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Post by Ssmith Wed Mar 15, 2023 1:52 pm


The Council of Ministers holds its eleventh regular session under the chairmanship of the Prime Minister, Mr. Mohamed Shia’a Al-Sudani, and votes on the draft budget law.
Today, Monday, the Prime Minister, Mr. Mohamed Shia’a Al-Sudani, chaired the eleventh regular session of the Council of Ministers.
The session witnessed the approval of the draft general federal budget law for the years; 2023, 2024, 2025, and referring it to Parliament.
At the outset of the session, the Prime Minister affirmed the government’s keenness for the budget to be a mirror reflection of the government program voted on by Parliament.
His Excellency indicated that this budget will be repeated for three years, in accordance with Financial Management Law No. 6 of 2019, which authorized the Council of Ministers to submit a budget for three years, stressing that the Ministries of Finance and Planning can make amendments and with the approval of the House of Representatives in the event of changes in numbers, oil prices or quantities.
(Two surprises in the budget. One is that they have tried for many years to get a 3 year long budget. Can they do it? Next the budget must be sent to parliament (finally) and voted on as it is now referred to parliament.)
More news….


Government spokesman: The oil and gas law is in its final stages of approval between the center and the region
The official spokesman for the Iraqi government, Basem Al-Awadi, confirmed that the governments of the center and the Kurdistan Region are about to agree on the oil and gas law, indicating that the Prime Minister, Muhammad Shia Al-Sudani, personally reviewed the procedures for converting Halabja into a governorate. 
(Coincidental? All the pieces to the puzzle are coming together very quickly now… blush)
More news….


We are heading into mid-March already with spring just around the corner. This is one of my favorite times of the year and Maibaum comes to mind. Our committee was established for our village Maibaumaufstellen (May Day Festival).  Our festival will occur on 1 May or Pentecost. Our village sponsored fest will be smaller this year as we have to cut back on almost everything. Please think about coming to Bavaria to join us. I think that perhaps we just might be at the banks before this event. So, you will have plenty of tourist money to spend at our event….lol..lol..lol..

Please think about coming to Bavaria to join us.

Status of the Budget:

I can guess everyone is wondering why the 2023 budget is actually a 3 year budget and not just for 1 year. This is actually huge news today and in simple terms I can tell you why and help you to understand it.  
Let me begin,,,,

There is an interesting article in the news today that tells us the Parliamentary Finance Committee has confirmed that the government’s delay in sending the law exceeded all justifications, while stressing the need to expedite the completion of the draft budget… in other words – ”get er done”. Yes, Parliament is annoyed with the GOI because of the budget process taking so long.

So, in an article today, economist Abdul Rahman Al-Mashhadani explained that the reason for the approval of the Council of Ministers on three consecutive years’ budgets is that the Ministry of Finance worked in accordance with the decision of the financial administration. Okay, so legally they were allowed to do it. But why did they do it?
Then Al-Mashhadani also told us in Al-Furat News in that determining the budget for 3 years, that the figures set for these extra two years are subject to modification and increase or decrease according to the variables of the global energy market. In other words they are making the budget “flexible”  and the total cost of it may rise or shrink in the future depending on the market of oil revenues. I also believe that many of the projects allocated will run that long to complete too.
I assure you this recent action is connected with the RV. The fact is they could not wait any longer on the actions of the CBI for the second rate change they told us was coming. They waited long enough and pressure from Parliament forced them to do something to get the budget out.  So, they are using this “flexibility” feature.
Remember the GOI works together with the CBI. I quote from an article from today’s news for the cause of the delay in finishing the budget– “In addition to the instability of the price of a barrel of oil and the change in the exchange rate of the dollar so far, and because the Iraqi economy is one-sided.” Folks they came right out and told us they are waiting for the second rate change in this article. Do you see it too?

The other very good part of this ongoing budget saga is that they are not going to hold up the budget any longer, waiting for the second rate change to occur.  Instead, they took the course to make the budget “flexible”. I cannot say for sure all of the technical details as to how they accomplished this flexibility, but they probably input the budget into some kind of electronic software tool that allows for this flexibility and can change numbers easily across the board when the petro-dollar and rate changes.

Another Currency Reform Implemented:

Also in the news we witnessed yet another currency reform implemented by the CBI when the Central Bank decided in the ATMs to use only the local currency of the dinar. WOW! Previously they could use both dollars and dinars. I was also told by my CBI contact a week ago that they will soon be recalibrating the ATMs to dispense the lower denominations…. remember? Now, before you jump for joy let me explain. Do they mean the 250, 500 and 1000 as they are also often referring these as the lower denominations too. But they already dispense these dinars in the ATMs and so why tell us about it again like it was new news? So is there a translation issue from Arabic to English or are they really going to do what we want to see?

Update on Joining the WTO:

Also in the news this period, we find an article for an update on Iraq seeking to meet the requirements for joining membership to the World Trade Organization (WTO). I expected good news but instead we got very negative news that much work is yet to be done. Really? These statements confused me.
I will let you read the article below in the articles section today but only want to add that they told us not too long ago they were “fast tracking” Iraq into the WTO? So what happened? I have commented more on this topic in the article itself below.
Personally, I believe what has happened is the Al-Sudani government prioritized the efforts of his cabinet to the new budget and the dollar crisis thus, has not had much time to write the needed legislation to satisfy the WTO requirements as of yet. But there is also the other option too and that maybe Iraq is changing its mind on joining the WTO? Maybe they do not want to go along with all the restrictions and mandates of the WTO? But remember the WTO is not needed to reinstate the dinar.

