Shafaq News / The Central Bank of Iraq is procrastinating to launch financing initiatives despite the request of Prime Minister Mohammed Shiaa Al-Sudani, according to informed sources.
Since 2015, the central bank has launched financing initiatives to help the private sector to establish their industrial, agricultural and commercial projects, in addition to financing the purchase of residential units in light of the current housing crisis, the sources told Shafaq News.
According to a document, the Prime Minister, Mohammed Shia Al-Sudani, directed the Central Bank of Iraq to reactivate the financing initiative provided by the Central Bank of Iraq.
According to the sources, the Central Bank of Iraq is still up to the directives of the Prime Minister, although they serve the economy of Iraq by activating the development initiative.
The sources pointed out that the initiatives of the central bank, which benefited thousands of citizens, contributed to growth in the private sector.
You have to start getting ready for when they give you the new exchange rate...You know what's coming...I'm not saying I'm leaving but I'm saying there's going to be a major change very soon...Things are going to change dramatically very soon.
Article: "Alia Nassif: The Central Bank's policy is pushing Iraqi banks towards execution!" What would the central bank's policy be? The monetary reform...The Central Bank of Iraq is telling the Iraqi citizens that we are in favor of removing certain banks from our country. Why? Because they don't want to go along with a monetary reform because they keep delaying the process of Sudani bringing out the new exchange rate and lower notes
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Frank26
Article: "Alia Nassif: The Central Bank's policy is pushing Iraqi banks towards execution!"
What would the central bank's policy be? The monetary reform...The Central Bank of Iraq is telling the Iraqi citizens that we are in favor of removing certain banks from our country. Why? Because they don't want to go along with a monetary reform because they keep delaying the process of Sudani bringing out the new exchange rate and lower notes.
Sudani is in control of his reforms. Yeah, you still got a lot of troublemakers. When you've been able to steal all your life and you depend on it and then all of a sudden it stops, you go into shock...Your sugar money stopped...
Panic is what causes the bad people in Iraq to continually try to steal this monetary reform because the monetary reform will bring a new exchange rate, purchasing power and the lower notes. But if you do that then there's no way to steal the money anymore. It's a good thing for the Iraqi citizens...
Prime Minister Mohamed Shiaa Al-Sudani confirmed today, Saturday, that the five-year development plan (2024-2028) took into account the improvement of services in all fields and directed commitment to them, pointing out that the plan aims to achieve infrastructure and clean energy projects, the development road, the port of FAO, the network of roads, bridges, residential and industrial cities, modern agriculture and others.
A statement by the Prime Minister’s Information Office said that “the Prime Minister launched the five-year national development plan (2024-2028), during the ceremony held today, Saturday, by the Ministry of Planning in cooperation with Iraq’s development partners.”
In a speech during the ceremony, Al-Sudani congratulated “the efforts of the Ministry of Planning, ministries and its supporting bodies, and international partners, indicating that the five-year development plan was approved by the Council of Ministers, recognizing the importance of the country having a development plan with achievable paths and goals,” stressing “the importance of adhering to the objectives of the plan; being the way to change the lives of Iraqis for the better.”
Al-Sudani pointed out that “Iraq has witnessed a development secession since the eighties of the last century due to wars, siege and confronting terrorism, which caused gaps in all sectors,” stressing “working to restore the wheel of development and fill those gaps, and that the new plan is in line with the objectives set by the government, and facing internal or external challenges.”
He explained that “the plan set a space to achieve good governance, appropriate mechanisms to fight corruption and adopt the principles of transparency, and took into account the priorities of improving services in all fields, by accelerating the implementation of projects under construction, and moving towards new development and service projects.”
He continued: “We started with a series of strategic projects to develop the oil and gas sector, stop waste in it, rely on our capabilities and projects to secure oil derivatives instead of import, and we went to projects that are consistent with the Vision for Sustainable Development 2030, including infrastructure projects, clean energy, development road, FAO port, road network, bridges, residential and industrial cities, modern agriculture and others.”
He stated: “We emphasize the role of the Kurdistan Region of Iraq, and local governments in the provinces in achieving integration with the plans of the government program, and working in one format for the general interest of the state,” noting that “the five-year development plan includes paths with economic dimensions based on the philosophy of economic diversification.”
He pointed out that “the Iraq Fund for Development aims to create an integrated investment environment in the country,” adding: “We gave the private sector sovereign guarantees for the establishment of industrial and agricultural projects, which will provide it with a wide space commensurate with its development role.”
He stressed: “We are working to reform the banking and financial sector, automate all economic and service activities, govern government and service work, and we have started to automate work at border crossings, and shift towards electronic payment in all market and commercial transactions.”
He explained: “The five-year development plan adopts the comprehensive digital transformation, the adoption of electronic systems in all aspects of life, and that proper planning needs accurate and sound data and indicators, and this is achieved by the general population and housing census, which is scheduled to be held on November 20,” he explained.
Al-Sudani stressed that: “The government is making exceptional efforts to implement the census, which was long delayed, and the Ministry of Planning and the supporting authorities have completed all the necessary preparations to implement it, and we hope that the Iraqi families contribute to the success of the census and make the correct data.”
