American Contractor Intell Report Date: 05/29/2019
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Inside Iraq the state banks take control of the banking industry. There are
more state banks than private banks. If you have been reading my blog
(American Contractor) you would know already know that the banking industry in
extremely underdeveloped. If you ever go to Iraq, you will see banks
everywhere. They look like a bank on the outside but when you walk into the
bank lobby, they are selling furniture or sometimes you will see used cars for
sale. That is not a bank by no means, but they can get away with it because
there is no oversight with any authority to crackdown on the banks. Private
banks do the largest disservice to the Iraqi people.
The private banks for the most part do currency exchange and wire transfers.
It’s pure profit for the private banks.
The number one question I always get is “Do you think its going to RV.”
The Iraqi government has always mentioned that they will replace their
currency with new categories and will follow what the country Turkey has done
in the past. That does not sound like an RV to me.
I know that many of you will not like that answer but its my opinion and we
can debate it if you like.
The banking industry has to develop into the twenty-first century if it ever
wants to grow help its citizens. They lack banking services and mostIraqi do
not have a bank account and keep there money in cash at their house or buried
in the desert somewhere.
If you have any questions, please send them to the email address below and I
will answer them in the next issue of the American Contractor Intel Report.
If you are paying attention to what is happening inside the USA. I am sure
that you are learning about other sources of money. Like silver, Gold, and
Crypto. If you are not studying these types of currency and precious metals
you are doing you and your family a disservice.
Last week Ford Motor company announced the lay off of 7,000 people. Other long
established businesses in the USA are also laying off people. More on this
Until then have a great night.
Welcome to the American Contractor Intelligence Report
When you look at media headlines coming out of Iraq. You must
take a step back. You must read and reread the articles.
In Iraq, they’re articles written every day to mislead you. Just like an Iraqi
guru who mislead you every day. A week ago, I received information that the
Iraq Central Bank (CBI) was distributing old banknotes. This is a false story.
The CBI is not distributing any Iraqi dinar currency that is old or what you
would consider lower denominations.
In Iraq, there are media organizations that are aligned with various political
organizations and sometimes associated with these political parties are
militias that are well armed better than the Iraqi army and police.
A few years ago, I mentioned a significant event occurred with the Central
Bank of Iraq that sent shock waves inside the country. The CBI shut down its
doors inside the Kurdistan Regional Government. The CBI moved out and did not
distribute or transfer any cash like US Dollars or Iraqi dinar currency to pay
government employees for two to three years. It almost crippled the KRG if it
wasn’t for selling oil through their northern borders into Turkey and Europe.
Several months ago, the CBI along with the central government eased
restrictions and started to distribute money (USD, IQD) into the KRG region to
pay for salaries and pensions. Now the KRG has unfortunately aligned
themselves with the Iranians. This in the future may be
The Iraqi economic conditions are gradually getting better. The country is
receiving more foreign investment as its coming in slowly. Investors are still
cautious but the recent conditions like higher oil prices and higher public
and private investment Iraq is getting better.
Iraq is working within the parameters of the World Bank and International
Monetary Fund. I guess that’s a good thing. Higher oil prices means that the
government will be bale to fund construction projects and pay the salaries of
The Iraqi army has some military success fighting the bad guys. However, they
still have protests, high unemployment, corruption, and lower standards of
Electricity and clean water are very important for everyone and are lacking in
The spread between the official and parallel exchange rate is getting closer
(2%). Iraq has low inflation. Some say in the single digits.
The Iraqi dinar is pegged to the USD. The CBI is using that to keep the
inflation low. The CBI money supply has been contracting started last year.
This may be a good thing. Will have to wait and see what develops with the IQD.
Private banks still involved with currency exchanges and wire transfers that
is there business model. (Think Iran).
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Remember this report will be daily and will focus on the middle east, world
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Thanks for reading.
5/11/2019 In Iraq, the oil contributes 92% of the revenue to the Iraqi
government’s budget and that’s according to Iraq oil minister Thamer Ghadhban.
The oil minister said that he is trying to change that. Iraq could increase
development in industries like banking, construction materials, food
processing, metal fabrication and become the next leader in the middle east.
