September 17, 2024 Edition of Mnt Goat Newsletter (2024)

Table of Contents
ABOUT THE NEWSLETTER: GIVE A GIFT TO MNT GOAT 1 Chronicles 29:14 STATUS OF THE RV Their words not mine…..No Rumors, No Hype, No Opinions ,,,,, Just the FACTS! From God to the PROPHETS Julie Green: Panic in the Whitehouse. BRACE YOURSELF FOR WHAT’S COMING IN 2024 WHY IS THERE ALMOST NO NEWS COVERAGE ON THE REAL HARRIS AGENDA FOR AMERICA IF SHE IS ELECTED? HOW DID THE SEPT 10th DEBATE GO FOR THE CANDIDATES? HERE ARE KAMALA HARRIS’ ‘5 BIGGEST LIES’ IS TRUMP ANGRY AND WHY? ANOTHER ONE BITES THE DUST… QUESTIONS, QUESTIONS AND MORE QUESTIONS Pray the Daily Prayers To Save Our Country A National Prayer Movement for God’s Help BY 48.5%.. BANKS ASSOCIATION: FINANCIAL INCLUSION IN IRAQ HAS INCREASED LAUNCH OF THE ELECTRONIC PAYMENT CONFERENCE TOWARDS FINANCIAL STABILITY IN IRAQ AL-ALAQ: THE NUMBER OF DIGITAL BANKS IN IRAQ WILL BE GREATER THAN NEIGHBORING COUNTRIES GOVERNOR OF THE CENTRAL BANK OF IRAQ: WE HAVE MADE GREAT STRIDES IN THE PROCESS OF REFORMING THE BANKING SECTOR ARE THE WINDS OF “ECONOMIC” CHANGE BLOWING AFTER ELECTRONIC PAYMENT? AL-SUDANI: IRAQ TODAY IS ON THE RIGHT PATH GOVERNMENT ADVISOR: IRAQ RECENTLY PAID 2 TRILLION DINARS OF ITS EXTERNAL DEBT IT WILL TRANSFORM IRAQ INTO AN OPEN COUNTRY.” AL-SUDANI: THE PATH TO DEVELOPMENT NEEDS 5 YEARS TO COMPLETE OIL PRODUCTS: A MOVE TO GENERALIZE PAYMENT BY ELECTRONIC CARD IN ALL GOVERNORATES PARLIAMENTARY FINANCE COMMITTEE DISCUSSES PROPOSAL TO ESTABLISH SOVEREIGN FUND Their words not mine…..No Rumors, No Hype, No Opinions ,,,,, Just the FACTS!
September 17, 2024 Edition of Mnt Goat Newsletter (1)

ABOUT THE NEWSLETTER:

September 17, 2024 Edition of Mnt Goat Newsletter (2)
September 17, 2024 Mnt Goat News Brief

Hi Everyone,

I have some more interesting news to share with you today. Yes, it’s all about the bass, I mean BANKS and no treble, I mean TROUBLE. Lol, lol, lol.

Please decide to help out financially to keep the Mnt Goat Newsletter alive!

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 but only if you so desire and can afford it. Please don’t leave it up to someone else to help, you too can help. Here is the link below:

September 17, 2024 Edition of Mnt Goat Newsletter (3)

Going on over 10 years now, I have taken my own time to research and document findings about the revaluation and reinstatement of the Iraqi dinar. At this time more than ever I do not need to be doing this. I do it out of charity and love with understanding that all of us do NOT have the time to go do our own research. We are busy with our jobs, our daily lives and raising our children. So, I try to help out. But remember I too am very busy in my daily life too. I am no different, yet I take the time out each day to complete the task of research and composing my newsletter for you. This Newsletter will not survive without your ongoing support. There are 20,000+ followers and readers on my blog, But why do just the same handful only help out? Do the rest of you not want or care about the news I bring? I suggest $10-$20 or whatever you can afford but only if you can afford it. We must not let this blog die. The TRUTH must come out about this ongoing RV saga. The constant lies must end!

Did you happen to miss the last couple Newsletters? Click here to go to Mnt Goat Archives.

You can see the entire Mnt Goat Newsletter Blog HERE. There is much more amazing news and RV information than just the bi-weekly newsletter.

1 Chronicles 29:14

Money dependence. Giving a gift can open doors; it gives access to important people!

STATUS OF THE RV

Yes, it’s all about the bass, I mean BANKS and no treble, I mean no TROUBLE. Lol, lol, lol. You should know by now I use musical songs to make my point and by analogy. It is a love story but not between people. Instead, a love of money and a money transformation in the banks from cash to electronic payment. It is all about the electronic payment and they told us this in many of today’s article again. A main Pillar of Financial Reform.

September 17, 2024 Edition of Mnt Goat Newsletter (5)

So, here we go again with a series of articles on the electronic payments and inclusion by the banks. The VERY GOOD part of today’s story is that they are now telling us they can see light at the end of the proverbial tunnel. No, they do not directly tell us this but you can read into the articles and understand the tone. I expect to read more of this in the coming month. Remember that the country of Iraq has only about 35-45 million people as it’s about the size of Texas. It is not huge like the US or other countries in Europe or Africa. In Iraq it often takes time to gain momentum on a country wide effort, especially when you are dealing with two major governments, Kurdistan and the Baghdad governments.

