Our Choo-Choo Ride to the RV

I started compiling a list of events since 2022 when Iraq announced they were FULLY out of Chapter VII sanctions. Repayment of the 1990 occupation of Kuwait war reparations meant Iraq now qualified for release of the sanctions since the remaining parts of the sanctions evolved around the timely repayment of these reparations. In December 2022, Iraq completed its last chunk of these war reparation payments, and it was announced to the world. But after some diligent research this event actually happened in February of 2022 and was just announced to the world in December.

More than 30 years after the UN Compensation Commission (UNCC) was created, it ensured restitution for Kuwait following the Iraqi invasion of 1990, the reparations body announced in 2022 that it had processed its final claim, amounting to $52.4 billion in total. The $52.4 billion that has gone to successful plaintiffs, was paid out from the UN Compensation Fund, which received a percentage of the proceeds generated over the years by the export sales of Iraqi petroleum and petroleum products. So, remember this lone says Iraq no longer has this looming financial burden.

In adopting the decision to close out this chapter in Iraq’s history, the UNCC recognized and thanked Iraq for its cooperation with the Commission and commitment in meeting its obligations, despite extraordinary security and economic challenges. Later the UNCC President presented the final report of the Governing Council on the Commission’s work to the UN Security Council in New York.

Once the Chapter VII sanctions in 2022 were relieved, then in early 2023 Iraq then worked with the US Treasury taking measures to seriously combat corruption by instituting the “electronic platform” to monitor the currency auctions. All dollars were now tracked and many illegitimate merchants were eliminated from the auctions. Corruption and money laundering at the banks also was dealt with. Now as we move into 2024, in May it was like someone turned on a spigot. Yes, a fast flow of information now was reported from the UN, the IMF and the World Bank about Iraq. All this information streamed out in a multitude of articles, all depicting Iraq as in a very favorable light, contrary to what was told just a couple years ago. I ask myself why, why now? You need not go too far in your research to just look back to the year 2023. It was like a train racing down the track now that it was allowed to leave the station. It’s destination in the reinstatement. But how do they get there? The train must make many stops along the way but finally, I assure you, it is going to reach its final destination and the journey will be over. So, below is a list of the significant events that Iraq has experienced that lead me to believe this train has already left the station and is barreling down the tracks now.

Then if these events were not enough, we witnessed the UN, IMF, and World Bank and now even other global organizations supporting Iraq in its journey to the final destination. It is right in our faces now, but you have to step out of this stupid intel guru hyper, every day and any day RV lies and come back to reality. Will you listen to the FACTS or the LIES?

List of Significant Events:

We know Iraq is now completely out of Chapter VII sanctions since December 2022, and so why not treat them as such?

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

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

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

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

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

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

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

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

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

Iraq also has announces 132+ tons of GOLD reserves.

