Zimbabwe moves to cushion its economy with gold-backed tokens
Zimbabwe has introduced a new gold-backed digital currency as it battles to stop re-dollarisation, which President Emmerson Mnangagwa’s government fears will spell doom for the country’s fragile economy.
The country’s central bank said the digital tokens, also known as Zimbabwe Gold (ZiG), that are dominated in milligrams, can be used by both individuals and corporates to transact.
They can be bought from banks in local currency and in US dollars while goods and services will also be priced in ZiG.
Bank clients can transact using ZiG accounts through point of sale machines or via online payments.
In May, Zimbabwe unveiled gold coins for peer-to-peer and peer-to-business transactions as well as to act as a store of value as the country’s currency continued to lose ground against major currencies.
Vietnam"s next phase of growth on horizon | VIR (10/31/23)
Vietnam is expected to enter a new phase of growth as the country is looking to unlock its tremendous potential and capitalise on the growing interest of international business leaders and investors.
Within the framework of Vietnam Venture Summit 2023 on October 30, the Vietnam National Innovation Centre (NIC) and Golden Gate Ventures launched a report outlining the country’s growth trajectory. “Road to Greatness: Rewriting Vietnam’s Growth Playbook” pulls back the curtain on Vietnam’s economic resilience and examines what is under the hood of Vietnam’s growth in the next few years.
Unlike many other growth markets around the world and particularly in Asia, Vietnam has written its own playbook for success, capitalising on both a long-term view of growth and an agility to move with the changing economic environment to create a resilience that has withstood the challenges of 2023.
Since 2018, global manufacturers have increasingly shifted production to Vietnam due to escalating global politics, with the momentum building across 2021 all through 2023. This was buoyed by Vietnam’s focus on creating an increasingly supportive business environment, its well-educated workforce, low labour costs and favourable global trade agreements. This five-year track record has positioned Vietnam as the natural answer to emerging global supply chain issues. As the global supply chain shift continues with manufacturing as a key driver, Southeast Asia will be the standout winner, with Vietnam leading its neighbours.
2023 has also marked a new phase in Vietnam’s position as a global economic powerhouse as it strengthened strategic global partnerships with Israel, China, the Philippines and Singapore. Most recently, it elevated its relations with the United States to a Comprehensive Strategic Partnership, marking a new era of enhanced bilateral cooperation. Taken in totality, these trade agreements create a long-term runway for Vietnam not only as a leading manufacturing hub but as a centre for high-value foreign direct investment.
“In a year that has proven challenging for most economies, Vietnam has shifted its economic development into high gear, cementing itself as the new epicentre of Asia’s growth. With a firm hold on the global supply chain, continued investment from multi-nationals, and a thriving startup ecosystem that is feeding the world’s appetite for innovation, Vietnam finds itself in a unique position of writing a new playbook for growth that other markets will follow,” said Vinnie Lauria, founding partner at Golden Gate Ventures.
A testament to Vietnam’s steady rise as an economic power is the country’s biggest line-up of international listings. On the heels of the international listings of Vinfast and Society Pass in 2023, the next 18 months will be dominated by anticipated listings of VNG, TIKI and CrownX.
“Vietnam has swiftly risen to prominence in Asia and continues to be a key area of focus for the NYSE,” said Delano Musafer, Head of Asia-Pacific Capital Markets at the New York Stock Exchange. “I am excited by the number of Vietnamese companies showcasing continued innovation, growth and scalability.”
According to the report, five key sectors are predicted to dominate Vietnam’s growth, including healthtech, fintech, tech-enabled logistics, green economy and edtech. Healthcare spending per capita in Vietnam has tripled over the last five years with the rising consumer class and influx of expatriates into the country. The transaction value of the fintech sector is set to grow at an aggressive 15 per cent CAGR over the next four years to address 70 per cent of the population that still remains unbanked.
Meanwhile, in the tech-enabled logistics segment, asset-light models have become the game-changer. On the green economy front, Vietnam is leading Southeast Asia’s clean energy drive with wind and solar power innovations, while edtech is a natural growth sector with the increased attention that Vietnam has gained as an investment hub.