This is all going to take more time than what people are wanting. Nothing has
really changed since the bad guys in Iraq been defeated. The Iraqi government
are trying to play nice with the U.S. government and the Iranians. I have
stated in past emails that the Iranians have infiltrated the Iraqi government.
They will use the Iraqi government for their (Iran) benefit. The Iran
sanctions are in full force right now. The Iraqi government has vowed to
increase oil production to overcome the shortage due to Iran forced to stop
exporting oil to China. You will see Iraq prevented from increasing oil
exports to assist the Saudi Arabian and UAE governments. Both these countries
most likely do not have the capacity to meet the shortage without Iraq’s help.
China is a big importer of Iranian oil.
Central Bank of Iraq
The Central Bank of Iraq governor Ali Mohsen Al-Allaq has been meeting the CBI
governor of Iran to increase both countries banking relationships. You can see
what is being developed in both countries. Iran has banks inside Iraq and they
will always have access to US dollars and any financial transaction their
You may have saw the news reports of the United States government deploying
U.S. Army Patriot missiles to the middle east. These are defensive weapons
that are used to shoot down incoming missiles. This is not the only weaponry
that the United States is deploying. They have also deployed a bomber group
consisting of B-52 and Navy aircraft carriers. The US Aircraft carrier Abraham
Lincoln and USS Arlington which has U.S. Marines and everything you need to
support Marines in battle are on station in the gulf. The Pentagon is not
saying where exactly the B-52 bombers are in the Middle East. There’re few
locations where a runway can support a large military jet like B-52.
Thank you for taking the time to read the email. If you ahve any questions you
can email or send me a text at the email and cell number below. Thanks, Rich.
American Contractor Text/SMS: +1 931-444-7110
11/4/2018 I know that It’s not often that I send out exciting updates on
what is happening in Iraq. However, I thought tonight would be a great
opportunity to reach out to you all and just let you know that I’m still
As always, I continue to talk to my Iraq contacts daily by Skype and Email.
It’s important to keep up with what’s happening inside the newly elected
government and the private sector. In Iraq, the Iranian-backed Shiite militias
(IBSM) are controlling the private sector and the government in just about
every province. The IBSM are creating checkpoints and shaking down every
person who comes through and making daily life very difficult for all.
On Monday, November 5, 2018, the United States government will reinstate the
Iran sanctions. The sanctions will target the energy, shipbuilding, shipping,
and financial sectors. You’ll probably see the sanctions in the news circling
next week. The U.S. State Department sent out a tweet last week telling the
Iraqi government to disarm the militias. This did not go over well with the
Iraqi officials. In fact, most of the officials are Iranian agents or at the
minimum on their payroll. Iraq will most likely receive a waiver on the
sanctions in regards with Iran. The Iraqi government will most likely continue
to conduct business with Iran but not in US currency. The Iranian rial
currency lost about 70% of its value and inflation is skyrocketing in Iran. It
will be interesting to see how Iran will operate with the sanctions before
their economy collapses.
You can already see that tensions are brewing again in the Middle East. Iran
continues to support terrorists’ organizations in Iraq, Syria, Lebanon, and
Yemen. It will be interesting yo see how the Iranian government responds to
the U.S. sanctions. The Russian government strongly condemns the move in
reports stating “do everything necessary to preserve and expand international
trade and economic and financial cooperation.” There will be countries around
the world that will not abide by the imposed US sanctions on Iran.
Did you know we have several thousand US Troops stationed in Iraq? This is a
real threat to the Iranian government. The Deputy Commander of the Islamic
revolution Guard Corps (IRGC) stated that they could manage the US forces
quickly. In the article the IRGC commander does not say exactly what he will
do to take control of US Forces in Iraq. The IRGC has missile capability and
I’m confident they’d use well-armed Iran backed militias. Our US Military has
probably thought of every contingent to respond to any threat in the region to
include the Iranians.
The Iranian economy will not be able to sustain the sanctions. The Iranian
rial will suffer inflation and become worthless. The reason why the Iranians
want the US dollar and are swiftly collecting the dollars. United States
Treasury advised the SWIFT system (a banking transactions authority) to halt
all transactions to Iran. This will significantly impact the Iran economy.
