DINAR REVALUATION

Thursday, February 29, 2024

Today, Wednesday, the Central Bank announced the start of establishing the National Company for Electronic Payment Systems, while confirming the increase in the volume of deposits in the banking sector to 131 trillion dinars and the volume of foreign reserves to 148 trillion dinars.

Deputy Governor of the Central Bank, Ammar Khalaf, said in his speech during the opening of the eighth annual exhibition and conference for finance and banking services in Iraq, that “Iraq experienced many challenges last year and the Central Bank faced them with high responsibility, as it was able, through various monetary policy tools and sound decisions, to achieve its set goals.” In its law, in addition to achieving the general level of prices through a decrease in the inflation rate, as since the beginning of 2023 the inflation rate has reached 7.5 percent and decreased at the end of the year 2023 to 4 percent.”

He pointed out, “activating monetary policy tools and raising the price from 4 percent to 7.5 percent, in addition to issuing various financial tools, including bank transfers and Islamic certificates of deposit instruments, which were considered an investment opportunity for Islamic and commercial banks operating in Iraq, in addition to using monetary policy tools.” Various, including raising the mandatory reserve ratio from 15 percent to 18 percent,” indicating that “these tools are intended to manage excess liquidity in the Iraqi economy.”

He pointed out that “last year witnessed clear growth in most monetary changes, including an increase in the volume of deposits in the banking sector from 129 trillion in 2022 to 131 trillion in 2023, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 and a half trillion dinars, as well as An increase in the volume of credit in the banking sector from 60 trillion to 69 trillion in 2023, in addition to an increase in credit to the private sector from 35 to 40 trillion dinars, in addition to an increase in the volume of foreign reserves from 140 to 148 trillion dinars.

He continued, “The efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to expanding the use of electronic payment tools, as there was a clear rise and growth in electronic payment tools in Iraq, as the number of POS points of sale increased from 10 thousand devices in the year 2022.” To more than 20 thousand devices in the year 2023, the number of ATM machines also increased from 2,223 devices in the year 2022 to about 3 thousand devices in the year 2023, and the number of electronic cards of various types reached about 16 million cards in the year 2022 and 18 million cards in the year 2023. Noting that “the past year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through various decisions issued by the Council of Ministers and the Central Bank.”

He explained, “There is less use of foreign currency in daily transactions, in contrast to increased reliance on the national currency for local transactions, in addition to the existence of cooperation in the issue of restructuring government banks and developing private banking institutions to build sound and sound banking institutions.”

He stressed, “The Central Bank of Iraq is focusing on the importance of strengthening compliance with compliance standards for all financial institutions in accordance with local and international standards,” pointing out that “external transfer operations witnessed great discipline during the past year and a high response from all banks to facilitate trade financing operations and various external transfers.” Especially after the issuance of external transfer controls at the beginning of last year.”

He added, “The Central Bank of Iraq was able to strengthen its banking relations with a large number of Arab and foreign financial and banking institutions to open wider areas and ensure a high flow of external transfers, especially the use of different channels for external transfers in different currencies other than the dollar or next to the US dollar.”

He pointed out, “The Central Bank sought to strengthen the banks by increasing the capital of all banks from 250 to 400 billion dinars,” noting that “One of the most important projects launched by the Central Bank last year, and work on which is still underway in the current year, is the establishment of Riyada Bank, which He will be specialized in providing financing for small and medium enterprises, as well as preparing a national strategy for bank lending, due to the importance of the depth and development of the Iraqi financial economy and the importance of the role of financing in enhancing production and investment opportunities in Iraq, in addition to enhancing the role of non-banking financial institutions that support financial and banking stability in Iraq, by strengthening The role of the Deposit Guarantee Company, as well as the Loan Guarantee Company, in addition to starting to establish the National Company for Electronic Payment Systems, which will hopefully have a major role in regulating electronic payment operations in Iraq.”

alrabiaa.tv

Iraqi Dinar🔥Investor Alert Finally Dinar Globally Currency Reset On Marc...

"IMPORTANT IRAQ NEWS: DOES DELETING THE CURRENCY’S ZEROS AFFECT ITS VALUE? AN ECONOMIST EXPLAINS" BY MNT GOAT, 29 FEB

DOES DELETING THE CURRENCY’S ZEROS AFFECT ITS VALUE? AN ECONOMIST EXPLAINS

Economic expert, Durgham Muhammad, said on Sunday that deleting the currency’s zeros does not conflict with its value, explaining what needs to be taken before resorting to this step.

Muhammad told Jarida, “Deleting the currency’s zeros is a regulatory process that does not conflict with its value, but this step needs educational campaigns to precede it , and a transitional period for trading the currency with its zeros and the new currency to know that the two currencies are equal in value.”

He stressed, “Printing new denominations must be proportional to the market’s need to cover daily trading, provided that there is no significant increase in the monetary supply in the market so that inflation does not occur.”

https://www.youtube.com/watch?v=794EPvK0Ue0

💥20 Years Wait Over Finally Dinar & Dong RV Approved | Iraqi Dinar Lates...

