Central Bank records 'significant growth' in Iraq's gold reserves, 31 DEC

  Central Bank records 'significant growth' in Iraq's gold reserves

The Central Bank announced, on Sunday, that it recorded a significant growth in the country's gold reserves, while it considered the inflation rates in Iraq to be the lowest in the region during the months of August and September, of the year 2024, which is about to end.

This came in a statement issued by the bank regarding the positive indicators it achieved for the third quarter of 2024 compared to the same quarter in 2022 and 2023, considering that this reflects the success of the monetary policy adopted by the bank during 2024.

The Central Bank of Iraq confirmed that the total deposits in banks operating in Iraq recorded a growth of (4.2%) in the third quarter of 2024, as their value amounted to (127.6) trillion dinars, compared to their value of (122.4) trillion dinars in the third quarter of 2023. In contrast, the cash credit granted by public banks recorded a growth of (11.6%) in the third quarter of 2024, as its value amounted to (72.7) trillion dinars, compared to its value of (65.1) trillion dinars in the third quarter of 2023.

The bank stated that deposits in private banks operating in Iraq recorded a growth of (14%) in the third quarter of 2024, as their value amounted to (18.7) trillion dinars, compared to their value of (16.4) trillion dinars in the third quarter of 2023. In contrast, cash credit granted by private banks achieved a growth of (15.1%) in the third quarter of 2024, as its value amounted to (12.2) trillion dinars, compared to its value of (10.6) trillion dinars in the third quarter of 2023, noting that these rates reflect the increased confidence of economic units in private banks operating in Iraq.

The statement added that private sector deposits in banks operating in Iraq recorded a growth of (3%) in the third quarter of 2024, as their value amounted to (56.1) trillion dinars, compared to their value of (54.4) trillion dinars in the third quarter of 2023, indicating that cash credit granted to the private sector by banks operating in Iraq achieved a growth of (8.6%) in the third quarter of 2024, as its value amounted to (42.8) trillion dinars, compared to its value of (39.4) trillion dinars in the third quarter of 2023, stressing that this increase reflects the increased confidence of the private sector in banks operating in Iraq.

The bank revealed that the narrow money supply in Iraq recorded a growth of (4.1%) in the third quarter of 2024, as its value reached (158.6) trillion dinars, compared to its value of (152.4) trillion dinars in the third quarter of 2023. In contrast, the broad money supply in Iraq recorded a growth of (3.3%) in the third quarter of 2024, as its value reached (179.8) trillion dinars, compared to its value of (173.9) trillion dinars in the third quarter of 2023.

He added that the gold reserves of the Central Bank of Iraq recorded a significant growth of (57%) in the third quarter of 2024, as their value reached (16.8) trillion dinars, compared to their value of (10.7) trillion dinars in the third quarter of 2023.

The Central Bank noted that the annual inflation rates in Iraq are among the lowest annual inflation rates in the countries of the region for the months of August and September of 2024, as the rest of the percentage is acceptable at (3.7%) and (3.1%) respectively, which reflects price stability and the success of monetary policy in Iraq.  link

MILITIAMAN CC HIGHLIGHTS, 31 DEC

MILITIAMAN CC HIGHLIGHTS

Summary

In this video, the host discusses various significant developments in Iraq’s financial landscape, particularly the impending changes in currency issuance and management. 

He emphasizes the importance of understanding the transition from the current dollar auction system to a more regulated electronic platform for currency transactions, expected to be fully implemented by the end of 2024. 

The conversation also touches on Iraq’s dependence on international coalition forces for security, the potential for significant changes in currency value, and the introduction of new currency mechanisms, including the minting of metal coins.

 The host stresses that these developments are not just administrative changes but are indicative of broader economic shifts, including the necessity for Iraq to bolster its financial sovereignty and stability. He concludes with a call for viewers to engage with the content and join the community for further discussions.

