(Thank you George for emailing this so Recaps can post it.)
MNT GOAT NEWS LETTER Edition: UU6914 Dated: March 25, 2016
Title: “Monthly Report Card Next Week ”
I want to wish everyone a very Happy Easter !
The economy and the war with ISIS seems to be the big news of the last couple days. I will bring you updates on these areas of concern today. Soon next week the UN and the World Bank will re-visit Iraq for their monthly report card and progress report. So how do you think they will rate? Can they now move to article 8 of the UN charter? Are they ready?
So one thing we know for sure today is there will be NO revaluation of the Iraqi dinar until this progress report is completed and evaluated. Sorry Charlie!
NO Hype, NO Rumors, just the FACTS.
Today is Friday March 25rd 2016. Still no RV. Sorry Charlie!
So once again there is talk of breaking Iraq into three regions. There is talk there will soon be a proclamation on this effort. If you look at it realistically there already are three very distinct decentralized regions and so any proclamation would only to reinforce (and make official) what is already in place anyhow. It would only make if official lending itself for protectionism much like the defunct National Guard law (and others) wanted to do.
We are NOT talking about three independently run countries in Iraq. There will still be one central government and it will be run by “technocrats” from any and/or all of the regions. It depends on their sktill level and not on the current quota system. This is the real change the realized change if they are to combat the corruption. By the way the Iraq dinar will still be used in all three regions as if one nation. Just so you know.
Update: Needed New Laws
So this week the GOI complained that the General Amnesty law, in its final version, was sitting still in parliament for 15 days with no action. We await the action. At least we have a status of it now.
This week the three presidents and parliament had a meeting and they talked about all the stalled and delayed legislature and they told us that there was a plan to deal with it. I still expect a “basket” of laws at the end of this ride.
We know the Conscription law (Iraqi draft) was passed and is expected to kick into high gear this June. They told us this replaced the National Guard law so we no longer look for this law.
Update: Iraqi Economy
It’s that time of the month again (end of the 30 day period) and time for the UN and the World Bank are coming to Iraq next week to review Iraq’s progress. We know they plan to review Iraq progress each month on an ongoing basis, as I said before and they are doing it. What will come out of this next visit ? Let’s see what shakes out of the tree…lol…lol…I will try to bring this news to you. Do you see now how I handle news. You must follow the ongoing saga, then you know what to look for next. These are the articles that are helpful to piece together the story unfolding.
See article below.
We also know that the head of the Iraqi Islamic Supreme Council Ammar al-Hakim met with the leader of the Sadrist movement, Muqtada al-Sadr in Najaf onWednesday. What did they talk about? I am sure it was the developments of reforming Abadi’s cabinet and the escalation of the demonstrators.
It’s also almost about that time of the month again too to pay the employee salaries, pensions and soldiers salaries. We wait to listen to the grumblings this month on how they are going to pay them…lol…lol…Look for all the juicy articles that will surface on this topic soon. Be able to pick them out, sort them and realize this is jus the same old stalling by theGOI (as done with Maliki) for paying its bills. I do not know why they feel they must operate this way. Since in the long run they always pay up anyhow. Kind of like you and me always sending in our credit card bills late. If we do it always cost us more money anyhow on interest so why be late? Plan ahead!
JUBOURI: BAN KI-MOON AND WORLD BANK PRESIDENT TO VISIT PARLIAMENT ON MARCH 26
March 17, 2016
Parliament Speaker Salim al – Jubouri announced that the Secretary – General of the United Nations Ban Ki – moon and World Bank President [Jim Yong Kim will visit the parliament within the framework of their visit to Iraq by the end of this month of March.
Jubouri said in a parliament session today that officials “will visit the House of Representatives in the 26th of this month , and attendance at the meeting of the Council to view developments in Iraq and the region developments.”
