Article: "The dollar exchange rates are subject to the forces of supply and demand in the market"
By adding other currencies from around the world they're going do diminish the need for the dollar and therefore it's basically going to go away...these guys are not playing games anymore...The US Treasury, Central Bank of Iraq, US Federal Reserve they are all working towards going one direction and that's to enhance the Global Financial System...
Article: "The highest among the Gulf countries.. The Arab Monetary Fund expects the Iraqi economy to grow by 4.5%"
There is likely no doubt that Iraq is about to have massive growth going forward. To be the highest just now among all middle eastern countries is going to be a big deal. I suspect the ISX is going to be on fire this next year even more so than ever before..
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
As per a reliable government source, a delegation from Iraq comprising the Prime Minister’s financial advisor, three officials from the Central Bank of Iraq, and directors of 12 Iraqi banks are poised to embark on a crucial journey to Turkey. Their itinerary includes in-depth interactions with multiple Turkish financial and banking institutions. The key talking points will revolve around the initiation of correspondent accounts for Iraqi banks in foreign currencies, the introduction of credit card usage for Iraqi citizens and tourists within the Turkish banking market, and the regulation of trade exchange between Iraq and Turkey through a foreign currency buying and selling window.
High-Level Delegation to Visit Baghdad
A high-level delegation from the Kurdistan Regional Government (KRG) is scheduled to visit Baghdad. The primary agenda for this visit includes discussions on the salaries of KRG employees, the KRG’s share of the federal budget, and the reinstatement of oil exports from the Kurdistan region and Kirkuk through the Turkish port of Ceyhan. The delegation’s objective is to secure the constitutional rights of the people of Kurdistan, with special attention to those who are salaried employees.
Negotiating Oil Exports and Production Costs
The delegation will also delve into the challenges of recommencing oil exports and the federal government’s ability to cover the production and extraction costs. The KRG’s intent is to resume oil exports, conditional on the federal government’s capacity to shoulder the cost of oil production and extraction.
Call for Commitment Towards Financial Obligations
Qubad Talabani, Deputy Prime Minister of Iraq’s Kurdistan Regional Government (KRG), has called on the federal government in Baghdad to fulfill its financial obligations towards the autonomous region. He emphasised the urgent need for the federal government to resolve the issue of Kurdistan’s share in the budget and fund the salaries of public servants. A high-ranking KRG delegation is slated to visit Baghdad on Monday to discuss the budget, public servants’ salaries, and the resumption of oil exports from Kurdistan and Kirkuk via the Turkish port of Ceyhan.
Iraq and Turkey: A Move Towards Stronger Economic Ties
In the backdrop of an evolving global landscape, Iraq and Turkey are forging a path towards stronger economic and financial ties. A high-profile delegation from Iraq is set to journey to Ankara, Turkey, to discuss three key economic and financial files. This move is aimed at bolstering bilateral relations and cooperation between the two neighboring nations across diverse sectors.
Fostering Economic Stability
The Iraqi delegation, comprising the financial advisor to the Prime Minister, officials from the Iraqi Central Bank, and bank managers from Iraqi financial institutions, is poised to negotiate with Turkish banks. One of the primary objectives is to establish correspondent accounts for Iraqi banks in different foreign currencies. This step is anticipated to facilitate settlements between the two countries and overcome any obstacles hampering this process.
Enhancing Accessibility
Another focal point of the discussions will be the potential simplification of the use of credit cards for Iraqi residents and tourists in the Turkish banking market. This initiative could pave the way for smoother financial transactions and potentially boost tourism and business relations between Iraq and Turkey.
Strengthening Regional Partnerships
A high-level delegation from the Kurdistan Regional Government (KRG) is also scheduled to make a trip to Baghdad. The team aims to address critical issues surrounding the salaries of KRG employees, the KRG’s share of the federal budget, and the resumption of oil exports from the Kurdistan region and Kirkuk via the Turkish port of Ceyhan. The delegation will strive to ensure the constitutional rights of the people of Kurdistan, particularly those receiving salaries.
These meetings between Iraq and Turkey underscore ongoing diplomatic efforts to enhance regional partnerships and economic ties. While the specific details of the files under discussion remain undisclosed, they likely encompass trade, investment, and other financial collaborations that could foster mutual economic growth.
