U.S. Ambassador to Iraq Elena Romanowski welcomed the new U.S. Consul in the Kurdistan Region, Steve Bitner.
In a post on platform X, Romanowski stressed that her country is looking forward to deepening its strong security relations with the Kurdistan Regional Government.
She pointed to the desire of the United States "to expand educational ties between it and the Kurdistan Region, and to monitor free and fair elections on October 20 October."
Earlier, the U.S. Ambassador expressed her sincere thanks to former Consul Mark Straw for his services at the Consulate General in Erbil.
Over the past year, your leadership has helped strengthen economic, security, and cultural ties between the United States and the Kurdistan Region. link
Community Comment: "Seems like there's some good news & some so not good. I have the feeling we aren't close, by a long shot."
I pointed out a few months ago that Iraq was ending the currency auction at the end of this year. Nothing is going to happen with the dinar until after that and they begin to diversify their economy.
Kaperoni
The Iraqi dinar is a currency of a country it's not a lottery ticket. There is no magical RV...Owning dinar is risky, which may strengthen over time, but it's a long-term investment.
Article: "Iraq speeds up steps to join WTO" Those that follow me know that we posted information that stated the Central Bank of Iraq planned to end the currency auctions at the end of this year, joining the WTO sometime next year would also benefit them.
Kaperoni
Seems to be a lot of hype lately that people are getting excited for some Dinar RV. Not how currencies work. Iraq has a lot of work to do...If and when the dinar goes up in value it will be based on the success and growth of Iraq's economy.
Kaperoni
Community Comment: "Does this have a negative, positive or neutral effect on our investment?"
Article: "Mazhar Muhammad Salih: Our cash reserves are the highest and there are no fears of the dollar rising"This is good news.
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Kaperoni
Question: "So the RV tomorrow 3:00? Lol" You need to change your thinking. There is no RV, never will be one. The only way that dinar can go up in value is 'gradually' over time based on the success and growth of Iraq's own economy.
Kaperoni
Article: "Establishment of the Commercial Arbitration Center in Iraq" Article quote: "the importance of commercial communication with various countries around the world and organizing relations in a way that achieves mutual benefit for all parties, especially as Iraq is on the verge of rejoining the World Trade Organization (WTO). He explained
that this project comes as one of the achievements within the file of Iraq's accession to the International Chamber of Commerce (ICC)." WTO requirement. Establishment of the Commercial Arbitration Center in Iraq
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Article quote: "new pipeline project at an amount estimated at approximately 6.5 billion Iraqi dinars ($4.9 billion)" Community Comment "The mathematical 'mistake' basically equals 1.32. This seems very very coincidental to the deletion of the zeros."Referencing the exchange rate in billions rather than trillions is an easy mistake to make. It happens all the time and everyone thinks there's something to it. Wrong.
Question: "What happens now that the auctions are soon to be over?
What does this mean for the Dinar holders out there Kap?" It means monetary policy is changing after 20 years to reflect the economic changes in Iraq. We'll have to wait and see what happens.
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Floating the currency is the best option but only once they have created a diverse economy that is not dependent solely on oil.
...New currencies coming out in Iraq. Not true, the Iraqi dinar is the currency of Iraq. As far as any new smaller denominations, they will be introduced only as needed if and when the value increases and warrants so. There is no significant RV!
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...The dinar to float at well over a dollar. Unlikely, the dinar when it floats will be whatever the current exchange rate is and could rise gradually accordingly.
Community comment: "Today the cbi says there are no new printing of bills"
That is correct. The Central Bank does not randomly print currency unless it's to replace damaged or worn out notes. There is no need for a new currency unless it is warranted. Moving to digital will eventually reduce physical notes.
Question: ----"They have a very largebudget ,without an increase in rate how do they meet the projects that is lined up?"
External expenses are paid in dollars since their primary revenue is dollars. Dinar is used to pay salaries, etc. in country.
CCommunity Comment: "Hopefully in the next 5 yrs we will see an appreciation of the currency price, based on the last year of progress."I agree! Iraq has an excellent opportunity now to diversify their economy and develop the banking system.
Much of the float articles that we have seen have concerns about speculators that is because they are referencing dealers speculating within the country. That will not happen.
All of these changes that they're talking about pertain to monetary policy. They have nothing to do with the exchange rate. Whether or not the exchange rate goes up or not is directly related to the economic success thereafter.
By the end of the year when the Central Bank of Iraq ends the currency auction, only transfers amongst established Iraqi banks and regional or International banks will occur. In other words, the float of the dinar and transfer of funds will be institutional.
What this means for us is the future of the dinar exchange rate is directly tied to the capital flowing through the CBI, economic growth, and success of Iraq. As Iraq prospers, so will the dinar! Though we may not see the dinar exchange rate improve initially. This is a significant change in monetary policy for the Central Bank of Iraq. Some 20 years in the waiting.
Economy | Yesterday, 15:00 | Baghdad today – Baghdad Today, Friday (August 16, 2024), Nawar Al-Saadi, an expert in financial and economic affairs, revealed the
importance of the benefits of “digitizing” the financial transactions of Iraqi banks, while noting that
digitization can enhance financial inclusion by attracting users who do not deal with traditional banks remotely. By providing services that are accessible and easy to use. Al-Saadi told “Baghdad Today” that
“digitizing financial transactions in Iraqi banks can provide great benefits, especially with regard to reducing cases of currency smuggling,” noting that
“by adopting digital systems, banks can track all financial transfers with greater accuracy and transparency.”
