Central Bank Governor: The size of the monetary supply amounts to more than 100 trillion dinars, 70 percent of which is in circulation, 27 NOV

  Central Bank Governor: The size of the monetary supply amounts to more than 100 trillion dinars, 70 percent of which is in circulation

Today, Monday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, denied the existence of a scarcity in the stock of the Iraqi dinar, and while determining the size of the dinar’s monetary mass and those in circulation, he revealed a broad strategic plan to expand the transition to electronic payment.

Al-Alaq said in a statement followed by “Earth News” that “the state’s financial situation depends in general on its imports and is currently at a good level as a result of the rise in oil prices,” stressing that “it is important to invest this money in a way that accelerates opportunities for construction, advancement and development.”

He added, “The positive thing about the government’s work is that it is moving in this direction, and there is great emphasis and focus on completing projects,” noting that “there are a large number of projects that were stalled and stalled for many reasons, and there is work to address the situation and accelerate the projects, especially since they are mostly related to infrastructure.” Services, etc., and the government gives this matter great attention, priority, and diligent follow-up by the Prime Minister personally.”

He pointed out that “there is a wide movement regarding the demand for investment projects in the country,” noting that “a large number of companies and countries have begun to conduct studies and have identified some projects to start in Iraq.”

Al-Alaq said, “These are positive indicators that benefit from the state of stability in the country and the stability of the financial and monetary conditions,” pointing out that “the size of the monetary mass or the exported currency amounts to more than 100 trillion dinars, 70 percent of which is in circulati on.”

He denied, “There is a scarcity in the stock of the Iraqi dinar,” adding, “We are responding to the demand for the Iraqi dinar or in relation to the dollar in dinar initiative for the purposes of the Ministry of Finance.”

He stressed that “the trend towards electronic payment aims to reduce the phenomenon of the cash economy, which has major negative effects on the Iraqi economy and consequences and effects with regard to managing liquidity and the costs of this liquidity from printing currency and controlling it,” explaining that “the government’s trend is to switch to electronic payment to reduce This phenomenon".

He stated, “There are trends at many levels in this context, and there is direct coordination between the government and the Central Bank. Electronic payment experiments and tools have begun to be circulated in many areas, and there is a broad and strategic plan at the Central Bank to expand in this field,” calling on citizens to “keep abreast of the developments that have occurred and are occurring.” In all countries of the world, to reduce the phenomenon of using cash.”

He pointed out that “keeping pace with development serves the citizen, the state, and the economy,” pointing out that “holding cash and hoarding only carries risks, and deprives the citizen of having these amounts in his accounts and being able to benefit from them in many areas.”

He noted that “the world is heading towards digital transformation, which is considered the fourth revolution in the world, and we must be close to these transformations to achieve the goals, objectives, benefits and positives that come from them.”  link

Iraqi Dinar✅CBI New Policy Rv Update Iqd Usd Value-Iraqi Dinar News Toda...

FRANK26……11-27-23…….CRAYONS

"RV UPDATE" BY CLARE, 27 NOV

 Clare 

  Article:   "Central Bank: There is no scarcity of dinar stocks and the monetary supply exceeds 100 trillion" Quote: “the size of the monetary mass or the exported currency amounts to more than 100 trillion dinars, 70 percent of which is in circulation.”

 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."

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

Al-Fateh: We have strong economic factors to move towards countries other than America, 27 NOV

 Al-Fateh: We have strong economic factors to move towards countries other than America, 27 NOV

The representative of the Al-Fatah Alliance, Ahmed Al-Musawi, confirmed on Monday that Iraq has many elements of economic power that enable it to cooperate with other countries, stimulate commercial activity, export oil, exchange goods and merchandise, and distance itself from America and its hegemony. 

Al-Moussawi told Al-Maalouma, “Iraqi funds should have been liberated and the government had the authority to benefit from them to serve the country, after leaving Chapter Seven, which greatly restricted Iraq.” 

He added, "The government has many economic and political papers, and there are many countries that have very strong economic activities and have announced the opening of the doors of cooperation with Iraq and the conclusion of contracts and agreements to serve economic interests." 