Financing Foreign Trade, 29 FEB

Financing Foreign Trade

Economical 02/28/2024 Muhammad Sharif Abu Maysam Banking institutions and other financial institutions, such as insurance companies, play a prominent role in financing foreign trade, as their role is not only limited to providing services for financial transfers in the field of foreign trade and reducing payment risks,

but also applies to the applications of the concept of financing as a tool to support competitiveness and facilitate business management.

Trade to include all large, medium, small and micro projects that contribute to achieving self-sufficiency in goods, and thus stimulating trade and the ability to export, meaning that the concept of “foreign trade financing” involves a financial activity based on providing direct or indirect support to trade as

As a result of a good business environment. Hence, what is being said about canceling the currency auction in the Central Bank as the approved tool for organizing the financing of foreign trade in hard currency over a period of more than twenty years, and moving to the first stages of managed flotation, by transferring the responsibility for financing to banks directly through the foreign currency they own.

It is, in fact, a financial activity that involves a privilege that must be conditional, as

banks that have qualified for electronic financial exchanges with correspondent banks abroad are usually characterized by accuracy and compliance with international banking standards after they gained the trust of those in charge of monetary policy in the country through the standards of successful banking work.

Foremost among these is the advantage of working in a comprehensive banking system, as

a bank that reaches the level of opening documentary credits and conducting external transfers electronically cannot be achieved unless it enjoys what any international bank enjoys, such as providing all available electronic payment services, and ensuring the presence of an electronic mechanism for auditing invoices and transfer operations.

With the Money Laundering Office at the Central Bank, in addition to the importance of the bank’s capital approaching a level that exceeds the volume of transactions, or at least 450 billion dinars before the end of the year 2024, as stated in the Central Bank’s instructions in this regard, and that

the bank is committed to the legal reserve and to the instructions of the Money Laundering Office.

He had never witnessed such delay before In paying public deposits.0 In view of this, there must be a real evaluation of credit rates, as they are the most important pillar of banking work,

which makes a serious contribution to supporting the sustainable development that everyone demands, through a fair circulation of the monetary mass issued between deposits and credit rates, and supporting economic projects in the business environment, in a way that contributes to financing. Internal and external trade. https://alsabaah.iq/92570-.html

"RV UPDATE" BY SANDY INGRAM, 29 FEB

Sandy Ingram

Iraq and Turkey have an agreement where people and cargo can begin travel...up through Iraq...into Turkey and...into the Mediterranean Sea, which will allow...faster access to Europe. This project is expected to increase Iraq's GDP, provide thousands and thousands of more jobs and kickstart Iraq's economy foundation outside of the oil industry.

The interest rate in Iraq averaged 6.17% from 2004 until 2024 reaching an all time high of 20% in December of 2007 and a record low of 4% in March of 2016. 6.17% is a high rate, yet they still are having trouble getting the Iraqi people to put their money into the bank. Iraq does have a bank deposit protection program similar to the US's FDIC.

[Dinar Guru NOTE: For comparison the average US bank account offers .47%. You can find high yield savings accounts that offer around 5%]

The problem for Iraqi dinar investors is no US banks and few banks worldwide will allow transactions using the Iraqi dinar.

Bankers turn their noses up when people ask about Iraqi dinar and this is one of the reasons the investment is called shady.

ANALYSIS OF IRAQ NEWS

Iraq's tourism could easily increase to over 10 billion US dollars a year, comparing it with Egypt's tourism.

The problem for people in the United States is no bank in the US will do any transactions using the Iraqi dinar. Until this changes we have to find other ways to pull our profit out of Iraq. We can do this. I found one way and will discuss it in a an upcoming [post]...

There is an organized effort in Iraq to never revalue or increase the value of the currency abasing the US dollar or to provide profits for people in the west...Between the different factions within Iraq, revaluing their currency, even when they can afford it, may not be on their agenda...

Iraq is getting closer to a currency reset...Iraq's rail plans have investors worldwide watching carefully...The rail connection in Iraq from the Gulf to Europe will change Iraq's economy. This same method of increasing the GDP was recently used by Mexico when they built a connecting rail system...Mexico's exchange rate increased against the US dollar and now Americans are spending more money to live in Mexico... This is one of the major paths that can lead to a higher GDP and a higher value in the currency. The project is set to start in early 2025.

The International Monetary Fund has consistently recommended Iraq develop additional streams of income outside of the oil industry. Iraq holds a significant amount of the world's history within its borders...What is needed is security and safety for travelers. Once safety issues are address and the Euphrates and Tigris Rivers are flowing again there will be substantial annual revenue to help boost Iraq's GDP.

" Iraq's central bank revokes Iran's Bank Melli operating license" This article tells us the US is serious about not allowing Iran to have access to US dollars. It also tells us Iraq is serious about aligning with the US Treasury Department to maintain access to over one hundred billion US dollar of its money in the Federal Reserve.

Vietnam is making major financial news. Vietnam factory activity returns to growth status after the pandemic, tourist arrivals increased by 73.6% in January and retail sales are still growing for the 26th straight month. The inflation rate is at a five month low of 3.7%. Overall Vietnam has green lights on all growth patterns...Vietnam knows precisely what to do to bring the value of its currency back into the line of profit...

https://dinarevaluation.blogspot.com/2024/02/rv-update-by-sandy-ingram-12-feb_040016202.html