Foreign Currency Exchange
Swift has upgraded to the iso20022 compliance system. Swift is preparing for currency exchanges in the quantum financial system.
Department of the Navy & the Defense announced new codes being implemented into the banking system relevant to foreign currencies exchanges & recorded/archived in the federal register (similar to the iraq gazette).
Laws being/has been implemented for our military officer & contractors around the world on how they’ll be able to exchange foreign currencies in the new quantum system.
Swift is now transitioning to be able & allow us to go to Banks & exchange our foreign currencies in the new quantum financial system on the digital platform.
-freedomfighter
I’m sticking to my prediction!!!
LFG
The Necessary Steps for Iraq to Reinstate the Dinar Rate at $3.22: Iraq 2024
Iraq's quest to reinstate the dinar rate at 3 to less than a penny in 1993. However, with the overthrow of Saddam Hussein's regime in 2003 and the introduction of a new currency in 2004, there have been efforts to revitalize the economy [1].
Economic Reforms and Monetary Policies
Implementing Anti-Inflation Measures
Iraq must continue to enforce robust anti-inflation measures to control the inflation rate and stabilize the currency. This includes raising policy interest rates and allowing a gradual appreciation of the dinar [1]. By 2007, the International Monetary Fund (IMF) acknowledged the Iraqi government's efforts in tackling inflation [1].
Monetary Reform Process
Iraq is undergoing a monetary reform process that involves several steps, including: Deleting zeros from the currency to simplify transactions and improve the currency's value. Printing new notes to replace the old currency and enhance confidence in the dinar.
Adopting a Basket of Currencies
A significant reform involves using a basket of currencies to determine the dinar's value against the dollar. This basket includes currencies like the Euro, Pound, and Yen, among others. This approach allows the dinar to reflect the true strength of the Iraqi economy and avoid fluctuations and shocks that affect the dollar [3].
Economic Stability and Growth
Fiscal Discipline
Iraq needs to maintain fiscal discipline by managing its public finances efficiently. This involves reducing budget deficits and controlling public debt, which will improve investor confidence and attract foreign direct investment.
Diversification of the Economy
Iraq should diversify its economy by reducing reliance on oil and developing other sectors such as agriculture, manufacturing, and services. This diversification will make the economy more resilient and less volatile [2].
Investment in Infrastructure
Investing in infrastructure, such as roads, ports, and power plants, is crucial for economic development and will improve the business environment, making Iraq more attractive to foreign investors [2].
Rejoining the Global Financial System
Reinstatement of the Dinar Rate
Iraq must work towards reinstating the dinar rate at $3.22, which was its value before the invasion and sanctions. This rate reflects the true wealth and potential of Iraq and will enable the dinar to be convertible and exchangeable with other currencies at this rate [3].
Access to Global Financial Benefits
Rejoining the global financial system will allow Iraq to access international capital markets, financial services, and technologies, which are essential for economic growth and modernization [3].
Transparency and Governance
Enhancing transparency in government operations and improving governance will boost investor confidence and ensure that economic reforms are sustainable in the long term [2].
Conclusion
Reinstating the dinar rate at $3.22 by 2024 requires a concerted effort from the Iraqi government to implement economic reforms, ensure fiscal discipline, diversify the economy, and improve governance. Iraq must also rejoin the global financial system to access the benefits of international trade and investment. Achieving these objectives will not only strengthen the dinar but also contribute to the overall economic development of the country.
Pimpy discusses the necessary steps for Iraq to reinstate the $3.22 dinar rate, emphasizing economic reforms and stability.
Highlights
💼 Monetary Reforms: Iraq needs comprehensive monetary reforms to stabilize its economy.
💵 Currency Basket: Adopting a basket of currencies will reduce reliance on the US dollar.
🚜 Economic Diversification: Iraq should diversify beyond oil to strengthen its economy.
📈 Foreign Investment: Attracting foreign investment is crucial for economic recovery.
⚖️ Political Stability: A stable political environment fosters confidence in the dinar.
