Militia Man-Iraq Dinar News-Reformed Banks to International Standards (Uncut) 03-24-2025

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First article we’re going to talk about tonight about the Iraqi dinar in our Patreon room. We have all kinds of information at patreon.com forward slash mm and crew. And also don’t forget, we have a free discord chat room.

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So that’s good. Hey, listen, Prime Minister directs to accelerate the process of reforming the Rafidane and Rashid banks in accordance with international standards. You guys, I don’t know if you guys realize this or not, but the article for consultations that started back in 2003 to 2004, discussed the matter of privatizing state owned banks.

And one of the last things they do is something like this. And you guys can look that up. And it’s a good read.

It’s long, but get on it. If you feel compelled to do so, I think it’s important because you’ll know that this stage of privatizing the banks is what they’re talking about. So the Prime Minister, Shia El-Sudani, he says he wants to accelerate the process of reforming the Rafid, no, the Rashid and Rafidane banks in accordance with international standards.

And they’re working with who? Ernst and Young. And if you guys remember just not too long ago, within days ago, there was pressure for Ernst and Young to get a move on and finish it up. And my understanding is that they had about eight months in the year of 2024.

And I think that was ended in August. And here we are pushing April 2025. So it’s not surprising that there’s been pressure to finish this up.

They discussed and reviewed their internal regulations in accordance with international standards and the objectives of banking reforms. The Prime Minister also directed the continuation of the reform process of these two banks and the development strategies for their administrations to contribute to speeding up the reform process. So here’s, you know, they’ve already started the process of reform.

They want to get it moving. Let’s go. We have a meeting followed up by the procedures for establishing a new bank in the name of Rafidane First Bank, which was approved at the Council Administrative Session held on January 13th of this year, with a different vision that adopts the modern technologies, the international standards and help in implementing their government’s targets in financial and banking reform, which is a reflection of the economic track and development movement in the country.

He notes that Ernst & Young Company submitted a report in which it reviewed the financial and technical offers of the project to establish the first Rafidane Bank. So what do they have? They have offers. What are technical offers? Technical offers are unpriced offers.

So why would they do it on an unpriced offers? Why would they be doing that? Well, I believe from what I get and did my research, you guys can do the same. Look it up. It’s contract law.

You’re going to find that priced offers are everything it costs for them to do it in real terms. And so they’re not disclosing if it’s going to be in the denar or not, but they’re obviously talking about an unpriced. Why would they be doing it unpriced? It’s because they don’t know exactly what that price is going to be other than reflection of the currencies that they’re holding at that moment in time or wherever they live around the world.

So ultimately, what’s it going to cost in terms? And it’s the basis is of what’s it going to cost and what are you going to do for us? And again, how much you’re going to offer, right, in their terms. So I guess if I have it right, and I’m not a professional on that at all, but I would suggest that what they’re doing, and you’re going to see they invoke again later tonight, you’re going to find out about the single the single window still on the table, the single windows for investors over $250 million. Okay, so it’s obviously a powerful timeframe that we’re in.

Again, those contractors are going to have to tell them how much it’s going to cost. I don’t care if it’s in euro or the yen or whatever, they’re going to tell them how much it’s going to cost them to do it in their own terms. And they’re going to have to relate that and coordinate it with the value of the Iraqi denar.

That’s what I think. So the acceleration of the privatization of these two banks is highly important. And as it is a key component of monetary reforms, a country goes through prior to a revaluation of the country’s currency.

That’s, you know, that’s in the article for consultations, as far as I can tell. Look, the process to become private, you know, have a country go private, and be based on the private sector is going to be outside oil. So they call it an oil rent to your state.

Iraq has non oil revenues coming in. And you guys have seen that all taking place for the last couple of years. Interesting thing enough, one of the questions I asked and did more research on it, and I think I found myself to be right, is about can Iraq be pegged to the dollar into the future? Or are they going to change? My question is, didn’t have to be to the extent that which one are they going to use? The question becomes not what they’re going to use.

It becomes one is that can they are they going to stick with the US dollar? I don’t know. Or are they going to be in a basket of currencies? Either ones can happen, right? I think in this world, because they’re going to a digital dinar, I think they’re going to probably use the RL USD. Okay, that’s Ripple United States dollar.

I believe that’s going to be a component in this because it’s a digital environment. And you’re going to find that the Boona platform is going to be in a digital environment. And we all know about those things.

So they might get best of both worlds, because the region is going to be in a digital environment, just as the globe is going to be a digital environment. So keep that in mind. And you’ll see in the news that the RL USD is going to be take main stage because it’s going to be the digital version of the United States dollar, the largest currency traded in the planet.

That’s just the way it is. So we’ll see how it is. Why change if you’re already doing oil and everything else in the US dollar? Why not use RL USD? And why not use a digital dinar? That is going to be part of that process.

They’ll be able to communicate, they talk about methodology, they talk about communications, they talk about transparency, they talk about speed, they talk about efficiency, and they talk about anti-corruption. So all of that’s in play. So anyway, to move on, the Minister of Reconstruction, it says liquidity crisis in Iraq due to the storage of more than 80% of the currency at home.

