UU6803 – “Why is the RV stalled?” by Mnt Goat

Hello Everyone,

Today I come to you once again to see what sense we can all make out of this RV saga of the Iraqi dinar.

Sorry but today’s news letter is very long again. I think the longest yet. It almost has to be since there is no such thing as a short news letter anymore from what is happening in Iraq. Things are moving so fast. Even when I try to emphasis only the most important articles and news I still have a difficult time limiting the size of the news letter.

After reading today’s news you would have to be (plainly speaking) darn right stupid not to realize that the revaluation of the IQD is now being stalled (delayed).

So like many of my recent past news letters print it off, grab a good strong cup of strong, hot coffee and settle down in your favorite chair. Read today’s news carefully. It is chock full of goodies.

Today’s News

Today is Wednesday September 9th and still no RV or hopes of an RV window until at least mid September.

I told you from mid August to mid September would be a very critical time for getting these reforms accomplished. I told you Abadi would make a final push to get them completed and it would be very sudden and unexpected by most. We are witnessing all of this now. So was Mnt Goat correct again.

I told you there would be a progress report of the Iraq needed laws and reforms in mid September and out pops news of a scheduled third Conference 9/11-9/17. So who is right again?

I told you that “if” this reform process is successful, we would be in a great window to possibly see the currency reform project pick up momentum and maybe see a significant increase the value of the Iraqi dinar and the continuation of the “deletion of the 3 zeros” project. This would occur sooner than later. Then just recently again out pops 2 important articles by MPs asking the same questions we are asking – that of why has the project to delete the zeros not been completed and why have the lower denominations not yet been distributed?

Funny how we get these type of article just before a critical window of opportunity for an RV is upon us.

But I also said IF THE REFORMS AND LAWS WERE DELAYED we may be seeing sometime in early 2016 for our next window of opportunity for an RV. Many still put words in my mouth and claim I am giving a 2016 date. Did you just read what I said? I said it was all dependent on the meeting being held in mid September 9/11 – 9/17 to determine actions going forward and setting new target dates. So please stop all the needless discussions and attitudes towards the 2016 timeframe. We just have to wait and see how it all plays out. But remember just because you want an RV sooner than later does not make it reality. Remember many also said in April that this RV would never make it till June timeframe. Many swore Mnt Goat was an idiot for her analysis. Now she is also saying we may not see it until 2016 but it is all dependent on the progress.

I firmly expect Abadi to clean up the CBI and Dr Shabib to come back to an “official” capacity to head up the CBI once again before these projects kick off fully. We will soon see if Mnt Goat is correct on this too.

Let’s get going with today’s news. There is so much news again and I will attempt to summarize it for you and put it into perspective.

US NEWSPAPER: MALIKI LEFT IRAQ’S TREASURY WITH ZERO FUNDS
Published: 2015/9/7 11:22 • 171 Reads

Baghdad (AIN) – Iraq’s ability to fight Islamic State extremists who control roughly a third of the country is hampered by a financial crisis that has left the Baghdad government operating “hand to mouth,” Iraqi Ambassador Lukman Faily warned this week.

The inability to pay salaries on time to the soldiers and militiamen fighting the Islamic State, also known as ISIS or ISIL, has hurt morale and hindered progress in operations to retake key hubs that were captured by the jihadists, Faily said in an interview Thursday. And belt-tightening measures such as consolidating government ministries threaten to exacerbate ethnic and sectarian tensions by upsetting the delicate power-sharing quota system that’s been in place since the U.S.-led occupation authority took charge following the invasion of 2003.

“This goes back to not making your support conditional,” he added, referring to Iraqi officials’ frustration with the Obama administration’s reluctance to bail them out last year unless Baghdad first made reforms to address the corruption and ingrained sectarianism that softened the ground for the extremist takeover of Mosul in the north and most of Anbar province in the west.

Faily, who belongs to the ruling Dawa Party, blamed the crisis chiefly on the plummeting price of oil — the government relies on exports for some 85 percent of revenue — though economists and foreign policy analysts say that decades of mismanagement and corruption also have contributed.

Faily acknowledged government fault, citing an overdependence on oil revenues and the slow pace of addressing graft such as the use of “ghost employees,” workers who exist only on paper so that supervisors can pocket the salaries.

Much of Iraq’s spending is defense-related as the country struggles simultaneously to rebuild the U.S.-trained military that collapsed during the Islamic State onslaught and to launch offensives to retake captured territories. And they’re doing this with a budget that was based on oil at $56 a barrel, though in recent weeks the fluctuating price has dipped to closer to $40 a barrel. A revenue-sharing deal between Baghdad and the mostly autonomous, oil-rich Kurdistan region has broken down, depriving the central government of another cash stream.

