American Contractor - 9 June 2011
In recent Iraq news
The Iraq government reforms that was issued by Prime Minister Nuri Maliki on Feb 27 has recently ended their 100 day grace period. The end of the grace period was 7 June and on this day PM Maliki gave a speech directly to the Council of Ministries. The state run media, al-Iraqiyah TV, recently published a poll asking the people to rate how the ministry performed during the 100 day grace period. The al-Iraqiyah TV went on about the best performing Ministries and at the top of the list was the Ministry of Foreign Affairs with 50% approval rating, Ministry of Municipalities 45%, Ministry of Construction and Housing (al-Sadr) 40%, and Finance Ministry at 30%.
In yesterday's news, PM Maliki ordered the televising of the sessions of the Council of Ministries that took place at 8pm Baghdad time. The speech was given to the Iraqi people, certain segments of the speech are detailed below.
READ MORE (link on bottom right of post)
In recent economic news the government of Iraq will discontinue the Ration card and will not be continuing the program due to severe problems with food distribution. Just recently, over 300 tons of food was found to be expired and rendered not fit for human consumption.
The Committee on Public Integrity has sent out a memo to all government departments and government officials that they must get approval to travel abroad. This memo was constituted and the rule put in order after several government officials fled Iraq in order to avoid arrest on various charges.
Currently, there is a sit-in being conducted in a bank south of Baghdad. The employees are demanding the readjustments of their salary. The bank staff has only been receiving their salary once a month and as of late, has not received anything, hence the protesting.
There has been a new leader named at the Trade Bank of Iraq, Hamida al-Jaf, who is rumored to be related to the Prime Minister.
Rumors are exploding in and out of Iraq and the first one I would like to address is the rumor about vouchers. The rumor in regards to the voucher is absolutely not true. The vouchers do NOT exist.
The next rumor is in regards to the Ernst & Young Audit Report of the Central Bank of Iraq dated 31 Dec 2009. I have read this report in person and have included a link for my readers to read it as well. The report does NOT mention any rate in regards to the Iraqi dinar.
Ernst & Young - CBI Report http://www.cbi.iq/documents/fin_sta2009_en.pdf
Another piece of information to debunk the so-called experts or 'gurus' are saying:
**The IMF is in charge of monetary policy in Iraq.
The above sentence is totally FALSE. Refer to page 5 of the Ernst & Young financial statement. It clearly states the Central Bank Law, main functions of the CBI is achieving its objectives include the following:
1. Formulate and implement monetary policy, including exchange rate policy
The IMF has NOTHING at all to do with the monetary policy as some would have led you to believe.
Warka Bank is continuing with it's struggle to obtain a partnership with a well known British bank. There's a good chance that this partnership will fall through.
My government contacts and connections here in Iraq still continue to stand by their earlier comments in regards to there being "no RV/RI in the immediate future". I'm understanding this to mean not within the next 3 months but don't assume that I am saying it will happen at the 4th month mark or even shortly thereafter. I always feel like I have to clarify what I mean as my words are so frequently added to, twisted or exaggerated. I have full faith in these individuals that they are stating the facts as this very powerful group holds in their hand the trigger to pull off whether or not this whole process will transpire as well as when. I also have no doubt that the information will be handed down to me before the process begins and that I will be given a timeline.
One bit of information that I can share with you all that I just got this morning is that, The Central Bank of Iraq is preparing to present the plan for the Re-denomination to the Iraqi Parliament. The only issue is that PM Maliki continues to give most of his attention to other matters that seem to be more important to his survival in politics. A typical politician for ya!
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