DINAR REVALUATION REPORT: Al-Mandlawi's Discussion on Bilateral Relations and Investment Opportunities with the UAE Ambassador, 6 SEPT

 Al-Mandlawi's Discussion on Bilateral Relations and Investment Opportunities with the UAE Ambassador

On September 5, 2024, Acting Speaker of Parliament Mohsen Al-Mandlawi engaged in a significant meeting with the new United Arab Emirates (UAE) Ambassador to Iraq, Abdullah Matar Al-Mazrouei. 1 The discussion centered around bilateral relations between Iraq and the UAE, with a particular focus on economic and investment opportunities. 1

Overview of the Meeting

During the meeting, Al-Mandlawi and Al-Mazrouei explored ways to strengthen the ties between Iraq and the UAE, emphasizing the importance of cooperation in economic and investment sectors. Both parties expressed interest in advancing these areas for mutual benefit. 1

Bilateral Relations

Al-Mandlawi congratulated Al-Mazrouei on his new role and expressed confidence in the depth of relations between the two countries. 1 The importance of strengthening these ties through the signing of bilateral agreements was also highlighted. 1

Economic and Investment Prospects

The meeting underscored the potential for increased economic and investment collaboration between Iraq and the UAE.  1 Both sides agreed that expanding these areas could significantly contribute to the growth and development of both countries. 1

Implications for Future Cooperation

The discussion between Al-Mandlawi and Al-Mazrouei sets the stage for enhanced economic and investment cooperation between Iraq and the UAE. This could lead to the signing of new bilateral agreements and the exploration of joint ventures in various sectors. 1

Conclusion

The meeting between Al-Mandlawi and the new UAE Ambassador to Iraq reflects a positive outlook for bilateral relations and economic collaboration. 1 As of September 5, 2024, the focus on economic and investment opportunities signals a strategic direction for future engagement between the two countries. 1

Al-Mandlawi discusses bilateral relations, economic and investment opportunities with the UAE ambassador, 6 SEPT

  Al-Mandlawi discusses bilateral relations, economic and investment opportunities with the UAE ambassador

Acting Speaker of the Council of Representatives, Mohsen Al-Mandalawi, received today, Wednesday, in his private office, the new Ambassador of the United Arab Emirates to Iraq, Abdullah Matar Al-Mazrouei, and his accompanying delegation.

During the meeting, the future of bilateral relations between the two brotherly countries were discussed, and the promising opportunities to advance them in all fields, especially at the economic and investment levels, in a way that achieves the common interests of Iraq and the Emirates, and reflects on the growth and development of the two countries and the well-being of the two dear peoples.

The Acting Speaker of the Council of Representatives congratulated Abdullah Al-Mazrouei, wishing him success in his diplomatic missions on the land of Iraq, while stressing the depth of relations that bind the two brotherly governments and peoples, and the importance of strengthening them by signing bilateral agreements in aspects that concern the two countries.  link

DINAR REVALUATION NEWS HIGHLIGHTS,6 SEPT

 Summary

Recent Dinar Guru updates discuss the CBI’s NYC visit to address DFI funds, banking reforms, and positive economic signals for Iraq.

Highlights

• 💬 FNu lu mentions CBI’s NYC trip aimed at discussing DFI funds with the Federal Reserve Bank.
• 🏦 CLARE reports a boost in confidence for the Iraqi banking system after CBI’s meetings with US Treasury.
• 📅 Mark Z predicts potential developments in the next two days regarding currency exchange.
• 🏗️ Militia Man highlights a phenomenal road development project indicating US presence in Iraq.
• 🇨🇭 Switzerland reopens its embassy in Iraq after 33 years, signaling strengthened relations.
• 💰 Mark Z receives reports of payments starting to roll out but seeks confirmation.
• ⚖️ Economic reforms are in progress, with the CBI focusing on direct banking relations.