Parliamentary Financial Committee Denies Rumors of Dismissing Iraq’s Central Bank Governor
In the political corridors of Iraq, a whisper had taken the shape of a rumor. It hinted at the possible ousting of the governor of the Central Bank of Iraq, a move that would have resulted in a significant shift in the country’s financial structure. However, in a recent statement, Atwan Al-Atwani, the head of Iraq’s parliamentary financial committee, has categorically denied these rumors, offering a much-needed respite to the financial stability of the nation.
Quelling the Rumors
The rumor mill had been abuzz with the alleged plans of dismissing the Central Bank’s governor, a move that could have potentially destabilized Iraq’s already fragile economy. However, Al-Atwani, in his capacity as the head of the parliamentary financial committee, solidified the committee’s stance by refuting these rumors. His denial comes as a reassurance for those concerned about Iraq’s financial future, emphasizing the committee’s faith in the Central Bank’s leadership.
Support for the Central Bank
The parliamentary financial committee has been vocal about its support for the Central Bank’s actions, especially in controlling the exchange rate and addressing economic obstacles. The Central Bank of Iraq, under its current leadership, has been instrumental in maintaining exchange rate stability, a crucial factor for the country’s economic health. The committee’s public endorsement of the bank’s actions underscores its trust in the bank’s capacity to guide the Iraqi economy through the hurdles.
A Vote of Confidence
Al-Atwani’s statement not only dispels the rumors but also serves as a vote of confidence for the Central Bank’s governor. It reassures the investing community and the Iraqi public that the financial leadership of the country remains solid and undisturbed. In a nation where political and economic stability is often under threat, such affirmations are crucial for maintaining faith in the system.
This development is a testament to the resilience of Iraq’s financial institutions, which continue to operate and thrive amid political turbulence. It also underscores the role of the parliamentary financial committee in maintaining transparency and stability, acting as a pillar of support for the nation’s financial institutions.
Article: "What should be put in Sudanese's bag during his visit to Washington?"
Quote: "Prime Minister, Muhammad Shiaa Al-Sudani, received an official invitation from US President Joe Biden to visit the White House, after months of ongoing controversy inside Iraq, over Washington’s postponement of the visit, which was delayed “much” since Al-Sudani took office last October....The expert in Iraqi-American affairs and relations...said: 'A Sudanese visit to Washington must bring in his bag of achievements to prove to the American ally how he will deal with him in terms of oil, the economy, the dollar, the banking system, and others.”
Article: "Out of 329.. 'only' 32 Iraqi parliamentarians signed the closure of the American embassy.. Documents " Quote: "32 Iraqi parliamentarians, out of 329 others, submitted a request to the Presidency of Parliament to close the American embassy in Baghdad and expel Ambassador Alina Romanski."
Article: "Iraq is working to join the World Trade Organization (WTO)." Quote: "In the meeting, Al-Hashemi reviewed Iraq’s current efforts and its plan for the next stage in completing the technical files...and preparing them in accordance with the organization’s conditions and fruitful cooperation with international organizations supporting Iraq’s accession to the organization and its quest to obtain full membership in the organization.”
Iraq’s Path to a Digital Economy: New Directives Usher in Era of Electronic Payments
With the stroke of a pen, the office of Iraq’s Prime Minister has issued a series of executive orders that could reshape the nation’s financial landscape. The mandate, centred on the advancement of electronic payment systems and Point of Sales (POS) technology, signals Iraq’s intention to join the global digital economy’s accelerating tempo.
Driving Digital Transformation
The measures include the implementation of requirements issued by the Central Bank of Iraq, the General Secretariat of the Council of Ministers, and related entities. These directives are designed to fast-track the application of electronic payment systems, a critical step towards modernizing Iraq’s commerce and banking sectors.
But the changes run deeper, extending to the very conduct of government business. Procurement and implementation committees will now use electronic payment tools, integrating digital transactions into the heart of governmental operations.
Embracing Financial Technologies
The executive orders also mandate the adoption of financial and accounting information systems that facilitate the use of electronic payment methods. The implications are profound: a digital leap forward, translating into greater financial transparency, efficiency, and accountability.
