DINAR REVALUATION : What Dropping Zeros of Iraqi Dinar Means To Iraqis

IRAQ IS TAKING SIGNIFICANT STEPS TO REJUVENATE IRAQ'S INDUSTRIAL SECTOR BY DINAR REVALUATION, 15 AUGUST

PM Al-Sudani unveils plans to revitalize Iraq's industrial sector

Shafaq News/ The newly reformed Industrial Coordination Council, chaired by Iraqi Prime Minister Mohammed Shia Al-Sudani, held its inaugural meeting on Wednesday, signaling a renewed commitment to revitalizing Iraq's industrial sector. 

According to Al-Sudani's media office, the council, tasked with addressing longstanding challenges and promoting industrial development, adopted a series of strategic decisions aimed at bolstering national industry.

In his opening remarks, the Prime Minister emphasized that the council is "responsible for advancing the industrial sector by making decisions that will enhance industrial development and address all obstacles facing Iraqi industry."

Al-Sudani directed that the council's meetings prioritize key issues identified by a supporting committee, which includes directors-general from ministries involved in the industrial sector. He also called for the inclusion of officials responsible for industry-related agencies and entities in these discussions, underscoring the need for a comprehensive approach to industrial development.

Another point of discussion was the integration of industrial efforts between the Kurdistan Region and other governorates of Iraq. "Large markets, to be activated by the Ministry of Trade in cooperation with the private sector, will serve as venues for showcasing locally manufactured products. He also noted the progress made in localizing pharmaceutical and construction material industries."

The Prime Minister highlighted that the current administration has been proactive in identifying and addressing the challenges facing Iraqi industry since the beginning of its term. He cited promising partnerships with major industrial nations such as Japan, Germany, and France, supported by sovereign guarantees, as critical steps towards revitalizing the sector.

During the meeting, the council reviewed working papers presented by the Ministries of Electricity and Industry, as well as advisors to the Prime Minister's Office. These documents outlined strategies for industrial development and proposed enhanced cooperation between the private sector and government ministries.

https://shafaq.com/en/Economy/PM-Al-Sudani-unveils-plans-to-revitalize-Iraq-s-industrial-sector

ANALYSIS

Iraqi Prime Minister Mohammed Shia Al-Sudani is taking significant steps to rejuvenate Iraq's industrial sector. The newly reformed Industrial Coordination Council, under his leadership, recently convened to tackle longstanding issues and push for industrial growth.

Key points from the inaugural meeting include:

• Council Responsibilities: The council is charged with overcoming obstacles in the industrial sector and advancing its development through strategic decisions.
• Inclusive Approach: Al-Sudani stressed the importance of involving officials from relevant ministries and industry agencies to ensure a comprehensive strategy.
• Regional Integration: Efforts will be made to better integrate industrial activities between the Kurdistan Region and other parts of Iraq.
• Market Activation: Plans include creating large markets, in collaboration with the private sector, to showcase and promote locally manufactured products.
• International Partnerships: The administration is actively pursuing partnerships with industrialized nations such as Japan, Germany, and France, backed by sovereign guarantees.

The council also reviewed documents from the Ministries of Electricity and Industry, focusing on strategies for industrial advancement and enhanced cooperation with the private sector.

RV UPDATE BY MARKZ, 15 AUGUST

 MarkZ 

  [via PDK]  Here’s a good one... “Parliamentary committee for Nina-A government team is preparing a new draft of the oil and Gas Law”  

 They are letting us know they are moving forward…meetings are happening and they are moving towards completion.

Well this is the craziest thing…the CBI have started sending out procedures and instructions on how to handle exchanges to banks….  ...It is clear to me that they are preparing ...You can go to the CBI and read it yourselves.

 Question: What are the higher rates you are hearing Mark? 

 MarkZ:   I cannot tell you….but they are supposedly higher than I was previously sharing…. I was warned to stop sharing rates.

Whiskey and Wisdom with MarkZ, MikeB, and Zester. 08/14/2024

CBI IS MOVING FORWARD WITH ITS PLANS OF STABLISH A NATIONAL COMPANY DEDICATED TO MANAGING ELECTRONIC PAYMENT SYSTEMS IN IRAQ BY DINAR REVALUATION, 15 AUGUST

The Central Bank sponsors a meeting to establish a national company to manage electronic payment in Iraq

Economy News – Baghdad

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, chaired the first preparatory meeting for the establishment of a national company to manage central electronic payment systems in Iraq.

“The meeting discussed the importance of organizing electronic payments, keeping pace with accelerating technological developments and a competitive payments industry that provides secure, reliable, accessible and interoperable payment services at scale, rapid response and high flexibility of technical and regulatory variables,” the Central Bank’s media office said in a statement received by “Economy News.”

The meeting reviewed, “The basic objectives of the company and the requirements for the initiation of the establishment as it will take over the tasks of managing, operating and developing some centralized and basic electronic payment systems at the national level.”

The statement pointed out that “this step came in line with the strategic plan of this bank, which goes hand in hand with the government program in the field of electronic payment and its development in Iraq.”

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Added 2024/08/14 – 3:10 PM

https://economy-news.net/content.php?id=46300

ANALYSIS

The Central Bank of Iraq is moving forward with plans to establish a national company dedicated to managing electronic payment systems. Chaired by the Central Bank Governor, Ali Mohsen Al-Alaq, the inaugural preparatory meeting emphasized the need for a robust and modern electronic payments infrastructure.

The new company aims to oversee, operate, and enhance centralized electronic payment systems across the country. This initiative aligns with both the Central Bank's strategic goals and the broader government agenda for advancing electronic payments in Iraq.

 The focus will be on creating a secure, efficient, and adaptable payment ecosystem to meet evolving technological and regulatory demands.

For more details, you can view the full article here.

LATEST FROM SKYWALKER, 15 AUGUST

 SkyWalker 

 There seems to be some confusion...when it comes to the delete the zeros program. Value of the Iraqi dinar starts in country by government policies, CBI reserves, oil production, investments by the Iraqi government, output of the economy, and so on. Value is currently represented by the three zeros printed on the currency. An exchange is a ratio of two currencies which is used outside the borders of a country. Therefore, when value is added to the Iraqi dinar first by the CBI in country the three zero notes will be physically removed from circulation. In their place the CBI will release the lower notes with added value...Lastly, the exchange rate of the Iraqi dinar compared to other currencies will reflect the added value to the Iraqi dinar. So, it is not about the zeros coming off the exchange but the three zero notes being no longer used...

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