Ben Van Heuvelen, managing editor of Iraq Oil Report, which closely monitors the Iraqi oil sector, said a major cause of the crisis is that the previous administration of Nouri al-Maliki “left zero financial buffer for the inevitable down cycle in commodity price.” He said that al-Maliki’s successor, Prime Minister Haider al-Abadi, has “made some good moves,” including painful spending cuts and exploring revenues outside of oil, but that he stands little chance of yanking the country back from the brink anytime soon.

A U.S. official, speaking on condition of anonymity because it involves sensitive diplomatic and defense matters, said the Obama administration has increased its military assistance to Iraq in recognition of the twin crises of the Islamic State presence and the severe financial strain due to collapsing oil prices.

The official acknowledged that “it is an increasing challenge” for the Iraqis to fight the Islamic State, “and that’s why we’ve put so many of our own financial resources” into the campaign.

Foreign military financing, which uses U.S. funds to procure weapons, included $300 million for Iraq for fiscal year 2014 and $150 million for 2015 before jumping again to $250 million in the current pending request for 2016. In addition, the official said, the U.S. military donated some surplus American equipment, including 300 MRAPs, mine-resistant armored vehicles.

“They need a bunch of things across the board, everything from anti-tank weapons to MRAPS to Humvees to arms and equipment,” the official said.

As of Aug. 15, the official said, the total cost of U.S. operations against the Islamic State in Iraq and Syria is $3.7 billion, with an average cost of $9.9 million a day. The official said critics who question why the United States is spending so much in defense of one of the world’s most oil-rich nations are ignoring the broader consequences should Iraq lose more ground to the extremist group.

“You can’t look at this as an Iraqi fight,” the official said. “ISIL is a threat to the region, to the international community. It’s a mistake to look at this as an Iraqi or a Syrian fight. ISIL has shown the global implications they can have, and just their sheer brutality needs to be defeated. To characterize it as an Iraqi fight is wrong.”

Faily acknowledged the U.S. help and said that the Germans and Dutch, too, have contributed light weapons, equipment and anti-tank systems. But most battle-related costs, he said, are Iraq’s responsibility. That goes not just for the regular army and security forces, he said, but also for some of the Shiite Muslim militias known as the Popular Mobilization Forces.

“The actual fighting on the ground we’re financing ourselves,” Faily said. “Salaries, weapons, uniforms, equipment.”

But the budget crisis means that paychecks are late — “three months behind, four months behind,” Faily said — which, in turn, deals a blow to the morale of a fighting force that’s already much maligned for its evaporation during the Islamic State offensive that took Mosul, the second-largest city in the country.

“You want your professional army to deal with things professionally,” Faily said.

There’s also the risk, Faily said, of losing recruits to paramilitary groups, particularly the Iranian-funded militias that the U.S. government designates as dangerous “special groups.” Though just 35,000 special groups militiamen are part of the 120,000-person Shiite paramilitary structure, he said, the loss of manpower to them is a blow to the government’s effort to assert authority over all armed factions in the fight against the Islamic State.

Faily said Iraq’s finance minister is traveling to London and Washington next month in hopes of selling some $6 billion in Iraqi bonds, and that the Iraqi Cabinet is scrambling to cut spending in other areas, downsizing diplomatic outposts and halting some investment projects. Iraq also received a credit rating for the first time and secured a loan agreement from the World Bank.

Other budget trims have been more controversial, such as doing away with some high-ranking ceremonial positions and consolidating government ministries. The divvying up of official posts according to sect, ethnicity and political party was a longstanding tactic to appease the disparate groups that were jockeying for power after the fall of Saddam Hussein’s regime.

Though some analysts are hopeful that, in the long run, the changes will do away with an ineffective patronage system, they agree that in the short term the moves threaten to further aggravate internecine tensions, jeopardizing Abadi’s broad reform agenda. And that, according to U.S. officials and analysts, opens even more opportunities for extremists to gain from the disarray.

“If you believe, as I do, that deep political problems in Iraq created an environment that was ripe for ISIS to take over a third of the country, then you also believe that there needs to be some kind of political foundation to any long-term solution to the problem,” said Van Heuvelen, of Iraq Oil Report. “But if the way you’re used to finding political solutions is by throwing money at the problem and bringing constituents into the fold by promising them a slice of this very lucrative oil pie, then if that pie shrinks, your ability to create political solutions evaporates.” /End/

http://en.alliraqnews.com/modules/news/article.php?storyid=3198

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IRAQ BEGINS [ON] THURSDAY TO PROMOTE AN INTERNATIONAL BOND ISSUE OF SIX BILLION DOLLARS
09/08/15   13:53