Highlights

• 💰 Transition from Dollar Auctions: Iraq plans to permanently end its controversial dollar auction by the end of 2024, transitioning to a new electronic currency management system.
• 🔒 Security Needs: The ongoing presence of coalition forces in Iraq highlights the country’s current security vulnerabilities, necessitating international support.
• 📅 Key Dates: January 2, 2025, is a critical date as it marks the ending of direct currency sales by the Central Bank for external transactions.
• ⚖️ Currency Mechanism Changes: Significant changes to Iraq’s currency mechanisms are anticipated, potentially affecting exchange rates and trade.
• 🪙 Introduction of Metal Coins: For the first time in over 20 years, discussions around minting metal coins signal potential changes in currency valuation.
• 📈 Market Adaptation: The majority of traders have already adapted to the new currency systems, which will help mitigate risks associated with foreign currency manipulation.
• 🔄 Regulatory Compliance: New requirements for currency transactions will necessitate compliance with international financial regulations, reducing the risk of sanctions.

Key Insights

• 📊 End of Dollar Auctions: The planned discontinuation of the dollar auction is a strategic move to stabilize Iraq’s economy. This transition signifies a shift towards greater financial autonomy and a reduced reliance on foreign currency, which has historically exposed the economy to volatility and manipulation. By implementing a new electronic platform, Iraq aims to enhance the transparency and efficiency of currency transactions, which could foster investor confidence and stimulate economic growth.

• 🌍 International Security Dynamics: The mention of coalition forces underscoring Iraq’s security needs reflects the ongoing geopolitical complexities in the region. The host points out that despite Iraq’s advancements, it still requires external military support to maintain stability. This dependency on international allies highlights the challenges Iraq faces in establishing a fully sovereign defense capability, which is crucial for a thriving economy and investor confidence.

• 🔄 Future Currency Mechanisms: The anticipation of a significant change in currency mechanisms suggests that Iraq is preparing for an adjustment in its exchange rate policy. The discussion hints at a potential reevaluation of the Iraqi dinar’s value, which could be pivotal for international trade and investment. The host emphasizes that such changes are not merely speculative but are backed by governmental discussions and planned regulatory adjustments.

• 💼 Impact of Compliance on Trade: The requirement for traders to deposit funds in Iraqi dinars at local banks with established foreign correspondent relationships indicates a move towards stricter regulatory compliance. This change is designed to eliminate the black market and enhance the integrity of financial transactions. The implications of this shift may lead to a more robust and legally compliant trading environment, which could attract foreign investments.

• 💡 Metal Coins and Currency Value: The reintroduction of metal coins after a two-decade absence raises questions about Iraq’s monetary policy and the potential need for a currency revaluation. The host suggests that the need for coins indicates a forthcoming adjustment in currency dynamics. This could imply that the Iraqi dinar may be positioned for a stronger valuation, requiring a broader range of denominations to facilitate everyday transactions.

• ✍️ Regulatory Framework for Currency Management: The new instructional standards for banknote trading and replacement signify a structured approach to currency management in Iraq. The establishment of clear guidelines indicates a proactive measure to prepare for future economic transactions and to ensure that the currency remains stable and functional within the market. This regulatory framework is essential for fostering a reliable economic environment.

• 🔍 Economic Expectations and Preparations: The discussions surrounding the expected influx of currency into Iraqi banks suggest an optimistic outlook for the economy. The host expresses confidence that the new mechanisms will facilitate smoother financial operations, thereby enhancing economic resilience. The anticipation of increased currency circulation implies that Iraq is gearing up for a more robust economic phase, which could lead to long-term stability and growth.

Overall, the video presents a thorough examination of the current and future state of Iraq’s currency management and economic strategies, highlighting the essential interplay of security, regulatory compliance, and market confidence. The outlined changes are positioned not just as administrative updates but as critical components of Iraq’s broader economic vision for the coming years.

JEFF: The CBI would have to post and say, 'hey we're going to be ending the currency auctions #iqd

 

Economic Advisor: Our country is ranked ninth in the world in natural resources, 31 DEC

  Economic Advisor: Our country is ranked ninth in the world in natural resources

The economic advisor to the Prime Minister, Mazhar Mohammed Salih, said, “What the economic policy in our country aspires to is thinking outside the box and providing sustainability in the current account surplus of the Iraqi balance of payments.”

