Article: "IMF expresses optimism about non-oil financial growth in Iraq" This is a major must for Iraq. They need... non-oil financial growth...They can't get to this fast enough. They can't get this to grow quick enough. The fact they rely so much on oil is going to hurt them instead of benefit them...If oil prices fall, they're back to square one and they'll start devaluing the Iraqi dinar if they can't find alternative to generate revenue for the state.
I get it there are people out there telling you it's going to happen overnight because they have an electric payment system. No, no they're not going to change your exchange rate just because of the electronic payment system. The electronic payment system will help influence it once it's up and fully implemented but it has nothing to do with being reinstated. It'll keep increasing in increments just like I said...
Question: "Is Iraq part of any currency basket?"
No...They have not been invited to be part of any currency basket. Iraq is part of the currency basket that makes up the Arab accounting dinar but that's local, regional...There are no other currency baskets, I mean zero, that Iraq is part of at all. Nothing in trade. Nothing in business. Nothing internationally. That don't have stable currency.
Iraqi PM calls on candidates who won in the election to cooperate with his government
Shafaq News/ Iraqi Prime Minister Mohammed Shia al-Sudani congratulated the parties and candidates who won the local elections on Tuesday evening, calling on them to cooperate with his government through the provincial councils.
In a tweet on the "X" (formerly Twitter) site, al-Sudani said, "I congratulate the national political forces and candidates who participated in the elections of the provincial councils, and especially those who won and gained the trust of the voter."
He added, "This trust and responsibility - which I hope will quickly turn into a tangible services by forming a local governments that interact with our plans for development, reconstruction, and providing services, and exercise their legal and constitutional role- will find from us all the aid and support it needs in a bid to meet the aspirations of all Iraqis."
Al-Sudani's remarks came after the Independent High Electoral Commission announced the preliminary results of the provincial council elections that took place on Monday in all governorates of Iraq except the Kurdistan Region.
2024 will be the year known as The Restructuring of the US Debt.
Investment funds continue to play a significant role in US debt restructurings. They are sophisticated investors who are able to adapt quickly to changing market conditions to find new ways to deploy capital and maximise their investments.
In the most prominent of these recent trends, investment funds have found increasingly creative ways to achieve short-term gains through new investments in distressed companies while at the same time positioning themselves to obtain longer-term pay-offs. In achieving these goals, investment funds adapt existing tactics and strategies to new situations and new aspects of US restructuring practice.
The new developments discussed offer excellent examples of the creativity and flexibility that can mark investment fund activity in US debt restructurings and demonstrate how borrowers and other institutional lenders are adapting their restructuring strategies in response to the participation of investment funds in restructuring transactions. Global Restructuring Review Link
Economic Reform In The Prime Minister’s Vision And Governmental Approach
Economic reform in the Prime Minister’s vision and governmental approach 101Samir Al-Nusairi
Prime Minister Muhammad Shiaa Al-Sudani said last week while answering questions from attendees of the “Beston Talk” program on Rudaw TV that economic reform begins with financial and banking reform, stressing that the government’s economic vision is based on an accurate diagnosis of the obstacles and challenges of economic reform, which has not been achieved since 2003 due to... The banking and financial sector has not witnessed any real reform process for two decades because without a sound financial and banking sector, it is not possible to build a sound national economy.
Therefore, the vision of the Prime Minister for comprehensive and radical economic reform comes in line with what was stated in more than 12 axes that discuss economic reform, the details of which were included in the government curriculum, which were emphasized and considered among the priorities that must be implemented.
What concerns us here is what is stated in the twelve axis (financial and banking reform) and paragraphs (1, 2, 3, 4, 5, 6 and 7) thereof, which clearly and accurately state that (financial and banking reform provides a real and effective basis for the advancement of the Iraqi economy and stimulating investment through restructuring and mechanizing government banks, reconsidering their work and stimulating...
Private banks and empowering them to be able to support investment and development in a real way) and that the Prime Minister’s vision focuses on the importance of the financial and banking sector so that it occupies within the financial structure of the economy a vital position in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform
and that The measures that the Central Bank is currently taking in high coordination with the support of the government to implement its new comprehensive strategy to reform, develop and classify banks according to several axes, the most prominent of which is the completion and implementation of projects for the transformation from a cash economy to a digital economy and a cashless society
and the development of national payments systems by establishing the National Payment Systems Company, which will undertake the development and operation of systems.