Well, first off, I’m going to tell you this is that I know for my viewing fact that there was video out from Iraq that showed they were destroying currency, perfectly good currency. And it was from probably around 2018, 2019. Give me two years.

I just go by memory on that. Because guess what? You can’t find that video, at least I haven’t, but I’m pretty sure that I have many people that watched it along with me in that respect, that they had machines and they were kind of bragging about the fact that they were destroying money, 25,000k notes, etc. So when people look at the M1, M2, etc, etc, what the central bank discusses, I’m not so sure that they’ve disclosed specifically how much they destroyed.

I’ve never seen that. I’ve always looked for it, never see it, never have seen it. So it’s kind of hard to state that that 80 trillion is truly in mattresses.

If you think of a component, I don’t care if it’s $1 bills or 25k notes, 80 trillion of those laying around the country hiding, I don’t think so. So take that into consideration and obviously be objective to what they say. But the bottom line is that they’re using that.

But the interesting things is that they’re talking about, they want the citizens to keep bringing in that money or they want to stimulate the economy through those deposits. They use it for lending, many different purposes. I think everybody should be aware of that by now, is that that’s their main focus.

Have they been successful? They’ve talked about they have been successful for sure. This gentleman here just says, there must be a set of measures to move the economy to a new phase away from dependence on oil sales by activating tax collection according to an efficient and robust system, whether for services such as electricity, water, sewage, border crossings, customs, et cetera. So he goes on and stresses that Iraq is a very good opportunity for success and we must move to new stages to achieve them, including moving citizens’ minds away from the public employment and towards the private sector.

And he goes on a little bit and explains that the current government has achieved many of these steps in a program, namely the establishment of the Development Fund Project to support industrial agricultural projects by providing, we talked about sovereign guarantees for industrial projects, completion of rates that they see are exceeding 20 percent, ensuring that they can pay in installments to import factories from foreign sources for the purpose of obtaining loans. So they’re doing everything they can to get the investment into Iraq. And I’m fairly sure that, you know what, to get that money, the smart money, out of the hands of those citizens that know that Iraq is going to go back to the glory days and believe that, they’re not going to let that go.

And that’s why there’s so much that’s still probably hoarded. I just don’t want to say that I can buy that 80 trillion. I would suggest that’s going to be significantly less than that.

And so trying to calculate what, you know, numbers without knowing that, I don’t think you can accurately. And so we’ll leave it at that. Here is another article, you guys, and it reverts back to the Raffadane Bank.

It says it launches a banking transactions monitoring system in a number of its branches. It says the remaining branches will be included successfully. So they’re going to keep doing this as time goes.

But it’s indicating this achievement that they’ve done comes as a part of the bank’s commitment to implementing the strict international standards in combating money laundering and terrorist financing, which is a basic requirement to enhance confidence in the Iraqi banking sector regionally and globally. So all the things I’ve just mentioned regionally and globally, we’re talking about the new system, talking about new systems, and we’re talking about okay, the new system being digital. And they’re talking about the regionally and globally, like I’ve already mentioned, that’s part of this component, right? So it says the new system enables advanced monitoring and analysis of financial transactions, which helps detect suspicious activities and reduce the risks associated with financial crimes.

It also provides accurate centralized audit procedures by the anti-money laundering reporting department to ensure full compliance with international regulations. I don’t know how you guys, it pretty much sounds like Iraq’s going to a digital environment, it’s going into the, and to have integration into the global financial system. And they basically keep going into the point where they say the transformation also represents a qualitative leap as it keeps pace with the latest global banking technologies, enhances transparency, and reduces reliance on paper-based procedures, right? So they’re getting rid of the dinar as a paper, and their government, e-governance, right? E-taxes, all those different things.

Okay, they’re going to a digital process. It says basically, all of what they’re doing contributes to accelerating inspection and auditing process and achieving unprecedented levels of financial security and economic stability. I mean, these guys are really moving forward with this as we speak.

And here he says, with this step, the bank affirms its leadership in developing the Iraqi banking sector and preparing it for integration into global financial markets. That’s going to have to be on the forex, everybody. They’re going to have to have an Article 8 compliant currency, and the one they have at 1310 is not one of those.

And again, you come back to the technical offers I talked about. Those are unpriced, but that’s because they have to come up with the value of those, what they’re going to do, and how they’re going to do it, and what’s it going to cost. So Iraq wants to know what their cost is, and then they can adjust what it’s going to be in dinar terms.

That’s going to be a fascinating event. And we don’t know what that is, and we don’t know when, but it looks good. Okay, so the integration into global financial markets, which will enhance the confidence of investors and international correspondents, which is correspondent banks, and position Iraq in the leading position within the regional and international financial system.

So they’re actually telling you that they’re going to be integrated into the global financial system, they’re going to deal with the correspondent banks, they’re going to put themselves in a position to be in a leading position within the regional and international financial system. Doesn’t that sound pretty powerful and pretty strong? Does 1310 sound strong? Like they’re going to be in a leading position? I don’t think so. It’s a no brainer.