This means that every transactionis automatically recorded and saved in a central database that can be reviewed at any time.
This allows the relevant authorities to quickly monitor and detect suspicious financial activities, making it difficult for smugglers to exploit the financial system to smuggle currency.”
He added,
"The digitization of the banking system contributes to reducing cases of money laundering, as these operations usually depend on exploiting loopholes in traditional systems,
but with the presence of an advanced digital system, these operations become more complex, and
digitization allows the use of advanced technologies such as artificial intelligence to analyze patterns." in banking data and identifying any abnormal or suspicious transactions,” stressing that
“this helps prevent money laundering by early identifyingunusual activities and reporting them to the competent authorities.” Al-Saadi explained,
“To implement this digital transformation in Iraq, there is a need for investments in technological infrastructure and developing the institutional capabilities of banks,” noting that
“this requires providing modern technology, training employees to use it effectively, in addition to developing legislation and laws that protect users and encourage On digital transactions,
it is also important to enhance customers’ awareness of the benefits of digital transactions and build their confidence in the new systems.” He stressed that
"digitalization in banks contributes to achieving more transparency and credibility in the financial system, as every transaction can be easily tracked and reviewed.
It also works to improve the operational efficiency of banks by completing transactions more quickly and at a lower cost.
From a security standpoint, digitization provides higher levels of security." Protection against fraud and theft through advanced encryption technologies. The expert in financial and economic affairs concluded by saying,
“Digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services.
The digitization of financial transactions in Iraqi banks also carries great potential to enhanceeconomic stability and reduce the risks associated with it.” Money laundering and currency smuggling, leading to a safer and more efficient financial system.”
Question: "How long do you think the US Treasury will be in Iraq? Are they staying to see the finish?"
IMO yes.
Question: "As far as the training videos, are there any more subjects remaining with the RI and monetary reform that the Iraqi have not seen?"
Yes. Right now they're teaching them about the float. They hadn't seen that up until two days ago.
CBI document released [Sunday] This is good. What is the reason why we don't have the monetary reform?
Because of the corruption. Because of the profiteering from the bad parliament political people.
You know where they are from.
What has Sudani done?
He took away their cash cow. All the banks that were doing this with them, their clothes are gone. This document is showing that there's only certain banks who will be able to [transact] and we're controlling them...
Question: "Why is no one speaking of the WTO meeting with Iraq on Friday?"
Because it's not that important. They were supposed to get everything done by the 15th for the WTO.
What are they going to do Friday?
They're just going to talk about it. It's not until the value of the Iraq dinar is released and the lower notes and lifting of the three zeros, that's when they'll join the WTO...
Why do they want a sanctioned rate? ..
.They don't. They know exactly what they're doing.
Special Sumerian 2024-08-15 | Source: Sumerian 1,697 views Alsumaria News - Local
Fears have been raised recently that so-called digital banks are being used for the purposes of money laundering and currency smuggling, especially since they are nothing more than electronic pages that do not have branches on the ground, thus opening a new door to corruption that directly harms the country's economic reality. Economic affairs specialist Ali Tamer said in an interview with Al-Sumaria that merchants and manipulators are lurking to exploit this (digital) card, as this card has adopted the secret numbers of its holders, but these numbers can be adopted by other people as they are a number and not a handprint, indicating that the bank’s oversight The Central Bank has established a mechanism for dealing with this card that can limit these manipulations and currency smuggling outside Iraq.
Also, the issue of conducting financial transactions through a phone application and digital cards, some believe that it may open a wider door to corruption, especially since this process is not subject to close monitoring, and this facilitates making deposits at home, withdrawals from abroad, and smuggling money. In an interview with Al-Sumaria, an economic affairs specialist, Duraid Al-Anazi, said that money could be smuggled under the pretext of importing goods, but these goods did not arrive and the money was smuggled. On the other hand, economists confirm that the idea of establishing digital banks that provide their services through electronic channels without the presence of real branches on the ground raises suspicion and fear that it will contribute to confusing the economic situation through incomprehensible operations that could be exploited to harm the country’s economy.
To view the report, see the main image above https://www.alsumaria.tv/news/alsumariaspecial/497144/المصارف-الرقمية-تخوفات-من-غسيل-اموال-وتهريب-عملة-لبنوك-ليس-لها-فروع-شا
1310...1160...1400 never worked. They just come out with number and give it to us and sometime you wake up and they take 1310 and sometime you can wake up and they tell you 1160 and sometime 1400...Don't tell me it worked because I know in my heart it's not 1310. It never worked for 21 years. It made the people poor. It made the economy bad. If it's going to stay like that the next couple of years it's going to make the economy worse. They're going to have to change it.
[Iraq former government/UN employee friend Imad from Basra update]
Question: "Have they come out with the new notes in Iraq?"
No. They working on it.
[Iraq former government/UN employee friend Imad from Basra update]
Question: "The Untied States, do they have anything to do with the Iraq currency?"
Of course, yes, they control it. They have some interest between the two countries.
