"ANALYSIS OF IRAQ NEWS" BY CLARE, 2 FEB

  Clare 

 Article: "Advisor to the Prime Minister: The financial situation in Iraq is stable and sound" 

 Quote:  "Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Thursday, that the future outlook for the financial situation in Iraq is stable, while indicating that oil market indicators are still more than 10% above the price specified in the budget until now"

 Article:  "Romanowski regarding the US Treasury’s visit to Iraq: enhancing cooperation between the two countries” 

 Quote:   “The United States and Iraq share the goal of supporting a sound and strong financial system in Iraq, which will attract investment and ultimately benefit the Iraqi people. She added: I am pleased with the visit of US Treasury Undersecretary Ryan Nelson to Iraq, stressing that this visit has strengthened this important cooperation."

 Article:  "The Credit Bank of Iraq achieves a profit of 17.5 billion dinars during the year 2023” 

 Quote:  "For the year 2023... its assets rose to 507.7 billion dinars, while it was 406.7 billion dinars in the year 2022, a growth rate of 24.8%...The bank's profits grew by 63.5% during the year 2023 compared to the year 2022, which reached 10.7 billion dinars ”

 Clare:  With the closure...the dollar price decreased

1/20/2024

The main stock exchange in the capital, Baghdad, closed today, Saturday, due to the decline in the exchange rate of the dollar against the Iraqi dinar.

Selling prices in money exchange shops in local markets in Baghdad reached 153,250 Iraqi dinars for 100 dollars, while purchasing prices reached 151,250 dinars for 100 dollars.  LINK

https://dinarevaluation.blogspot.com/2024/01/rv-update-by-paulette-27-jan.html

 Article:  "Dollar prices decline in Baghdad and Erbil with the closure"

  WORLD ECONOMIC FORUM ANNUAL MEETING

ACHIEVING SECURITY AND COOPERATION IN A FRACTURED WORLD

A Conversation With Mohammed Shyaa Al Sudani, Prime Minister of Iraq

January 18, 2024 10:30–11:00 CET

A conversation with Mohammed Shyaa Al Sudani, Prime Minister of Iraq
Simultaneous interpretation in English and Arabic>

Centre for Regions, Trade and Geopolitics

The Forum's Centre for Regions, Trade and Geopolitics is helping stakeholders shape progress on global and regional priorities within the most complex geopolitical and geo-economic landscape in decades.

Explore more

Public Speakers

Mohammed Shyaa Al Sudani

Prime Minister of Iraq, Office of the Prime Minister of Iraq

John Harris-  Founding Editor, Politico

https://www.weforum.org/events.....r-of-iraq/

Clare:  International Finance Corporation: We want to expand our business in Iraq as an investment region

1/17/2024  Baghdad

The International Finance Corporation announced, on Wednesday, its desire to expand its work in Iraq as an attractive region for investment.

The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani met in Davos with a delegation from the International Finance Corporation/IFC, headed by Executive Vice President Mokhtar Diop.”

The statement added, "The meeting witnessed a review of the prospects for cooperation between Iraq and the international institution, a member of the World Bank Group, in light of the Iraqi government moving forward with economic reforms and implementing major strategic and investment projects."

Al-Sudani confirmed, according to the statement, “the government’s readiness to develop the scope of cooperation and partnership with the international institution, especially after the signing of a contract between the Civil Aviation Authority and the international institution to prepare an investment portfolio regarding the Baghdad International Airport development project to be on the same level as international airports, and compatible with international standards in a comprehensive manner.”

For its part, the International Finance Corporation delegation expressed its desire to expand its work in Iraq as an attractive region for investment, as well as to participate in the Strategic Development Road project and the major projects attached to it.   LINK

https://dinarevaluation.blogspot.com/2024/01/analysis-of-iraq-news-by-clare-18-jan.html

Article:  "The House of Representatives discusses the latest requirements for Iraq’s accession to the World Trade Organization"  Quote:  "... Iraq has completed all the requirements for joining the World Trade Organization in 2023, and only legislation remains."

Article:  "Al-Sudani leaves Baghdad for Switzerland to attend the Davos Forum"  Quote:  "On Monday, Iraqi Prime Minister Muhammad Shiaa Al-Sudani left the capital, Baghdad, for Switzerland to participate in the 54th session of the Davos Economic Forum."

 Article:  "With the exception of Iraq...the World Bank announces a rise in food sector inflation in the world"  Quote "...the International Monetary Fund announced a decrease in the inflation rate in Iraq, which is expected to stabilize due to the policy of the Central Bank of Iraq and the impact resulting from raising the exchange rate of the Iraqi dinar..."

"RV UPDATE" BY CLARE, 9 JAN

 Clare 

 Article:   "An Iraqi delegation heads to Washington within days, followed by a visit to Sudan"  Quote:   "Iraqi delegation will head to Washington within days, followed by a visit by Prime Minister Muhammad Shiaa Al-Sudani."

