by Khalil Ibrahim Al-Abidi1/21/25The mission of the world’s central banks is to control the rhythm of the economy, by controlling the interest rate, not by auction.
It is the bank of banks, working through clearing and opening credit, and ensuring the protection of the country’s currency from damage and decline against other currencies.
It issues a currency whose value is evaluated in gold, not in the currency of others, upon request. The auction is an innovation of Bremer since the occupation, and we have become accustomed to the mistake and it has become a lifeline.Gentlemen…
The Central Bank did well recently and left the auction platform, and returned to respect its currency, which is the dinar. ……What is required today, as we are at the beginning of the year, is to think carefully about what the repercussions will be, and to return with determination to the documentary cycle in imports, and to work without selling the currency by opening credit for those who want to import, by relying on our government banks after purging them of corruption and identifying correspondent
banks for those who carry sobriety and integrity of correspondence, and finally determining the scale of priorities when importing and encouraging national production and exploitation of raw materials,
and imposing exorbitant fees to protect industries and the rest of the products.Working to follow up on what is imported under the import license and ridding the country of the decline of its currency and the danger of imports, and the most important step is to zero out the dinar, and buy the 1,250 old dinars for one dinar of the new currency during the exchange after printing the one dinar denomination, and the value of one dinar will be one dollar through the documentary import cycle, and we have sufficient revenues in addition to the sovereign reserves. Making the value of one dinar equal to one dollar
will keep the citizen, merchant, traveler, doctor, etc. away from running after the dollar. Rather, he will be reassured that his currency is valid for purchase and exchange wherever he is, and this is the point of safety.
FIREFLY:Mr Sammy says...Amendment of Article 12 has nothing to do with the rate change. Article 12 is for the Kurds to get their money to cover their cost of extracting and transportation of salaries for the oil...Next they say we will have the budget tables.
FRANK: That means the budget now is going to be read line item by line item by line item and the only way to fund those line items...
The funding will have to be based on a different exchange rate because you cannot fund this budget at a program rate...Everybody waits for the new exchange rate. Everything waits for it...
TO PROTECT HIS SAVINGS.. DOLLAR FLUCTUATIONS “FORCE” IRAQI CITIZENS TO BUY “GOLD”
Economic affairs specialist Alaa Al-Fahd revealed, today, Thursday (January 16, 2025), the reason for the recent increase in gold imports in Iraq.
Al-Fahd told Baghdad Today, “The increase in gold imports has several economic implications, including that citizens are working to keep gold as part of their savings, as it is more reliable and stable, as a result of the fluctuations in the dollar.”
He explained that “the other reason is an improvement in income levels with a savings surplus, and this is what drives citizens to buy gold, and this is part of the positive situation, as the process of increasing gold imports is a healthy economic situation, and this is reflected in the Iraqi market.”
Citizens usually prefer to buy gold during times of instability, rising inflation rates, economic problems, and fluctuations in the buying and selling of the dollar, as it is a safe haven and a protector from the risk of financial market collapse.
Experts say that the importance of saving gold has several advantages, the most important of which is that gold savings accounts provide their owners with a unique opportunity to diversify their investment portfolios and protect their wealth from market fluctuations.
Others say, “Gold retains its value over the long term, and is easy to sell, because it is unlikely to be worth less when you buy it.
HERE ARE the current and future prospects of the Iraqi dinar, as discussed by various financial experts and analysts.
Sandy Ingram highlights several potential scenarios for the value of the dinar as we move into 2025, focusing on the implications of Iraq’s oil reserves, economic reforms, and global market conditions.
The conversation emphasizes the dynamic nature of currency valuation, which is influenced by external factors such as global oil prices and internal factors like political stability and economic management.
There are several possibilities for the dinar, ranging from gradual appreciation to potential revaluation or redenomination, all contingent on Iraq’s economic performance and international support.
Other contributors, such as Mark Z and Frank 26, provide insights into Iraq’s expanding resource base and the importance of international trade relationships, particularly with China. The removal from the ‘red list’ signifies a positive shift for Iraq, allowing it to engage more freely on the international stage. Overall, the discussion points to a mixed outlook for the dinar, marked by both opportunities for growth and significant risks.
