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Post by Ssmith Thu Jan 26, 2023 2:33 pm


Who’s your mama (governor)?
Remember Ali-Alaq as the director/governor of the Iraqi Central Bank Sept 2014-Dec 2012?
He guided the Central bank as one of the couple of proxy governors throughout the ISIS invasion and we know we had planned for the project to delete the zeros in early 2016 and then again in 2017 and both times it was cancelled.

Ali Alaq was instrumental in getting the newer lower denominations printed. 
He asked for funding in the budget for the lower denominations and coins. 
We read articles that these were, in fact, printed via various companies in Switzerland and Germany.

Then most recently is mid-June 2020 they challenged Alaq’s proxy position, that was appointed way back by prime minister Nori Al-Maliki as he took over the CBI in December 2012. 
Alaq’s proxy position was of course a conflict of interest and objectionable to the ability of the CBI to stay independent of the GOI. 
He had to go mainly for this reason. 
They then forced him to retire and Al Kazemi appointed Mustafa Ghaleb Makhif to replace him as governor of the CBI in 2020.

I have been saying all along that maybe Makhif is not qualified for the job and we would see how this would go. 
Today we see a change in leadership back to Alaq.  
The graph below shows where Alaq wanted “to restore the prestige of the dinar”. 
His words not mine.

Remember this graph? 
This is where he said he wanted to go with the dinar. 
Look at the graph for 1940’s era.
There are two articles on this subject matter. 
One tells us about the demonstrators outside the CBI on January 23, 2023 yesterday, that “Prime Minister Mohamed Shia Al-Sudani decided to relieve the Governor of the Central Bank, Makhif, from his post at his request and re-appointed Ali Alaq. 
So Alaq is no longer a proxy.

He is officially the governor now. 
This was shocking news not because it was bad news but it was so shocking. 
I believe this is a good move and in the right direction. 

It will only help our situation now we know there is someone at the helm of the CBI once again who truly supports the completion of the currency reform project in Iraq. 
But most importantly he has more than half a brain.

What else is in the news?
Most of the other news from Iraq is once again all about the Iraqi dinar and what to do about the rising rate of inflation in Iraq. 
Sadr is rousing the people to protest once again and he is talking to them in the mosques each Friday during services. 
This recent protest at the CBI was his doing.

It worked and Makhif is gone.
Is the US Dollar being used as an Economic Weapon in Iraq?
Economic experts from Iraq attribute to the United States of America’s use of the dollar as an economic weapon against the emerging Sudanese government. 
I do not believe this is fully the intent of the US Treasury to make this political but rather to help Iraq curb the corruption. 
So the inference to politics is not true and just more rhetoric to confuse the people and make them mad at the US.

Why would they say this then?  
They say rhetoric like this to try to get the military and other US influences out of Iraq. 
These are Iranian propagandist.

They are clever and will try anything to disrupt the move of the CBI to international currency once again and trade it back on FOREX and other global exchanges. 
For many years they had it too good pumping billions out of Iraq.
Iran: Well…well…the free ride is OVER!

Thanks to the US Treasury for finally coming into Iraq and helping to shut down the corruption in the currency auctions. 
Can you see how the coordination framework is NOT on our side and they do not want the changes to the corruption schemes at the banks and currency auctions windows to end. 
These politicians are the cause of the funneling and money laundering to Iran.

So, the Iraqi news media propaganda machine is now geared up at warped speed trying to convince the public the US are the bad guys. 
They spit out their rhetoric once again for the US to “go home” and leave Iraq alone. 
After all, they say, isn’t Iraq a sovereign state?

Yes it is, but only as long as Iran can impose upon their sovereignty then it is okay but not for any other country. 
How about this – “Iran go home and stop meddling in Iraqi affairs”.
In today’s news the advisor to the Prime Minister for Financial Affairs, Mazhar Salih comments on this matter of what help the US Treasury is now giving Iraq. 
He tells us it is related to Iraq’s entry into a global financial transfer system that requires a high degree of transparency,” but that “caused a shock” to many Iraqi banks “because they are not used to this system and pressure is on Iraq by the coordination framework to prevent its opening up to Europe and the countries of the world.

