Advisor to the Prime Minister: Iraq is a fertile environment for projects, and there is an expansion of investor desires, 6 MAY

 Advisor to the Prime Minister: Iraq is a fertile environment for projects, and there is an expansion of investor desires

INA Advisor to the Prime Minister for Investment Affairs and Head of the Iraq Fund for Development, Muhammad Al-Najjar, confirmed today, Saturday, that Iraq is a fertile environment for projects and there is an expansion of investors’ desires to enter it. 

Al-Najjar told the Iraqi News Agency (INA): “The government has taken an approach that has intensified efforts to invite many countries and companies to invest in Iraq, and Prime Minister Muhammad Shiaa Al-Sudani is taking advantage of his foreign tours, the most recent of which is his participation in the World Economic Forum in Saudi Arabia, with great work and activity to support investment in Iraq by inviting companies.” To enter Iraq.

He added, "The economic forum in Riyadh, which was held recently, was attended by a large number of decision-makers from companies and countries that will have a clear role in entering Iraq," noting, "Iraq in the forum focused on 3 main topics, which are energy, agriculture, and information technology." .

He pointed out that "the Prime Minister's visit during his participation in the forum held in Riyadh included political meetings and many economic files were raised," noting that "Iraq has begun to compete with many countries of the world by inviting investors to come to the country."

He pointed out that "Iraq It has large investment opportunities amounting to $450 billion allocated to projects that need marketing in order to attract capital.
He stated, “There is a strong desire from Saudi investors to enter and expand their work in Iraq,” explaining, “The large Iraqi market is full of opportunities, especially in the field of industry, and Arab and international companies can establish factories in the country.”

He continued, "Iraq is a country fertile with investment opportunities and has begun to gradually rise on the economic map among countries in light of the current government's continuous work to improve the economic and investment situation." . link

"RV UPDATE" BY JEFF, 6 MAY

 Jeff 

  Article:   "Parliament expects the arrival of the 2024 budget schedules"  Quote "...There are efforts to guarantee the right of many segments in the items and schedules of the 2024 budget but they cannot be judged without waiting for the numbers they contain."

 The rate has to change before parliament can approve the amendments to this budget.  This is why I showed you the final countdown a few days ago because I knew this was coming forward and here it is for you...

Mid last week I posted  "The Final Countdown" 

  ...Here's the reason why right here...The approval of Iraq's budget is waiting on the rate change.  That's why it's been outstanding/ pending for 6 weeks.  This week we're entering into will be its seventh week.  In order for them to complete and approve, the budget is waiting for the rate to change ...You're seeing countless articles on this.  This is a critical piece to the timing of the rate change. 

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-jeff-1-may.html

The next big step in this is we want to see when Iraq will be amending their budget...They can amend it before or after the rate changes...

 This weekend coming up would be the historical anniversary date of when Kuwait reinstated their currency - March 24, 1991

 Iraq technically does not need to amend the budget if they're not changing their rate.  

The budget already covers their operating expenses.  But they would need surplus funds to cover the reforms.  The reforms are contingent upon the rate changing.  They can't bring these reform package forward if the rate does not change.  The only reason they're amending the budget is because the rate is changing...The step of amending the budget can happen either before or after the rate changes  ... They will probably announce Thursday or Friday as to when they plan to amend the budget, which they'll probably do around this weekend...

https://dinarevaluation.blogspot.com/2024/03/rv-update-by-jeff-22-march.html

Iraqi Dinar | Revaluation News Last 24 Hours | Rv Update IQD Dinar News ...

Al-Rafidain Bank announces the implementation of the comprehensive banking system in its branches in Karbala and Mosul, 6 MAY

 Al-Rafidain Bank announces the implementation of the comprehensive banking system in its branches in Karbala and Mosul

Al-Rafidain Bank announced, this evening, Saturday, the implementation of the comprehensive banking system in its Hindiya branches in Holy Karbala and Ashur in Mosul.

A statement from the bank, a copy of which {Al-Furat News} received, stated: “To join the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the branches of the border crossings (Zurbatiyah - Safwan - Arar - Trebil) in an important step to leave the paper work and move completely towards... Electronic transformation. 

The bank confirmed, “The plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings to include all branches of the bank in implementing the system, especially since one of the priorities and adoptions of the government program is electronic transformation in financial transactions, reducing episodes of red tape for citizens, and reducing time and effort in completing citizens’ transactions.”  link

"RV UPDATE" BY MNT GOAT, 6 MAY

 Mnt Goat  

 I feel we have been in a critical period of the currency reform program since January of last year 2023.  Now we are in a “vital” period.  Like a game of chess, we are now in a waiting mode for the Central Bank to make their next move and rollout the second-rate change in-country to just over a dollar, that we were told is coming. Since they told us they now control the parallel “black” market, and that negotiations were successful in lifting sanctions on many Iraqi banks.

    In what they have already accomplished just in the last 16 months, it would be silly to turn back now. Amazing progress in such a short period of time compared to 30 years. 

They have come further than ever before. I say this not for hype or for the sake of being overzealous. Instead, I stick to the FACTS of what the news has been telling us recently and what my CBI contact has been telling us...Iraq has kicked the proverbial can down the road long enough and it is time...time to go global...Iraq will not survive unless they do something BIG with their currency soon and I mean very soon!

BREAKING: Iraq's Budget REVEALS Shocking Truth About The Country's Future!

Within A Week...More Than One Billion Dollars In Sales From The Central Bank Of Iraq, 6 MAY

 Within A Week...More Than One Billion Dollars In Sales From The Central Bank Of Iraq

Economy | 04/05/2024   Mawazine News – Baghdad  The Central Bank of Iraq's total sales of hard currency for the US dollar amounted to more than one billion dollars during the period in which the auction was opened last week.

During the past week and for the week-day period in which the auction was opened, the Central Bank sold 1 billion 348 million 235 thousand 509 dollars, at a daily rate of 276 million 847 million 19 dollars, lower than what it recorded last week, which amounted to 1 billion 354 million 297 thousand 9 dollars.

The highest dollar sales were on Wednesday, when sales amounted to 282 million, 624 thousand and 465 dollars, while the lowest sales were on Sunday, when sales amounted to 270 million, 897 thousand and 422 dollars.

It is noteworthy that sales of foreign remittances during the past week amounted to 1 billion, 317 million and 475 thousand dollars, an increase of 95% compared to cash sales, which amounted to 66 million and 760 thousand dollars.

The sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,310 dinars per dollar.   https://www.mawazin.net/Details.aspx?jimare=247277