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"IMPORTANT IRAQ NEWS: THE ASSETS OF THE CENTRAL BANK OF IRAQ AMOUNT TO 207 TRILLION DINARS.. WHAT DOES THIS MEAN? BY MNT GOAT, 6 MARCH

 THE ASSETS OF THE CENTRAL BANK OF IRAQ AMOUNT TO 207 TRILLION DINARS.. WHAT DOES THIS MEAN?

The assets of the Central Bank of Iraq rose to 207 trillion Iraqi dinars, according to a new economic statistic seen by Al-Sumaria News.

According to statistics published by the head of the Future Iraq Foundation for Economic Research and Consultation, Manar Al-Obaidi, the assets of the Central Bank of Iraq are as follows:

* Securities and bonds, 71 trillion Iraqi dinars
* Debts to the Ministry of Finance, 45 trillion Iraqi dinars.
* Balances with external banks 26 trillion Iraqi dinars
* Balances with external central banks 24 trillion Iraqi dinars
* Loans granted within the Small and Medium Enterprises Initiative 12.6 trillion dinars
* Existing gold reserves 12 trillion dinars
* Accounts with international organizations 12 trillion Iraqi dinars
* Foreign exchange reserve there are 443 billion dinars in the bank’s coffers
* Balances in local banks are 153 billion dinars
* Total assets are 207 trillion Iraqi dinars.

Bank assets: Also called “bank assets,” it means everything the bank owns that can be converted into liquidity in time of need. This includes various physical assets such as banks, loans, reserves, the bank’s deposits with third parties (with other banks), and investment securities; As well as the cash in the bank’s vault.

In conjunction with this statistic, the Central Bank announced, today, Wednesday, that the volume of deposits in the banking sector had increased 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 “last year witnessed clear growth with most monetary changes, including an increase in the volume of deposits in the banking sector from 129 trillion dinars in 2022 to 131 trillion dinars in 2022.” 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, in addition to an increase in the volume of credit in the banking sector from 60 trillion to 69 trillion dinars in 2023, in addition to an increase in credit to the private sector from 35 to 40 trillion dinars. In addition to the 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 10,000 devices in the year 2022 to more than 20,000 devices in the year 2023, and the number of ATMs increased from 2,223 devices in the year 2022 to about 3,000 devices in the year 2023, as for the number of electronic cards of various types. Its types reached about 16 million cards in 2022 and 18 million cards in 2023.”

He noted that “last 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 pointed out, “The Central Bank seeks to strengthen banks by increasing the capital of all banks from 250 to 400 billion dinars.”

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

Coffee with MarkZ and Andy Schectman. 03/06/2024

"RV UPDATE" BY PIMPY, 6 MARCH

 Pimpy  

Question:  "Why would [Iraq] let anyone benefit from this?"  Why wouldn't they?  It's the Iraqi people that really need to benefit from this...It's not their fault their leaders are all wack-a-doodles... 

There's enough resources in Iraq where they should be living pretty dang good over there.  Increasing the exchange rate and giving them more purchasing power would definitely change their quality of life...Once Iraq can get their crap together and  it looks like they're there - No more sanctions, get into the World Trade Organization, get back on the Swift system...

Forex, finish the Port of Faw, finish with the Development Road Project, all those things are going to bring a lot of money into Iraq and their currency is only going to get stronger. 

Iraqi Dinar | Huge Announcement IQD Listing At New Exchange Rate $2.81 |...

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 6 MARCH

 Frank26  

 [Iraq boots-on-the-ground report] 

  FIREFLY: TV is saying investment in Iraq is over the last three years up 60%. 

 FRANK:  The world is pouring in and they can...

 FIREFLY:  It's a great sign of stability and security and they're saying with these projects on board investments are only going to go up from there to an all-time high... FRANK:  All these reports are good.  I believe soon you will be celebrating a new exchange rate for your lower notes.

FIREFLY:  Parliament Finance is calling in the CBI to open bank branches outside of Iraq.

