Specialist: Iraq's economic environment is qualified to attract international and Arab banks, 20 FEB

 Specialist: Iraq's economic environment is qualified to attract international and Arab banks

Baghdad Today - Baghdad

Economist and professor of financial economics at the University of Baghdad, Humam Al-Shamma, confirmed on Monday (February 19, 2024) that Iraq's economic environment is qualified to attract international and Arab banks.

Shamma said, for "Baghdad Today", that "Iraq and its economic, even security and political environment is ready to attract international and Arab banks," considering that "this is an important step in order to develop the banking sector in Iraq, whether governmental or private, especially since there are international banks currently operating in Iraq. "

He stressed that "the work of any bank, even if it is global, must be in accordance with compliance with international standards in financial transfers, and any bank that violates this exposes itself to sanctions, whether the United States or even by the Central Bank of Iraq."

He pointed out that "attracting international banks should not be limited to countries alone, but must be inclusive without any discrimination, and this is applicable in all developed countries of the world."

Talk of attracting banks from outside the country comes with the continued ban of many Iraqi banks from dealing in dollars as a result of non-compliance with the controls of the Central Bank and the US Federal Bank.

"RV UPDATE" BY MILITIAMAN, 20 FEB

 Militia Man 

 Article:  "Government advisor: Iraq is on the cusp of a transitional stage in the development of promising economies globally"   Is this the major announcement or a lead into one, that Salih told us about? If it isn't an announcement it surely is a good lead into one...Awesome news indeed.. International ships arriving, partnering with the private sector, integration with the global economy, compliance with with international standards. Surely we can all see the writing on the wall.. Yep.. Powerful.. imo

One of the things that's important is what we didn't have in the past was banks talking to us at the length that they are now...

Article quote  "...Iraq will return to being a strong economic player."  If they're not a strong economic player at 1310 why would they be tomorrow?  ...Iraq's not going to go international until they show us a Real Effective Exchange Rate.  I'm looking forward to it.  I think it's going to be powerful. 

 [Mr. IT Guy Bank Story] 

My brother asked [JP Morgan Wealth Manager] whether he could bypass the US dollar and exchange straight from the IQD to gold and silver and the private banker said he didn't know but he would find out and call him back.  

 MILITIA MAN:   My understanding is that is possible...I have been told some time ago by more than one source that if the currency is traded on the FX...an international acceptable foreign exchange currency...they'll take that currency in exchange for precious metals. 

My wife and I...were looking for a Chase branch that had  JP Morgan Wealth Management printed on the door as well as Chase...I'm in a large metropolitan area...We found one near us...My brother took  it upon himself to call the branch yesterday.  He specifically asked for a private banker...My brother asked him if they exchange foreign currencies and if he was aware of the Iraqi revalue of their currency.  

The private banker said yes he was and that they would be exchanging at that location...and names and numbers he's taking will get priority over anybody else that calls or walks in  after the revalue..

As soon as it hits Forex he's going to start making  phone calls...He told my brother they were expecting a number of people to be coming in and were preparing for that, a bunch of new people with wealth is...exactly what he told my brother...They're planning on having police officers available at the location for  those customs that are planning on leaving the establishment with large sums of cash... 

 MILITIA MAN: ...Is it a coincidence that  this expert came out tonight and talked about deletion of the zeros?  We're going to find out.  It's pretty interesting stuff. 

https://dinarevaluation.blogspot.com/2024/02/complete-mr-it-guy-bank-story-by.html

Iraqi Dinar - IQD - J.P. Morgan Bank - Trade Bank of Iraq - Maximize Val...BY MILITIAMAN

Remarkable progress in two years. Iraq moves from recovery to development (details), 20 FEB

  Remarkable progress in two years. Iraq moves from recovery to development (details)

Baghdad Today - Baghdad

Today, Tuesday (February 20, 2024), the Parliamentary Economy and Industry Committee commented on Iraq's transition from the recovery stage to the development stage during the current and future period.

Ruqaya al-Nouri, a member of the committee, told Baghdad Today that "Iraq over the past years was going through a recovery phase due to the difficult security conditions it went through, especially during the period of occupation of the terrorist organization ISIS and after the liberation operations, and the advancement of the country's reality needed efforts and a long time."

Al-Nouri added that "Iraq is currently past the recovery stage and has entered the stage of development at various levels, especially with regard to the service and urban aspect and many others," stressing that "there is great government interest in developing all banking and service sectors, and Iraq during the next two years will witness a remarkable and significant development in various aspects."

Since taking office in October 2022, Iraqi Prime Minister Mohammed Shia al-Sudani has achieved a record number of policy achievements. The "service government," which he heads, has completed a range of projects including the construction of roads, highways and hospitals, the signing of multibillion-dollar agreements to ensure energy independence, the completion of a deal with Tehran to swap gas for oil So that Iraqis can withstand the sweltering heat in summer when temperatures reach 50 degrees Celsius, and work with the government to pass the federal budget for three years.

"RV UPDATE" BY MNT GOAT, 20 FEB

 Mnt Goat 

 I will tell everyone who has been in this speculative investment for a long time, this couldn’t be a worst time to sell your dinar. I compare it to a severe storm. You must have the guts to weather the storm... when the storm finally does really end, it’s over and done and then you move on to a better life knowing you weathered the storm and received the blessings that come afterwards. The rewards are great.

Question:   We all have like 25000 dinar notes after the 2 extra zeros are gone and we can go to FOREX will we have any problems cashing them in at the new FOREX rate after the month is over? 

 Mnt Goat:  So, there is no time period set for exchanging our dinars outside of Iraq. However, having said this, we must refer back to Dr Shabibi’s media news interview years ago when he said in about 10 years after the reinstatement the CBI would null and void these 3 zero (not 2 zero) notes that we hold... 

Jon Dowling & SG Anon Discuss The End Of The USD & The Politics Behind T...

Iraq and Egypt discuss ways to strengthen relations between the two countries in the oil and energy sector, 20 FEB

  Iraq and Egypt discuss ways to strengthen relations between the two countries in the oil and energy sector

Baghdad / Nina / Deputy Prime Minister for Energy Affairs and Minister of Oil Hayyan Abdul Ghani discussed with the Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt Tariq Al-Mulla ways to strengthen relations between the two brotherly countries in the oil and energy sector.

According to a statement by the Ministry of Oil, Abdel Ghani met the Egyptian minister during an official visit to participate in the work of the Egypt International Energy Conference and Exhibition.

The Egyptian minister stressed the importance of the existing cooperation between the two brotherly countries and Egypt's keenness to strengthen this cooperation across various fields, especially oil, energy and petrochemical industries, pointing to the existing partnership and cooperation with the Egyptian General Petroleum Corporation and Enppi and Petrojet, stressing the importance of expanding the areas of cooperation to serve the common interests of the two countries.

For his part, Deputy Prime Minister for Energy Affairs and Minister of Oil affirmed Iraq's support for bilateral cooperation with Egypt and its aspiration to expand the volume of participation of Egyptian companies in the investment projects announced by the ministry, expressing his interest in participating in the Egypt International Energy Conference and Exhibition as an important economic event.

Deputy Prime Minister for Energy Affairs and Minister of Oil Hayyan Abdel Ghani arrived in Cairo to participate in the work of the Egypt International Energy Conference and Exhibition "EGYPES2024".