 Article: "Selling an Iraqi currency dating back to the era of “King Ghazi” for 100 thousand pounds sterling"  Quote:  "A very rare Iraqi currency dating back to the royal era was sold in the country, today, Monday, at a fantastic price of 100,000 pounds sterling, or approximately 187 million Iraqi dinars  ."

 Article: "Expectations that the decline in dollar prices will bring benefits to the Iraqi individual "  Quote:  "In order to reduce the price of the dollar in the local market, the Central Bank of Iraq specified, yesterday, Sunday, the entities covered by receiving their external transfers in cash in the dollar currency, starting from January 2, 2024. "

 Article:  "A financial expert points out the reasons for the continuous decline in the dollar exchange rate"   Quote:  "On Monday, financial expert Nabil Al-Ali attributed the continued decline in the exchange rate of the US dollar towards the Iraqi dinar to...the change in the attitudes of merchants and public opinion through their conviction of the strength and status of the dinar...The dollar exchange rates against the Iraqi dinar will continue to decline, thus touching the official rate specified by the Central Bank ."

Article: "The Iraqi Dinar Overthrows The Dollar And Wins The Struggle To Control The Regular Market”  Quote  “The US Treasury continues its cooperation with the Central Bank of Iraq,as many Iraqi banks have now formed relationships with  international banks for the first time.”   

  Article:  " CBI Governor: Int'l welcome to the Iraqi banking sector’s commitment to compliance rules "  Quote:  " For the first time, Iraq is witnessing the reorganization of the external transfer process through correspondent banks, instead of the Central Bank or the Federal Bank being the executive interface for this process.”

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-clare-23-dec_01992421810.html

  Article:  "CBI Governor: Int'l welcome to the Iraqi banking sector’s commitment to compliance rules"  Quote:  "For the first time, Iraq is witnessing the reorganization of the external transfer process through correspondent banks, instead of the Central Bank or the Federal Bank being the executive interface for this process.”

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-clare-23-dec_01992421810.html

Iraqi Dinar🔥 New Big Exchange Rate Applied | The US Treasury &🔥 IMF, IMO...

Parliamentary Oil opens the “petrodollar” file again and confirms its efforts to deliver it to the oil-producing governorates, 2 FEB

Parliamentary Oil opens the “petrodollar” file again and confirms its efforts to deliver it to the oil-producing governorates

 Information / Baghdad…

The Parliamentary Oil, Gas and Natural Resources Committee approached the responsible authorities to ensure that petrodollar dues reach the oil-producing governorates.

Committee member Bassem Ngheimesh told Al-Ma’louma, “The federal government has not disbursed the petrodollar dues to the oil-producing governorates, despite the rise in oil prices.”

He added, “Oil prices exceeded $70 per barrel in the budget,” noting, “The law stipulates that 70 percent of the increase in prices is used to fill the financial deficit in the budget.”

He explained, “The remaining 30 percent is supposed to be distributed to the oil-producing governorates, but this did not happen despite the oil prices on the global market reaching more than $83 per barrel, which prompted the parliamentary committees to move towards the Ministry of Finance and other parties.” To ensure that payments reach the governorates.”

The “petrodollar” was proposed in the 2010 budget, and was increased in the 2014 budget, from one dollar per barrel produced to two dollars. In the 2016 budget, the law stipulated that an amount equivalent to 2 dollars be approved for each barrel of crude oil produced in the governorate and 2 dollars per barrel of crude oil refined in the governorate’s refineries, and $2 for every 150 cubic meters of natural gas in the governorate.

almaalomah.me

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 2 FEB

 Frank26 

  [Iraq boots-on-the-ground report]  

 FIREFLY:      Big campaign to get citizens to trust the Iraqi banks starting today.

 FRANK:  This is the last part of the monetary reform education.  Congratulations!  

 FIREFLY:  Sudani is not playing games with anybody.  It looks like he's working hand in hand with the US Treasury...Television now shows Rafidain Bank doing investigations on smuggling of the dollar...There's no end to the amount of corruption...

  FRANK:  Your corruption is amplified by Iran...that's why you have not had the new exchange rate or lower denoms...but it is really being curtailed...controlled...Pay attention to the leadership in your country removing the corruption...

The financial situation in Iraq is strong and stable BY NADER FROM MID EAST

Electronic payment in Iraq…a project bigger than the abolition of cash and the dollar, with a hidden goal, 2 FEB

 Electronic payment in Iraq…a project bigger than the abolition of cash and the dollar, with a hidden goal

 The economic expert, Safwan Qusay, revealed the government’s hidden goal in implementing the electronic payment project throughout Iraq and its advanta

Qusay said {to Al-Furat News} that: “The policy of the American Central and Federal Banks was that everyone knew that the currency auction was contributing to the smuggling of the dollar to various countries and that it was intended for Iraqis only.”

