Governor of Central Bank of Iraq Confirms Financial Stability Amid Concerns
In a move to address the growing concerns about the Iraqi dinar, the Governor of the Central Bank of Iraq, Ali Al-Alak, took to the Iraqi News Agency (INA) to affirm the financial stability of the country. Al-Alak stated that the country’s monetary condition is robust, with over 100 trillion dinars in circulation, 70% of which are actively traded.
Addressing Stalled Projects
Al-Alak highlighted the existence of numerous stalled projects within the country, assuring that the Prime Minister is paying significant attention to this issue. Rapid work is underway to address these projects and bring them to fruition, which will further bolster the country’s economy.
Investment Projects on the Rise
The Governor also emphasized a growing interest in investment projects within the country. This trend is being fueled by the current stability in financial and monetary conditions. Investors are finding Iraq an increasingly attractive destination for their ventures, which is a positive sign for the nation’s economic future.
Shift Towards Electronic Payments
In line with the global trend towards digital transformation, Al-Alak emphasized a strategic shift towards electronic payments. This move is geared to minimize cash-based transactions and align with the fourth industrial revolution. The Governor outlined a comprehensive strategic plan to expand electronic payment systems in Iraq, emphasizing the associated risks of holding cash and the importance of keeping pace with technological advancements. This approach will benefit the citizens, the state, and the economy.
Great news this morning...They start them leaving the country to discuss the exchange rates between countries. They're going to start with Turkey... Article "Delegation will head to Ankara Turkey tomorrow Monday to discuss regulating trade exchange between Iraq and Turkey"
> It has to revalue. If you talk about the assets and how much Iraq has...Look at Kuwait doesn't have anything. No agriculture. They have a little bit of tourism. When Kuwait hits your mind? Almost never.
Here's the thing though, Iraq is more richer than Kuwait. It's 100x, 1000x richer than Kuwait. Of course because it's bigger than Kuwait... When you hear the head of state saying the dinar is stronger than the dollar you got to believe him. It is stronger.
Yes, it's going to revalue. When? I don't know. But it's going to revalue. They have to revalue. If you look at the history and you look at the wealth Iraq has...It's real. What's going on is real...The revolution of the dinar is there. The reinstatement is there. They're going to have to reinstate...The...dinar was down because of the war and the sanctions...Iraq got heavily sanctions. But now the country is going back to normal.
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good morning, everybody hope you had a great weekend.
Member: Happy Groundhog Day….lol
Member: Good morning all! here's to a great week!
Member: yo ho yo ho it’s time for the RV to go!!!
MZ: There is so much happening…..Its shaking out to be an interesting few days.
MZ: “Iraq Financial Delegation heads to Ankara to discuss trade with Turkey” this is more Iraq coming on the International scene. They continue to function as if they are alrady a member of the World Trade Organization. They are busy making regional alliances.
Member: Looks like they are trying to make deals every other country in the world, but not doing anything about their currency.
MZ: “ 64 US Bank Branches file to shut down in a single week. Are you affected?” The world is changing
MZ: “Chinese Zhongzhi Bank declares “Severe insolvency” This broke yesterday in China. They are heavily invested in Real Estate. Will this spread to Europe and the US?
MZ: “4 Reason investors should pay attention to bonds as a turbulent year nears the finish line”
Member: Market Crash first of RV first?
MZ: We don’t know…..- It’s a race . If it crashes first – we get the RV….If we Geet the RV first- they don’t need to crash the market…… just correct it….If we crash first- well I think the white hats are not as in charge as we are hoping.
Member: white hats are you hearing all the people that needs help ?
Member; Not sure White hats even exist…….at this point.
Member: Capt Kyle said the white hats kicked the can till December, it's all in God's timing
Member: Mark what does holding up the RV cuz I really hope and pray we're not here in December
Member: I think one of the things that is holding up the RV is we need for Iraq to post the new RV rate to be posted in the Gazette.
Member: CBI is supposed to meet with the treasury this week again
Member: Maybe we need the gold backed USN first????
Member: Time to change the things we can’t accept rather than accept the things we can’t change.
Member: Any updates from your bonds contact ? We are all in hold in Europe about it.
Member: So no intel or chatter today?
Member: Maybe Mark was told to be Quiet?
Member: Remember: On Mondays especially –Mark does not hear from most of his contacts until afternoon….like the ones in Reno and the west coast.
Member: Bo Polny says crash in December starting the first week.
Member: A young friend was visiting. McDonalds was unable to accept cards for payment. I mentioned the new banking system and currency Jan. 1st. She said, she knew. It’s on TikTok! Readily accepted!