banking sources said that the Iraqi government will start promotion campaign next Thursday for the first international bond issue in nine years as it seeks to finance a budget deficit because of falling oil prices and the war against Sunni Islamist al-Daash.
Sources familiar with the matter told Reuters that “Baghdad want to combine up to six billion dollars in a series of versions of the bills dollar, but the first version is expected to be much smaller.”
Said Mrtbo versions that “the banks Citigroup, Deutsche Bank, JP Morgan arranging version and will begin meetings with investors in the United Kingdom and the United States.
In spite of the political risk in Iraq is expected to contribute to Baghdad put the largest oil producer in the” Organization of Petroleum Exporting Countries [OPEC] as the second to reassure buyers on entitlements and the large oil fields in the south of the country not exposed to fight directly in addition to that Iraq adopt an ambitious plan will continue for several years to increase its production of oil.
It is expected that Baghdad pay a high price for borrowing, where the yield 10.37 percent on the Iraqi dollar bonds due in 2028.
Prior to the sale this month, Iraq won the first his sovereign credit rating gave him Bretton where Standard & Poor’s and Fitch rating B- a rating below six degrees of investment grade.
He was Finance Minister Hoshyar Zebari said in 22 of the last June that Iraq has begun promoting overseas bonds Tune six billion dollars.
The government’s much-needed liquidity as it expects a deficit of about $ 25 billion this year in the size of the budget of about 100 billion Dollars.

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As I have been telling everyone it is very important and necessary for Iranian influence to be gone or greatly impaired in Iraqi politics and in the general influence of Iraq prior to any RV.

So recently out pops a news article on the Iraqi Shiite Grand Ayatollah reportedly sending a letter to Iranian Supreme Leader Ali al-Khamenei asking about the IRGC Quds Force chief’s role in Iraq. Article is below.

Once again their words not mine. No hype or rumors, just the facts.

This article is telling us the importance of getting rid of Iranian influence and that it is a major obstacle to the stability of  Iraq. It is now a target for the religious sector as it is for the political sector. I believe it is just a matter of time before Soleimani’s Quds forces and militias will have to pull out. Remember too that the US generals do not want their USA “boots on the ground” forces fighting alongside Iranian forces. It will NEVER HAPPEN ! Being that the USA is finally committing a significant level of military forces as a surge force (50,000 troops) to free Anabar and Mosul areas, wouldn’t it be a good idea now for Iran to pull out prior to their arrival? If the do not it will be interesting to see just what will happen.

This is all good news as the pressure is building now for this to happen too. Lots of pressure in all areas of getting rid of Iranian influence in Iraq, something we prayed for so long.

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SISTANI QUESTIONS QASSEM SOLEIMANI’S INFLUENCE: REPORT

The Shiite Grand Ayatollah reportedly sent a letter to Iranian Supreme Leader Ali al-Khamenei asking about the IRGC Quds Force chief’s role in Iraq.

BEIRUT – The highly influential Shiite Grand Ayatollah Ali al-Sistani has reportedly criticized Iranian Revolutionary Guards Quds Force chief Qassem Soleimani’s role in Iraqi politics, in a sign of a split between the Shiite religious establishments in Iraq’s Najaf and Iran’s Qom.

Asharq Alawsat reported Monday that Sistani had sent a message to Iranian Supreme Leader Ali Khamenei questioning him about “Soleimani’s increasing influence in Iraq.”

An unnamed Iraqi politician told the Saudi-daily that Sistani had asked “whether this had happened at Khamenei’s instruction or through Soleimani’s [own independent action.]”

The normally shadowy Quds Force commander emerged as a public figure following ISIS’ sweeping advances in Iraq in the summer of 2014, appearing in a number of pictures alongside Shiite Iraqi militiamen.

However, Soleimani’s media presence has shrunk in recent months, amid reports that his bombastic statements on Tehran’s foreign policy have upset Iranian leaders.

The Economist on September 5 cited a source as saying that the IRGC commander had been reined in by the Iranian authorities and “can no longer act as a de facto foreign minister.”

The report further stated that former IRGC commander Mohsen Rezaei had been brought out of retirement back to his former position to “keep an eye on General Suleimani.”

Despite reports of Soleimani’s curtailed role, he has continued to act as a trouble-shooter in Iraq. In July, the Quds Force chief met a number of Iraqi Kurdish leaders to discuss extending Massoud Barzani’s term as president of the autonomous Kurdish Regional Government.

Then in late August Soleimani appeared at a meeting of the National Alliance parliamentary coalition of Shiite parties that ended with an acrimonious exchange between him and Iraqi Premier Haidar al-Abadi.

Abadi reportedly “objected strongly” when Soleimani criticized the reforms the Iraqi premier is pushing through—especially those which could harm former PM Nouri al-Maliki, who is close to Tehran.

Qom-Najaf split

Sistani’s growing frustration over Soleimani’s role in Iraqi politics represents growing differences between the clerical establishments in Iraq’s Najaf and Iran’s Qom, the world’s top two Shiite seminaries.

Asharq Alawsat’s source said Sistani has started to realize that Iran’s intervention in Iraqi politics on behalf of Maliki “has begun to affect [Najaf’s] historic role.”

