What happens when there is a demand for a specific supply?
It runs out quickly. Or it goes up in value quickly. The simplest thing, toilet paper, became so valuable when the covid hit us...If I was Sudani I'd give the lower denoms and the new exchange rate and instantly the dinar goes into a basket with other currencies around the world to float. The definition of supply and demand is going to take that float to the REER (Real Effective Exchange Rate). How are they going to reach the REER? By supply and demand.
It was a paradigm shift is what happened in Davos...INVESTORS AT DAVOS = AN ACCELERATION OF SUPPLY & DEMAND TO THE IQD IN AN INTERNATIONAL FLOAT = VALUE ADDED TO THE IQD BASKET!
Question: "Does it RI once it goes international?" That's the reason why it would go international because it would be a rate change, it would be equivalent to a reinstatement to the value of the currency.
THE SAFE ENVIRONMENT IS NO LONGER SO.” TO WHAT EXTENT HAS ERBIL’S TOURISM AND ECONOMY BEEN AFFECTED BY THE IRANIAN BOMBING?
The expert in economic and tourism affairs, Sirwan Ibrahim, confirmed today, Monday (January 22, 2024), that Erbil has been, during the past period, a stop for tourists and businessmen from countries around the world who want to establish projects in Iraq and make Erbil their headquarters and depart from there to other governorates.
Ibrahim told “Baghdad Today” that “Erbil was a station for holding seminars, workshops, and courses for international organizations,” noting that “all of these matters contribute to reviving the tourism sector, as they use hotels, restaurants, markets, and the city’s airport.”
While he noted, “If this conflict continues, it will decline further because tourists will search for other alternatives, in addition to the bad economic situation that the city in particular and the region in general is going through.”
Ibrahim pointed out that “a citizen who visits a city for tourism, the first thing he asks about is security stability, because he does not want anything to confuse his tourist trip, but with the continued bombing operations with marches and missiles, the percentage of tourism in Erbil has declined.”
Iranian Foreign Ministry spokesman Nasser Kanaani confirmed today, Monday (January 22, 2024), that targeting the Mossad headquarters in Erbil came to punish those who aggressed against Iran’s security and was not an act against Iraq.
Kanaani said in a press conference followed by “Baghdad Today” that “the concentration and gathering of Zionist elements and Mossad elements to work against Iranian national security in the Kurdistan region of Iraq is unacceptable.”
He stressed, “In recent years, there have been threats to our national security from the Kurdistan region of Iraq,” adding, “Our security is a red line.”
Kanaani continued, “Iranian-Iraqi relations are strong and solid, and the two countries enjoy comprehensive cooperation in various fields,” stressing that “our relations with Iraq are strong and Iran is the greatest defender of Iraq’s independence and sovereignty.”
On January 16, the Iranian Revolutionary Guard launched a violent bombardment with ballistic missiles targeting civilian areas in Erbil, which led to 10 civilians being killed or wounded.
The Kurdistan Region Security Council considered the missile bombardment a blatant violation of the sovereignty of the region and all of Iraq.
IT IS SAID, US PRESENCE INSIDE IRAQ THREATENS SECURITY AND STABILITY AND VIOLATES SOVEREIGNTY, POINTING OUT THAT CONFRONTATION IS INEVITABLE WITH THE AMERICAN OCCUPIER
Information / Baghdad…
Hussein al-Karawi, a member of the popular movement for the Belt and Road, said on Sunday that the US presence inside Iraq threatens security and stability and violates sovereignty, pointing out that confrontation is inevitable with the American occupier after popular calls and demands for the exit of these forces from the country.
Al-Karawi told Al-Maalouma that “the continued presence of US forces in the land of Iraq represents a threatening factor to security and stability, especially since these forces committed crimes and assassinations against Al-Nasr leaders and other figures.”
He added that “political inaction and inaction by some parties are behind the continued presence of US forces in Iraq, as these forces will go further than possible in their persistence and violations against the Iraqi people.”
He pointed out that “confrontation will be inevitable with the US forces, as Washington seeks to continue to achieve its interests inside Iraq and serve the Zionist occupier without caring about popular demands and rejection regarding the continued presence of its forces inside Iraqi bases.”
