Friday, October 11, 2024
Iraq raises gold reserves to 152.6 tons according to the World Gold Council, 12 OCT
Iraq’s gold reserves increased by 4 tons over the past two months, reaching 152.6 tons, according to a report issued by the World Gold Council. This rise puts Iraq in the world’s 29th place among 100 countries in gold reserves, according to last month’s data.
At the Arab level, Iraq ranked third after Saudi Arabia and Lebanon, with data recording an increase in Iraqi gold reserves from 148.3 tons to 152.6 tons.
Last August, Mazhar Mohammed Saleh, economic adviser to the Iraqi prime minister, confirmed that gold represents about 10% of Iraq’s foreign exchange reserves. He pointed out that the reserve had reached 148 tons at the time.
It is worth mentioning that Iraq recorded last February a gold reserve of 145 tons and 661 kilograms, indicating that the continuous increase reflects financial stability and a stability in cash liquidity.
Globally, the United States is at the forefront of gold reserves with 8,133 tons and 300 kilograms, followed by Germany with a reserve of 3,351 tons and 500 kilograms, then Italy in third place with a reserve of 2814 tons.
https://alforatnews.iq/news/العراق-يرفع-احتياطي-الذهب-إلى-152-6-طن-وفقاً-لمجلس-الذهب-العالمي
RV UPDATE BY MNT GOAT, 12 OCT
Mnt Goat
I have to start off with...some really good news, actually some WOW! WOW! WOW! news...we can see the path now and very clearly.
So, finally we get word that Iraq has met all it requirements to join the World Trade Organization (WTO)...
This DOES NOT make the RV imminent...all these recent activities and events matter and the RV is a “by product” of all these events not a singular event in itself...
The view is now in sight and the writing is on the wall.
So much on the wall that I do not believe anything is going to stop it short of a major disaster.
Iraqi Chambers of Commerce hold "fruitful" meeting with the Kurdistan Regional Government, 12 OCT
Shafaq News/ On Thursday, the Federation of Iraqi Chambers of Commerce held an economic meeting in Erbil, the capital of the Kurdistan Region (KRI).
Umed Sabah, the head of the Region's Council of Ministers Diwan, stated at a press conference attended by a Shafaq News Agency correspondent, "This meeting is part of the Regional Government's ongoing efforts to build the best relationship between the KRI and Iraq."
"The meeting was successful and fruitful, and the trade relationship between the two sides was discussed."
Sabah continued, "We previously met with the Iraqi Economic Ministerial Council, followed by a meeting between a delegation from the Region and the federal government," confirming, "We agreed to hold another meeting in the Region's Council of Ministers."
In turn, our correspondent noted that the meeting was attended by 19 heads of theIraqi Chambers of Commerce.
TIDBITS FROM MARKZ, 11 OCT
MarkZ
[via PDK]
If you follow most of their math on the REER (Real Effective Exchange Rate)…The worst case scenario or bare minimum it could possibly be is .76 cents...
What we are expecting is in the high $3 range or low $4 range which makes the most economic sense. I am still being told to expect higher than that.
MarkZ
[via PDK]
If you follow most of their math on the REER (Real Effective Exchange Rate)… The worst case scenario or bare minimum it could possibly be is .76 cents...
What we are expecting is in the high $3 range or low $4 range which makes the most economic sense. I am still being told to expect higher than that.
Very frank” talk from Al-Sudani’s advisor: They will bomb us and we will be strategically patient like Iran, 11 OCT
Very frank” talk from Al-Sudani’s advisor: They will bomb us and we will be strategically patient like Iran
"A new map is coming, whether we like it or not."
Ibrahim al-Sumaidaie, advisor to Prime Minister Mohammed Shia al-Sudani, said that the new regional map in the region “is happening, whether we like it or not,” and therefore it is necessary to invest in Iraq’s role, as it ranks second in the United States’ interests after Israel, warning that “the one who falls will fall, and do not let us fall.”
The advisor pointed out that Tel Aviv launching a strike inside Iraq instead of Iran is possible and is the most likely scenario, especially if it fails to reach an understanding with Tehran. He said that Iraq is an unarmed country and cannot do anything other than political diplomatic options due to the clear Western superiority, “even the Russian S-400 anti-aircraft missiles were unable to repel the Kremlin’s missiles.”
He criticized the actions of “some brothers who are gnawing at al-Sudani’s flanks, even though he defends them before the United States and tries to prevent a strike against Iraq.” He called for Iraq to adopt the Turkish method in dealing with the risks of war, as well as the Iranian method “which invented the policy of strategic patience.”
