Frank26
The monetary reform policy is being introduced to you Iraqi citizens on a daily basis isn't it.
It's is my hope. It is my desire. It is my prayer that Sudani fulfills his promise of this year. But regardless know it's coming. We know we are already here.
Shafaq News / Iraqi National Security Advisor Qassem Al-Araji announced on Tuesday the conclusion of his official visit to Tehran, with meetings he described as fruitful, stressing Iraq’s position on refusing to use its territory and airspace to strike neighboring countries.
Al-Araji said, in a post on the X website, followed by Shafaq News Agency: “We concluded our official visit to Tehran, in which we held fruitful meetings with Iranian Foreign Minister Mr. Abbas Araqji, the Secretary-General of the Iranian National Security Council, Dr. Ali Akbar Ahmadian, the Commander of the Iranian Revolutionary Guards, Major General Hussein Salami, and the Commander of the Quds Force, General Ismail Qaani.”
Al-Araji continued: “We renewed Iraq’s firm and principled position by rejecting the use of Iraqi territory and airs by any party to attack neighboring countries and the region, as well as the need to preserve borders, prevent smuggling operations and fight drug mafias.
He pointed out that “we stressed the importance of joint coordination and cooperation to increase international pressure in order to stop the war on Gaza and Lebanon, and work to calm the situation and prevent escalation in order to maintain global security and stability.”
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: Television is showing a special report about the new port and investment project.
They say these ports will change Iraq's economy forever.
Iraq prepares investment portfolio to attract $250 billion in two years
Economy News – Baghdad
Iraq is preparing to launch a wide range of projects with the aim of attracting investments worth up to a quarter of a trillion dollars over the next two years, in an unprecedented step in the country.
The package of investment opportunities includes projects in the fields of renewable energy, industrial and agricultural cities, railway networks, in addition to the education, telecommunications, tourism and entertainment sectors, according to the head of the National Investment Authority, Haider Makiya, during an interview with Al-Sharq.
Makiyah revealed that the authority has completed all the necessary requirements for 103 investment opportunities, in addition to large future projects, and “it is possible during the next two years that there will be funds flowing about 250 billion dollars” to Iraq.
This package comes amid the activity of the National Investment Authority to revive dozens of projects that have resumed work on, in addition to revitalizing others, and addressing the obstacles facing investors with various sectoral entities. According to the head of the Commission, “the number of projects lagged throughout Iraq reached 249 projects.”
The National Investment Authority was established in 2006. From that date until the end of 2022, the volume of investments flowing into Iraq did not exceed $35 billion. However, after implementing administrative and technical reforms and establishing controls that facilitate the investment process, the volume of investment permits granted rose to $69 billion until last June, according to Mecca.
In comment on the statement of Iraqi Prime Minister, Mohammed Shia Al-Sudani, in late October, who stated that “the volume of investment for the year 2024 reached 100 billion dollars,” Makiya explained that “this figure is correct if we collect the amount of 69 billion dollars flowing from the same year with other strategic projects such as the Baghdad Metro project and the Najaf-Karbala Metro project, up to 100 billion dollars.”
Despite the remarkable growth in the volume of investments in Iraq, the President of the National Investment Commission pointed out that challenges facing foreign and local investors remain. He stressed that “the main obstacle for the investor is the financing of investment projects,” explaining that the investment law obliges the Authority, in coordination with the Ministry of Finance, to provide facilities and loans to investors. However, “government and private banks operating in Iraq lack the necessary capabilities to finance projects, especially strategic ones.”
Land allocation also represented a challenge for investors in Iraq, according to Mecca, who described it as an “eternal problem” that the Commission is seeking to address gradually. He revealed that the Ministry of Finance, which owns the majority of the land, granted the National Investment Commission a number of land in six governorates in the southern region, with expectations of obtaining more land in the coming period. He stressed that the land and official permits were allocated to these projects, and that they are ready to be announced and open the way for competition among investors.
Haider Mecca told Al-Sharq that investment opportunities have become in a complete portfolio to be presented at the “Iraq Investment Forum” to be held in Baghdad, and “this is expected to be done at the beginning of next year,” without specifying an exact date.
It is noteworthy that the National Investment Commission had previously announced the organization of the forum this November, but the event was postponed due to the events in Gaza and Lebanon.
Views 140
Added 2024/11/12 – 11:43 AM
https://economy-news.net/content.php?id=49731
Militia Man
Article quote: Alaq says... "When we reach the point where everyone is headed towards using the official and fundamental channels in the transfer process then we find no room for there to be two prices for the dollar."
