Sunday, October 20, 2024
"REMEMBER SECURITY & STABILITY!!!" BY FRANK26, 21 OCT
KTFA
FRANK26: "REMEMBER SECURITY & STABILITY!!!".....F26
Financial Advisor: Increasing Iraq’s IMF Share Is a Step to Strengthen Dinar Stability
10/19/2024
The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed today, Saturday, that increasing Iraq's share in the International Monetary Fund represents an important step in confronting the economic challenges facing the country and stabilizing the value of the Iraqi dinar.
He explained that this increase constitutes an effective tool against exchange rate fluctuations and inflation problems, and contributes to enhancing investor confidence in the Iraqi economy.
Saleh pointed out that "Iraq maintains a reserve of gold within its foreign reserves, which is an important part of the official reserves of the Central Bank of Iraq."
He added: "Monetary gold is an essential means of supporting the value of the Iraqi dinar and achieving economic stability, especially in light of the economic turmoil that may affect foreign currencies."
He explained that rising inflation or depreciation of foreign currencies usually increases the price of gold, making gold an effective hedge against inflation and currency depreciation, adding that gold represents a long-term and stable investment compared to currency fluctuations, which enhances the diversification of the country's sovereign investment portfolio.
Saleh stressed that Iraq holds about 150 tons of gold, which constitutes a significant percentage of the country's foreign exchange reserves. He explained that these reserves are managed according to the standards of multilateral international financial organizations, which makes gold a suitable hedging tool and a safe haven for national currency reserves.
He also explained that the monetary authority in Iraq has worked in recent years to increase its gold reserves to ensure the stability of the Iraqi dinar and provide protection from economic fluctuations, noting that these economic policies have contributed to strengthening investors' confidence in the national economy.
The Iraqi Council of Ministers had previously approved increasing Iraq's share in the International Monetary Fund by the equivalent of 831.9 million Special Drawing Rights (SDR), or the equivalent of 1.45 trillion Iraqi dinars according to the exchange rate on October 8, 2024.
RV UPDATE BY SANDY INGRAM, 21 OCT
Sandy Ingram
The average cost of living for one person in Iraq is $754/month.
This amount includes rent therefore when Iraq creates a safe environment hundreds of thousands of travelers could easily spend $2,000 a month on average in Iraq.
To understand how tourism can help change a country's GDP you only have to look at Mexico.
Iraq's Planning Minister: Population census 96% completed in 15 provinces, 20 OCT
Shafaq News/ Iraq’s Deputy Prime Minister and Minister of Planning, Mohammed Ali Tamim, announced on Sunday that the population census operations are nearing their end, in 15 provinces, indicating that the actual completion rate has reached more than 96%.
During the ninth session of the advisory body in the ministry, held on Sunday, Tamim noted that the work is witnessing remarkable progress in the provinces of the Kurdistan Region (Erbil, Duhok, Halabja, and Al-Sulaymaniyah), where the completion rate reached about 65%.
“What has been achieved so far represents a great success for the ministry, in a large-scale project such as the census. Actual work began last May, and the ministry has successfully met all requirements and implemented each stage in record time,” Minister Tamim said.
He pointed out that the situation has become reassuring in light of the great efforts provided by the Commission of Statistics and GIS.
Census Background
The Iraqi government has announced plans to conduct the country's first general population and housing census in 27 years on November 20, 2024. To facilitate this effort, authorities have partnered with the United Nations Population Fund (UNFPA).
Iraq last conducted a nationwide population census in 1987, followed by a 1997 count that excluded the Kurdistan Region. For years, the country has relied on estimates from unofficial research institutes and organizations. In 2022, the Planning Ministry estimated Iraq’s population to be over 42 million.
The census has faced repeated delays due to concerns about its potential politicization, particularly in disputed areas like Kirkuk. These regions, which are home to Kurds, Arabs, and Turkmen, are also rich in oil reserves. Ethnic groups fear that the census may reveal demographic shifts that could undermine their political ambitions.
RV UPDATE BY MILITIAMAN, 20 OCT
Militia Man
Those people [Who have 'hoarded mattress dinars'] are expecting the stock market to run big time when they change the value of their currency based off of a Real Effective Exchange Rate based off real assets, non-oil [revenue].
That's what's in focus right now. It's phenomenal.
This is a good sign of things to come.
The evidence is abundant. Iraq is finalizing her reforms.
With what?
The support of American partnerships especially with large economic reforms and financial aspects in Iraq...
These things are going to be linking the East to the West and they told you, via what?
Iraq's Development Road Program. They're going to need the freedom of capital movement. That's going to be the Real Effective Exchange Rate.