He concluded by saying, “The West sees us as a successful country (..) All the Americans want is for us to be an economic zone not subject to Russian military influence, or Chinese economic influence, without the existence of (sub-state) as this world is ruled by states and not armed groups, and the majority of the political forces supported by the reference are with this trend.” link
RV UPDATE BY JEFF, 11 OCT
Jeff
Article: "Iraq presents to the US Treasury date for abandoning the currency auctions"
The auctions will end or be abandoned the day the rate changes.
The rate will change on a Sunday morning. That's when the currency auctions will end, when the rate changes.
This article's saying the currency auctions will end by year end. They're talking to US officials...They're just making a generalized statement, saying by year end...So by the end of December...the currency auctions will end meaning the rate would have to change allowing the auctions to end...
Jeff
World Trade [Organization]...one of the major things Iraq needs to really move forward towards membership is they need their MFTR [Memorandum of Foreign Trade Regime] completed...
Article Quote: "The completion of all these requirements was confirmed in March of 2024."
Iraq's next meeting is roughly November 6th through the 8th. They will...have all steps complete.
That's when they would be eligible. Their 30 days towards membership would start right around early November...Full member probably by the end of December of this year.
https://dinarevaluation.blogspot.com/2024/09/iraq-needs-to-really-move-forward.html
Minister of Finance stresses the need to adhere to timetables to achieve economic reforms, 11 OCT
Minister of Finance stresses the need to adhere to timetables to achieve economic reforms
Finance Minister Taif Sami Mohammed stressed, on Thursday, the need to adhere to timetables to achieve economic reforms.
A statement by the ministry, seen by Al-Eqtisad News, stated that "Minister of Finance Taif Sami Mohammed chaired a meeting to follow up on the implementation of the government program related to financial, economic and digital affairs, where she reviewed the latest developments in the plans and procedures adopted by the government to achieve economic and financial reforms and discussed the challenges facing the implementation of the program."
The minister stressed, according to the statement, "the importance of adhering to the specified timetables and achieving the desired goals in enhancing economic stability."
The statement added that "the meeting addressed the most prominent economic and financial indicators, and reviewed the results of the reforms that have been completed so far, in addition to discussing ways to accelerate the pace of reform in vital sectors. Sami stressed the need for cooperation between all parties to achieve sustainable development and improve the standard of living for citizens."
The statement concluded by saying that "the minister urged the concerned parties to continue working hard and intensifying efforts to ensure the success of the reform program and achieve sustainable economic growth link
RV UPDATE BY WALKINGSTICK, 11 OCT
Walkingstick
[Aki Iraqi bank manager friend in U.S update]
I have just been given my latest orders. I am being told to stay close to home. I will not be able to go to Thanksgiving...Christmas with my friends.
My orders tell me that I am to stay here in Dearborn.
The CBI bank is going to make us very busy during these holidays.
We are having a lot of Iraqi citizens coming into our banks here...They...are talking to us about the same thing you are asking us.
They found out they're going to get their HCL. They found out about the cards.
They want to know how they're going to get their retirement money outside of Iraq. They also what to know if they will also be able to receive the new lower notes.
https://dinarevaluation.blogspot.com/2024/10/intel-from-aki-iraqi-bank-manager.html
Walkingstick
Question: "Are the new [Iraqi bank cards] based on the new exchange rate?"
Yes.
Walkingstick
They [Iraq/CBI] are no longer under the umbrella for the US Treasury nor are they under any sanctions.
That's nice!
--
Walkingstick
I strongly believe we need Alaq to finish what he's doing [In New York and Washington], come back...to Baghdad and bring the REER - Real Effective Exchange Rate to Iraq.
We believe this is the next step because of what Sudani told the Iraqi citizens.
IMO the commercials are the next thing that they're going to show them. IMO the commercials are already produced...They will be released to the public. When Sudani said the monetary reform is coming to an end...that's a big hint...That's what we in intel call a big clue.
Walkingstick
All the executive levels of the banks in Iraq are going to sit down with the governor of the CBI Alaq and receive instructions on the new currency next week.
Walkingstick
They got stability and security. Sudani has been bragging about it...Lift the three zeros has to do with the value, then not with the value, back and forth, back and forth, it has to do with the value and then, no it doesn't have to do with the value. The articles are contradicting.
They are lies. They are misleading with a purpose.
Walkingstick
Article: "Two conditions to achieve it .. Al-Sudani's advisor rules out removing 3 zeros from the currency"
These articles, this misleading, is intentional right now...Contradicting statements are found throughout all of these statements, all of these articles...The 25 note has to become a 25k note?
There isn't even a 25 note...When did Iraq last have a 25 note? Never.
--
Walkingstick
[Iraqi bank friend Aki update]
Question: You're asking us why we are not talking to you about these [lower note] commercials. Can you tell us more about them?
AKI: Yes, they are coming out. This is the media campaign we told you about. It's getting faster and faster and louder and louder.
