Economic consultant, Ziad Al-Hashemi, confirmed today, Wednesday, that changing the governor of the Central Bank, Ali Al-Alaq, will not be sufficient alone to bring about the required change and improvement in the performance of the Central Bank, but rather the issue requires a broad and large screening and development of its work style, updating its management structure, and giving it the independence it needs, like other central banks.
Al-Hashemi told Al-Jarida, “The Central Bank of Iraq suffers from several major and fundamental problems, the first of which is that there is a defect in the structure of the Central Bank of Iraq, and this defect is clear in the method and style of the bank’s work. There is also weakness in the performance of the administrative system within the Central Bank as a whole, and there is also weakness in the independence of the Central Bank.”
He explained that “these factors of administrative weakness, structural defects, and weakness in the independence of the Central Bank mean that any change at the level of the leadership as individuals will not make a significant difference in bringing about a qualitative shift or positive development in the performance of the Central Bank as a whole.”
He stressed that “the Central Bank needs a broad and extensive screening, developing its work model, updating its management structure, and giving it the independence it needs, just like other central banks, to work comfortably, make its decisions, manage, implement, and monitor monetary policies with complete independence, without political interference or interference from any other party.”
Al-Hashemi concluded by saying, “Changing the governor of the Central Bank will not be enough alone to bring about the required change and improvement in the performance of the Central Bank, but rather the issue requires other requirements.” LINK
Wed. 7 Aug. 2024 Liberty Lounge on Telegram Jerry M
“My exciting bank story – I went to Regions bank in Georgia a few hours ago and made a quick deposit in the drive thru. The bank manager served me and when he gave me my receipt I asked him if they had any US Notes in the vault yet.
He said about $5K in singles (ones) so far. I said the rest is coming, right? And he said Yeah. It is happening folks, make sure you have your Humanitarian Project Plans ready in your binders! When the US Notes come out – that is a BIG TELL!”
AL-SUDANI REVEALS PART OF HIS FIVE-YEAR PLAN 2024-2028:SERVICES AND DEVELOPMENT
During the Ministry of Planning ceremony
Prime Minister’s Office statement:
Prime Minister Mohammed Shia Al-Sudani launched the five-year national development plan (2024-2028), during a ceremony held today, Saturday, by the Ministry of Planning in cooperation with Iraq’s development partners.
At the beginning of the ceremony, the attendees stood for a minute of silence on the occasion of the National Day to raise awareness of the crimes committed against the Yazidis and other components by the terrorist ISIS gangs, which falls on August 3 of each year.
In a speech he delivered during the ceremony, Mr. Al-Sudani praised the efforts of the Ministry of Planning, the ministries and their supporting bodies, and international partners, indicating that the five-year development plan had been approved by the Council of Ministers, in recognition by the government of the importance of the country having a development plan with achievable paths and goals, stressing the importance of adhering to the plan’s goals; as it is the way to change the lives of Iraqis for the better.
His Excellency pointed out that Iraq has witnessed a developmental separation since the eighties of the last century due to wars, siege and confrontation with terrorism, which caused gaps in all sectors, stressing the work to restore the wheel of development and bridge those gaps, and that the new plan is in line with the goals set by the government, and facing internal or external challenges, explaining that the plan has provided space to achieve good governance, appropriate mechanisms to combat corruption and adopt the principles of transparency.
The following are the most important points made in the Prime Minister’s speech:
The plan took into account the priorities of improving services in all areas, by accelerating the implementation of projects under construction, and moving towards new development and service projects.
We started a series of strategic projects to develop the oil and gas sector, stop waste in it, and rely on our capabilities and projects to secure oil derivatives instead of importing.
We have moved towards projects that are in line with the Sustainable Development Vision 2030, including infrastructure projects, clean energy, the development road, the Faw Port, the road and bridge network, residential and industrial cities, modern agriculture, and others.
We emphasize the role of the Kurdistan Region of Iraq and the local governments in the provinces in achieving integration with the government program plans and working in a unified manner for the public interest of the state.
The five-year development plan includes paths with economic dimensions based on the philosophy of economic diversification.
The Iraq Development Fund aims to create an integrated investment environment in the country.
We have given the private sector sovereign guarantees to establish industrial and agricultural projects, which will provide it with a wide space commensurate with its developmental role.
