Once they remove these 3 zeros from the exchange rate...it's going to gain in the new value. But that's not where they wanted at the RI. They will float it and they will re-denominate and then it will hit an RV as it floats from an RI back to the RV.
There will be an increase in the Iraqi dinar but it won't effect you [Iraqi citizens]..
Do they need to have value to their currency in order to join the WTO?
No. That's coming...I don't care if they going into the WTO now, tomorrow, next week, whenever. They're probably moving it to the beginning of next year. It's not important. But the evidence of being in the WTO screams what? Monetary reform float.
The Iraqi dinar first will come out as a reinstatement instantly and work itself back up to an RV..
The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed today, Monday, that the banking reform and development strategy is the main pillar for reforming the comprehensive national economy.
Al-Nusairi said in a special interview with “Al-Eqtisad News” that “the strategy of banking reform and development is the basic pillar for comprehensive and radical reform of the national economy in line with what is stated in Article Twelve, Paragraph (7) of the government program, which clearly and accurately stated that (banking reform, with what it provides of a real and effective basis for the advancement of the Iraqi economy and the activation of investment through the restructuring and mechanization of government banks, reviewing their work, and stimulating and enabling private banks to be able to support investment and development in a real way).”
Al-Nusairi touched on the "importance of the banking sector, as it occupies a vital position within the financial structure of the economy in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform."
He pointed out "the measures currently taken by the Central Bank with the support of the government to launch its new third strategy for reforming and developing the banking sector for the years 2024-2026 according to seven main objectives, 24 sub-objectives and 75 initiatives to implement the objectives focusing on achieving monetary and financial stability, strengthening the banking sector, enhancing digital transformation, activating electronic payment, enhancing financial inclusion, maintaining a sound financial system, developing the organizational structure and human resources, strengthening the internal and external relations of the Central Bank, and the banking sector's compliance with international standards."
Al-Nusairi pointed out that "a national strategy for bank lending in Iraq for the years 2024-2029 was launched, aiming to increase credit granted to the private sector by 4% of the non-oil GDP, which is equivalent to approximately 7 trillion dinars, and the second goal is to increase credit to small and medium enterprises by 3% of the non-oil GDP, which is equivalent to approximately 5 trillion dinars."
He stressed that "the new mechanisms depend on organizing the granting of loans to develop small, medium and micro enterprises by relying on and relying on a new approach to determine the basic objectives of economic development, evaluating the current situation of private sector financing, and benefiting from international experiences in this field, as well as continuing the procedures and using monetary policy applications to control the exchange rate and reduce the gap between the official rate and the parallel rate towards reaching the targeted and balanced exchange rate."
Al-Nusairi explained that, "If it were not for the many services provided by the banking system in developed countries, these countries would not have been able to achieve the progress and economic growth they have achieved."
He explained that "the strength of the banking structure has become a necessity for building a prosperous economy that adopts modern systems and sound sustainable development. The development of banking habits and awareness of the importance of developing banking institutions in a way that ensures the building of a national savings base and develops the financial resources necessary to build the economy have become priorities for decision-makers."
The advisor to the Private Banks Association continued: “The soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards developing and modernizing banking systems ensures the achievement of momentum in the world of real and financial investment, which stimulates financial and monetary markets, which leads to attracting foreign capital seeking profit.
Therefore, the decision-maker should take the necessary measures to fortify and strengthen local banking systems in a way that makes them capable of facing the challenges of transferring capital to and from abroad without causing money laundering or smuggling foreign currency, and then increasing the profitability of financial and banking institutions and strengthening the structure of the gross domestic product, which is what the government and the Central Bank are currently active in.” link
Currency value and an exchange rate are two totally different things and are determined differently. Changing the exchange rate does not make value. Value is made by the monetary policies that CBI and Iraqi government have put in place...
Now, the inflationary zeros will be removed because the government has met the requirements of the CBI and made an economic environment that will support both the value of the dinar and keep the economy humming along.
Value through policies must be restored first which will be represented with new notes being lower denominations...
Meaning the three zero notes will be physically removed from circulation and the lower notes without the extra zeros will be issued. Then and only then the exchange rate reflects an increase in the relative price of the Iraqi dinar compared to the price of another currency.
US Ambassador to Baghdad Alina Romanowski announced today, Monday (July 22, 2024), the beginning of discussions between Iraq and America regarding the future of the international coalition mission.
Romanowski wrote in a post on the "X" platform, followed by "Mawazine News", saying, "Today, the joint security dialogue between the United States and Iraq begins in Washington, DC." She added, "Security officials from the United States and Iraq will discuss the future of the international coalition mission and strengthening security cooperation between our two countries."
The US Ambassador to Baghdad, Alina Romanowski, announced the start of the joint security dialogue between the United States of America and Iraq in Washington, today, Monday.
Romanowski said on her account on the "X" platform, "Security officials from the United States and Iraq will discuss the future of the international coalition mission and strengthening security cooperation between our two countries."
Negotiations between Baghdad and Washington resumed last February, with the adoption of a deliberate and gradual reduction, leading to the end of the mission of the international coalition forces to combat ISIS, according to official Iraqi statements, to be followed by two other rounds in March and April.
There are about 2,500 American soldiers in Iraq, as part of the international coalition led by Washington since September 2014. The soldiers are distributed across three main sites in Iraq: Ain al-Assad base in Anbar, Harir base in Erbil, and Camp Victoria adjacent to Baghdad International Airport. In addition to the American forces, there are French, Australian, and British forces operating within the coalition forces, and others within NATO in Iraq. link
💢JP, Liberty Lounger Extraordinaire 💥 shares her latest happy bank story! She's one of our brightest stars here and very trustworthy. 😁 7.18.24
💢JP: Grand Rising GLL family. Quick bank story to share that happened yesterday. I intentionally go into Chase bank to pay my credit card, giving me an excuse to see what I can find out and for them to get to know my face. It went like this with the teller after the greetings.
Me: I see there's a few new faces
Teller who has served me several times replied:
Yes, we have a few more brand new hires.
Me cutting to the chase(pun intended 😂):
IC. You all must be getting ready for the global currency exchange
Teller nodding: Yup. There's a lot going on
Then she leans in towards the glass between us:
But they don't tell us tellers anything. We find out things last around here. I just know the right people, so I know what's going on
Me: Niiiiice! Better late than never (smiling)
Teller: Grinning (showing teeth) and staring at me ...
See you next time! Have a great day!
I got to the parking lot and skip walked and ran a little to the car to tell my husband like I was 5 years old and Christmas was tomorrow!
