FIREFLY: TV saying expected changes in the revenues of the 3 budgets.
FRANK: Let's translate that into simple language... - There's a change in the revenue ...the exchange rate...your new national currency to replace the 3 zero notes coming. These words are not used in articles today. These words of communication are about the monetary reform are for you Iraqi citizens not for anyone else. Listen to them carefully.
FIREFLY: TV saying in news that the decision to raise interest rate in Iraq will increase the banking sector.
FRANK: The only reason they're talking about raising the interest rate is because your exchange rate is about to go up in
Masrour Barzani discusses economic cooperation with CBI’s Governor
Shafaq News / Today,Thursday, Masrour Barzani, the Prime Minister of the Kurdistan Regional Government (KRG), received Ali Muhsen Al-Alaq, the Governor of the Central Bank of Iraq (CBI).
During the meeting, they discussed ways to enhance coordination and cooperation between the Kurdistan Region (KRI) and the federal government, particularly concerning banking sector reforms, intensifying anti-money laundering efforts, and working towards economic stability.
Barzani highlighted the "My Account" project and initiative, expressing his gratitude for the support from Al-Alaq and the Iraqi Prime Minister, Mohammed Shia Al Sudani, in this regard. He emphasized that the progress made in KRI represents progress for all of Iraq, serving the interests of all citizens.
In conclusion, both sides agreed on the importance of continuing and strengthening coordination and cooperation to achieve economic development and financial stability.
PM Barzani briefs investors on KRG enhancing banking system, digitalization
RBIL (Kurdistan 24) – Kurdistan Region Prime Minister Masrour Barzani on Tuesday briefed Kurdish investors on his government’s efforts to strengthen the banking system and digitalize the public service provision.
Since its inception, the Kurdistan Regional Government's (KRG) ninth cabinet has worked to facilitate investment for both domestic and foreign investors as well as overcome the obstacles, according to a statement from the premier’s office.
Barzani briefed the businesspeople on the government’s efforts to enhance the banking system and financial inclusion program as well as digitalizing the public services, the press release said.
Barzani reassured that the government will continue accelerating efforts to work for an enhanced investment climate.
He had extended his gratitude to the investors for their support and joint work with the KRG.
In a question-and-answer session, Barzani responded to a number of questions that were asked by the attendees.
A number of KRG top officials, including the head of the Board of Investment and trade and tourism ministers, attended the meeting.
...we have learned that the global system for the automation and modernization of customs (ACYCUDA) project is making headway.
This system will require a link to the international currency exchange to convert rates of currencies between countries for up-to-the-minute rates.
The system is planned to take in any international currency not just the US dollar for payments of customs duties and tariffs. With this is a huge plan to make Iraq a central hub for commerce in the middle east and this revenue, as they told us, could rival the oil revenue.
This new ACYCUDA system is due to come online when? ...does January 2024 sound familiar?
...Just be patient, the reinstatement is coming.
The saga about the Iraqi dinar RV only gets better as the months roll on. More and more pieces are put in place for the inevitable revaluation and reinstatement of the dinar. It has become not a matter of “if” these events will occur but “when”.
The Dollar Crisis In Iraq... “Poor” Government Measures And “Psychological Anxiety” Afflict Citizens
Economy |Baghdad today – Baghdad There are many measures that the government has taken in order to control the price of the dollar, but day after day it proves its failure to control it, which reflects negatively on the lives of citizens day after day because it is closely linked to their trade and their ability to purchase consumer goods.
The Dollar Is On The Minds Of Iraqis
Professor of Psychology, Ali Al-Zubaidi, confirmed in an interview with “Baghdad Today” today, Wednesday (October 18, 2023), that “the dollar occupies 30% of Iraqis’ minds 24 hours a day.”
Al-Zubaidi adds, “The dollar, for several reasons, has become the compass of market movement in Iraq, and any rise or fall leads to impacts, some of which are harsh on millions of simple people and those with limited income because of its direct impact in determining the compass of prices up and down, and is accompanied by speculation and the attempt of some to create any crises to earn more money.” ".
He confirms, "The dollar occupies the minds of Iraqis by 30% 24 hours a day, and the percentages rise, especially for professions directly linked to the currency market, and large losses may lead to a psychological state that sometimes leads to suicide."
The Dollar Crisis "Worries" The Poor
Al-Zubaidi pointed out that "even simple people, the dollar has become a source of concern for them because it leads to an increase in financial burdens by raising the prices of basic materials and medicines."
He continued, “The salaries of state employees lost 25-30% of their value after the price of the dollar was 125 thousand dinars per 100 dollars, and now the barrier of 160 thousand dinars per 100% has been broken, meaning that their salaries have weakened and they must pay a higher price to purchase materials,” adding: “The dollar crisis creates varying psychological states resulting from overthinking, but it does not lead to chronic diseases.”
High Dollar Contributions
Last Saturday (October 14, 2023), economic expert Farman Hussein confirmed that transfer cards and Western Union contributed to the smuggling of millions of dollars abroad, considering that the Association of Private Banks is responsible for the rise in dollar exchange rates for the benefit of the private banks affiliated with it.
Hussein said in an interview with "Baghdad Today" that "millions of dollars were smuggled out of Iraq, especially the Emirates and Turkey, and contributed to the wealth of hundreds of merchants, money changers and private banks."
He added, "The Association of Banks is the first and last responsible for the dollar crisis, and it is the one who created the large difference in the official and parallel rates with the aim of achieving benefit for banks and private companies."
The dollar exchange rate has witnessed a noticeable increase in recent days, exceeding the barrier of 160 thousand dinars per 100 dollars, while the Central Bank is taking many measures and decisions to prevent the circulation of the dollar in local markets above the official price (1320), but to no avail, despite the fact that the dollar is its only source. The Central Bank, although those who take the dollar, namely private banks and exchange companies, are known to it, but it is unable to control them and oblige them not to leak dollars through fake transfers, according to observers. LINK