As you know, in 3 days the CBI will officially EXPIRE the old 50 note (April 30, 2015). Read my lips - NO MORE 50 DINAR NOTES!
Just another one of the articles that are hyped up. Are we close to the RV? – Yes but let’s look at the facts. These 50 and 100 thousand notes are being newly issued for inter-banking and international transactions. They are needed for sales transfer of cash for very large $$ transactions and will be much needed.
In 2012 the CBI told us this straight out to us on the aftermath of their first large scale investment seminar. I am not making it up…really….lol…Remember this? So don’t you think that this was an issue with banks, companies and investment firms coming into Iraq to do business? Is this a good sign for us in looking for the RV? Yes it is but let’s make sure we get our facts straight first is all I have to say.
My Comments: Folks Sarhan said Ahmed, member of the Finance Committee in the Iraqi parliament said the Iraqi parliament to issue these two new categories of the Iraqi currency in the preparations for a future plan that includes deleted several zeros from the currency. It is all good RV news but lets get the facts straight.
I also want to throw in this article from the World Bank being that we are on the topic of monetary discipline -
BAGHDAD - Today's News / World Bank stressed that Iraq needs more capacity to develop the management of public funds, pointing out that the team for the Middle East and North Africa at the World Bank procurement, working with the Iraqi government to address these problematic. While pointing out that according to a World Bank report in 2014 on the management of public investment spending process depends mostly at between 50% to 60% of their potential.
My Comments: This is not something that can hold back the RV, but is important enough in establishing good money management for Iraq if it is ever going to be an investment haven and control its own budget going forward. The spending issues still plaguing Iraq are of course residue from the Maliki administration. It will take some time to clean this up going forward. We will see occasional articles like this one come out. This is just in the aftermath of the storm. Nothing to do with the imminence of an RV !
Revealed a document issued by the Ministry of the Interior, for the issuance of the orders of the Ministry of Interior to prevent the travel and the arrest of a number of directors of the bank branch and a number of other customers and staff violators.
The document, which was based on the minutes of the investigative committee on infractions and financial excesses committed in the Rafidain Bank (fraternity Branch) and approved by the Ministry of Almalah.an Interior Ministry issued orders to prevent travel and arrest by the Director of Fraternity branch Hana Abdul Razak Mohammed, in addition to employees of the Commission current accounts all of Noria Muhammad Valley, and Fawzia behind Wali, and Iman Hassan Ghebr.opent document that among the most wanted employee calculator in the bank Firdaus Hashim Jabbar, and general manager of the former Rafidain Bank Dhia Habib Khyoun, and director of the clearing in the public administration of the Rafidain Bank winner Abdul Mohsen Abdul Rahim, the director of the Agricultural Bank branch farmer Abbas Hadi Salman, and Mozftan in committee clearing They both Fahima Abdullah opener, and Jinan Assi Mamed.ozkrt document the names of a number of customers fraternity bank branch and follows Ahmed Abbas, a gesture, and Bahaa Fadel Hussein, and Yassin Khudair Kata, and Saad inside, Hamid Ali Khalaf, and Kareem Abdul-Ali, the Order Jassim Mutashar, and Saad Mohammed Jabbar, and Ali Jawad Kadhim, and wholesome Jabbar Kata.
My Comments: So we all have read many articles about the corruptive practices going with the Rafidian bank in Iraq during the Maliki administration. This bank was his main source of funding. This is the main bank he used to take government appropriated funding for projects under these falsified contracts and many other of his scams. When the money dried up here he attempted to raid the CBI directly. We saw that drama play out too.
It is about time the al-Abadi government goes after these crooks. This evidence will coincide with the evidence in the files already for the cases of corruption charges against Maliki. I am sure many of these employees are going to be “singing like birds” rather then face jail time….lol….the evidence is building. It is all good.
Once again I will say that Nori al-Maliki must be out of any Iraqi government position and out of the political scene prior to any RV. I am sticking to my conviction too on this. I have heard this multiple times from the USA sources this is a mandate from them. Also in a meeting Dr Shabibi (CBI governor) has expressed his desire for this to happen as a matter of security and financial requirements.
These terrorist militias will continue to plaque Iraq as long as Maliki is present and can orchestrate them behind the scene. He has had a nice little terrorist network going on in the middle east and he has been the main source of leadership and funding. Where do you think the missing 600+ billion are gone the he has allegedly stolen? This is all about to end. Watch for it. The drama is coming soon.
This is truly when we open our bottles of champagne.
[Update on Decentralization Efforts in Iraq]
I have talked about this many times in my news letters. As we all should know by now part of the reconciliation agreement was to decentralize powers of the Baghdad national government (to avoid again any possible dictatorship) by giving each of the provinces more decision making on how their money is to be self managed and by providing security forces within the providences themselves. Part of this effort is in the National Guard law that still must have a second reading in parliament. This is being held up due to constitutional wording issues, as found in the first reading weeks ago. We wait.