The source added that Sistani’s action was evidence of “a clear dispute between the Najaf… and Qom Seminaries” in which Sistani and Khamenei are the highest authorities respectively.

According to the politician’s own analysis, Khamenei’s approach to reform in Iraq focuses on “the political dimension of the issue because the holding to account of [high level] corrupt [figures] will affect powerful Shiite leaders.”

“Sistani looks at the matter from a legal perspective; he believes that fighting corruption is a legal duty, regardless of the political consequences.”

The Iraqi PM on August 9 announced a raft of measures to reform the Iraqi state, two days after Sistani told him to “strike against corruption with an iron fist” as Iraqis mobilized for growing protests against the state’s inability to provide basic services.

Abadi’s seven-point reform plan—which was approved by the cabinet and parliament—calls for eliminating the co-vice presidential posts, one of which is held by Maliki.

Maliki also faces charges of being responsible for the fall of Mosul to ISIS in 2014 when he was premier, after a parliamentary report blaming him and top commanders for the matter was referred to Iraq’s judiciary on August 17.
However, Iran extended the embattled Maliki a show of support, hosting him for a visit to Tehran on August 19 during which he met with Iranian Supreme Leader Ayatollah Ali Khamenei.

https://now.mmedia.me/lb/en/NewsReports/565861-sistani-questions-qassem-soleimanis-influence-report

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Update: Abadi’s Reform Laws

Article Follows:
INVESTMENT LAW IS READY FOR APPROVAL

7/9/2015 0:00

BAGHDAD

Completed Committee economy parliamentary and investment final draft of the second amendment to the Law on Investment Law No. (13) for the year 2006.omn scheduled lifting of the law to the Presidency of the Council of Representatives on Monday in order to be included on the agenda for a vote this week.

Committee member Rep. Najiba Najib confirmed in a statement »Sabah» that the committee put the finishing touches on the final draft of the new law, which ensures the previous overcome the problems and obstacles and attract local and foreign investors, likely to include it on the agenda of the meetings this week. She Najib said the Economic Commission has made great efforts work through two parliamentary commissions on fueling this law in line with the changes witnessed by the world in the field of investments, and the need for the country to major projects, especially infrastructure and services that exceed the state budget capabilities under the current circumstances through which the country projects .waodan that the amendments included in the final draft is the result of an agreement the parties concerned the law, as it fielded committee of representatives of the national investment in the discussions, studies and workshops prepared to include the
Chairperson-in-law hubs to attract major investments to the country after the formation of a sub-committee to follow up the amendments to the law The new, in addition to the legislative work and oversight.

Among the most prominent amendments included by the Commission in the law, Najib indicated that the real estate foundation for investment, and that the investor had difficulty in getting on the ground to set up the project, so it was agreed that the National Investment Commission is the main factor for the provision of the land and complete all administrative and legal proceedings, and submit them ready for Msttmr.kma noted the agreement of the committee with the Investment Authority following the decentralization in the appointment of heads of bodies in the provinces, to be considered legal and constitutional issue, as the parties concluded their agreement to the notice of authorities in the provincial nomination for the post of President of the Commission in the province on the last opinion National Commission for investment.

The Committee on the economy and investment were laid last week, Chairman of the National Investment Commission Dr. Sami al-Araji, to discuss the text of the second amendment to the Investment Law No. (13) of 2006 before it is submitted to a vote.

http://www.alsabaah.iq/ArticleShow.aspx?ID=99708

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The National Guard law was expected to go before parliament on 9/8 for a final vote. Did it get passed?

“The continued postponement of the NGL not only undermines efforts for national reconciliation, it also hurts the credibility of Sunni politicians in the eyes of their constituents as the initiative increasingly becomes viewed as a failure. If a long-term and sustainable solution is to be established, restoring confidence in political representatives and inclusive institutions must be an utmost priority. “

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PARLIAMENT POSTPONED ITS MEETING HELD ON WEDNESDAY TO WEDNESDAY

Alsumaria News / Baghdad – Chairman of the parliament decided on Tuesday to postpone the hearing to the 19th day on Wednesday because of differences over the National Guard Law.

The parliamentary source said in an interview with Alsumaria News, “The presidency of the parliament decided to postpone the 19th meeting, which was scheduled for Tuesday on Wednesday.”

The source, who asked not to be named, said: “the delay was due to differences on the Law of the National Guard.”