No, the RV is not yet over. Sorry, all you intel gurus I have news for you. How many more unsubstantiated rumors must we hear from these idiots. I am talking mostly about this rumor of the newer lower denominations being now in circulation. How many time must we hear this without any proof? You know who I mean, TNT Tony and Bruce. Then a new idiot MarkZ. Yes, I finally researched this MarkZ idiot and he too is a major part of the problem. It’s all rumor driven news again. No one can seem to prove anything they are saying, even themselves.

😊I will have my normal Wednesday call to Iraq. I try to get together a list of questions for my CBI contact. What I want to know this week is something to gauge the electronic payment effort on. In other words when is enough? For example in today’s list of articles the Association of Private Banks announced today, Saturday and I quote – “that financial inclusion in Iraq increased by 48.5% during the current year, while confirming Iraq’s efforts to reach a rate of 60% in financial inclusion operations next year”. You can go read the entire article titled “BY 48.5%.. BANKS ASSOCIATION: FINANCIAL INCLUSION IN IRAQ HAS INCREASED”

So, is 60% their goal? Is this a measure of enough to pull the trigger on the next rate change and conduct the project to delete the zeros inside Iraq to get the process underway again? Do they mean “by next year” or “during next year”? I would suggest by the end of this year, meaning by next year (early 2025) if they are to reinstate at that time. What do you think?

😊How far is Iraq into this banking reform and electronic payment process? An interesting article in today’s new may give us some hints that they are much farther than we think. Please read the article titled “GOVERNOR OF THE CENTRAL BANK OF IRAQ: WE HAVE MADE GREAT STRIDES IN THE PROCESS OF REFORMING THE BANKING SECTOR” So what happened this past period? The Central Bank of Iraq participated in the Electronic Payments Conference towards Financial Stability in Iraq, which was held under the patronage of the Prime Minister of Iraq, Mr. Mohammed Shia Al-Sudani, and organized by the Iraqi Private Banks Association, with the wide participation of parties concerned with electronic payment and the Iraqi banking sector.It’s these subtle kinds of articles that we should pay attention to. Who attending these conferences? Who sponsoring them and why? On this same note you might want to also read the article titled “AL-ALAQ: THE NUMBER OF DIGITAL BANKS IN IRAQ WILL BE GREATER THAN NEIGHBORING COUNTRIES”. This article will give you a perspective on what took place in the conference and were they intend to bring Iraq in the banking sector.

So, you can see there is necessity for clarity on many of these issues. What exactly is their goal and when is enough? But again, I have to be fare and add that at this point I believe it is all just a game anyway. The IQD should already be reinstated a decade ago and so why are we still waiting? What is this game being played? I am referencing Dr Shabibi’s 2012-2013 efforts again. Okay so the US Treasury is forcing Iraq down a path or revitalization of their economy first. This could make sense as we could see a higher rate when we go to exchange. But will we die first before this happens? How much is Iraq losing by not reinstating?

😊There is a good article in this regard you might want to read titled: “IT WILL TRANSFORM IRAQ INTO AN OPEN COUNTRY.” AL-SUDANI: THE PATH TO DEVELOPMENT NEEDS 5 YEARS TO COMPLETE” Didn’t they say this 5 years ago. Opps another 5 years…… Opps they said it again…But do they need the currency to complete this aggressive plan? Seems its always five years away. Do you see this too?

We as long-term investors, still ask ourselves why did many of these politicians, family members and friends of friends get to exchange so early in the process, yet we sit here and wait. Seems very corrupt to me. This is the disturbing part about waiting and watching this saga play out. But it will play out as there is enormous pressure in all aspects as to how to handle and manage Iraq’s wealth.

😊Another article today on establishing a sovereign fund but this time it is more seriously addressed and more aggressively and not just recommendations. They are going to do it and use all these additional revenues to fund it, such as taxes, customs, tariffs, minerals, and other major financial outlets sectors. You can go read the entire article titled “PARLIAMENTARY FINANCE COMMITTEE DISCUSSES PROPOSAL TO ESTABLISH SOVEREIGN FUND”. The Parliamentary Finance Committee announced, on Monday, discussing a proposal to establish this sovereign fund. They have to park all this money somewhere and let it grow.

Why would Iraq even need this sovereign fund? So, let me explain. At least this is how it was told to me by my CBI contact. Iraq will need to invest its money. But what money? Are we talking about the oil revenues? Yes, some of this money is from excess oil revenues beyond what they need to pay to run the government and salaries of Kurdistan. This excess comes when the budget is priced lower than the actual outgoing price of oil. We can call this “surplus revenues”. Right now they put this money in their reserves so they can use it for the proverbial “rainy day” if the oil prices drop below their budgeted price of oil.