 FRANK:  Too late,   That's been going on a while!  All last year we already told about the private banks of the CBI - They're going to retrieve the 3-zeros outside of Iraq because 97% or more is already been retrieved inside...The satellite banks are all over the world right now are ready to collect the 3-zero notes...All of these actions are to introduce the new exchange rate and the new national sovereignty to you, Iraqi citizens. 

FIREFLY:  Bank friend...in his opinion a new rate that will float.  We're going to have gateway from Iraq to European side in trading.  It will be amazing...The deletion of the zeros is near...Four different experts of the economy being sent to us by the CBI saying what is needed to be done with the zeros.  It's no secret. 

 FRANK:  He's 100% correct.  I keep telling you it's here.   

https://dinarevaluation.blogspot.com/2024/03/iraq-boots-on-ground-report-by-firefly_01835992855.html

"IMPORTANT NEWS OF IRAQ: PARLIAMENT ANNOUNCES THE CONTAINMENT OF “IRAQ’S MOST DANGEROUS ECONOMIC FILES” AND TALKS ABOUT REDUCING THE PRICE OF THE DOLLAR" BY MNT GOAT, 6 MARCH

PARLIAMENT ANNOUNCES THE CONTAINMENT OF “IRAQ’S MOST DANGEROUS ECONOMIC FILES” AND TALKS ABOUT REDUCING THE PRICE OF THE DOLLAR

Member of the Parliamentary Finance Committee, Mudar Al-Karawi, said today, Tuesday (March 5, 2024), that the government has achieved good success in containing the most dangerous Iraqi economic files represented by reducing the value of dollar prices and limiting its rise again.

Al-Karawi explained to “Baghdad Today” that, “For years, the dollar in the parallel markets has been a source of wealth for some and a drain on the country’s resources in various ways, especially with smuggling, which now threatens Baghdad’s economy and pushes the dinar to collapse repeatedly, which puts pressure on the markets and pushes the country into the maze of sanctions.”

He added, “The government’s measures have achieved a glimmer of hope in confronting and containing the most dangerous economic files by reducing the value of the dollar and stopping its rise, even by limited rates, but they have given strength to the dinar and dealt with a good percentage of the smuggling file and seeking to end the dollarization file in the markets and move to electronic payment.”

Al-Karawi pointed out, “dollar was and still is the supplier to the deep state and some corrupt people All the government’s measures face obstacles in different ways because the and those who have lived off crises to increase their wealth in various ways,” pointing out that “strengthening the strength of the dinar and closing the smuggling loopholes will harm the interests of many at home and abroad, and thus parties will move.” “There is a lot to sabotage citizens’ joy in the existence of correct economic paths that contribute to saving the economy and pushing it to recovery after lean years.”

He continued, “Government measures are moving in the right direction despite the side pressures, but they provide incentives to achieve economic growth and ensure the development of solutions to the issue of smuggling, corruption, and the depletion of hard currency in various ways.” Last Sunday (March 3, 2024), Prime Minister Muhammad Shiaa Al-Sudani confirmed that lowering the exchange rate means giving the dollar to “illegitimate” trade.

Al-Sudani said during his participation in the opening of the activities of the Al-Rafidain Dialogue Forum in Baghdad, “The financial situation in Iraq is at its best and commercial transactions are collected through commercial institutions.”

He added, “We give the student, the patient, the merchant, the contractor, and the investor the dollar at the official rate,” pointing out that “the notes recorded on Iraqi banks from the US Treasury are from the time of previous governments.”

He pointed out that “economic reform was one of the most important priorities of the government program,” noting that “the salaries of employees and retirees constitute the largest cash block in the financial budget.”

It is noteworthy that Iraq relies on the platform for selling currency directly to local banks and companies, which was previously known as the daily dollar auction, as one of the mechanisms for preserving the value of the Iraqi dinar and combating speculative operations in the parallel market. 

The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on February 6 that “some groups are trying to stay away from the platform for selling foreign currency to evade taxes or customs or the presence of illegal trade,” indicating “the possibility of meeting all requests for the dollar,” adding that “the bank has no problem.” In offering or selling the dollar.

He pointed out that “the bank is in a comfortable position to respond to requests to buy dollars. We have sufficient reserves, and soon we will launch a mechanism to ensure that only real travelers get the dollar.”

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/