained that “the Iraqi dinar is fully backed and covered by the US dollar, with a cash reserve exceeding $117 billion, while the local liquidity issued exceeded 100 trillion dinars, which means that the Iraqi economy is solid and solid, despite the regional and global political and security challenges.”
Reform and reduce the number of banks
In conclusion, Al-Nusairi pointed out that “Iraq currently has 72 private banks and 7 government banks, but there are plans to reform the banking sector in cooperation with international consulting firms such as Ernst & Young and Oliver Wyman, which may lead to reducing the number of banks and merging some of them so that the final number becomes more in line with the size of the Iraqi economy.”
He explained that “the number of banks may decrease to 40 banks or less, to match the actual needs of the Iraqi market.”
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IRAQI OIL MINISTER: KURDISTAN OIL EXPORTS TO RESUME ‘WITHIN A WEEK’
Iraqi Oil Minister Hayan Abdul Ghani said on Monday, February 17, 2025, that Baghdad and Erbil are putting the final touches to begin “receiving and exporting oil” from the Kurdistan Region “within a week.”
The minister added: “We have agreed with the region’s (authorities) to receive no less than 300,000 barrels (per day) from the region’s fields, to export them through the Turkish Ceyhan port,” according to what was reported by Agence France-Presse.
The Federal Oil Minister indicated that a delegation will head from Baghdad to Erbil on Tuesday “to negotiate a mechanism for using oil,” stressing that “its export will resume within a week.”
In a speech during a conference attended by Abdul Ghani, he said, “The budget law has been amended to receive and export the Kurdistan Region’s oil through operating the (Iraqi-Turkish) pipeline, to activate this outlet after a halt of nearly a year and a half, and arrangements are now being made by all parties to implement this.”
Kurdistan Region oil exports through the Turkish port of Ceyhan have not resumed since Turkey closed the pipeline in 2023, after an arbitration court ordered Ankara to pay about $1.5 billion in compensation to Baghdad for transporting oil from the Kurdistan Region without the Iraqi government’s approval.
The value of the losses resulting from the halt in the region’s oil exports amounted to $20 billion, according to estimates published by the Kurdistan Region Oil Industry Association (APICOR) last September.
The Kurdistan Region of Iraq was exporting 450,000 barrels of oil daily through the Turkish port of Ceyhan, without the approval of the federal government in Baghdad. Exports stopped in March 2023 after an international arbitration panel ruled in Baghdad’s favor, banning any exports of the region’s oil except through the federal government’s state oil company (SOMO).
The Iraqi parliament approved an amendment to the general budget early this February to settle the dispute between the region and the government in Baghdad over receiving the region’s oil. The amendment stipulates paying “compensation” to the Kurdistan Regional Government for the cost of producing oil and transporting it to the federal government.
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GOVERNMENT ADVISOR STRESSES IMPORTANCE OF GOLD TRADE GOVERNANCE TO SUPPORT CURRENT ACCOUNT OF BALANCE OF PAYMENTS
A government advisor stressed the importance of governing the gold trade to support the current account of the balance of payments.
The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, told Al Furat News Agency that “adopting advanced industrial protection policies will have a positive impact on the quality of the national gold product and the stability of its prices.”
He pointed out that “this step will enhance the protection of one of the most important pillars of the national and household economy, with a direct and positive impact on the current account of the balance of payments.”
Saleh explained that “regulating the import and re-export of unprocessed gold will contribute to achieving added value for the national economy,” stressing “the importance of close supervision by the competent authorities to ensure that the movement of gold is limited within the framework of an economically organized trade with high returns and sound governance.”
The Industrial Coordination Council had approved in its meeting the day before yesterday, Sunday, the localization of the precious metals industry, including gold and jewelry, in addition to cosmetic products, with instructions to provide all necessary facilities for those wishing to establish their own factories. It was decided to monitor the quantities of gold exported abroad, through controls that determine the quantities remanufactured, and to submit documents to the Central Bank that secure the value of the exported quantity, and to return the quantity after completing its manufacture to the country, under the supervision of the Central Bank.
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48 SUMMONS AND ARREST WARRANTS AGAINST MINISTERS AND THOSE OF SIMILAR RANK DURING 2024
(When are the summons and arrests going to begin in the US for all their corruption being found?)
The Federal Integrity Commission disclosed, on Monday, its annual report on its overall “achievements” in the year 2024 in all of Iraq except the Kurdistan Region.
