Article: “Al-Sudani: Everyone is invited to create an Iraqi identity that transcends all sects and religions"
Quote: "Prime Minister Mohammed Shia al-Sudani said...everyone is called upon to create an Iraqi identity that transcends all sects and religions...
The birth of Jesus Christ is an occasion to emphasize a diverse and unified Iraq, and we adhere to this diversity, which represents a source of strength for all Iraqis... This came during his participation in the Christmas Eve Mass, which was held at St. Joseph's Cathedral in the Karrada district in central Baghdad."
Iraq pushes digital banking transformation at Baghdad Conference
Shafaq News/ Iraq's Central Bank Governor said on Tuesday that the bank is focused on strengthening the banking sector's digital infrastructure and ensuring the provision of innovative and secure services to meet growing customer demands.
“Our vision revolves around enhancing the digital infrastructure of the banking sector and guaranteeing innovative, secure services that address the increasing needs of clients,” Central Bank Governor Ali Mohsen Al-Alaq said in a speech at the opening of the fourth annual international scientific conference in Baghdad, titled "Digital Financial Services: Challenges of the Present and Future Prospects."
Al-Alaq highlighted that the central bank has launched several strategic initiatives aimed at enabling banks and financial institutions to adopt modern digital solutions. “These efforts align with the broader objective of fostering innovation and improving the efficiency of Iraq’s financial sector.”
The conference, organized by Iraq’s Ministry of Finance under the patronage of Finance Minister Taif Sami Mohammed, aims to promote digital transformation in the financial sector in line with global advancements.
The two-day program includes panel discussions featuring local and international experts and interactive workshops designed to build participants' capabilities and equip them with modern tools and techniques to support digital transformation efforts.
According to financial experts, the event is expected to conclude with strategic recommendations to develop a joint action plan that addresses local needs while accelerating digital transformation in line with the Iraqi government’s vision for a robust digital economy.
💢 It's Christmas Day and boy, do we have an exciting tid bit to share from Liberty Lounger Extraordinaire, Kookie Byrd, who just so happens to be one of my closest friends in GLL. He and his lovely wifey, Ginger (also), have been with us for years.
He's given me permission to share. 🎁
💌 Kookie Byrd: We were at my aunt's house for a traditional tamale dinner. Four generations of family gathered. I was talking to a new husband who had mentioned he had received his new title, Vice President at his work. I asked, "Where do you work?"
His reply, "City First National Bank." We talked about getting ready for the change and he said, "There's lots of preparation." I didn't want to appear too eager.
At the end of the night, when they were leaving, I mentioned to him that I had foreign currency. His eyes lit up; and he leaned over to me and said,"We're waiting for the green light! Everything's ready to go!"
Then I looked at my wife and we both smiled. ☺️😁🥳
Merry Christmas, Mama Bear.
~ Kookie Byrd
🎁 Ginger: Please consider this Gintel, currently, quadruple vetted by me. 😉
PM Al-Sudani chairs cabinet session on performance review, local sector support, and key reforms
Shafaq News/ The Iraqi Prime Minister, Mohammed Shia Al-Sudani presided over the cabinet's regular session, during which the government discussed the general situation in the country and deliberated on several service, economic, and social issues.
According to a statement from the PM’s media office, “the session included a review of a report from the Federal Board of Supreme Audit, submitted to the Prime Minister as part of anti-corruption efforts and the evaluation of ministerial performance.” The report highlighted ministries that showed performance improvement from 2023 to 2024, those that declined, and those that remained consistent.
Prime Minister Al-Sudani directed ministries to adopt the recommendations and observations outlined in the report, investigate the reasons for performance decline or stagnation, and praise ministries that demonstrated positive performance trends.
He also emphasized the importance of holding accountable those who fail in anti-corruption efforts or show negligence in addressing violations and legal issues related to corruption cases.
“The council also discussed the ongoing evaluation of officials’ performance based on established criteria and approved the permanent appointment of 11 directors-general across various state institutions,” the PM’s media office added.
