Iraq Welcomes Chang Shin Delegation: A Step Towards Global Investment Opportunities
In a significant move signaling an economic shift, Mohammed Shia’ Al-Sudani, the Prime Minister of Iraq, has welcomed a delegation from Chang Shin, a leading Chinese investment company. The meeting marks a significant step towards enhancing Iraq’s position as a promising investment hub, offering a wealth of opportunities to global investors.
Emphasizing Iraq’s Investment Attractiveness
During the meeting, Al-Sudani emphasized Iraq’s potential as a hotbed of investment opportunities, committed to providing all necessary facilities for major companies, irrespective of their nationalities. This move aligns with the country’s economic policy of implementing the principle of monetary sovereignty, as confirmed by Mazhar Muhammad Salih, the financial advisor to the Prime Minister. The aim is to leverage Iraq’s large commercial arms while reforming its banking system.
Chang Shin’s Investment Plans
Chang Shin plans to embark on a significant project: establishing an advanced industrial city in the Basra province of Iraq. The city will specialize in the production of steel using direct reduced iron (DRI), often referred to as sponge iron. This initiative aligns with the company’s ambition to explore and invest in untapped potentials. Furthermore, Chang Shin is in the process of contracting for a project aimed at investing in sulfur in Iraq, with the intention of exporting it globally.
Iraq – A Major Investment Destination for China
Describing Iraq as his country’s largest investment destination, the Chinese Embassy Counselor Xu Haifeng revealed that Iraq ranks third among the largest oil exporters to China in 2023. These data underline China’s growing interest in Iraq, further corroborated by the recent renewal of an agreement between China and the UAE to exchange their local currencies for a period of five years.
Iraq’s Unprecedented Strides in Combating Corruption: A Look into the Work of the Iraqi Integrity Commission, 30 NOV
The Iraqi government, under the leadership of Hyder Hanoun, head of the Iraqi Integrity Commission, has made significant strides in combating corruption and poverty, and enhancing public services. This progress is underpinned by the commission’s committed efforts to implement international commitments through legislating crucial laws, including the Right to Access Information Law. The government, over the past year, has prioritized these initiatives, providing robust support to the Integrity Commission and law enforcement agencies, thereby enabling them to effectively fulfill their duties.
Recovery of Embezzled Funds and Legal Amendments
The government has focused its efforts on recovering embezzled funds, a critical aspect of its strategy to combat corruption. This has been paired with amendments to the Integrity Commission and Illicit Gains Law, strengthening the legal framework for prosecuting corrupt practices. The effectiveness of these measures is evident in the successful conviction of corrupt individuals and the recovery of stolen funds.
Investigations into Unlawful Enrichment and Financial Disclosure
In an unprecedented move, the commission has opened investigations into unlawful enrichment and the financial disclosure of officials. Judges have collaborated in this process, ensuring the rigorous application of the law. The resulting convictions serve as a powerful deterrent, reinforcing the government’s zero-tolerance stance on corruption.
Repatriating Fugitives and Funds
The commission’s work extends beyond domestic borders, actively repatriating fugitives and funds internationally. The government’s international successes in this area have bolstered these efforts, reinforcing the commission’s mandate.
In conclusion, the tireless work of the Iraqi Integrity Commission, backed by the government’s unwavering support, signifies a new chapter in Iraq’s fight against corruption. The commission’s groundbreaking initiatives, such as the investigation into officials’ financial disclosure, reflect its commitment to transparency, accountability, and the rule of law.
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: Morning al…l happy Thursday
Member: Any good news today Mark?
MZ: the chatter I am hearing from the bond side….and interesting enough Mike Bara is getting the same thing….from different, separate contacts ….that a number of bond contacts have been told to make certain that any banking information is up to date by 3:00 PM EST today….We do not know if that’s when they get paid…or what that means . But that they have a deadline is interesting.
MZ: Very quiet from the group side.
MZ: Very little out of Iraq overnight. But everything coming out of Iraq this week has been overwhelmingly positive.
MZ: I know this is tough…..I know we have been sitting at the edge of our seats for entirely too long…But, it’s hard to nail down a world-wide ,historic, once in a millennium event….But we know its coming.
MZ: “ UK’s Metro Bank eyes axing 1 in 5 jobs , 7 day banking. “ Sweeping money saving plans….
MZ: “Goliath falls-Sudden bankruptcy of financial empire exposes Europe’s Real Estate bubble” Signa Holdings needed bailing out and nobody was interested.
Member: Praying and praying and praying this our special week/ weekend
Member: Everyone have a great day. The Best is yet to come.
There is a special guest on today …HOH….Please listen to replay for their opinions and information.
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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.
Dollar Transactions Continue at Ibrahim Khalil Border Despite Iraqi Government’s Dinar Directive
In direct contradiction to the Iraqi government’s decision issued a month ago, transactions continue to be conducted in US dollars at the Ibrahim Khalil border crossing. The government, in its bid to strengthen the national currency and regulate the economy, mandated the use of the Iraqi dinar for all transactions. However, the current situation at the border crossing paints a different picture, indicating either a delay in policy implementation or resistance to the change.