🌍 Oil Dependency: The Iraqi dinar’s value is heavily tied to global oil prices and Iraq’s oil production capabilities.
📈 Potential Appreciation: If oil prices remain high and Iraq diversifies its economy, the dinar could appreciate in value.
⚖️ Risks of Depreciation: A significant drop in oil prices could lead to stagnation or depreciation of the dinar due to budget strains.
💡 Revaluation Possibility: There is a possibility of revaluation or redenomination of the currency, contingent on strong economic fundamentals.
📊 International Relations: Iraq’s trade relations, particularly with China, are expanding, which may have positive implications for its economy.
🔄 Removal from the Red List: Being removed from the ‘red list’ allows Iraq to engage in international trade without restrictions, potentially boosting investor confidence.
🏦 Speculative Currency: Currently, the dinar remains a speculative currency, uncertain in its future value due to various influential factors.
Key Insights
📉 Oil Prices and Currency Value: The Iraqi dinar’s reliance on oil revenues is a double-edged sword. High global oil prices can lead to increased foreign currency influx, strengthening the dinar. However, if prices plummet, Iraq’s budget could face severe strain, leading to depreciation. This dependency underscores the need for Iraq to diversify its economy beyond oil, which would buffer the currency against international market fluctuations.
💰 Economic Diversification and Corruption: The potential for the dinar to appreciate hinges not only on oil prices but also on Iraq’s efforts to diversify its economy and tackle corruption. By reducing reliance on oil and improving governance, Iraq could enhance investor confidence, which is critical for attracting foreign investment and stabilizing its currency.
🔍 Revaluation and Redenomination:
The possibility of revaluation or redenomination of the dinar could simplify transactions and enhance its global perception. Such actions are generally indicative of a robust economic framework and require international support. The implications of these changes could lead to improved liquidity and a more favorable trading environment for the dinar on international markets.
🌐 International Trade Relations: Iraq’s burgeoning trade relationship with China, reaching $50 billion, is a significant development. This partnership could bring in much-needed foreign investment and diversify Iraq’s economic base. As foreign trade expands, it could create a more resilient economy less vulnerable to fluctuations in oil prices.
🚀 Removal from the Red List: Mark Z emphasized that Iraq’s removal from the ‘red list’ is pivotal for attracting international companies. This status change indicates a shift in perceptions of risk associated with investing in Iraq, thus enhancing the attractiveness of the Iraqi dinar as a stable currency. This change could lead to increased foreign direct investment, fostering economic growth.
📈 Speculative Nature of Dinar: The dinar is currently viewed as a speculative currency, with its future value uncertain. Investors are cautious, given the myriad factors influencing its valuation, including political instability and economic management. This speculative nature reflects the broader challenges facing emerging markets, where investor sentiment can swing dramatically in response to changing conditions.
🏛️ Political Stability and Economic Reforms: The future value of the dinar is deeply intertwined with Iraq’s political landscape and its commitment to economic reforms. Stability in governance is essential for implementing policies that promote economic growth. Without meaningful reforms and a stable political environment, the dinar’s potential for appreciation remains limited, posing risks for investors.
IRAQI MPS TO FACE ONE MILLION ID FINE FOR MISSING PARLIAMENT SESSIONS
Jan. 20, 2025
Al-Mashhadani stressed the necessity of achieving a quorum in parliament, noting that the frequent absence of a significant number of MPs has severely hindered the process of passing crucial legislation and making urgent amendments to existing laws.
ERBIL (Kurdistan24) – The Iraqi Parliament Speaker Mahmoud al-Mashhadani on Sunday announced that any member of parliament (MP) who misses a session will be fined one million Iraqi dinars. Al-Mashhadani met with the heads of parliamentary factions to address the issue of MPs not attending sessions, which has severely impacted the legislative process in parliament.
“In the coming days, we will revise the parliament bylaw to impose fines on MPs who miss sessions and to publish the names of absent MPs on the official parliament website,” the speaker told a Kurdistan24 correspondent.
WOLVERINE LIVE CHAT JANUARY 21, 2025 (Transcribed by Carpathia) SPECIAL GUEST MIKE BARA
They told us it was all going to start today, and guess what? IT WILL START TODAY. I mean notifications should go out and everything will start tomorrow with the release of funds. I have spoken with the platform owners and they have the payment orders. And tomorrow, things will start working!
