FRANK26: "FROM THE ISX TO CONTRACTS THE WORLD INVESTS IN IRAQ!!!".........F26
Iraq Investment Map 2024
22nd August 2024
By John Lee.
Iraq's National Investment Commission (NIC) has just published its Iraq Investment Map 2024. The 283-page report includes details of investment opportunities, in addition to sectoral and regional data.
'Theft of The Century' is not going away...It's just so much money that's been stolen.
The non-oil sector is going to be equal to or superior to Iraq's oil income. It's just the way it is. They have so much wealth in this country and there's going to be so much demand for the dinar..It's going to be a massive change to this country. The Development Road Project is massive... [it's] fully underway...It's evidence they're taking
Iraq international. It's not stopping.
Why was there an unannounced meeting with Alaq in Washington?
You gotta think about that. He showed up unannounced...It appears to be is he needed to have things done and he didn't do it.
Political | 01:11 - 08/21/2024 Mawazine News – Baghdad Today, Wednesday, a member of the House of Representatives, Representative Sarwa Abdel Wahed,
called for the formation of a parliamentary committee whose results will be presented to the House of Representatives regarding the difference in the budget schedules, which amounts to 8 trillion dinars.
Abdel Wahed said in a statement received by Mawazine News,
“After talking about the difference in the budget schedules, which amounts to 8 trillion, it became necessary for the Presidency of the Council to respond to the letter from the Council of Ministers that was sent on the first of last July, and as a result, the Chairman of the Finance Committee instructed Forming a committee to find out the facts.” Abdel Wahed explained,
“It seems like there is a delusion in the matter, so we demand the formation of a parliamentary committee whose results will be presented to the House of Representatives to find out the facts.
If theCabinet’s letter is accurate and there is tampering with the schedules, then this is a disaster that must not be tolerated, and that
Article:“Iraq Now Moving Backwards in Battle to Strengthen the IQD” Iraq is having problems with the US dollar. Too many people still want to use the US dollar instead of the Iraqi dinar...This problem will not go away…it will not disappear until the value of the dinar is closer to the dollar or more than the dollar. It will completely go away the moment the dinar is worth more than the US dollar.
I am told this is part of the push coming out of the CBI right now because they know its causing issues for them if they do not go ahead and increase that value. I am told this is part of why in Iraq this weekend is in the crosshairs.
Will they do it? Will they raise the value?
I don’t know but that is certainly the chatter right now. This is from my finance ministry connection and a couple contractors over there...Let’s hope the rumors for this weekend coming out of Iraq are correct.
Iraq's Parliamentary Finance Committee Affirms No Plans for New Currency Printing
On August 22, 2024, the Parliamentary Finance Committee in Iraq confirmed that there are no intentions to print a new paper currency. Committee member Moeen Al-Kazemi stated, "There is no intention to print new paper currency at the Central Bank," emphasizing that the Ministry of Finance had already begun funding ministries and governorates with salaries two days prior.
Cash Requirements for Salaries
Al-Kazemi further explained that the cash requirement for monthly payments of employee salaries is estimated to cover approximately four million employees, four million beneficiaries of the Retirement Authority, and two million social care recipients, totaling around 7 trillion and 500 billion dinars.
He confirmed that the current export of approximately 3 million and 400 thousand barrels of oil at a price exceeding $75 per barrel ensures the provision of necessary liquidity.
Delivery and Distribution of Cash
The provision of liquidity is handled by the Central Bank, which delivers the required funds to the Ministry of Finance. The Ministry, in turn, distributes these funds to the relevant ministries and governorates. Al-Kazemi assured that there is no acute problem concerning cash liquidity.
Stability in Currency Circulation
The confirmation from the Parliamentary Finance Committee highlights the stability in the circulation of the Iraqi dinar, which has been the official currency of Iraq since it replaced the Indian rupee in 1932.
Despite facing challenges post-1990 due to UN sanctions, the dinar has maintained its role in the Iraqi economy.
No Plans for Currency Overhaul
The statement from the Parliamentary Finance Committee indicates that there are no plans for a significant overhaul of the currency system, such as the introduction of new banknotes.
This contrasts with recent urban legends and misinformation circulating on social media about the Central Bank of Iraq planning to print new banknotes featuring famous Iraqi-born architect Zaha Hadid.
The Central Bank has clearly denied these rumors, confirming that no such banknotes have been produced.
Conclusion
The confirmation from the Parliamentary Finance Committee provides clarity regarding the current state of Iraq's currency policy.
It reassures that the Central Bank and the Ministry of Finance are managing the monetary requirements effectively, without the need for the introduction of a new paper currency.