What Iraq is now attempting to do, and they will be successful, is to try to harvest all avenues of additional revenues beyond the oil revenues. We can clearly see that the oil industry is not the energy of the future. It is not that oil is running out anytime soon but that there will be cleaner, more efficient energy sources coming our way. Keep in mind what the prophets also told us about three (3) news sources of energy and that these sources would be very affordable and practical. So, then why still use dirty oil. Do you get my point?

To overcome this future situation Iraq must now make the changes and make them way in advance. The plan therefore is to capitalize on ALL and EVERY additional source of revenues besides oil. We were told that a combination of these revenues could rival the oil revenues. Really? Years ago, when I first heard this, I found this hard to believe, but as time passed I can see that there is enormous potential to get off the oil rentier economy and move more to self-sufficiency. Iraq must take advantage of all these sources of revenues. In addition, they are now kick-starting manufacturing. Yes, I am told the factories are being rebuilt and newer ones coming to life. This too will create more tax revenues, exports and of course jobs.

Having said all this about additional revenues, one must also keep asking but why? Is there more to this that meets the eye? If you really study what is going on in Iraq you then can see it. No, not some stupid intel guru bank stories but take the time to really study. Then out pops the replacement of the petro-dollar and on to the petro-dinar. I want now to reinforce the enormous magnitude of this move if they can pull this off.

But to pull it off they will need sort of an insurance policy. This insurance policy is the additional revenues. Think about it…. What if oil does decline, and it will, then what happens to Iraq if they solely pegged the IQD to the price of oil. Both would tank and goodbye Iraq. However, if they can sustain themselves with an additional source of revenues from these sovereign funds. They must rival the oil revenues and get them to this point.

So, what happens in the mean time when the price of oil is way beyond their budgeted amount? They will then keep growing their sovereign funds. This is the huge part of it all too. Most already tell us Iraq is filthy rich and they are, but they are not yet done as I described to you their near future plans. Right now the Kuwaiti dinar is one of the highest valued currencies in the world. Why? If you proportionately look at Iraq and compare its ability to generate wealth it can far out produce Kuwait. Why then is the KWD at $3+ and the IQD at about $.006?

I need everyone to relax and stop speculating and hoping for the RV tomorrow or next weekend. Just let the RV come to us. It is a byproduct of the effort not the main effort in itself. Get it? This other crap is all just intel guru rumors. Get it? I hope you do by now because after a decade of this bullshit you should go see a good shrink if you don’t.

The point I have to make again today is that there is a plan. We can not affect the plan. It is motion and ongoing. We can only learn about it and then watch it play out. It is playing out. My job now FOR YOU is to dig and find out more details of this plan. Yes, I already now the overall process and I will give it to you once again below. But I am talking now DETAILS, the nitty gritty details of what they are doing and the thresholds they are looking for. For instance, what percentage of the population do they need to have bank accounts regularly using electronic payments for everyday life. Then how about the merchants? Are the stores and shops all transitioned over? What about the banks, the most important pillar (as they just told us again). Are the banks in full inclusion? What is the “inclusion” of these banks and financial institutions in the electronic digital payment effort? Did they fix the issues with the Iraqi Stock Market (ISX) that we read about in the news not too long ago? Then at last is the additional revenues at the desired levels to rival the oil revenues? Can they now institute the petro-dinar and change over officially from a rentier economy? When it is estimated this will happen?

So questions like these above will drive my conversations with my CBI contact on my Wednesday calls to Iraq. I just wanted to let everyone know that I am working very hard to get the answers and others for YOU. No bank stories or bullshit updates from three letter agencies. I get all this crap too just so you know. I am not void of some really good contacts in the US Treasury and US banks. The difference is I am smart enough to know bullshit when I hear it.

When there is any real, honest and substantial news from them I will let you know. I have to also add that the CBI is NOT. and I repeat NOT, the entity holding up the RV. It is combination of entities as the CBI could conduct the project to delete the zeros beginning today and it would be successful too, however the US Treasury is not going to conduct its part along with the IMF until they are satisfied with the needed reforms. They need to see the economic changes they require. I know, I know this seems very unfair and it is, but this is hardball politics being played out. I keep asking what gives them the right to do this to a sovereign nation? Iraq is a sovereign nation, isn’t it? Is this just a notion or reality? It is all a matter of who controls what, get it? Who controls the management part of FOREX….enough said…. 😊 .

Here is the process of the reinstatement again:

  • Institute the reforms the “Pillars of Financial Reform” – Banking, Insurance, Stock Market;
  • Get rid of the parallel market and demand for the dollar through the black market;
  • Realize the Central Bank “official” rate of the dinar and overcome the dollar crisis.
  • Be able to raise the “official” rate of the dinar against to dollar to a sustainable, realistic rate that reflects the true economy of Iraq (just over a dollar in-country),
  • Conduct the Project to Delete the Zeros: decrease the monetary mass by collecting these large three zero notes, stashes/hoards of dinars and dollars. Swap out the currency.
  • Watch/monitor for inflationary pressures on the process;
  • Reinstate the IQD back to the global currency exchanges ie. FOREX. Not just a placeholder on FOREX pointing to ISX but the ability of tradable buy and sell options.