That's when he'll make his move. If he's not ready now, when will he be? I don't know. That's his call. It's on him to know the marketplace.
When is the safest time to do it?
He's saying over the passage of time it gets shorter and shorter because the people are using the system properly. Once he changes the exchange rate I think that market, the two prices, go away like that, *snap*.
Gold Reserves Jump: Iraq Exceeds 150 Tons of ‘Cash Gold’
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Tuesday, a jump in Iraq’s gold reserves after it exceeded 150 tons of gold.
Useful summary.. In important news you can find it on Al Furat News channel on Telegram.. To subscribe click here
Saleh told {Euphrates News} that: “The monetary gold in Iraq’s foreign reserves constitutes a percentage that may not exceed 10% to 11% of the total investment portfolio management of those reserves.”
He added, “This percentage is usually determined by the standard guidelines issued by the International Monetary Fund on how to manage the optimal sovereign investment portfolios according to risk management and their distribution between liquid and semi-liquid assets and official monetary gold.
” Saleh explained, “The latest information indicated that our country’s balance of official monetary gold may have exceeded the barrier of 150 tons of pure gold.”
Gold prices rose slightly on Tuesday, but remained hovering around the lowest level in a month, while investors await US economic data and comments from Federal Reserve officials for more clarity on the path of interest rates.
Spot gold rose 0.2% to $2,624.17 per ounce after recording its lowest level since October 10 on Monday. U.S. gold futures gained 0.5 percent to $2,630.10.
The dollar held near a four-month high as bets on President-elect Donald Trump’s policies continued to weigh. A stronger dollar makes gold less attractive to holders of other currencies.
Among other precious metals, spot silver was little changed at $30.70 an ounce. Platinum fell about 0.2 percent to $962.80, while palladium was steady at $980.34.
Raghad
MarkZ
[via PDK]
“Government spokesman reveals the most important features of the Sudanese and Trump communication”
This article really gets into the discussion. Trump believes Iraq can be a very calming influence in the region.
They had spoken...I believe at least 3 times since Trump was elected.
The two sides stressed moving forward with relations between our countries and they also talked about money, technology and Iraq’s role in it…you have to know Trump has a interest in Iraqs ascension and change in Value. It would bring financial stability to the US and peace and prosperity to many parts of the world. This is very encouraging.
The region’s oil and losses halting its exports at the top of the Prime Minister’s discussions in Erbil tomorrow
Member of the Parliamentary Finance Committee, Moeen Al-Kazemi, revealed that Prime Minister Mohammed Shia Al-Sudani will visit Erbil tomorrow, Wednesday, to discuss the region’s oil and the losses resulting from the halt of its exports to Iraq.
Useful summary.. In important news you can find it on Al Furat News channel on Telegram.. To subscribe click here
Al-Kadhimi said, during his hosting on the {Free Talk} program broadcast on Al-Furat satellite channel this evening, that: “The suspension of oil exports took place in 2023 after Iraq complained to Turkey that it imports oil from the Kurdistan Regional Government and not from the federal government, then Turkey took the initiative to stop exports under the pretext of the earthquake, then it was agreed to resume exports.”
He added, “The government sees it as a huge loss for Iraq, so it stood before this issue of production costs with international companies to explore for oil in the region, and the government agreed to spend $ 16 per barrel on oil extraction costs to consider the existing reality, and tomorrow there will be a visit by Al-Sudani to Erbil to discuss this issue and other matters.”
Al-Kadhimi added, “There is an important demand from the federal government to reconsider these participating oil contracts, noting that these wells are not the wells of the south, and $ 16 is not considered legal except by a vote of the House of Representatives and will not pass easily, and the region’s oil must be exported through SOMO in contract with the center.”
Regarding the disclosure of investigations into changing the budget tables, Al-Kadhimi said, “The House of Representatives has a mission to advance the legislative and oversight reality, and the Finance Committee has begun investigating within Parliament regarding the manipulation of the budget tables, and we obtained the copy sent by the government to Parliament and the copy sent by Parliament to the government, and in general, the mistake was deliberate from within the House of Representatives.”
He continued, “The issue of leaks is a curse and from important sources or in political blocs, showing the community’s lack of confidence in those in charge, and on the other hand, it became clear that there is a defect in the technologies and warns that most officials are hacked in information and communications.
” Al-Kadhimi added, “On the other hand, it is also a blessing to reveal corrupt faces, but this disclosure will make the corrupt take precautions and be careful, and this must be an alarm bell and a necessity for serious action by the government, and accountability must be carried out and issues of bargaining and moodiness must not be the ones that control.”