It was scheduled to hold the 19th session of Parliament in the ten o’clock on Tuesday morning.

https://translate.googleusercontent.com/translate_c?depth=1&hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=auto&tl=en&u=http://hathalyoum.net/sit/769731.htm&usg=ALkJrhjsDBbmU4FW8EC_rFybXqkLa5w8Hw

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NATIONAL GUARD LAW CONTROVERSY & FEARS OF EXPLOIT INTERNAL INFIGHTING

The continuing controversy over the National Guard and law amid fears of exploitation of internal infighting
Tuesday 8 September 2015 – 9:58

Confirmed the MP for Ashwaq dry Kurdistan Alliance, the National Guard, the law can not be passed without the consensus of all political blocs it because of its impact on the security situation in the country and as pointed out that the alliance to which they belong with the approval of the law indicated the existence of some differences around between various blocs.

The dry Radio tow that the Kurdistan Alliance with the approval of the law is that all the political blocs different in some articles of the law, especially with regard to the possibility of moving troops out of the province or confined to their tasks in maintaining that form where, adding that the approval of the law must be done by all the political blocs in connection with direct the security of the country.

For its part, expressed its reservation on the mass of the citizen-led provincial governments Guard troops be certain that the National Alliance insists that be centralized leadership of those forces to avoid confusion in the war with Daash.

He said MP from the bloc Hassan Khalati that other point, which is unfavorable to the middle provinces and the south is the mechanism of formation of these forces on the basis of the ratio of each province which sees the Sunni component, while the National Alliance demands that the popular crowd and Arab tribes fighting actually Daash is the nucleus that is formed So the guard.

To that description body of opinion in the popular crowd member Karim al-Nuri law in its current form and that it will generate amalgam Musharanh militias.

He said Al-Nouri told Radio tow the law allows arming those forces that will be devoted accents of the southern provinces living poverty oil while the government not be able to prosecute the wanted within the provinces will each own army and allow them to arms manufacturing as well as it is nothing more than a trap for ripping The unity of the country.

He announced the coalition of state law in parliament for refusing to pass the National Guard Law, said the head were part of the coalition, the Dawa Party, a block behind Abdul Samad during a press conference held in his office in Basra said that the law had been drawn out of bounds and came to the division of Iraq within the Biden project that wills him to the United States American dividing Iraq into three mini-states, pointing out that this law aims to form armies inside Iraq fighting among themselves, he said, stressing rejection of other blocks as well as the rule of law as well as the individual to pass a law of the members of the National Guard.

http://translate.googleusercontent.c…koqjSnpoalta4g

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Article Follows:
MALIKI: NATIONAL GUARD LAW WILL NOT PASS
By Roudao 14 hours ago 09-08-2015

Roudao – Erbil

He said the president of a coalition of state law, Nuri al-Maliki in a televised interview broadcast Monday evening on 07/09/2015 number of Iraqi Satellite TV channels that “the law of the National Guard will not pass.”

Maliki said “I do not think that the National Guard Law will recognize, especially after holding the Doha conference, which cause severe allergic between all shades of the Iraqi society, because such a project needs a good arm and great revenues, and can not be all that the intervention of foreign hands negative trying symbols Guard Law National derailed. ”

And follow-Maliki “should be popular crowd is the main base of the National Guard, Valhacd now. There are Shiites, Sunnis, Christians and even the Kurds, and approval of the National Guard Law in this period and after the Doha conference makes us imagine that there is a blueprint opens Trivl sectarianism put the ingredients, so it must We pay attention to each well of a national law enacted. ”

He also said “that the National Guard was a national project, but it has become dangerous for the country after foreign interventions it, it must be mixed National Guard and in all the provinces, and not to be the provinces of guards or territory, Flo has also become, we can not move any force our will, I remember there was a problem At the time, he wanted to move brigade 16 of the army and it was the Kurds, but they rebelled and took up arms, and returned to the region, so it will not accept this law because it will be the spearhead of the projects have destroyed the country. ”

Asked about and who took part in the Doha conference Accounting, al-Maliki said that “any official of the object was, sat down with the Baathists and terrorists in Doha will be held accountable, both within the House of Representatives or hold him accountable and prosecuted according to the Iraqi constitution and the law.”

When asked about his relationship with Iran, he said: “we are linked with Iran’s historical ties, and the Islamic Republic a major role in the stand next to us against al Daash, both provide us with weapons or equipment, and we, the people of all of Iraq to thank Iran, Shiite and Sunni, for standing to next to us in the fight against this Organization”.

http://translate.googleusercontent.c…5EimNaBmW2RMSA

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In my last news letter I presented an article telling us that OPEC and GCC are ready to step in an help Iraq bound back out this economic crisis. So this week out pops an article telling us that they needed help and why OPEC decided to assist in reducing oil production to drive up the cost of oil, thus more income for Iraq the second (if not the largest) oil producer in the middle east. So will the Eurobond (sovereign bonds) help raise the needed funds to help Iraq out of this slump.

For all those creeps that keep whispering sweet words of nonsense in your ears that ISIS and DAASH are not much of an impact to Iraq, the RV and the the terrorists really don’t matter —  Really? Total nonsense and why would the bond market itself (Bloomberg report) be telling us this now about this impact if it just wasn’t true? I don’t understand all this foolishness from these so called intel “gurus”. I wish they would all just blow away when there is a heavy wind. See article below.