As part of the government's administrative reform agenda, the council approved recommendations to regulate interactions between beneficiary entities and issued guarantees, incorporating feedback from the Legal Department of the General Secretariat of the Council of Ministers.
In celebration of the Christmas holidays, the cabinet declared Wednesday, December 25, as an official holiday for all citizens.
The statement further pointed out that the Iraqi Cabinet also approved several measures to support local industry, agriculture, and infrastructure projects. For instance, the government granted additional funding for the General Company for Marketing Drugs and Medical Supplies (KIMADIA) to support the pharmaceutical sector, validated amendments to energy and infrastructure project contracts, and ratified the establishment of the Iraq University for Security Sciences.
FIREFLY:All banks according to Mr. Sammy have stopped all cash transfers from today to January 7th as part of early inventory. We have declared a two-day holiday on Christmas and then the next day. This is the first time that we've ever done anything like that on Christmas.
FRANK: Soon you will have purchasing power for the first time in a long time.
FIREFLY: This will also mark the end of using or handling cash as ever before...We're going digitally with a new rate...
Iraq’s Al-Sudani: We overcame regional challenges through unified national discourse
Shafaq News/ On Wednesday, Iraqi Prime Minister Mohammed Shia Al-Sudani affirmed that Iraq successfully overcame recent regional challenges through a "unified national” discourse.
The Prime Minister made these remarks while extending Christmas greetings in a video conference with Christian clergy from churches across Iraq.
"We managed—through solidarity and a unified, responsible national stance—to confront the challenges that arose in the region, which could have impacted neighboring countries and the world," he said.
Al-Sudani added, "We have helped keep our country out of the arena of wars and conflicts."
In the latest update from IRAQ & THE DINAR, various Intel Gurus provide insights into the economic developments regarding the Iraqi dinar.
Key figures such as Mr. Samy, a pivotal player in Iraq’s economic planning, have identified controlling inflation as a primary focus, especially with the anticipated end of currency auctions.
This move paves the way for the introduction of new lower denomination notes and an updated exchange rate, potentially occurring as soon as December 31 or even earlier.
The initiative known as “delete the zeros” aims to replace high-value notes with smaller denominations to enhance purchasing power and simplify the currency system, aligning with the Central Bank of Iraq’s broader economic reform agenda.
Additionally, significant economic progress is highlighted, particularly with non-oil revenues rising from 7% to 14%, indicating diversification in income sources. A key meeting at the Central Bank of Iraq is slated to evaluate the “delete the zeros” initiative, with outcomes expected to influence the dinar’s value.
The planned cessation of currency auctions by year-end is another crucial development, indicating a shift towards a market-driven exchange rate system. Furthermore, Iraq is strengthening its financial connections with international banks, signaling global confidence in its economic stability.
This expanding network is vital for facilitating trade and attracting foreign investment.
For individuals looking to exchange their dinars, several options are available, including private banking services and independent currency exchange centers, which often offer better rates and faster service than major banks. The report concludes with optimism regarding the dinar’s potential for appreciation, backed by ongoing reforms and increasing international trust in Iraq’s economy.
Highlights
📈 Economic Reforms: Iraq’s Central Bank is implementing significant reforms aimed at strengthening the dinar and controlling inflation.
💵 Cessation of Currency Auctions: By the end of the year, Iraq plans to stop currency auctions, moving towards a market-driven system.
🔄 Delete the Zeros Initiative: The initiative aims to replace high-value notes with smaller denominations to boost purchasing power.
🌍 Growing International Confidence: Iraq is expanding its network of international banking partners, signaling trust in its economic stability.
💼 Increased Non-Oil Revenues: Non-oil revenues have doubled, indicating a diversification of Iraq’s economy.
🏦 Efficient Currency Exchange Options: Various alternatives exist for exchanging dinars that may offer better rates and faster transactions.
