Article quote: "Accession [Into WTO] is imminent"...What are they waiting for?
...Iraq's going to have to make a decision on their real effective exchange rate.
That's my view...You can't have Iraq having imminent accession to the international markets through the World Trade Organization without having a Real Effective Exchange Rate. Most of us believe 1310 is not a real effective exchange rate.
They're going to have a very strong country...Iraq's foreign reserves are huge, historic in history, all-time high and they increased their gold supply another 10 tons. You can see the direction they're going and why they're getting praises...
Saleh confirms Iraq's monetary sovereignty and reduces the effects of speculation in the parallel market
3/5/2024
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, ruled out any effects on the exchange market due to “speculation” of the dollar in the parallel market.
Saleh told Al-Furat News Agency, “The effects on the exchange market no longer represent the real price operations of the basic market forces.” He stated, “Parallel market operations are nothing but illegal speculative acts that profit from accidental profits on individual or marginal transactions and are undertaken by forces of speculators working against the law. This irregular parallel market has become isolated from the power of the official or regular market since the end of the legalization of economic transactions and the prohibition of... Any transactions in dollars in clearing debts within the national economy between natural and legal persons, as today any internal contracts, transactions or obligations concluded in foreign currency and denominated in a currency other than the national currency are not legally valid.” Saleh noted that "this confirms the monetary sovereignty of our country through the stability of the national currency and dealing in it alone without the participation of foreign currencies in internal economic operations."
FRANK26:"THEY OPENED ACCOUNTS FOR THE IRAQI CITIZENS FOR THE MONETARY REFORM"..........F26
During 2023.. 7 Iraqi banks break the barrier of 1 trillion dinars in the amount of their deposits
3/6/2024 Baghdad
Five Iraqi banks were able to exceed the barrier of one trillion dinars in the size of their deposits in 2023, while only two Iraqi banks were able to break the barrier of 2 trillion Iraqi dinars in the size of customer deposits with the two banks.
The economist, Manar Al-Obaidi, said, “The International Development Bank and the National Bank of Iraq were able to break the barrier of 2 trillion dinars in deposits in 2023.”
As for the five banks, they are the International Development Bank, the National Bank of Iraq, the Bank of Baghdad, the Iraqi Islamic Bank, and the Islamic South Bank, according to the economic expert.
He added, "The deposits of the five banks grew by 11.3% compared to the year 2022, bringing the total bank deposits to 9.25 trillion Iraqi dinars." He pointed out, "Al-Janoob Islamic Bank achieved the highest percentage of growth in deposits at a rate of more than 147%, then the National Bank of Iraq, whose deposits grew in value by 90%."
Al-Obaidi stressed, “This growth reflects an increase in public confidence in Iraqi private banks and the ability of private sector banks to acquire part of the monetary mass issued outside the banking system, as it is noted that the volume of deposits for the five banks in 2019 did not exceed the barrier of 1.8 trillion Iraqi dinars, reaching today.” To more than 9.25 trillion dinars.
He continued: "It is expected that the five Iraqi banks will continue their control of the local market and the ability to attract deposits, whether from outside the banking system or from public sector deposits, as a result of the increased confidence in these banks and their spread in various governorates, in addition to the increase in the great competition between these banks in order to acquire the largest... Amount of deposit.
He pointed out, "The increase in the volume of deposits in the private banking sector will contribute to strengthening the wheel of economic growth by directing these banks to invest deposit funds in beneficial economic projects through which they can achieve profits to cover the interest paid on these deposits."
Al-Obaidi stated, “The total value of deposits in the private and public banking sector amounted to more than 133 trillion dinars at the end of 2023, and these five banks were able to acquire 7% of the total of these deposits, and the largest value of the deposits is still present in government banks.”
Within the past year we have seen more and more exciting news. It isn't just talk and hype...This time we actually see articles that are showing the progress that Iraq is making in order to start working and trading with the international markets.
They're doing all they can to strengthen their currency while at the same time show stability... Things are going good. They're actually going a lot quicker than I anticipated.
There's a lot of hoopla going on about Iraq joining the World Trade Organization and rightfully so. This is one of the big steps that Iraq needs to take in order to rejoin the international community...
Article "Official: The issue of Iraq's accession to the World Trade Organization is coming soon"
FRANK26:"BINGO!!!"... IRAQ IS CALLING THE WORLD AND THEY ARE ANSWERING!!!".......F26
The Securities Commission sets regulations to open its branches in Kurdistan and Basra
3/6/2024
Deputy Chairman of the Iraqi Securities Commission, Nagham Hussein, confirmed on Wednesday the development of a new strategy to attract investors, noting the existence of a regulatory regulation for opening branches in the Kurdistan Region and Basra.
Hussein told Shafaq News Agency, “The Securities Commission has set regulations for opening branches of the stock market in all Iraqi governorates in accordance with the controls and conditions set by the Commission.”
She added, "The regulations established by the Securities Commission allow investors to open a branch of the stock market in the Kurdistan Region and Basra in accordance with the controls," pointing out that "the Commission has not officially received offers to open branches in the provinces."
Hussein continued, "The Securities Commission has developed a new strategy that helps attract investors," noting that "the Commission worked on this through advertising promotion campaigns in cooperation with the Iraq Stock Exchange."
FRANK26: "THEY OPENED ACCOUNTS FOR THE IRAQI CITIZENS FOR THE MONETARY REFORM"..........F26
During 2023.. 7 Iraqi banks break the barrier of 1 trillion dinars in the amount of their deposits
3/6/2024 Baghdad
Five Iraqi banks were able to exceed the barrier of one trillion dinars in the size of their deposits in 2023, while only two Iraqi banks were able to break the barrier of 2 trillion Iraqi dinars in the size of customer deposits with the two banks.
The economist, Manar Al-Obaidi, said, “The International Development Bank and the National Bank of Iraq were able to break the barrier of 2 trillion dinars in deposits in 2023.”
As for the five banks, they are the International Development Bank, the National Bank of Iraq, the Bank of Baghdad, the Iraqi Islamic Bank, and the Islamic South Bank, according to the economic expert.
He added, "The deposits of the five banks grew by 11.3% compared to the year 2022, bringing the total bank deposits to 9.25 trillion Iraqi dinars." He pointed out, "Al-Janoob Islamic Bank achieved the highest percentage of growth in deposits at a rate of more than 147%, then the National Bank of Iraq, whose deposits grew in value by 90%."
Al-Obaidi stressed, “This growth reflects an increase in public confidence in Iraqi private banks and the ability of private sector banks to acquire part of the monetary mass issued outside the banking system, as it is noted that the volume of deposits for the five banks in 2019 did not exceed the barrier of 1.8 trillion Iraqi dinars, reaching today.” To more than 9.25 trillion dinars.
He continued: "It is expected that the five Iraqi banks will continue their control of the local market and the ability to attract deposits, whether from outside the banking system or from public sector deposits, as a result of the increased confidence in these banks and their spread in various governorates, in addition to the increase in the great competition between these banks in order to acquire the largest... Amount of deposit.
He pointed out, "The increase in the volume of deposits in the private banking sector will contribute to strengthening the wheel of economic growth by directing these banks to invest deposit funds in beneficial economic projects through which they can achieve profits to cover the interest paid on these deposits."
Al-Obaidi stated, “The total value of deposits in the private and public banking sector amounted to more than 133 trillion dinars at the end of 2023, and these five banks were able to acquire 7% of the total of these deposits, and the largest value of the deposits is still present in government banks.”