A Discrepancy Between Directive and Practice
This apparent discrepancy between the government’s directive and the on-ground reality raises several questions. It suggests that the transition from dollar to dinar transactions at this major border crossing has not been as smooth or instantaneous as the government might have hoped. The persistence of dollar transactions could be attributed to several factors, including market stability, convenience, or even established trade practices.
The Implications of Dollar Transactions
The continued use of dollars at the Ibrahim Khalil border crossing could have significant implications for the local economy, trade, and monetary policy. Although the dollar offers a stable and globally recognized medium of exchange, its dominance could undermine the government’s efforts to bolster the Iraqi dinar. It could also influence trade dynamics, potentially favoring those businesses and sectors with greater access to dollars.
Impact on Government’s Economic Goals
As the government strives to exert more control over its economic affairs, this situation serves as a stark reminder of the challenges they face. It underscores the complexity of implementing monetary policy changes in an economy where ingrained practices and external factors often hold sway. The government’s push to promote the dinar, while commendable for its potential to foster economic independence, also requires careful navigation to avoid any unintended consequences.
The Iraqi Dinar Recovers Against The US Dollar.. 157,500 For Every 100 Dollars In Baghdad
Economy |Baghdad today – Baghdad Today, Thursday (November 30, 2023), the prices of the dollar against the dinar recorded a noticeable decline in the local markets in the capital, Baghdad.
The "Baghdad Today" correspondent said, "Dollar prices fell on the main Kifah and Harithiya stock exchanges in Baghdad to record 156,800 dinars against 100 dollars."
He added, "Selling prices in money exchange shops in local markets in Baghdad decreased, as the selling price reached 157,500 dinars for 100 dollars, while the purchase price reached 155,500 dinars for 100 dollars."
The dollar exchange rates in the local markets this week witnessed stability at an increase, at 158 thousand dinars for every 100 dollars. LINK
Al-Nasiri: A new round of understandings to regulate trade finance and control the exchange rate on the black market with the US Federal Reserve
Economy News _ Baghdad 2023/11/30 - 10:02 AM
A government delegation that includes officials from the Central Bank of Iraq will hold a new round of understandings early next December, with the US Federal Reserve, to hold meetings within the framework of a series of negotiations in order to reach more agreements to regulate trade financing and enhance the balances of Iraqi banks of various foreign currencies in correspondent banks, and thus control dollar speculation in black.
The adviser to the Association of Iraqi Private Banks Samir Al-Nasiri said in an interview with "Economy News", that there are negotiations currently taking place with the concerned authorities in Turkey and with Turkish banks to enhance balances in euros or Turkish lira, as well as that it will deal in the coming days with the UAE mediated by the First Abu Dhabi Bank to enhance balances in UAE dirhams, "stressing that "the government and the Central Bank are in the last round of the battle with speculators, and the dollar exchange rate in Iraq will stabilize soon."
Al-Nasiri pointed out that "the total foreign trade or trade exchange of Iraq with countries annually is about 60 billion dollars, distributed between China about 12-14 billion dollars, Turkey about 10 billion dollars, Iran about 10-12 billion dollars, and then the rest of the countries such as India, the UAE, Saudi Arabia, Jordan, Syria, Egypt and others." Samir Al-Nasiri pointed out that "the new currencies that will strengthen the balances of our banks are the European euro, the Chinese yuan, the UAE dirham, the Turkish lira and the Indian rupee, and may constitute at least 60% of the volume of our annual imports," noting that "dealing with these currencies comes after the approval of the US Federal Reserve and its assistance and in agreement with it."
He explained that "the opening of accounts for correspondent banks, which have now reached more than 40 new accounts in correspondent banks, opened by our banks, which number within the limits of a bank, which is heading to increase to more than this number, and that these correspondent banks are such as Citibank, JP Morgan, Chinese, Emirati, Indian and Turkish banks," stressing "that there are no fears that Iraq will be subjected to sanctions from the US Federal Reserve in this regard, but that these banks are authorized to deal and open accounts after agreement with the US Federal Reserve."
There are new instructions and procedures for the Central Bank that include allowing Iraqi banks that have accounts abroad in foreign currencies to import and transfer these currencies into Iraq for the purpose of using them to distribute citizens' deposits with our banks, which are in foreign currency, and therefore will be distributed to them, as well as giving flexibility to these banks to deal with companies and organizations who receive their salaries in foreign currencies, "in accordance with specific conditions and controls issued by the Central Bank and that this step will lead to the preservation of the foreign currency reserves of the Central Bank. According to the consultant of the Association of Iraqi Banks.
"The above twenty banks have opened their accounts according to specific obligations and controls to enhance their balances, and thus they will control the movement of black market speculators and put pressure on the dollar circulating on the black market resulting from illegal trade and uncontrolled uncontrolled uncontrolled outlets," al-Nasiri said. Advisor to the Association of Iraqi Banks, stated that "the measures to shift from the monetary economy to the digital economy, which will be implemented by the government and the Central Bank through broad measures, will contribute to determining the dollar dealing in the black market."
