The Ministry of Culture confirmed on Monday that the choice of Baghdad as the capital of Arab tourism for 2025 came according to strict criteria set by the Arab Tourism Organization, which confirms its entitlement, while pointing out that the capital will witness extensive tourist and heritage activities.
The Undersecretary of the Ministry of Culture, Fadel Al-Badrani, in a statement reported by the official news agency, and seen by “Economy News”, said that “the choice of Baghdad as the capital of Arab tourism for 2025 came according to strict criteria set by the Arab Tourism Organization, and it was not a random decision or a courtesy that confirms Baghdad’s entitlement to this event.” He pointed out that “the great efforts made by the Ministry of Culture, Tourism and Antiquities, in coordination with the Office of Prime Minister Mohammed Shia Al-Sudani, resulted in achieving this achievement.”
Al-Badrani added that “the Minister of Culture had submitted a coordination request in September 2022 to choose Baghdad as the capital of Arab tourism,” stressing that “the competent committees in the organization studied all nominations and chose Baghdad as a merit based on criteria that included infrastructure, security safety, health, culture, tourism and civilizational heritage.”
He explained that “the year 2025 will witness extensive tourism, heritage and entertainment events in Baghdad on the background of its selection as the capital of Arab tourism, and there will be organized programs and visits for archaeological, historical and heritage sites in the capital and other Iraqi cities, while highlighting the intangible cultural heritage of Iraq. Coordination will also be with the Ministries of Interior and Foreign Affairs to facilitate the granting of visas to expatriates and tourists, which enhances Baghdad’s position as a prominent tourist destination.”
Member: Let’s hope the new rate also comes by then.
MZ: It was our understanding auctions were supposed to stop on the 15th. But, they had an auction this morning hours earlier then usual….. an auction worth about $275 million dollare were auctioned off….more dinars off the streets.
Member: I wonder - what are the chances that Iraq goes alone?
Member: A follower shared me the screenshot from today.said it was visible for 5 min at 3.29 before it reverted back.I could not verify it. Just FYI
MZ: We are seeing a lot of that…lots of rate fluctuations.
Member: Probably teaser rates while they keep testing the system.
MZ: I do have updates from different contractors and contractor groups. My personal friend over there says he will not give a rate as it would compromise the contracts. But I have heard from a couple others that the most common rate they are being told is $3.92 as they are redoing contracts. I do not know how accurate that is but thought it was worth sharing. I did hear it from a number of sources so it may be just circletel…but it does fit closely to what is expected. $3.92 would be awesome, but consider it a rumor for now. .
Member: At $3.92, I'm taking it and be happy as a pig in slop.
The specialist in economic affairs, Nasser Al-Tamimi, warned on Tuesday (17 December 2024) of the rise in dollar exchange rates in Iraq in the coming days.
Al-Tamimi told Baghdad Today that “there are real fears in the Iraqi market of the continuation of the rise in dollar exchange rates after the suspension of the platform by the Central Bank of Iraq,” noting that “this will be a particular shock at the beginning of the implementation of the decision and will push for the rise of the dollar, to increase demand for it in the parallel market.”
He added that “after the suspension of the platform, most of the traders, especially the small ones, will depend on the parallel market to finance their foreign trade, with the continuation of financing of trade with Iran and Turkey in dollars, in illegal ways,” pointing out that “this is what will push to rise and therefore practical steps must be taken to prevent this by the monetary authority in the country, and urgently.”
The Central Bank of Iraq revealed on Wednesday (September 4, 2024), the mechanism of ending the electronic platform for external transfers, while pointing out that the situation of external transfers and fulfilling requests on the dollar is in sound paths and in line with international practices and standards.