But then again, if you didn’t read the article that you can find in Patreon, if you haven’t seen it yet, or if you didn’t study it, you got to look at that stuff and you got to go, wow, I mean, it’s really powerful stuff. So look, what Raffidane Bank, Rashid Bank, final stage of Article 4 International IMF consultation was one of the last things. And so they have the new Raffidane First Bank, if I had that right.

It could be Rashid because I always forget stuff. But anyway, they have a new bank. And that’s what sounds to me that they have with Ernst and Young’s help done that.

So ultimately, integration to the international financial system, what is it going to do? It’s going to go with global trade. And it’s exactly what we’ve been doing with here at Militia Man and Crew is talking about that. And actually a lot longer than that, but we’ve been talking about it.

But anyway, we can find that in our room, Militia Man and Crew. And here’s another article that’s the forecast of global economic variables and their impact on the Iraqi economy for 2035 through 2030. So a couple of points, they have five different points.

But the first one I thought was fascinating. Well, actually, it’s the second one. It says the Silk Road, which is China, will be activated to include the countries through which it was planned to pass to revive their economies and will actually be completed, actually be completed.

It is also expected the development path, okay, extension to Silk Road, which is Iraq, because they wanted to call it the Silk Road through Iraq, but they didn’t call it that. They call it development path. It’s an extension.

Okay, it says also expected the development path will be completed and there will also it says they will be completed, which will be an important role for Iraq and the countries participating in the project, which is his Iraq’s neighbors, that this will have a positive or will have positive repercussions on the economy. It’ll have a positive repercussions on a lot of economies around the world. I’ll guarantee that.

Well, wait, I don’t guarantee that. But I think it’s probably should be a guarantee. Alright, so it says the Arab economy will most likely be subservient to the new larger and more economically powerful pole.

Well, China and the United States, I should say America, and China, well, they’re both powerful. I think we all know that. And I think that Iraq’s going to be like they said, they think they’re not going to be the leading, which they had said to the degree that they do.

But again, those two poles are going to be part of the process. Anyway, here it says, rechanging the map of national economy resources by reducing dependence on oil. And that’s one of the things that they’re doing is they’re reactivating their natural resources.

And they’re going to be doing that over years, which is amazing, because non oil revenues are going to be very important. It says here, radically and comprehensively changing agriculture, industrial, commercial energy, water policies, relying on local resources, ensure food security, protecting, supporting production, developing programs, all that good stuff. Also, they say they’re supporting and developing stimulating the private sector utilizing its capabilities.

So they’re basically just outlining how they’re going to have the capital for investments, building the national economy, and all that. Okay, so I would suggest you guys come in and read it. But the cool part too, is that they’re completing this methodology by the central bank for reform and development, and it’s digital transformation in all digital fields.

So they’re completing the methodology. And then we all know that they’re going to be using new financial centers, they’re going to be using artificial intelligence. And all that does all the things that they describe, which is what transparency, fast, efficient, accountability, all of those things.

So again, the Silk Road, by extension is the development road project. And they’re saying that these initiatives are to be completed. And they also talk about integration into the global financial system.

So why haven’t they done it at 1310? The answer is because they’re not. That’s pretty simple. I think that we can all see that.

And lastly, I’m going to get to tonight is an article that’s fascinating in and of itself. And it comes from the government’s consultant who reveals an electronic system that converts company registration from weeks to minutes. And here’s the one I want to talk about, just because it invokes a big issue.

It says, Mohammed Saleh, we all know him as a very important person, very highly accurate man, and tells it like it is to the best of his ability, and to the best of what he can. He says he reveals today the importance of a single window for registering companies, while pointing out that there are seven exceptional features, including reducing time from weeks to minutes. So the new digital system is that fast.

It says the establishment of a unified electronic system for registering companies is an important step to support commercial movement and stimulate investment in Iraq, as it’s not only contributes to facilitating procedures, but also enhances business efficiency. And it also contributes to facilitating procedures, enhances business efficiency, and generates strong, more developed, innovative economic surroundings, and fundamental causes and factors, foremost of which are speeding up procedures and reducing routine. He goes on, look, this is big, I guess, but because this is a digital system, it saves time in registering these companies, and from taking weeks to several months, but they can do this now in hours or minutes, and entrepreneurs and investors to start their business quickly without the need to move between several government entities.

Look, that single window is for people that have $250 million or more. That’s who this is catering to. And so that’s who they’re talking to.

They’re going to know what this means. They also talk about the reduction in paper. The new system is about research.

It talks about transparency and how superior it is to the way it used to be done. It talks about the digital transformation and e-governance, so the government has done that. It goes on, it talks about immediate verification of data, and it reduces chances of manipulation.

It enhances trust between investors and entities, improving the business environment. I mean, this thing just goes on and on. So ultimately, I’m not going to finish the whole thing because basically that would get kind of boring, but the cool part is that I think you guys have enough data, and every one of you guys, gals, people around the world should understand that Iraq is showing that their true colors are that they are going international.

They’re going to a digital environment, and they’re doing it right before our eyes. And the last bit of piece that I really want to focus too on is that the privatization of the two state banks is very, very important. They kind of shed light on that a lot in this set that we did tonight.

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