The Central Bank of Iraq is tasked with taking all necessary steps to support the implementation of electronic payment systems. This move underscores the vital role of the CBI in driving this digital transformation, a testament to its pivotal role in Iraq’s economic future.
Incentivizing Electronic Payments
Perhaps most intriguingly, the new directives stipulate that government entities impose additional fees for cash transactions. This strategy is designed to nudge citizens and businesses towards electronic payments, fostering a cashless culture that aligns with global trends.
These actions, set to commence on the first of December 2023, represent a bold leap into the future for a nation navigating the complexities of post-war rebuilding and economic revitalization.
While the road to a fully digital economy is long, these directives represent a significant step in that direction. They pave the way for a new era of financial inclusivity and transparency in Iraq, promising a future where digital transactions are the norm rather than the exception.
U.S. Dollar Closes Higher Against Iraqi Dinar Amid Global Economic Dynamics
As the sun settled over the lively markets of Baghdad and Erbil, the U.S. dollar (USD) wrapped up the trading day on a higher note against the Iraqi dinar (IQD). An emblem of global economic dynamics, the USD closed at a rate of 162,000 IQD for every 100 USD in al-Kifah and al-Harithiya Central Exchanges, climbing 200 IQD from its opening rate.
A Snapshot of Parallel Markets
In Baghdad’s bustling parallel markets, the selling and buying rates for the USD were 163,000 and 161,000 IQD for every 100 USD, respectively. The tale was similar in Erbil, the capital of the Kurdistan region, where USD selling and buying rates were 162,000 and 161,900 IQD to 100 USD, respectively.
Global Currency Volatility and Iraqi Markets
The ascent of the USD against the IQD mirrors the ongoing turbulence in global currency markets. With whispers of economic stimulus measures in the United States wafting through trading floors, investor confidence in the currency has surged, leading to a weakening of other currencies, including the IQD.
Notably, amidst this volatility, the exchange rate for Basra crudes has remained an island of stability. This resilience is attributed to the Iraqi government’s efforts to stabilize the oil market and the country’s reliance on oil exports for revenue.
Marketing Local Products: A Key Economic Strategy
While exchange rates command attention, another economic narrative unfolds in Iraq. Prime Minister Barzani has emphasized the importance of marketing local products, signaling a recognition of the potential economic benefits of promoting and exporting local goods. This strategy underscores the necessity for economic diversification and reducing reliance on oil exports.
Overall, the USD exchange rate against the IQD has been influenced by global economic factors, such as stimulus prospects and oil market volatility. The stability of the exchange rate for Basra crudes and the emphasis on marketing local products highlight the economic challenges and opportunities facing Iraq. The country’s economy is heavily dependent on oil exports, and efforts to diversify and promote non-oil sectors are crucial for long-term economic stability and growth.
Ministry of Oil: Approval of the oil and gas law depends on consensus, 31 OCT
The government is moving forward with approving the oil and gas law, subject to consensus, according to the Ministry of Oil on Tuesday.
Assem Jihad, a spokesman for the ministry, told the official agency that “the government is committed to approving this law within the current government session.” He added that “the ministry prepared the oil and gas law and submitted it to the government, and this law was discussed by the concerned authorities and the team formed by the regional government.” Additionally, it is covered in the government curriculum.
“The oil and gas law aims to manage Iraq’s oil wealth and ensure fair distribution, which will lead to optimal investment of national resources and support sustainable economic development. Additionally, this law will contribute to the Iraqi state treasury. As a result, the government and the ministry are actively working towards approving this legislation.”
During a recent interview, he stated that the government has allowed ample room for discussion regarding the oil and gas legislation. The minister added that the government’s and ministry’s objective is for the bill to be passed and that all viewpoints are taken into account. He further emphasized that the national interest should be prioritized above any other concerns.
According to him, there were several discussions held among the concerned authorities. However, in the end, the ministry drafted and made necessary amendments to the law that serve the public interest. It is now the responsibility of the government to submit the draft law to the House of Representatives for approval after reaching an agreement on it.
