DINAR REVALUATION

Sunday, November 26, 2023

Iraqi Dinar🔥Iraqi Banks Hint Exchange Rates Changes🔥iraqi dinar RV updat...

An economist shows the pros and cons of switching to electronic financial payment, 26 NOV

An economist shows the pros and cons of switching to electronic financial payment, 26 NOV

An economist shows the pros and cons of switching to electronic financial paymentInformation/private..
Today, Saturday, the economic expert, Nasser Al-Kanani, explained the pros and cons of the expected shift to dealing with electronic payment methods via bank cards, while he stressed that taking this step will open another door to corruption at gas stations.

Al-Kanani said in an interview with the Maalouma Agency, “The shift to electronic payment at gas stations will contribute to increasing the sale of oil derivatives outside government and private stations due to the absence of a culture of electronic payment and the ignorance of most citizens of this new mechanism,” wondering about “how the government deals with taxis that need To enter the stations on a daily basis.”

He continued, “There are positives from the decision, which is considered a qualitative leap in the field of banking and keeping pace with the global development of electronic payment methods,” pointing out that “the step is positive if it is implemented correctly by the concerned authorities and citizens.” 

He added, “Taking this step will open another door to corruption at fuel stations and will exacerbate smuggling operations,” noting that “it is necessary to exclude the taxi category because the number is very large compared to the procedures for depositing money and filling from stations and other operations.”

The Council of Ministers for the Economy had confirmed the activation of the electronic payment service, as the decision stipulated that the system enjoys a high level of protection and security, reduces time and effort, and contributes to stimulating the movement of the economy, facilitating the procedures for granting a license to collect bank cards, and exempting all electronic payment (POS) transactions from… Taxes, amid a positive step and not without negativity towards developing the banking sector and electronic payment methods to keep pace with the outside world, in addition to converting financial transactions from cash to electronic.

almaalomah.me

"RV UPDATE" BY MILITIAMAN, 26 NOV

Militia Man

There's things happening as we speak - one thing after another. I can't imagine anybody being discouraged at this time because of the nature of what's happening.

Article: "Ministry of Transport intends to open direct airlines towards Australia, America, Malaysia"

It's not just about a few regional countries. It's about many different places. Once you start opening up the airports all the investors can gain access to the country to take charge of their investment, produce their businesses. It's a really big thing to have an international airport full...they have their capacity...what they're using today is at 100% and they're not even international yet...

They're saying it's done. I really like that. I think you guys should be happy about it because if all the currency swaps are taken care of...I think it's a precursor to an exchange rate change in the future.

Article: " With the participation of 120 companies...the launch of the Iraq International Building, Construction and Infrastructure Exhibition"

This...being launched in Baghdad for the next few days is not surprising at all on the back of all the WTO meetings...since Oct 31st regarding Iraq's accession to the organization.

The 2023-2024-2025 budget is about investment primarily into infrastructure. It takes a lot of capital to build a country back...It will take massive amounts. It is far too expensive with 1310 exchange rate. An internationally accepted REER will likely make it far cheaper.

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-militiaman-24-nov.html

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-militiaman-25-nov.html

Iraq's Credit Rating And Its Relationship To The Conflict In The Occupied Territories, 26 NOV

Iraq's Credit Rating And Its Relationship To The Conflict In The Occupied Territories

money and business Economy News Moody's credit rating agency maintained Iraq's CAA1 rating, warning that the escalation of the conflict between Israel and Hamas and the intervention of Iran and the United States may have fundamental repercussions on Iraq, if the war expands.

The agency said that the ongoing conflict between Israel and Hamas remains primarily focused in Gaza. But its regional escalation, which is a “scenario with little possibility of being achieved,” will have economic repercussions for Iraq.

The agency notes that any escalation in tensions in the Gulf would threaten to disrupt maritime transport routes through the Strait of Hormuz, which Iraq depends on for most of its oil exports.

It maintained Iraq's rating at "CAA1" with a stable outlook, and said that the rating reflects Iraq's financial and external dependence on hydrocarbons, which leads to its significant exposure to oil price fluctuations and the risks of transitioning away from carbon.

However, the agency says that Iraq's low reliance on external financing and the buffer provided by the recovery in foreign exchange reserves underscore a range of mitigating factors even if this scenario plays out.

Iraq, which is rich in oil, suffers from deterioration in its infrastructure and roads as a result of decades of wars and the spread of corruption.

Iraqi Prime Minister Muhammad Shiaa Al-Sudani confirms that one of his government's priorities is to rehabilitate the transportation and road infrastructure, as well as the dilapidated electricity sector.