CBI auctions +$1 billion during the past week, 20 OCT
Shafaq News/ The total sales of the Iraqi Central Bank (CBI) in hard currency of the US dollar exceeded $1 billion during the past week.
According to the CBI's official data, the bank sold during the past week, over five days of auctions, $1,317,374,259 at a daily rate averaging $263,474, 852compared to the previous week's sales of $1,309,074,838.
The highest dollar sales were recorded last Monday, reaching $270,808,434, while the lowest was on Tuesday, totaling $253,497,545.
Foreign exchange sales during the past week amounted to $1,279,724,259, with an increase of 97% compared to cash sales, which reached$37,650,000.
ABOUT THE BAGHDADNA PLATFORM BY MAJEED, 20 OCT
Majeed 🇸🇦KSA🇸🇦 on X
"🔥🔥🔥🔥🔥🔥🔥 As part of this effort, the council introduced the “Baghdadna” platform which will offer over 25 services through smart devices, enabling citizens to access services digitally.
Now, they are implementing all the digital services for citizens 🔥🔥 blockchain🔥🔥
https://t.co/DqJOa70SDn" / X
https://x.com/majeed66224499/status/1846168500034740552
Iraq’s path to economic diversification: Overcoming rentier dependence, 20 OCT
Iraq’s path to economic diversification: Overcoming rentier dependence
Shafaq News/ Iraq is a rentier state with an undiversified and fragile economy, relying heavily on a single resource: oil. This dependence has rendered its economy vulnerable, as it remains tied to the fluctuating revenues from oil production.
The continued reliance on oil as the primary source of public revenue places Iraq at significant risk from global crises that frequently impact the oil market. Each time such a crisis occurs, the country is forced to address budget deficits by borrowing either domestically or internationally. This situation highlights Iraq’s inability to manage its finances effectively and its failure to find alternative sources of funding or revenue solutions.
Gradual Transition
The financial advisor to the Iraqi Prime Minister, Mudhhir Mohammed Saleh, stated to Shafaq News Agency that the reasons for Iraq’s continued dependence on a rentier economy stem from past wars and economic sanctions imposed on the country. These factors, he noted, disrupted Iraq's economic resources.
However, Saleh highlighted a gradual shift towards economic diversification. He pointed out that "for the first time in decades, Iraq has seen significant non-oil GDP growth of 6%, marking a move toward economic diversification. This progress is driven by the flourishing digital sector, increased transportation activities, and noticeable construction and infrastructure development growth." He also emphasized the ongoing support for the agricultural sector, particularly in grain security, which continues to receive consistent government backing in its marketing operations.
Additionally, Saleh noted that the philosophy of public-private partnerships is taking hold, especially in the industrial sector's development. "This is evident in Iraq’s Development Road strategy, which includes plans to establish three industrial cities and two economic zones, all focusing on advanced industrial production technologies."
Lack of Planning
In an interview with Shafaq News Agency, economic expert Mohammed Al-Hassani stated that "successive Iraqi governments have often faced economic and security crises, causing them to veer off the developmental path," highlighting that these governments lacked long-term strategies, such as five-year or ten-year plans that extend up to 50 years. Such plans, he explained, "would have been more effective and provided sufficient time to implement the necessary changes. Furthermore, terrorism has significantly drained Iraq’s economic capabilities and driven away investment."
Al-Hassani pointed out that the absence of a clear and effective investment direction, which could foster real development, has been a major factor in Iraq's failure to move away from a rentier economy.
He added that "the private sector continues to struggle due to insufficient enforcement of protective laws and the weakness of the banking sector, which is unable to provide adequate financing to facilitate a significant economic shift."
Industry and Agriculture
Meanwhile, economic expert Mustafa Hantoush emphasized the need for Iraq to diversify its economy and transition from a rentier system to a market economy, explaining that this requires developing Iraqi industry by establishing industrial cities, protecting local products, and providing affordable loans.
Hantoush highlighted the necessity of improving agriculture by securing an adequate water share and launching initiatives for machinery, seeds, and fertilizers, stressing the importance of "enhancing the transportation sector by completing projects such as the Al-Faw Port – Development Road and the Baghdad Metro, as well as lifting the European flight ban on Iraqi Airways." Additionally, Hantoush underscored the significance of developing the tourism sector by creating infrastructure, improving roads, and focusing on Iraq's 13 different types of tourism.
"BUT THE GRAND PRIZE WILL NOT HAPPEN UNTIL THE END OF THE YEAR" BY FIREFLY, 20 OCT
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: Mr. Sammy...knows someone that attended a big meeting with the Untied States Treasury and the CBI and they said Iraq is coming off the electronic platform.
FRANK: The auctions.