He added, “But the policy of complying with international requirements and controlling the movement of the dollar was implemented after the success of the electronic platform in enhancing bank balances, as well as expanding the circle of financial inclusion by investigating the source of the Iraqi dinar. Currently, all employees of state departments and retirees are included with credit cards.”

Qusay added, “We also have a formal private sector and federal ministries that have begun to spread the culture of electronic payment to track the movement of the dinar. The more we introduce the dinar system within the regulatory department, the more we prevent the corrupt from changing the gender of the dinar, whether in the real estate market, gold, or other markets.”

He concluded by saying, “The whole issue is related to combating corruption through investment in technology, and one of these means is electronic payment.”

In its session the day before yesterday, Tuesday, the Council of Ministers approved the following regarding commissions for electronic payment operations:
1. (The recipient bears electronic payment commissions from the private and public sectors, and the payer does not bear any electronic payment commissions), and the government compensates a percentage (50%) of the commissions. The electronic payment paid by the holder (the merchant, the employer, and all private sector entities), provided that it is used to pay the holder’s obligations to the state exclusively through electronic payment, such as renewing licenses, paying taxes, customs, fees, municipal fees, electricity fees, and everything owed to the state, and it cannot be recovered in cash at any time. In any case.
2. Determine all electronic payment commissions (at a percentage determined by the Central Bank of Iraq), with a maximum commission limit that stops at a commission amount (the value of which is determined by the Central Bank of Iraq for both the public and private sectors) and what exceeds that without commissions, and a minimum that is exempt from commissions as well ( Exempting small transactions in the public and private sectors from commissions up to a ceiling determined by the Central Bank of Iraq.
3. The contracts signed based on what was stated in the decisions of the Council of Ministers related to electronic payment, especially the decisions of the Council of Ministers (23044 and 23620 of 2023) between state institutions and electronic payment companies, will continue to be effective until December 31, 2024, and the contracting institution may submit a reasoned request to the Central Bank of Iraq in If she wishes not to extend the approval process.
4. The decision will be re-evaluated in light of the results of the application before the end of this year 2024.
5. This decision will be implemented starting March 1, 2024. 

In light of this, the Prime Minister’s financial and economic advisor, Mazhar Muhammad Saleh, believes that the decision recently issued by the Council of Ministers regarding electronic payment facilities and exempting the “citizen payer” from commissions for these operations is tantamount to creating a stimulating, sound and simplified environment for citizens to effectively use electronic payment methods. .

Saleh said, in a press statement, “The Council of Ministers’ decision regularized the contractual relations between the government and the citizen if it is an electronic collection, and between the citizen and the merchant if it is via an electronic payment card that takes place within market transactions.”

He stated, “According to the decision, the citizen does not bear any costs as a result of using electronic payment, while there is encouragement for the merchant that the state compensates an essential aspect of the costs of electronic payment in the form of high cash allowances that are used for tax settlements or to pay the various costs incurred, provided that the settlements are made by Exclusively through electronic payments.

He pointed out, “In all cases, the Cabinet’s decision regarding regulating fees for electronic payment services constitutes a stimulating environment that pushes towards the effective use of electronic payment cards, whether credit, debit, or prepaid, in a simple and convenient manner.”

Wafaa Al-Fatlawi
 https://alforatnews.iq/news/%D8%A7%D9%84%D8%AF%D9%81%D8%B9-%D8%A7%D9%84%D8%A5%D9%84%D9%83%D8%AA%D8%B1%D9%88%D9%86%D9%8A-%D9%81%D9%8A-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%A3%D9%83%D8%A8%D8%B1-%D9%85%D9%86-%D8%A5%D9%84%D8%BA%D8%A7%D8%A1-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D9%88%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%87%D8%AF%D9%81%D9%87-%D8%A7%D9%84%D8%AE%D9%81%D9%8A

"RV UPDATE" BY PIMPY, 2 FEB

 Pimpy 

 You've got people all going, yeah man this next budget they're going to increase the value [of the dinar] when they're now talking about possibly devaluing the Iraqi dinar.  That's not set in stone but it's something they're contemplating.  I'm not saying they're going to do it.  I'm just saying it's on their mind.  It really depends on how far down oil prices drops.

 As long as they keep moving forward like they’re doing there’s no reason for it not to, IMO, go up in increment…

 Guru Nader question: “People are going to lose money if they change the 25000 for 25…If…I get 25 dinars that means I’m gonna go to the bank, if it go 3 to 1 that mean I’m gonna have only $75?” 

 I told everybody that is  a possibility.  Doesn’t mean it’s gonna happen but I’m saying this is what people should at least be prepared for…There’s a possibility they delete the zeros and then change the exchange rate.