Thanks GeorgeH for sending this to us today:
October 9, 2016 Mnt Goat News Brief
Wow! Already one week gone in October and time seems to be flying by us once again. Get ready for those fall pumpkins and Halloween costumes. Trees are turning in Bavaria and we are having our usual Oktoberfest parties honoring the long tradition of the wedding of king Ludwig I to Princess Theresa of Bavaria. What a party. It has lasted well over a 100 years already. Here comes today’s news on the Iraq dinar and it too is very exciting.
Here comes the HCL:
The only sure way to guarantee all these conditions (in the below articles) is by having a law, the hydrocarbon law (HCL), It is already written.
What are they waiting for to get it passed? I will tell you in today’s news.
2 juicy articles follow: 1 articles tells WHAT must be done and the other tells us HOW they are going to do it. Yes - not just a bunch of talk but ACTION unlike during the Maliki administration. Now they need to execute it and get it into the HCL law. Once the cabinet is certain it is ready they will once again pass it along to parliament and we will see a vote.
Remember HCL is a must for any RV to take place.........So let’s stay focused.
Fate of the oil money for Iraq
Managed by the central bank and the finance ministry
BAGHDAD / Hussein Tgb / Mustafa Hashimi
many questions posed by most of the Iraqi community that know to pass the oil revenue channels, and how they are dealing with the TTM president and the most important for the country and the fate of the money that enters the country due to the sale of crude oil to markets around the world. The spokesman for the official oil Ministry , Assem Jihad , said that the ministry adopts the principle of transparency in dealing with oil imports , where it is issuing a monthly schedule shows the size of the exported quantities of crude oil through various export ports, and the amounts that represent these quantities prices , according to the world price for each shipment exported to the market that destination.
Delivery money said in an interview with «morning» that the oil Ministry in turn delivered the money obtained to the Federal Treasury , which has a drainage canals is not for the oil ministry aware of them, noting that the responsibility of the ministry stands at this point.
Jihad pointed out that there is an agreed mechanism with the government aimed at reimburse oil companies are winning the rounds licenses and operating various oil fields, adding that the payment mechanism that is in accordance with the timetable.
he acknowledged the federal budget law to reimburse the oil companies operating in the oil production sites in accordance with the mechanism determined for that matter.
There must be a high transparency , in turn , said the economist member of the Baghdad forum Jassim Aradi: the informed public opinion with high transparency Alyalaat dealing with oil imports strengthens the relationship between the citizen and the official, pointing out that the disclosure adopted by the oil Ministry on the exported quantities and revenues resulting mechanism is extremely important and creates a clear image among citizens about the reality of working in the ministry.
He acknowledged Iraqi constitution that oil wealth owned by people who have the right access to the overall work of this vital sector details and important. sales mechanisms for his part between economic academic Dr. Essam Mahouelle mechanism Iraq get the money by saying that the fiscal revenue realized from the sale of crude oil to world markets go directly to the central bank , which in turn allocates part of the Ministry of Finance for the management of the general budget, operating, investing, and the other part held by the Bank as a cash reserve is not allowed to be touched at all.
He Mahouelle in an interview for »Sabah» that the sale of oil to international companies have formula futures and global prices in raw Stock Exchange in New York, adding that sales are international companies known. It handles the export process, the national Company for export oil (SOMO) of the Ministry of oil , one of the few companies in the world that issue monthly bulletins on oil and financial dealings oil revenues , and companies that do business with it while the majority of countries this process confined to the top of the system in every state.
Iraq has export outlets close to the port as a port of Ceyhan and the port of Umm Qasr as well as floating platforms in Basra province , south of the country. He pointed out that Iraq 's oil sale abroad must neither dealing with non - eligible in terms of its mechanisms and structure companies, noting the need to contract with international oil companies exclusively without any personal mediation.
He pointed out that the sale of oil is through the well - known economic guarantees universally reliable from the central bank at a time should not be treated, in terms of financial transactions, with any party or banks are not known.
KRG signs contract with international auditing company
ERBIL, Kurdistan Region (Kurdistan24) –
The Kurdistan Regional Government (KRG) on Wednesday signed an agreement with an international company to audit oil and gas revenues in the Kurdistan Region.
According to a statement released on the KRG website, the contract was signed with US-based international auditing company Deloitte to audit the Kurdistan Region’s oil production, sales, and revenues.
The decision is in lieu of the KRG’s efforts to achieve more transparency in the government.
Earlier in the year, the President of the Kurdistan Region Masoud Barzani stated he would bring to justice anyone involved in corruption.
After signing the agreement, the KRG Prime Minister Nechirvan Barzani discussed the importance of the contract in a statement.
“This is a serious and important step by the KRG to be more transparent in the oil and gas revenues and expenditures, and it is a sign of the KRG’s commitment to reform,” the KRG statement read.
“The commencement of the Deloitte auditing independent company in the Kurdistan Region will lead to the provision of more transparency,” the PM added.