The bank said in a statement received by Baghdad Today that “the electronic platform for external transfers managed by the Central Bank of Iraq began at the beginning of 2023 as the first stage of reorganizing financial transfers to ensure proactive supervision over them instead of subsequent supervision through the Federal Reserve auditing daily remittances, and this was an exceptional procedure as the Fed does not usually do so, and the gradual shift towards building direct relations between banks in Iraq and correspondent and approved foreign banks was planned, in the middle of which is an international audit company to conduct pre-audit of remittances before their implementation by correspondent banks.”
He added that “during the year 2024 and until now, 95% of the transfer process has been achieved from the electronic platform to the mechanism of correspondent banks directly between them and Iraqi banks, which means that the remaining is only about 5% of them within the platform, which will be completed with the same mechanism before the end of this year and according to the plan,” explaining that “some expectations about possible effects on the exchange rate and transfers are unfounded, because the process will not be suddenly or in one batch at the end of this year, but it was already achieved during the past period with an effort and careful follow-up, except for the remaining of a small percentage that will be completed in the next few period.”
He stressed that “trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq’s foreign traders as (imports), which called on the Central Bank of Iraq to find channels for transfer in euro currencies, Chinese yuan, Indian rupee, UAE dirham, through accredited correspondent banks in those countries, and (13) Iraqi banks have already started transferring operations with the pre-audit mechanism that was agreed and approved in addition to transfers in dollar currency.”
He continued: “With the provision of personal transfer channels for legitimate purposes and external purchases through electronic payment channels, international money transfer companies, cash sale to travelers, and the payment of dollar cash for incoming transfers to the entities and purposes specified in the published instructions of the Central Bank.”
The Central Bank of Iraq stressed that it “put foreign transfer operations and meeting demands for the dollar in sound paths in line with international practices and standards and the Law on Combating Money Laundering and Terrorist Financing,” explaining that “the provision of the mentioned channels and for all purposes at the official price of the dollar, makes this price the real indicator of economic practices, which is proven by the reality of price stability and the control of inflation, and any other price traded outside those channels is a anomalous price that resorts of those who are fundamentalist or illegal practices who move away from official channels in their dealings, bearing alone the additional costs of buying higher than the official price of others with the difference between the official price and others.”
Why is it necessary for the CBI to "freeze Terrorists Funds?"
How will that impact their role when it comes to international trade and banking?
Why is this happening now instead of 2, 5 or even 10 years ago?
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The Ministry of Justice announces the issuance of the new issue of the Iraqi - Gazette, No. (4806) Includes "freezing terrorist funds"
The Ministry of Justice announced the issuance of the new issue of the Iraqi Gazette, No. (4806), which included a number of decisions and instructions.
The Director General of the Iraqi Facts Department, Ms. Haifa Shukr Mahmoud, said that the issue included the issuance of a decision issued by the Federal Supreme Court No. (33 and its unified 34 and 58 / Federal / 2024) on 11/18/2024, which included “the ruling on the unconstitutionality of paragraph (2) of Article (2) of the Law on Replacing Members of the House of Representatives No. (6) of 2006, as amended, and this shall be implemented as of the date of issuance of the ruling decision on 11/18/2024.
The Director General added that the issue also included the issuance of decisions by the Committee for Freezing Terrorist Funds No. (37), (38), (39), (40), (41), (42), (44) and (45) of 2024 and Instructions No. (4) of 2024 “Facilitating the Implementation of Political Refugees Law No. (51) of 1971.”
The Iraqi Embassy in Libya announced today, Tuesday, that Iraq assumed the presidency of the Executive Board of the Arab Investment Company in 2025.
Chargé d’affaires ad interim of the embassy Ahmed Al-Sahaf told the Iraqi News Agency (INA) that “in a prominent diplomatic step, Iraq succeeded in assuming the presidency of the Arab Investment Company during the sixty-third session of the Arab Economic and Social Council, which was held in the Jordanian capital Amman, to return to this position after an absence of 32 years,” noting that “Iraq has not been able to obtain the presidency of the aforementioned company since 1992.”
