FIREFLY: Sudani on the news saying Iraq lacks strict laws against currency speculators. These are the people that have been delaying what we want to bring to you Iraqi citizens.
Then he talks about more needs to be in place to hold accountability. These laws will allow him to protect us more with our currency.
FRANK: Wow! Ta-Dah!...Look at the articles...you can find some of [this] tomorrow...you will find even more the next day. It will get louder and louder until they make the announcement.
FRANK : This is part of the monetary reform process, to pass these laws. But it's the last phase of it to bring security and stability and to remove any corruption from your currency.
These laws will allow Sudani to arrest more evil people that are against you Iraqi citizens and Sudani's reforms...Congratulations you are one step closer to what you seek - Value to your currency....
IMF tells Zimbabwe to end RBZ's quasi-fiscal activities - Bulawayo24 News (10/26/23)
The International Monetary Fund (IMF) has implored Zimbabwe to end the central bank's quasi-fiscal activities among a raft of reforms to "fully restore macroeconomic stability".
The Reserve Bank of Zimbabwe (RBZ) stands accused of engaging in activities that are supposed to be done by the Treasury.
Quasi-fiscal activities were blamed for fuelling hyperinflation in the period 2006 to 2008. This accelerated the depreciation of the local currency, paving the way for the introduction of the multi-currency regime in 2009.
In its report after anIMF staff visit in the period October 18 to 25, the global lender said economic policy reforms identified in previous Article IV consultations have not been implemented.
"First, comprehensively addressing the RBZ's quasi-fiscal operations (QFOs) remains imperative to mitigate liquidity pressures and thus re-anchor inflation expectations. These measures should be complemented with an enhanced liquidity management framework, including through theuse of appropriate interest-bearing instruments by the RBZ to mop up excess liquidity," IMF said.
RBZ has introduced gold coins and digital tokens to mop up excess liquidity in the market. The IMF has been against the issuance of gold coins and instead proposing the introduction of "appropriate interest-bearing assets".
It said the consolidated fiscal stance, including QFOs, should be aligned with the short-term stabilisation objectives.
"Third, there is an urgent need to accelerate the FX market reform, by allowing more flexibility in the official exchange rate through a more transparent and market-driven price discovery; removing the restrictions on the exchange rate at which banks, authorised dealers, and businesses can transact; and further minimising export surrender requirements," IMF said.
The RBZ said this week that it was removing the 10% trading margin above the interbank rate as it fine-tunes and further liberalises the foreign exchange market.
[via PDK] News from Iraq continues to be very positive...The majority of my Iraqi contacts believe we will see RV somewhere between now and the first. Remember that none us of know for certain what the timing is. I’m just telling you what they are feeling and hearing from inside their own country. These people are in banking and government.
There is a lot of repetition in the news… We have shared many articles over the last few days/weeks on improvements in the banking system in Iraq…. Articles about how they have secured their borders…how they are attracting more money into the banks…(85% of the dinar is outside the banking system in Iraq) and they are trying to make their banking system more attractive. I do not think this will be successful until there is a value change in the dinar.Why put it in the banks when it’s not worth much?
While digging for news on timing…all I am getting is circle-tel. Some of my better sources keep telling me “soon”...not yet, but extremely soon...There is so much disinformation right now to keep the timing clouded...stay calm…Yes sources say its soon…far closer than we think...
Minister: Iraq opens up for Green Investments with $100 million budget
Shafaq News/ Iraq's Minister of Environment, Nazar Amedi, on Thursday reiterated the country's commitment to sustainable green economy investments, with a transformational target of $100 billion by 2035.Speaking at the Arab ministerial meeting, Minister Amedi stressed the importance of supporting Iraq's ambitions for this economic shift and attracting foreign investments.
He called for national and international collaboration, emphasizing "the need for coordination and the allocation of the required funds from international or national funds to ensure the high-level implementation of the Ministry of Environment's strategies, priorities, and projects related to the green and sustainable economy, and climate change mitigation."
Minister Amedi said that" the government's strategy prioritizes environmental, climate, and water concerns, with ongoing efforts across sectors to address these issues and develop necessary adaptation measures."
The Minister announced that the Ministry of Environment has finalized a new environmental strategy for 2023-2030." This comprehensive strategy aims to enhance Iraq's environment while considering regional challenges arising from climate impacts and water scarcity." "It also supports the gradual transition to a green economy that complements the current economy based on fossil fuels," he said. Amedi said that Iraq is "open up to green economy investments, with a targeted transformation amounting to $100 billion by 2030 and 2035." "The budget includes items to support environmental improvement. The ultimate goal is to stimulate a billion-dollar project for comprehensive environmental enhancement and the growth of Iraq's green economy."
Warning That Iraqi Funds Remain With The US Federal Bank - Urgent
Economy |Today Baghdad today - Baghdad Today, Thursday (October 26, 2023), economic expert Saleh Al-Sarfi warned of the consequences of Iraqi funds remaining with the US Federal Bank, noting that their presence may constitute a tool of pressure exerted by Washington on Baghdad.
The banker said in an interview with "Baghdad Today", "All Iraqi oil funds are deposited directly in a special account in the US Federal Bank, and Baghdad is submitting a request to obtain the funds to cover operational expenses and the rest of the other obligations," pointing out that "this procedure is not recent, but has been adopted." During the economic blockade in the nineties of the last century after the application of the oil-for-food principle.
He added, "Washington's excuses for keeping Iraq's funds under its control at the Federal Reserve are due to the state of political instability and the consideration that the country is going through complex and unstable circumstances, in addition to protecting the funds from a large number of cases filed against Baghdad as a result of previous wars."
He pointed out that "there are risks from Iraqi funds remaining in the US Federal Reserve, most notably the direct impact of any crisis that strikes the American economy, in addition to it being considered a pressure tool that Washington can exert towards Baghdad."
On October 6, Washington rejected Iraq's request to obtain one billion dollars in cash from the Federal Reserve Bank, under the pretext that it conflicts with their efforts to curb Baghdad's use of the dollar and stop illicit cash flows to Iran.
The American Wall Street Journal reported that since the American invasion of Iraq two decades ago, the United States has provided $10 billion or more annually to Baghdad via bi-monthly cargo flights, and the money is derived from the proceeds of Iraqi oil sales deposited with the Federal Reserve Bank.
American officials said, "Banknotes in the hands of Iraqis have become a lucrative source of illicit dollars that go back to militias and corrupt politicians, as well as to Iran."
By applying for an additional $1 billion shipment, Iraq says it needs the money to help prop up its faltering currency. A senior Iraqi official explained that "last week, the Central Bank of Iraq submitted an official request that the Treasury Ministry is still studying, after Washington rejected the initial request submitted by Iraq last month."
According to the newspaper, since last November, Washington has prevented 18 Iraqi banks from dealing in dollars, adopting stricter rules for electronic transfers in dollars from its banks.
Treasury officials told Iraqi central bank governors that sending a large additional shipment conflicts with Washington's goal of limiting Iraq's use of US banknotes, Iraqi officials said.
American officials spoke of conclusive evidence that some of the dollars that were arriving in Iraq were smuggled in cash over the years to Iran, as well as to Turkey, Lebanon, Syria and Jordan.
A Treasury Department spokeswoman said regarding the Iraqi request, “The United States continues to support Iraq with dollar banknotes and has not restricted its access to ordinary Iraqis and businesses,” indicating continued work with the Central Bank of Iraq. LINK
