“Given the insistence of the Central Bank of Iraq on harming companies and pushing them to the forbidden, and its disregard for the legitimate demands submitted by exchange companies that are in accordance with the law, and after holding an expanded meeting of exchange companies, it was decided to start a general strike and complete closure,” the coordination committee said in a statement.
She confirmed that, “until further notice, for all governorates,” she will not participate in the auction “from next Wednesday, corresponding to 7/10/2024.”
...everything is set to move ahead with the process of currency reform. We are just waiting. We know that the next step must be taken to move ahead and that is to revalue in-country only first just slightly over a dollar, then conduct the Project to Delete the Zeros as the currency swap out takes place.
The CBI told us then they plan to monitor for a short time for inflation and then move to reinstate the dinar back to FOREX and when doing so the IMF plans to place the dinar in a new peg as in a basket of currencies and float it.
...this should have already been accomplished in June and is late. It is failure on the part of the US because the US is still stalling it.
In light of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level...” Saleh...
financial advisor to the Prime Minister...is telling us...the parallel market versus the official rate are under control and no longer an issue for stability. It also tells me they have their inflation problem under control. This is amazing because my CBI contact told me this one of a few other issues was the reason why the Project to Delete the Zeros was not kicking off...
Money and business Economy News – Baghdad The National Investment Commission confirmed, today, Sunday, that the Singapore agreement will accelerate the increase in Iraq's international classification, while clarifying regarding financing projects of local, Arab and foreign investors in Iraq.
The head of the commission, Haider Makiya, said: “The investment classification of emerging countries in 2024, conducted by FDI Intelligence, ranked Iraq fourth, indicating the confidence provided by investment in Iraq, specifically the National Investment Commission, in providing a safe legislative environment for the investor to settle in Iraq and return large capital to implement infrastructure projects and achieve sustainable development.”
He added, "The Singapore
Agreement will accelerate and speed up the increase in Iraq's international rating, which is a sovereign rating for the whole world, and thus Iraq's rating will be known when it is good."
He pointed out that "all investors in the world will come without any restrictions or conditions as long as the legislative environment exists and governs their work in Iraq, and thus the process of attracting money to enter it will proceed easily and smoothly."
He pointed out that "project financing may be internal or external. If Iraq joins the international agreements, the process regarding foreign investors will be governed by the agreements. However, if the investor is local or Arab and wants to take financing, he will be subject to Iraqi laws regarding financing." 47 views 07/07/2024 - https://economy-news.net/content.php?id=44973
Saleh has been very vocal about...the exchange rate, inflation, their reserves. His positive tone has been very well accepted because this is his fourth one...the reason there's positivity is because...of where we have been in the past and what has been transpiring ...What is different in the last year and half since Al Sudani arrived is amazing. It's immense. And the totality of it should have everybody pretty pumped because I see it as light at the end of the tunnel.
Iraq has a project to delete the zeros. The delete the zeros hasn't happened yet... Iraq doesn't have an international acceptable tradable currency just yet...
Article: "Prime Minister's Advisor: Iraq in the process of paying off long-term development loans to the World Bank"
It looks like Iraq's financial situation is solid as they get effectively. She has so many revenue streams coming on board now it will only get better and the World Bank, the IMF, the UST, etc all know it. Hence, the view of Iraq will bring confidence to the largest Banks and Financial Entities in the world. That was broadcasted globally too.
Politics | Baghdad today - Baghdad Today, Sunday (July 7, 2024), the Integrity Committee in the House of Representatives indicated the only way through which corruption can be eliminated in all state institutions.
Committee member Hadi Al-Salami said in an interview with “Baghdad Today” that
“there is one step that eliminates approximately 95% of the rampant corruption in state institutions, which is the transition towards electronic governance, and although this matter was emphasized in the ministerial curriculum, it was not implemented.” Until now".
He stated, "There is no ministry that has implemented electronic governance so far, despite the importance of this step in fighting corruption and eliminating it once and for all.
This confirms the desire for corruption to continue, and that is why all ministries have not implemented this system, which is the main step in eliminating corruption." Which has been eating away at the body of the Iraqi state for years without any real confrontation with it.
Iraq is considered one of the countries with the highest rates of administrative and financial corruption, and it is noticeably present in several administrative facilities.
Some politicians in Iraq are considered among the first to be besieged by corruption charges.
Because of that, Iraq is considered, along with several countries such as Afghanistan, Somalia, Yemen, Sudan, and Libya, among the countries with the highest rates. Corruption according to the Corruption Barometer.
Because of the massive corruption in Iraq, there is a massive lack of services, deterioration of infrastructure, and deterioration of industrial and agricultural development, among examples of rampant corruption.
A total of $228 billion was wasted on construction and infrastructure projects, on paper only, a value that exceeds three times the national budget and the country's gross domestic product,
despite the enormous funds generated from the sale of oil, as Iraq ranks second among oil-producing countries.
But it remains completely dependent on imports, even for electricity and petroleum products.