Mnt Goat
I see what is happening in Iraq as a final “cleanup” from the sanctioned days and war years...there is going be some huge change in policy of currency exchange for international trade with Iraq...
why else would the CBI make such a drastic change in policy with the currency auctions if the US didn’t tell them to “ditch the dollar” and do it now. ...
But in order to do it Iraq needed the reforms... reforms come first, then they can rebuild their economy and somewhere in the new economy building phase, they strike out and delete the zeros and reinstate...
So, come the end of 2024 don’t you think these reforms will be ‘good enough” to let the dinar finally get to FOREX? I was told this is their target.
This decision is expected to lead to fundamental changes in financial transfer mechanisms, and a direct impact on exchange rates and financial stability. Moreover, this decision poses new challenges for the banking sector, and calls for a careful assessment of its effects and the fate of banks that will not be able to integrate into the new system, and the challenges that the government may face in implementing this transformation, according to observers.
The expert in economic and financial affairs, Safwan Qusai, confirms that the new transfer mechanism that will be implemented early next year will not negatively affect the financing of legitimate trade.
He says that the entry of the central bankIraqiThe US Federal Fed as a monitor, and the transfer of Iraqi banks that have relations with major international banks such as Citibank and JP Morgan, will contribute to accelerating transfers and reduce data manipulation.
Elimination of the parallel market
He adds that this step will eliminate illegal trade that depends on buyingDollarFrom unofficial sources or what is known as the parallel market.
He points out that banks facing restrictions on dealing in foreign currencies are currently being evaluated by Oliver Weyman, with the aim of developing their capabilities in the field of remittances, expecting that many of these banks will be able to resume their international work after meeting the required requirements.
The economist stressed that the new mechanism will ensure the provision ofDollarAt a fixed official price, which removes any concerns about financing illegal trade, noting that the parallel market will continue to face challenges due to tight regulatory measures.
Qusai called on irregular traders to move to deal through official channels, stressing that there is a possibility of merging some Iraqi banks to form a new banking entity capable of exercising international trade freely, in coordination with the Central BankIraqiThe American Federal.
In early 2023, he announced IraqAdopting an electronic platform forMonitoring MovementSellingDollarMoney laundering operations, following warnings issued by the US central bank, and following the US Treasury Department punishing many local banks for their “involvement” in suspicious acts.
Expectations of an exchange rate increase
For his part, economist Nabil Jabbar Al-Tamimi warned that the transition to a new mechanism for bank transfers inIraqMay lead to a temporary rise in the exchange rateDollarduring the coming period.
The Council of Ministers ratifiedIraqiOn February 7, 2023, on the decision of the Board of Directors of the Central BankIraqiAdjusting the exchange rateDollarAgainst the dinar, as follows:
1300 dinars per dollar the purchase price from the Ministry of Finance.
1310 dinars per dollar the selling price of banks.
1320 dinars per dollar the sale price by banks and non-banking financial institutions of the final beneficiary.
Al-Tamimi explained that the Central BankIraqiIt works to end the adoption of the current platform for remittances, and move to a system based on direct relations between Iraqi banks and international banks.
He pointed out that some Iraqi banks are ready to work with this new system, but other banks need to develop their capabilities, and expected this shift to lead to some market disruptions during the transitional period, but stressed that the government is working to support banks to successfully overcome this stage.
Al-Tamimi explained that the Iraqi government, represented by the Central Bank, plans to evaluate all Iraqi banks and qualify them to work with the new system, in cooperation with international financial audit companies, stressing that these steps aim to enhance the stability of the banking system.IraqiAnd increase its efficiency, which will reflect positively on the economyIraqiIn general.
Alsumariatv.com
Frank26
[Bank story]
This time we didn't go down, we just called [the bank]...
We said we want to see if we can exchange some currency and he said what kind of currency?
We said Iraqi dinar. He didn't even skip a beat, he said, well I'm not sure about that one right now let me talk to my colleagues and I'll get back to you.
Easy-peasy, we were just kind of shocked. He put me on hold and came back and he very calmly said sir.
..with the amount that you told us you have, the Brinks truck will come to your house and they will do the exchange right there in your house and then you'll be good to go. It'll be in your bank.
You'll be able to verify it on your phone, in your app that shows your banking information. He said you'll be able to validate on a computer, all that jazz, that the money is in your account...
They're saying we should have and accountant and tax attorney. They have a list of all that, that they'd be more than happy to share. I said no thank you I have all that covered...It was amazing. Our jaws dropped...This was [last] Monday by the way..