Posted on 2024-08-03 by sotaliraq Economic researcher Safwan Qusay believes that sanctions imposed on Iraqi banks will be reduced and made financial only.
Qusay said, “The Central Bank has contracted with an international company (K2) for the purpose of auditing banks that have restricted access to the dollar in previous periods, so that these banks can learn the mechanism for complying with international requirements.”
He added, "Everyone is keen on stopping the use of Iraqi banks for money laundering. Private Iraqi banks are not the owners of corrupt money, but there are those who acquire the Iraqi dinar illegally and are trying to use the banks for money laundering and smuggling hard currency."
Qusay continued, "As for the restricted banks, they will be rehabilitated by merging, or these sanctions will be reduced or made financial sanctions in the coming periods." LINK
It [the Iraqi dinar] is going to go up in value. There's no doubt about it. But how they go about it is something totally different. Is it worth the investment? I think so or I wouldn't even own it...
Pimpy
Community Comment: "Why do you think Iraq has been dragging its feet?
It's because Iraq has been FIGHTING to RAKE IN all the dinar that is OUTSIDE THE COUNTRY! Once they got, let's say 95% of it, then they are ready to reinstate the value of the dinar to its old glory days."
Why? They don't have to do that. There's no sense in doing that. They could just do it anyways after they delete the zeros. So no they don't have to wait to do that. They can just reinstate it anytime they want to.
The news continues to be good for Iraq. This is what we want to hear. We love that they're continuing with the reforms as well as aiming to improve the quality of life for the Iraqi people...Are you guys starting to get numb to the good news? Seriously. It seems every day there's something good happening to the point where it's almost being taken for granted.
Economy | 10:11 - 02/08/2024 Mawazine News – Baghdad The National Investment Commission revealed on Friday the location of the first economic city in Iraq, noting that economic cities represent investment portfolios capable of attracting and bringing in local and foreign capital.
Hanan Jassim, the spokesperson for the Investment Commission, said: "The Chairman of the National Investment Commission, Haider Muhammad Makiya, during his meeting in the presence of committee members and representatives of the ministries and relevant sectoral bodies from Maysan Governorate, called for the importance of intensifying efforts and coordinating them in a detailed and precise manner that contributes to creating a realistic vision and a successful announcement for investors, businessmen and companies wishing to make this type of investment."
She added that "the attendees were informed of the full borders of the regions distributed according to the projects to be established and the ownership of the lands with the possibility of expanding some of them," indicating that "it was agreed on the importance of preparing a clear map of road networks, water and electricity sources and other requirements for granting investment licenses for these projects, which will be among the topics and discussions of the upcoming meetings."
Jassim pointed out that "the committee's work witnessed the presentation of a number of proposals and ideas that support the implementation of such projects, based on the Prime Minister's approval of the minutes and recommendations of the Diwani Order Committee (23674), which decided to form the Higher Committee for the Economic Development and Advancement of the Al-Tayeb Area in Maysan Governorate and its Neighboring Areas, headed by the Chairman of the National Investment Commission and the membership of various state bodies, including the Governor of Maysan, the Chairman of the Maysan Investment Commission, the Chairman of the Industrial Cities Authority in the Ministry of Industry and Minerals, in addition to a number of general managers in the Ministries of Finance, Planning, Oil and Education and a representative of the Prime Minister's Office."
Jassim explained that "the Higher Committee for the Development and Advancement of the Al-Tayeb Area in Maysan Governorate and its Neighboring Areas has actually begun its work, headed by the Chairman of the National Investment Commission, Haider Mohammed Makiya."
She stressed that "the development and Advancement of the Al-Tayeb Area, southeast of Maysan Governorate, will be the first economic city in Iraq and will represent a successful model and an economic resource for the state that can be applied in other governorates of the country,"
explaining that "this model will represent diverse and ready investment portfolios capable of attracting and bringing in local and foreign capital."
She continued, "Al-Tayeb City will include a group of diverse projects in various economic specializations, including projects specialized in the residential sector, others in the industrial sector, and other economic projects,
in addition to recreational and academic projects," noting that "developing the region will achieve a great economic return that will contribute to stimulating the economic base in the governorate, and providing job opportunities for the governorate's people."
I'm not getting out of the currency [the Iraqi dinar]. I'll wait it out. But right now I am neutral. This is not positive at all [Iraq moving pro-Iran]. We'll have to sit back and watch what the CBI says...How are they going to add value to the currency being sanctioned or being punished?There's no answer for it. We have to wait...Whatever comes along I'll report it. If it changes, no problem, I'll report it. If I see a pathway that they're going to add value to the currency [I'll report it]...
Breitling
Brutally honest, I give you my honest opinion. Here's where I'm at personally right now. I'm not getting out. I'm neutral. This doesn't look good [Some Iraqi support for Hezbollah HQ in Baghdad].
Actually makes me sick to my stomach. I don't feel good about it at all because I'm looking at the Middle East. I'm looking at the influence and proxy wars coming from Iran
...Here's the reality...
they [Iraqis] were trying to upgrade their financial system and make sure they were compliant and be on the world stage with the currency again. They've always been on it but this is a different ball game. Here's the thing, they are following law...to be able to trade again...but the road they're going down now, they're going to be sanctioned...That's not good...It's bad for us if they go down that road.
Breitling
You need to put your big boy pants on... Article: "US Federal Reserve adopt a new strategy towards Iraq. The dollar is threatened with rising to unprecedented levels." They're talking about the policies that are coming up will threaten the dinar. There's a couple reasons for it...The idea that Hezbollah wants to put its headquarters in Baghdad, it doesn't matter if they do it or they don't, the idea that people in Iraq support that...It's too pro-Iranian. It's too pro anti-American markets. So they're going to be punished for it.
Breitling
Hamas moving into Iraq, that's still in play. That is a big issue. We're not going to support Iraq in any way shape or form if Hamas shows up. That's a game changer...This [The Iraqi dinar] is an opportunity until the day it's not...With the Hamas thing right now it's not off the table. I don't see a threat yet. But I'm telling you that could be a big deal...If Hamas gets into Iraq, Iraq is in trouble. Its oil is in trouble...Hamas being in Iraq is a game changer. That's going to shift the markets. All we can do is hope and pray and watch.
9/JUNE
Breitling
I have an average at where I think it's going to revalue at, $0.51 or $0.52 cents. I could be wrong. It's not like Abraham Lincoln said that or something. It was an average. That's why I got into the dinar. That's where I seen the value.
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The threat of a lop is still the same as when I got into this investment...The lop question is based on hyper-inflation ...verses policy inflation. The Iraqi dinar is stable. It goes up, it goes down but it's not major like what Zimbabwe and these countries where it was massive inflation. No body could control it. Iraq has complete control of the Iraqi dinar ...
The Iraqi dinar is a completely different ballgame. It's not hyper-inflated because of the markets. Iraq doesn't have a customer problem...production problem. Iraq has a policy issue. The people at the top know what they are doing.
When I did the evaluation [of the dinar] it was against countries and currencies that had lopped. I had the same questions as you guys when I invested. Where is this going? How can this work?
I found out the value was in a policy based inflation, they want to add value to it, they injected US dollars into the economy, devalued the dinar. Thedinar you and I have has nothing to do with hyper-inflation, major market problems or anything like that...Yes, they can add value to currencies that have a lot of zeros behind it. Iraqi dinar is stable. They can and are going to add value to it.
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.