Key Insights

• 🔍 The CBI’s NYC discussions are pivotal for Iraq’s economic reforms, especially regarding the release of DFI funds. This could enhance Iraq’s financial stability and credibility.
• 📈 Increased confidence in the Iraqi banking system may lead to improved investment opportunities and economic growth, reducing reliance on foreign banks.
• ⏳ Mark Z’s prediction of imminent developments suggests a critical period for currency exchange, underlining the importance of staying informed and patient.
• 🚧 The US’s ongoing involvement in Iraq, as indicated by the road development project, emphasizes the strategic importance of the region and may foster economic support.
• 🌍 The reopening of the Swiss Embassy highlights a rekindling of international relations, which may attract further investment and collaboration in Iraq.
• 🚦 Reports of payments rolling out signal potential positive shifts in the economy, but verification is necessary to establish trust in these developments.
• 🔗 The focus on direct banking relationships signifies a move towards a more self-reliant Iraqi banking sector, reducing vulnerability to external pressures.

Iraq's Banking Revolution: A New Era Begins!

THE IRAQI DINAR'S CURRENT STATUS BY PIMPY, 5 SEPT

THE IRAQI DINAR'S CURRENT STATUS BY PIMPY

Summary

Pimpy discusses the Iraqi Dinar’s current status, political insights, and the Central Bank of Iraq’s recent financial mechanisms.

Highlights

• 🗳️ Voter registration shows a Republican gain of 250,000 while Democrats lost 19,000.
• 📈 95% of the transfer process from the electronic platform is complete, indicating progress in banking.
• 💱 Iraq’s trade with UAE, Turkey, India, and China makes up 70% of foreign trade.
• 🔄 Central Bank emphasizes legitimacy in external transfers and anti-money laundering practices.
• 📉 Inflation in Iraq rose to 3.7% in July, slightly down from 4.4% in 2022.
• 🔍 The Central Bank’s mechanisms aim to stabilize the Iraqi Dinar’s value.
• 🏦 Iraq is transitioning to more direct banking relations with approved foreign banks.

Key Insights

• 🗳️ Political Trends: The significant shift in voter registration could indicate a growing Republican base, which may influence future elections. This trend underscores the political dynamics at play leading up to 2024.
• 📈 Banking Progress: The completion of 95% of the electronic transfer process signifies a strong move towards modernizing Iraq’s banking system, enhancing efficiency and accountability in financial transactions.
• 💱 Trade Relations: With 70% of foreign trade focused on key partners, Iraq is strategically positioning itself in the global market, which may enhance economic stability and growth prospects.
• 🔄 Legitimacy in Transfers: The Central Bank’s commitment to sound transfer practices reflects an effort to establish credibility in international finance, which is crucial for attracting foreign investment.
• 📉  Inflation Control: Iraq’s ability to maintain a relatively low inflation rate demonstrates effective economic management compared to neighboring countries, potentially fostering consumer confidence.
• 🔍 Exchange Rate Stability: The focus on stabilizing the Dinar through established mechanisms aims to mitigate speculation and ensure a fair valuation, which is vital for economic health.
• 🏦 International Banking Relations: Strengthening direct relationships with foreign banks enhances Iraq’s financial framework, paving the way for increased investment and trade opportunities.

DINAR REVALUATION REPORT: Enhancing Iraq's Banking System: A Path to Clear and Accurate Payment Operations, 5 SEPT

Enhancing Iraq's Banking System: A Path to Clear and Accurate Payment Operations

The recent talks between the Central Bank of Iraq and the United States of America have paved the way for a significant improvement in Iraq's banking system. The introduction of correspondent banking entities across the world is expected to accelerate payment and settlement operations between Iraqi banks and international banks. This development will not only enhance the efficiency of trade financing but also provide a clear and accurate path for the implementation of international banking standards.

A New Era for Iraqi Banking

The correspondent banking entities will play a crucial role in facilitating the exchange of different reserve currencies, including the euro, pound sterling, Chinese yuan, UAE dirham, and Indian rupee, in addition to the US dollar. This diversification of currencies will reduce the country's dependence on a single currency and provide a more stable and flexible financial system.