(The author is obviously an Iranian sympathizer. I guess the Zionist occupier statement did it for me. Maybe the US is wrong is using the Iraq airspace and bases of a bas of operations into Syria, Iran and Lebanon. But really now who benefits form it? It is keeping Iraq safe. Only now the Iranian sympathizers want to twist the facts and make the US the bad guy. But also remember the US is NOT supposed to have combat troops in Iraq only advisors and trainers. So they too are partly in the wrong.)
Once again…resubmitting the oil and gas law to the discussion table of Parliament and the government
The representative of the Patriotic Union of Kurdistan bloc, Sarwa Muhammad Rashid, stressed on Saturday the need to expedite sending the draft oil and gas law, while confirming that the law is on the table of government and parliamentary discussions.
Zanganeh said in an interview with the Maalouma Agency, “The discussions of the region and the center during the last period focused on finding a road map through legislation of the oil and gas law, as it ends the outstanding crisis between the federal government and the Kurdistan region.”
She added that “passing the oil and gas law will eliminate all outstanding problems between the federal government and the Kurdistan region,” noting that “after several months passed during the stages of writing the oil and gas law, it was not sent to Parliament for discussion.”
She continued, “Parliament is waiting for the legislation of this law until it ends the issue of how to export oil or invest gas in the coming stages.” The former member of the Parliamentary Oil and Energy Committee, Ghaleb Muhammad, confirmed to Al-Maalouma that passing the oil and gas law requires consensus among the large blocs that have a majority within the House of Representatives.
we got word from several of our sources that came in last night and also today, and...I think we've, we've gone past the point of no return on this so that even a few people that were pretty tight lipped have been allowed to open up to my main source.They've been allowed to get the information from the banks - and redemption centers – so that is really good to have that information fed down to me...one of our best sources said at midnight last night...we've been in this is Monday night he said within 24 to 36 hours...it could be Thursday... We will all be smiling from ear to ear... it should be a really wonderful week...
According to the local bank staff members were going in today, with more going in tomorrow with a purpose to make appointments to exchange foreign currency and Zim Bonds. The numbers for Tier4a,b (Us, the Internet Group) to make appointments could come out tomorrow Wed. 24 Jan.
GOVERNMENT PLANS TO BUILD 10 NEW CITIES DURING THE FIRST QUARTER OF 2024
Economy News – Baghdad
A member of the Parliamentary Services Committee, Baqir Al-Saadi, confirmed on Saturday the government’s intention to lay the foundation stone for the construction of 10 new cities during the first quarter of 2024.
Al-Saadi said in an interview followed by “Economy News”, that “the strategy of opening up and building new cities is a mechanism adopted by the Sudanese government in order to meet the great demand for housing units, especially since the country has entered the peak stage in its crisis, which led to major problems, including slums, abuses and the cutting of houses.”
He added that “the foundation stone for ten new cities will be laid during the first quarter of 2024 through a national plan, where investment will play the largest role through promising opportunities that contribute to reviving the national economy and creating more than 70,000 jobs at once.”
“Cities in Baghdad and the rest of the provinces will be distributed according to systematic mechanisms that take into account the size of population density and the proportions of need through objective studies,” he said.
GOVERNMENT AND CENTRAL BANK MEETINGS IN DAVOS TO SHORTEN THE TIME TOWARDS FINANCIAL AND BANKING REFORM
On the sidelines of the Davos Forum in its 54th session held in Switzerland last week, Mr. Prime Minister, his accompanying delegation, and Mr. Governor of the Central Bank continued to hold meetings, understandings, and negotiations with the World Bank, the International Monetary Fund, the President of the European Bank for Reconstruction, the American bank, J.P. Morgan, and international financial institutions, with the aim of accelerating the procedures that… It is implemented by the government in cooperation with the Central Bank towards achieving financial and banking reform.
In implementation of what was stated in the twelve axis of the government curriculum (financial and banking), in which the government’s program for the financial and banking sector was determined and strategic policies and procedures were drawn up in paragraphs (1-7).