Member: Hi Mark! So my wife thinks I am nuts and that everyone is lying to me about this RV. I am starting to think I just may be nuts. I just don’t understand. God help us!
Member: I am so afraid After all these years of waiting that Someone's going to come on and say Jokes on Us i
Member: Remember its a choice to be depressed. angry and impatient! Yes lots of People sufffering but We need to keep our Light and Love Shining! And be patient!!
Member: Still hoping the best is yet to come.
Member: Tonight is a full moon…..enjoy it everyone
MZ: Yes it’s the Full Beaver Moon….
Member: Thanks Mark and Mods….enjoy your day
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Mod: MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM
Iraq Embraces Carbon Economics: A Step towards Environmental Conservation
In a significant step towards environmental conservation, Mohammed Shia’ Al Sudani, the Prime Minister of Iraq, has announced the creation of a public company dedicated to carbon economics. This initiative forms an integral part of a comprehensive strategy to mitigate carbon emissions within the nation.
Strengthening Ties with China
In a concurrent development, Iraq and China have pledged to strengthen trade and investment ties. The commitment was formalized with the establishment of the Iraqi-Chinese Business Council, announced during a ceremony in central Baghdad. The event was marked by the presence of Atheer al-Ghurairi, the Iraqi Minister of Trade, Chinese Embassy officials, and prominent Iraqi and Chinese entrepreneurs.
Addressing Climate Change’s Impact on Agriculture
A prominent international aid organization has expressed its concern about the escalating impact of climate change on Iraq’s agriculture sector. The organization has urged the Iraqi government to enhance the management of its water resources to prevent further deterioration of the agricultural landscape.
Commitment to Carbon Reduction
The Prime Minister has tasked the Ministry of Environment with the development of stringent guidelines for both ministries and private sector companies concerning carbon emissions. This directive underscores Iraq’s growing commitment to environmental protection and its pledge to reduce its carbon footprint in alignment with global efforts to combat climate change.
Kurdistan Regional Government Concludes Meeting with Iraqi Prime Minister
The much-anticipated meeting between the delegation from the Kurdistan Regional Government (KRG) and Mohammed Shia’ Al Sudani, the Prime Minister of Iraq, has concluded. Central to the discussions was the contentious issue of salaries. The KRG delegation is now engaged in another round of talks with a separate team from the Iraqi government.
Political Instability and Peshmerga Reform
In related news, the KRG’s Peshmerga Minister, Shoresh Ismail, returned to his post after more than a year of absence. Ismail cited the region’s political and military instability as the catalyst for his return. He urged the ruling political parties in the Kurdistan Region to cooperate more effectively to continue the Peshmerga reform process. His return was welcomed by President Nechirvan Barzani, signifying a shared commitment to this cause.
Commitment to Women’s Rights and Elimination of Gender-Based Violence
Diplomatic representatives, civil society leaders, and government officials in Erbil have reiterated their commitment to ending gender-based violence and promoting women’s rights in the Kurdistan Region. This comes as the country’s tallest skyscraper was illuminated in orange in observance of the 16 Days of Activism campaign. KRG Interior Minister Reber Ahmed acknowledged the improvements in the situation for women in the Kurdistan Region, but emphasized the ongoing need to combat inappropriate traditions.
Conflict and Development: A Dual Narrative
In an unsettling development, Turkish police detained 98 suspects alleged to have links with the outlawed Kurdistan Workers Party (PKK) militant group, most of them on a charge of spreading PKK propaganda on social media. This follows Ankara’s intensified attacks on Kurdish militants in Syria and Iraq. On the other hand, Iraq’s $17 billion ‘Development Road’ project will be linked by railway to Turkey via a border town in Northwestern Kurdistan. The rail line and a parallel motorway in the mega project will start from the Southern Iraqi Faw Port and pass through 10 governorates towards Faysh Khabur town close to the border with Turkey.
What Are Iraq's Chances Of Joining BRICS? What Are The Consequences?
By Sotaliraq Ali Al-Hamdani
Iraq faces many obstacles that hinder its opportunity to join the BRICS group, despite the availability of most of the conditions that require joining this group, which constitutes a competitive pole for the United States of America, according to economic experts who spoke to (Al-Mada).
The BRICS group is a global economic bloc that seeks to break the hegemony of the West. The idea of establishing it began in September 2006, when the first ministerial meeting of the foreign ministers of Brazil, Russia, India, and China was held on the sidelines of the United Nations General Assembly in New York.
This bloc includes 5 countries that are considered to have the fastest economic growth in the world: Brazil, Russia, India, China and South Africa. The word “BRICS” in English is an abbreviation that includes the first letters of the names of these countries.