7/4/2018 American Contractor Intel Report
The Iraqi elections were held on the 12th of May. In Kirkuk,
Iraq security forces were attacked and wounded by unknown masked gunmen with
RPG’s and a car bomb while doing the task of checking ballot boxes. The media
is also reporting that the Ministry of Finance building has mysteriously
broken out in a fire. The extend of damage is not yet known. Following the day
after elections, the Independent High Electoral Commission (IHEC), announced
that the former militia leader (who turned Shia cleric) Muqtada al-Sadr, and
his Saairun political party had won 54 seats in the Iraq parliament.
Prior to the elections, the government of Iran had sent their terrorist Quds
Force leader, Army General Qasem Soleimani to Baghdad. Soleimani was more than
likely meeting with his Iranian agents inside Iraq to coordinate the rigging
of the election. The mullahs in Tehran wanted to ensure that the Iraq
elections ended in their favor. Naturally, the Iranian government displayed
their shock and dismay upon the announcement of which candidate was
victorious. It has been reported that there has been numerous cases of voter
fraud. In fact, the Iraqi government was going to conduct a manual recount
when a major fire (coincidentally) broke out Sunday morning (June 10) inside a
warehouse in the Rusafa district of Baghdad.
The Iraq parliament has now voted unanimously to hold another country wide
election. In addition, the Iraqi government has also fired the Iraq Electoral
Commission and has now turned the entire voting oversight to the 9 supreme
Several political offices belonging to Al-Sadr have been attacked by unknown
gunman. On Friday, June 8, a residence located in Sadr city unexpectedly
exploded wounding over 90, and killing 18. The residence was reportedly being
used for storing ammunition. This incident prompted Al-Sadr to announce an
initiative to have all weapons/guns turned in and has now declared Sadr city a
weapons free zone. The storing of large amounts of ammunition inside a
residence is illegal and the Iraqi government is conducting their own
04/25/2018 American Contractor Intel Report (ACIR)
Within the Government of Iraq (GoI) politicians are holding duel passports in
Iraq and Iran. Apparently, they work and serve both governments. I am told
that this is quickly becoming a major problem and the Iraqi leaders are trying
their best to resolve this. For example, Iraq’s Acting Minister of Industry
and Minerals, Mohammad Shiaa al-Sudani, has signed a co-operation agreement
with Iran’s Defense Minister, Amir Hatami. However, the Defense minister is
not coordinating the agreement with the Iranians. The deal was to increase
weapon sales and equipment between the two countries. More on this below.
Iraq Prime Minister, Haider al-Abadi, whom is a member of the Victory Alliance
formed by the former Prime Minister, Nuri al-Maliki stated that he is
confident that he will win a second term as Prime Minister. Many Iraqi’s are
voicing their disappointment and anger that al-Abadi did not fulfill his past
campaign promises. In addition, the Kurds are not too keen with al-Abadi as
well. Apparently, he ticked a lot of people off when he decreased the federal
budget funding from 17% to 12% for the Regional Kurdistan Government (KRG).
The KRG is receiving less money from the central government and therefore
cannot manage their budget appropriately. Corruption continues to be a major
problem within the KRG and nothing ever gets done about it.
On April 17, 2018, the Iraqi parliament were expected to show up for business
as usual, but all that fell through when many members failed to even show up.
Note that, 70% of parliament members are running again for office. There will
be no more sessions in Parliament until after the elections on May 12.
Security / Infrastructure
On Thursday April 19, 2018, military officials from Iraq, Iran, Syria, and
Russia met in Baghdad to discuss military operations against terrorists in the
region. Note that, there were no U.S. military representatives at the meeting.
Looks to me like just another example the GOI is moving towards anti-western
countries. Iraq’s Acting Minister of Industry and Minerals, Mohammad Shiaa al-Sudani,
signed a co-operation agreement with Iran’s Defense Minister, Amir Hatami. If
you read the article it clearly shows a disturbing course of action by the
Exxon Mobil halted all negotiations with the Iraqi government in developing
their oil fields. The giant oil company has not worked in Iraq for the past
two years. This was in regards to disagreements on the conditions of the
contract and its costs. This will be a major setback for Iraq in developing of
their oil fields.