To restructure the general budget, manage public money, reduce the pressure on consumer spending in favor of projects and programs for sustainable development, and pressure public debt to a minimum, and limit external borrowing to investment and service projects. The borrower will repay the loan from the project’s revenues, and establish the Iraq Fund for Development and include it in the general budget in 2023.
Controlling border crossings, reforming the tax and public sector systems, maximizing revenues for economic productive sectors other than oil, and reaching 20% in budget revenues over the next 3 years. The primary and important goal is to reform the banking and private sector in accordance with what was stated in Paragraph (7), which considers financial and banking reform to be the beginning of reform. A successful economy, with a focus on structuring and empowering government banks, reconsidering their work, and empowering private banks to be able to truly support investment and development. In fact, the government and the Central Bank have initiated contractual and negotiating procedures with the international auditing and consulting firm Ernst & Young, under the direct supervision and follow-up of the Prime Minister, and his emphasis on the company’s global programs being applicable and different from previous experiences, in a way that ensures achieving the goal according to the time period planned for project completion. Completely.
And the meeting with the CEO of the American bank JP Morgan on the sidelines of the Davos Forum held in Switzerland and asking him to cooperate with the Central Bank and banks to open accounts for Iraqi banks to organize financing of foreign trade and help accelerate digital transformation applications and the use of electronic payment technologies, in addition to the close follow-up of the Minister of Finance and the Governor of the Bank. Iraqi Central Bank.
With regard to banking reform, the Central Bank made great efforts to implement what was stated in the government curriculum in the face of the challenges facing the reform process, as the regulation of foreign trade financing and digital transformation in the banking sector were achieved in 2023, the near launch of a national lending strategy, and the establishment of a Riyada Bank to finance small and medium enterprises, and work continues to reduce… Fluctuation of the exchange rate of the cash dollar in the parallel market. In general, the Central Bank’s plans aim to achieve my goals:
First – Developing and reclassifying the Iraqi banking system, enhancing citizens’ confidence in it, and providing financial solvency that enables it to meet requests quickly and when required.
2-Transforming banks to their primary function, which is lending for sustainable development.
3- Banks that do not provide loans and banking facilities that help in development lose their meaning as banks, which requires a specific stance towards them from the Central Bank.
4- Banks are the lever of development and the importance of the Ministry of Finance and the Central Bank to support banks, develop their functions, and rely on their own capabilities in dealing with reputable global correspondent banks and to be regulated in the global banking system in accordance with international standards and to obtain internationally accredited classification.
5- Withdrawing funds that are outside the banking cycle and entering them into the banking system by providing comprehensive banking products and services to customers without delay, smoothly, easily and transparently.
All of the above objectives, although the period specified for their implementation according to the government timetable ranges between (1-4) years, the strategy of the government and the Central Bank for the year 2024 will shorten the time and achieve most of the above objectives. There are banks that are moving towards the required development, banks that still need an additional period of time to achieve their goals, and there are troubled banks that are now making exceptional efforts from the central bank and the departments of these banks to rehabilitate them.
What concerns us here is the real functional role of banks in providing loans and banking facilities and the transition from the banking role to the developmental role. There are two important observations that must be taken into consideration with regard to providing loans and banking facilities to stimulate the economy.
First: The nature of the banks’ activities depends on the nature of the activities of the economic sectors, and that the economic activity is concentrated in foreign trade (imports), so it requires controlling imports, supporting the local product, and supporting the private industrial sector, which the government is currently working to promote with calculated executive measures and with the cooperation of all other sectors.
Second: It is necessary to provide a legal environment and extend the authority of the law in order to eliminate the phenomenon of defaulting on loans by making legislative amendments and treating private sector debts in the same manner as government sector debts as premium debts that must be repaid, which will help expand the private banking sector by granting all types of bank financing. .
The other important thing is the transition of the government and private banking sector to a solid and developed economic sector that is committed to international regulations, rules and standards for compliance, anti-money laundering, financial reporting and risk management, and thus to truly be a lever for development.
Contributing to stimulating the economic cycle by activating and supporting financing for small and medium enterprises and large development projects, through which the building of a solid national economy and sustainable development is achieved that ultimately serves the Iraqi people and their aspirations for a better life.