Not everyone starts tomorrow. It's a process. Some will start tomorrow, some will start the next day and the next, but it starts from tomorrow. Some platforms will start on February 1 or 2, some platforms a little later. But with the Grace of God, tomorrow will be D-Day.
Iraq was going to start yesterday. But it looks like this will start TODAY. It's now 4 a.m. in Iraq and, hopefully, in a couple of hours, that dinar will go international in the foreign exchange market and we will receive the big news in a couple of hours so we can celebrate.
This has been a long journey for all of us. Many people have been told to go to banks for quite some time and nothing has happened, but now it seems that everything is ready. The liquidity and money are there and we are ready to go.
Just yesterday, I posted a message thanking Charlie Ward. I've talked to Charle a couple of times and he told me a while ago that nothing would happen until Biden was impeached, and that was almost two years ago. It wouldn't make sense for Biden to take all the glory.
However, I was still receiving all the information to the contrary, and others were also receiving information to the contrary: Bruce, MarkZ and others were used to create misinformation to catch the "bad people".
Are they using me now? I don't think so, no, because the people I've talked to, people who actually have appointments with the banks, and I've seen bank accounts, everything is ready to go.
THIS TIME IT'S REAL! IT'S REAL!
I'm excited. Yes, but I won't get excited until I get the big call that Wolvie is releasing that opera. As soon as the notifications go out, the opera will be released immediately! Then Carpathia will be ready either at 4 in the morning or before. I'm excited because tomorrow I know we'll be able to celebrate. I thank President Trump, because with him, now it comes at lightning speed.
The medical beds will arrive this week (that's what we've been told) and in Brazil they said they were going to get the green light for the medical beds. I don't control this and neither do they.
As soon as we get the green light for the RV, we should get the green light for the medical beds.
The NDA is really strict. I can't speak to a particular platform regarding a certain platform, I will break that NDA and will not receive payment on that platform.
Be careful your NDA, which you sign at the redemption center, should not be torn. When you get paid, go straight home and celebrate privately at home. Don't go out in public and get in the mood to say what you shouldn't.
It's a process, some of you will NOT get paid tomorrow. Some will receive their payment the next day or the next day. They will have an appointment, which means they may not go to their appointment on the same day, it may be the following week.
In Australia, we have HSBC. We were told we could have Citibank, but HSBC is Australia's.
In the United States, there is Wells Fargo and Bank of America. A while ago, Chase was taken off the list.
In England, I think it's HSBC.
They will find out your location when they call your 800 number and they will give you the information.
YELLOW DRAGON BONUSES as soon as we receive the message that those tables are closed, they will be closed on that platform. All platforms will be closed.
I have a special guest, a true patriot, a man who has done everything he can to give us hope and information. He has also been a special guest on MarkZ and Jen-tel.
MIKE BARA now takes the microphone.
TRANSLATE IN SPANISH
CHAT EN VIVO DE WOLVERINE 21 DE ENERO DE 2025 (Transcrito por Carpathia) INVITADO ESPECIAL MIKE BARA
Nos dijeron que todo iba a comenzar hoy, y ¿adivinen qué? COMENZARÁ HOY. Quiero decir que deberían salir notificaciones y todo comenzará mañana con la liberación de fondos. He hablado con los propietarios de plataformas y tienen las órdenes de pago. ¡Y mañana, las cosas comenzarán a funcionar!
No todos comienzan mañana. Es un proceso. Algunos comenzarán mañana, otros comenzarán al día siguiente y al siguiente, pero comienza a partir de mañana. Algunas plataformas comenzarán el 1 o 2 de febrero, algunas plataformas un poco más. Pero con la Gracia de Dios, mañana será el Día D.
Irak iba a comenzar ayer. Pero parece que esto comenzará HOY. Ahora son las 4 a.m. en Irak y, con suerte, en un par de horas, ese dinar se internacionalizará en el mercado de divisas y recibiremos la gran noticia en un par de horas para poder celebrar.
Este ha sido un largo viaje para todos nosotros. A muchas personas se les ha dicho que vayan a los bancos durante bastante tiempo y no ha sucedido nada, pero ahora parece que todo está listo. La liquidez y el dinero están ahí y estamos listos para empezar.
