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Carrello last won the day on January 20

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  1. And I'm looking for your dancing' shoes! Ol'e
  2. Nice to see you, stanleypower, as well. Thank you.
  3. Howie, this is the conundrum for me: The REER (real effective exchange rate). One thing we do know that covers major issues for Iraq: The issues need a REER. The 2023 and 2024 budgets need it, the HCL needs it, WTO full membership needs it, all investments need it. We also know the REER can be revealed prior to any of these issues seeing REER inclusion. I never thought Iraq would wait on full WTO membership, but perhaps they are. Is this a great, grand slam project? This whole thing is so much bigger than imagined by me. I'm still in the Shabibi mindset days. Just push the button, already. But we have moved into another world of Iraq becoming possibly the most advanced financial system in the world. By that, I mean in terms of latest technology and systems, and not necessarily strength. Iraq has the advantage of starting from the ground up with new systems instead of a remodel of a huge, lumbering system, and with the assistance of many experts and countries from around the world. Iraq is not on its' own here. A country cannot just flip a switch and revise their currency rate if they want to do business with the world. The new rate, in this case, is subject to UST, IMF, WB approval that we know of. Does the Bank of Settlements have a say considering the IMF and World Bank have stated in documents the new Iraqi rate will rock the entire banking system? Remember: Iraq sent a delegation to Washington DC last June to request a delay in the rate change. The systems were not ready. Iraq was given a list to issues that needed to be accomplished prior to a rate change. One of the items was get a handle on corruption. What happened? The individuals corrupting the banking and financial system were starting to be arrested. Criminals were offered immunity from prison if they just returned the stolen funds, and the arrests, like we have never seen before, are continuing. The US Treasury went to Baghdad to fix and complete the CBI required system to connect to the rest of the world, and I have not seen where they have left yet. What do many of the new systems do? They beat corruption, money laundering, etc. Iraq started trading dinars with 40+ international banks for their home country's currency. That means Iraq and all the banks, individually, needed to be connected electronically, for transfers and CBI monitoring. CBI, the Iraq banks, and all of the corresponding banks needed to be connected so they can transfer and "talk." Big job. One item that has been talked about for decades is investors getting profits out of Iraq. The IMF Article 8 insurance guarantees investors have the capability of investing funds and moving funds (profits) back out. Biggie! Is the "package" inclusive of all the new aspects of Iraq's success (CBI financials systems, HCL, WTO, budgets, etc) or just the REER? I would say, with the exception of full WTO membership announcement, I would say yes. My point is, through my 3:30 AM meanderings, is this: The Iraq RV is so much more complex than just a rate. It has a massive system tied to it now. I believe Iraq has been planned as the bedrock of security and example of democracy and success for the Middle East. Dictators and theocracies don't like happy, wealthy citizens. Yes, Iraq has oil, but I believe there is a bigger, long term picture out there in the sense of others. We wait....
  4. It was reported the only item left was a intellectual property law to be passed for boxes to be check for full WTO membership.
  5. Saudi Arabia let the cat out of the bag with the article below. Iraq will, IMHO, be recognized as a full member of the WTO at their next meeting February 26,29 2024. What does that mean for us? We all know: Iraq has accepted Article 8 and has a new exchange rate. The rate change could take place tomorrow through February 26, again, IMHO. Read the last line of this article. Saudi Arabia strongly supports Iraq's accession to the World Trade Organization 2024-01-17 04:17 News / On Wednesday, the Kingdom of Saudi Arabia expressed its support for Iraq’s accession to the World Trade Organization, especially after the removal of the political obstacles that prevented it. The Iraqi Ministry of Foreign Affairs stated in a statement today that the Undersecretary for Political Planning Affairs, Ambassador Hisham Al-Alawi, along with Ambassador Saqr Abdullah Al-Muqbel, received the head of the team charged with negotiating Iraq’s accession to the World Trade Organization, and his accompanying delegation, at the Ministry of Foreign Affairs building in Baghdad, in the presence of Hussein Younis, Head of the Economic Department at the Ministry of Foreign Affairs. The statement quoted the agent as saying during the meeting that: The Iraqi government is interested in openness to international organizations, and has a desire to activate Iraq’s presence in international forums, explaining that the Ministry of Foreign Affairs seeks to enhance regional and international cooperation alongside the relevant ministries in the government. He pointed out that Iraq has natural and human resources and a specialized workforce in many fields that deserve to be provided with job opportunities, expressing his hope that Iraq’s accession to such organizations will contribute to providing such opportunities by increasing investments in the private sector in light of the current openness and the government’s plans. To develop the economy and develop its various sectors. For his part, the head of the Saudi delegation confirmed that the Kingdom believes that Iraq is a country that has chosen peace and stability and seeks to achieve economic development, pointing to the importance of Iraq to the Kingdom of Saudi Arabia from an economic standpoint. The Saudi delegation noted that the Kingdom believes that the ""political obstacles that prevent Iraq from joining the World Trade Organization have been removed"", stressing that the Kingdom’s government supports Iraq’s desire to enter global economic institutions.