NOTE: This process above is an overall process and does not detail out the ongoing extent of efforts effecting this process and how they will achieve each step. This is now what we are reading in the everyday articles from Iraq.

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, MarkZ 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 faithful follower of my blog, you then too can clearly 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, memos or lies that four letter agencies are talking to me, because they aren’t, and I don’t care what the hell they are saying anyway.

Let me tell you something. Remember when this guy TNT Tony was telling you he had contacts sitting in meetings with the US Treasury and then as a result of these meetings they would call him and tell him they were planning to RV on a certain targeted timeframe? Oh yes, he did this for almost 10 years. So, if this is all true, they why has the RV not yet happened? Oh… but something always held it up. Of course it did and we know what it is, don’t we. Its called corruption and money laundering.

I will tell you why it didn’t RV for Tony, it is because it was all made-up bullshit and he does not have any real contact(s) in any US Treasury meetings. Get it? If he did and what he said in the past was true, they why in hell in the US Treasury now in Iraq working on the banking reforms? Why did they decide to move in and occupy an entire floor in the Central Bank of a sovereign nation, if they already decided Iraq was clean of corruption and okay to RV over these last 10 years? Why then has the RV not happened according to TNT Tony idiot? Why did Iraq even allow them to enter the Central Bank building and occupy it if Iraq too did not want the corruption to end and to get their currency back online.? Do you see my point here? Yes, there is still work to be done and the RV is not all done. Get it? If you only used your head and common sense you can see through many of these so-called, self-proclaimed idiot intel gurus and their lies.

These rumors are like 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, we must stay grounded as this RV is coming to a closure and there is not much longer to wait.

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Their words not mine…..No Rumors, No Hype, No Opinions ,,,,,

Just the 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.

September 17, 2024 Edition of Mnt Goat Newsletter (6)
September 17, 2024 Edition of Mnt Goat Newsletter (7)
September 17, 2024 Edition of Mnt Goat Newsletter (8)

From God to the PROPHETS Julie Green: Panic in the Whitehouse.

September 17, 2024 Edition of Mnt Goat Newsletter (9)

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BRACE YOURSELF FOR WHAT’S COMING IN 2024

September 17, 2024 Edition of Mnt Goat Newsletter (10)

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WHY IS THERE ALMOST NO NEWS COVERAGE ON THE REAL HARRIS AGENDA FOR AMERICA IF SHE IS ELECTED?

What is her agenda for America if elected? Do you know why she has none? It’s because she is not the one who will be running the country if elected and she does not yet know what will be asked of her later. In other words, they control the puppet strings and have not yet told her OR, if she does know she knows she can NEVER be elected based on their agenda for America.

By the way he father was also a CCP party card carrying member. This is a FACT not some conspiracy theory. Go check it. She has been schooled in the Marxist doctrine. Just saying…..

September 17, 2024 Edition of Mnt Goat Newsletter (11)

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HOW DID THE SEPT 10th DEBATE GO FOR THE CANDIDATES?

More fall out after the Trump vs Harris debate. What really happened?

September 17, 2024 Edition of Mnt Goat Newsletter (12)

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HERE ARE KAMALA HARRIS’ ‘5 BIGGEST LIES’

September 17, 2024 Edition of Mnt Goat Newsletter (14)

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IS TRUMP ANGRY AND WHY?

MAYBE YOU TOO SHOULD BE ANGRY TOO AND STEP UP TO JOIN THE FIGHT? WHAT ARE YOU WAITING FOR?

September 17, 2024 Edition of Mnt Goat Newsletter (15)
September 17, 2024 Edition of Mnt Goat Newsletter (16)

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ANOTHER ONE BITES THE DUST…

We must listen why they are leaving the democrat party? This is not the party of the past. It has been taken over by Marxists.

September 17, 2024 Edition of Mnt Goat Newsletter (17)

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QUESTIONS, QUESTIONS AND MORE QUESTIONS

When we start asking the right questions, the entire Biden/Harris administration comes up as a “conspiracy” and way beyond just “politics as usual”. We must just concentrate on the FACTS. What really took place to get Biden into office and what was he supposed to do while in office? Who was telling him what to do?

September 17, 2024 Edition of Mnt Goat Newsletter (18)

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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.

We all know something has gone terribly wrong with our nation. A supernatural battle is taking place to determine the fate of America. In justtwelve minutes a dayyou 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?

September 17, 2024 Edition of Mnt Goat Newsletter (19)

Anyonecan 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.

September 17, 2024 Edition of Mnt Goat Newsletter (20)
September 17, 2024 Edition of Mnt Goat Newsletter (21)

A National Prayer Movement
for God’s Help

September 17, 2024 Edition of Mnt Goat Newsletter (22)

BY 48.5%.. BANKS ASSOCIATION: FINANCIAL INCLUSION IN IRAQ HAS INCREASED

(What does “financial inclusion” mean? Shame on you if you don’t know or remember. Folks, this is important stuff to remember. I have shown article after article talking about it. Here is yet another one. When will they feel they have achieved enough? I think they are about there already. Choo Choo!!!)