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

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

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

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

Imminent World Trade Organization (WTO) full accession

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SUMMARY OF THE PAST 30 DAYS: (Late May to Mid June 2024)
The international group Financial Action Task Force (FATF) in the field of combating money laundering and terrorist financing, lifts Iraq from ‘bad’ or “grey” financial list. Can you remember the days when Iraq was on the black list? Then we all cheered when they moved to the grey list. Now they move off the grey list. This alone is need for a celebration. Get it?
Ending the power of America and its manipulation of the Iraqi economy is a priority to discuss,” adding that “this move will end the pressures exerted by Washington in many files.” Mnt Goat: The biggest pressure to be solved is with the $120 billion dollar DFI fund. Sanctions are over and Iraq wants total control over its own wealth.
Decided to “permanently” end UNAMI’s mandate totally by the of 31 December 2025 in Iraq. Mnt Goat: I honestly don’t know if many of you know what this means. Iraq has been out of sanctions Chapter 7 for more than a year and a half already. Why have they not ended this UNAMI mission before now? So, this is great news!
The government of Iraq sees clear indicators: the parallel dollar will be equal to the official one soon. Mnt Goat: I do not think it is equal as of yet, but the CBI did tell us it is finally under control.
There is a decrease in demand in the parallel market for the dollar, and this has had a positive and direct impact on the stability of the exchange rate. Mnt Goat: So yes, we do see the direct impact on the RV with the parallel market being stable. Per my CBI contact.
Al-Rafidain Bank, one of Iraq’s main national banks announced: the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings. Other banks will soon follow. Mnt Goat: And they are following with more as the weeks roll on. We had articles telling of more progress in this item. See another bullet down below on the ATMs.
“If we assume that the central bank issues a new currency (like the newer lower denominations), this will not affect the exchange rate of the Iraqi dinar.” Mnt Goat: Click here for a further explanation of this statement.
Economist: the budget is not affected by dollar exchange rates and explains the reason. (I told you so! Mnt Goat: There is no new RV rate in the budget. It is based on the price of a barrel of oil not the rate of the dinar. Per my CBI contact.
Returning the banking sector as much as possible to open more horizons for working with correspondent banks. Mnt Goat: Opps there’s the Pillars of Financial Reforms again….
Farhan Al-Fartousi, stressed the importance of the Al-Faw Grand Port project, indicating that it is a starting point for the “Development Road” project and that it enjoys the support of all parties in the country. Mnt Goat: Get’r done!
The Central Bank of Iraq is working according to well-studied plans, and there is no intention to issue new currencies in large or small denominations. that the issuance of new cash denominations, large or small, will not affect the dinar exchange rate. This is just as Mnt Goat has told you many times already. More proof! Per my CBI contact.
This significant increase in deposits clearly reflects the effective role played by the company in stimulating the culture of savings and encouraging citizens to deposit their money in banks instead of keeping it at home. Mnt Goat: Yes, the CBI told us they must shrink the monetary mass by more than 1/3 to move to the next revaluation and so they must get this money outside of the banking system into the banks and out of circulation. Per my CBI contact.
The Iraqi Deposit Insurance Company plays an important role in supporting this trend, as it is a pillar of financial stability, Financial technology has demonstrated its ability to enhance financial inclusion in Iraq. Mnt Goat: Pillars of Financial Reform? Sound familiar?
“In line with the state’s general policy of supporting the Iraqi and foreign banking sector and foreign investments in Iraq, the Council decided to support the independence of the Central Bank of Iraq in formulating monetary policy in accordance with its applicable laws and instructions.” Mnt Goat: More proof Al-Sudani’s GOI and the CBI are working hand-in-hand to support the monetary reform policies. They both want to bring back the IQD to its former glory. They must be joined together in this effort and support each other to get’r done.
maximizes Iraq’s oil resources, in light of the goal of converting at least 40% of Iraq’s oil exports into derivatives and refining products, in addition to gas investment. Mnt Goat: Yes, yet more revenue streams… Just how filthy rich is Iraq? 40% WOW! But we all know it is just a matter of time before oil use declines as newer sources of energy are on the horizon and coming soon. Iraq knows it too.
the reason why citizens resort to buying gold bullion to save their money is as a result of the weakness of the banking system. Mnt Goat: The real reason is the CBI is backing the new dinar with GOLD. Per my CBI contact.
the Iraqi Securities Commission announced the signing of an environmental, social and corporate governance guide agreement with the International Finance Corporation (IFC), affiliated with the World Bank. Mnt Goat: Here we go again those Pillars of Financial Reform ….
The economic and financial advisor to the Prime Minister, Mazhar Muhammad Saleh, proposed an “unusual” idea to establish a sovereign wealth fund. Mnt Goat: This suggestion is more than a suggestion or hypothetical. They are doing it! The fund or series of funds is to properly invest the DFI fund money out of the US banks and US Treasury control into the direct control of Iraq of almost $120 billion US dollars and leverage the earnings to help subsidize the annual budgets. Right now, it sits in an escrow account earning nothing. Imagine that! Per my CBI contact.
Iraq: current year 2024 allocated an amount of up to 4.9 billion dollars to establish a pipeline extending from Basra in the far south of Iraq on the waters of the Gulf, to the city of Haditha. The project will change the map of the oil industry and production in the region and give Iraq a great advantage over other oil neighbors.” Mnt Goat: Yes, they need to bring to market the increase in oil production due to the all the new wells they are drilling. Yet, more revenue streams for Iraq. How do they plan to fund such a large project. Do they need a change in the IQD rate? Is this what we are waiting for so they can publish the budget in the Gazette?
the Ministry of Oil clarified the details of the memorandum of understanding signed with the American company Honeywell to develop 7 new refineries. Mnt Goat: Yes, to diversify their oil product to produce gasolene and diesel fuels and other petro products. More revenue streams… WOW! WOW! WOW!
Deploying ATMs throughout Iraq. Al-Rafidain Bank has begun deploying ATM machines in its main branches. Eight banks have so far taken part in the project, including BBAC, Cihan, RT Bank, Bank of Baghdad, Iraqi Islamic Bank, National Bank of Iraq, Trade Bank of Iraq, and the International Development Bank. Mnt Goat: Electronic banking is all part of the prerequisite for the Project to Delete the Zeros. They have NOT yet changed over to the newer lower denominations in them. Per my CBI contact.
The MyAccount project is the KRG’s financial inclusion program which aims to “provide public sector beneficiaries with a safe and convenient way to access their salaries.“ Mnt Goat: This goes hand in hand with the electronic banking reforms that must be successful prior to the Project to Delete the Zeros. Per my CBI contact.
The international group Financial Action Task Force (FATF) in the field of combating money laundering and terrorist financing, lifts Iraq from ‘bad’ or “grey” financial list. Mnt Goat: I can still remember when they were on the “black” list. They have come a long, long way.