American Contractor Intel Report (ACIR) 04/18/2018
In the course of the next few months you may quite possibly see media
reporting about a delete the zeros project. According to the intel I have, as
well as info I received today from a banker, the delete the zeros project is
going to be progressing at a much faster pace, and word has it that new
information will be published after Ramadan. In February 2012, the Central
Bank of Iraq (CBI) circulated reports to the Baghdad media that they were
going to introduce three new banknotes. They were reported as follows; the 50,
100, and 200 Iraqi dinar currency. The reports also made mention of coins
however, coins are not very popular with the Iraqi’s. So, who can tell, it may
or may not happen with the coins. Everything from this point on is riding on
the upcoming national and local elections (May 12). There appears to be a vast
more supporters than not for the delete the zero’s project. The CBI would like
to gain control and lower the inflation and boost the economy. At least that
is their intention. The company that will be printing the new bank notes has
already been selected, the authorization is the only delay in moving forward
with the print. You may see some action possibly after the elections,
depending on which party has control of the government. The Iraqi parliament
will have to vote on the delete the zeros project given that they did not get
the opportunity in 2012. The Iraqi cabinet stopped it because they believed
the economic climate was not yet ready.
The GOI has had concerns about the mafia gangs inside Iraq that are taking
advantage of the situation. But that’s a whole separate issue they need to
tackle. Oil prices are continuing to go up and businesses are returning
although cautiously and investing in startups and existing companies. You will
learn of the delete the zeros project getting ready to be implemented when you
read that there is an education campaign going on inside Iraq. The education
campaign will consist of news media, flyers, and radio advertising to get the
word out. The CBI wants to make sure that everyone is informed about the
delete the zeros project.
The banking system in Iraq is not up to par with 21st century banking
standards. There is a plan in place to modernize the banking. The CBI does not
care to see the Islamic banks outperforming the other banks.
The counterfeit dinar problem continues to be an issue. In Iraq, every bank
manager turns in all of the counterfeit notes that he encounters from his
depositors each week to the Central Bank of Iraq (CBI). The bank is rewarded
for this and receives a credit from the CBI.
American Contractor Intel Report (ACIR)
Recently there have been reports about the declining U.S. dollar in Iraq. This
is true because political candidates are currently using the U.S. dollar to
fund their campaigns. The U.S. currency will always remain in Iraq and it’s
still the dominating currency in the country. Recently the Iranians were
complaining that they are having issues with getting the US currency. After
the election on May 12, the US currency will be back to normal in Iraq.
The Central Bank of Iraq (CBI) has issued a memo saying that they will not
accept any torn, or damaged Iraqi dinar currency. If you have any Iraqi dinar
currency make sure your taking great care of the currency.
In September 2014, Nuri al-Maliki was removed from the Prime Minister position
and he is currently making political moves to replace al-Abadi in the next
national elections. We know he is the Iranian favorite as the Iranians are
getting nervous about al-Abadi.
Business in Iraq
The Iraqi government has a plan to build 300,000 housing units and this
project is worth hundreds of millions of dollars. The question arises is how
are is the government going to get the money to start building when they are
currently in a deficit and cant pay the bills.
The government of Iraq (GoI) declared victory over the Islamic State after
defeating the terrorists in Mosul and chased them back into Syria. The U.S.
Pentagon has reported that there is a “resurge” of the Islamic State in Syria.
And if that is true it’s also happening inside Iraq. In February, the Pentagon
asked the U.S. Congress for funding to arm and equip 60,000 Kurdish fighters
in Syria. This is the start of having the U.S. military leave Syria if the
funding is approved.
In the Middle East it is still a powder keg. Especially when you have the Quds
force commander Qasem Soleimani threatening the United States and Israel
saying “breaking the rules of the game.” Qasem is upset when the Israel
Defense Force launched an attack on the Iranian air base T4 in Syria killing
several members of the IRGC (Islamic Revolutionary Guard Corps). Qasem will
probably realized that he and he thugs will be no match for the military power
of the west.