He added, “This comes through investment expansion in natural resources, manufacturing them, and preparing them for export, which provides returns that help establish a sovereign wealth fund. ”

Saleh pointed out in a press statement followed by (Al-Masry - Today, Sunday), that "the most appropriate model is to generate a sovereign wealth fund {directing its investments towards internal opportunities} and according to a different vision; because our country is ninth in the world in terms of the diversity of its natural resources in the earth's interior and first in the world in terms of the concentration of wealth in one square kilometer."  link

TIDBIT FROM JEFF,, 30 DEC

 Jeff 

 Iraq's been saying through the course of this year that they're going to by the end of this year end the use of the dollar ...Iraq is stating they're going to end the currency auctions starting January 2nd.

..If we don't see more than one outlet stating something, it doesn't hold a lot of credibility...

The Central Bank would have to post and say, 'hey we're going to be ending the currency auctions.'  That isn't posted anywhere on the Central Bank's website. 

 So far just one news outlet stating it's going to end and will be done as of January 2nd in print.  Only one.  That make the credibility of that news very questionable especially with the Central Bank not posting it.

JULIAN ASSANGE: Global Currency Reset: Zimbabwe Dollar, Iraqi Dinar, and Vietnamese Dong

 

Sudanese advisor reveals government’s philosophy for future of national economy, 31 DEC

 Sudanese advisor reveals government’s philosophy for future of national economy

 The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the government’s philosophy for the future of the national economy, represented by the idea of ​​establishing a sovereign wealth fund.

Saleh told {Euphrates News} that: “The initiation of the idea of ​​a sovereign wealth fund is essential and is consistent with the renaissance of natural resources and undoubtedly comes in parallel with the development path strategy and its outcomes in generating a leading industrial renaissance in the national economy. This is Iraq’s outline in building the future of its economy for the twenty-first century and in two directions {the export-oriented development model and the other, and the development model directed towards maximizing the input-output tables and replacing imports within the national economy}.

He added, “Therefore, the sovereign wealth fund will adopt a vision that expresses the strength and basis of the interconnections between the outputs of national wealth from natural resources and the inputs of the production function in the national economy, which requires another model in managing sovereign wealth funds directed towards the interior.”
Saleh explained that “the sovereign fund will work to accelerate the diversification of the three basic sectors, which are the manufacturing industry, agriculture and services, in an advanced digital age. This is what the government program aspires to in its philosophy for the future of the national economy, which did not neglect the idea of ​​partnership between state activity and market activity in sustainable development.”

TIDBIT FROM FRANK26, 31 DEC

  Frank26   

What is Article 12 of the IMF? 

   The rate.  That's exactly what it is...The IMF demands a country has a currency that can move in and out of the country.  The IMF demands all currencies around the world have the ability to go into this country and also exit. 

 That's article VIII.  Article VIII is the freedom of that nation's currency to move in and out and other foreign currencies that are in there as well too.  Article VIII removes all restrictions...We're way past Article VIII.  We're at Article 14...Implementation of the new exchange rate.

500 Billion Dinars For Capital Projects By 2025, 30 DEC

 500 Billion Dinars For Capital Projects By 2025

Iraq  12/30/2024   Baghdad Provincial Council has prepared a plan for projects worth 500 billion dinars to be implemented during the coming year. While the Capital Municipality pledged a qualitative shift in services during the first four months of 2025, the Parliamentary Services Committee revealed that the focus will be on infrastructure and completing ongoing and stalled projects.

Ali Al-Hamidawi, a member of the Parliamentary Services Committee, told Al-Sabah: Baghdad Governorate’s plan for next year will be limited to ongoing and stalled projects and infrastructure.

He pointed out that the most important of these projects are the entrances to Baghdad-Hillah and Abu Ghraib, as they are part of the government program, as well as sewage projects, most notably Al-Mahmoudiyah, whose implementation this year has witnessed a significant delay, in addition to the implementation of infrastructure, including paving, sidewalks, health centers, and water stations, especially in the areas of Kuweirish and Al-Hussainiya.

Al-Hamidawi pointed out the impossibility of launching new strategic projects due to the allocated financial allocations amounting to nearly 400 billion dinars.