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

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

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

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

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

“If we assume that the central bank issues a new currency (like the newer lower denominations), this will not affect the exchange rate of the Iraqi dinar.” Mnt Goat: Click here for a further explanation of this statement.

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

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

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

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

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

“the Central Bank’s third strategy has drawn up a road map and programs with clear goals and initiatives for a period of three years 2024, 2025, 2026 in a special, complex, and risk-filled economic and financial situation.”

The Commander-in-Chief of the Armed Forces explained that the goal of preserving the security and sovereignty of Iraq over its land, airspace, and waters is a main axis within the goals of the government program in the field of defense and confronting security challenges

The beginning of the twenty-first century can be marked by the development of advanced digital technologies, a revolution in the information field, and the acceleration of the processes of economic globalization. Mnt Goat: this explains where Iraq is moving ahead.

It is noteworthy that the Parliamentary Investment Committee justified its effort to amend some investment laws in order to attract foreign investments and capital. Mnt Goat: We were also told this was needed by the WTO in the accession process. “To comply with WTO rules, Iraq must align its trade policies with international standards.

Iraq has confirmed that it has fulfilled the requirements for joining the World Trade Organization (WTO) after implementing economic reforms and improving the business environment. Mnt Goat: So, we are told this meeting on 7/18 may be the final “working session” to rap up the paperwork and once again review that all requirements are met. It did not mean they were going to make the announcement then followed or preceded by an RV. Get it? Jut more intel guru talk… lol..lol..lol.. ☹ No evidence or proof of what they say. All pure speculation!

The European Union announced, on Wednesday, that the Iraqi government has achieved progress in international investment, while noting that it sets an example of cooperation with international legal standards. Mnt Goat: Come’on folks can the news get any better?

Prime Minister Muhammad Shiaa Al-Sudani confirmed that Iraq has become a safe and attractive environment for capital from international companies. Mnt Goat: Are they just saying this based on what the EU just said?

Iraq has officially signed the “The Singapore Agreement” on Mediation, and that this is an important step in developing and resolving commercial disputes in Iraq. Mnt Goat: It represents an international category that aims to facilitate international trade and promote mediation as an alternative and effective method for settling commercial disputes.

the approval of next September as the date to stop dealing with the paper system and work electronically at (all) customs (points). “the Prime Minister chaired a meeting to follow up on the implementation of networking between border crossings, and to complete the implementation of the Customs Automation System (ASYCUDA). Mnt Goat: more accountability and much more revenue to be turned over to the Federal govt. WOW! Remember what they said. This revenue could rival the oil revenues if it is managed properly. The WTO also requires this. This also helps to bring Iraq out of a “rentier” economy, which they need to do.

In implementation of the provisions of Article 2/77 of the law above, which stipulates that the government shall submit financial schedules related to expenditures, public revenues, and the planned deficit for the fiscal years 2024 and 2025, in order to provide a flexible space that allows for the implementation of the general budget. Mnt Goat: Done! And published in the Gazette. Yes, no RV rate in the budget or in the rollout schedules just as I have been saying all along. Just more stupid intel guru talk ☹. Surprise, Surprise! Are you stupid TNT fans listening?

The advisor to the Iraqi Prime Minister disagreed with what four economic experts said regarding the “stability” of the US dollar exchange rate against the Iraqi dinar, stressing that “the stability of the dollar is real and solid and not imaginary as some believe.”

foreign reserves supporting the Iraqi dinar, whose value as liquid foreign assets exceeds $100 billion, which is the highest in the history of Iraq in the development of its international reserves.

economic researcher, Ali Abdul-Kazem, explained as for the stabilization process, when the dollar reaches the official price, then it can be said that the dollar price has stabilized between the parallel and official.”

economic expert Al-Halou explained to Shafaq News Agency, “rather, the correct stability is as it was before, when it was 1120 in the Central Bank and 1121 abroad”. Mnt Goat – this is better than 1166 under Dr Shabibi even…just saying… 😊 Can they reach this? Is this their goal?)

Muhammad Saleh, explained today, Friday, that the state has adopted a policy of providing sovereign guarantees for loans obtained by the private sector to finance an important package of private industrial projects. Mnt Goat: In other words these govt backed sovereign funds provide security for these loans for these “private” projects not funded by the Iraqi budget.