The head of the United Nations Mission in Iraq , Jan Kubiš revealed in 13 of the last month for a planned visit by the Secretary-General of the UN United Ban Ki – moon and World Bank President Jim Yong Kim to Baghdad “to discuss further support Iraq and its support under the current circumstances.”
The article below is telling me that the IMF might give a needed loan to the CBI but conditional. So what is the condition? They must reduce the sale of hard currency in the auctions. Appears that more than necessary amounts of currency if being auctioned off to meet the demands of the economy (it’s called corruption in the currency auctions).
CBI CONFIRMS ITS INTENTION TO REDUCE ITS SALES OF HARD CURRENCY
Economy News / Baghdad ..
He administrative department at the Central Bank director favor Mahood in a televised interview that the Central Bank of Iraq, we will meet soon with the IMF to obtain a long-term loan.
He noted that the central Mahood intends to reduce its sales to the dollar by 50% for the current year 2016 and that the management of the bank center works on the audit only in the currency auction does not put restrictions on the sale or transfer.
Director General of the Administrative Department of the Central Bank of Iraq, said that talking about it Cancel Special Design central bank designed by the architectural Iraqi Zaha Hadid is supported by the administration at the central bank will begin work after choosing the right company to work in the coming months
Okay so lots still going on with the banks. Do you realize that this is very important to follow by now? The reforms with the banks are far from being over. Just this week they also told us they felt the only way to combat corruption in the banks may be to go to electronic banking. I said to myself I could swear they already told us they went electronic months ago. So why tell us again and rehash it? Just do it!
But now the key is they are coming up to full time 24/7 in having electricity and that is now the key to this new electronic banking practices. Can’t have it without the electric grid being up…right?
So we hear of American Corp General Electric to install new power generators and German based Siemens coming to develop an enhanced energy concept to advise the Iraqi government on the development and optimisation of the country's power generation mix and grid infrastructure including power generation mix of fuels (gas and oil). It is also my gut feeling they plan to take advantage of the water power too with the dam in Anbar (the one we keep hearing about the has so many problems). After all why wouldn’t they?
Next I want to tell you I like the recent news of the agreement between Iraq and Iran as far as our Iraqi dinar saga goes. This is all about international trade and future expectations between the two nations. NO ! – I am not excited because I own Iranian Rial because I do not and will not invest in Iran, not now or in the future and I don’t care how much money I can make. Besides I do think there is any substantial money to be made in the near future anyhow. As far as I am personally concerned Iran could blow off the map. Iran is the hub for all terrorism in the middle east and the world would be much better with a change in its leadership. They also bring their terrorism to Iraq via Maliki and his goons and this is at the root of what has caused a delay in our RV for so long. So how can I possibly like the dog that continues to bite my leg?....lol…lol…How can anyone from this IQD community even think about investing in Iran?
CENTRAL BANK OF IRAQ AND HIS IRANIAN COUNTERPART TO SIGN A MEMORANDUM OF UNDERSTANDING FOR COOPERATION BANKING
Wayne - conservative central banks on the Keywords Iraqi and Iranian Crown Sword of God signed a memorandum of understanding for banking cooperation between the two countries.
The news agency Fars that "Saif discussed during his visit to Baghdad with his Iraqi counterpart ways to develop banking cooperation between Iran and Iraq, in addition to discussing the opening of bank accounts , mutual local and foreign currency, and ways to facilitate trade cooperation through the provision of banking services."
The two sides also touched on the electronic link banks and the possibility of the use of visitors and travelers for banking cards in both countries, where the two banks currently active Iranians in Iraq and there are joint bank between the two countries.
This next article is weird to me. I totally understand what it is saying however they have been using these terms for years now and there is no “official” definition of them in the judiciary by now? This includes such terms as such as / money laundering and the smuggling of money. Really?
Now they say the banks do not understand the practical use of the terms? Really? Are they suggesting in the article this is the cause of the corruption at the banks? Ridiculous! I simply refuse to believe they are that ignorant and backwards in the Iraq banking industry. Also there is a standard saying in the implementation of the law in general by its citizens and businesses – “ignorance is no excuse for disobedience”. So there you have it. If you live in a modern society you are expected to know the law. No one should have to conduct “workshops” to help you understand by now.