This means that each government or private bank must have a plan with specific goals for the four years specified in the government curriculum and under the supervision and follow-up of the Central Bank in the areas of development of payment systems and modern banking technologies, the transition from dealing in cash to dealing with modern electronic payment methods in accordance with international standards, and the presentation of new banking products to stimulate inclusion. Financial capacity building, training and qualification of human resources, achieving the goal of investing in human capital and developing the structural structure of the banking sector.
Banks also pay attention to applying financial stability standards, which are financial safety indicators such as the capital adequacy ratio, the liquidity ratio, and the profitability ratio such as the ratio of profit and net profit to capital, the ratio of return on assets, the ratio of return on shareholders’ equity, the ratio of activity costs, financial leverage, and the ratio of investment of funds, in addition to adopting indicators to measure efficiency. the performance.
BOYCOTT IRANIAN PRODUCTS.. KURDISH CITIZENS: IT WILL BE A “PUNISHMENT” FOR TEHRAN AND A RESPONSE TO “CRIMES” AGAINST IRAQ
Today, Monday, a number of citizens of the Kurdistan Region expressed their support for the call to boycott Iranian products announced by the Erbil Chamber of Commerce, after the capital of the Kurdistan Region was subjected to a violent Iranian attack. While they described the boycott as “economic punishment” for Tehran, they stressed that the boycott will be a popular response to The “crimes” committed by Iran against Iraq in general.
Farman, a citizen of the city of Erbil, said in an interview with Shafaq News Agency, “Iran violated human rights with this attack on the city of Erbil, and I support the boycott of Iranian products in the markets by merchants as an economic punishment after this crime, which we hope will not be repeated.”
For his part, Hirsh Ahmed, a worker in one of the popular markets in Erbil, said in an interview with Shafaq News Agency, “It is necessary for citizens to commit to the boycott because it will be a popular response to the crimes committed by Iran against Iraq in general,” indicating that “we need to pay attention to local products that are better than Similar ones imported from Iran in order to meet the market’s need after the boycott and without any negative results.”
In turn, Muhammad Salim, a citizen of Sulaymaniyah Governorate, told Shafaq News Agency, “The boycott decision will be very important if implemented by merchants in the Kurdistan Region, as Iranian products are widely present in the region’s markets,and after that comes the role of the media in raising awareness of the importance of this matter.”
On January 19, 2024, the Erbil Chamber of Commerce, the capital of the Kurdistan Region, called on citizens and merchants to boycott Iranian products after the violent attack it launched a few days ago on the city.
On Monday, the Tehran Chamber of Commerce expressed its “deep regret” at the Erbil Chamber of Commerce’s call on merchants and individuals to boycott Iranian goods, stressing the need for continued economic cooperation between Iraq and the Kurdistan Region with Iran.
The boycott campaign comes after the Iranian Revolutionary Guard launched, on Monday, January 16, 2024, a violent bombardment with ballistic missiles targeting civilian areas in the city of Erbil, which led to 10 civilians being killed or wounded.
The Revolutionary Guards claimed responsibility for these strikes and said they came “in response to the crimes of the Zionist regime against the Islamic Republic, the latest of which was the killing of a number of Guard commanders by Zionist fire. A major Mossad spy headquarters in the Kurdistan region of Iraq was targeted and destroyed with ballistic missiles.”
The Kurdistan Region Security Council considered the missile bombardment launched by the Iranian Revolutionary Guard, which targeted civilian areas in the city of Erbil, “a blatant violation of the sovereignty of the region and all of Iraq.”
(This is the Iranian way of trying to force Iraq to get rid of any American combat troops in Iraq. Get rid of the US forces and the attacks will stop, they claim. Really? Maybe now Iraq is waking up to just how horrible the Iranian dictator is. So far Iraq has been very patient with Iran as they are their major trading partner and so -called “Muslim brothers”. But patients are growing thin with Iran and we can see it beginning now.)
FOREIGN MINISTER: IRAQ SEEKS TO TAKE ITS NATURAL POSITION IN THE REGION AND THE WORLD
Mawazine News – Baghdad
Foreign Minister Fuad Hussein, on Tuesday, confirmed Iraq’s quest to take its natural position in the region and the world, while referring to Iraq’s firm position on the Palestinian issue.