He stressed that: “The goal of the census is developmental, through which we seek to address the negatives in all fields, and we call on all state institutions to cooperate with the Ministry of Planning to ensure the success of the census project.”
MarkZ: Have you heard anything about Iraq’s ascension into the WTO?
Militia Man: Iraq is going to need to trade cross-borders. The Iraqi dinar is not yet on the forex with a REER. (Real Effective Exchange Rate) With the Ayuscuda cross border system …I think it’s ready to go.
MarkZ: I also think it’s ready to go. But how long can they go without a new rate? They have not published the budget tables yet…. I think they are hiding it because the new rate is in it to do all those new projects.
MarkZ & Militia Man
MarkZ: ...this week there are television ads being run in Iraq about the “delete the zero” project? And they are doing this internationally - I think that is important. Many people left Iraq during the wars and have settled elsewhere in the region. So doing those ads internationally are for those citizens. IO that is huge
Militia Man:Obviously Iraq is trying to reach out to the people and share with them some education about how the “delete the zeros” works...I have a translator who reads and writes Arabic fluently…and they say this ad is the real deal… Part of a campaign of awareness and released in several countries...Like Al Alaq said in July of last year. The project to delete the zeros still exists...the emphasis is that it’s all positive and they are going to do something with their currency.
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"TIDBITS OF MILITIAMAN AND MARKZ CHAT " FROM GINGER TELEGRAM ROOM, 25 MAY
GINGER
MM: To me it’s no coincidence that Iraq has done all their different advancements and that Sudani is going to launch his development road projects on May 30th. so Sudani was telling the world he was going to do something in the month of April – and he did it.
MM he said in the past that the dinar was going to be stronger than the dollar. And , we are expecting that.
MZ: and yesterday Sudani said they were starting the second phase of their economic reforms.
MM: And at the bottom of an article yesterday he said they were about to strengthen the dinar.
MZ: To strengthen the dinar is to add more purchasing power and be stronger than the dollar. For it to be stronger than the dollar it has to be worth more than a dollar.
MM: yes.
MZ: People want to know if they can drag this out until next year?
MM: We don’t know the timing. But, I don’t think we are even close to go that long. There is way too much going on in the world and this is not only about Iraq. Remember all boats rise with the tide.
MZ: Things are finally getting tangible enough that I can be excited.
MM: This is an amazing event that we are watching unfold.
Member: Thank you so much MM and Mark
Be sure to listen to the full replay for all of MilitiaMan’s information and opinions.
MZ: This one is important. “Increased capacity in Iraq’s refineries “ They are coming up to speed to produce all of their domestic petroleum needs. $25-$30 millions of dollars worth of gas per day . This is gas for pumps and cars. They are ready to be an exporter of gas. This is new for Iraq and key for their economy.
MZ:” Zimbabwe applies for ISO code for ZIG currency” To be international. I think this is a big one.
Member: Okay all, Let’s Be Of The Highest Vibrations! The Universe is listening and will give you more of what you say! If you say you’re tired, you get more tired. The Universe Always Says Yes!!!
Member: Julie Green A turn around coming, per God's prophetic word. Says get ready!
Member: Thank you MarkZ for all you do for us to keep us informed and an early Happy Birthday to you
(MarkZ’s Birthday is tomorrow)
Member: Mark so they tell me it’s your birthday so happy birthday darling May you live may you love May all your dreams come true Happy Birthday to you……God Bless
August 1, 2024 Baghdad - Al-Zaman The US dollar exchange rate witnessed a significant increase on Thursday morning in the markets of Baghdad and Erbil, the capital of the Kurdistan Region. This increase comes after a period of relative stability in exchange rates, which raises concerns among traders and consumers in Iraq.
At the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, the dollar recorded a price of 149,250 Iraqi dinars per 100 dollars, compared to 149,100 dinars recorded yesterday, Wednesday. This slight increase may not seem significant, but it reflects an upward trend that may affect the financial stability in the country.
In the details of local prices, our correspondent reported that the selling prices in exchange shops in Baghdad also witnessed an increase, as the selling price reached 150,250 dinars for every 100 dollars, while the purchase price reached 148,250 dinars.
In contrast, in Erbil, the dollar prices also increased, as exchange shops recorded a selling price of 149,500 dinars and a purchase price of 149,400 dinars for every 100 dollars.
The rise in the dollar price is the result of several economic factors, including fluctuations in global financial markets, the impact of regional fluctuations on the Iraqi economy, or changes in monetary policy. Given the economic situation in Iraq, there may be a reciprocal effect between fiscal policy and geopolitical events.
The monetary policies of the Central Bank of Iraq contribute to this rise, especially if there is a reduction in cash reserves or changes in interest rates. In addition, local inflation can lead to increased demand for the dollar as a safe haven, which contributes to higher prices.
Political tensions and internal economic crises lead to market instability. Political unrest may affect investor confidence and increase exchange rate volatility. LINK