The Importance of Coordination with the US

The coordination with the monetary authorities in the United States is essential, as the US dollar is the primary source of Iraq's basic reserves. The oil receipts deposited in the oil dollar currency at the Federal Reserve Bank will serve as a foundation for the country's financial system. This partnership will enable Iraq to rebuild its domestic banking market on solid reform foundations, consistent with international banking standards.

Benefits of the Renewed Understanding

The renewed understanding between Iraq and the US will provide the monetary authority in Iraq with a clear and flexible path to:

• Rebuild the domestic banking market on solid reform foundations
• Enhance the safety of moving money through the global financial and banking systems
• Build foreign banking relations consistent with international banking standards
• Accelerate payment and settlement operations between Iraqi banks and international banks

A Bright Future for Iraq's Banking System

The introduction of correspondent banking entities and the coordination with the US monetary authorities mark a significant step towards a more efficient and stable banking system in Iraq. This development will have a positive impact on the country's economy, enabling it to participate more effectively in international trade and finance. As the banking system continues to evolve, Iraq can look forward to a brighter future, with a more robust and resilient financial system.

Al-Sudani's advisor reveals the results of the discussions between the Central Bank of Iraq and the US Federal Reserve, 5 SEPT

  Al-Sudani's advisor reveals the results of the discussions between the Central Bank of Iraq and the US Federal Reserve

The Prime Minister's Advisor for Financial Affairs, Dr. Mazhar Mohammed Salih, confirmed today, Wednesday, that the renewed understanding with the US Federal Reserve will allow the Monetary Authority to restore an internal banking market, while he indicated that the results of the discussions between the Central Bank and the Federal Reserve are good and consistent with the rules of work, and he pointed out that they will allow for the implementation of a precise path between Iraqi and international banks. 

Saleh told the official agency, which was followed by "Al-Eqtisad News": "We note from the statement of the Central Bank of Iraq that there is optimism about the results of the discussions of its delegation with the Federal Reserve in the United States of America in particular and consultation with the parties of the main banking system in the United States, specifically (the large international banks concerned with international banking operations that cross the markets), and that an advanced model of understandings has been achieved at this stage."

He added, "This came to document the path of steps and banking mechanisms adopted in foreign transfers, especially those related to financing foreign trade for the benefit of the Iraqi market and ensuring a degree of fluidity and high flexibility within the scope of foreign transfer operations and through the effective role that will be played by global correspondent banking entities that enjoy high standards in terms of the strength of compliance, disclosure and governance."

He added, "Such correspondent banking entities across the world will undoubtedly be similar to the 13 private commercial banks referred to in the statement of talks issued by the Central Bank of Iraq, which dealt with the results of the talks between the monetary authorities of Iraq and the United States of America." 

He stressed that "this will allow for the implementation of a clear and accurate path in accelerating payment and settlement operations between Iraqi banks and correspondent international banks, as well as the final beneficiary in the trade financing cycle in international trade and exchange areas that Iraq deals with by paying in different reserve currencies," noting that "in addition to the dollar as a payment and settlement currency, other international currencies such as the euro, the pound sterling, and the Chinese yuan will take over the task, down to important stable currencies such as the UAE dirham and the Indian rupee, and that the basis of this coordination with the monetary authorities in the United States comes from the fact that the source of the country's basic reserves before going to diversify with other international currencies is the US dollar itself, which is verified from the oil receipts deposited in the oil dollar currency at the Federal Reserve Bank."

He explained that, "Based on the above, such a renewed understanding according to the roadmap will provide the monetary authority in our country with a clear and highly flexible path to rebuild the domestic banking market on solid reform foundations that are consistent with the standard operating rules adopted in international banking, especially in the matter of building foreign banking relations and the safety of moving money through the global financial and banking systems."  link