“[The agreement] further enhances transparent, independent, and scientific auditing for oil and gas revenues and expenditure from the start of the process of oil extraction and from now on,” PM Barzani continued.
Barzani said the KRG would reveal the auditing reports prepared by the international company in accordance with implemented standards of stakeholders and the people of Kurdistan.
In mid-2016, in the midst of a two-year economic crisis which resulted in deteriorating nominal of financial assets, the KRG’s Ministry of Planning and World Bank jointly launched their three-year roadmap of reform in the Region.
So what else is new?
I want to say there is still a long pattern of thoughts among many dinar investors that the news media in Iraq is intentionally trying to fool everyone so we don’t know the date of the RV. Really? Are you really that naïve or is it just stupidity? So who is paying who to present this news and what organization do they belong to?
I can’t emphasis enough….READ THE ARTICLES! Yes- some are misleading and many are just opinions and not factual news. In Iraq they too have commentaries and editorials only not in the same fashion as we are used to seeing them.
The fault in the news is not the messenger but the reader. I said the READER…and that means YOU! So please stop all this bickering and senseless arguments about whether or not the news is intentionally trying to “trick” you. Instead read as much as you can then step back and THINK! Look at the author of the article and where he/she stands politically. Are they from the CBI? Are they from the Finance Ministry? Are they even a politician? Do a google on their name. Do they have any real influence? Instead spend your time researching and not bickering with each other in these forums about whether the news is real. It is not going to get you the RV any sooner.
Another big ongoing debate. Did they pass the HCL yet? Opps..another law mandated by the IMF and the USA prior to any RV. We know this is coming soon and we can see it in the NEWS ARTICLES. I have explained over and over again in the delay of this law and now we see the details all being ironed out right in front of our noses. But many won’t see it because they have been told over and over again by these so called “intel gurus” – oh- HCL is all done! Yes – even I have said the law was all written (and it should have already been passed months ago) but the battle for ISIL and the paying of the Pershmerga in the KRG by the selling of the Kirkuk oil opened yet more issues and they could not get a vote on the HCL as it stood.
So they had to go back to the Kurds and work out yet more details and get it right. But this takes time since the KRG did not want to come to the negotiations again. Finally they came to Baghdad and we witnessed this recent strategy of Abadi to get them there. It is all very good. We saw this in last week’s news. I showed you the news in my opening articles above.
This is why I presented these article today. Did you take the time to read them? Do you really want to know the status of the HCL or do you just want to argue your so called “intel guru” is always right?
So Dr Clarke (who everhe/she is) said firmly by the end of September we would see the RV. Really? So where is it? Once again a guru with just opinion and no facts to back it up. My opinion is stop listening to anyone who gives you a date. Instead look at all the evidence and facts for yourself and you decide if the RV could happen. NO Rumors, NO Hype, Just the FACTS.
I have told everyone many times I have some pretty good contacts. Since the fall of 2015 they have not tried to re-educate the citizens of Iraq again on the project to delete the zeros. Remember all those juicy articles I presented to you back then? We all thought the project to delete the zeros was imminent. Later we found out for sure it was but it was postponed until later in 2016 to early 2017. Who told me this? Iraq did and I presented articles to you at that time to show you FACTUAL evidence. Their words not mine…. So who is telling you the truth and who is lying to you?
Why do you think they haven’t RV’d yet?
BECAUSE THEY ARE NOT YET GOING FORWARD WITH IT. Yes the project to delete the zeros process is in motion and much has been done as they told us this. But I am being told they will re-educate everyone once again and we wait for this news to the general public of Iraq. The news is not meant for us but we can read the articles just the same and use it to formulate some kind of timeline. This will be our big sign that the RV is near.
I am not going to explain this entire RV process once again and how it will begin by launching the lower denominations. Seems some people get it and believe and others just want to live in their everyday / any day RV fantasy world. I have to say my time and energy. If you want to beat your head against the wall –Go Ahead! That is your choice. You can know the truth or you can fantasize. It will not bring you the RV any sooner.
We still must wait until at least mid December to see the outcome of the Iraqi report card to the IMF before anything is done. I mean ANYTHING. When I talk to my CBI contact this is what I am told.
There are mandated terms and conditions Iraq must meet. It is all outlined in the recent MOU and LOI that I have sent to you in a link to the UN site. Go read it for yourselves!
We recently heard in the September report card, they have met all their mandates SO FAR and this was a very good report card for Iraq. But that is not the end of it. There are still much needed laws to create the POLITCAL STABILITY and BANKING STABILITY that is required. They still don’t even have a fully seated government with the 3 ministers being dismissed (Defense, Interior and of lately of Finance).