The Commission stated in a statement received by Shafaq News Agency that it was able to reveal the prevention of waste and preservation of nearly 950 billion Iraqi dinars and nearly 9 billion US dollars during the year 2024.
The Authority also considered 71,823 reports and criminal cases and issued 19,683 arrest, summons and detention orders.
She pointed out that, in cooperation with the judiciary, 48 summons and arrest warrants were issued against ministers and those of similar rank, and 418 warrants were issued against those with special ranks.
The Commission stated that the accused referred to the court of subject matter are 12,994 accused, including 18 ministers and those of similar rank.
(So you see the US is not the only country cleaning out the corruption and the corrupt officials.)
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AL-SUDANI INAUGURATES THE DIGITAL TRANSFORMATION CENTER: IT WILL REDUCE FINANCIAL COSTS AND FIGHT CORRUPTION
Prime Minister Mohammed Shia Al-Sudani inaugurated the Digital Transformation and Automation Center on Monday, while stressing that the contact between the citizen and the employee is a source of procrastination, and digital transformation will overcome the most important obstacles, in addition to reducing financial costs and fighting corruption.
Al-Sudani’s media office said in a statement received by Shafaq News Agency that the latter “opened the Digital Transformation and Automation Center at the headquarters of the Ministry of Higher Education and Scientific Research, and toured the center, and reviewed the new mechanism for adopting automation and ending paperwork, in implementation of the government’s vision in implementing administrative reform, simplifying procedures, and eliminating bureaucracy and routine.”
He added that ” the Supreme Committee for Digital Transformation was formed under the chairmanship of the Prime Minister and the membership of the relevant ministers, so that the transformation would be an effective decision and not limited to separate steps. It was also decided, based on a study submitted by a technical committee, to establish a (National Center for Digital Transformation) and a (National Center for Cybersecurity).”
Al-Sudani stressed, according to the statement, that “ all transactions, starting from the application procedures for students, up to acceptance, and the transactions of employees and citizens, are moving towards digital transformation, and this includes 2,500 employees working at the ministry’s headquarters, which constitutes a turning point and an achievement for the ministry, indicating that converting citizens’ requests to electronic form will make the process easier in various applications.”
Al-Sudani continued : ” The government program confirmed that the current government is a government of service, and it is directly linked to the digital transformation . We do not want the digital transformation to be just a media show , but the citizen must feel the changes in the service he receives.”
He pointed out that ” we must move within 3 years to the level of an independent body or ministry concerned with digital transformation and cybersecurity , and the plans do not prevent ministries from taking the initiative to improve their service towards digital transformation in order to improve the service provided to the citizen ,” adding that ” the contact between the citizen and the employee is a source of procrastination, and digital transformation will overcome the most important obstacles, and digital transformation provides direct service , reduces costs, and fights corruption .”
He added, ” The more we are able to improve this service and facilitate it for the citizen, the more we will have achieved the slogan of service and follow-up of work, and we will join the world in the field of artificial intelligence and qualitative leaps, and all efforts must be made in the field of electronic transformation and keeping pace with global scientific development .”
He pointed out that ” young students have the capabilities and willingness to make efforts in the field of development , digital transformation and the use of artificial intelligence , and we must choose the qualitative specializations required in the labor market that prepare human capital for the digital transformation process .”
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UPCOMING US SANCTIONS THREATEN 15 IRAQI BANKS DUE TO CURRENCY SMUGGLING!
(Only 5 Iraqi banks were limited form the US dollar not 15. Also these are NOT US sanctions on restrictions by the CBI. So this article has it all wrong! ☹ Even the CBI director told the new media to stop calling them sanctions.)
In a surprising development, press reports confirmed that the US Treasury Department is preparing to impose new sanctions on more than 15 banks in Iraq, including private and government banks, in a move aimed at combating currency smuggling, which has recently become a controversial issue.
These sanctions come at a sensitive time for the Iraqi economy, which is already facing significant challenges in the currency and finance sectors. According to sources, the US government is targeting these banks for their involvement in foreign currency smuggling, which threatens the stability of the Iraqi economy and further depreciates the value of the dinar.
REASONS BEHIND SANCTIONS
US officials believe that many Iraqi banks have indirectly contributed to currency smuggling by transferring money out of Iraq illegally, which has led to a shortage in the country’s foreign currency reserves. On the other hand, these operations contribute to facilitating the financing of illicit activities, which include financing armed groups or smuggling money to other countries.