📊 Positive Economic Indicators: There are noticeable improvements in employment and poverty levels, illustrating progress in economic reforms.
Key Insights
📉 End of Currency Auctions as a Catalyst: The cessation of currency auctions marks a significant shift in Iraq’s monetary policy. This move is expected to stabilize the dinar’s value by allowing market forces to dictate exchange rates, thus enhancing the currency’s credibility and attractiveness to investors.
📊 Impact of the Delete the Zeros Initiative: The “delete the zeros” initiative not only simplifies currency transactions but also aims to improve the dinar’s purchasing power. By removing high-denomination notes, Iraq is attempting to recalibrate its economy, making it more efficient and less susceptible to inflationary pressures.
🌟 Diversification of Economic Revenue: The doubling of non-oil revenues from 7% to 14% signals a crucial milestone in Iraq’s economic development. This diversification is essential to decrease reliance on oil exports and create a more resilient economy capable of withstanding global market fluctuations.
🌐 Strengthening Financial Ties: The expansion of Iraq’s banking relationships with international banks is a positive indicator of increased global confidence in its economy. This could facilitate foreign investment and improve the country’s access to foreign currencies, which is necessary for international trade.
💬 Potential for Dinar Appreciation: With ongoing reforms and a shift towards a more market-driven economy, there is a strong possibility that the dinar’s value will rise. This potential appreciation makes it essential for investors to stay informed about market conditions and exchange opportunities.
🏦 Alternative Currency Exchange Options: With reports suggesting delays at major banks like Chase, exploring alternative currency exchange methods, such as local centers or the Central Bank of Iraq, can lead to quicker transactions and better rates. This flexibility can enhance investor experiences and outcomes.
📉 Improving Economic Indicators: The reduction in unemployment from 16.5% to 14.4% and poverty from 23% to 17.7% are strong indicators of economic progress. These improvements suggest that Iraq’s economic reforms are beginning to yield positive results for the population, which could further bolster confidence in the dinar.
Overall, these insights reflect a broader narrative of optimism surrounding Iraqi economic reforms and the potential for the dinar’s value to strengthen in the coming months. As these changes unfold, stakeholders and investors are urged to remain vigilant and proactive in their currency exchange decisions.
EXCLUSIVE: Iraq has no intention to extend US forces presence, CF member says
Shafaq News/ On Wednesday, the Iraqi Coordination Framework (CF), which brings together Shiite political forces, denied the Iraqi government's intention to extend the presence of US forces in Iraq, while suggesting that armed operations could resume if the withdrawal timetable is not followed.
The Washington Post, citing an Iraqi official, reported that Iraq is likely to request an extension of the US military presence due to recent developments in the region following the collapse of the Al-Assad regime in Syria.
In response, MP Mokhtar al-Moussawi, a member of the CF, told Shafaq News Agency, "There is no intention from the Iraqi government or parliament to request an extension of the US forces' stay in Iraq following the recent developments in Syria…There are no concerns about the situation in Syria or its current leadership, as they do not affect Iraq's internal affairs."
Regarding the suspension of operations by Iraqi armed factions against US forces, al-Moussawi explained, “The operations stopped due to the existing timetable for the withdrawal of US troops from the country… Any extension of this presence will inevitably lead to the resumption of operations targeting American objectives and interests.”
"There is no possibility of US forces remaining; the implementation of the withdrawal timetable agreed upon by Baghdad and Washington is being closely monitored,” he added.
Months ago, Baghdad and Washington announced an agreement setting a deadline for the withdrawal of US-led Global Coalition forces by September 2025.
Since mid-October 2023, armed factions have targeted US bases in Iraq, coinciding with the Israeli war on Gaza. The Iraqi factions claimed these actions were “in retaliation for US support” of Israel.
The previous escalation between the factions and the US led to military responses, the latest being an airstrike on Al-Qaim, a town northwest of Baghdad near the Syrian border. The US Central Command confirmed that its forces targeted sites linked to the Islamic Revolutionary Guard Corps-Quds Force and its affiliated groups in both Iraq and Syria.