Many Iranian backed politicians accuse that the Americans are using “the dollar as a weapon to starve people. 
Again just more rhetoric….bla,,,bla,,,bla,,.  
So based on this very slow Iraqi emergence into the “global financial system” there have been many recent discussions with other countries about currency usage and also measures taken in Iraq to help stabilize the dinar within country.

So, no one is going to tell me that they are not trying to stabilize the dinar and working towards some goal. 
Is this goal to ultimately to get back into FOREX meaning the reinstatement. 
Also, then to normalize the IQD once again and trade it and use it globally. 
You would have to be VERY foolish to think otherwise.

I also think this move to bring back Ali Alaq as the CBI governor is to play a large part in achieving this goal much, much sooner than later. 
But what does “normalizing” a currency mean to all of us non-financial people?
To normalize the dinar means to change over the 3 zero notes to notes that coincide with “normal” currency denominations that Iraq used before and that other developed nations like the UK, EU, USA, etc. use.

Remember that these 3 zero notes we hold were supposed to be a temporary measure to prevent hyper-inflation from happening and to be used for about 5 years. 
The plan worked and the rate of the dinar has been stable up to now. 
It has only been through corruption and manipulation that Iraq is still using them almost 2 decades later.
Iraq is unlike Zimbabwe as they can control the dinar.

The inflation, as explained many times already, was caused by two main issues:
1. One issue was the need to add to the CBI reserves since the depletion by the pandemic and drop in oil prices;
2. The second issue was the implementation of the new platform by the US Treasury, a financial system controlling the currency auctions with full transparency and tracking of where the money is going.

The implementation of this platform caused a temporary shortage of dollars as many of the request for dollars was rejected.
So, what is the solution to the increasing inflation of the dinar and how do they finally resolve it? 
Is this a VERY GOOD time to conduct the project to delete the zeros and move to FOREX.

Since there is a shortage of dinar and dollars on the streets it would be advantageous to do so. 
My impression is that it could not be a more favorable time in the history of this RV saga.
Remember I told you also that the CBI conducted a trial, or a so-called temporary de-peg from the dollar. 
Is this what we are really witnessing?

Remember I told everyone that when they do this change over, they will monitor the dinar for a couple weeks or even a couple months. 
We just don’t’ know how long. 
I have been saying this all along is the procedure to kick off the final process of the conversion.

I said that they probably would not even yet announce the new rate when they do this first step which would be very close to 1:1 either way with the US dollar, still not officially pegging it back though. 
This part we still have yet to see but it is coming and I believe we are in the middle of this process and watching it now play out.
But what we do know for sure is the new currency auction platform instituted by the US Treasury is working as planned and the currency auction amounts are back to normal, as needed for general imports to support the economy.

The numbers match the statistics. 
They have moved from over from $200 million to a much more realistic $60 million sales in a week’s time.  
It is projected they need around this figure of $60 million.

There is still 7 days remaining in January and if they do not open the new budget (which is just finally going to parliament this week for review and deliberation) then they can still reset the new year’s financials to the new rate even if outside of January timeframe. 
Yes, there is still hope and I am hopeful that they will get the inflation under control without printing more money that would only make it worsen. 
I do not think they are going to print more money.

This too is good sign for us.
Think of this new US Treasury currency auction platform as “shaking” up the beehive. 
Now we have to settle it down and let the bees come back to a new norm of business without all the corruption. 
I am confident it will happen.

So yesterday we witnessed the ousting of the CBI director and a new governor Ali Alaq returning to head the CBI once again. 
Didn’t  you get that gut feeling that Makhif did not know what the hell he was doing?
But remember that there are obstacles and so I don’t want to spoil your dreams and hopes later. 
Let’s just watch what happens and pray to God for His almighty hand to bring the abundance and prosperity to come to Iraq, which is so long overdue.

It is through his work that we will see this occur and we must give almighty praise and glory to him for it when it does happen.

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