SUDANESE ADVISOR: THE CENTRAL BANK’S RESERVES EXCEEDED $110 BILLION IN 2024
(Go ahead and rub it in…again….dinar is still 1/6 of a penny? )
The Prime Minister’s advisor for financial affairs, Mazhar Muhammad Salih, confirmed on Monday that the central bank’s reserve exceeds $110 billion in 2024.
Salih said in an interview with “Al-Iqtisad News” that “Iraq is financially in a stable situation, given that oil prices are the basis of revenues.” The general budget for the year 2024 has been priced on the basis of $70 per barrel, while the average sales of Iraqi exported oil exceeds $80, which reduces the pressures of the planned deficit in the annual budget (which was approved for three years 2023, 2024, and 2025).”
The Sudanese advisor expects the dollar to decline after the Washington discussions
4/16/2024 Baghdad,
The political advisor to the Prime Minister, Sobhan Mulla Jiyad, expected Iraq's readiness to transform the relationship with the "International Coalition" into bilateral relations, anticipating a relative decline in the "dollar" with the Sudanese visit to Washington.
Mullah Jiyad said in a televised interview followed by Mawazine News: “Iraq wants to transform the relationship with the International Coalition into bilateral relations.”
He added, "We expect the dollar to decline relatively with the Sudanese visit to Washington," noting that "Iraq wants to transform the relationship with the International Coalition into bilateral relations." LINK
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
MZ: A really tough travel day or two. I will keep it short and give a quick update. I’m in Brazil for an event. Charlie Ward and I are key note speakers…..And won’t return home to PR until next Monday.
MZ: Should be a normal week from now on.
MZ: I have been telling you for awhile that the bond folks have expectations of things starting from between the 15th to the 22nd.
MZ: And we were told from day one that bonds need to be close to completion or well underway before they pull the trigger….Hopefully we will know by tomorrow if bonds kick off- from European contacts.
MZ: The first bond movement we hear is slated for tomorrow afternoon …So we should hear by then .
MZ: I honestly thought I would get to break this news, but Frank beat me to it. (Thanks to Frank26) Sudani ‘s travels are very interesting here in the US. He is going to Texas where the CBI keeps servers…and he is going to Michegan where there is a large population of Iraqis there….dispelled from the war. And also in Dearborn they will be adding a Warka bank location. To handle exchanges for Iraqis in Michegan.
MZ: Sudani traveling to Texas and Michegan is big. He is also going to California…this surprised me the most. I am hearing he is to meet with someone named Robert who is a signatory for Chinese banking elders. This is very interesting –what we are watching. .
Member: Sudani has 130 people with him…a huge entourage.
MZ: Includiing many important people from the Finance ministry and the CBI.
MZ: Things are looking positive for the next week. Calling it a night and tomorrows schedule will be much more normal. See you then.
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FRANK26: "INTERNATIONAL WORLD HERE WE COME"..........F26
Merger deadline
♦ The Central Bank of Iraq decided to approve a request to extend the deadline for receiving requests from brokerage companies to buy and sell foreign currencies of category ( C ) through the merger ..
For more, click here
Central Bank: Approval of converting the Industrial Bank into a joint stock company
April 14, 2024
Baghdad/
The Central Bank of Iraq confirmed its approval of the Council of Ministers’ decision to transform the Industrial Bank into a public joint stock company with the contribution of local and external investors, indicating that the second phase will include the Agricultural Cooperative Bank.
The Banking Supervision Department stated through a document obtained by Iraq Observer, which stated: You refer to the meetings that took place with His Excellency the Prime Minister in the presence of His Excellency the Governor of the Central Bank and His Excellency the Minister of Finance regarding the decision of the Council of Ministers held on 1/2/2024, paragraph (2) thereof, The proposed idea of converting your bank into a public joint stock company with the contribution of local and external investors, and for the second stage to include the Agricultural Cooperative Bank, explains to you the new plan regarding your bank and other government banks as follows:
1- Rafidain Bank is being structured by dividing it into two banks, the old with government accounts, and the new with the status of a commercial bank and a public joint-stock company.
2- After that, Al-Rasheed Bank will be merged with the new Al-Rafidain Bank
3- The Industrial Bank will be transformed into a public joint stock company, after which the Agricultural Cooperative Bank will be acquired
4- At a later stage, the Real Estate Bank will be merged with the Housing Fund.
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