The US response to the attacks also included targeted assassinations of faction leaders in central Baghdad using “guided, precise” missiles.
Iraq Stock Exchange leads Arab markets with 130%+ growth in November
Shafaq News/ The Iraq Stock Exchange (ISX) saw a 130%+ increase in trading volume in November 2024 compared to the previous month, leading Arab financial markets in growth, according to a report by the Arab Monetary Fund (AMF).
The report showed Iraq's growth rate at 131.24%. Other Arab markets with notable growth included the Damascus Securities Exchange at 87.83% and the Bahrain Stock Exchange at 68.22%. Markets like Egypt and Casablanca saw growth ranging from 54.25% to 19.08%.
Regarding Iraq's progress, Faisal Al-Haimus, President of the Securities Commission, stated, “This progress is the result of ongoing efforts to develop the ISX and improve the investment environment… We are proud of this performance, which reflects investor confidence and the effectiveness of our plans to strengthen the market’s role in supporting the national economy."
"The AMF report strengthens the Iraq Stock Exchange's position in regional markets," he added. "We will leverage this progress to boost strategic partnerships and attract more local and international investments."
Al-Haimus stressed the commission's commitment to enhancing the market's infrastructure and regulatory procedures to boost its appeal and strengthen its role as a key driver of economic growth.
There is a plethora of very good informative monetary reform education articles that are coming out that are causing this great pressure of information, a venturi effect of information to the Iraqi citizens.
This is the time to do that...We say to ourselves, 'Wow!
They're telling the citizens they're going to add value to their currency by giving them purchasing power by lifting the three zeros from the exchange rate.
Wow!'...This monetary reform education right now, it's so much of it. It's cornucopia that is filled. It's a piñata that got busted open and it's spilling everywhere, every day.
What are Iraqis waiting for after the news of the "sudden suspension" of the dollar selling platform by the Central Bank?
Financialand banking expert Alaa Al-Fahd commented today, Tuesday (December 24, 2024), on the impact of the Central Bank’s suspension of the “platform” on the markets during the next stage.
Al-Fahd told Baghdad Today, "The Central Bank of Iraq worked during the previous period with a plan through a currency auction in the first phase, then establishing the electronic platform and intensive work to find correspondence methods between local banks and foreign banks with which we have commercial relations and their results in external transfers. Therefore, the bank announced some time ago that the platform will be stopped at the end of this year and there will be direct correspondent banks."
He explained that "this is a natural matter, as all central banks in the world are tasked with maintaining monetary policy, not selling currency. There is no central bank in the world that sells currency and mediates in buying and selling currency. This work is the responsibility and responsibility of banks and exchange companies. This is true and is a major challenge until the relations are direct commercial banking under the supervision of the Central Bank of Iraq."
He added, "Stopping the platform will not affect the local markets in terms of the dollar exchange rate, but there are those who are trying to spread rumors that this step will change the exchange rate, as the same dollar that the Central Bank of Iraq was selling through the platform will be sold to banks and banks that have relations with foreign banks so that the transfer is direct according to electronic transactions and monitoring, and for this reason the situation is under control and there is no fear of the impact on the markets."
Yesterday, Monday, economic expert Ziad Al-Hashemi revealed that the Central Bank of Iraq had suddenly suspended the dollar transfer platform before the scheduled date, without an official announcement, and without taking into account the interests of Iraqi companies and markets, in a move that is, to say the least, far from professionalism and transparency.
Al-Hashemi said in a post on the social networking site "Facebook", which was followed by "Baghdad Today", that "stopping the platform without an official announcement by the Central Bank may indicate that there is uncertainty and fear of the consequences of stopping the platform on the dollar exchange rates, and the lack of announcement may give the Central Bank an opportunity to evade and evade the decision to stop the platform and return to operating the platform, even temporarily, in the event that the dollar begins to rise to high rates link