Despite warnings from Iraqi authorities about the negative effects of these sanctions, the United States appears to be moving forward with this step in response to the escalation of these activities.
IMPACT OF SANCTIONS ON IRAQI BANKS
If the sanctions are confirmed, the Iraqi banks involved could face significant difficulty in dealing with the international financial system. This means that banks could have their accounts frozen or be prevented from conducting international transactions, which would negatively affect the ability of Iraqi companies and individuals to deal with international banks. (but only if they illegally deal in US dollars. Let’s not exaggerate!)
These sanctions are likely to be an additional blow to the Iraqi economy, which suffers from a lack of investment and weak trade exchanges. But they may also be an opportunity for the Iraqi financial system to correct and move towards improving financial supervision. (Not really as importers can still go to other banks for the dollars.)
THE ROLE OF THE IRAQI GOVERNMENT IN DEALING WITH SANCTIONS
The Iraqi government is expected to exert significant pressure to curb currency smuggling, by strengthening oversight of the banking system and taking strict legal action against banks involved. These measures may include restructuring the financial and banking system and imposing new laws that ensure compliance with international standards.
CONCLUSION
US sanctions (CBI restrictions) on Iraqi banks raise many questions about the future of the Iraqi economy and relations with major powers. While the United States seeks to combat currency smuggling, the challenges facing Iraq may require radical internal solutions to ensure the stability of the financial system and open new horizons for economic growth away from these international pressures.
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EXCLUSIVE: FIVE IRAQI BANKS TO BE BANNED FROM US DOLLAR TRANSACTIONS
By Maha El Dahan and Ahmed Rasheed
February 16, 2025
DUBAI/BAGHDAD, Feb 16 (Reuters) – Iraq’s central bank will ban five more local banks from engaging in U.S. dollar transactions, a move that comes after meetings with U.S. Treasury officials in efforts to combat money laundering, dollar smuggling and other violations, two sources with direct knowledge of the matter told Reuters on Sunday.
The move comes after meetings in Dubai last week between officials from the Central Bank of Iraq – which last year already banned eight banks from U.S. dollar transactions – and U.S. Treasury and Federal Reserve officials, one of the sources said.
(Ok, so it’s not 15 banks, only 5 from engaging in US dollars. These are the CBI restrictions and NOT US sanctions imposed on the banks in Iraq. I repeat NOT US sanctions! Many of these Iraqi news media outlets luv to exaggerate and tell you these are US sanctions. This is called FAKE news. Yes, even in Iraq.)
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FINANCE MINISTRY DENIES, HOURS AFTER DOCUMENT LEAK, ANY “MAJOR DEFICIT” IN SALARY FUNDING
(Kurdistan just had major oil wells shut off for almost 3 weeks. That was the cost of their salaries that normally would be sent to them by the Baghdad government. What the hell do you think is going to happen? OF course there is going to be shortfall in the salaries. Of course this will have an impact. The budget, which relied on this revenue of this $2.5 billion dollars is now short.
What do you think will happen? This again is why they desperately need the Oil and Gas Law. You can see why the Kurds pay games in getting this law passed. It always gives them leverage instead of something to complain about and hold back oil. I call this a “dysfunctional” government. This law should be rock solid and passed a decade ago or more.)
The Ministry of Finance denied the existence of a liquidity crisis just hours after the spread of an official document issued by the ministry confirming that there is a “large deficit” in financing salaries, after months of denial and refutation of reports regarding the financial situation in the country.
According to representatives and specialists, the “US sanctions” on banks have exacerbated the crisis, in addition to the high debts and the size of salaries that have doubled significantly over the past two years.
The Iraqi Ministry of Finance announced yesterday, Tuesday, the start of financing the salaries of state employees for the current month of February.
According to a statement by the ministry, “the Accounting Department of the Ministry of Finance is beginning to finance the salaries of state employees for the current month of February, in accordance with the approved financial procedures and allocations allocated within the General Budget Law.”
The ministry affirmed “its full commitment to disbursing the dues of employees, retirees and those covered by the social protection network according to the specified timetables, without any delay or shortage in funding.”
The ministry also categorically denied, according to the statement, the existence of any financial deficit affecting salary expenses, stressing the continuation of work to ensure the stability of the financial policy and the provision of dues according to the approved plans.
Just hours before the statement, an official correspondence dated February 9 was leaked to the media on Tuesday, indicating a “major deficit” in securing salaries, in an official letter between the Ministry of Finance and the Prime Minister’s Office, signed by Finance Minister Taif Sami, regarding the permanent appointment of meter readers’ contracts.
