An Economic Expert "Indicates" A Record Increase In The Volume Of Electronic Payments (POS)
Economy | Yesterday, 17:55 |Baghdad today – Baghdad Today, Wednesday (June 12, 2024), economic expert Manar Al-Obaidi indicated a record increase in the volume of electronic payments (POS) for the month of April 2024.
Al-Obaidi said in an explanation on his Facebook platform, followed by “Baghdad Today”, that
“electronic payments with local cards have reached a record level, the first to be recorded in Iraq, with the value of payments reaching 1.5 trillion Iraqi dinars, an increase of 77% annually. Monthly rate of 10%. He added,
"Thus, the value of electronic payments for the four months of the year amounted to 5 trillion Iraqi dinars, while the total electronic payments for the year 2023 were approximately 9.6 trillion Iraqi dinars, and the total electronic payments for the year 2022 were 8.2 trillion Iraqi dinars," pointing out that
"it is expected to exceed Electronic payments this year exceed 30 trillion Iraqi dinars.” Al-Obaidi stressed,
“This increase is due to the policies that were taken, especially in the field of government transactions, which imposed exclusively electronic payment, and the increase in societal culture.”
The Central Bank of Iraq denied issuing a new currency denomination.The decision highlights the bank's confidence in the strength and stability of the Iraqi dinar, Even as other economies toy with the idea of introducing new denominations..
No one in the Middle East wants big daddy America to make Iraq wealthy. Oh, wait, Iraq is already wealthy. It's just a matter of maximizing, investing and building the infrastructure for long-term wealth...It's only a matter of time before Iraq opens the gates to massive success.
Last week marked a sensational milestone for the central bank of Iraq. In a stunning financial twist, foreign remittance sales skyrocketed by a whopping 90%, surpassing cash sales by over $252 million...The majority of these sales...were strategically utilized to bolster balances abroad through remitt..FOR READ MORE: https://dinarevaluation.blogspot.com/2024/06/rv-update-by-sandy-ingram-11-june.html
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No one in the Middle East wants big daddy America to make Iraq wealthy. Oh, wait, Iraq is already wealthy. It's just a matter of maximizing, investing and building the infrastructure for long-term wealth...It's only a matter of time before Iraq opens the gates to massive success. Last week marked a sensational milestone for the central bank of Iraq. In a stunning financial twist, foreign remittance sales skyrocketed by a whopping 90%, surpassing cash sales by over $252 million...The majority of these sales...were strategically utilized to bolster balances abroad through remittances and credits. By regulating the flow of foreign currency the central bank instills robust confidence managing Iraq's balance of payments. A [Community member] wrote and then deleted the following comment in response to...the results of the emergency budget meeting, 'The rate is still 1310 for the next budget....for read more:
An Economic Expert Rules Out The Possibility Of Establishing A Sovereign Fund In Iraq... And Enumerates The Reasons
Time: 06/12/2024 15:24:35 Read: 1,638 times {Economic: Al-Furat News} An economic expert ruled out the possibility of establishing a sovereign fund in Iraq.
Salah Nouri, the former director of the Financial Supervision Bureau, told Al-Furat News Agency, “Sovereign funds are established to achieve mostly strategic development goals.”
He stated that "most of the sources of financing for sovereign funds for countries that possess natural resources are from the surpluses of these sources (oil and gas) or foreign exchange surpluses." He pointed out that
"the management of sovereign funds is independent and highly experienced in successful investment and developing fund returns." Nouri continued,
“From the above, I think Iraq is not prepared, as there are no surpluses from natural resources (oil and gas) for these funds.
Rather, revenues from the sale of oil are depleted in the general budget in addition to resorting to borrowing (external and internal).
On the contrary, Iraq is likely facing a financial sustainability deficit.” Borrowing results and benefits.
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 ..FOR READ MORE:
There is NO NEED for an NDA, whatsoever, unless you were a participant in the Private Placements, which were concluded in 2011. The only people who otherwise hold NDAs are bank presidents, branch managers, and of course any of the three letter agencies necessarily involved, such as the UST...
There are several regiments to float a currency: FREE FLOAT - The currency's value is determined solely by supply and demand in the market...MANAGED FLOAT - Similar to a free floating...but a government intervenes by buying or selling its own currency to minimize fluctuations.
Iraqis Are Resorting To “Gold Bullion” Instead Of Money, And The Banking System Is Dying
Economy | Yesterday, 11:18 |Baghdad today - Baghdad Today, Wednesday (June 12, 2024), financial affairs expert Mustafa Hantoush revealed the reason why Iraqis are resorting to purchasing gold bullion in abundance during the current period.
Hantoush said in an interview with "Baghdad Today" that "recently, the demand for buying gold bullion has increased significantly by citizens, especially those with large sums of money.
They have begun to save that money through these bullion instead of depositing their money in banks." He stated that "the reason why citizens resort to buying gold bullion to save their money is as a result of the weakness of the banking system, lack of confidence in this system, and fear for their money due to American sanctions.
This is why we see the majority of Iraqis turning towards gold bullion, especially in light of the
high prices of the yellow metal and the
stability of this price and
its lack of fluctuation like the dollar.".
From mid-December 2022 until now, the Iraqi dinar has continued to fall against the US dollar, until it reached the level of 1,610 dinars against one dollar at a time when the official price of the dollar is 1,300 dinars.
With the decline of the national currency and the rise in poverty and unemployment rates, Iraqi gold markets recorded a large demand from customers to buy the yellow metal amid warnings against buying counterfeit ones.
According to data from the specialized website “Bloomberg”,
Iraq bought 33.9 tons of gold in the year 2022, while the Turkish Consul General in Erbil Hakan Karaçay revealed that Iraq imported Turkish gold worth $1.5 billion during the year 2021.
Iraq's gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.
This increase indicates Iraq's continued strategy to
diversify its foreign reserves and
enhance financial and monetary stability in the long term.
This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.
Many simultaneous factors are strengthening the record levels of gold,
especially in light of the escalation of geopolitical tensions around the world, and
in light of the state of “uncertainty” surrounding the global economy, which supports the trend towards the precious metal as a traditional safe haven in the face of market fluctuations and dire scenarios that impose themselves on the market. the scene.
Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as
it ranks fourth after the Kingdom of Saudi Arabia, Algeria, and Morocco.