The Association of Private Banks announced today, Saturday, that financial inclusion in Iraq increased by 48.5% during the current year, while confirming Iraq’s efforts to reach a rate of 60% in financial inclusion operations next year.

(So now we have some gauge we hoped to get. What is their goal? Is it 80, 90, etc.. percent or 60%?)

The head of the Private Banks Association, Wadih Al-Handhal, said in a statement to the official agency, which was followed by Iraq Observer, that “the number of bank cards reached 20 million cards during the year 2023, and we expect a significant increase in this file during the current year and the coming years,” indicating that “financial inclusion in Iraq increased by 48.5 percent during the current year.”

He added: “We seek to reach 60% during the next year in financial inclusion operations, and we confirm that the change is taking place from the Supreme Authority, represented by the Prime Minister and his office.”

He stressed the “necessity of including financial inclusion in school curricula, starting from primary grades and reaching universities, to know its details, practice it and review it, in addition to continuous training to reach the development of infrastructure,” noting that “the number of bank accounts in 2020 reached 6 million and in 2023 to 13 million accounts.”

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LAUNCH OF THE ELECTRONIC PAYMENT CONFERENCE TOWARDS FINANCIAL STABILITY IN IRAQ


The activities of the Electronic Payment Conference towards Financial Stability in Iraq began today, Saturday.

The correspondent of the Iraqi News Agency (INA) stated that “under the slogan (Enhancing Financial Stability in Iraq), the electronic payment conference was held under the supervision of the Central Bank and in cooperation with the Association of Banks,” noting that “the conference was attended by representatives of the relevant Iraqi ministries, governors of foreign central banks, diplomatic missions, international institutions operating in Iraq, information technology companies, electronic payment companies, banks and international financial institutions, in addition to Iraqi and foreign private banks operating in Iraq.”

He added that “the banking technologies conference represents an important platform for achieving cooperation between financial and banking institutions in Iraq and international financial information technology companies.”

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AL-ALAQ: THE NUMBER OF DIGITAL BANKS IN IRAQ WILL BE GREATER THAN NEIGHBORING COUNTRIES

The Governor of the Central Bank of Iraq expected, on Saturday, that the number of digital banks in the country would increase and be larger than in neighboring countries.

This came during his hosting of the activities of the Electronic Payment Conference towards Financial Stability in Iraq, which was launched in the capital, Baghdad, and was attended by a Shafaq News Agency correspondent.

Al-Alaq said during the hosting that “the experience of digital banks in the world is an experience that indicates a shift towards an approach that is completely consistent with technical developments and employing them in a direction that serves various operations.”

He added, “Digital banks are widely spread in the world, and the volume of financial transactions for these banks has reached about 5 trillion annually, and it is hoped that the number will reach about 7 trillion dollars by the year 2027.”

Al-Alaq also pointed out that this is an important indicator that calls on us to stimulate this aspect, focus on it and push it forward, adding that “Iraq will be one of the countries that will advance in digital banks that occupy an important space, and the number of these banks in Iraq will be greater than in neighboring countries.”

He continued by saying, “Before launching the licensing round for digital banks, the Central Bank conducted in-depth studies and reviewed the experiences of other countries extensively until we set the necessary rules and controls to license this type of bank.”

The Central Bank Governor concluded his speech by saying,“We were surprised that the number of applicants to establish digital banks exceeded 70 banks,” stressing that “the Central Bank is studying the applications to establish digital banks, sorting them out, and selecting a limited number of them.”

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GOVERNOR OF THE CENTRAL BANK OF IRAQ: WE HAVE MADE GREAT STRIDES IN THE PROCESS OF REFORMING THE BANKING SECTOR

The Central Bank of Iraq participated in the Electronic Payments Conference towards Financial Stability in Iraq, which was held under the patronage of the Prime Minister of Iraq, Mr. Mohammed Shia Al-Sudani, and organized by the Iraqi Private Banks Association, with the wide participation of parties concerned with electronic payment and the Iraqi banking sector.

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, said during the first session of the conference that the digital transformation movement in Iraq, especially the financial and economic part, is a priority for the government and the Central Bank of Iraq and aims to provide the best banking services, stressing that there is a great movement to advance the digital transformation, in which the banking and financial sector represents a major pillar.

He noted that despite the challenges and obstacles that the country has faced in recent decades, the digital transformation process is proceeding rapidly according to the indicators available to the Central Bank, stressing that it is moving in the right direction.

The Governor stressed that there is a very important aspect in keeping pace with developments and changes, which is direct communication with internal and external parties, and it is on two levels: the first includes building capacities within the banking sector by providing competencies and various applications, as the Iraqi cadre is characterized by adaptation and development, and the second is represented in international cooperation, and the Central Bank of Iraq has extensive and effective relations with international financial and monetary institutions and banks around the world.
His Excellency revealed the process of reforming the banking sector, especially the governmental one, indicating that it has come a long way and it has become possible to implement what was stated in the Central Bank’s plan in the banking reform process until the end of this year.