The BRICS group has become one of the most important economic blocs in the world, due to the growth numbers that the countries of this bloc have achieved over the years, which has made it the focus of attention of many other countries, which continue to want to join the bloc.
Conditions for joining BRICS
Joining the BRICS group requires the fulfillment of several conditions, the most prominent of which is that “the country’s economy be a major one in the region, and that it has the potential for economic growth in the future,” according to the economist, Dr. Nabil Al-Marsoumi.
Among other important conditions, Al-Marsoumi adds to (Al-Mada), “the country must have an independent and stable political system, and that the state be fully sovereign, and have a strategic location that allows it to be a focus in global trade.”
The economist stresses another condition, which is that “the country should not be hostile to one of the main countries of the group, and that it has close relations with them.”
Al-Marsoumi explains, “Most of these conditions are met in Iraq, but the American hegemony over the economic decision makes it lose a basic condition for joining BRICS, through the United States seizing oil money and transferring it to the US Federal Bank, and then transferring it to the Central Bank of Iraq.”
He continues, “The United States also places harsh conditions on the movement of the dollar and imposes sanctions on banks, which restricts Iraq’s monetary sovereignty over its funds.”
He explains, “BRICS aims to use national currencies to conduct trade settlements, and this is also a way to find an alternative to dollar trade and protect foreign exchange reserves.
He added, “However, the Iraqi economy is single-minded and completely dependent on oil, which contributes more than 97% of its total exports priced in dollars, while the remaining small percentage is limited to exporting some goods with low added values, such as mineral fuels, mineral oils, citrus peels, watermelon, and salt.”
He concluded by saying, “This is what makes the benefits that Iraq gains from joining BRICS limited and fraught with risks, and it may face an American reaction that increases the bleeding of the Iraqi dinar, especially since one of the goals of BRICS is to establish an effective model to oppose the dominant position of the West led by Washington.”
Barriers To Joining
The economic researcher, Omar Al-Halbousi, agrees with Nabil Al-Marsoumi that joining the BRICS group requires that “the country possess a strong economy and an industrial base that enables it to compete and add to the group, not be a burden on it.”
Al-Halbousi explains to Al-Mada, “Since 2003, Iraq has witnessed the systematic destruction of industry, agriculture, the private sector, and an economy that is reeling and burdened by many intertwined problems, all of which constitutes an obstacle to Iraq’s accession to BRICS.”
He continued, “In addition to this is Washington’s control over Iraq, which possesses many pressure cards that enable it to prevent Iraq from leaving under its control, and moving towards joining a group that constitutes a competitive pole for the United States of America.”
He explains, “Iraqi oil imports are under Washington’s control, which exposes the Iraqi financial situation to a setback in the event of joining BRICS.”
He added, “In addition to the United States’ military control through its military presence in more than one base, Washington also possesses political cards that can form a strangling cordon for the Iraqi government.”
From these data, it becomes clear that “there are many obstacles that hinder the opportunity of Iraq to join the BRICS group, represented by the presence of a group of obstacles facing Iraq that are owned by the United States of America, which exposes Iraq to serious consequences in the event of joining,” according to Al-Halbousi.
He points out that “Iraq does not have an economic system or an industrial base that qualifies it to join, to be an addition to the group. Rather, its entry will burden it, which means a lack of opportunities to join BRICS, and officials’ talk about joining is financial, economic, and political suicide.”
BRICS To Counter The Dominance Of The Dollar
Iraq is facing an ongoing dollar crisis despite the measures taken by the government and the central bank to control the rise in exchange rates.
Observers believe that the move towards joining the BRICS group will be important after the latter sought to issue a currency that would compete with the US dollar in an attempt to end Washington’s influence and its sanctions on countries and banks that violate its policies and conditions.
In this context, economic researcher Halim Salman says, “The US Federal Reserve is on its way to allowing the 14 previously sanctioned banks to deal again in dollars in a limited manner, and in doing so they can enter dollar liquidity that will help the market stabilize and reduce the exchange rate.”
Salman confirms to (Al Mada), “But on the condition that these banks continue to operate within the standards, and do not violate the conditions that will be imposed on them in exchange for returning to dealing in dollars.”
He explains, “If the government succeeds in eliminating the bottleneck of the dollar value of trade with Iran, the country will witness a major shift in the currency market, as there are sanctions on Iran that do not allow Iraq to deal through the platform in financial transfers, so it has become free and obligatory to get rid of 12 billion.” Dollars requested from the parallel market annually.” LINK