Payments are under the supervision of the Central Bank, launching a financial inclusion strategy, working to adhere to international standards for the global financial system, focusing on regulating foreign trade financing, opening accounts for Iraqi banks with correspondent banks, controlling foreign transfers, and opening dealings in other foreign currencies in addition to the US dollar, as well as drawing up a national lending plan to be approved.
New mechanisms for organizing the granting of loans for the development of small and medium enterprises in accordance with the Prime Minister Riyada’s initiative to employ young people and qualify them to choose their projects, relying on the banks’ own financial capabilities and attracting deposits to provide liquidity and invest them in accordance with the instructions of the Central Bank.
Directing the small and medium enterprise financing initiative towards the economic and productive sectors that have the greatest impact on contributing to development. Establishing Riyada Bank, creating a loan guarantee company, activating the work of the deposit guarantee company, and amending its internal system in a way that enhances confidence in the banking sector.
Continuing the procedures and using monetary policy applications to control the exchange rate and reduce the gap between the official rate and the black market rate, which has begun to narrow towards reaching the targeted and balanced exchange rate.
Referring to the Prime Minister’s assertion that the government cannot accept that the official exchange rate be equal to the black market rate. All of this indicates that the many services provided by the banking system in developed countries have enabled these countries to achieve the progress and economic growth they have achieved.
The solidity of the banking structure has become one of the necessities of building a prosperous economy that adopts modernity and sound sustainable development systems. The development of banking habits and awareness of the importance of developing banking facilities in a way that secures the building of the national savings base and develops the financial resources necessary to build the economy have become among the priorities of decision makers.
Therefore, the soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards developing and modernizing banking systems ensures achieving momentum in the world of real and financial investment, which revitalizes the financial and monetary markets, leading to attracting foreign capital in search of profit, which requires the government and the central bank to take measures.
It is necessary to fortify and strengthen local banking systems in a way that makes them capable of facing the challenges of transferring capital to and from abroad without causing money laundering or foreign exchange smuggling operations, and thus increasing the profitability of financial and banking institutions and enhancing the structure of the gross domestic product.
This is what the government and the Central Bank are currently active in doing. It is, in fact, a new reformist economic vision and thought to harness all capabilities and energies in order to achieve it in the next stage.iews 33 12/20/2023 - https://economy-news.net/content.php?id=38665
Bank Story: From a member "I went into my local Chase bank to withdraw some cash and the teller asked me if I would wait one moment. I asked her if everything was all right with my account and she said yes.
Moments later the bank manager approached me and introduced herself. She took me to her office and asked me if I still had the Vietnamese Dong that I had purchased. I told her yes…. She smiled and shook my hand and said she looks forward to doing business with me very soon.“ MarkZ: I’m sure the teller had a notice flash on her screen telling her this customer purchased foreign currency.
Question: Will we see this before Christmas? MarkZ: We don’t know - but, most of my contacts say we will…
Article: “IMF staff concludes staff visit with Iraq” They met with Iraq authorities in Amman, Jordan on the 17th to discuss recent economic developments. They are not worried fiscally about Iraq and things are coming along nicely.
“Quote: “Inflation has declined from its January peak and is projected to stabilize in the coming months—helped by the Central Bank of Iraq’s (CBI) tighter monetary policy, pass through from the exchange rate revaluation,” They are telling us what they are doing.
We have seen the IQD listed on foreign exchanges around the world. But, this doesn’t mean the IQD is fully international with a new rate yet. But it is showing up on all kind of exchanges…regionally and internationally and locally on all kind of bank screens. It has never shown on these before. So we are headed in the right direction.
Question: What is the rate that is being shown?
MarkZ: Anywhere from $1 to about $4.81 depending on who, what or where it is being shown...My Iraqi sources seem to think something will happen this week. We are looking for huge stuff starting tomorrow on the 20th through Jan 1.
he rumors are through the roof. From Iraq especially…that they have expectations for the next 48 hours and before the 20th. I do not know if it will happen on the 20th…but I do feel it will happen within the next few weeks. Banking contacts are all looking at the next 36/48 hours… We really are close...lets see what happens. But everyone stay grounded. You all know it’s inevitable. It’s a “when” and not an “if”...