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Post by Ssmith Mon Mar 06, 2023 2:56 pm

Welcome to March! What will it bring to us? Will it bring just corned beef and cabbage, four leaf clovers and green bier?
Seems they are making progress on the 2023 budget. Being that the Finance Ministry is stalling on getting it to parliament, as they are waiting for the second rate change to come. In the meantime, the Finance Minister decided to receive a number of members of the Iraqi Parliaments on Wednesday to review the budget highlights and to express her appreciation for the efforts to strengthen the bonds of cooperation and joint coordination between the legislative and executive institutions, in a way that ensures the achievement of the goals of the government. So, we see some progress and the entire budget will not be a surprise when parliament does see it in its entirety.     
On Sunday, the Prime Minister, Mr. Muhammad Shia’a Al-Sudani, discussed with the Director General of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, Iraq’s steps in joining the international financial system. Folks this was one of those WOW!!!! moments. Get it? This is exactly what we want and need to be hearing at this point in time. We don’t need to hear from some idiot intel guru telling us lies of some bank memos, exchange centers or that it’s going to RV tomorrow or every weekend. Instead, we should be paying attention to what is really happening in Iraq, yes the real news for a change and the truthful relevance to our investment in the dinar.
Tightening down the Banks selling dollars
We have articles from Iraq to ditch the dollar. Then we witnessed a slow progressive effort of the CBI to force certain payments in dinar. During the meeting in Washington DC, Iraq was given a period of 90 days to implement reforms to get to a stable rate of the dinar. We all should know by now that under the “program rate” the rate must remain stable to a vriant of only 2%. So what we see with the street vendors at 1550 is not acceptable since the official rate is 1320. So, there is a tremendous amount of pressure to clean up the current situation in Iraq. This does not mean we would have to wait yet another 90 days for the reinstatement. This 90 days is a benchmark leaving action on the part of the CBI prior to the Us Treasury taking yet another necessary step with Iraq.  
Just recently we heard in Shafaq News that the Central Bank of Iraq obliged directives to licensed banks, exchange companies, and mediation companies to buy and sell foreign currency, to apply ONLY through the electronic platform to obtain their determined share of the foreign currency, the “dollar”. So, they are tightening the effort even more. Each week we hear of yet another reform measure taken to limit corruption and stabilize the rate of the dinar to the official rate.
We should all know that there is a big push to implement the latest digital technologies in the banking sector and to enhance financial inclusion in Iraq. This week the Central Bank, received by Al-Maalouma, in a meeting discussed the support provided by Visa to regulate the market and increase the acceptance of electronic collection, in support of the government’s directions and the decisions it took in activating electronic payment through the use of technology provided by the company.
The Central Bank of Iraq is supportive in its steps to expand the use of the latest point of sale technologies in the banking sector. The goal is to get as many citizens as possible on automatic deposit and then debit cards for withdrawals or point of sale purchases in the marketplace.
We can see that the Central Bank of Iraq seeks to make a quantum leap in the field of financial technology in the Iraqi banking sector by keeping pace with the latest international technologies. But I have to ask myself about articles we read from almost 10 years ago telling us the exact same thing. So why have they not already implemented these measures? This is what boggles my mind about Iraq. It seems they go around and around with very good intentions, but nothing ever is implemented to make any real progress.
So, when the US Treasury gives Iraq this 90 day window this is why they gave then this window. This is almost like an ultimatum to force them now to make these changes that should have taken place a decade ago or more ago. Do you see why the US Treasury finally had to come in and implement the electronic platform for the currency auctions? Can you see why the reinstatement has not yet happened and should have a decade or more ago?
Okay, so this is where we are today, and we wait for the stabilization of the currency. This 90-day period extends to mid-May. Remember that in my last conversation with the CBI they told me that the 1:1 rate is targeted soon and is approved but conditional that the CBI can stabilize the dinar by implementing the necessary banking reforms to support it. Basically, the US is saying enough talk and now we want ACTION. I don’t believe we will have to wait until mid-May to see the reinstatement if the CBI under Ali Al-Alaq if he continues his aggressive moves to stabilize the dinar. We just have to relax and watch it play out. 
Some intel gurus tell their listeners that the banks are now re-employing exchange associates and retraining. This could be the case but until we see an update on the “Project to Delete the Zeros” I will not put my attention in this direction at least not yet. I do not have a sound idea when we can expect this kind of news, but we know it is over due. Again, this over-speculation and hype causes stress and anxiety. It also causes people to doubt that this is a real investment and will occur someday. 
I even had someone comment lately to ask me if these large 3 zero notes are going to be discarded, leaving us holding the bag. I think he/she was thinking about what they did in Zimbabwe in 2015-2016 and so I can’t blame this kind of thinking (visit my archives section in the blog and read the part about the Zimbabwe dollar scam). But for Iraq I can assure you this is of course not the case. I showed the evidence of this over and over again already and will not cover it again. Trust me there would not be millions of holders of the dinar waiting for this event if this was fake or a scam. We also have to consider the prophetic word and there is plenty of it concerning this coming wealth transfer and to back it up.

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