We are working to reform the banking and financial sector, automate all economic and service activities, and govern government and service work.
We started automating work at border crossings, and moving towards electronic payment in all market and commercial transactions.
The five-year development plan adopts comprehensive digital transformation and the adoption of electronic systems in all aspects of life.
Sound planning requires accurate and sound data and indicators, and this will be achieved through the general population and housing census that is scheduled to be conducted on November 20.
The government is making exceptional efforts to implement the long-delayed census,and the Ministry of Planning and supporting agencies have completed all necessary preparations for its implementation.
We hope that Iraqi families will contribute to the success of the census and provide correct information.
The key strategies behind Zimbabwe’s transition to the gold-backed ZiG currency, de-dollarization and what it means for the future.
What This Means in Simple Terms
Zimbabwe is trying to stop using US dollars and start using a new gold-backed currency called ZiG. The government has made a plan for this change, but it’s not easy.
The ZiG is doing well so far, staying stable against other currencies. More people are using it, but many are still unsure because past local currencies didn’t work out. The government is working hard to make sure people trust and use the ZiG.
This change is part of Zimbabwe’s effort to control its own economy better and reduce dependence on the US dollar. The success of this plan will depend on continued government support and building public trust in the new currency.
The Government’s Dedollarization Roadmap
Zimbabwe’s cabinet recently approved a roadmap to phase out the US dollar in favor of the ZiG.
Information Minister Jenfan Muswere announced that a plan to operationalize the ZiG as legal tender is now in place, marking a significant step toward economic independence.
This transition is supported by penalties for unjust price hikes and manipulation, ranging from $200 to $5,000, aimed at reinforcing the currency’s use.
Stability of the ZiG Amid Economic Challenges
Since its launch in April 2024, the ZiG has maintained its stability against major currencies, including the US dollar.
Trading at 13.76 against the US dollar, the ZiG demonstrates resilience despite Zimbabwe’s complex economic environment.
The currency’s gold backing, initially set at $100 million and 2.5 tons of gold, has grown to over $375 million, reinforcing its value.
ALSO READ: https://ai3d.blog/the-new-gold-standard-zimbabwes-zig-currency-and-its-quest-for-economic-stability/
The US dollar, meanwhile, has seen fluctuations, with the dollar index (DXY) experiencing significant drops due to economic uncertainties in the US.
Growing Usage and Trust Issues
The use of the ZiG has more than doubled since its introduction, now accounting for about 30% of all transactions in Zimbabwe.
However, widespread acceptance remains a challenge. Many Zimbabweans, having experienced the failure of previous local currencies, are cautious. The government is addressing these concerns by increasing penalties for price manipulation and unfair trade practices to bolster confidence in the ZiG.
Despite these efforts, the transition is slow as the US dollar still dominates the market.
Economic Impacts and Future Prospects
Zimbabwe’s move to the ZiG aims to achieve economic sovereignty, but the country faces significant hurdles.
The ongoing El-Nino-induced drought has strained resources, and key exports like tobacco and platinum have seen declining prices. Despite these challenges, the government’s commitment to the ZiG demonstrates a clear, long-term vision for economic stability.
The ability of the ZiG to maintain its value will depend on the government’s continued support and effective management of the currency.
AMERICAN NEWSPAPER: WASHINGTON DEPLOYS 12 WARSHIPS AND 4,000 SOLDIERS IN THE MIDDLE EAST
The Washington Post confirmed that the United States has deployed 12 warships to the Middle East, where tensions are escalating following the assassination of Hamas political bureau leader Ismail Haniyeh in Tehran and Hezbollah military commander Fuad Shukr in Beirut.
A Pentagon official told the Washington Post that American destroyers are stationed in the Gulf and eastern Mediterranean, including the aircraft carrier USS Theodore Roosevelt, amphibious assault teams, and more than 4,000 Marines and sailors.
According to the report published by the newspaper, the United States has redirected a number of warships stationed in the Red Sea, which are carrying out operations against the Houthis in Yemen, to the Gulf and the Mediterranean, in light of the escalating tensions in the region.
Regarding the US giving Israel the green light to launch operations in the Middle East, Blinken said: “The current path is heading towards more conflict, more violence, more suffering and more insecurity, and it is important to break this cycle, starting with a ceasefire in Gaza.”