04/16/2018 American Contractor Intel Report (ACIR)
Iraqi Security Forces (ISF) have recaptured all of the territory held by the
Islamic State (ISIS). However, in December of 2017, the Prime Minister Haider
al- Abadi declared ISIS defeated. Unfortunately, large areas of northern and
western Iraq continue to lay in ruins from the extensive fighting. Since 2014,
the lack of local governance, secure transportation, disruption in local
services, and a decrease in international oil prices have severely impacted
Iraq’s economy. At the present time, the Iraqi’s are shifting their attention
towards recovery and the country’s political future. The security conditions
are improving and the Iraqi army is continuing onward with their
counter-terrorism operations against the Islamic State.
There are currently 26 days left in the Iraqi national elections. Over 1,000
candidates are campaigning for all the various political positions. Each and
every one of my Iraqi contacts have stated that this election is the most
crucial one for the future of Iraq. The Iranian government is trying to
maintain their control of the Iraqi government. Clearly, Iran does not want to
see the Iraqi government align themselves with the west. In my opinion, the
Iraqi government has an unstable relationship with the west and a stronger
relationship with Russia, Iran and China.
It has been reported, that the Central Bank of Iraq (CBI) have closed the gap
with the parallel market rate. Issues remain with the currency and the CBI is
preparing to print even more currency shortly after the elections. As if they
don’t have enough already!
Ramadan begins May 15, 2018, so clearly nothing significant will happen during
this time. Thank you, for reading the American Contractor Intel Report.
04/15/2018 AC Intel Report
American Contractor Intelligence Report (ACIR)
In northern Iraq, the Iraqi Popular Mobilization Forces (PMF), the Hashd al-Shaabi
started their large military action in the al-Mahlabiyeh, Tal afar, and Sinjar
Iraq Economy and reforms
The recent attack on Syria saw in an increase in travelers to the Baghdad
International airport. You didn’t know the Damascus International airport
which is the main airport coming into Syria was closed for several days before
the attack. When this happened people who had planned to travel to Syria had
to change their travel plans. The travelers arrived at other neighboring
The Iraqi economy has contracted the last few years because of the war against
the Islamic State. As there was no funds for infrastructure projects because
the Government of Iraq (GOI) was paying soldiers and militias to fight
terrorists. In addition, the GOI had to handle 2 million displaced persons
that fled from their homes and moved into the neighboring provinces in the
north and south. The GOI stopped paying the government salaries and pensions
to government employees since June 2014. It’s because the GOI didn’t want the
funds to go to the Islamic State. The GOI is trying to pay those salaries and
pensions as soon as they are able.
The GOI has reforms to start to jumpstart the economy. Prime Minister Haider
al-Abadi in a speech said he wants to get away from dependence on oil and
build up other industries. This will take time. The GOI has to improve the
access to credit and develop the banking industry to increase development in
the other industries. Oil prices are above $46 dollars, and is inline with the
2018 federal budget. We can hope that the price of oil goes to $90 or $100 and
this helps the GOI. If the oil prices fall below $46, it will weaken the
economy and deplete the low financial foreign reserves are at an estimated
$45bln. You will see Iraqi’s exchange their dinars to U.S. dollars because the
economy would be unstable.
The Iraq elections are May 12. It is the most important election for the
country. The Iranian government has double down and is getting every Iranian
agent on the ballet box and wants to keep their grip on the Iraqi government.
The Iranians wants the United States out of Iraq and if they get enough
support in the Iraqi parliament, it may happen. Speaking of elections guess
who the Iranians want as the next Prime Minister? Yes, you guessed it Nuri al-Maliki.
Thank you for reading the American Contractor Intel Report (ACIR).
8/27/2017 Hello -----, The Iraqi government continues to
battle the Islamic State (IS/ISIS) in northern Iraq near the
town of Tal Afar. The Iraqi Army Special Operations
Counter-Terrorism unit (Golden Division) have initiated
their combat operations and have captured eight villages
near Tal Afar.