It is clear that “this achievement came in accordance with the joint coordination between the Ministries of Foreign Affairs and Industry and within the priorities of the government program of His Excellency Prime Minister Muhammad Shia Al-Sudani, and the emphasis of Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein on repositioning Iraq’s role in regional and international organizations, within the multilateral diplomatic track, as well as the strategic planning and management that the Iraqi Ministry of Industry carved towards it, and in accordance with productive diplomacy, through intensive efforts led by the Iraqi Embassy in Tripoli headed by the Chargé d’affaires Ahmed Al-Sahaf, who was able to obtain decisive Libyan support to strengthen Iraq’s candidacy, through coordination with the head of the Investment Commission in the State of Libya, Abdul Hakim Al-Fitouri, who gave the vote of Libya to the Iraq it needed to decide winning the post.
He noted that “Iraq hosted the meetings of the company’s executive board in 2025 in Baghdad, a step aimed at strengthening Arab cooperation in the fields of industry and infrastructure, and consolidating Iraq’s position as a pivotal industrial center.”
Parliamentary Committee: Government working to reduce gap between parallel and official exchange rate to achieve stability
The Parliamentary Finance Committee explained, on Monday, that the government is working to reduce the gap between the parallel and official exchange rates to achieve stability, while indicating that the Iraqi economy will not be affected by the deteriorating conditions in Syria .
Committee member Moeen Al-Kazemi said in a statement followed by "Mil", "The government and the Central Bank have taken several important measures to confront the security and economic challenges in the country, especially in light of the deteriorating conditions in Syria ."
Al-Kadhimi continued, "The situation in Syria does not affect the Iraqi economy or the dollar exchange rate in the local market ."
He added that "the dollar exchange rate in the parallel market is currently stable, noting that the government is working to reduce the gap between the parallel exchange rate and the official rate to achieve greater economic stability ."
Currency markets are witnessing significant changes with the “sudden” rise in the value of the Syrian pound against the Iraqi dinar link
· Mon. 16 Dec. 2024 Wolverine: The Bond Platforms are getting paid, but it is a very complicated process and some may not be paid until January. Tier4b (us, the Internet Group) is a different story. They are going to Redemption Centers to get paid all at once and likely before Christmas.”
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Mon. 16 Dec. Elon Musk on X: Iraqi Dinar will be paid at it’s new revalued rate on Tues. 17 Dec. 2024.
· Tues. 17 Dec. 2024 XRP to go live.
· Iraq’s oil-backed Dinar has revalued in-country, with rates confirmed at $3.49 in Iraq and $3.28 in Kurdistan. Rumors swirl that Vietnam’s Dong has followed suit, with classified rates already circulating.
· Mon. 16 Dec. 2024 Jon Dowling: Iraq has completed their reforms and under article 77, all the budget provisions for oil revenues, salaries AND EXCHANGE RATES are covered. It started tomorrow the 17th, through Monday the 23rd.
· GLOBAL CELEBRATION UNDERWAY: Iraq is making waves with a global investment summit in Basra, hosting ambassadors from 140 nations, alongside major players like the World Bank and UNICEF. Insiders reveal these gatherings mark the dawn of a new financial era. Meanwhile, whispers suggest Syria’s currency has revalued, signaling a domino effect across the Middle East.
· BOOM: Florida Moves to Gold and Silver Currency! As the Federal Reserve falters, Florida takes a bold stand, igniting a movement for state-backed currencies. Add to that the Trump administration's explosive plans to make XRP, ADA, ALGO, and HBAR tax-free, and it’s clear the old systems are crumbling.
Exchange rate rises in local markets as dollar selling platform in Iraq nears completion
The dollar exchange rate recorded a new rise today, Tuesday (December 17, 2024), during trading on the main stock exchange and the local market .
Baghdad Today correspondent said that the dollar exchange rate recorded 150.950 dinars for every 100 US dollars in the main stock exchange in the capital, Baghdad .