He highlighted that the oil and gas law requires consensus for approval. The ministry drafted the law and consulted with the concerned parties. Any consensual or political aspects remain with the concerned parties.
A secure future for faster and easier financial transfers electronically.. The Central Bank officially launches the “Visa Direct” service, 31 OCT
Report...Youssef Salman... The Central Bank of Iraq announced the launch of the “Visa Direct” service to facilitate financial transfers, in coordination with the international company “Visa” and cooperation with the First Bank of Iraq, which is the first digital bank in Iraq.
The Visa Direct service is a direct financial transfer service for bank customers in Iraq. It was launched digitally, for the first time, through a special application. Every customer in the First Iraq Bank (FIB) can transfer five million dinars daily, and 13 million dinars monthly. Calculated at the official exchange rate.
Counselor Mazhar Muhammad Salih read the speech of the Prime Minister, Muhammad Shia al-Sudani, on his behalf during the official announcement of the launch of the service in the capital, Baghdad, by saying that “the ministerial program attaches importance to developing digital payment systems in our country.”
He added, "Iraq urgently needs to prepare and prepare all stakeholders in the electronic payment system to ensure full adoption of digital technology," noting that "some show reluctance to use electronic payment technology, in addition to the difficulties faced by technological service providers in displaying stable products." And effective.”
The government advisor stressed, “According to the vision of the government program, there has become a need to make concerted efforts more urgent than ever before. What is necessary is to follow a strategic approach that takes a comprehensive view of the system and sustainable profitability while imagining the appropriate roles for all stakeholders, and this is what we are working on at the present time.” From the Iraqi Payments Council in the Central Bank of Iraq and the electronic payment systems development team in the Prime Minister’s Office.”
In turn, the Governor of the Central Bank, Ali Al-Alaq, stressed that “the shift from a cash economy to a digital economy is considered a major task in a country that has lag behind in keeping pace with developments in the field of financial technologies.”
He added, “The world is undergoing very rapid changes, and the financial and banking sector is keeping pace and following these developments and is trying to invest in them more than the rest of the other sectors,” indicating that “the financial and banking sector is based on speed, accuracy, and costs, and financial purification is what can provide the financial sector with these.” Advantages.
He continued to say, “We are now embarking on a large program and a broad and comprehensive strategy, with direct coordination and support from Prime Minister Mohamed Shiaa Al-Sudani, who accompanies this aspect with us in continuous meetings,” adding that “the Visa Direct tool came at its right time, and we need more tools that facilitate operations.” Transfer, especially simple transfers at the citizen level or transfers that relate to some simple aspects.”
He explained, “This tool facilitates the demand for foreign currencies, and we are trying to expand access to these currencies in easy ways, and this tool will provide that,” stressing that “the issue of foreign transfers, selling the dollar, and the exchange rate are fundamentally linked to employing as many electronic tools as possible.”
She added, "Our presence in Iraq is based on important foundations, which are the Iraqi youth and the government that has the courage to turn the scales and go back to building the digital infrastructure, which will allow the development of the country and the important financial and banking field of the Iraqi economy." She also appreciated the Iraqi government's cooperation and support for the presence of Visa and the expansion of its work in Iraq./End 5 link
The other day a [Community Member] said...Coinbase was exchanging the Iraqi dinar on the platform. Sure enough [we] found that Coinbase is allowing clients to trade cryptocurrency for the Iraqi dinar. Further research shows clients can buy the Iraqi dinar using bitcoin...
Clare
Article: "Out of 329.. 'only' 32 Iraqi parliamentarians signed the closure of the American embassy.. Documents "
Quote: "32 Iraqi parliamentarians, out of 329 others, submitted a request to the Presidency of Parliament to close the American embassy in Baghdad and expel Ambassador Alina Romanski."
Kaperoni
Iraq had another meeting with the WTO...pertaining to a full session...Iraq has nothing to export yet so there is no reason to be in the WTO. Develop your economy Iraq!
Iraq and Iran are discussing using their currencies in trade and financial transfers
Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani received the Minister of Industry, Mines and Trade of the Islamic Republic of Iran, Abbas Aliabadi, and discussed economic relations between the two countries, and ways to enhance them and strengthen exchange and partnership at various levels and fields.