The combat operation in Tal Afar is slow moving and
methodical. It is my opinion that the Golden Division, along
with the units of the Iraqi Army will defeat the terrorists
and therefore drive them out of Iraq. The U.S. Pentagon has
reported that ISIS thugs have resorted to drug use in their
fight against the U.S. backed rebels. A valid sign that the
ISIS thugs fighting days are numbered.
In Anbar province, thugs are still trying to hold out
against the Iraqi Army and U.S backed rebels.
The thugs remain near the border crossing of the Jordanian
border trying to maintain their hold on the area. The towns
of Al-Qaim, Ana, and Rawa are still under their control. It
is just a matter of time before the drug users are overcome
In past years, Iraqi politicians have siphoning off
government funds and sent money to private, secret bank
accounts located in Europe. The European banks relish this
because they charge a percentage fee for managing these
funds. The politicians are paying off everyone and anyone;
it means those government employees are all on the payroll.
As of now, it appears that no arrests have been made in
regards to the money smuggling and laundering of the
government funds. The amount of money smuggled out of Iraq
is unknown however, reports are that it is in the hundreds
of millions of dollars. In Baghdad, money laundering and
smuggling investigations are ongoing. However, very few
politicians are arrested and sent to prison. In Iraq, any
convicted politician or individual with money can pay a
bribe and avoid imprisonment. Other available options are to
have another individual, a scapegoat, to sit in prison on
The Iraqi dinar has been fluctuating between 1189 and 1260
to the dollar. The Central Bank of Iraq (CBI) continues to
support the Iraqi dinar's peg to the dollar. The current peg
is not expected to change for several years. The CBI is
obtaining badly needed loans from the International Monetary
Fund (IMF) World Bank, and several private organizations to
assist in the rebuilding efforts.
Some organizations are reluctant to grant Iraq loans due to
the simple fact that AML laws (anti-money laundering) are
not withstanding and the additional lack of law enforcement
Parliamentary Economic Committee member, Najiba Najib, is
sounding the alarm about Iraq's current economic conditions.
Najiba is quoted as saying that "the country is on the verge
of austerity crisis as a result of Iraq's continued
reduction in oil production in the organization and its
financial budget as a result of the war against low oil
prices. In addition, the crisis of displaced persons and
ministries are not functioning and do not provide the level
required to achieve self-sufficiency." This coming year, in
2018, the Iraqi government will have a laborious time in
servicing debt, and repaying loans owed to other countries.
It is likely that the hard currency, the U.S. dollar, will
maintain its presence in Iraq for time to come. The Iraqi
government (CBI) continues to print dinars to maintain the
inflation in the single digits. The increasing deficit of
$21bln will continue to be an ongoing issue well into 2018.
One is to wonder and question how Iraq is going to receive a
loan to help offset this enormous deficit? Let’s hope that
the year 2018 sees the price of oil rise to $100. That would
be a tremendous help to the Iraqi government in regards to
Thank you for your continued interest and support in
reading the American Contractor Newsletter.
2/6/2015 Iraqi dinar
Delete The Zeros Not The Right Time
Video Link 4min
2/5/2015 No More Iraqi
Dinar Leaving the Country Says Website?
Video Link 5min
2/3/2015 Iraqi Dinar
Market Rate Increased Says Iraq Banker
Video Link 5min
2/2/2015 How To Get The
Iraqi Dinar Market Rate From CBI Website
Video Link 6min
1/29/2015 Iraqi dinar
Increase In Money Supply Says Central Bank
Video Link 11min
1/23/2015 Switzerland hit
by currency devaluation race. Switzerland’s hand is becoming
increasingly weakened as the global poker game of currency
Video Link 11min
1/20/2015 Iraq proposes
oil barter scheme to pay for weapons
Video Link 4min
1/15/2015 Iraqi Dinar per
liter of Gasoline in Iraq
Video Link 5min
1/6/2015 ISIS Gold and
Video Link 3min
1/2/15 American Contractor
Iraqi Dinar Currency Revaluation Structure
Video Link 4min
Iraqi Dinar Question and Answer by American Contractor
Video Link 20min
Video Link 1.32min (Iraq says Jordan to begin training
Iraqi troops soon)