The Prime Minister’s Advisor for Transport Affairs, Nasser Al-Asadi, announced the date for implementing the Baghdad Metro project.
Al-Asadi said in a televised statement, “Tomorrow is the last day to evaluate the offers submitted by 3 international company alliances to implement the Baghdad Metro project, including European and Chinese companies.” He added, “The international consultant studied these offers and will submit the name of the alliance that will implement the project to the government and the prime minister tomorrow, Thursday, in a sealed envelope.” Al-Asadi noted, “The competition was transparent, and when the winner is announced, the investment license will be added as soon as possible at the end of the month, and in August, the implementation of the Baghdad Metro will begin.” Regarding the high-speed suspended train between Karbala and Najaf, Al-Asadi said, “Bids were received from 3 international company alliances to implement the project, and next month the implementing alliance will be decided and announced,” announcing, “August is the month of transportation.” Al-Asadi concluded by saying, “The length of the project is 90 km and starts from Najaf Airport and reaches Karrab Baghdad in Karbala, and this is the first phase.”
The direction that the monetary reform is going is in the direction to add value and introduce new lower denoms and to change the exchange rate and then to float. That's the step we're in.
We're not in a step where we need to pass laws. We're not in a step where we need permission from anybody over there, over here, over there - United Nations Security Council, the Untied States Treasury, nobody. We're at the point where Neil Armstrong is just about to put that right foot on the moon.
Is Chase...Wells Fargo, or any bank going to exchange your dinars into dollars
?
Ain't no bank going to exchange your dinars into dollars. Ain't no bank got that kind of money. Chase will introduce you to JP Morgan...JP Morgan is going to take your dinars and they're going to send them to the US Treasury. They're going to give you the equivalent of what you should receive in American dollars into your account.
Question: "If the rate is $3.22 and you go to the bank and exchange a 25,000 note in American dollars how much will that be?" $3.22 times 25,000 friend.
At the heart of the Iraqi financial system, the harmonious cooperation between the Banking Control Department and the Iraqi Deposit Insurance Corporation (ICDI) is evident as two fundamental pillars in the edifice of financial stability.
Despite the apparent overlap in their duties, a deeper look into the details of their roles reveals a precise functional integration that ensures the safety and strength of the country’s banking sector.
The Banking Control Department’s mission is to supervise and closely monitor banking institutions operating in Iraq. It acts as a vigilant guardian that ensures strict adherence to applicable financial and accounting standards. The department’s responsibilities extend to assessing banks’ financial performance and ensuring their compliance with relevant banking laws and regulations, particularly with regard to liquidity and solvency requirements. In times of crisis, the department intervenes decisively to contain the repercussions and provide the necessary support to maintain the stability of the banking system and prevent its collapse.
On the other hand, the Iraqi Deposit Insurance Corporation (ICDI) plays a pivotal role in protecting and ensuring the safety of public deposits. It is a safety net that protects savings from loss in the event of a bank going bankrupt. By providing guarantees on bank deposits up to a certain limit, ICDI instills confidence in depositors and encourages them to save and invest in banks instead of hoarding, which contributes to increasing the liquidity available to the national economy, thus driving growth and development.
The integration between the Banking Supervision Department and the ICDI lies in the harmonious distribution of roles and tasks that ensures the achievement of the ultimate goal, which is to preserve the banking system and enhance its stability. While the Department plays the role of the “guardian” that monitors and guides, the ICDI plays the role of the “safe haven” that protects and provides reassurance. This precise functional integration reflects the close cooperation between the two institutions, and demonstrates that their roles are not conflicting, but rather complementary and harmonious to achieve a common goal, which is to protect deposits and ensure their successful and safe use by banks.
The Iraqi experience is the best evidence of the effectiveness of this integration. Following Iraq’s accession to the International Association of Deposit Insurers, the country witnessed a significant improvement in the stability of its financial system, and a significant increase in the volume of bank deposits, indicating the growing confidence of citizens in the banking system. These positive results confirm that close cooperation between the Banking Supervision Department and the ICDI plays a crucial role in achieving the desired financial stability.
In conclusion, there is no doubt that the integration between the Banking Control Department and the Iraqi Deposit Insurance Corporation constitutes a model to be emulated for constructive cooperation between state institutions. This integration contributes to achieving the common goals of protecting depositors’ funds, enhancing financial stability, and driving sustainable economic development in Iraq.
Again, I have to ask as to why the reinstatement has not already occurred, if no other rate on FOREX than to reflect the assets of the oil rentier economy already established and ongoing as we know it prior to 1990. Prior to 1990, the rate of the dinar was hovering around $3.22.
So why are they still artificially suppressing the rate now? Now, it’s 1/6 of a penny?
The war has been over for 21 years, all of Chapter VII sanctions are lifted a year and a half ago, Iraq is producing 1/3 more oil than in 1990, their monetary reserves are the highest in history, up to 150 tons of GOLD and many more other marketable assets are now in motion...
Oh…did I mention de-dollarization and all the banking and anti-corruption measures already put in place...I believe it is this “all or nothing” attitude that is holding back Iraq as it needs its currency back online now. This is especially true for attracting foreign investors... my CBI contact told me...why the Project to Delete the Zeros is stalled. I will not get into details of these reasons...
as I feel we must just buckle down and wait for this Biden administration to end, at least the part that is controlling the US Treasury and pretending to work with Iraq...the RV happening while the democrats are in power is slim to none! I have strong knowledge from my CBI contact this is what has been holding up the RV. The US Treasury will NOT release it..
The Northern Refineries Company announced on Wednesday that production quantities have reached record levels during the year 2024.
The company’s general manager, Adnan Muhammad, said in a televised statement followed by “Al-Eqtisad News”, that “production quantities in the Northern Refineries Company have reached quantities that they did not reach even before the year 2014, that is, when the refineries were operating at full production capacity, as they were producing 7 million liters of gasoline per day.”
Mohammed added, “The company’s production has now reached 9 million liters of gasoline per day.”