Article: "The media advisor to the Prime Minister, Hisham Al-Rikabi, confirmed...Friday, that the dollar battle is nearing its end" X Tweet: "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. In short, the battle for the dollar is nearing its end."
Article: "Central Bank Governor: Washington responds to all that Iraq needs in terms of dollars and a meeting with it next month" Quote: "Al-Alaq said in a press interview that “the Iraqi Central Bank will hold a meeting with the US Treasury and the Federal Reserve early next month in Dubai, noting that “radical steps will be taken within the framework of reorganizing trade on the right foundations,” noting that the electronic platform will be completed early next year.”
Article: "US approval to increase the dollar balances of 10 Iraqi banks"
Quote: "The source explained that this agreement came in light of the recent meetings held by the Central Bank of Iraq with the American side, which resulted in an increase in the number of banks that can directly enhance their dollar balance to 10 banks, 5 of which are through Citibank, and the other five are through JP Morgan Bank."
Article: " The dollar in Iraq.. Baghdad is planning “permanent solutions” with Washington, and Parliament describes the dialogues as “successful”
Quote: "Monday (November 20, 2023), an informed source reported an expected meeting between the Central Bank of Iraq and the US Treasury Department next week."
Article: "An upcoming meeting between the Iraqi Central Bank and the US Treasury next week”
Quote "...new meeting between Iraq and the United States of America regarding the dollar...
On (last September 19) in New York, Iraqi Prime Minister Muhammad Shia al-Sudani informed the US Treasury Under Secretary of the expansion of his government’s work in reducing money laundering operations, while the latter indicated that the confidence of global financial institutions had been restored."
Article: "Iraqi Banks Association: The dollar will fall to the rate of 1,400 dinars... and the date is expected" Quote: " The advisor to the Iraqi Banks Association, Samir Al-Nusairi, expected dollar prices to fall to 1,400 dinars during the first quarter of next year. "
Article Written by: Baqir Jabr Al-Zubaidi - former Minister of Finance "The ongoing dollar crisis"
Quote: "The dollar crisis is a policy crisis of the continued American threat of sanctions, accompanied by the continued bleeding of the currency by private banks that are protected by some influential people, and this conflict is paid for by the citizen...
Solutions exist, and during our tenure at the Ministry of Finance (2006-2010), we succeeded in increasing the value of the dinar from (1,500 dinars to the dollar to 1,170 dinars to the dollar). We were planning to reach (1,000 dinars to the dollar) and then raise the zeros so that the dinar was equal to the dollar."
Al-Nusairi: The battle with black dollar speculators is in its final round
Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed in an interview with Al-Iqtisad News Agency that the measures of the government and the Central Bank and the efforts made since the beginning of 2023 have yielded results and will give the desired results according to what was planned, as speculators who deal in the black dollar on the black market have been besieged and the battle is with them.
In its last tour, this was explained in detail by the Governor of the Central Bank in his recent speech to the Iraqi News Agency, in which he referred to the administrative, technical and negotiating procedures and steps with the US Federal Reserve Bank and the US Treasury Department and the understandings to regulate trade financing by approving the opening of accounts for Iraqi banks in American and Chinese correspondent banks.
And Emirati and Turkish to deal directly with them for external transfers in the currencies of these countries, which are the dollar, the euro, the Chinese yuan, the Indian rupee, and the Emirati dirham, and to leave the electronic platform in 2024 and supply the dollar and foreign currencies into Iraq from the accounts of Iraqi banks in correspondent banks or abroad, as well as achieving the opening of up to 40 accounts for our banks. In correspondent banks.
Al-Nusairi explained that the Central Bank’s next strategy to reform the banking sector will depend on reclassifying banks and increasing their capital to the ceiling set by the Central Bank in accordance with the specified time frames until the end of 2024, which will lead to raising the capabilities of our banks to provide the best banking products and services to customers and to the economy, investment and development and the transition to comprehensive digital transformation. .
Al-Nusairi pointed out that government support and the government agencies concerned with stimulating and activating the real sector and revolutionizing the productive economic sectors will constitute support and support for the plans and procedures of the Central Bank and continuous coordination with monetary policy applications.