Iraq has been seeking for two years to end the phenomenon of dealing in the dollar in the local market, while economic experts point out the success of the Central Bank of Iraq’s measures in achieving “relative” success in controlling the hard currency. Mnt Goat – Did you read it? It says “Central Bank of Iraq’s measures in achieving “relative” success in controlling the hard currency.” So please do not ask me if the parallel market is under control. It is but it is not yet where it needs to be. It needs to match the Offical CBI rate. I keep telling everyone this. This is their goal! 😊

The financial advisor to the Prime Minister, Salehwhile pointing out two basic starting points for the development of the investment environment in the country. 1.the first is Iraq’s completion of its integration steps in providing safe and appropriate environments to attract foreign investment in Iraq; 2.the geographical location of Iraq, which connects European countries by land with Asian countries by sea, encouraged the launch of the Development Road project.

Clemta, the comprehensive platform for entrepreneurs operating in the United States and spread globally, announced the most important updates aimed at enhancing the user experience and expanding its international reach. The Certified Admissions Agent program recognized by the Internal Revenue Service is now available in Arabic, and is intended for entrepreneurs in the Middle East and North Africa (MENA) region.

Prime Minister Muhammad Shiaa Al-Sudani confirmed that the world realized the importance of Iraq’s stability for international and regional security, during his reception of the delegation of the European Foundation for Dialogue and Development. Mnt Goat: Get’r Done!

Saif Al-Halafi, a specialist in financial and banking affairs, identified three reasons for the return of the rise in dollar exchange rates in local markets, while placing the Iraqi Stock Exchange as an essential part of resolving this rise. Mnt Goat – opps!!! There’s a Pillars of Financial Reform…. 😊 they keep talking about. Get it yet?

Al-Sharmani said in an interview with the Maalouma Agency that the Central Bank’s policy is still faltering in controlling the dollar exchange rate. He added, “Specification and lack of control over the currency selling window is one of the most important reasons that creates a gap that leads to a rise in the dollar exchange rate in the markets.”

Oil and Gas Law: July 9, After 18 years, he announced the formation of a committee to draft the law and present it to the government and the House of Representatives. Mnt Goat: The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country’s oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject. There is no other way to settle the dispute.

Yesterday, the Central Bank of Iraq announced that it had submitted the “Draft E-Commerce System” paper to the Council of Ministers for review and approval to proceed with work on it. Mnt Goat: The committee members stressed the need to establish controls for granting licenses to those wishing to practice e-commerce in a way that preserves the rights of all parties.

the dollar’s flight does not threaten the dinar.. Al-Sudani’s advisor dispels fears: the dollar system is a thing of the past

The World Gold Council announced today, Monday, that Iraq has advanced one place in the list of countries with the largest reserves of the precious metal in the world. According to the table, Iraq gold holdings changed, reaching 1,457 tons from 142 tons, which represents more than 10% of its other reserves. Mnt Goat: yes, more GOLD to back the dinar.

“The fixed exchange rate system in Iraq is based on an international reserves base that is the highest in the history of Iraq and its monetary policy, as foreign currency covers more than 100% of the total currency currently issued.”
Rafidain Bank announced today, Wednesday, the implementation of the comprehensive banking system in Diyala. “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings”

for the first time, the non-oil revenues of the Iraqi state recorded 11% of the total revenues, with oil revenues falling below the 90% barrier. Mnt Goat: is there some magic number they are trying to reach that they have not yet told us? Is this part of the Obama plan to revive the economy?

the “ Jarida ” platform learned that a company will soon be working to audit remittances for foreign currencies other than the dollar, in addition to restricting the sale of cash dollars exclusively through airports, Mnt Goat: the exchange rate situation is improving and stabilizing, especially after choosing a company to audit transfers for foreign currencies

Iraq stops dealing with the Chinese yuan…and the currency basket is an alternative

Ernst & Young for auditing and financial consulting, “the signing of the contract with the company specialized in structuring and developing work in the banking sector.” Mnt Goat: This is part of the 3rd phase of the strategy of financial reforms that must take place. See White Paper.

The Central Bank of Iraq announced, today, Wednesday, granting exchange companies of the “AB” category the ability to register internal and external remittance activities through the FITR platform. Mnt Goat: if you can’t beat them, then control them by regulations and audits.

Hussein pointed out that “the stability of the Iraqi dinar exchange rate against the US dollar represents a fundamental pillar for achieving economic, social and political stability in Iraq, which is what the government seeks to achieve,” calling on the relevant American institutions to review it and build on it. Mnt Goat: WOW! what a statement!