He stated, "There is a great possibility for Iraq to dispense with cooperation with the American side and move toward other countries, so that through this cooperation, oil can be exported and currencies, goods, and commodities can be exchanged."

Al-Moussawi pointed out, “Exiting the aforementioned clause allows Iraq to control its funds, but there is political weakness regarding the failure to liberate Iraq’s funds and their remaining with America.”   link

Experts: Electronic payment raises the value of the dinar, 27 NOV

 Experts: Electronic payment raises the value of the dinar

The first  11/27/2023  Baghdad: Hoda Al-Azzawi  Experts and specialists in financial and economic affairs believed that the electronic payment system would preserve the monetary supply of the Iraqi dinar and raise its value against the dollar in later stages.

The Prime Minister’s Advisor for Economic and Financial Affairs, Dr. Mazhar Muhammad Saleh, explained to “Al-Sabah” 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 the uncertainty in banking liquidity.

The payments system also provides sufficient information about the flow of the cash mass into the banking system, and the amounts of paid and accumulated amounts are clear and their actual balances are stated at all times during the banking working day.”

He pointed out that "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 operations and credit in particular," explaining that "as payments increase..

Electronic behavior 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 direct bank credit towards profitable areas, which will provide efficient use of the cash mass, in addition to that the percentage of cash leakages outside the banks will decrease, which means that A structural change in the behavior of cash demand among individuals and banks will trend toward decline, due to dealing with electronic payment systems that are linked to bank accounts.”

He added, “Thus, the development of the payments environment and its transition from a 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,” he explained, explaining that “in Milan, the economy will move its transaction payments to the (digital dinar) instead of the (cash dollar), whose transactions in internal settlements are legally rejected completely.”

For his part, the head of the “Regional Center for Studies”, Ali Al-Sahib, indicated in an interview with “Al-Sabah” that “electronic collection or electronic payment is a step that the government adopted not long ago, but it has not been implemented yet, and the Iraqi citizen in general lacks a culture.” Electronic payment, even though most countries in the world, including neighboring countries, have been dealing with it for years.”

He explained, "Despite this, if this practice is applied in Iraq, it will have both negative and positive paths. As for the positive, it is the abolition of cash and the preservation of storage, as well as preventing the banknote from being damaged and possibly stolen or lost, as well as reducing cases of corruption in gas stations and elsewhere, not to mention waste." The time in the process of receiving the money, disbursing it, etc.

He added, “As for the negatives of the process - they lie in the citizen’s ignorance and unwillingness to deal - in addition to the fees for obtaining the card and other negatives.”

He added, "It is remarkable that Iraq consumes approximately (30) million liters of vehicle fuel daily. These are very large quantities and require government effort to spread the culture of public awareness to enter this new stage," indicating that "forcing the citizen to use electronic payment may confuse The daily scene and reality raises complaints and complaints from citizens, and the best solution is for the state to give the citizen the choice to follow one of the two methods until he gets used to electronic payment.”    https://alsabaah.iq/87963-.html

"RV UPDATE" BY MARKZ, 27 NOV

 MarkZ  

 [via PDK] 

 There is so much happening…..It's shaking out to be an interesting few days. Article:  “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 already a member of the World Trade Organization. They are busy making regional alliances.

In Iraq: “Change of business dealings- Iraq replaced dollar with currencies to stabilize the dinar.”  In other words “De-Dollarization”  They want to be totally dollar free by Jan. 1st.   All part of creating a basket of currencies that will help support the dinar.Something to measure against other than the dollar

 Here is one more...bank story:  This person went to Krogers…and what they had installed in Krogers will surprise you. A currency redemption machine that reads foreign currency...

And they are building a brand new BOA right across the street with no drive through windows …in the lobby there are no tellers...in the lobby are 2 big tables…and there are 10 offices down each side of the building. This is a totally new format and will be open next week...They are expecting people in with foreign currency. How many people roll around with foreign currency? I think this is a huge tell on what they suspect is coming…