Tuesday, January 23, 2024
Transportation Sets The Date For The Opening Of The First Commercial Exchange Square In Baghdad, 23 JAN
Transportation Sets The Date For The Opening Of The First Commercial Exchange Square In Baghdad
Economy | 11:01 - 01/23/2024 Mawazine News - Baghdad Today, Tuesday, the Minister of Transport, Razzaq Muhaibes Al-Saadawi, set the date for the opening of the first commercial exchange square, and while he indicated that it will be advanced, he stressed that these squares will be provided with electronic gates, offices, and services.
Al-Saadawi said, “The number of commercial exchange squares reached 4 squares, one square in the Baghdad belt at the entrance to Yusufiyah, with an area of 400 dunums. The completion rate of the first phase reached 80 percent, and it is hoped to be opened during the current year,” noting that “the second square is at the entrance to Kut and the third is at the entrance to Diyala.” The fourth is at the entrance to Salah al-Din.”
He added, "These squares help relieve traffic congestion and prevent trucks from entering the capital, Baghdad, in order to maintain the infrastructure and provide great job opportunities."
He pointed out that "the squares will be equipped with electronic gates, offices, and services," stressing that they are "advanced and different from the old squares."
https://www.mawazin.net/Details.aspx?jimare=240885
"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 23 JAN
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: TV showing the meeting in Davos with CBI governor, IMF, World Bank and Sudani have shortened the time on financial and banking reform. They're saying it's a shorter time expected now to complete the reforms.
FRANK: He is telling you they are very very close to giving you the new exchange rate with the lower denoms...What happened at Davos put the monetary reform on light speed.
FIREFLY: On the economic news an economic specialist is saying Iraq needs to use a basket of currencies to add value to the dinar against the dollar.
FRANK: Sudani sends out another expert in the financial field that you know and trust...Exactly what we've been telling you. This is the next phase IOO... This is the most powerful part of the monetary reform education to you as an Iraqi citizen...The basket of currencies is required in order to add value to the Iraqi dinar.
They will never talk to you about something that needs to be done. They will talk to you about it after it is done. That is what is called the float and that is what is going to take you back to your RI. Your currency rate has to be reinstated back to $3.22 but that's the international side of Iraq...
The goal of the CBI is to reach the Real Effective Exchange Rate. In doing so it adds value to you even thought it's 1 to 1 in country...It will stay at 1 to 1 to the American dollar in Iraq but you will finally have your purchasing power that you have long waited for.
Iraq Recovers Huge Sums Of Money From The UAE, 23 JAN
Iraq Recovers Huge Sums Of Money From The UAE
January 22, 2024 Baghdad/Al-Masala Al-Hadath: The Federal Integrity Commission announced, on Monday, the recovery of the first batch of funds owed by a convict from the United Arab Emirates.
The authority stated in a statement that “the efforts of the Recovery Department resulted in the recovery of a first payment of the amount that the convict deposited in a bank in the Emirates,” indicating that “in 2005, the Iraqi Central Criminal Court issued a pre-trial ruling of (8) years’ imprisonment against the convict who committed “For robbing government banks after the events of 4/9/2003, it also ruled to confiscate an amount of (500,000) thousand dollars that he deposited in a bank in the UAE.”
She added, “The recovered amount was transferred from the Emirates to the Rafidain Bank account through a debt collection company,” noting “the role of the Iraqi embassy in Abu Dhabi in following up on the transfer of the amount.”
She pointed out that “the case file against the convict was sent to the Ministry of Foreign Affairs from the Supreme Judicial Council - Head of Public Prosecution, and it was sent to the UAE judicial authorities.”
She continued, “The follow-up procedures resulted in the issuance of a ruling by the Emirati judiciary obligating the convict to pay an amount of (960,100) thousand dollars to Rafidain Bank, followed by the affected party, confirming that the authority will continue to follow up on the recovery of the entire amount owed by the convict.” https://almasalah.com/archives/80339
Coffee with MarkZ. 01/23/2024
BRICS bank to release bonds in local currencies, 23 JAN
BRICS bank to release bonds in local currencies
BRICS, a bloc of leading emerging markets, is preparing to launch new bonds in global markets, which will be available in local currencies rather than in the US dollar.
NEWSROOM
JANUARY 21, 2024 – MODERN DIPLOMACY
BRICS, a bloc of leading emerging markets, is preparing to launch new bonds in global markets, which will be available in local currencies rather than in the US dollar.
The BRICS bank, known as the New Development Bank (NDB), will soon release the bonds called ‘Maharaja Bonds’ worth $28 billion, IRNA reported on Sunday citing a press release by Watcher Guru, a website introducing itself as a leading source for finance focusing on cryptocurrency.
Watcher Guru did not specify the exact date the bonds will be released but said that NDB Chief Operating Officer Vladimir Kazbekov has announced that the bank is waiting for approvals from regulatory authorities.
The new bonds, according to the website, will be made available for governments, financial institutions, and regular investors.
They will be available for purchase in local currencies in an effort to strengthen them and to help boost their respective economies.
The plan to release the bonds is part of BRICS’s initiatives for de-dollarization as the alliance is moving ahead to reduce dependency on the American currency in an effort to reform the global economy.
BRICS is comprised of Brazil, China, Russia, India, and South Africa as well as six new members namely Iran, Saudi Arabia, the UAE, Egypt, Argentina, and Ethiopia.
BRICS leaders, at their latest summit in late 2023, pledged to promote the use of local currencies as a way to ditch the US dollar, as they unanimously rejected exploiting the global economy for political purposes.
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