“the government’s policy seeks to achieve Iraqi energy independence through associated gas investment projects. Mnt Goat: They have always had a plan but the money to do it was always stolen and so they never did many of these projects. Can they finally fund again these projects and do them this time?

Iraq moves to break dollar restrictions on 32 banks in crucial talks with Washington this week. Mnt Goat: I do not still fully understand the reasoning for such restrictions when you want to help Iraq. But this is only hurting Iraq and not letting them conduct the currency reform their way according to their plan.

The economic expert, Dhia Al-Mohsen, called for canceling the currency selling window, pointing out that some beneficial political blocs were behind the continuation of this window to achieve financial gains. Mnt Goat: Yes, by still operating under these currency auctions this too adds to the problems with the dollar. They have become more of a hindrance rather than helping Iraq.
Summary of the past 30 days (Late July – Mid August 2024)
Minister of Finance Taif Sami Mohammed. ”pointed out that “Iraq has great economic potential, and that the Iraqi government is working to create a favorable investment environment to attract foreign investments.”
The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed today, Monday, “that the banking reform and development strategy is the main pillar for reforming the comprehensive national economy.”
Insert pic of pillars here
Al-Nusairi pointed out that “the measures currently taken by the Central Bank with the support of the government to launch its new third strategy for reforming and developing the banking sector for the years 2024-2026 according to seven main objectives, 24 sub-objectives and 75 initiatives to implement the objectives focusing on:
achieving monetary and financial stability,
strengthening the banking sector,
enhancing digital transformation,
activating electronic payment,
enhancing financial inclusion,
maintaining a sound financial system,
developing the organizational structure and human resources,
strengthening the internal and external relations of the Central Bank,
and the banking sector’s compliance with international standards.”
Al-Nusairi pointed out that “a national strategy for bank lending in Iraq for the years 2024-2029 was launched.
It is noteworthy that the Parliamentary Investment Committee justified its effort to amend some investment laws in order to attract foreign investments and capital. Mnt Goat: We were also told this was needed by the WTO in the accession process. “To comply with WTO rules, Iraq must align its trade policies with international standards.
ECONOMIST: THE IRAQI BANKING SECTOR HAS ACHIEVED SIGNIFICANT GROWTH Al-Obaidi said despite all the challenges and shocks the banking sector faced during this period, it was able to achieve growth in many areas, specifically in financial inclusion, as well as an increase in bank assets and maintaining the volume of deposits
The Iraq Stock Exchange announced today, Tuesday, its readiness to launch the trading screen broadcast on YouTube, while indicating the data colors.
THE ROLE OF THE IRAQ STOCK EXCHANGE IN SUPPORTING MONETARY POLICY IN IRAQ Lawyer and banking expert Saif Al-Halfi, “The world is now moving with rapid steps racing with the wind in the role of stocks supporting monetary policies”. “we can look at the Iraqi Stock Exchange as a tool supporting monetary policy and influencing the state of the rentier economy.”
IRAQI BANKING SYSTEM.. A SIGNIFICANT INCREASE IN THE NUMBER OF BANK ACCOUNTS AND THE VOLUME OF DEPOSITS FOR CITIZENS The accession of the Iraqi Deposit Insurance Corporation (ICDI) to the International Association of Deposit Insurers was a decisive step in improving confidence in the banking system. When citizens and investors trust the banking system, they are more willing to deposit their money in banks.
The banking system in Iraq is gradually regaining citizens’ confidence with the increase in the number of bank accounts in the country.
RAFIDAIN BANK STARTS SELLING DOLLARS TO TRAVELERS THROUGH THE ELECTRONIC RESERVATION FORM The source said in an interview with Al-Maalouma Agency, “Rafidain Bank has started selling dollars to travelers by filling out an electronic reservation form and reserving it 72 hours before the travel date.”
“There is no accurate figure for the amount of money looted in Iraq after 2003, but all indications indicate that it is hundreds of billions of dollars, some of which was smuggled abroad and some of which was turned into support for building economic wings for parties, forces and companies .”
Economic expert, Abdul Rahman Al-Shaikhli, “EXPECTS IRAQ’S GOLD RESERVES TO RISE OVER THE NEXT TWO MONTHS.”