FIREFLY: And expanding the dinar to go outside of our borders and go international at the end of the year.
So all we will see for now on, according to Mr. Sammy, are just steps taking place to get there.
But the grand prize will not happen until the end of the year.
Mr. Sammy said his friend was there and knows this first hand.
FRANK: My heart still holds out for this year though but...these two months are important to make sure everything comes out in order for the citizens to be successful
In the Baghdad Palace.. The presidencies discuss the election of a speaker of parliament, the approval of laws and financial issues, 20 OCT
Shafaq News / The Presidents of the Republic Abdul Latif Jamal Rashid, the Council of Ministers Mohammed Shia Al-Sudani, and the Judicial Council of Faik Zeidan discussed the files of electing a new president of the House of Representatives and the approval of important laws, and continuing to finance the ministries from the federal budget in Iraq.
The meeting at Baghdad Palace discussed, according to a statement received from Shafak News Agency, the file of the presidency of the House of Representatives and the efforts made to speed up the resolution of this entitlement, and emphasize the support of those efforts in a way that contributes to achieving the supreme interest, and strengthening the role of the House of Representatives in integration with the executive and judicial authorities.
The presidents discussed the reasons for the delay in the presentation of some important draft laws prepared by the Presidency of the Republic and the need to include them in the agenda of the Council in its upcoming sessions, as well as reviewing the judicial procedures taken within the framework of publishing and media crimes, and monitoring cases of abuses in the face of the systematic campaign launched by some suspicious pages to target presidencies, ministries and state institutions, and prosecute their perpetrators in accordance with the provisions of the law.
The meeting also touched on the government measures taken in the financial aspect, in order to ensure the financing of ministries and governorates from the investment budget and the budget for the development of the regions, in addition to creating the appropriate environment and logistical supplies for the Independent High Electoral Commission, to begin its preparations for the holding of parliamentary elections scheduled for next year.
The participants stressed the importance of conducting the census as a development goal for the country on which economic and social policies, plans and programs depend.
They also discussed the overall situation in the regional arena, the developments of the “Zionist aggression against Palestine and Lebanon”, and the efforts made to encircle these attacks and strengthen the unity of the political position towards protecting Iraq and its people from any possible escalation.
MILITIAMAN CC HIGHLIGHTS NOTES, 20 OCT
MILITIAMAN CC HIGHLIGHTS NOTES
Summary
Iraq is progressing with economic reforms, enhancing banking services, and aiming for international compliance to boost its currency value and attract investments.
Highlights
- 🇺🇸 US supports Iraq’s economic reforms and budget updates.
- 🏦 Iraqi Trade Bank announces new branches to improve banking services.
- 💰 Focus on reducing cash deposits and promoting digital banking.
- 📈 Iraq’s currency expected to strengthen with upcoming reforms.
- 🌐 Iraq participates in global tech cooperation for economic advancement.
- 🛤️ New agreements enhance logistics and international trade.
- 👥 Salaries to be localized in federal banks for transparency.
Key Insights
- 📊 Economic Partnership: The US’s commitment to Iraq’s economic reform underscores a long-term partnership aimed at stability and growth, crucial for attracting foreign investment.
- 🏧 Banking Transformation: The opening of new branches signals a shift towards a more robust banking system, facilitating better citizen services and reducing reliance on cash.
- 💸 Digital Banking Push: The emphasis on digital transactions reflects a broader trend towards modernization, essential for improving transparency and efficiency in the economy.
- 🔄 Currency Strengthening: The Iraqi dinar is poised for a potential increase in value, driven by reforms that aim to stabilize the currency and improve purchasing power.
- 🤝 Global Engagement: Iraq’s participation in international technology forums indicates its commitment to integrating with global markets and enhancing its economic landscape.
- 🚚 Trade Agreements: New logistics agreements signify Iraq’s readiness to expand its trade capabilities, crucial for economic development and regional cooperation.
- 🏛️ Salary Localization: Localizing salaries through federal banks aims to improve transparency and efficiency in payment systems, addressing previous issues of corruption and mismanagement.
Credit Bank of Iraq achieves a profit of 20.4 billion dinars, 20 OCT
Economy News – Baghdad
The Iraqi Credit Bank achieved a net profit of 20.4 billion dinars from the beginning of the year until the third quarter.
According to the bank’s financial statements, revenues amounted to 26.4 billion dinars, achieving a growth of 38% during the same period last year of 19.1 billion dinars.
The bank’s assets rose to 524.8 billion dinars, but deposits fell to 137.5 billion dinars from 150.6 billion dinars.
The bank owns a retained profit of 38.7 billion dinars, which has been an accumulation for many years.
https://economy-news.net/content.php?id=48924