- https://economy-news.net/content.php?id=37804

KTFA: "IRAQ NEWS ANALYSIS" BY FRANK26, 26 NOV

KTFA:

Frank26: "IN SHORT... THE BATTLE FOR THE NEW EXCHANGE RATE IS ALSO NEARING ITS END."............F26

Sudanese Advisor: The Battle For The Dollar Is Almost Over

11/24/2023

The media advisor to the Prime Minister, Hisham Al-Rikabi, confirmed today, Friday, that the dollar battle is nearing its end.

Al-Rikabi said in a post on the “X” platform, followed by Earth News: “The reform plans for the financial and banking system undertaken by the government and the Central Bank of Iraq aim to build strong foundations for the stability of the economy and pave the way for creating a suitable climate for investment, and end the eras of illegal trade, dollar smuggling, and speculative operations in market".

He added, "In short, the battle for the dollar is nearing its end." LINK

Frank26: "THIS IS THE MONETARY REFORM EDUCATION THAT WE CALL THE 2ND ARTICLE FOR THE CBI".............F26

Clare: A Sudanese advisor reveals the goal of the reform plans for the financial and banking system

11/24/2023

Today, Friday (November 24, 2023), the media advisor to the Prime Minister, Hisham Al-Rikabi, revealed the goal of the reform plans for the financial and banking system undertaken by the government and the Central Bank of Iraq.

Al-Rikabi said in a tweet on the (X) platform that the plans aim to “build strong foundations for economic stability and pave the way for creating a suitable for climate investment.”

On the 14th of this month, Prime Minister Muhammad Shiaa Al-Sudani directed the directors of all government banks to prepare a plan to be presented within one month, to develop the work of banks that includes the optimal use of financial, human and technical resources , moving from paper work to automated work, electronic dealing with all banking activities and expanding... Electronic payment services, developing a comprehensive vision for banks in granting credit facilities and loans, and developing work mechanisms, including control and oversight tools.

Al-Sudani confirmed during a meeting that included the Minister of Finance, the Governor of the Central Bank, and directors of government banks that “bank directors will be subject to a performance evaluation in light of their implementation of the plan and the amount of achievement “

He stressed that "the real reform that the government was keen to achieve is based on banking reform, and it is determined to take bold decisions in order to implement this reform in a way that contributes to improving the investment environment and developing the work of the public and private sectors." LINK

Saudi Arabia accelerates plans for tax-free economic zone with Iraq, 26 NOV

Saudi Arabia accelerates plans for tax-free economic zone with Iraq, 26 NOV

Shafaq News / Saudi Investment Minister, Khalid Al-Fatih, announced on Sunday that the kingdom is accelerating steps to launch its first free economic zone with Iraq in the border area of Arar.

Al-Fatih mentioned that the Saudi Economic Cities Authority is exploring establishing a connection between border areas and free zones with neighboring countries. He expressed hopes for Arar, the border region with Iraq, to become the first tax-free economic zone with a neighboring country, facilitating investors from both nations without taxes, fees, or entry visas.

The Saudi Investment Minister made these remarks during a forum on investment in the Northern Borders region, held in the city of Arar, Saudi Arabia. He highlighted about 100 new investment opportunities, worth 20 billion riyals, in addition to existing opportunities valued at around 80 billion riyals.

He noted that Arar's new land border crossing in the Northern Borders region has become one of the trade gateways between Saudi Arabia and Iraq over the past two years. The land trade volume during the first half of the current year reached approximately 913.1 million riyals. He also mentioned that the trade volume between Saudi Arabia and Iraq in 2021 amounted to about 3.5 billion riyals.

A study by the Northern Borders Chamber of Commerce and Industry revealed that trade between the two countries increased from 294 million riyals in January to 381 million riyals in March. However, Saudi imports from Iraq during the same period decreased from 11.5 million riyals to 8.6 million riyals.

Saudi exports to Iraq mainly consist of aluminum and its products, electrical devices and equipment, grain-based preparations, dairy products, animal products for consumption, and metal products. On the other hand, imports from Iraq include aluminum and its products, gum and plant extracts, sugar and its derivatives, copper, and its products.

The Northern Borders region of Saudi Arabia holds 25% of the kingdom's mining wealth, totaling 1.2 trillion riyals, according to the Deputy Minister of Industry and Mineral Resources for Mining Affairs, Khaled Al-Mudaifer.

Moreover, this Saudi region possesses about 7% of the global phosphate reserves, with an investment volume of approximately 85 billion riyals in two stages.

The Northern region serves as an international passage for trade and transportation through three corridors: the first through Iraq to East Asian countries, the second via Jordan, Syria, Turkey, and Europe, and the third to the Gulf Arab states.

Earlier this month, on the 22nd, the Iraqi Ministry of Industry and Minerals announced its preliminary approval for establishing a joint economic zone with Saudi Arabia along the border between the two countries.

https://shafaq.com/en/Economy/Saudi-Arabia-accelerates-plans-for-tax-free-economic-zone-with-Iraq