Regarding the experience of digital banks, His Excellency the Governor indicated that the developments and their employment in a direction that serves the public made us move towards digital banks in Iraq as it is a new experience in the countries of the world, indicating that Iraq will be one of the countries that advance in digital banks, as the number of applications for digital banks reached 60-70 banks, and the bank will choose a limited number as a first stage and according to the controls and conditions in force, and will be subject to an evaluation stage by the Central Bank of Iraq.

Central Bank of Iraq
Media Office
September 14, 2024

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ARE THE WINDS OF “ECONOMIC” CHANGE BLOWING AFTER ELECTRONIC PAYMENT?

Will electronic payment end the fluctuations of the Iraqi economy, and what if it has a negative impact on it? And how can it be controlled without supervision? These are big questions that the “Iraq Observer” agency puts in the hands of those in charge, while the activities of the “Electronic Payment towards Financial Stability in Iraq” conference were launched today, Saturday, in the capital, Baghdad, under the auspices of Prime Minister Mohammed Shia Al-Sudani, and jointly organized by the Prime Minister’s Office, the Association of Private Banks, and the Central Bank of Iraq, at the Rashid Hotel, with the attendance of Arab and international banking figures.

Absolute rentierism

In turn, the economic expert Abdul Karim Al-Issawi said, “All the economic reforms and legal legislation undertaken by the Iraqi governments in the field of advancing and developing the performance of the economy to reduce the contribution of the extractive sector in the formation of commodity sectors, the contribution of other economic commodity sectors; foremost of which are agriculture and industry.”

Al-Issawi told the Iraq Observer Agency, “The stereotype of absolute rentierism from a single funding source represented by oil export revenues remains as it is.”

The economic expert explained that “one of the reasons for this, most notably the absence of correct and scientific visions to restore life to the manufacturing industries after they were exposed to sabotage and the loss of their qualified cadres, and the industries were exposed to the phenomenon of commercial dumping practiced by neighboring Arab and non-Arab countries, the result of which was their exclusion from competition, in addition to the lack of control over official and unofficial border crossings.”

He continued: “On the other hand, the process of employing workers has doubled as a policy followed by successive Iraqi governments after 2003 for reasons and motives, most of which are political and without well-studied scientific planning. The problem was reinforced by the weak contribution of the private sector to economic development, which did not receive appropriate support.”

He pointed out that there is a point that must be noted and reminded of: the transitional phase laws have increased public expenditures from the federal budget, and as a result, made the allocations for operating expenses account for more than 80% of Iraq’s annual budget.

He added, “It is unfortunate that this large amount of spending is not on Iraqi products, but rather on imports of foreign goods and services, and thus is reflected in the economic multiplier of the countries exporting to Iraq.”

He said that the reality of the Iraqi economy puts the government of Prime Minister Mohammed Shia al-Sudani before difficult choices that must be made to reduce spending, rationalize government expenditures for the three presidencies, and reduce budget allocations for some ministries that receive taxes from providing services to beneficiaries.

He said: “It is certainly necessary for Iraqi governments to always keep in mind that the issue of diversifying the Iraqi economy is extremely important, given the nature of crude oil in global markets as a commodity that is exposed from time to time to shocks whose effects Iraq cannot avoid due to the lack of economic and financial buffers such as sovereign funds or a stock market, which can be resorted to to provide financial resources to meet the requirements of operational and investment expenses.

He added: “What reinforces these fears are the geopolitical tensions in the Middle East and the military threats between the occupying entity and Iran and other areas in southern Lebanon and Yemen and from parties in Iraq. There is no doubt that a direct military clash will quickly affect Iraq’s oil exports if Iraq’s ports are targeted and the Strait of Hormuz is closed.”

Official reassurance

In turn, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, reassured citizens after the global decline in oil prices.

“Despite the noise surrounding the global energy markets and the conflicting possibilities about their impact on the national economy, it is necessary to know the strengths of the Iraqi economy,” Saleh said in a statement followed by the “Iraq Observer” agency. “The decline in Iraq’s external debt to its lowest level in the last forty years, not exceeding $10 billion, came from the government’s determination to follow a precise program to settle the external debt, which today constitutes less than 9% of the country’s total foreign exchange reserves, which are approximately $108 billion, and are the highest reserves in the country’s monetary and financial history.”

He added, “In terms of stability and growth in economic activity, the growth indicators in the non-oil GDP have touched 6%, supported by construction and housing activities and infrastructure development, in addition to the development of grain sector production, accompanied by the renaissance of the transportation and communications sector and the growth of the digital economy.”

Quarter of a billion

While the Central Bank of Iraq’s dollar sales amounted to more than $257 million in the currency auction.