Al-Nusairi concluded his speech by saying that the methodology for advancing and reforming the Iraqi economy and achieving economic growth and stability requires exceptional efforts, programs, mechanisms and government procedures in partnership with the private sector and competent national competencies to change towards the desired economic advancement. With an emphasis on supporting, developing and classifying the banking sector as the first basic link in the economy. link
Al-Sudani: It is time for the current plans to focus on economic diversification
Prime Minister Muhammad Shiaa Al-Sudani sponsored the first conference of the five-year national development plan, which was held this Sunday morning by the Ministry of Planning in cooperation with the United Nations Development Programme, and its work will continue for the period from 26-28 this November.
In a speech he delivered during the conference, Al-Sudani stressed the government’s interest in strategic plans and projects that are consistent with the 2030 Sustainable Development Vision, calling on everyone to actively contribute to building a five-year national development plan that suits Iraq’s need for real development built on sound foundations.
The Prime Minister praised the Ministry of Planning, in preparing this important document, and the efforts of the experts supporting the Ministry. He also praised the efforts of the United Nations Development Program and the United States Agency for Development, for their support of the efforts of the Iraqi government.
The following are the highlights of the Prime Minister’s speech during the conference:
The scale of the challenges requires integrated plans aimed at achieving comprehensive renaissance in the medium and long term.
Iraq has witnessed a development interruption since the 1980s. Because of wars, sieges, and counter-terrorism operations.
Our government worked to put development back on track and launch its development plans.
The government increased the pace of implementation of existing projects, which number more than 7,000 projects, and implemented new projects that represent a high development and service value.
The government has paid attention to strategic projects that are consistent with the 2030 Sustainable Development Vision, including infrastructure projects, clean energy, the development road, Al-Faw port, and others.
The best conditions to achieve the goals of the five-year plan must be provided by the agencies concerned with its implementation, including the governorates.
- At the beginning of its work, our government supported the governorates, through the Supreme Commission for Coordination between the Governorates, which succeeded in changing many paths, and its results appeared within one year of the government’s life.
The new governorate councils will represent a qualitative addition to the work, so we were keen to create the conditions for the success of the elections, so that each governorate would have representatives, whose work would complement the governor’s.
It is time for the new development plan to have economic dimensions based on the philosophy of economic diversification.
The government has laid the foundations for economic diversification, including the establishment of the Iraqi Fund for Development, which aims to create an integrated investment environment in the country.
Initiatives have been launched that aim to change the pattern of the rentier economy, such as the “Riyada” initiative, which helps young people invest their ideas in productive sectors.
The tripartite budget included a special provision to support the private sector by granting it sovereign guarantees, which will contribute to encouraging the business and investment environment in the country.
We are working hard to support the private sector and complete the formation of its development council, as it represents the primary partner of the government sector.
- If we succeed in achieving economic diversification, providing a fertile investment environment, and strongly introducing the private sector into the development scene, the reality of the situation will change.
We are continuing to build a network of economic relations between Iraq and the countries of the world, built on the foundations of mutual interests.
The government worked to reform the banking and financial sector, by automating all economic and service activities.
- We have begun to automate work at border crossings, and established the shift towards the use of electronic payment in all market and commercial transactions.
The five-year development plan must adopt digital transformation, by adopting electronic systems in all aspects of life.
We need sound development data and indicators in order to make development plans successful, and this requires conducting an accurate and comprehensive census of the population, their places of residence, and their work environments.
We decided to conduct the population census next year, 2024, and directed that all financial and logistical requirements be provided to make it successful.
-The five-year development plan should create space to achieve good governance, establish appropriate mechanisms to fight corruption, and dry up its sources wherever they are.
The existence of a five-year, verifiable development plan indicates a state of security, political, social and economic stability.
The results of development plans must reflect positively on vulnerable segments of society, by providing housing, education, and health, improving income levels, and reducing the effects of climate change.
- During its first year, the government worked to reduce poverty and unemployment rates, through the social protection network, improving the food basket, paying attention to health and education projects, services and infrastructure, working to not inherit poverty among poor families, and establishing a fund to support the poorest areas. link