THE US FEDERAL RESERVE ADOPTS A NEW STRATEGY TOWARDS IRAQ.. “the dollar is threatened with rising to unprecedented levels”
The economic expert, Ahmed Saddam, confirmed today, ECONOMIST: THE CENTRAL BANK DOES NOT HAVE THE UPPER HAND OVER THE BANKING SYSTEM AMID FINANCIAL AND INSTITUTIONAL CORRUPTION and that the Central Bank has become a prisoner of the US Federal Reserve, so the issue of changing the person of the bank governor will not lead to changing the current situation”.
EXTENSION PUTS 7 MEASURES BEFORE THE SUDANESE TO ELIMINATE THE “ROOTS OF CORRUPTION” IN THE CENTRAL BANK Member of the Political Bureau of the Imtidad Movement, Masoud Al-Rajhi, confirmed today, Saturday, “that the Central Bank has lost its sovereign decision due to the presence of two factors that hinder its work: conflict of interest and corruption, calling on Prime Minister Mohammed Shia Al-Sudani to take 7 measures to eliminate the roots of corruption in a serious and inevitable manner.”
EXPANDING THE ELECTRONIC PAYMENT BASE IS AN IMPORTANT FINANCIAL TRANSFER. The global smart card company “Ki” described the expansion of the electronic payment base in the country as moving to an important stage in financial transactions.
PARLIAMENTARY TALK ABOUT THE TWO MOST IMPORTANT FEATURES OF IMPLEMENTING THE E-GOVERNANCE SYSTEM
Member of Parliament, Haider Al-Salami, considered today, Sunday, that the two most important features of implementing the e-governance system in Iraq are reducing the amount of corruption and the speed of completing transactions.
IRAQ SPEEDS UP STEPS TO JOIN WTO The Ministry of Trade has doubled its efforts to join Iraq to the World Trade Organization (WTO) after participating in a wide round of negotiations that pave the way for full membership.
US STATE DEPARTMENT: WE WILL TAKE ALL MEASURES TO PROTECT OUR INTERESTS IN THE MIDDLE EAST
PARLIAMENTARY COMMITTEE: PARLIAMENT WILL HOST THE CENTRAL BANK GOVERNOR FOR THIS REASON “regarding the exchange rate in the parallel market, and the large financial difference from the official exchange rate”.
AMERICA TO CONFINE IRAQI BANKS TO PREVENT CURRENCY SMUGGLING TO IRAN The United States is working to prevent the Iraqi banking sector from helping Iran evade U.S. economic sanctions by stopping the flow of currency to Iran and using Iraq’s dollar reserves as a conduit to Tehran.
IRAQI PARLIAMENTARY INTEGRITY COMMITTEE ACCUSES CBI OF LACK OF TRANSPARENCY IN DOLLAR AUCTION “failing to provide data on the destinations where foreign currency is spent, confirming plans to hold the Bank’s governor accountable”.
CORRUPTION AND FAVORITISM WEAKEN THE IRAQI STOCK EXCHANGE: NEGLECTED LAWS AND A BITTER REALITY Many joint-stock companies and banks participating in the Iraq Stock Exchange have shown their failure to submit their final financial statements for the year 2023, reflecting a state of chaos and indifference towards the laws regulating the work of the Iraq Stock Exchange
US PRESSURES PUSH THE CENTRAL BANK OF IRAQ TO CLOSE AND MERGE TROUBLED BANKS An informed source revealed that the US Treasury and the US Federal Reserve have asked the Central Bank of Iraq to take urgent and strict measures to merge the banks restricted from using the US dollar.
US TREASURY TAKES CONTROL OF IRAQ’S CENTRAL BANK TO COMBAT MONEY LAUNDERING Three informed sources close to the political and parliamentary decision-making process in Baghdad revealed extremely dangerous information confirming that the US Treasury Department has taken a permanent headquarters in the Central Bank of Iraq building.
PARLIAMENT RETURNS THE OIL AND GAS LAW TO THE GOVERNMENT: IT MUST ADD PARAGRAPHS THAT KEEP PACE WITH GLOBAL DEVELOPMENTS after amending paragraphs in it and reaching political consensus on it.
BANKS OF “POWERFUL POLITICIANS” AFFECT EXCHANGE RATES, IRAQ FACES “INTERNATIONAL PRESSURE Professor of International Economics, Nawar Al-Saadi, revealed today, Monday (August 5, 2024), that there are political motives behind the Central Bank’s ignoring of some decisions of Prime Minister Mohammed Shia Al-Sudani.” “the Central Bank of Iraq faces a set of obstacles that directly affect its ability to implement the Prime Minister’s directives.”
AL-SUDANI REVEALS PART OF HIS FIVE-YEAR PLAN 2024-2028: SERVICES AND DEVELOPMENT Prime Minister Mohammed Shia Al-Sudani launched the five-year national development plan (2024-2028), during a ceremony held today.
AL-ALAQ: THE FINANCIAL SITUATION IN IRAQ IS GOING ACCORDING TO PLAN The Governor of the Central Bank, Ali Al-Alaq, confirmed the stability of the financial situation in Iraq.
IRAQ RAISES ITS GOLD HOLDINGS TO MORE THAN 148 TONS
after it was 145.7 tons, which represents 10.02% of its total other reserves. Iraq advanced one rank to reach 29th place globally out of 100 countries included in the table, after it was ranked 30^th.