He added that the selling price in the exchange offices recorded 152,000 dinars, while the buying price recorded 150,000 dinars for every 100 US dollars.
On Wednesday (September 4, 2024), the Central Bank of Iraq revealed the mechanism for ending the electronic platform for foreign transfers, while indicating that the placement of foreign transfer operations and meeting requests for the dollar are on sound paths consistent with international practices and standards .
The bank said in a statement received by "Baghdad Today", that "the electronic platform for foreign transfers managed by the Central Bank of Iraq began at the beginning of 2023 as a first stage to reorganize financial transfers in a way that ensures proactive oversight of them instead of subsequent oversight by the Federal Reserve auditing daily transfers, and this was an exceptional procedure as the Federal Reserve does not usually do this, and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks ."
Headded that "during the year 2024 and until now, 95% of the transferprocess from the electronic platform to the mechanism of correspondent
banks directly between it and Iraqi banks has been achieved, which meansthat only about 5% of it remains within the platform, which will betransferred using the same mechanism before the end of this year andaccording to the plan," explaining that "some expectations about potential impacts on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one batch at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be completed in the coming short period ."
Hestressed that "trade with the United Arab Emirates, Turkey, India andChina represents about 70% of Iraq's foreign trade as (imports), whichprompted the Central Bank of Iraq to find channels for transfer ineuros, Chinese yuan, Indian rupees, and Emirati dirhams, through approved correspondent banks in those countries, and (13) Iraqi banks have actually begun conducting transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars ."
He continued: "With the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels and international money transfer companies and cash sales to travelers, and the payment of cash dollars for incoming transfers to the parties and purposes specified in the Central Bank's published instructions ."
The Central Bank of Iraq stressed that it "put foreign transfer operations and meeting dollar demands on sound paths consistent with international practices and standards and the Anti-Money Laundering and Terrorism Financing Law," explaining that "providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices resort to, who move away from official channels in their dealings, so they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and others link
GOLDILOCKS: RLUSD Launch TODAY! IRAQ is Already Connected & Needed For The RV
Summary
Goldilocks Global Banking News provides crucial updates on the RV GCR, focusing on Iraq’s connection to the new banking system and the introduction of the Ripple stable coin.
Highlights
🏦 Members are establishing relationships with bankers for currency exchange.
💰 Iraq is rich in gold reserves, enhancing its economic position.
⚖️ The new Quantum Financial System will shift away from fiat currency.
🔗 Ripple’s stable coin, RLUSD, is crucial for future currency exchanges.
⏳ A transition to a new economy is imminent with digital currencies gaining traction.
🎉 Members are encouraged to prepare for significant financial changes ahead.
Key Insights
🤝 Banker Relationships: Members in the Goldilocks QFS dialogue room are proactively meeting with bankers, enhancing their readiness for currency exchanges.
🏅 Gold’s Value: Iraq holds one of the largest gold reserves, positioning itself favorably in the global economy and the new financial system.
📈 Quantum Financial System: This innovative system will replace traditional fiat money, allowing for more secure and efficient transactions.
💳
Ripple Integration: The upcoming RLUSD stable coin is essential for facilitating currency exchanges in the new system, highlighting the importance of digital currencies.
🚀 Economic Transition: The financial landscape is shifting toward digital currencies, indicating a broader acceptance and integration of these new technologies.
📅 Future Preparedness: Goldilocks emphasizes the need for its members to stay informed and ready for significant financial changes in the coming year.
Jordanian Parliament: We are happy to see Iraq recovering, as it is the heart of the Arabs and the basis of their strength
During a meeting with Mahmoud Al-Mashhadani
Jordanian Parliament Speaker Ahmed Al-Safadi confirmed on Monday that his country is happy to see Iraq recovering, and said that it is “the heart of the Arabs and the basis of their strength,” during his reception of his counterpart Mahmoud Al-Mashhadani and the accompanying delegation on a visit after an official invitation.