📊 Inflation Control: Monitoring and controlling inflation is essential for maintaining currency value.
🏦 Engagement with Institutions: Collaborating with international financial institutions can support necessary reforms.
Key Insights
💡 Monetary Reforms: Implementing monetary reforms, including deleting zeros from the currency, can help restore public confidence and stabilize the economy. This is a long-discussed yet crucial step for Iraq’s financial health.
🌐 Currency Basket: By adopting a currency basket system, Iraq can mitigate risks associated with dollar fluctuations, providing a more stable foundation for international trade and enhancing economic resilience.
📉 Economic Diversification: Reducing oil dependency is vital. Recent agreements with Turkey on agriculture infrastructure can potentially boost Iraq’s agricultural sector, indicating a step towards diversification.
📈 Foreign Investment: Iraq must create a favorable environment for foreign investors through regulatory reforms, which is essential for economic growth and stability.
🔒 Political Stability: Ensuring political stability is key to building trust among citizens and investors alike, which will lead to increased usage of the dinar over foreign currencies.
📉 Inflation Control: The Central Bank’s role in controlling inflation through effective monetary policy is vital for maintaining the dinar’s value, currently facing a 5% inflation rate.
🤝 International Engagement: Collaborating with organizations like the IMF can provide Iraq with guidance and financial support to implement necessary reforms, aiding in achieving its monetary goals.
Parliamentary dispute on contraversial laws could delay session
Shafaq News/ On Monday, independent MP Alaa Al-Haidari voiced his opposition to the proposal of discussing amendments to the Personal Status Law and the General Amnesty Law in a single parliamentary session.
Another MP, however, suggested that today's parliamentary session might be postponed due to four contentious issues on the agenda.
Al-Haidari told Shafaq News Agency, "We reject linking the Personal Status Law with the General Amnesty Law, as the two laws address different matters," clarifying that "today's session is dedicated to the second reading of the amendment to the Personal Status Law to pass it in upcoming sessions."
Al-Haidari also noted reservations about the General Amnesty Law, particularly regarding the exclusion of certain groups. "It is unacceptable to release individuals involved in terrorist organizations who have targeted and killed Iraqis," he said, emphasizing that such individuals should not be equated with others in the law.
He further stated his opposition to including corrupt officials, embezzlers of public funds, drug traffickers, and those involved in espionage and collaboration with foreign entities in the amnesty.
Meanwhile, independent MP Jawad Al-Yasari explained that "the disagreements revolve around the General Amnesty Law, the amendment to the Personal Status Law, as well as votes on the Law on Returning Properties to Their Owners (affected by certain decisions of the dissolved Revolutionary Command Council) and the Law on Leasing Agricultural Lands."
Al-Yasari added, "The House of Representatives is currently holding intensive meetings to reach agreements on these contentious issues. However, the session may be postponed due to the ongoing disagreements."
Today’s parliamentary session was set to include the second reading of the proposed amendment to the Personal Status Law No. 188 of 1959 and the second reading of the proposed second amendment to the General Amnesty Law No. 27 of 2016.
The Iraqi Parliament completed the first reading of the proposed amendment to the Personal Status Law on August 4.
The proposal to amend the Personal Status Law No. 188 of 1959 has sparked widespread debate within parliament and among civil society organizations, with opinions divided between supporters and opponents. The proposed amendments pertain to matters of marriage, divorce, inheritance, and child custody.
#FreeIraq
Swift has upgraded to the iso20022 compliance system. Swift is preparing for currency exchanges in the quantum financial system.
Department of the Navy & the Defense announced new codes being implemented into the banking system relevant to foreign currencies exchanges & recorded/archived in the federal register (similar to the iraq gazette).
Laws being/has been implemented for our military officer & contractors around the world on how they’ll be able to exchange foreign currencies in the new quantum system.
Swift is now transitioning to be able & allow us to go to Banks & exchange our foreign currencies in the new quantum financial system on the digital platform.
-freedomfighter
I’m sticking to my prediction!!!
LFG