Payne stated to the Prime Minister's Office, a copy of which {Al-Furat News} received, that Al-Sudani indicated during the meeting "Iraq's readiness to open horizons for bilateral cooperation in the field of petrochemical and fertilizer industries, because of their strong impact in promoting internal development."
For his part, the Iranian Minister conveyed the greetings of the President of the Islamic Republic of Iran, Ebrahim Raisi, and his emphasis on the necessity of proceeding with fruitful economic integration projects, in the face of the economic challenges witnessed by the region and the world.
The meeting also witnessed discussion of the possibility of moving towards using the national currencies of the two countries in trade exchange and bilateral financial transfers, in order to have more flexibility in dealing, for the benefit of the two countries. link
Article: "Al-Shammari: No US sanctions on Iraq and negotiations with Iran to create a platform for currencies other than the dollar" THIS IS POWERFUL MONETARY REFORM EDUCATION... IRAQ IS SANCTION FREE TO DO BUSINESS WITH EVERYONE FROM THE USA EVEN UP TO IRAN. (Al-SHAMMARI is Advisor to the Prime Minister)
THE ONLY IMPORTANT PEOPLE TO LISTEN TO IS SUDANI & ALAQ...Understand the process of the monetary reform...Understand where the CBI is at. And where they're at right now is the introduction of the exchange rate of the Iraqi dinar with stability...
Article: " Iraq is working to join the World Trade Organization (WTO)" Quote: "To review the steps taken by Iraq and the Ministry of Trade to complete the technical files that must be submitted to the organization during the coming period, which will be sent by the organization’s secretariat and the accession department to member states in preparation for holding the next negotiating rounds." FULL MEMBERSHIP... FULL THROTTLE ON THE MONETARY REFORM!
Question "When everything happens and the exchange rate has been announced, do we have to exchange everything we have at once or can we do it incrementally?"
That is a personal decision You must decide how much you want to hold and how much you want to fold and when you want to hold it and when you want to fold it.
The Ministry of Oil confirmed, today, Tuesday, that the government is proceeding with the approval of the oil and gas law, while indicating that its approval is subject to consensus.
The ministry’s spokesman, Asim Jihad, told the Iraqi News Agency (INA): “The ministry prepared the oil and gas law and submitted it to the government, and this law was discussed by the concerned authorities and the team formed by the regional government,” stressing that “the government is committed to approving this law.” Within the current government session, and it is also within the government curriculum.”
He added, "The oil and gas law aims to manage the process of oil wealth in Iraq and achieve fair distribution, and thus achieve optimal investment of national wealth and support economic and sustainable development, as well as support the Iraqi state treasury. Therefore, the government and the ministry are continuing to approve this law."
He explained, "The government has granted a wide space for dialogue regarding the oil and gas law, and the ministry and the government hope that it will be approved," adding, "All points of view are respected, and we must put the national interest above all considerations."
He pointed out, "There were several dialogues that took place between the concerned authorities, but as far as the ministry was concerned, it drafted the law and made the necessary amendments, in a way that serves the public interest. It remains for the government to submit the draft law after agreeing on it to the House of Representatives for approval."
He pointed out, "The oil and gas law needs consensus to be approved, as the ministry drafted the law and met with the concerned parties. As for the consensual or political aspect, that remains with the concerned parties." LINK
Democratic Party: Oil and gas law proposals are still under study
The Kurdistan Democratic Party representative, Sharif Suleiman, confirmed that the oil and gas law is still being studied by a mini-governmental committee, which is reviewing proposals from the provinces, political parties, and the Kurdistan Region.
Suleiman mentioned that the oil and gas law is currently being reviewed by a government committee. The governorates have presented their opinions and suggestions regarding the law, and the committee is considering them. In addition, the Kurdistan region has also submitted a proposed law to the committee for their consideration.
During a recent meeting, he mentioned that the State Administration Coalition has put forward five proposals for the oil and gas law. A small committee has been formed to study these proposals and work towards finding a consensus and agreement between the parties that submitted them, despite the lack of agreement on a specific proposal at present.