The other part of decentralization is the rolling out of the minister duties to the provinces.
There will still be a centralized Baghdad council of ministers and a cabinet (these are not going away…obviously) however they will work closely with the provinces and the provincial governments to perform the actual administering to the providences. The providence then will also send delegates (or representatives) to the Federation Council that is similar to the State Senate in USA. So this is one of the last remaining pieces Iraq has to nail down to fully implement its constitution (something that is fully needed prior to any RV).
So we continue to witness the continued rollout process going forward of the new procedures to the provinces underway by the prime minister Abadi. I warn you this is not the RV rollout or the economic reforms…lol…as many intel gurus have misinterpreted Abadi is talking about.
It is simply part of the implementation of the decentralization process, as dictated in their constitution and must be accomplished. So here is the latest news on this topic.
News media in Iraq revealed the governor of Basra, Majid al-Nasrawi, will have a meeting with Prime Minister Haider al-Abadi and Coordinating Committee Supreme for transfer of powers his province.
The most prominent issues to be discussed will include:
1) The meeting will discuss the possibility of expanding the powers of the province
2) the activation code 21 average as a successful experiment," stressing that the central government is not serious about granting powers,
3) including the authority to grant a visa (visa) similar to the powers of Kurdistan, but they are offered exclusively From Baghdad, not from the local government."
4) Basra wants to maintain allocation of money from the collection from the Iraqi border customs and duties
Nasrawi added that Basra is in a critical financial distress and make the management of these ports and funds at the disposal of the province in full view of the current financial situation.
To me is seems many of the provinces now desire the same full autonomy as the Kurdistan providence.
Al- Abadi is also to visit Karbala and tomorrow to discuss the transfer of the powers of ministries to it’s local government.
[Update - Fighting ISIS/DAASH]
BAGHDAD (Reuters) - Islamic State militants in Iraq took partial control of a water dam and military barracks guarding it in the western Anbar province after fierce fighting through the night that continued on Saturday, security sources and witnesses said.
The Iraqi government announced a new offensive this month to recapture parts of Anbar, Iraq's Sunni Muslim heartland, from Islamic State, in an attempt to build on an earlier victory against the group in the central city of Tikrit.
But the hardline Sunni militants struck back by attacking Ramadi, the provincial capital of Anbar, prompting thousands of families to flee. They also hit Baiji, Iraq's largest refinery last week.
Late on Friday, the insurgents attacked the security perimeter at al-Thirthar dam with explosive-laden vehicles and then battled army forces in clashes that continued on Saturday, police and army sources told Reuters.
Dozens of Iraqi troops were killed in the fighting, but poor communications in the area made it difficult to confirm a precise figure, said Athal al-Fahdawi, an Anbar provincial council member. Army sources said two senior officers were among the dead.
Officials from Iraq's defense and interior ministries could not immediately be reached for comment.
Security forces and Shi'ite paramilitaries have regained some ground in Iraq since Islamic State proclaimed a caliphate straddling the border of Syria and Iraq, but core Sunni territories such as Anbar remain under Islamic State control.
My Comments- as I have said before there two basic underlying issues for Iraq to overcome when fighting ISIS. 1) to maintain control of the cities/regions already cleared of ISIS; 2) moral and training in the Iraq army.
This news article on the retaking of the Anbar territory is yet another example of these issues. Seems when they clear out one city the terrorists simply move out to the another city and retake it. The tactics must change if we are to see any real, quick success.
[Update – Much needed Iraqi Legislation]
(Voice of Iraq) - The member of the National Forces Alliance victory Jubouri the cancellation of the House of Representatives legislative holiday for its members for the month of May with a view to the next important laws that the Council was not able to legislation during the previous sessions of the legislation. Jubouri also demanded the adoption of important laws and necessary that affect the lives of citizens and significantly affect the functioning of the political process as the law of the Federal Court and the law of parties, and the law of oil and gas in addition to the National Guard law. She said al-Jubouri in a statement to Radio tow that there is a difference in views between the political blocs on those particular laws Parties Law and the Law on the National Guard that the government program focused upon during this period, noting that there are many sessions will be held between the heads of the blocks and the competent committees to work on fueling those laws.
My Comments: Once again Iraq is pointing out to us the mandatory legislation needed for national reconciliation and are even making it a priority to get it done since the speaker is canceling the May recess to put a bit of fire under their buts. So what these laws (once again):
1) Parties law (very controversial, needs lots of debate and work)
2) National Guard law (needs lots of work)
3) Federal Court law
4) Law of Oil and Gas. This is not the HCL as many believe and get confused. It is additional legislation related to HCL but not the HCL in itself.
Peace and Luv To Ya All,