I also want to remind everyone too that just recently Iraq has stated that the revenue generated from the Tariffs along could rival the income generated from the oil revenues. Did you miss this one? So the article is not very correct in the Iraq has great potential in other areas too. They are moving to a multi-faceted economy as lessons were learned from the dropping oil prices. Good article and a good read.

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TERRORISTS IN BACKYARD TO SPUR COST OF IRAQ EUROBOND EXPERIMENT

http://www.bloomberg.com/news/articles/2015-08-19/iraq-s-islamic-state-fight-to-spur-cost-of-eurobond-experiment

Iraq’s effort to enlist bond investors in its fight against the Islamic State and a collapse in the price of crude won’t come cheap.

The Gulf nation’s first trial in the Eurobond market in almost a decade means it may have to pay “double-digit” interest to lure investors, said Morten Bugge, who helps manage about $2.5 billion of emerging-market debt at Kolding, Denmark-based Global Evolution A/S. Iraq announced a $6 billion bond program on Tuesday and may hold sales meetings with international investors as soon as September, people familiar with the matter said.
“It’s an oil exporter with ISIS in their backyard which weighs negatively on the bond sale,” Bugge, Global Evolution’s chief investment officer, said.

Iraq has been struggling to contain the expansion of the Islamic State’s foothold a year after the radical Sunni group took the nation’s biggest northern city, Mosul, and captured Ramadi, the capital of Anbar province, three months ago. The government is borrowing to close a budget shortfall as the fight against terrorism and oil’s 54 percent decline in the past year sap government finances.

Compounding risks for investors is a sell off in commodity-exporting nations following last week’s yuan devaluation, while the Federal Reserve prepares to raise interest rates from near zero, Bugge said. Middle East and North African countries are issuing bonds this year at the slowest pace since 2011, according to data compiled by Bloomberg.

“I am sure Iraq would wish for better timing,” Bugge said.

Yield Spike
The yield on Iraq’s only international bond jumped to their highest this year, climbing 19 basis points to 8.73 percent at 5:26 p.m. in Baghdad on Thursday. The country had to seek $1.24 billion of emergency financing from the International Monetary Fund in July after oil prices slumped to their lowest in six years. Crude contributes about 40 percent of economic output.

“Iraq’s rating is very good in the current circumstances,” Majid Al-Souri, a board member of the Central Bank of Iraq said from Baghdad on Wednesday. “It has huge fortunes of oil and gas and it can’t go bankrupt,” which will reassure investors, he said.

Fitch Ratings expects the country’s fiscal deficit to top 10 percent of gross domestic product for 2015 because of lower crude prices, higher military spending and costs associated with the civil unrest.
Political Risk

Islamic State’s presence has put political risk in Iraq at the highest among any sovereigns it rates, Fitch said this month after it assigned the country’s bonds a speculative grade of B-. The assessment is on par with Cyprus and Jamaica and two levels above Greece and Ukraine.

The country’s foreign-currency reserves may drop to about $45 billion by the end of 2016, according to estimates by Exotix Partners LLP.

“Iraq is probably the most oil-dependent country in the world, so falling oil prices, really, really hurt this country,” Jakob Christensen, a London-based director at Exotix, said. Reserves “could drop significantly over the next two years if oil prices stay low and they don’t adjust,” he said.

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IRAQ IS PREPARING TO SELL BONDS IN EUROS TO OBTAIN CASH FINANCING

http://aynaliraqnews.com/index.php?aa=news&id22=44886

stad Baghdad and the Iraqi government during the period preceding the Labor Day holiday in the United States, which coincides with the 7 of this month to start marketing to sell bonds worth euro US and international markets to obtain cash financing.

According to the news report by “Irak Basnzs News” and translated”appointed Iraq News,” that the banks “City Krupp, the Bank of the Netherlands, and JP Morgan” will be the main source of Iraqi bonds expected to sell and which will be unsecured by source statement on.

He said the site “that the material yield, which he hopes Iraq collected a consequence of the sale of the bonds will be $ 6 billion to cover the shortfall in the projected budget next year, comes this release to be the first in almost a decade, was the last international items Iraq has issued in 2006.anthy 5

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Is Iraq Ready for the RV?

I included two articles below on this subject matter. Their words not mine. No hype or rumors just the facts.

These articles begin to address the many questions that many of us are having for some time now.  The questions are about the stalling of revaluation of the Iraqi dinar.

Who is stalling the RV and is it legal to do so?
So let’s use these two recent articles below to exam these questions.