According to him, the current parliamentary term will not see any resolution of the oil and gas law. Instead, the matter will be postponed until the next legislative term. He emphasized that the law is of utmost importance to Iraq and all its provinces and regions. The law grants each province its entitlements from oil and gas.
Member Of Parliamentary Finance: Great Reluctance In Budget Decisions And Agreements On The Part Of The Region
Time: 10/30/2023 12:28:07 Read: 1,339 times {Economic: Al-Furat News} The Parliamentary Finance Committee clarified, today, Monday, that budget decisions and political agreements are witnessing great reluctance on the part of the Kurdistan region.
Ali Mu'nis, a member of the Parliamentary Finance Committee, told Al-Furat News Agency: “With regard to the delay in releasing financial amounts to the Kurdistan region, because the money file between the governments of the center and the region often arises after approving the budget, there is a dispute regarding the financing of the region’s salaries by the central government.”
He added: "There are obligations under budget decisions and political agreements, as some of these obligations are fulfilled by the regional government towards the central government in terms of oil export dues and the fulfillment of these obligations, which is witnessing great reluctance on the part of the region." LINK
Al-Shammari: There Are No Sanctions From The US Treasury Department On Iraq
Advisor to the Prime Minister, Fadi Al-Shammari, denied the existence of sanctions from the US Treasury Department on Iraq due to smuggling the dollar abroad. Al- Shammari said in a press statement, “In the past, we stood in amazement at the money laundering operations in the currency auction, and the cries were rising from all political, social, and popular classes because it was a drain on the economy.” “There were major money laundering operations that benefited countries, organizations, and corrupt people,” he said.
He added, "The launch of the platform is Iraq's entry into the international financial and economic system. There are no sanctions imposed on Iraq by the US Treasury, but sometimes there is a tightening of standards to deliver potential political messages."
He continued, "The security services are on alert to pursue dollar speculators," stressing that "basic foodstuffs were not affected by the price of the dollar."
Shafaq News / The exchange rates of the US dollar against the Iraqi dinar surged in the markets of the capital, Baghdad, and Erbil, the capital of the Kurdistan Region, on Tuesday.
According to Shafaq News Agency’s correspondent, the dollar rates rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges this morning, reaching 161,800 dinars. This marked an increase from yesterday's rate of 161,550 dinars for every 100 dollars.
Our correspondent pointed out that selling prices in local exchange shops in Baghdad escalated, with the selling price reaching 162,750 dinars, while the buying price stood at 160,750 dinars for every 100 dollars.
In Erbil, the dollar also experienced a rise, with the exchange rate in exchange shops for selling reaching 161,700 dinars, and the buying rate at 161,600 dinars for every 100 dollars.
Article: "Al-Shammari: No US sanctions on Iraq and negotiations with Iran to create a platform for currencies other than the dollar"
Mnt Goat
Article: "NEW STATEMENT FROM OIL ON THE DRAFT OIL AND GAS LAW" Quote: “the government is committed to approving this law.” Within the current government session, and it is also within the government curriculum.” This is of course excellent news for us...
tlm724
Article: "Al-Shammari: There Are No Sanctions From The US Treasury Department On Iraq"
Quote: "The launch of the platform is Iraq's entry into the international financial and economic system. There are no sanctions imposed on Iraq by the US Treasury, but sometimes there is a tightening of standards to deliver potential political messages."
Babysmom
MOST RECENT ANTICIPATED OPENING RATES AS PER RAY [Guru RayRen98] DONG .47 ...DINAR 3.81...
Things have been moving along until today. The man who's been quiet for months and months and months decided to come out of his shell and start threatening the United States. Article: "Sadr calls on government and parliament to close U.S. Embassy in Iraq"
I hope Iraq stays out of thefray and stays away from all these conflicts, doesn't get involved andjust goes about their own business.
My concern is they're not goingto be able to do that...We're definitely going into some interesting times in our lives but Iraq right now, man I hope they just stay outof this altogether. I don't know if it's going to be possible.