In a statement received by Mawazine News, the ministry said that “Deputy Prime Minister and Foreign Minister Fuad Hussein gave a lecture at the International Diplomatic Academy in Vienna entitled (Middle East 2024.. Challenges and Opportunities),” in the presence of the President of the Academy, Emile Brix, a number of diplomatic and political figures, Iraqi students studying in Vienna, and a number of researchers in Middle East affairs. ”
He pointed out to “the development of the democratic process in Iraq and the recent elections of local councils, and Iraq’s endeavor to occupy its natural position in the region and the international community,” pointing out that “Iraq’s position is fixed on the Palestinian issue, which emphasizes the need to stop this war, which began to expand and threaten the entire region, which will not be in the interest of any regional or international party. The wars were never a solution, so this war must be controlled and stopped as soon as possible.”
In another axis, he pointed to “the economic situation and plans to build a diversified economy that does not depend on the rentier economy by creating different industries, returning the agricultural sector and producing gas to rely on Iraqi competencies and manpower in electricity production and investment in infrastructure.”
THE US TREASURY INCLUDES NO-FLY ON FLY BAGHDAD AIRLINES ON THE SANCTIONS LIST: COOPERATING WITH THE IRANIAN QUDS FORCE (TERRORISTS ORGANIZATION)
The US Treasury includes “Fly Baghdad Airlines” on the sanctions list: cooperating with the Iranian Quds Force
The US Treasury Department announced, on Monday, the designation of the Iraqi airline “Fly Baghdad” and its CEO to provide assistance to the Iranian Revolutionary Guard“Qods Force” and its proxy groups in Iraq, Syria, and Lebanon.
The Treasury stated in a statement translated by Shafaq News Agency, “For several years, Fly Baghdad Company has supported the operations of the Quds Force of the Iranian Revolutionary Guard and its agents by delivering equipment and personnel throughout the region.”
She added, “Fly Baghdad flights delivered arms shipments to Damascus International Airport in Syria, for transfer to members of the Iranian Revolutionary Guard, the Quds Force and Iranian-allied militias on the ground in Syria , including the Syrian Arab Republican Guard, the Lebanese Hezbollah, and the Hezbollah Brigades.” Hezbollah Brigades, affiliated with the Abu al-Fadl al-Abbas Brigades.
According to the US Treasury, Fly Baghdad delivered a group of weapons to these groups operating in Syria, including Iranian-made Fatah, Zulfiqar, and Fajr missiles, in addition to AK-47 and RPG-7 rifles, grenades, and other machine guns.
According to the Treasury statement, Kataib Hezbollah uses Baghdad Air to transport fighters, weapons, and money to Syria and Lebanon to support the Syrian regime, as Kataib Hezbollah leaders used Fly Baghdad flights on multiple occasions to transport bags of American currency and American-made weapons obtained by collecting them from… The battlefield from Iraq to Lebanon. Kataib Hezbollah also sent fighters from Iraq to Lebanon on flights operated by Fly Baghdad and Victory Wings designated by the United States to attend special operations training run by Hezbollah in October 2023, following The horrific terrorist attack launched by Hamas on Israeli civilians.
Fly Baghdad participated in transporting hundreds of Iraqi fighters, including fighters affiliated with the terrorist organization designated by the United States and the Iranian proxy militia (Asa’ib Ahl al-Haq AAH), in support of Iranian proxies’ attacks on Israel.
FlyBaghdad was designated for providing material assistance, sponsorship, or providing financial, material, or technological support, goods, or services to the Quds Force of the Iranian Revolutionary Guard.
The US Treasury Department said, “Bashir Abdul Kadhim Alwan Al-Shabani (Al-Shabani) is the CEO of Fly Baghdad. Al-Shibani was listed for owning or controlling, directly or indirectly, Fly Baghdad.”
The US Treasury’s Office of Foreign Assets Control identified two aircraft registered in Iraq owned by Fly Baghdad, tail numbers YI-BAF and YI-BAN, as prohibited property in which Fly Baghdad has an interest.
