“Iraq won the position of Director General of the Arab World Institute in Paris” This means they are on the world stage. What is going to be necessary for this? Full membership in the WTO and a new rate. That would make sense. Yesterday was a great news day from Iraq where they are openly talking about changing their value and a rate competing with the US dollar.
“Iraq and the IMF are discussing cooperation and start meetings soon to support a reform program”
They would not be having these meetings on Iraq on the world stage unless they were ascending to the WTO and about to have a valuation change. And that is certainly what we are hearing from contractors and government officials inside Iraq.
We just don’t know the exact time…but know they are prepared. And they told us via an article...that they are getting ready to peg their currency to a basket of currencies from the region to increase the value of the dinar to compete with the US dollar.
Iraq Plans To Stop The Bleeding With “Financial Intelligence” And A Banking Expert Responds: It Will Not Add Anything - Urgent
Economy |01-17-2024, Baghdad today – Baghdad The expert in financial and banking affairs, Saleh Al-Banker, confirmed today, Wednesday (January 17, 2024), that the introduction of financial intelligence will not stop the bleeding of money in Iraq. The banker told "Baghdad Today",
"Iraq has 3 types of border crossings,
the most prominent of which is land, and not a small part of the latter is not controlled, especially within the borders of the Kurdistan region," pointing out that
"the introduction of financial intelligence will not add anything because the measures currently taken are sufficient." But the problem is in the application. He added,
“The defect in the mechanisms for implementing the Central Bank’s instructions regarding currency smuggling is used by forces and parties to finance themselves and their interests,” pointing out that
“smuggling methods are developing, as are the mechanisms for smuggling drugs and other contraband,” stressing that
“it is not with the creation of any institution, but rather the effort.” To enhance the concept of the actual application of all procedures.”
The banker pointed out that “many of the decisions issued regarding controlling borders and preventing currency smuggling are not implemented in reality, and
ignorance and backwardness in banking dealing mechanisms are exploited because
it constitutes a loophole by influential people in passing their agenda,” stressing that
“seriousness and follow-up are what achieve the greatest benefit in Stop the bleeding of money in Iraq.
Since the announcement of raising the value of the Iraqi dinar against the dollar by the Central Bank, local markets have witnessed trading at a rate other than the official price of the dollar, with a difference that sometimes reached 30 points,
which necessitated the government and the Central Bank to intervene with measures to limit this phenomenon, but to no avail so far, as...
The dollar exchange rate remained high to more than 150 thousand dinars for every 100 dollars in the markets and exchange offices of Baghdad and the provinces.
So far the conflicts in the Middle East have not affected the Iraqi dinar exchange rate. Iraq continues to increase its GDP and create more streams of income outside of the oil industry. These are the recommendations of the IMF to create economic stability.
There are 4 major reasons Kuwait, Iraq's next-door neighbor has the strongest currency in the world...Kuwait dinar is $3.36... 1. Major exporter of oil. Kuwait is estimated to hold 10% of the world's oil reserves. The tiny country has a population of 4.3 million people vs Iraq who has approximately 43 million people and a lot more oil than Kuwait. 2. Kuwait has an excellent reinvestment of oil revenue. Kuwait uses its oil revenue to build infrastructure and develop microeconomic sectors to increase its GDP.
What will it take for the Iraqi dinar to strengthen against the US dollar?
Imagine a country as a business. The Gross Domestic Product (GDP) is essentially its annual report showcasing the value of all goods and services produced.
A high GDP indicates a booming economy...The currency rate on the other hand is a bit like a company's share price. It's the global market's way of saying how much it thinks that...country is worth.
The stronger the currency, the more confidence the world has in the country's economic stability and growth potential. How does a GDP affect a country's currency rate?
Simply, a higher GDP signals a stronger, productive economy. This attracts foreign investors, who need to buy the country's currency to invest. This surge in demand for the currency increases its value, or 'rate'...A rise in Iraq's GDP implies a healthier economy and a potential increase in the dinars value.
What would it take for the Iraqi dinar to strengthen against the US dollar? The answer lies in economic development and stability. The Development road project...aims to boost Iraq's GDP by improving infrastructure, fostering foreign investment and stimulating economic growth... With the right steps and sustained growth the dinar's narrative can only get stronger.
The Iraqi dinar is not on the Forex market, yet. The Iraqi dinar is an exotic currency, as is the Vietnam dong... Currencies are traded in pairs on the Forex Market. The 3 main types... majors, minors and exotics...The more liquid an asset the easier and more efficient it is to turn it back into cash. Major currency pairs have the highest trading volume... Exotic currencies...are not traded that often. There is little technical analysis or data available to support trading decisions for exotic currencies.
With Documents.. The Central Bank Plans To Cancel The Platform For Selling The Dollar At The End Of This Year
Time: 01/19/2024 Read: 1,053 times {Economic: Al-Furat News} The Central Bank of Iraq is planning to gradually cancel the electronic platform for external transfers during the current year 2024, leading to its complete cancellation by the end of the year, and keeping it for audit and statistical purposes.
This comes within the framework of the Central Bank of Iraq’s endeavor to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full compliance with international standards and their requirements, according to documents issued by the bank.
According to the documents, Iraqi banks must work to be prepared and able to access and deal with correspondent banks.
According to the Central Bank, there are two types of requirements,
some of which are basic and must be provided and worked on as quickly as possible, and some are important and support the banks’ efforts in this field.
All banks will be required to provide the three basic requirements in order to help them open accounts with correspondent banks. As shown in the documents below.
Article: "Al-Sudani concludes his visit to Switzerland and returns to Baghdad"
Quote: "meetings were also held on its sidelines, which are the following: ■ Meeting with French President Emmanuel Macron ■ President of the Swiss Confederation, Viola Amherd ■ Secretary-General of the United Nations, António Guterres ■ Secretary General of the North Atlantic Treaty Organization (NATO) ■ US National Security Advisor ■ President of the World Bank Group ■ Director General of the International Monetary Fund ■ President of the European Commission ■ President of the European Bank for Reconstruction and Development (EBRD) ■ Saudi Ministers of Trade and Investment ■ International Finance Corporation (IFC). ■ regional CEO of JPMorgan ■ Secretary-General of the Organization for Digital Cooperation ■ President of HKN Energy Oil Company ■ 57 international companies specialized in oil, energy, and other economic fields ■ Interview with Bloomberg website ■ Interview with the Wall Street Journal
Article: "JPMorgan Bank announces its readiness to open accounts for three private Iraqi banks "
Quote: "JPMorgan Regional CEO for the Middle East and North Africa, Khaled Hoballah, announced ...the bank’s readiness to enhance cooperation with Iraq and open accounts for three private Iraqi banks."
Article: "Saudi Arabia strongly supports Iraq's accession to the World Trade Organization"
Quote: "the head of the Saudi delegation confirmed that the Kingdom believes that Iraq is a country that has chosen peace and stability and seeks to achieve economic development, pointing to the importance of Iraq to the Kingdom of Saudi Arabia from an economic standpoint."