Nothing's worse than we feel like we're getting that much closer to increases in the Iraqi dinar only to have this kind of crap happen andwe start all over from square one. Keep your fingers crossed...
The gap between the fixed exchange rate versus the black market is widening...The last time we saw that Iraq was forced to increase the value of the Iraqi dinars. It's very possible between now and the end of the year we could see an increase in the exchange rate.
Nothing significant but at least going in the right direction. Like I said, they're going to go up in increments...At least they can do us a favor and take us back to where we originally started - 1,190 dinars for every dollar. I would love to see a better exchange rate than that but I'll take it. That's twice in one year going in the right direction. This is exactly what we would want.
Al-Shammari: No US sanctions on Iraq and negotiations with Iran to create a platform for currencies other than the dollar
Al-Shammari said in a press statement, "In the past, we were astonished at the money laundering operations at the currency auction, and the cries were rising from all political, social, and popular classes because it was a drain on the national economy," noting, "There were major money laundering operations that benefited countries, organizations, and corrupt people."
He added, "The launch of the platform is Iraq's entry into the international financial and economic system. There are no sanctions imposed on Iraq by the US Treasury, but sometimes there is a tightening of standards to deliver potential political messages."
Al-Shammari pointed out that “the previous government did not prepare the requirements for implementing the platform system, and Al-Shammari: 90% of major companies entered the platform after the percentage did not exceed 5%,” noting that “operations against dollar speculators are continuing.”
He continued, "The security services are on alert to pursue dollar speculators," stressing that "basic foodstuffs were not affected by the price of the dollar."
Al-Shammari explained, “The average value of bilateral free trade between Iraq and Iran is approximately $20 million per day if we adopt the annual trade volume of $5.5-6 billion,” noting that “there are negotiations with the Iranian side to create a platform for new currencies other than the dollar to secure intra-trade between the two countries.” ".
He said, "Visa Direct is a new banking service launched by one of the most important digital banks in the country under the supervision of the Central Bank and in cooperation with Visa International. The Central Bank seeks to generalize the experience to the rest of the real banks operating in the country."
He continued by saying that “Visa Direct is a banking service that will provide a banking service to local merchants who transfer small amounts of money outside the country within 30 minutes while sitting at home, and this will help in the collapse of black market prices and the speculation of speculators,” pointing out that “the Visa Direct service is a basic and strategic start.” of the banking and financial system in Iraq. LINK
What should be put in Sudanese's bag during his visit to Washington?
The expert in Iraqi-American affairs and relations, Kato Saadallah, revealed the files that should be clarified in the bag of Prime Minister Muhammad Shia al-Sudani during his visit to Washington.
Saadallah said: For the program {Free Speech} broadcast by Al-Furat satellite channel this evening, it said: “A Sudanese visit to Washington must bring in his bag of achievements to prove to the American ally how he will deal with him in terms of oil, the economy, the dollar, the banking system, and others.”
He added, "The Sudanese was sent to Washington to solve the dollar problem and he made great efforts, but the dollar problem is more internal than external and is in the hands of those who control prices." Saadallah continued, "The Sudanese enjoys American and regional support, and America is putting pressure on the region to avoid complete chaos."
He stated that "investment companies refrain from entering Iraq because of the bad banking system, and the United States has demanded an internationally recognized banking system for its companies to invest in the country."
Saadallah pointed out, “The evaluation of any government takes place within a period of 3-6 months, and all political forces agree to support the current prime minister, and Iraq is affected by events in the region and makes Sudanese’s task difficult.”
He added, "The fault is not with the Prime Minister, but with the forces that claim to support the Sudanese and create crises to hinder his work."
Saadallah concluded by saying, "There are still forces controlling Iraq and its internal policy, and we do not have the freedom to choose the decision 100%; but if the political forces strongly support the Prime Minister, all decisions will be implemented."
Prime Minister, Muhammad Shiaa Al-Sudani, received an official invitation from US President Joe Biden to visit the White House, after months of ongoing controversy inside Iraq, over Washington’s postponement of the visit, which was delayed “much” since Al-Sudani took office last October.