PARLIAMENTARY ECONOMY INDICATES THE RISKS OF THE “PARALLEL MARKET”: “IMPORTANT” SESSIONS WITH THE CENTRAL BANK NEXT WEEK
The Parliamentary Economics Committee pointed out the dangers of the “parallel market,” while revealing “important” sessions with Central Bank of Iraq officials next week in order to coordinate and support the market.
PARALLEL MARKET RISKS
Today, Tuesday (January 23, 2024), a member of the Parliamentary Economics Committee, MP Briar Rashid, monitored the danger of the “parallel market” in Iraq.
Rashid said in an interview with “Baghdad Today” that “many factors contributed to creating the parallel market for the exchange of the dollar in Iraq, which is currently far from the official price set by the Central Bank at about 20 thousand dinars for every 100 dollars (the official price is 132 thousand dinars for every 100 dollars). $)”.
COORDINATION WITH THE CENTRAL
Rashid pointed out that “the continuing gap between the parallel and the official is putting strong pressure on the markets and increasing the rate of price rise,” stressing that “his committee will hold a series of sessions with the Central Bank starting next week in order to coordinate towards supporting the markets and responding to the requirements of companies and traders in order to reduce prices as much as possible.” Possibility.
He explained that “supporting banks and openness in the labor market and production is a priority during the next stage,” stressing that “increasing national production will reduce the demand for hard currency and lead to reducing the parallel market, and this is what we are seeking to achieve at the present time.”
DEEP STATE” CONTROL
On (January 4, 2024), financial expert Saleh Al-Bankari identified the danger of the deep state in the parallel market for the dollar, while pointing to 3 “pressuring” factors on price fluctuations .
The banker told “Baghdad Today”, “The fluctuation of the dollar exchange rates in the parallel market recently is due to three direct pressing factors:
1.and is centered on the Central Bank’s measures to limit smuggling and launch its electronic platform,
2.as well as the US Federal Reserve sanctions file and its handling of economic conditions .
3.He added, “The third factor lies in government dealings through adopting the electronic payment file,” indicating that “the political scene in its internal and external data and the events surrounding the region constitute the most dangerous factors for the parallel market in the country, noting that there is no complete control over the border crossings.” With all its addresses to reduce smuggling.
Regarding the dollar in the parallel market, the expert said, “The parallel market is subject, in one way or another, to the control of the deep state, referring to very influential parties who are behind the series of speculations that took place in the past months in order to reap more profits .
Specialists: Islamic Sukuk Are An Alternative To Financial Instruments
Economical 01/23/2024 Baghdad: Hussein Thaghab Interest is growing in adopting Islamic sukuks as part of Iraq's strategic policy, as they are an important alternative to other financial instruments that depend on interest, and which can finance the deficit suffered by the federal general budget.
During the first annual conference, the Center for Banking Studies at the Central Bank of Iraq considered Islamic bonds part of Iraq's strategic policy.
He stressed the acceleration of the legislation of the “Islamic Sukuk Law in Iraq.”
The participants also stressed the need to pay attention to developing appropriate legislation in order to make it successful in Iraq, and to make a media and promotional effort to spread the culture of investment in Islamic Sukuks among banks and financial institutions before the law is enacted.
Islamic banking specialist Professor Dr. Sadiq Rashid Al-Shammari pointed out that the advantages of sukuks are several, the most important of which is financing large projects that no single entity has the capacity to finance.
They are an investment channel for absorbing financial surpluses that their owners wish to invest and recover easily.
They also contribute to managing liquidity in cases of deficit and surplus.
If the bank has surplus liquidity, invest.
What he has in buying sukuks, and if he needs liquidity, he sells them with ease in the secondary market or the stock exchange, in addition to the fair distribution of wealth, because it links investment to reality and the real economy and enables all investors to benefit from the project’s profits in a fair way, as wealth is distributed on a large scale without Be a country among the rich, diversify your portfolio investments and spread your risks.
Investment sukuks mean that they are a document issued in the name of their owner or holder in denominations of equal value to prove the right of their owner to the financial rights and obligations they represent, and that
they represent a common share in the ownership of assets designated for investment, whether objects, benefits, services, or a mixture thereof, and moral rights, debts, and money, and they do not represent debt. Issued to the bearer.