Why is the IQD Not Included?

Also in the news was a rating of the top ten valuable currencies in the world. This should not be a shocker to you as I presented some of these middle eastern currencies to you many times and talked about how the Iraq dinar is being artificially suppressed, while its neighbors have higher rates. This should p—ss off the Iraqi people and I believe it is. This corruption with the currency has gone on way too long already. But we know the GOI and the CBI are now doing something about it. After almost 2 decades post-war, it is time to turn the currency back on.

The American “Forbes” magazine in this article stated that the US dollar is not the strongest currency in the world, but rather the Kuwaiti dinar, and with a big difference between them. Why did Iraq publish this in their news inside their country? What are they trying to tell the people?

So, let’s take a better look at this article……

To me it is obvious they published this news in Iraq for a couple reasons: 

-First, they are flaunting the ditching of the dollar. They want to make a case to ditch the dollar and make the people understand keeping and using dollars is not good as the value is lower than the dinar. But the people don’t see it yet, they ask why are you saying this Mr Al-Sudani? Yes, we have known this for decades now but now they are telling the citizens which could only mean one thing – they intend to get out of the program rate and revalue the dinar “officially” and thus make the rate greater than the dollar, as it should be.
-Second, it is telling the citizens to rely more on the middle eastern currencies rather than the western currencies because they are worth more;  

-Third, I think this article is an educational effort telling the citizens to pay attention to their own currency as it too meets the criteria of the other middle eastern currencies that were listed. Thus to look at their value of their dinar on the same level or more. Since they have even greater wealth than Kuwait, as they bragged about their wealth over and over again in key articles. Do you remember? 

-Forth, with all the wealth of Iraq, yet the Iraq dinar was not even rated in the top ten currencies? Really? This article leaves the Iraq people wondering what is about to happen. Is the government trying to incite the people or educate them (or both) to fight for the freedom of their own currency in Iraq?

Here are the rankings of the top four currencies on the list:
#1 Kuwaiti dinar buys 3.26 US dollars
#2 Bahraini dinar buying 2.65 US dollars  
#3 Rial Omani buying US$2.60  
#4 Jordanian dinar buying 1.41 US dollars

What is common among all four of these countries?

All four of these countries are oil rich countries in middle east. They are much wealthier than the European countries that followed on the list.
We can see that Iraqi dinar rate now in QFS is way over the Kuwaiti dinar that it would be #1 on this list of the most valuable currencies in the world.   I was surprised not to see Saudi Arabia on the list, just so you know.
I also need to point out that if you compare annual GDP growth, minerals, oil, gold, agriculture, customs and tariffs, etc. from Iraq to these  top four middle eastern countries listed, they don’t even come close to the wealth of Iraq.

So why is the IQD dinar still at 1/6 of a penny?

Is it that the elitists are trying to “mold” Iraq into what they want and not leaving them alone to be truly a free and sovereign country unless they complied. They are attempting to do this by these same narratives we see in the USA, like climate change and pandemics. With Iraq they are also inserting power over them through the status of forces agreements and the assession to the WTO process. At least this is was their policies have shown us so far and so it seems something happened to change it. What changed?  
So, we have never seen such good news before where it is right in our faces now with the “dishonest” disparity of the other middle eastern currencies to the dinar. So, what is now holding back the Iraq dinar at this artificial program rate?  Will they really do it this time and complete the reinstatement?

What’s Next?

We have heard that the budget was already been passed to Parliament and maybe even voted on already. So, we now wait for the second rate change by the CBI and this should come this week or next since the budget is completed. Then the CBI has to monitor for inflation again for a period of time, making adjustments in the economy using yet other reforms if needed to reduce the dollar even more.

I don’t believe this period will be very long. When stable, they will move to 1:1 or just over 1 dollar for the IQD. Remember this is in Iraq. It is then the move to FOREX that follows and has to follow. Also, this situation must coincide with the issuing of the new lower denominations.

We can speculate all we want and these gurus can come on their conference calls and tell you all kinds of bank stories and bank memos, but the bottom line is the CBI has a plan and they are following the plan. There are no shortcuts. As investors we must relax and let it play out. I would be amazed if we did not see the reinstatement sometime prior to June 1st., just saying……This is my farthest out window timeframe. Yes, I am speculating but it is based on what I was told and what we see in action today.
Please, please, please keep the prayers coming. I can clearly see that our prayers are working both in Iraq and in the USA. Appears that maybe Al-Sudani turned out not to be so bad of a prime minister after all? If he follows the list of issues that Al-Sadr talked about then this may be why Sadr stepped out of politics during the election. Since he is no longer rioting this is a very good sign too.

We must all get involved in some way with politics, as what good is all this money if you can’t spend it or the govt takes it all from you in bail-in or high taxes? Remember that any existing laws that you think today will protect your money can easily be changed with the stoke of a pen. So it is the people who govern over our nations and make policies and laws is what is important. This is where every citizen can make a difference.

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