Adviser To The Prime Minister: The Electronic Payment System Will Raise The Value Of The Dinar Against The Dollar, 27 NOV

 Adviser To The Prime Minister: The Electronic Payment System Will Raise The Value Of The Dinar Against The Dollar

Time: 11/27/2023  Read: 2,158 times  {Economic: Al-Furat News} Mazhar Muhammad Saleh, financial advisor to Prime Minister Muhammad Shiaa al-Sudani, said that the electronic payment system will preserve the monetary supply of the Iraqi dinar and will raise its value against the dollar in later stages.

Saleh explained, in a press statement, that “the cash payments system is linked to a high degree of certainty whenever payments are made by electronic or digital means, which provides an accurate liquidity indicator for the banking system and reduces the degree of ambiguity and uncertainty in banking liquidity. The payments system also provides sufficient information.” The flow of cash into the banking system, the clarity of the amounts of paid and accumulated amounts, and a statement of their actual balances at all times during the banking working day.

He pointed out, "In light of monetary systems that rely on direct cash payments, bank liquidity management policies surround themselves with additional hedges of disrupted liquidity in order to anticipate liquidity risks, which disrupts part of banking and credit operations in particular."

He stated, “As electronic payments increase as a behavior in daily dealings, the management of the cash mass and its flow in the banking system will be subject to the rule of clarity in cash management, and then directing bank credit towards profitable areas, which provides efficient use of the cash mass, in addition to reducing the percentage of cash leakages outside Banks will decline, which means that a structural change in the behavior of cash demand among individuals and banks will lead to a decline, due to dealing with electronic payment systems that are linked to bank accounts.”

Saleh added, “Thus, the development of the payments environment and its transition from the direct cash environment or cash payment in payment and receipt operations to the use of electronic payment will, in all circumstances, restrict all local cash payment in currencies (other than the dinar) and spare the economy and distance its transactions from cash payment in foreign currency, because systems Digital payments do not allow transactions in the local economy in anything other than the national currency.”   LINK

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Economic Council issues decisions to enhance Baghdad's infrastructure, 27 NOV

 Economic Council issues decisions to enhance Baghdad's infrastructure

Shafaq News / The Ministerial Economic Council announced its approval on Monday to initiate two projects, the Sewage Systems of Nahrawan and Saba Al-Bor, aimed at improving the service infrastructure in the outskirts of Baghdad. 

The council also decided to reduce the prices of supplying white oil to the residents of the Kurdistan Region and agreed to exclusively import branded pharmaceutical products.

According to an official statement, the Minister of Foreign Affairs and Deputy Prime Minister Fuad Hussein chaired the thirty-sixth session of the council. The session included the Deputy Prime Minister and Minister of Planning, as well as the Ministers of Finance, Trade, Agriculture, Industry, Labor, Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Head of the National Investment Commission, and advisors to the Prime Minister for economic and legal affairs, along with the Deputy Minister of Oil.

The council hosted the Governor of Baghdad to further discuss the Nahrawan and Saba Al-Bor sewage projects and approved their commencement to enhance the service infrastructure in Baghdad's outskirts.

Moreover, the council decided to reduce the price of supplying white oil to the Kurdistan Region provinces to 250 dinars per liter from 500 dinars per liter due to the arrival of the winter season.

The statement also indicated that the council approved the importation of pharmaceutical products exclusively from companies with branded medications (Brand), with coordination to be established with the Ministry of Industry regarding fees for protecting national products.

Regarding the principle of cumulative voting for joint-stock companies, the council opted to select the voting mechanism used to elect company boards for the general body without enforcing the principle of cumulative voting. It also endorsed the continued preparation of liquid gas by the Ministry of Oil for the designed facilities.

https://shafaq.com/en/Economy/Economic-Council-issues-decisions-to-enhance-Baghdad-s-infrastructure

Iraq Charts New Course for Economic Development and Global Relations, 27 NOV

 Iraq Charts New Course for Economic Development and Global Relations

In a bold move to reorient Iraq’s economic trajectory, Prime Minister Mohammed Shia’ Al Sudani has pledged his government’s dedication to fostering a network of global economic ties. This was revealed during his address at the inaugural conference for the Five-Year National Development Plan, a collaborative effort between the Ministry of Planning and the United Nations Development Programme (UNDP).

Redirecting Development to the Right Path

Al Sudani acknowledged the developmental disruptions Iraq has faced since the 1980s, resulting from wars, sanctions, and counter-terrorism operations. He stressed the urgency of his government’s mission to guide development back on track, highlighting the need to expedite over 7,000 existing projects and initiate new ones with significant developmental and service potential. Key interests include infrastructure, clean energy, development roads, and the Al Faw Port.

Breaking Free from a Rentier Economy

Al Sudani outlined the government’s plans for economic diversification, including the establishment of the Iraqi Development Fund and the ‘Riyada’ initiative. The latter aims to empower youth to channel their ideas into productive sectors. The government is also offering sovereign guarantees to stimulate the private sector, with a goal to break away from the rentier economy model.