PARLIAMENTARY INTEGRITY COMMITTEE PREPARES TO QUESTION THE GOVERNOR OF THE CENTRAL BANK OF IRAQ
Member of the Parliamentary Integrity Committee, Hadi Al-Salami, revealed on Thursday that his committee has been following up for more than a year on the file of ending the assignment of the Governor of the Central Bank, Ali Al-Alaq, from his position.
CENTRAL BANK GOVERNOR’S RESIGNATION: ADMISSION OF FAILURE OR ESCAPE FROM THE REPERCUSSIONS OF THE FINANCIAL CRISIS? The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.
AFTER SANCTIONS.. A NEW AMERICAN STEP TOWARDS IRAQI BANKS The United States of America did not stop at punishing some Iraqi private banks by preventing them from participating in the currency auction held by the Central Bank of Iraq daily to sell the dollar, but the US Treasury Department recently returned and informed it of the need to merge and close some of those banks, thus deciding their fate after many suspicions had been raised about them.
AN EXPECTED MEETING IN NEW YORK.
Al-Alaq said that “there will be meetings with the Federal Bank and the US Treasury Department at the end of August to review all aspects related to foreign transfer operations and discuss sanctions on some banks
US OFFICIAL INVITES US TO CELEBRATE THE ACHIEVEMENTS OF THE DOLLAR PLATFORM – GOVERNOR OF THE CENTRAL BANK We accomplished 85% without the Fed. The Governor of the Central Bank of Iraq, Ali Al-Alaq, conveyed today, Wednesday, part of the talk of the Assistant Undersecretary of the US Treasury during his meeting with the Prime Minister, indicating that the US official called on us to celebrate the achievements made in the external transfer process and the stages through which the Central Bank of Iraq moved from it to the electronic platform
THE CENTRAL BANK OF IRAQ HAS PLACED ZAIN IRAQ ISLAMIC BANK UNDER GUARDIANSHIP, in a move that reflects the bank’s unsound practices and unsatisfactory management performance, threatening the independence and integrity of the Iraqi banking system.
TRADE BANK OF IRAQ INVITES EXCHANGE COMPANIES TO PARTICIPATE IN THE DOLLAR SELLING WINDOW It is noteworthy that the Central Bank of Iraq decided on July 4, 2024 to start selling dollars to travelers, exclusively through corporate and banking outlets at international airports.
RAFIDAIN ANNOUNCES THE IMPLEMENTATION OF THE COMPREHENSIVE BANKING SYSTEM IN 37 BRANCHES The media office of Rafidain Bank stated in a statement received by the Iraqi News Agency (INA), that “in implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, the comprehensive banking system was applied.
SALEH: THERE IS NO PROBLEM WITH LIQUIDITY AT ALL, AND WHAT HAPPENED IN THE AMERICAN MARKETS REQUIRES CAUTION. The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, denied the existence of a problem with the cash liquidity in the Iraqi currency.
‘CHINA IS CAUTIOUS ABOUT IRAQ’S ‘DEVELOPMENT PATH’
FOUR REASONS WHY
DUE TO FINANCIAL VIOLATIONS, A REPRESENTATIVE DEMANDS THAT SUDANESE TERMINATE THE ASSIGNMENT OF GOVERNOR OF THE CENTRAL BANK Today, Monday, member of the Parliamentary Integrity Committee, Hadi Al-Salami, called on the Prime Minister to end the assignment of the Governor of the Central Bank, Ali Al-Alaq, stressing that he will direct oral questions to the Governor of the Central Bank.
GOVERNMENT ADVISOR: INCREASED EXPORT CAPACITY BOOSTS CURRENCY VALUE financial advisor to the Prime Minister, Dr. Mazhar Mohammed Saleh, stated that the global currency rates are determined in two main ways: floating and fixed prices, indicating that there are many local and international factors that control the strength of the currency, such as supply and demand, interest rates, inflation, growth in the local economy, trade balance, and others.
A NEW EPISODE OF THE ECONOMY IN A WEEK PROGRAM. AGAIN ABOUT THE PROJECT TO REMOVE ZEROS FROM THE IRAQI DINAR AND ALSO ISSUE A NEW CURRENCY A training film for the Iraqi citizens on the project to delete the zeros is broadcast throughout Iraq. You can watch the film and get more info HERE.
