The US ambassador in Baghdad, Alina Romanowski, on Tuesday expressed her admiration for “great news” from Iraq, expecting economic growth supported by a modern financial system in the country
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“Great news!” Romanowski said in a post on the X platform, “Great news! Iraq officially ratified the electronic payment system on April 29.”
“This step will pave the way for a modern financial system and economic growth,” Romanowski added.
Much has been made of the number 90 Trillion. This is the alleged number of Dinar at large...I do not believe this number is valid and here's why. 1) There are always casualties such as fire & natural disasters. 2) We know there has been an effort, for years, to coax three zero notes out from under mattresses, with some success. 3) We know stolen Dinar have been recovered in very large amounts recently. 4) Here's the biggie: I saw a video some years back, where a jet was seized attempting to leave the country, and it was stacked from floor to ceiling with coffin sized cases full of Dinar.
It had to be trillions. Much to my surprise, the jet was eventually cleared to take off. However, it was no surprise to hear the jet was registered to Nuri Al Maliki. The jet landed in Zurich Switzerland where it was then seized and the Dinar confiscated. Some may remember an article stating that Switzerland repatriated a large number of Dinar to Iraq but the article was scant on details. When one considers all these scenarios, it would seem that there is far less Dinar in circulation that 90 trillion. It may well be half that amount. IMHO.
Shafaq News / The Kurdistan Oil Industry Association (EpiCOR) on Tuesday called for a tripartite meeting between it and the federal government and the Kurdistan Regional Government to resume oil exports from the region through the Turkish port of Ceyhan.
The association said in a statement today that its attention has been on reports that oil companies in the Kurdistan region are neither lenient nor flexible in or resuming oil exports, which is why the resumption of oil exports in the region through the pipeline between Iraq and Turkey is delayed.
The statement considered that these reports are incorrect, noting that “these repo
rts talk about it in a way that there are negotiations with oil companies, and that the latter in turn does not show any flexibility in those negotiations.”
The statement also noted that “there are currently no negotiations between the oil companies, the Kurdistan Regional Government and the Iraqi government, and the last negotiations were held from January 7 to 9 of this year.”
Epicor confirmed that the oil companies operating in the region are ready to resume oil exports provided that their financial rights are agreed to be paid in the past and guaranteed in the future, and provided that the deals contained in their contracts are protected.
“Epicor member companies believe that the best way to find a solution is to hold a tripartite meeting between oil companies, the Kurdistan Regional Government and the Iraqi government,” said Miles Kakins, spokesman for the association.
Economic expert Jabbar Kuran revealed today, Tuesday, the high rate of economic growth in the country and the Iraqi financial system was linked to the global banking system.
The economic expert and currency market spokesman in Sulaymaniyah Jabbar Kuran said in a statement to Shafaq News that “the economic and financial situation of Iraq is in a remarkable development and growth and now we are witnessing an increase in the economic growth of the country by 2% and this is a good thing for the Iraqi economy compared to the past years.”
He added that “the implementation of the Central Bank of Iraq’s electronic measures under the supervision of the US Treasury Department has had a clear impact on economic growth as well as on the devaluation of the dollar against the Iraqi dinar.”
He pointed out that “the monetary fiscal policy now followed in the country has made the difference between the exchange rate of the dollar and the dinar shrinking to the limits of ten thousand dinars, and this difference is normal for many reasons.”
He pointed out that “the measures taken since the middle of last year have been implemented in a fact of a way up to 30 financial measures that had a positive repercusssion dealing in Iraqi dinars instead of the dollar, when transactions in the Iraqi dinar in the country are now estimated at 90% except for the Kurdistan region, as well as allowing traders to deal with foreign transfers through banks and directly, where 85% of local traders can now deal with foreign transfers through banks to import materials from abroad.”
Koran ruled out that the dollar exchange rate should be the same as the government exchange rate for administrative and financial reasons, noting that the difference should remain like this by about 10,000 dinars between the exchange rate in dollars and the dinar.