He explained that the ongoing projects, which number about 500, need large financial allocations, noting that Parliament seeks to overcome the legislative obstacles facing the capital next year, in order to implement the projects in the best possible way.

For his part, Baghdad Provincial Council member Mohammed Al-Shaalan told Al-Sabah: The governorate has prepared its plan for next year at a financial cost of about 500 billion dinars.

He added that the aforementioned plan includes projects in various sectors, including water, sewage, roads linking districts and sub-districts to the centre, and infrastructure in outlying areas.

He noted that the focus will be on deprived areas that have not been included in the service effort and are not included in the plans, indicating that 50 percent of the 2023 budget has been allocated to road and bridge projects and investment and strategic projects, in addition to the fact that the budget is distributed between the Baghdad Municipality and the governorate, and a small share of it goes to the outskirts.

In turn, the Director of the Projects Department in the Baghdad Municipality, Engineer Yaqzan Al-Waili, told Al-Sabah: The municipality has begun implementing 84 diverse service projects, the most prominent of which is developing all traffic intersections and decorating the streets with lighting and green areas, in addition to covering the sidewalks with Muqarnas.

He added that the first four months of next year will witness a qualitative shift in terms of services, after the completion of infrastructure works and cladding projects, noting that three municipal departments, namely Al-Kadhimiya, Al-Adhamiya and Al-Karkh Center, are close to completing the cladding works within their sector by 100 percent.

Al-Waili explained that the works currently being implemented in various areas of the capital include renewing water, sewage and rainwater networks, in addition to replacing side molds and paving streets with muqarnas, in addition to paving and covering streets and main roads, explaining that these projects aim to improve the service reality of the capital in conjunction with its selection as the Arab Tourism Capital for the year 2025.    https://alsabaah.iq/107912-.html

MAJEED: Iraq will NOT offer today its precious dollars in the controversial dollar auction, 30 DEC

 MAJEED

This is today article from 2 HOURS ago

The matter is resolved.. Iraq will NOT offer today its precious dollars in the controversial dollar auction, or what is called the window of selling foreign currency and the electronic platform. 20 years after the start of this measure, Ammar Khalaf, deputy governor of the Central Bank, confirmed in a statement to the network 964 that the dollar platform has become by closing in compliance with the date set by the governor to close it at the end of 2024, and denied behind all rumors about the possibility of extending the work on the platform , and spoke with great positives, reassuring the market and consumers that the overwhelming majority of traders have already adapted to the new system in which the Central Bank does not provide direct dollar to traders, but what will happen?! According to the new system after the closure of the window, traders will have to deposit their money in dinars in Iraqi banks that have entered into partnerships with foreign banks “called correspondent banks” and these correspondent banks with American banks are responsible for all verifications and compliance procedures. The central bank will only be tasked with enhancing dollar balances in the accounts of banks that can pass through all these procedures. Many experts believe that this step removed the central bank from responsibility for any possible invoicing or attempts to smuggle currency, and the central bank has protected itself from any possible US sanctions with the dangerous dimensions it means on the country's economy

5:30 AM · Dec 30, 2024

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54.4K

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REINALDO JC:THE BLUEPRINT OF DR. SHABIBI IS THE END OF THE CURRENCY AUCTIONS @DINARREVALUATION #iqd

 

Half A Trillion Dinars For Baghdad Projects, 30 DEC

 Half A Trillion Dinars For Baghdad Projects

First  12/30/2024  Half a trillion dinars for Baghdad projects 51a076da-9e8e-4eb0-947a-0e2876bade6e

 Baghdad Provincial Council has prepared a project plan at a cost of (500) billion dinars to be implemented during the coming year, while Baghdad Municipality has pledged a qualitative shift in services during

(2025). Member of the Baghdad Provincial Council, Muhammad Al-Shaalan, told Al-Sabah: “The governorate has prepared its plan for next year at a financial cost of about (500) billion dinars.”

He added, "The aforementioned plan includes projects in various sectors, including water, sewage, roads linking districts and sub-districts to the center, and infrastructure in outlying areas."

