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23 Years in Baghdad
By Reset Intelligence | @EXIT_FIAT
On Saturday the Central Bank of Iraq and the US Treasury reached an understanding. 7 Iraqi banks that had been shut out of the world’s payment system were let back toward it.
The headline that ran everywhere said they were cleared for dollar transactions. They were not. The Arabic in the statement excludes the dollar by name.
The moves on the record
• 7 banks readmitted – to external correspondent channels in currencies other than the dollar. Dollar eligibility is a second phase, conditional on finishing the central bank’s re-licensing programme. No date was attached by anyone.
• 48 agreements – signed during the Washington visit, announced Saturday. The Iraqi prime minister’s office counted 48. The summit host counted more than 50. Initial value above $60 billion.
• A JPMorgan branch – the prime minister’s office announced an agreement to open one in Iraq, to finance American company projects.
• 9 ministries – still have nobody sitting in them. Parliament has not voted on them since the recess ended on 1 July.
• FATF – Iraq remains on the list of jurisdictions under increased monitoring, added 19 June. Nothing about that can change before the October plenary.
That is the short version, and it is the version everyone has.
The part nobody connected
On 14 July 2003 the Coalition Provisional Authority signed Order Number 20 and created the Trade Bank of Iraq. That August, JPMorgan Chase won the contract to run it, beating consortia led by Citigroup, Bank of America, Wachovia and Bank One. No source we can find states the arrangement ever ended.
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The bank being reported as arriving in Iraq has been clearing Iraqi trade paper for 23 years.
Today’s briefing walks the whole thing. What Order Number 20 actually says in plain text. Why the fee was never the point. The 2 earlier occasions the same house did the same thing when a state’s money stopped working. And what all of it means for the rate.
Read the full daily briefing free for 5 days. Sign up here: resetintelligence.com
The brief is free every day at that page, so it is worth bookmarking rather than waiting on the next piece.
If you want the background, Head of the Snake maps the route the money took, and the code 25XOFF is still running. The free resources library carries the guides and the scenario reports.
Nobody announces the room they never left.
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