In the first article a member of the parliamentary economic committee calls for the deletion of zeros and the issuance of Banknotes small (the lower denominations) to strengthen Baghdad – where a member of the Parliamentary Economy and Investment has called for the issuance of Banknotes small to strengthen the Iraqi dinar. Also it was announced in the parliamentary finance committee member Faleh in force, on the 28th of last August 2015, for delivery to the committee the public prosecution and the judge who corrupted files in the money laundering related to the currency conversion.
We witnessed an attempt for the resignation of the head of the Iraq Supreme Judicial Council Medhat_al-Mahmoud, only to be rejected by the council due to political obstacles. So they know who and why the corruption in this area of concern. But can they do anything legally about it without the laws in place?
So please read the first article below. From the first article we know that money laundering and corruption influence from the judicial system is one reason why we have not yet seen the deletion of zeros and the issuance of Banknotes small (the lower denominations). This is now confirmed by this article so NO MORE RUMORS on this subject matter. Iraq must pass legislation (call them reforms if you want) to deal with these situations in a legal manner first prior to continuing these projects. Mnt Goat has been saying this now for many months. Mnt Goat is right again.

The second article is talking about the lifting of Chapter 7 sanctions in June 2013,  and is “Iraq still subject to the separation of the seventh item in the financial affairs by the UN Security Council resolutions”?

In other words – what about having control over their own currency (is their currency not part of their wealth)? Why was this also not given back to them when Chapter 7 sanctions were lifted in June 2013?

So the lifting of Chapter 7 sanctions in June 2013 can be considered one of Iraq’s biggest achievements since the ouster of Saddam Hussein a decade ago, ALLOWING BAGHDAD TO REGAIN CONTROL OVER ITS OWN CURRENCY, (really? I don’t think so), oil and economy.

Chapter 7, imposed on Iraq by the UN Security Council after Saddam’s invasion of Kuwait in 1991, froze all Iraqi assets in international banks, ordering they be used to compensate victims of the aggression. Besides placing limits on USE OF ITS WEALTH, the sanctions also placed limits on the Iraqi military.

One of the biggest advantages of the lifting of the sanctions is the return of all frozen assets to the Iraqi government, estimated at $82 billion, according to Central Bank data.  Its return will not only revitalize the economy, it will strengthen the value of the Iraqi dinar and increase its purchasing power.

But TO THIS DAY IRAQ IS STILL FROZEN IN TIME and still using the post war provisional 3 zeroes notes, meant to be transitioned to the new, permanent currency prior to sanctions being lifted in 2013. So what happened?

These two articles below are yet another inquiry into this long standing question – of where is their currency?  It is being asked  by yet more and more parliament members. The articles are addressed to the CBI and are inquiring about the future timing as to when the CBI is going to meet all controls subject to Chapter 7 release meaning the one remaining obligation, that of release of their currency.

Folks this is important news for us. This article confirms to us exactly who is holding up the revaluation and the transition out of the provisional currency. Could the CBI want to RV and someone else like the USA or the IMF be holding them back? This is yet another question  to solve since the USA does have the power to hold back the rollout to the international exchanges and banks. If this was the case we might be talking about conspiracy stuff.

If you read this second article carefully, what the MP is saying is this – Why are you (the CBI and GOI) holding back the currency reform because of the necessity to create and legislate laws (calls them agreements from the translation) for the economy when it is very clear that release from Chapter 7 sanctions is also a release of the currency (meaning a release from the provisional currency). So the MP claims Iraq will still be bound by Chapter 7 until this last step is accomplished. The answer to this question from the second article is found in the first article about the necessity to legislate laws first to prevent money laundering and the prosecution of those involved.

So we know the delay in currency reform and the project to delete the zeros is noted clearly and there is pressure from members of parliament finance and economic experts who see the necessity to get the currency reforms completed since these projects can only help the dragging economy.

Article #1 Begins:

PARLIAMENT CALLS FOR THE DELETION OF ZEROS AND THE ISSUANCE OF SMALL BANKNOTES

http://www.alliraqnews.com/modules/news/article.php?storyid=14927
Tuesday, 08 September, 2015

A member of the parliamentary economy calls for the deletion of zeros and the issuance of Banknotes small to strengthen Baghdad – where a member of the Parliamentary Economy and Investment has called for the issuance of Banknotes small to strengthen the Iraqi dinar.

Said Najiba Najib told all of Iraq  the more we were able to strengthen the country’s economy will be reflected on the value of the Iraqi dinar against foreign currencies, noting that “if what has been compared to the Iraqi dinar to the dollar, it is not weak equal almost to a certain extent.”

The main roads to strengthen the Iraqi dinar come through the diversification of sources of revenue because Iraq’s dependence on oil only would negatively affect the economy, indicating that “monetary policy in the country need to measures by the central bank, either through deletion of zeros or the issuance of Banknotes small because they are necessary in a manner consistent with the economy and fiscal policy.