He added that the sukuk, especially the sukuk of leased assets, are characterized by being an off-budget financing instrument, as the leased assets are owned by the sukuk holders during the term of the sukuk, and the obligation of the sukuk holder is limited to paying the rent to the sukuk holders, which is a revenue expense.
On the contrary, in the case of borrowing to finance the purchase of some assets, this leads to... To increase the value of liabilities because they are capital expenditures, this type of sukuk also has zakat and tax advantages.
He pointed out that Islamic sukuks can attract customers by providing high-quality services and providing the necessary financing for them to activate their commercial, investment, industrial and agricultural operations.
They also provide sufficient liquidity available to dealing investors, which is the desired goal of creating trust and achieving security, that is, achieving actual cooperation between those with financial surpluses.
And project owners who use these surpluses and not transfer the risk to one party or the other by creating advanced products capable of competing with the products offered by traditional banks, provided that they do not conflict with the rule of Sharia.
The Director General of the Center for Banking Studies at the Central Bank of Iraq, Dr. Bassem Abdul Hadi Hassan, highlighted the importance of submitting the draft Islamic Sukuk Law to the House of Representatives,
so he is keen to discuss the role of Islamic finance and the Sukuk market in particular as a vital financial tool that contributes significantly to development. Economic.
He added that the Central Bank of Iraq has a major role in this process by proposing the Islamic Sukuk Law and providing technical and practical assistance to the relevant authorities in the Islamic banking sector, and therefore it has become useful to learn about international experiences in this field, especially Arab ones. https://alsabaah.iq/90893-.html
We keep getting positive news. Over the last 2 days in Iraq I’ve seen about 4 articles pushing to remove the US. And about them executing their white papers or economic reforms and restoring their exchange rate. To me “restoring” is to put it back the way it was. Right? And restoring it back to its former glory when it was one of the most valuable currencies in the world. So to me that would mean at least $3+...If you do the math $3.22 in 1991 and adding in inflation would be a rate of around $7.25 today. Wouldn’t that be something. WOW
Comment: ...we are expected to get notifications Friday morning. MarkZ: That is definitely the rumors running around. Let’s see if it pans out or not.
Question: What’s the impact of Iraq joining the Bank of international Settlements?
MarkZ: It’s their acceptance and elevation to the World Trade Organization and all the other organizations they were removed from when they were sanctioned many years ago. These sanctions are quickly all going away which means they will be able to reinstate or revalue their currency. It is just one more clear indicator of how close we are getting.
An Academic Explains The Reasons For The "Failure" Of Establishing Solid Banking Relationships In Iraq
Economy |Yesterday, | Baghdad Today – Baghdad Today, Tuesday (January 23, 2024), the academic in economics, Mehdi Saleh, explained the reasons for the “failure” in establishing solid banking relations with the global and regional sector, while pointing to the necessity of developing banks and institutions at the regional level.
The main player Saleh said in an interview with “Baghdad Today” that “the central bank is the state bank and lending and issuing have important powers at its disposal that made it the main player in establishing monetary policy in Iraq,” pointing out that “the banking system, with all its civil and governmental titles, is the middle link between the central bank.” And the public,” referring to merchants, companies, and other segments.
He added, “The middle circle, referring to the specialized banks, is not sufficiently prepared to establish relationships with the global banking system because it has remained for many decades in local roles, that is,
it has no experience, in addition to the very developed situation of international banks, especially in the file of industrial and agricultural banks and the rest of the specialized banks.”
He added, "But this does not mean stopping, but rather striving to develop them, especially since Iraq was the first to establish banks in the region."
Parasitic performance
He pointed out "the necessity of staying away from the parasitic performance practiced by some banks by seeking speculation and quick profit, hunting for opportunities,
and seeking to transfer the experience of Gulf and Southeast Asian banks in creating visions that contribute to the recovery of markets and building investments, to be the beginning of the move towards enabling performance in banking work at the level." Regional and international.”
Earlier, Prime Minister Muhammad Shiaa Al-Sudani reviewed to the President of the World Bank Group, Ajay Banga, Iraq’s steps towards financial and banking reform.