The bank sold in its auction the day before yesterday 257 million 345 thousand 110 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $244,595,110, up 95% from cash sales of $12,750,000.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 15 banks, and the total number of exchange companies participating in the auction was 22 companies.

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AL-SUDANI: IRAQ TODAY IS ON THE RIGHT PATH

Prime Minister Mohammed Shia Al-Sudani, during a dialogue seminar by the Anki Foundation for Studies and Research on the path to development, in the presence of Mr. Al-Hakim:

Iraq depends on oil as the only source to cover its expenses, which have begun to increase.

The development path needs more study and clarification.

We must think properly to activate sectors that support oil.

– There must be projects that suit Iraq to be a focus of development.

We have started establishing and implementing the development road project, which will transform Iraq into an open country.

We have unnatural materials that have not been exploited in industries and the strategic location of Iraq.

(What the hell are “unnatural materials”?)

We are in the planning, design and other studies phase and we have approached the World Bank to begin implementing the development road from Basra to Mosul.

Capital finds opportunity in Iraq amid security and political stability.

(So we as investors don’t want that bullshit reason anymore that there is no security and stability in Iraq. Get it? Don’t fall for it anymore! )

– Many capitals want to invest in Iraq. Iraq today is on the right track

Iraq is witnessing recovery and stability and everyone needs his return

Iraq will enter the gas market after investing in several fields

Iraq is the best corridor in the communications and optical cable file

Providing job opportunities is one of the reasons that prompted us to proceed with the development road project.

We concluded the Faw Investment Refinery contract and it was activated.

With these projects, we will recreate the experience of the sixties and seventies to work in the private sector to provide job opportunities.

(What was the rate of the dinar in the 60’s and 70’s? Read the chart below.)

(Why in hell are we still sitting at 1/6 of a penny? Just asking…)

– The railway designs for the development road project have been fully completed.

– The third meeting of the Ministerial Council on the development path will be held next November.

We have started preparing a study on forming a body to manage the development road project.

(Remember we read article that China backed out of the deal and will no longer be a major player in this effort. We do not have to wait for this to see RV, so relax..)

– We have made real reforms in the tax and banking system.

There is no spot on Iraqi territory outside the control of our security forces, and we have directed the preparation of a comprehensive plan to secure the path of development.

The development road project needs 5 years to be completed.

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GOVERNMENT ADVISOR: IRAQ RECENTLY PAID 2 TRILLION DINARS OF ITS EXTERNAL DEBT

(Are they aiming to pay off all debt thus NO DEBT and backing their total monetary mass thus in circulation currency (post RV mass) with GOLD? Just asking…)

The Iraqi Prime Minister’s Advisor for Economic Affairs, Mazhar Mohammed Salih, stated that the government’s internal debt has decreased by two trillion Iraqi dinars.

Mazhar Mohammed Salih said, “Iraq is not among the countries with external debt at the present time,” indicating that “the external public debt is less than 10 billion dollars, and this will be paid between now and 2028.” He

explained that “there are allocations in the general budget to pay off debts, and this is what has made Iraq always in the credit rating and creditworthiness at level B, and it is stable like many countries such as Jordan, Egypt, Pakistan and others.”

Mazhar Mohammed Salih noted that “this debt has decreased, because Iraq has not borrowed and its external loans are few compared to its many repayments, especially during the past ten years on a regular basis.”

“At the same time, the dual financial crisis in 2014-2017 and the dual financial health crisis in 2019-2020 led Iraq to resort to internal borrowing, not from the Iraqi financial market but from government banks, as if the state borrowed from itself through its policies,” according to the advisor to the Iraqi Prime Minister.

He added: “Today, the external debt constitutes less than 5% of the GDP, while the global standard is 60% of the permissible GDP, so Iraq is not considered a final debtor in external debt, but rather very simple things.”

He believed that “the largest debt at the present time is the internal debt, which was 78 trillion Iraqi dinars when the state needed to borrow in the dual financial and security crises in 2014-2017 and the financial and health crises in 2019-2021, as the government resorted to internal borrowing and then this debt accumulated.”

Mazhar Muhammad Salih revealed that “the internal debt decreased from 78 trillion to 76 trillion Iraqi dinars, meaning that there is an improvement in repayments,” considering Iraq’s situation “good in terms of external debt and solid and there is no problem at all.”

The advisor to the Iraqi Prime Minister pointed out that “there are those who exaggerate this issue, and I believe that this exaggeration is incorrect,” stressing that “the debt policy is a solid and well-known policy and has its contexts in repayment and settlements, whether currently or in the future.”

The Iraqi government had previously announced last April, through its spokesman, Bassem Al-Awadi, that the government had taken a series of executive measures and adopted a package of financial decisions, which resulted in reducing the external public debt by more than 50%, so that the debt decreased from $19.729 billion at the end of 2022 to $15.976 billion in 2023, reaching approximately $8.9 billion this year.

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IT WILL TRANSFORM IRAQ INTO AN OPEN COUNTRY.” AL-SUDANI: THE PATH TO DEVELOPMENT NEEDS 5 YEARS TO COMPLETE

(Didn’t they say this 5 years ago. Opps another 5 years…… But do they need the currency to complete this aggressive plan?)