According to the official letter, the Iraqi Ministry of Finance responded to the Prime Minister’s request to appoint a new batch of permanent contractors to the Ministry of Electricity.
It stated: “If the inclusion of a text regarding the permanent appointment of meter readers’ contracts in the Ministry of Electricity is approved, this will lead to the state’s general treasury bearing additional financial burdens, and will lead to the rest of the ministries being asked to do the same, at a time when the treasury is suffering from a major deficit in financing salaries, pensions, and the social safety net.”
In February, the parliamentary finance committee confirmed that the salaries of all employees and retirees for the year 2025 are fully secured.
Member of Parliament Rafiq Al-Salihi explained that there are guarantees from the government in this regard, calling on official bodies to confront the rumors.
Another member of the committee, Jamal Koujar, said that the salaries of all employees, retirees, social welfare and other categories are fully secured during the current year, and there are no concerns about them, as rumored. Press reports had quoted other MPs and officials warning of a “liquidity crisis” and saying that “the treasury is empty.”
Last December, the head of the parliament’s finance committee, Atwan Al-Atwani, said that Finance Minister Taif Sami confirmed that employees’ salaries are secured through 2025.
The Ministry of Finance had denied, at the end of last year, that there was a shortage of liquidity, stressing that it was committed to the process of financing salaries.
The ministry said in a statement: “The information circulating on social media claiming that it has apologized for disbursing state employees’ salaries this month due to a shortage of liquidity is completely incorrect and has no connection to reality.”
It stressed that it is “fully committed to the process of financing employees’ salaries, as the Accounting Department has financed the salaries dues of ministries, governorates and non-affiliated entities for the current month of December according to the schedules specified for each of them, and it is continuing its efforts to ensure the continuity of disbursing financial dues without any delay or interruption.”
The ministry called on all media outlets and social media users to “exercise accuracy and caution in transmitting information, and to verify the sources of news before circulating it,” noting that “its doors are open to respond to any inquiries through official channels.”
Bankruptcy…
Since Donald Trump, the US President, won the elections last November, warnings have escalated of “economic sanctions” that could paralyze the financial situation in Iraq.
Sources for (Al-Mada) revealed that the US is closely monitoring a “plan to finance” the Lebanese Hezbollah with Iraqi funds (in US dollars), for the party that is suffering from a severe crisis in securing salaries.
The Central Bank of Iraq had denied the news circulating about sanctions against 5 new Iraqi banks accused of smuggling dollars to Lebanon and Iran.
Member of the Parliament’s Finance Committee, Mustafa Al-Karaawi, believes that any sanctions issued against banks will cause a problem in the flow of dollars, and thus halt domestic economic activity.
Al-Karaawi confirmed, in televised statements, that “in the event of obstacles or problems in the issue of currency conversion between the Iraqi dinar and the dollar, a problem may arise in supplying the currency to the Ministry of Finance.”
The Central Bank is working, through ongoing negotiations with the United States, to develop the financial and banking system in the country, according to an official statement.
Mishaan Al-Jubouri, a former MP, expects that US sanctions on the Iraqi banking system “will escalate.” Al-Jubouri said in a tweet on “X” that US sanctions on banks and “factions” are not just threats “but seem inevitable in the coming months.”
Member of the Finance Committee Mustafa Sand previously warned of a severe liquidity crisis in Iraq.
He said in statements that current indicators do not provide clarity on whether “salaries are secured or not?” He stated that “what is in the government’s hands is not only zero, but negative, as we face a deficit of 29 trillion dinars required to pay debt installments and interest during this year alone.”
He added: “Last year, we did not pay a single dinar of internal obligations, which means that we face doubling interest, and we will not obtain new loans easily, as the Ministry of Finance and banks will work to reschedule the debts for the year 2026, which places the responsibility on the next government.”
Amid this crisis, Hanan Al-Fatlawi, a representative of the State of Law, wondered in an official letter about the reasons for increasing the salary of the President of the Republic from 20 million to 27 million per month? The government paid 81 trillion dinars in salaries and subsidies within the safety net during the past year, until last November, according to economics professor Nabil Al-Marsoumi, in a series of posts on Facebook.