He noted that "the focus will be on deprived areas that have not been included in the service effort and have not been included in the plans," indicating that (50) percent of the budget for the year (2023) has been allocated to road and bridge projects and investment and strategic projects, in addition to the fact that the budget is distributed between the Baghdad Municipality and the governorate, and a small share of it goes to areas Parties.    https://alsabaah.iq/107931-.html

TIDBIT FROM WOLVERINE, 30 DEC

  Wolverine

 “Guys due to my NDA on a certain platform I cannot talk about it but I can tell you that finally God has listen to us and this time it’s not disinformation. Just get prepared everyone because this time it’s coming.

 I’m extremely overwhelmed because not because they said this or that it’s because these people have been waiting for something and at long last it has arrived. Please pray and stay in faith. 2025 is going to be a year full of blessings for mankind. 

All protocols have been met and everything is ready to go. We just have to wait for the GO sign. I’m expecting the 1st or the 2nd of January. I’ve had many on a conference call and they all said that we are about to go anytime right now and many are pointing to the 1st and 2nd of January 2025. Not long to go guys. God bless.”

MAJEED: “the CBI has canceled It’s 20 years controversial auction!! @DINARREVALUATION #iraqidinar

 

Iraqi Oil Stabilizes At High Level At The Beginning Of Year-End Trading, 30 DEC

 Iraqi Oil Stabilizes At High Level At The Beginning Of Year-End Trading

Economy | Baghdad Today - Follow-up  At the beginning of the end of the year's trading, today, Monday (December 30, 2024), Iraqi oil recorded stability at an increase during the opening of trading for the week in global markets .

According to data reviewed by Baghdad Today, Basra Heavy crude recorded $70.19 per barrel, while the average recorded $73.29 per barrel, with a change rate of -0.16, respectively, for delivery in February 2025 .

The data also showed an increase in global crude prices, as British Brent crude recorded $74.30, while US West Texas Intermediate crude recorded $70.66 per barrel, with a change rate of +0.13 and +0.05, respectively .     Source: "Baghdad Today" + websites   LINK

MAJEED: “the CBI has canceled It’s 20 years controversial auction" , 30 DEC

MAJEED

yesterday on Iraqi TV channels said

“the CBI has canceled It’s 20 years controversial auction… and now correspondent banks and exchange currencies companies who adopted the new system and is connected with US banks will do the transactions and people will only be able to deposit Dinar” here is how Iraq’s approach to phasing out the controversial dollar auction and transitioning to a more modernized and compliant system is a significant step. While the Iraqi dinar (IQD) is not yet freely traded on Forex markets, the new system leverages correspondent banking relationships and stricter controls, allowing the country to operate effectively within the global financial system without direct Forex trading. Key Mechanisms Behind This Transition: 1.Correspondent Banks as Gatekeepers: •Iraqi banks will partner with correspondent banks (foreign banks with ties to U.S. banks). •These banks will handle verifications, compliance, and due diligence for dollar transactions, ensuring adherence to international standards, particularly anti-money laundering (AML) and countering the financing of terrorism (CFT). 2.Central Bank’s Role: •The Central Bank of Iraq (CBI) will enhance dollar balances in the accounts of compliant Iraqi banks. •By stepping away from direct dollar sales, the CBI shields itself from the risks of misuse (e.g., fraudulent invoicing or dollar smuggling) and potential sanctions. 3. Forex Independence Is Not Immediate: •Even though the dinar is not traded on Forex markets, the system operates through dollar reserves managed via correspondent banking. •The credibility and liquidity of this system depend on Iraq maintaining strong dollar reserves and partnerships with international banks. 4.Preparation for Broader Currency Integration: •This transition lays groundwork for a future where the dinar could potentially move toward Forex trading. •To reach that stage, Iraq would need greater economic stability, transparent fiscal policies, and market confidence.

Quote

Majeed KSA

@majeed66224499

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8h

This is today article from 2 HOURS ago The matter is resolved.. Iraq will NOT offer today its precious dollars in the controversial dollar auction, or what is called the window of selling foreign currency and the electronic platform.

Show more

12:31 PM · Dec 30, 2024

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22.8K

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