So if this is true I can now fully understand why their judicial system needs a complete overall and they better bring in the experts to help them. Maybe some training of the average citizen in general (high school and mosques) by offering classed in basic laws and morality might help too. Seems to be a shortage of this with the Moslems in Iraq. We also know there is a series of new laws for a judicial overall and this is the judicial reforms we keep talking about but they too are now stalled in parliament.
GOVERNOR OF THE CENTRAL BANK OF IRAQ CALLS FOR FINDING A FORMULA OF UNDERSTANDING BETWEEN THE GOVERNMENT AND THE JUDICIARY AND THE PRIVATE BANKS
BAGHDAD / special / Economy News
He called on the Governor of the Central Bank of Iraq on the Keywords to find a formula common understanding between the government and the judiciary and the private banks to overcome the obstacles and legal problems facing the latter.
He explained in a statement to delegates Agency / Economy News / on the sidelines of Matmralamal and business, which concluded in Beirut recently, as to should not be Aathersu understanding of the private banks, stressing the importance of finding a formula for common understanding between all these parties, the government, the judiciary and the private banks.
And saw the central bank governor that some of the terms and Altaaperalta became current in the financial and banking sector, such as / money laundering and the smuggling of money /, are Gerdqiqh, making this sector Affect dramatically, calling to find a common understanding towards them, noting that these terms are not only used in Iraq, but used in the whole world.
He explained that the complications caused by the inaccuracy of these terms have become a major obstacle to the financial and banking sector, and in front of the movement of funds and Alastosmarayda /
So we need to find a common understanding towards them , considering holding a joint workshop between the parties concerned, in this area is useful.
Update: 45 Day Deadline for Technocratic Gov’t
The first article below is telling us the firm deadline for the reshuffle of the Abadi cabinet. Many thought this might go until the end of the March (as I did too) but it appears Monday 3/28 is still the deadline w/o any escalation. So we are not yet out of the doghouse …lol…lol…
I quote from the article below – “ the deadline set by the chest to the Prime Minister still exist and ends next Monday’
However it appears there may be some kind of escalation next weekend since Abadi is only going to announce SOME of the candidates on Thursday and this “full” reshuffle may takes a few more weeks as he is telling us today in this article below.
I quote from the article below – “He added that" some of the nominations will be announced on Thursday bearing the names put forward by the Sadrist committee that made, for each ministry four or five candidates. "
THURSDAY .. ABADI SACK FIVE MINISTERS AND APPOINT OTHERS AMONG
THE "CANDIDATES OF THE CHEST."
Plans to Prime Minister Haider al - Abadi, sacking five ministers and nominate others for them on Thursday.
A senior source for "tomorrow 's Press," that "Abadi had sent a delegation to the negotiators Sadrists to tell them his quest for a full cabinet reshuffle, in a few weeks "noting that" negotiations are still continuing. "
He added that" some of the nominations will be announced on Thursday bearing the names put forward by the Sadrist committee that made, for each ministry four or five candidates. "
The source pointed out that" Abadi plans to grant candidates Minister the powers to choose their agents and general managers in the ministry, and bring them to the House of Representatives within a record period yet to be determined. "
in the meantime, a source in the striking committee, at the green Zone gates, for" lack of determination of the masses to leave the sit -in without being noticed comprehensive cabinet reshuffle, accompanied by guarantees for the implementation of the reform items announced by Mr. Muqtada al - Sadr , two days ago. "
The source indicated that" the deadline set by the chest to the Prime Minister still exist and ends next Monday, and in the case of non - acceptance Abadi conditions and a variety chest, the position will be directed towards escalation. "
So who are the five ministers that were sacked? We know four of them already. The last remaining once I suspect will be the financial minister to come forward with his resignation.