Al-Marsoumi said that the Central Bank of Iraq revealed an increase in Iraq’s internal debt by 2%.9% to reach 81 trillion dinars for the month of November 2024, compared to the previous month, which reached 78.77 trillion dinars. According to Al-Marsoumi, the Central Bank should have disclosed the annual, not monthly, growth rate of domestic debt, which rose from 70.6 trillion dinars in 2023 to 83.049 trillion dinars at the end of 2024, at an annual growth rate of 17.5%.
(If you are pumping more oil than the cost of extraction goes up. Also Iraq has to rebuild its infrastructure and that too is a cost. This is actually a good sign not bad. But remember that Iraq can not take on debt that exceeds a percentage of the CBI reserves. If they follow this law there is no way they can ever go broke and crash the economy.)
The Minister of Reconstruction, Benkin Rikani, had posted a provocative comment on social media about the liquidity crisis in Iraq. Benkin responded to a question from a commenter on his Facebook page, who asked him to pave a street in eastern Baghdad, in colloquial language: “By God, we have no money.”
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TÜRKIYE: WE HAVE NOT RECEIVED INFORMATION FROM IRAQ TO RESUME KURDISTAN REGION OIL FLOWS
The Turkish Energy Minister said that his country has not yet received information from Iraq regarding the resumption of oil flows from the Kurdistan Region of Iraq. Oil Minister Hayan Abdul Ghani said last Monday that oil exports from the Kurdistan Region of Iraq will resume within the next week.
Turkey halted oil flows in March 2023 after the International Chamber of Commerce ordered Ankara to pay Baghdad $1.5 billion in compensation for unauthorized oil exports to the Kurdistan Regional Government via pipelines between 2014 and 2018.
Abdul Ghani told reporters, “Tomorrow, a delegation from the Ministry of Oil will visit the Kurdistan Region to negotiate the mechanism for receiving and exporting oil from the region. The export process will resume within a week.”
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AL-SUDANI: THERE IS A DISCOURSE DIRECTED AGAINST THE SITUATION IN IRAQ AND THE COMMUNITY MUST CLARIFY THE PICTURE
Prime Minister Mohammed Shia al-Sudani said today, Thursday, during his meeting with a number of Iraqi Christians residing in the US state of Michigan, that there is a discourse directed against the situation in Iraq, stressing that the Iraqi community has a responsibility to clarify images of peaceful coexistence in Iraq.
Prime Minister Mohammed Shia Al-Sudani received today, Thursday, a group of members of the Iraqi community in the US state of Michigan, from the Iraqi Christian spectrum.
His Excellency welcomed the attendees, referring to the Christian sons of Iraq and their high patriotism and adherence to their country. He stressed that the government looks at all components with justice and without discrimination, and is working to address the negative effects resulting from terrorism that targeted all Iraqis, with the aim of dismantling societal peace and creating division among members of society.
His Excellency also pointed out that the ISIS terrorism page united all Iraqis who lined up to stand against it and thwarted the terrorist plans. He reiterated that the government’s mission is focused on providing reasons for the return of Iraqis from abroad, especially the Christian component. Efforts are also continuing to enhance consensus among all components in the areas that need to be reconstructed and that were destroyed by terrorism, indicating that the government has taken several measures and decisions that serve and address the situation of Christians in their areas.
The following are the highlights of the Prime Minister’s speech:
The war on terrorism has disrupted development and delayed reconstruction efforts, and this has been a challenge faced by the government.
Our government assumed its responsibility under exceptional circumstances, and we focused on erasing the effects of the delay in providing services throughout Iraq.
We decided to establish a fund to rebuild Sinjar and the Nineveh Plain, and efforts are continuing to stabilize the population and provide services to them.
We put forward several projects in the Nineveh Plain Reconstruction Fund to serve those areas, and “Telkeef” and “Al-Hamdaniya” were outside the scope of the Fund’s work, so we presented a package of service projects to serve them.
We have submitted a draft law on international crimes, laws to protect diversity, and a strategy to criminalize and combat hate speech and racism, which gives reassurance to all Iraqi components.
We want to preserve the cultural and religious diversity that is a source of social wealth for Iraq.
We call on Iraqi Christian businessmen to participate in the development movement throughout Iraq.
Baghdad and all of Iraq are witnessing unprecedented development and commercial activity, and we invite businessmen to invest in the fields of hotels, restaurants and shopping centers.
There is a discourse directed against the situation in Iraq, to distort the image of the state and the government, in an attempt to hinder state building and destabilize.
The Iraqi community has the important responsibility of clarifying the images of peaceful coexistence in Iraq between all components, and the historical depth of this coexistence.
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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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