Today, Monday, the Speaker of the House of Representatives, Dr. Mahmoud Al-Mashhadani, and the accompanying parliamentary delegation arrived at the Jordanian House of Representatives building, in response to an official invitation from the Speaker of the House, Mr. Ahmed Al-Safadi.
The Speaker of the House of Representatives stressed that the Hashemite Kingdom of Jordan has priority in our official visits and is our first destination after our presidency of the House of Representatives, stressing that Iraq needs all its people and brothers and we are committed to standing with the Arab nation in all its issues.
Dr. Mahmoud Al-Mashhadani added that the situation in Palestine today needs a serious Arab stance, which requires concerted efforts to support the rights of the Palestinian people. Likewise, the situation in Syria and Lebanon needs real support and assistance to confront the political, economic and security challenges that these sister countries are going through.
For his part, Mr. Ahmed Al-Safadi welcomed President Al-Mashhadani and his accompanying delegation during the meeting, saying: Today we are happy to see Iraq recovering, as it is the heart of the Arabs and the basis of their strength.
The meeting was attended by a number of representatives, in addition to Mr. Omar Al-Barzanji, the Iraqi Ambassador to the Hashemite Kingdom of Jordan.
The visit aims to strengthen relations between the two brotherly countries in various political, economic and security fields, in addition to discussing regional and international issues of common interest. link
After an Interruption of More Than 30 Years, Iraq Wins the Chairmanship of the Executive Council of the Arab Investment Company
The Iraqi Embassy in Libya announced today, Tuesday, that Iraq won the presidency of the Executive Council of the Arab Investment Company in the year 2025.
The Chargé d'Affaires of the Embassy, Ahmed Al-Sahaf, told the Iraqi News Agency (INA) that "in a prominent diplomatic step, Iraq succeeded in winning the presidency of the Arab Investment Company during the 63rd session of the Arab Economic and Social Council held in the Jordanian capital, Amman, to return to this position after an absence of 32 years," noting that "Iraq has not been able to obtain the presidency of the aforementioned company's council since 1992."
She explained that "this achievement came in accordance with the joint coordination between the Ministries of Foreign Affairs and Industry and within the priorities of the government program of Prime Minister Mohammed Shia al-Sudani, and the emphasis of Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein on repositioning Iraq's role in regional and international organizations, within the multilateral diplomatic path
As well as the strategic planning and management that the Iraqi Ministry of Industry has been pursuing, and in accordance with productive diplomacy, through intensive efforts led by the Iraqi Embassy in Tripoli, headed by the Chargé d'Affaires, Dr. Ahmed al-Sahaf, who was able to obtain decisive Libyan support to strengthen Iraq's candidacy, through coordination with the Chairman of the Investment Authority in the State of Libya, Dr. Abdul Hakim al-Fitouri, who gave Libya's vote to Iraq, which it needed to secure victory."
He noted that "Iraq hosted the company's executive council meetings in 2025 in Baghdad, a step aimed at enhancing Arab cooperation in the fields of industry and infrastructure, and consolidating Iraq's position as a pivotal industrial center." link
Which coincidentally appears to be the same day that Iraq launches payments for the Kurdistan region.
I will say this once they release the new exchange rate things are going to speed up people.
This is going to be almost like everything, everywhere, all at once to some degree. There will still be phases. Which I think will be phases 4 being the final.
A lot of people are going to have a hard time with 3. Which will determine if you even qualify what will happen in 4. But that's another story for another time. But definitely not long before we get there.
People who hold IQD should be ready to get things moving in whatever manner suits you best. Because there will be a shift in how banks decide to deal with you once they find out you have foreign currency. Even the ones who told you they do not trade it. You will be the boss.
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@WatcherGuru
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JUST IN: Ripple to launch $RLUSD stablecoin on December 17.
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