Ayer mismo, publiqué un mensaje en el que agradecí a Charlie Ward. He hablado con Charle un par de veces y me dijo hace un tiempo que no pasaría nada hasta que Biden fuera destituido, y eso fue hace casi dos años. No tendría sentido que Biden se llevara toda la gloria.
Sin embargo, yo seguía recibiendo toda la información de lo contrario, y otros también estaban recibiendo información de lo contrario: Bruce, MarkZ y otros fueron utilizados para crear información errónea para atrapar a las "malas personas".
¿Me están utilizando ahora? No lo creo, no, porque la gente con la que he hablado, gente que realmente tiene citas con los bancos, y he visto cuentas bancarias, todo está listo para empezar.
¡ESTA VEZ ES REAL! ¡ES REAL!
Estoy emocionado. Sí, pero no me emocionaré hasta que reciba la llamada importante que diga que Wolvie lanza esa ópera. ¡Tan pronto como salgan las notificaciones, la ópera se lanzará de inmediato! Entonces Carpathia estará lista ya sea a las 4 de la mañana o antes. Estoy emocionado porque mañana sé que podremos celebrar. Agradezco al presidente Trump, porque con él, ahora viene a la velocidad del rayo.
Las camas médicas llegarán esta semana (eso es lo que nos han dicho) y en Brasil dijeron que iban a obtener luz verde para las camas médicas. No controlo esto y ellos tampoco.
Tan pronto como obtengamos luz verde para el RV, deberíamos obtener luz verde para las camas médicas.
El NDA es realmente estricto. No puedo hablar sobre una plataforma en particular con respecto a una plataforma determinada, romperé ese NDA y no recibiré el pago en esa plataforma.
Tenga cuidado con su NDA, que firma en el centro de canje, no debe romperse. Cuando le paguen, vaya directamente a casa y celebre en privado en su casa. No salgan en público y se pongan de humor para decir lo que no deben.
Es un proceso, algunos de ustedes NO recibirán su pago mañana. Algunos recibirán su pago al día siguiente o al día siguiente. Tendrán una cita, lo que significa que es posible que no vayan a su cita el mismo día, puede ser la semana siguiente.
En Australia, tenemos el HSBC. Nos dijeron que podríamos tener Citibank, pero HSBC es el de Australia.
En Estados Unidos, está Wells Fargo y Bank of America. Hace un tiempo, sacaron a Chase de la lista.
En Inglaterra, creo que es HSBC.
Descubrirán su ubicación cuando llamen a su número 800 y ellos les darán la información.
BONOS DEL DRAGÓN AMARILLO tan pronto como recibamos el mensaje de que esas mesas están cerradas, se cerrarán en esa plataforma. Todas las plataformas estarán cerradas.
Tengo un invitado especial, un verdadero patriota, un hombre que ha hecho todo lo posible para darnos esperanza e información. También ha sido invitado especial en MarkZ y Jen-tel.
According to a statement from the Media Office of the Prime Minister, the project will employ Integrated Field Management Services (IFMS) and the EPCM model, aligning with national efforts and licensing round frameworks.
Article: “Leaving the red list is an important step to attract international companies” this is all about going fully international without restrictions.
They are off the red list and no longer considered dangerous. To be fully international they need a currency that is not restrictive.
Article: “The discovery of the largest oil storage in the center of the country with 2 Billion barrels.” Every time we turn around – we find out Iraq has more resources. Gold, Rare earth minerals and even more oil. This is $140 billion more in oil to support their currency.
Article: “Government representative in Parliament sends an amendment to an amendment regarding budget law” This one is specifically on rate and they are pushing to have the budget settled…this is also about the oil in the Kurdish region. We should have had action on this today.
They are waiting to squeeze in one last number…then we should budget tables and rates. When they adjust budget tables it’s an ideal time to adjust “value”. There is some pretty exciting stuff coming for Iraq this morning.
"Al-Eqtisad News" Publishes The Full Decisions Of The Cabinet Session
Money and business Economy News – Baghdad Al-Eqtisad News publishes the full decisions of the third Cabinet session, which was held today, Tuesday, headed by Prime Minister Mohammed Shia Al-Sudani.