Prime Minister Mohammed Shia al-Sudani confirmed today, Saturday (September 14, 2024), that the vital development road project is not only a corridor for transporting goods, but rather includes projects that “will transform Iraq from a landlocked country to an open one,” indicating that it needs 5 years to complete.

This came during his hosting of a dialogue seminar on the development road project and the investment opportunities available in this field, which was held in the capital, Baghdad.

Al-Sudani said during the symposium, which was attended by “Baghdad Today”, that “the development road is not a corridor for transporting goods as some imagine,” adding that “there are projects along this road.”

He added that this project will transform Iraq from a landlocked country into an open country, and will help bring the sea into the middle of Iraq to reach Turkey and Europe.

Al-Sudani also pointed out that the existing corridor, which is under design and study, includes corridors for transporting oil and gas, connecting communications, and establishing industrial cities.

According to Al-Sudani, “due to the circumstances that occurred in the Red Sea, we approached the World Bank to begin implementing the development road project from the old road,” stressing that countries in the European Union expressed their desire to participate in implementing the development road project.

PROVIDING JOB OPPORTUNITIES

Al-Sudani stressed that the development road project, the Faw port, or the new economic and industrial city, along with the residential city, the railways, road and industrial cities project, will create a second Iraq. These are a set of projects that provide job opportunities for graduates and job seekers.

IRAQ’S HOUSING NEEDS

The Prime Minister stated that Iraq needs two and a half to three million housing units and needs projects to provide its needs for construction supplies.

IRAQ’S RETURN TO INDUSTRY

The Prime Minister pledged to restore Iraq to its leading role in the field of local industry as it was in the sixties of the last century, and to attract people to work in private sector projects.

In April 2024, Iraq, Turkey, the UAE, and Qatar signed a quadripartite agreement on the Iraq Development Road Project, under the auspices of Iraqi Prime Minister Mohammed Shia al-Sudani and Turkish President Recep Tayyip Erdogan.

It is noteworthy that the “Development Road” project is a land and railway road extending from Iraq to Turkey and its ports. The length of the road and railway is 1,200 kilometers inside Iraq, and it aims primarily to transport goods between Europe and the Gulf countries.The investment budget for the project is about 17 billion US dollars, of which 6.5 billion is for the highway, and 10.5 billion for the electric train. It will be completed in 3 phases, the first ending in 2028, the second in 2033, and the third in 2050.

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OIL PRODUCTS: A MOVE TO GENERALIZE PAYMENT BY ELECTRONIC CARD IN ALL GOVERNORATES

The Oil Products Distribution Company confirmed, on Monday, that electronic payment constitutes 65% of the company’s revenues, indicating the intention to generalize it in all governorates.

The Director General of the Oil Products Distribution Company, Hussein Talib, said in a statement reported by the official news agency, and reviewed by “Al-Eqtisad News”, that “electronic payment is one of the pillars of the government program, and the Oil Products Distribution Company played a role in it by using it to fill fuel and purchase its products by citizens.”

He pointed out that “electronic payment for fuel purchases has been implemented in Baghdad and we are moving towards generalizing it in the rest of the governorates, starting with Nineveh, and we are determined by the end of this year to complete our drawn-up plans by equipping all fuel filling stations with electronic payment devices and ending cash transactions.”

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PARLIAMENTARY FINANCE COMMITTEE DISCUSSES PROPOSAL TO ESTABLISH SOVEREIGN FUND

The Parliamentary Finance Committee announced, on Monday, discussing a proposal to establish a sovereign fund.

The media department of the House of Representatives stated in a statement, which was reviewed by “Al-Eqtisad News”, that “the head of the Finance Committee, Atwan Al-Atwani, chaired a deliberative meeting of the committee in the presence of a number of its members, to discuss a number of important topics and files.”

The statement added that “the meeting reviewed the outcomes and indicators of previous meetings with government agencies regarding maximizing non-oil revenues, where it was agreed on the next steps by submitting a detailed report to the government on the sources of deficiency, especially in the electricity, tax, customs and other major financial outlets sectors.”

The statement continued, “The committee discussed a number of proposals that would maximize financial revenues, including the legislation of special laws on taxation, in addition to forming a committee to conform to standards, which would review the estimation of planned revenues for state institutions.”

The statement continued, “The committee discussed a proposal to establish a (sovereign fund) similar to rentier countries, in order to confront fluctuations in global oil prices or any financial crisis, provided that the fund is financed from the budget surplus achieved in circumstances of economic and financial prosperity.”

The statement concluded, “The meeting also discussed the laws referred to the Finance Committee as a supporting committee, where Al-Atwani stressed that the committee will have an opinion and a fundamental role in legislating these laws, especially those related to economic reform and others.”

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Their words not mine…..No Rumors, No Hype, No Opinions ,,,,,

Just the 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

September 17, 2024 Edition of Mnt Goat Newsletter (2024)
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