On the sidelines of his participation in the Davos Economic Forum, Al-Sudani met with the President of the World Bank Group, Ajay Banga, and discussed with him the cooperation relations between Iraq and the World Bank, in various economic fields, which contribute to supporting the government’s efforts and strategic plans, towards more investment and development opportunities in Iraq.
According to an official government statement received by Baghdad Today.
The statement explained, “The meeting also witnessed a review of the measures and steps taken by the government and the Central Bank of Iraq, in terms of financial and banking reform, and
the projects financed by the International Finance Corporation (IFC) were also discussed, most notably the project to rehabilitate and develop Baghdad International Airport.”. The Prime Minister stressed, according to the statement,
“the importance of World Bank reports reflecting, realistically, the new government’s policies that were implemented in the economic and banking sectors and supporting the private sector, which aim to diversify the economy, increase its growth, and achieve financial stability, in light of the challenges facing the region and the world.” https://baghdadtoday.news/240569-أكاديمي-يوضح-أسباب-فشل-تأسيس-علاقات-مصرفية-رصينة-في-العراق.html
Quote from Deputy Prime Minister and Foreign Minister Fuad Hussein: “Iraq’s endeavor to occupy its natural position in the region and the international community”.
...Part of what it means for us investors in the dinar is to realize that when they mention international community, they are talking global...liberating Iraq from the war years. It is a FACT they cannot operate effectively in the global arena without a tradable currency on the currency exchanges, such as FOREX.Iraq is also at the sheer brink of a final announcement into the World Trade Organization (WTO), which we know they want back their dinar in the process...I believe that when you put all the FACTS together you can clearly see where they are leading Iraq and it is down a very nice road of prosperity and abundance...
On the sidelines of the Davos Forum...held in Switzerland last week, Iraqi Prime Minister Al-Sudani and his accompanying delegation, and Ali Al-Alaq, Governor of the Central Bank, continued to hold meetings, understandings, and negotiations with the World Bank, the International Monetary Fund, the President of the European Bank forReconstruction, the American bank, J.P. Morgan, and international financial institutions, with the aim of accelerating the procedures that… and I quote –
“It is implemented by the government in cooperation with the Central Bank towards achieving financial and banking reform”. ... It is all VERY GOOD news for us investors.
Issuing Electronic Cards To Small Merchants With A Ceiling Of $100,000 Per Month
January 23 13:15 Information/Baghdad.. Today, Tuesday, a government source revealed the issuance of electronic cards to small merchants, while specifying their conditions.
The source said in a statement to the official agency, followed by “Al-Ma’louma”:
“Based on the directives of the Prime Minister and in light of the discussions that took place between the government, the Central Bank of Iraq and electronic payment companies for more than two months,
a mechanism for issuing electronic cards to small merchants was approved, with a ceiling of 100 thousand dollars.”“.” He added, Monthly to implement payment operations for import purposes in order to reduce the demand for cash dollars by real merchants
"The new mechanism includes:
1- Payment companies submit a request to the Central Bank to obtain approval to create this product and launch the (merchant) card.
2- Determine the uses of the cards to be for small merchants in line with the external transfer controls issued by the Central Bank for the year 2023, provided that
The ceiling of these cards shall not exceed (100) thousand dollars per month, with the possibility of raising the ceiling in the future in light of the results of the actual application.
3- The cards are used for the purposes of purchasing goods and services from known suppliers according to pre-determined white lists.
4- The company bears its duty to apply diligence Due and in accordance with basic requirements, the most important of which are the main international embargo lists of the United Nations, the Office of Foreign Assets Control and the European Union.
5- Small merchants’ funds are deposited in the branches of various Iraqi banks in Iraqi dinars.
Rumors spreading that Colombia has received payment is false. What I do know most whales from Colombia have gone to Zurich to receive payment.
There are only 3 redemption centres
One in Zurich, Hong Kong and Reno
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Ok guys
Latest info that just arrived
I have been told now strictly not to say anything more as it is not just me but other gurus as well to remain silent from now on as there is a risk that we might be jeopardising the operations for some platforms.
So from now on I will remain quiet and allow the process to flow.
We’ve been waiting for over 30 years for this and we don’t want to be responsible to delay it any further.