The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Al-Sudani chaired, today, Tuesday, the third regular cabinet session of the current year, during which the general conditions in the country were discussed, important files and issues and priorities for implementing the government program were discussed, in addition to discussing the topics included on the agenda and taking the necessary decisions regarding them."
The statement added, "The Council of Ministers decided to suspend official work in all state departments and institutions in the capital, Baghdad, on Sunday, January 26, 2025, on the occasion of the commemoration of the martyrdom of Imam Musa bin Jaafar al-Kadhim, peace be upon him."
He explained that "following up on the progress of implementing the government program and the digital data related to the achievements, the Council of Ministers reviewed the fourth semi-annual report of the government program in terms of achievement and implementation of the program and it was approved, as the total achievement rate of the targets during the government's lifetime reached (73%), while the interim achievement rate for all targets reached (86%), and the data on the total achievement of (403) targets of the program was confirmed."
He added, "Regarding the submission of government program implementation reports by ministries and state institutions, the Council of Ministers agreed that all ministries and relevant authorities should express their observations on the fourth semi-annual report to follow up on the implementation of the government program, each according to its specialization, until the official working day of Thursday, January 23, 2025, provided that the Secretariat of the Program Implementation Follow-up Team undertakes to make the necessary amendments in accordance with the rules, and submit the report under discussion in its final form to the Prime Minister for approval and submission to the House of Representatives, based on the provisions of the Council of Ministers' internal regulations for the year 2019."
The Council of Ministers continued the approach of evaluating the performance of officials and general managers, according to the previously approved principles, and voted to confirm (14) general managers after the evaluation, in various government departments.
The statement indicated that, "Within the energy sector projects, the Council approved the principles of cooperation between the Ministry of Electricity and Stellar Energy, and proceeded with implementing the terms of the agreement, and authorizing the Ministry of Electricity with the necessary authority to contract with the aforementioned company, as an exception to the contracting methods in implementing government contracts, in a manner that ensures speedy completion and achieving the desired goal, and that the contract enters into force when financial allocations are available."
It was decided that the Ministries of Finance and Planning would include the principles of energy cooperation within the budget allocations for the year 2025, in the amount of two billion dollars, for the first phase, so that the second phase of the loan would be completed within the budget allocations for the year 2026, and the Minister of Electricity would be authorized to issue subsequent approvals regarding the signing of the principles of cooperation between the Ministry of Electricity and Stellar Energy Company, as an exception to the instructions for implementing government contracts.
He pointed out that "within the file of developing oil sector projects, the Council followed up on the Nasiriyah field expansion project, with a capacity of (100,000 b/d - Dhi Qar Oil Company), where it was approved to amend Cabinet Resolution (30 of 2021) to include adopting the implementation method (EPC), instead of (EPCF), with an amendment to the total cost of the project, and deleting the paragraphs from the aforementioned resolution, related to the sources of funding, as the project is included in the investment budget for the year 2024. It was also decided that the Ministries of Planning and Finance would send a letter to release the financing to open the documentary credit, according to the dues due for the project within the fiscal year 2025 and subsequent years, and the commitment of the Ministry of Finance to finance the aforementioned documentary credit."
Regarding the development of the Bin Omar and Sinbad oil fields in Basra Governorate, the Council of Ministers approved the signing of the Principles Agreement (HOA) with Halliburton to develop the two fields, using the Integrated Management System (IFMS) and Engineering, Construction and Procurement (EPCM) method with national effort, and it is treated as a licensing round, according to a statement from the Prime Minister’s Media Office.
He added, "In the field of settling the financial and administrative matters of the Anbar Combined Power Plant Project, the Council of Ministers approved the cancellation of the amount of debt owed to the Ministry of Transport/General Company for Iraqi Ports by the Ministry of Electricity, amounting to (12,448,608) billion dinars, regarding fines and grounds for equipment for the Anbar Combined Power Plant Project for two shipments; because they contained specialized equipment with high weights and large standard sizes; based on the provisions of the Federal Financial Management Law (6 of 2019) amended."
He explained that the Council approved the recommendation of the Ministerial Council for the Economy regarding the purchase of specialized equipment for ground services for the Ministry of Transport, in accordance with what was stated in the Ministry’s letter on January 19, 2025.