Iraqi Economy on the Global Stage

The Prime Minister announced a 2024 population census and enumerated steps taken towards achieving economic and developmental goals. These include reforming the banking sector, automating economic and service activities, endorsing electronic payments, and emphasizing digital transformation. Concurrently, Saudi Investment Minister, Khalid Al Falih, declared plans to fast-track the creation of a free economic zone with Iraq at the Arar border area. This tax-free zone aims to serve investors from both nations, potentially creating a myriad of investment opportunities.

Enriching Economic Relations

Meanwhile, China and Iraq have inaugurated the Iraqi-Chinese Business Council in Baghdad to bolster trade and investment, following a trade exchange worth approximately $53 billion in 2022. China has pledged support for Iraq’s Development Road project, further enhancing bilateral economic relations. Iran, too, sees potential for boosting annual trade with Iraq to $20 billion. Additionally, a financial delegation from Iraq is set to depart for Ankara to discuss and stabilize trade exchange between Iraq and Turkey.

Al Sudani’s announcement signifies a new chapter in Iraq’s economic journey as it seeks to strengthen international relations and accelerate domestic development, grappling with the remnants of its turbulent past.

https://bnn.network/world/iraq/iraq-charts-new-course-for-economic-development-and-global-relations/

"RV UPDATE" BY FRANK26 , 27 NOV

 Frank26  

  JP Morgan Chase is now actively involved with the Iraqi dinar.  They may doubt it half the time but the other half they guide you.  The Chief Executive Office of Chase Mr. Diamond released a document last month saying his bank is now supporting the Iraqi dinar 100% and he's building Chase Banks in Iraq.  The employees of Chase do not know what's going on in order to protect the corporation that will soon be exchanging the Iraqi dinar in America.

Article:  "The dollar in Iraq.. Baghdad is planning “permanent solutions” with Washington, and Parliament describes the dialogues as “successful”.  THE SOLUTION IS NOT A PROGRAM RATE!

Two months ago a quick little pip movement took the exchange rate of the Iraqi dinar from 1460 to 1320...They were supposed to make the next step. 

 I told you at that time, 'Now that they've made this movement, let's say 1320 to 1, the next one will be 1,000 to 1 and when they do they will be in position to lift the three zeros and float the currency in a basket...'

 Article quote:  "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."  What?!? 

 Word for word of what we taught you...This is the last step.  IMO the CBI is going to be going to the US Treasury next week...This is exactly what we want next.

Question:  " What if you lost your receipt for your dinar?" 

 Try to get ahold of the individual you bought it from.  If they have records...maybe they might help you.  My broker does not...If you lost it.  Oh, dear.  That can be a problem financially for you because you want to hold your currency for one year...

Because...your [tax] bracket is whatever the
government says but if you don't have a receipt or if you don't hold it for a year and you go exchange...that's a different tax bracket.  They're going to really bite you hard.  It's the difference between 40% tax and 20% tax...[NOTE: Consult your tax professionals at the appropriate time to determinate proper tax for your unique circumstances]

The Iraqi dinar is now going to enter a basket in a float and that's why the CBI has been talking...about the basket and coins... All they talk about is the exchange rate of the Iraqi dinar, about the black market going away and the only way that all of this can happen is if we have a new exchange rate and a new currency to match it .  They are preparing [Iraqi citizens].   This is the monetary reform at its highest point..

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-frank26-21-nov_0504484362.html

Iraq Commences Financial Investigations Amid Security Concerns, 27 NOV

 Iraq Commences Financial Investigations Amid Security Concerns

In a first-of-its-kind initiative, Iraq has launched financial investigation procedures, an effort commended by Faik Zidan, the President of the Supreme Judicial Council of Iraq. The move is seen as a significant stride in addressing the severe economic and social threats posed by money laundering crimes worldwide.

Combatting Money Laundering

Zidan shed light on Iraq’s success in seizing funds originating from money laundering, demonstrating the nation’s dedication to upholding international standards in combating such crimes. The country’s fight against financial crimes is not just within its borders, but it is part of a global effort to deter, detect, and disrupt money laundering activities.

Strengthening Partnerships and Auditing Capabilities

Emphasizing the crucial role of partnerships with pertinent authorities, Zidan underscored the need to bolster specialized sectors and law enforcement agencies. Such collaborations, he said, are essential in tackling the intricacies associated with financial crimes auditing.

Security Concerns Over Stolen US Military Equipment

Meanwhile, a separate issue has raised concerns about the security situation in the region. US military investigations have revealed that sensitive weapons and equipment, including guided missile launch systems and drones, were stolen from US outposts in Iraq and Syria. The thefts, occurring from 2020 to 2022, have led to the misappropriation of hundreds of thousands of dollars’ worth of military gear. The Pentagon, it seems, may not be fully aware of the extent of these thefts.

These revelations come in the wake of an audit dating back to 2020 that found the Special Operations Joint Task Force–Operation Inherent Resolve had not adequately accounted for $715.8 million worth of equipment bought for local proxies. At least four significant thefts and one loss of US weapons and equipment were reported in Iraq and Syria during this period.

The increasing complexities of the financial and security landscape in the region underline the importance of Iraq’s initiative to enhance its financial investigative capacity, a critical tool in preventing further financial crimes and potential misuse of funds.

https://bnn.network/world/iraq/iraq-commences-financial-investigations-amid-security-concerns/

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