The purpose is to show the citizens the new lower notes and more information.
These commercials are coming out at any time now...Nothing is in the way to block this next step. It is a massive media campaign.
[[Iraqi bank friend Aki update]
New York is to remove the red tape that the United Nations is still holding on the banks of Iraq that are not participating in the monetary reform.
These sanctioned banks may stay sanctioned or be shut down completely.
It really doesn't matter to the monetary reform process but this is something that is needed to be done.
https://dinarevaluation.blogspot.com/2024/08/lower-notes-yes-they-are-coming-out-by.html
We will not wait for companies, we will act, 11 OCT
We will not wait for companies, we will act
Baghdad reaches an understanding with the Doha Stock Exchange: Iraqi shares will be able to be traded in Qatar as well
The Iraqi Securities Commission revealed a project with the Qatar Stock Exchange that will allow for the joint establishment of companies, leading to “dual listing” that will allow the listing of Iraqi shares in both the Iraqi and Qatari markets.
The commission member, Wadah Al-Taha, said that it will not wait for major and promising companies to list their shares on the Iraqi Stock Exchange, but will form a committee to encourage those companies. He pointed out that expanding the Iraqi Stock Exchange requires the listing of government sector companies on the stock exchange.
Waddah Al-Taha - Member of the Board of the Securities Commission, in an interview with the media figure, Dhikrayat Muhammad:
Expanding the work of the Iraq Stock Exchange requires restructuring mixed companies, through the government sector relinquishing its shares and listing and offering them for investment, while we work on listing public government companies.
Usually, stock markets around the world represent a mirror of a country’s economy, but in Iraq, the stock market does not reflect the economy, for several reasons, including the weakness of the investment culture, the decline in government support and understanding, in addition to the fact that the importance of listing and initial public offerings is unclear to private sector companies.
We seek to “deepen” the Iraqi Stock Exchange, meaning diversify its sectors participating in the subscription, with the aim of reducing the ceiling of investment risks and creating relative attractiveness for investors. We are currently working on merging our governance draft with the draft of the International Finance Corporation to give a global character to our investment environment and send reassuring messages to foreign investors.
Instead of waiting for promising emerging companies to come to the Iraqi market for listing, we are currently working on forming a specialized committee to move towards such companies and reach an understanding with them in order to list their shares in the market. The criteria for selecting the targeted companies revolve around performance, financial efficiency, company history, sector quality, and management nature.
We have a memorandum of understanding with the Qatari side, and we hope to approve it during the coming period. It has very good content, as it allows us to establish companies jointly, and we aspire to reach the stage of “dual listing” where the Iraqi stock can trade in the Iraqi and Qatari markets, in addition to applying the regulatory standards in effect there.
We apply a high level of “global standard” procedures in terms of combating money laundering. The market is very safe in this regard. Our standards are sometimes harsh and restrictive for investors, but they ensure that there are no illegal financial activities. link
IRAQ BOOTS ON THE GROUND REPORT BY FIREFLY, 11 OCT
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Television is showing there was meetings going on. These meetings are every day.
They say there was Sudani who had his meeting with his Finance Minister and all of the lead bank officials and with the audit companies.
FRANK: Sudani meeting with the powerhouse of his monetary reform.
FIREFLY: It looks like Sudani is crossing all of his T's and dotting all of his I's one last time!
https://dinarevaluation.blogspot.com/2024/10/rv-update-by-firefly-9-oct.html---
----
FIREFLY:They are telling us deleting zeros and enhancing value. We never heard this before.
FRANK26: This is extremely impressive in the way the monetary reform is coming to you faster.
We predicted this. It's good to see it happening.
https://dinarevaluation.blogspot.com/2024/10/they-are-telling-us-deleting-zeros.html
Experts: Diversifying Revenues Is A Guarantee Of Economic Stability, 11 OCT
Experts: Diversifying Revenues Is A Guarantee Of Economic Stability
Economic 2024/10/10 Financial and economic experts expect that the recent developments in the Middle East will create a state of instability in the region and in global markets, including the labor market, which is greatly affected by the general conditions prevailing in a region where oil production is concentrated.
Economic expert and former minister Dr. Raed Fahmy, in an interview with “Sabah”, believes that “countries that depend on oil, such as Iraq, despite the country’s attempts to attract foreign capital, will witness a state of fluctuation,” noting that “this is reflected in the average citizen and his purchasing power, because the turmoil in the region will have a negative impact on the course of things in general, and prices in particular.”
Fahmy pointed out that “Iraq is an importing country, and the volume of its imports constitutes about 90-98% of its needs from abroad, including food needs,” indicating that “import and export operations, and the dollar exchange rates will be affected in the coming days and will be reflected in the commercial movement and exchanges, including the price of oil.”