  6. Iraqis are opening million of bank accounts, utilizing POS, and considering it is again the law to use the US dollar for daily activities (gas, groceries, etc.) I would say Iraqi ARE trusting the banking system. 15,000,000 new bank accounts have been opened recently. Out of 42m Iraqis, a majority of Iraqis now have bank accounts. If Iraqis did not know the revaluation of their currency was coming, Sadr would have people in the streets after banning the US dollar for average purchases/payments. They know it is coming, and they see their country being rebuilt and know it takes time. The difference is they are patient, where we have expectations that have not been met in our timeframe. It's coming soon. The Sudanese advisor reveals a government plan to raise the number of bank accounts to 25 million 4 days ago Baghdad On Tuesday, Advisor to the Prime Minister, Mazhar Muhammad Saleh, revealed fundamental developments related to electronic payment, and while he confirmed that the number of accounts linked to payment had risen to 15 million, he pointed to a government plan to raise their number to 25 million by the end of next year. Saleh said, in a statement reported by the official news agency and seen by Al-Eqtisad News, that “fundamental developments have occurred regarding the electronic payment file, including the requirements for the process that requires opening a bank account, as the number of adults who own accounts has increased to about 15 million citizens.” It represents 60 percent of adults as a result of the increased demand.” He pointed out that “the state’s plan includes reaching approximately 25 million adult citizens in the number of bank accounts by the end of the year 2025,” noting that “this issue achieves the principle of financial inclusion (i.e. providing and extending banking services to the poorest social segments and introducing them into the core of the financial process.”) for the country). He explained, “The fundamental developments included improving the principle of direct electronic government collection, which flows into the ""unified treasury account""and in a continuous process around the clock, which strengthens public financial governance and enhances the state’s resources by investing time in the financial resources flowing to the public treasury without delay.” He continued, "Banking liquidity will be available in a transparent manner in the banking system, which will reduce the element of liquidity risks and unjustified banking financial hedging due to the lack of information about the flow of credit and debit funds, in addition to the expansion of the electronic payment circle that will provide customers through their banks with lines of credit or overdrafts and on... According to the customer’s credit record, this provides the necessary funds with additional limits for holders of credit cards and other digital payment methods.” He pointed out that "all the benefits resulting from digital payments are only available through payment with electronic payment cards.
  7. Do your informants have an answer for how they can rebuild Iraq at a rate of 1310 And why the IMF and Sudani agreed on non-financing (using current Iraq funding only) for the projects to rebuild Iraq (1310)? Thanks
  8. Therefore, the deposits, which guarantee customers’ deposits at that bank, prevent it from performing its obligations towards them in accordance with the new amendment to its internal regulations. However, mistrust is still prevalent within the culture of citizens, with their reluctance to deal with banks, and we believe that the reason that led to this is the faltering banks, the methods of some banks in dealing with customers, complex routine procedures, and some banks’ circumvention of the Central Bank’s instructions, which outline mechanisms for transparent and proper dealing with citizens. Therefore, the new strategy to enhance confidence, as explained by the Governor on 1/11/2024, will depend on the following: First - Improving the level of banking services and products provided to customers. Second: The availability of the bank’s financial solvency and its ability to meet customers’ requests at the time of request without delay. Third: The bank’s control and direct supervision focus on measuring the level of service provided by banks to customers. Fourth - It provides external (international) confidence in the bank through its ability to adhere to international standards and obtain confidence from correspondent banks. Fifth - ""Increase the capital of banks"" on the new date of ""February 15, 2024"", which is the deadline specified for the increase.
  9. The aim of CBI was to get out of the invoice/payment system and was stated in the news a while back. Banks will be making payments through customer requests/accounts to international vendors. IMO the coordinated banks are now connected to CBI electronically and can be monitored for corruption. This will cancel the auctions.
  10. Is that a joke or are you an uninformed, uninquisive Iraqi Dinar lottery ticket buyer?
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