DINAR REVALUATION

Thursday, June 20, 2024

PIMPY: Responding to your comments about devaluing the dinar 06/19/24

International Finance: Economic Reform In Iraq Is Witnessing An Increasing Pace, And We Have Invested About Two Billion Dollars, 20 JUNE

International Finance: Economic Reform In Iraq Is Witnessing An Increasing Pace, And We Have Invested About Two Billion Dollars

Money and business Economy News _ Baghdad The representative of the International Finance Corporation in Iraq, Bilal Zaghir, confirmed today, Tuesday, that the institution’s investment in Iraq has reached nearly two billion dollars since 2005, while indicating that economic reform is witnessing an increasing pace.

Zaghir said in an interview with the Iraqi News Agency, followed by “Al-Iqtisad News,” that “the work of the International Finance Corporation dates back to the year 2005, and over the years we have been able to invest nearly two billion dollars in a wide range of sectors,” indicating that “our work in Iraq will extend out of our belief in future prospects.”

"For Iraq, the pace of economic reform will accelerate, and this will reflect positively in creating other investment opportunities in all sectors, whether industrial, infrastructure, or in the financial and banking sector."

He added, “The International Finance Corporation is the arm of the World Bank that is concerned with developing the private sector by providing the necessary financing for private sector projects in addition to providing advisory services. Therefore, the framework of the institution’s work expands to include a wide range of financial services to all companies operating in Iraq in addition to providing consulting services".

Zaghir continued, “The IFC’s thinking relates to a group of sectors whose importance we believe and whose importance we share with the Iraqi government, whether investing in the Iraqi industrial sectors, where they are productive and an alternative to imports, and the second part relates to the financial sector, both its banking and non-banking parts, in addition to the importance of investing in infrastructure and improving the services provided.”

For Iraqis throughout the country,” pointing out that “the main point is our work and encouraging the private sector and working with it.”

240 views Added 06/18/2024 - https://economy-news.net/content.php?id=44398

"QFS CONVERSATION " WITH GOLDILOCKS: "IRAQ IS NOT READY YET" , 20 JUNE

GOLDILOCKS

"Almost two-thirds of countries in the Middle East and Central Asia are exploring adopting a central bank digital currency as a way to promote financial inclusion and improve the efficiency of cross-border payments.

Adopting a CBDC, however, requires careful consideration. Countries across these regions, spanning a diverse group of economies stretching from Morocco and Egypt to Pakistan and Kazakhstan, each must weigh their own unique set of circumstances.

Many of the 19 countries currently exploring a CBDC are at the research stage. Bahrain, Georgia, Saudi Arabia, and the United Arab Emirates have moved to the more advanced “proof-of-concept” stage. Kazakhstan is the most advanced after two pilot programs for the digital tenge."

Per conversations Dee, Sam, and I have had with our CBI contact, Iraq will be using CBDC for Cross-Border Trading.

https://www.imf.org/en/Blogs/Articles/2024/06/18/central-bank-digital-currencies-can-boost-middle-easts-financial-inclusion-payment-efficiency

Iraq is not ready yet.

Iraq to repatriate all its citizens from al-Hol refugee camp in Syria

BAGHDAD, June 18 (Xinhua) -- The Iraqi government on Tuesday has decided to return all Iraqis from the al-Hol refugee camp in Syria, the official Iraqi News Agency (INA) reported.

Karim al-Nouri, deputy minister of the Ministry of Migration and Displaced, told the INA that the "total number of refugees in the al-Hol camp is more than 50,000 people from different countries, including 20,000 people from Iraq."

He said that the Iraqi government had established a high-level committee to scrutinize the security situation of the refugees.

Al-Nuri also said that those returning from the al-Hol camp would go through community rehabilitation programs at the al-Jada'a camp in Iraq's northern province of Nineveh, stressing that about 3,000 people so far have returned to their homes in Iraq, according to INA.

The al-Hol camp is known to be housing refugees, with a significant number of them being family members of IS militants. ■

https://english.news.cn/20240619/d86acf30720a4650bb52397bda67bea1/c.html

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Parliamentary Finance: Iraq Needs To Be Liberated From Oil Power In The Field Of Revenues, 20 JUNE

Parliamentary Finance: Iraq Needs To Be Liberated From Oil Power In The Field Of Revenues

June 12, 2024 Baghdad/Iraq Observer Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, confirmed that although Iraq possesses all the elements that enable it to advance its economy and liberate itself from oil power in the field of revenues, it lacks unity of decision and vision in the field of directing the economy to its correct destination.

Al-Kadhimi told Iraq Observer, “There is a major imbalance in the Iraqi economy.