He pointed out that "in order to follow up on the environmental issue and activate the work of the General Company for Carbon Economics, the Council of Ministers decided to include the Ministry of Finance with an amount of (10) billion dinars, to the Ministry of Environment / General Company for Carbon Economics, within the estimates of the budget tables for the year 2025, in order to cover the founding operating expenses, and to achieve the company's goals stated in the founding statement, published in the Iraqi Gazette in issue (4764) on March 11, 2024."
The statement added, "The Council of Ministers followed up on the project to establish an integrated medical city in Dhi Qar Governorate, and approved the recommendation related to referring the medical city project/turnkey delivery from the relevant committee in the Dhi Qar Governorate Reconstruction Fund to the China State Construction Engineering Corporation, Limited Liability Company, based on the provisions of the Dhi Qar Governorate Reconstruction Fund Instructions (2 of 2021)."
He explained that "for the purpose of ending the financial matters related to Covid-19 vaccines, the Council of Ministers approved the authorization of the Minister of Health, or his representative, to contract with UNICEF to provide the Ministry of Health with its needs of medicines, medical and laboratory equipment and supplies, and other needs, according to the Ministry's need from the reserve of vaccines related to (Covid-19), and other vaccines for previous years combined with UNICEF, amounting to (28,154,000) million dollars, as an exception to the contracting methods for implementing government contracts."
He added that "in order to manage and organize the affairs of expatriates, the Council approved the adoption of the Iraqi National Insurance Platform for the categories (expatriates and foreign visitors), and obligated the Ministries of (Foreign Affairs, Labor and Social Affairs, Culture, Tourism and Antiquities), the National Investment Commission, and the Kurdistan Region of Iraq Representation, not to grant any visa or entry visa, except after obtaining an insurance document from the aforementioned platform, based on the provisions of the Health Insurance Law (22 of 2020).
The Council of Ministers approved the draft law on the ratification of the Republic of Iraq of the Mecca Agreement of the Member States of the Organization of Islamic Cooperation for Cooperation in the Field of Enforcing Anti-Corruption Laws signed in the State of Qatar (November 2024), and referred it to the House of Representatives, based on the provisions of the Constitution.
The Council followed up on infrastructure projects, and the completion of stalled projects, and approved the following:
1- Increasing the reserve amount and the total cost of the project (establishing two internal department complexes for boys and girls at Tikrit University).
2- Reducing the cost of the component (rehabilitation of Al-Badri Irrigation Project), including a new component for the remaining works, and increasing the cost of the main project (Al-Badri Irrigation Project) in Al-Muthanna Governorate.
3- Reducing the cost of the component (lining the Abu Alamah River in the Al-Bu Khadir area), including a new component for the remaining works, and increasing the cost of the main project (the river lining project) in Al-Muthanna Governorate. https://economy-news.net/content.php?id=52174
In-depth overview of the latest developments in Iraq’s political and economic landscape
Highlights
📈 Significant Increase in Electronic Payments: Iraq’s electronic payments have surpassed 10 trillion dinars, enhancing economic transparency.
💼 Controversial Laws Passed: The personal status law and general amnesty law faced protests as they were passed without a proper vote.
📊 Amendments to Budget Law: The Iraqi government is proposing new amendments to the budget, including a reimbursement plan for oil extraction costs in Kurdistan.
🚨 Parliamentary Chaos: Protests from MPs led to a broken quorum during a session discussing highly controversial laws.
🇬🇧 UK Security Rating Downgrade: The UK has downgraded Iraq’s security rating, a move welcomed by Iraq’s Ministry of Foreign Affairs.
🤝 Strategic Partnerships: Prime Minister Sudani emphasized the importance of Iraq’s strategic partnerships, particularly with the United States.
📅 Potential National Holiday: Discussions around a potential national holiday raise questions about its impact on the currency rate change.
Key Insights
🔍 Economic Transition to Digital: The rapid increase in electronic payment systems in Iraq signifies a shift toward a more digital economy, which can reduce costs associated with physical currency while improving transparency. This transition could potentially attract foreign investment and enhance trust in the financial system.
