FIREFLY: They tell us no matter what the dinar is stable and it is strong.
FRANK: A program rate is not stable or strong...It's completely worthless. It's not strong. It's not stable. What are they telling the citizens?
FIREFLY: New changes once they are implemented and take hold it will be a backbone of security for our economy and our banking system.
FRANK: That's why Alaq is in New York right now. Security and stability being established for the monetary reform...What are they trying to tell you? That you have a new exchange rate...lower notes coming to you. None of this is going to work at a program rate. It can only work with the new exchange rate to add purchasing power...
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PROJECT DELETE ZEROS: " THE CITIZENS WON'T EVEN FEEL IT WHEN THEY SWITCH OVER TO THE NEW EXCHANGE RATE" BY FIREFLY, 29 AUGUST
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Mr. Sammy [Iraqi bank manager friend] said the CBI wants the entire deletion of the 3 zero project to go smooth and have very little impact on the citizens...That's why the whole thing is going digital. This way the CBI can switch out currencies so easily...
FRANK: Brilliant Sudani! Brilliant Alaq! Brilliant Dr. Shabibi wherever you may be, Rest In Peace.
FIREFLY: It's going to be automated and the citizens won't even feel it when they switch over to the new exchange rate.
'They won't even feel it' is the words from Saleh. Saleh also say the solution coming will lower the dollar exchange rate.
Economic: Al-Furat News} Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani received on Wednesday the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Ghais.
A statement from the ministry, a copy of which was received by {Euphrates News}, said that “during the meeting, they discussed strengthening and expanding the horizons of bilateral cooperation between the ministry and the Organization of the Petroleum Exporting Countries (OPEC), in addition to cooperation and coordination with allied producing countries from outside the organization, in order to stabilize global markets.”
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) had arrived in Baghdad on an official visit during which he was meeting a number of officials in the ministry and the government.
...the QFs system, at least for the redemption centers are connected, - that’s really good - and now we just need our emails to come into us and we can set appointments to start...
the latest thing I have is that we would receive that by or before Friday. the 30th...if we don't get notified by and start exchanges on Friday,
then it would go over the weekend...Anything is possible...it could actually get into September with the concept of the weekend being a Labor Day weekend...
As this afternoon Redemption Center screens were showing 15 different currencies with solid new live rates. There will be new currency rates on 19 different currencies including the USN. It was suspected that all 19 would be solid on the screens tomorrow Wed. 28 Aug. 2024.
The screen rates at the Redemption Centers are going to be three times higher on the Dinar and twice as high on the Dong than at a bank.
The new Rates are going to be between $4 and $7.
The contract rate on the Dinar will be offered.
Emails are going out to Redemption Center operatives at around 4:30 tomorrow afternoon Wed. 28 Aug.
Bond Holders are expecting their emails Sunday night, with access Mon. or Tues.
Tier4b notification and exchangesshould start over the weekend, or byMon. or Tues.
We will receive notification in conjunction with the EBS.
The EBS will be a cover for Tier4b to do our exchanges.
The Admiral’s Group will start Sat, Sun and Mon.
Everything will be well underway by Wed. 28 Aug.
All debt forgiveness should be done by Sat. 31 Aug.
Iraq and the World Bank Discuss Supporting Economic and Financial Reform in 2024
In August 2024, Iraq and the World Bank engaged in discussions to support economic and financial reforms. These talks are pivotal in helping Iraq regain the trust of its citizens by stabilizing the economy, improving governance, and rebuilding livelihoods. The World Bank is known for mobilizing financial and technical assistance to aid countries in their development efforts, and Iraq is no exception.
Strengthening Economic Foundations
Iraq, one of the world's most oil-dependent countries, has seen its economy exposed to significant macroeconomic volatility due to its reliance on oil revenues. In 2024, the country's leaders are keen on diversifying the economy to reduce this dependence and create a more stable financial landscape.
To achieve this, the World Bank is working closely with Iraq to implement reforms aimed at improving the country's fiscal health. This includes addressing budget rigidities that restrict fiscal space and limit the government's ability to respond countercyclically to economic challenges.
Addressing Unemployment and Economic Recovery
Unemployment has been a pressing issue in Iraq, with rates significantly higher than pre-COVID-19 levels.
The pandemic exacerbated economic challenges, leading to job losses and increased unemployment, particularly among the displaced, returnees, women jobseekers, and those in the informal sector. The World Bank's support is crucial in helping Iraq navigate these challenges and foster a recovery that is inclusive and sustainable.
Enhancing Non-Oil Sectors
The non-oil economy has shown signs of growth, with sectors such as services experiencing solid performance as COVID-19 containment measures were eased. This is a positive development, as it indicates a shift towards diversification and a reduction in dependency on oil revenues. The World Bank is supporting Iraq in this transition by focusing on reforms that can stimulate growth in non-oil sectors and create new opportunities for employment and economic stability.
Fiscal Balance and Revenue Mobilization
Government revenues in Iraq surged in 2021, driven by higher oil prices and measures to mobilize non-oil domestic revenues. These gains helped turn the overall fiscal balance to a surplus, which is a significant achievement considering the country's history of fiscal deficits. The World Bank's role in these successes cannot be overstated, as it has provided guidance and support in revenue mobilization strategies that have proven effective.
Looking to the Future
As of August 2024, Iraq and the World Bank are focused on continued collaboration to implement economic and financial reforms. These efforts are critical for Iraq's long-term stability and prosperity. By addressing unemployment, enhancing non-oil sectors, and improving fiscal health, Iraq can build a more resilient economy that benefits all its citizens.
Finance Minister Taif Sami discussed with the World Bank on Thursday support for the economic and financial reform program.
The ministry said, in a statement received by “Economy News”, that “Sami, received the regional director for the Middle East at the World Bank, Jean-Christophe Carret and the bank’s special representative in Iraq, Richard Abdul Nour.”
During the meeting, “the World Bank’s loans and grants were followed up on the priorities of development projects and ways to support the World Bank to strengthen the financial and business sectors and improve the investment environment, as it was emphasized the continuation of bilateral coordination to promote sustainable development, in addition to discussing the Bank’s support for the government program with regard to economic reform in Iraq.”
Sami pointed to “the government interest aimed at strengthening partnership with international financial institutions, within the framework of accelerating the pace of financial and banking reforms in line with the vision of the Iraqi government aimed at consolidating the pillars of the national economy, creating economic balance and correcting the course of fiscal policy in Iraq.”