If we continue to rely on oil as the country’s sole resource, as approximately 90% of the country’s revenues are derived from it, then this dependence is not guaranteed, given that the oil wealth is not stable in price in global markets, in addition to “The wise countries are moving towards non-oil revenues.” He added, “There are already steps taken by the government, but they are not at the level of ambition to increase revenues, including encouraging internal industry and agriculture.

Also, the fact that the border crossings remain without control, especially those in the Kurdistan region, is one of the most prominent reasons behind the faltering of the internal industry, as the national product remains without protection from the government.”. He continued,

"The increase in non-oil revenues, customs, border crossings, taxes, and all services provided by the Ministry of Electricity and other service ministries must be offset by these huge amounts spent on the ministries, revenues that strengthen the state's balance and treasury in light of the annual budget, in addition to initiatives to support the private sector and investment that... “It would attract and absorb large numbers of labor.” He pointed out that

“Iraq has the qualifications to start with non-oil revenues,

but the system that the economy has followed since 2003 and

what was imposed by the occupation and the

destruction of the infrastructure of most factories and the

failure to solve the problem of electrical energy until now

is considered the main obstacle to the launch of the private sector in the various fields that support The Iraqi economy is important and essential revenues.” He concluded by saying,

“An example of this is what happened currently in self-sufficiency in wheat, and

the wheat crop has now reached 6 million tons of production for this year, but

in return it cost the government approximately more than a trillion dinars, considering that the government took the initiative to buy a ton at a rate of 150 thousand dinars in support of farmers, while in If it is imported, it reaches the governorates at a price of 400 thousand dinars.

Therefore, the issue of reforming the Iraqi economy requires a

government decision,

parliamentary support, and

support from the political blocs, in addition to

understanding from the popular bases.

https://observeriraq.net/المالية-النيابية-العراق-بحاجة-الى-الت/

"RV UPDATE" BY TEXAS SNAKE, 20 JUNE

TEXAS SNAKE

Banker when asked cannot confirm any bondholders have received funds however he is very optomistic that he will be receiving some positive news over the next couple of days from his superiors. SAY YOUR PRAYERS

Lots more info being shared about bond holders being liquid, will keep you folks in the loop

Whoa rumors are wild and loose however nothing can be confirmed at this point other than we are really close to an announcement so please stay alert and GOD Bless

Well this is the second Sunday where the big wigs at WF have had zero comments to the bankers in charge of the exchange centers, he thinks it is NDA's preventing them. Sorry folks will report anything I hear.

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Looking forward to the bankers call this morning, with all the smoke over the last 24 hours it should be interesting.

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After 4 days of dead silence there appears to be something underway tonight even though it is just after 4 AM in country, will report ASAP after I can learn what is happening.

Folks there are numerous rumors the new IQD rate in country is to be announced and published in the newspaper in the morning and it is 05 32 there presently, bug this may be our start, but again maybe not, so stay tunned.

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Will open tomorrow for your comments as well as any upday.

https://dinarevaluation.blogspot.com/2024/06/rv-update-by-texas-snake-15-june.html

Well several calls and unfortunately nothing new to report, we are all awaiting the GO trigger.

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TEXAS SNAKE

A practicing doctor who is a citizen of Iraq living in Texas, a former client of mine has agreed to contact family members in country tonight to determine what the current in country rate of the IQD is today, It is almost 0530 in the morning and he asked if I could await his reply until it is closer to 0800 Iraq time. I will report once he calls me back.

Have received a number of projected exchange rates on Zim IQD and Dong but have been asked not to share but I believe we will be agreeable should these rates be actual .

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Well folks banker feels very positive about what he hopes is confirmed in the morning when he calls me. Will report afterwards either way.

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It was exoressed that several bond holder paymasters had been called to Reno however there is no confirmation of this thus far. Will open for a short time should anyone have some additional info.----

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JUNE 6

Texas Snake, [06/03/2024, 10:32:59 p. m.]:

Well it's about 0530 AM in country and the info I am receiving is that the new rates will appear either when the banks open today or they will wait for the FOREX opening on Wednesday to be able to publish the new rate in the Gazette Paper. Wish I had better intel but most of the UK is asleep now.

Not much reason to open as this is all I have at this time...

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Well folks the information I have rec'ed today indicates a number of the large bondholder paymasters have been invited to Reno to begin exchanging their bond portfolios over the next 24 to 48 hour window.

We are then scheduled to begin receiving notification to begin scheduling appointments.

I have this info from 3 sources and am waiting confirmation from the banker, hopefully tonight or early AM. Will open for a short time so any members who have any news can share.

Thanks for all the members joining us and GOD Bless.