⚖️ Legitimacy of Parliamentary Actions: The passing of controversial laws without a proper voting mechanism raises serious questions about the legitimacy of the Iraqi Parliament’s operations. The chaos in parliament not only undermines public trust but also sets a precedent for future governance issues, potentially leading to political instability.
📉 Budgetary Amendments and Legal Concerns: The amendments made by the Parliamentary Finance Committee may be unconstitutional, as they lack proper authority to enact such changes. This situation could lead to further legal challenges and may stall crucial fiscal policies needed for national stabilization.
💡 Impact of Political Protests: The protests by MPs indicate deep divisions within the political landscape, reflecting broader societal tensions. Such divisions can hinder legislative progress and exacerbate existing issues within the government, potentially affecting the implementation of key laws and reforms.
🌐 International Relations and Security: The downgrade of Iraq’s security rating by the UK highlights ongoing concerns regarding stability in the region. Such perceptions can impact Iraq’s ability to engage with international partners, affecting security cooperation and economic support.
📊 Oil Revenue Disputes: The proposed budget amendments concerning oil revenues are critical for Iraq’s economy, particularly in Kurdistan. The plan for the federal government to manage oil revenues directly could lead to greater accountability, but it also raises concerns about regional autonomy and resource allocation.
🔄 Currency Rate Mechanisms: The discussion around the potential for a national holiday affecting currency auctions raises important questions about Iraq’s monetary policy. Understanding the mechanisms behind currency rate changes is essential for investors and citizens alike, as it can impact economic stability and investment opportunities.
Foreign Ministry: Decision To Downgrade Security Classification Will Open Door For British Companies To Enter Iraqi Market
Money and business Economy News – Baghdad The Foreign Office on Tuesday welcomed the UK's decision to downgrade Iraq's security rating.
The ministry said in a statement, seen by "Al-Eqtisad News", that "the Ministry of Foreign Affairs welcomes the decision of the United Kingdom to reclassify the security level in Iraq, and considers this step an important achievement that reflects the significant improvement in the security situation and the Iraqi government's ongoing efforts to achieve stability and enhance a safe and encouraging environment for investment and work."
It added that "reducing the security classification will open the way for British companies to enter the Iraqi market, and the decision will contribute to reducing the costs of travel and work insurance, which will enhance opportunities for economic and investment cooperation between Iraq and the United Kingdom.
" It continued, "In this context, the ministry calls on other Western countries, including the United States of America, Canada, and the European Union countries (Germany, France, Belgium, Italy, Austria, and the Netherlands), to reconsider their security classifications for Iraq, and the ministry encourages these countries to take similar steps that support Iraq's efforts to enhance economic cooperation."
The ministry confirmed that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein will work to send official messages to the concerned countries, urging them to review their security classifications for Iraq in line with the positive developments and the noticeable improvement in the security situation."
The ministry renewed, according to the statement, "its commitment to work with its international partners to strengthen bilateral relations and provide an appropriate environment for expanding cooperation in various fields, in a way that serves common interests and enhances stability and development in Iraq and the region." https://economy-news.net/content.php?id=52172
The Iraqi dinar faces several potential scenarios for its value in 2025...One possibility is a gradual appreciation in value...The country's vast oil reserves are its economic backbone.
If global oil prices remain high and Iraq increases production, the influx of foreign currency could strengthen the dinar. Additionally... diversifying the economy and reducing corruption could boost investor confidence and attract foreign investment further supporting the currency's value.
On the other hand the dinar could remain stagnant or face depreciation... If global oil prices drop significantly, Iraq's reliance on oil revenues could strain its budget and weaken the dinar. Inflation or issues in managing monetary policy might also negatively impact its value.
Central Bank of Iraq's sales of foreign remittances reach more than 94%
Time: 2025/01/21 Reading: 910 times {Economic: Al Furat News} Foreign transfers in the sales of the Central Bank of Iraq, on Tuesday, reached more than 94% with the participation of 7 banks and 19 exchange companies.
The bank sold in its auction today 287 million, 882 thousand, and 784 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.
Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to 273 million, 323 thousand and 784 dollars, at a rate of 94.87%, compared to cash withdrawals amounting to 14 million and 550 thousand dollars.
The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 6 banks, and the total number of exchange companies participating in the auction was 19 companies. LINK