CENTRAL BANK PREPARES FOR NEW TALKS WITH THE FEDERAL RESERVE : CANCELLATION OF ELECTRONIC APPLICATION FOR TRAVELERS’ DOLLARS TO PREVENT FRAUD In response to what Al-Zaman published on its front page in previous issues, the Central Bank obligated banks to ensure that the process of purchasing dollars and depositing dinars must be done in person by the beneficiary exclusively.
CENTRAL BANK GOVERNOR PARTICIPATES IN A WORKSHOP SPECIALIZED IN ELECTRONIC PAYMENT The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment.
PRIME MINISTER’S ADVISOR: THE GOVERNMENT HAS ESTABLISHED A ROADMAP FOR THE ECONOMIC MODEL IN IRAQ The Prime Minister’s Financial Advisor, Mazhar Muhammad Salih, on Saturday, defined the government’s vision for the economic model, and while he indicated that it will guide investment decisions to achieve their goals, he stressed that the government of Prime Minister Muhammad Shia al-Sudani has established a roadmap for the work of the economic model in Iraq.
MONEY LAUNDERING: 500 ELECTRONIC PAYMENT CARDS USED TO TRANSFER MONEY OUTSIDE IRAQ WERE SEIZED AND THEIR HOLDERS WERE ARRESTED IN BAGHDAD The Intelligence Agency announced the seizure of 500 electronic payment cards used to transfer money outside Iraq and the arrest of their holders in Baghdad.
NEARLY 200 BILLION DINARS IN “FINES” FROM THE CENTRAL BANK OF IRAQ ON BANKS AND EXCHANGE COMPANIES
The Central Bank of Iraq announced on Tuesday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 181 billion Iraqi dinars during the past six months.
IS IT TIME TO MAKE A DECISION TO REMOVE THE ZEROS
Economist Yasser Al-Mutawali, From the above analysis, it is clear that the procedure of deleting zeros is not appropriate at the present time. When use of electronic payment tools reaches 90 percent of citizens, then the decision to delete zeros can be implemented easily and smoothly.
ECONOMIST IDENTIFIES WEAKNESSES IN BANKING SYSTEM: 80% OF MONEY SUPPLY IN CITIZENS’ HOMES – URGENT
Financial and economic affairs expert Alaa Jaloub Al-Fahd revealed today, Sunday (August 18, 2024), a weakness in the Iraqi banking system.
GOVERNMENT ADVISOR: “PETRO DINAR” REQUIRES GOOD STOCK OF FOREIGN CURRENCIES AND GOLD The Prime Minister’s advisor for financial affairs, Mazhar Muhammad Salih, explained today, Sunday, that “the adoption of the dinar in pricing oil, or what is called (petro dinar), requires, first of all, the availability of foreign reserve currencies or gold.
SUDANI: THE GOVERNMENT PAYS GREAT ATTENTION TO THE ELECTRIC POWER FILE Prime Minister Mohamed Shia al-Sudani said on Sunday that the government pays great attention to the electric power file.
GOVERNMENT ADVISOR EXPLAINS THE POSSIBILITY OF USING THE DINAR INSTEAD OF THE DOLLAR IN OIL SALES The Prime Minister’s Advisor for Financial Affairs, Mazhar Mohammed Salih, clarified today, Sunday, what is being circulated in some media outlets regarding the possibility of using the dinar instead of the dollar in oil sales.
A DEPUTY REVEALS THE RESULTS OF THE WAR ON “HARD CURRENCY” SMUGGLING “The efforts of the Ministry of Interior with the Central Bank and supporting formations contributed to reducing the file of hard currency smuggling by 80%, while directing 11 specific strikes to companies and offices dealing in the file of selling currency illegally.”
AS THE REGION CONTINUES TO STEAL OIL…THE OIL AND GAS LAW IS IN THE PARLIAMENT’S DRAWERS Independent politician Adnan Abdullah confirmed on Thursday that oil smuggled from the Kurdistan region is sold for less than half its value. Abdullah told Al-Maalouma, “The region smuggles about 300,000 barrels per day, and this is no secret and the government and all political forces know about it.”
ATTRACTING INVESTORS AND LIMITING CURRENCY SMUGGLING.. SPECIALIST EXPLAINS THE IMPORTANCE OF “DIGITIZING” IRAQI BANKS Financial and economic expert Nawar Al-Saadi revealed, today, Friday (August 16, 2024), the importance of the benefits of “digitizing” financial transactions for Iraqi banks, while pointing out that digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services.

List of Significant Events:

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