The Prime Minister Haider al-Abadi, said on 17 July, said that “the Iraqi currency reserved and have a great economic power, hard currency is because it is backed also that Iraq has the potential and capabilities and we have the blessing of oil,” he said. “There is no fear on the exchange rate of the Iraqi dinar compared the US dollar, and the dollar will strike prices manipulators with an iron fist.

“It was announced in the parliamentary finance committee member Faleh in force, in 28 of last August, for delivery to the committee the public prosecution and the judge corrupted files money laundering related to money laundering and currency conversion to Aforeig.

Article Ends

Article #2 Begins:

A MEMBER OF THE PARLIAMENTARY ECONOMY: CENTRAL BANK IS STILL SUBJECT TO ITEM VII AND IRAQ SIGNED AGREEMENTS DO NOT APPLY

http://www.alliraqnews.com/modules/news/article.php?storyid=14919

Baghdad –
Member reported in the economic and investment commission in Parliament, said the representatives of the Central Bank of Iraq is still subject to the separation of the seventh item in the financial affairs by the UN Security Council resolutions.

The MP said Ahmed Salim told all of Iraq , “The central bank is still subject to controls Section VII, and did not come out until this moment, even got out of what used part of the reserve of gold or pound which is owned by.”
Said MP said he had sent a letter to the Bank to inquire about the extent of time you specify international standards to get out of Chapter VII for Iraq’s money and gold reserves and other funds.

“He pointed out that” the Chapter VII sanctions lifted from Iraq, but some of the material, either article that allocate the financial affairs of Iraq did not raise them, even if lifting of the central bank deal internationally varies from dealing now, “and said,” That’s why more Iraqi funds sold through auction and the reason that the money paid through the sale of oil abroad to compensate for the sale of the dollar at home.

“and between the economic and investment commission member, said” agreements Iraq concluded with countries that have no meaning except that Iraq emerges from chapter VII of financial affairs, and these agreements most of them do not apply the current time, but some of the agreements, which are set to the House for the purpose of legislation and ratification, which is for the economy, including cooperation between the countries and the provision of economic and trade work , Yes, this is voted on, but placed until it comes time “, adding that” in any case, Iraq will remain constrained by that never goes out of in terms of financial affairs Chapter VII.

“He said a sound that” the central bank gold sale does not threaten the currency timeshare Presently, because the reserve be present at the central bank for the purpose of the necessary need to walk the things the country or improve the economic situation in a particular circumstance.

“He explained,” In my opinion, this does not affect, but each country is in economic conditions sudden and the central bank is a treasury of the policy of the Iraqi economy, including inflation and policy processing cash that keeps the country also maintains the Iraqi dinar, “noting that” this is part of his work and his duties to provide funds and other alternatives to assisted by gold.

“The central bank had said last Saturday, that the continued sale of gold bullion for citizens processes will support the financial liquidity.

said Governor of the Central Bank on the Keywords in a press statement, that “the central bank, in order to support liquidity in the Iraqi state and to encourage citizen of the Optional savings to diversify its means and put forward different options for him, began by asking different alloy weights for the acquisition by citizens, taking into account the bank to the circumstances of the citizen Almaahah.anthy 2

Article Ends

Many of you dinarians have asked me why I spend so much time helping you to see clearly this RV process. Meinen Hubby too asks me the same question…..lol….I will address some of these questions now.

My only answer is this –
I have much expertise from prior military intelligence career that I can put to use to assist us civilians in seeing the truth in the RV process. I ask for no donations or money of any kind. I have no internet site for overhead nor do I spend time on a conference call (just social calls anyhow). Instead I spend my time writing a news letter for all my dinarian friends. It was  originally  for a few selected, close friends. Over time I saw the necessity to spread the truth and so many have asked if they can publish it to the general public and I agreed.

Why do we need to have to be helped to see the truth?

The main concern of mine is not that there is not enough good information in articles and news releases from Iraq for all of you fine dinarians to read and understand. You clearly do not need anyone telling you about this investment or so called intel providers. All the information you need is at your finger tips.

The main concern and problems stem solely from these so called intel “gurus” who fill you minds and hearts with their constant info and try to wrap you into their mode of thinking.

They are the source of the only problem I see with getting through to the truth about this investment. They have their own agenda. They know you are venerable. Whether it is selling dinars, having you donate to their site (making money off false intel), subscribing to an RV alert or subscribing to some post RV party (where they will take advantage of you as millionaires later). This is just to mention a few of their tricks. They already have your addresses and telephone numbers since you call into their Q & A sessions out of total ignorance of what they are really doing.

Folks the world is full of these charlatans and they are wolfs in sheep clothing and you are their prey.

Do you also see how many of them use prayer now to get to you. Something as sacred as prayer, shame on them……Are they really all so holy and caring….lol….?

Till next time…. Auf Wiedersehen!

Peace and Luv To Ya All,
Mnt Goat

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