He added that “the turbulent situation and lack of clarity of vision will affect all investors and projects that may be initiated in the region,” expecting that long-term investment decisions in many countries “will witness a state of waiting that will be reflected in economic activity in general.”
In this context, economic researcher and consulting engineer Imad Al-Muhammadawi told Al-Sabah: “The region is currently witnessing highly tense conditions, which may lead to a rise in oil prices and a change in the dollar exchange rate.”
Al-Muhammadawi considered the country’s reliance on the rentier economy “an obstacle to diversifying the state’s general revenues, as oil revenues constitute about 99% of its exports and 85% of the country’s general budget,” noting that “enhancing non-oil revenues, controlling spending and activating the role of the private sector will work to achieve financial sustainability in such exceptional circumstances.”
It is noteworthy that the government has taken major and important steps to diversify revenues through partnerships with the private sector, reducing tax evasion, rehabilitating factories and paying attention to agriculture. https://alsabaah.iq/103909-.html
RV UPDATE BY WOLVERINE, 11 OCT
WOLVERINE
Thurs. 10 Oct. 2024 Wolverine“The process has defiantly started. There are around 40 million emails that will be sent out by Wells Fargo so you can set your appointments.
It is expected to happen within the next few days and defiantly within this month.”
Wolverine
...What I heard is that huge Whales have received their notifications and are flying to their destination to receive their blessing...
I can’t say more until I’m allowed to speak. Nothing is guaranteed in this journey but I have absolute faith that any day we are going to receive the news we’ve been waiting for...
How Prepared Is Iraq For An Expected "Cyber Strike"?, 11 OCT
How Prepared Is Iraq For An Expected "Cyber Strike"?
Baghdad Today – Baghdad Cybersecurity expert Ali Al-Zubaidi commented on Wednesday (October 9, 2024) on Iraq’s readiness for any expected “cyber” strike during the next phase.
Al-Zubaidi told Baghdad Today, "Iraq has done its best to provide an electronic firewall against cyber attacks, but what it has is not enough due to the weakness of both the electronic and human infrastructure."
He added, "These structures are still weak and incomplete and can be easily penetrated. If Iraq is exposed to a cyber attack, its security and military institutions, sovereign ministries, banking information, civil and passport departments, airports, and all institutions that have been subjected to the automation system will be penetrated."
He warned that "this in itself will create confusion and chaos in the work of these institutions, and the limits of the resulting damage cannot be imagined, as it is determined by the limits of what the attacker can do or achieve, and what he aims to achieve through his attack, but in all cases the damage will be great."
Cybersecurity is the fifth domain of contemporary warfare, and the loophole through which one can access the positions of all countries and societies, if they are not constantly maintained, in accordance with digital developments.
However, in Iraq, the International Telecommunication Union’s Global Cybersecurity Index still ranks it 107th globally and 13th in the Arab world, despite the availability of many of the country’s main infrastructures, including technologies and skills, among the country’s competent authorities, according to experts.
Successful cybersecurity takes a specific approach that typically consists of multiple layers of protection deployed across the computers, networks, software, or data that one intends to keep safe. In any organization, users, processes, and technology must complement each other and work together to create an effective defense against cyber attacks.
On September 13, the National Security Service announced the launch of the first cybersecurity platform in Iraq.
The agency said in a statement received by "Baghdad Today", "Security and military operations alone are not sufficient to confront the phenomena that threaten community security, and there must be awareness and education campaigns targeting society in order to fortify itself against these phenomena." LINK
TNT UPDATE, 11 OCT
Wed. 9 Oct. 2024 TNT
TBI Moves On Dollar Prices, 11 OCT
TBI Moves On Dollar Prices
Economy 2024-10-09 | 10,062 views Sumerian News – Economy The Trade Bank of Iraq (TBI) announced today, Wednesday, that it has taken a series of measures to support the stability of the exchange rate and prevent exploitation by speculators.
The Director of the Tahrir Branch of the Iraqi Bank, Yarab Al-Hashemi, said in a statement received bySumerianNews, "The bank's management has taken a series of measures to stabilize the exchange rate and prevent market manipulation, including increasing working hours at the bank's branches, which has had an impact on the speed of completing merchants' transactions, the smoothness of financial transfers, and eliminating the momentum that has been created in this regard."
He added, "There is a series of measures being taken successively that will have a clear impact on controlling the exchange rate, preventing speculators, and limiting the granting of dollars to the beneficiaries exclusively."
Prime Minister Mohammed Shia al-Sudani directed to intensify inspection procedures in financial transfer operations and not to be lenient or lenient in pursuing speculators who exploit the crises the region is going through to achieve personal profits and benefits at the expense of the public interest of the country. LINK