Would you RV the currency based on these FACTS? Opps- did I mention the other needed laws such as the Accountability and Justice law and HCL. I believe these laws too are coming very soon. For Accountability and Justice law- as they are nearing the 2017 provincial elections Iraq can’t afford to have more monkey business in the election process. Then the 2018 elections are just around the corner too and follow closely. We witnessed the past election fraud and it MUST END and they MUST have FREE and OPEN elections. Folks it is all part of newly formed Democracy. No Democracy, no RV ….sorry. Can they get it all to work?
Opps! Did I mention they haven’t even cleared ISIL from Iraq and Abadi must declare openly that “the battle is over”. Iraq needs the credit and too to show the world they can control their own destiny and secure their country from terrorism and secure its boarders. This announcement we wait for. It has not yet been given. This will be the announcement we need to hear. Get it? Even Abadi himself told us to wait for this announcement. So how in hell can the Mosul battle have already taken place and be over?
Why is this so important? Would you bring your business to Iraq and invest billions in a country that can’t control it’s own security? Do you want to take that risk and lose your investment? Don’t you think businesses will want to use the banks too. So must the banks be functional? So must the justice system be honest and fair.
The answers are obvious and we all know the answers. Many of you have no idea as to how to run a multi-billion dollar business and so it is hard for you to understand the situation Iraq is in to bring investors into Iraq. The IMF is trying to help them. This is the purpose of the MOUs and LOIs
Once again many are filling you minds with gobbly gook that this battle for Mosul is all done. Really? Where the hell do they get their news from. I happen to know without a shadow of a doubt the final battle is ready to be raged and logistics and soldiers poised, but not yet executed.
All I have to do is get on my cell phone and call one of my long standing friends (from the US Army Intelligence corps) who are now in the midst of it all in the Mosul area and I get the entire scoop anytime I want. So no guessing or lying here. THE BATTLE HAS NOT YET BEEN WAGED but they are very close to the jump off point. So you wanted to know where Mosul battle status….here it is.
So once again last week we heard rhetoric from economists about who is responsible for the low value of the dinar against the dollar. Why is the dollar so high in Iraq? It is so high and will remain proportionately high (even at 1166 is high) since Iraq operates in a closed economy and will have to draw dollars from the CBI to do business with the outside world, as they are not yet an open and free market economy working internationally. Get it? Demand creates value. Get it?
Folks this is all just commentary. It all talking more about the 1180 vs 1166 rate and not really about any significant change in value such as to $3.41 and so on and so forth…thus the RV. The CBI along with the IMF set the rate for the dinar and it will fluctuate back and forth until they seriously decide to pull the plug and give Iraq back its real currency and true value.
Personally I tend to just ignore all these articles as they are not talking so much about what we desire and need to hear anyhow. We need to see the launching of the lower denominations and the path executed to the process to continue to the revaluation as the currency goes live and listed once again on the currency exchanges throughout the world. We wait for the day when Iraq can use their dinar to trade with the rest of the world. So far this is not yet the case but it MUST happen soon as Iran too is catching up to Iraq.
Will they pull the trigger on both the Rial of Iran and dinar of Iraq together?
This may very well happen but I know for certain then Iran must wait for Iraq and not the other way around. Iraq is almost ready now and I fully expect to see us at the banks sometime during this timeline I have addressed many times already- that of anytime from September 2016 through early part of 2017.
Anyone spreading this Mnt Goat news should also tell the entire story. My timeline is based purely on FACTS of what Iraq has already accomplished and the time left within my timeline for them to complete their mandated tasks remaining. Thus if they do not complete these tasks on time we can count on a further delay.
This is why I am telling you to watch the mid December review by the IMF as Iraq will once again present their “report card” to the IMF on their further progress. If we hear all good remarks of success from the IMF at this point, then we should begin to see the re-education process begin again on the project to delete the zeros and this will be our signs the RV is near. If the IMF needs yet another review and schedules one for January or February then we are in for a longer wait. Get it? This will mean Iraq is not yet ready.
All this other “stuff” about China or Nassara is all just nonsense and so ignore it. It is not any real news you should be concentrating in. Oh- I thought we were waiting for China to join the SDR basket to RV? Really. So where is our RV then? I thought madam WOO approved the GCR. Really? Then where is the RV?
Everyone should by now know my opinion on this foolishness of a so called GCR. We all know who perpetrated this nonsense in the dinar community and it was all based on a misunderstanding of the facts and misinterpretations of the IMF goals of a Global Financial Reset project, as we have seen taken place since 2008 and is still very much ongoing.
Can many currencies revalue? Certainly they can as we know for a FACT that the IMF has a “Sustainable Development” project which includes goals for many of these so called “underdeveloped” countries with potential. So anything is possible. But is it not likely in the near future. I can certainly tell you with absolute certainty you all have been sold a bill of goods on this subject matter of a GCR. Note too that the perpetrator of this idea is no longer on the forums or in the public eye. Guess they shut him down and we all knew it was coming. Why do you think they silenced his hype?
I keep telling you the points to watch for in the RV process. Don’t get confused it is relatively easy and the news from Iraq will guide us through it.
Luv to ya all, Mnt Goat