[via PDK] I ...heard they [rates on bank screens] are changing and fluctuating. I am hoping this means they are priming the system again. My banking contacts say they are seeing many different rates…rates are rolling all over the place…Hopefully they are checking the system and priming the system….
Member: Is Zim still supposed to be in the first basket?
MZ: That is what I believe and what I hear from my best contacts…
Member: According to Militiaman the HCL is finished.
Member: Who gives Iraq permission to go???
MZ: At this point I believe it’s a compilation of the IMF, World Bank and the UN …but it is very confusing. The president of Iraq says it's up to the CBI now….But , if it’s up to the CBI I am thinking they would already have released it.
Member: Mark- Do you believe the new lower denoinations have already been printed in Iraq?
MZ: Yes I do…We have seen the contracts years ago and the paid receipts from the government of Iraq with DeLaRue to print them…... Many contacts in Iraq have seen the cut sheets (samples of LD’s) in banks.
Talabani calls on Japan to encourage its companies to invest in Kurdistan
Pavel Jalal Talabani, President of the Patriotic Union of Kurdistan, called on Japan to encourage its companies to invest in the Kurdistan Region, stressing the provision of incentives and guarantees to ensure investors.
His media office said in a statement received by Al-Masry that “Talabani received in Sulaymaniyah today the Japanese Ambassador to Baghdad, Matsuo Moto, and the two sides discussed developing relations and expanding the circle of economic and trade coordination in a way that preserves the highest interests.”
Talabani pointed out during the meeting, according to the statement, to “the opportunities available in the Kurdistan Region, including Sulaymaniyah, for capitalists and investors,” indicating that “we provide all facilities to strengthen the economic structures in the Kurdistan Region,” expressing his hope that Japan would play “an influential role in encouraging its companies and businessmen to pump investments into the Kurdistan Region.”
According to the statement, "the two sides discussed developing cultural relations between the Kurdistan Region, including Sulaymaniyah, the capital of culture, with Japan." link
I just read an article not that long ago that said oil sales are now 89% of their budget which is good. Remember it was 96% of their budget...Iraq is going in the right direction but they still rely on oil sales way too much...
If Iraq starts stumbling and the prices drop low for oil per barrel then they start operating in the deficit...If it keeps dropping and gets too low then they're going to have no choice but to...devalue the Iraq dinar...
No body said they're doing it. I'm just saying we really got to pay attention to the price of oil per barrel because if it gets too low they don't need to tell us what's going to happen, you should already be aware that's what they're going to do...
Pimpy
I'm not saying they're going to devalue the currency right now.
What I am saying is if they stay below $70 [per barrel of oil] for the medium term, you can see them devalue the currency. I don't think it's going to happen anytime this year because the year is almost over.
I'd be a little nervous going into 2025.
PIMPY CC NOTES HIGHLIGHTS: "THE NECESSARY STEPS FOR IRAQ TO REINSTATE THE DINAR RATE AT $3.22" BY PIMPY, 16 SEPT
Summary
Pimpy discusses the necessary steps for Iraq to reinstate the $3.22 dinar rate, emphasizing economic reforms and stability.
Highlights
💼 Monetary Reforms: Iraq needs comprehensive monetary reforms to stabilize its economy.
💵 Currency Basket: Adopting a basket of currencies will reduce reliance on the US dollar.
🚜 Economic Diversification: Iraq should diversify beyond oil to strengthen its economy.
📈 Foreign Investment: Attracting foreign investment is crucial for economic recovery.
⚖️ Political Stability: A stable political environment fosters confidence in the dinar.
📊 Inflation Control: Monitoring and controlling inflation is essential for maintaining currency value.
🏦 Engagement with Institutions: Collaborating with international financial institutions can support necessary reforms.
Key Insights
💡 Monetary Reforms: Implementing monetary reforms, including deleting zeros from the currency, can help restore public confidence and stabilize the economy. This is a long-discussed yet crucial step for Iraq’s financial health.
🌐 Currency Basket: By adopting a currency basket system, Iraq can mitigate risks associated with dollar fluctuations, providing a more stable foundation for international trade and enhancing economic resilience.
📉 Economic Diversification: Reducing oil dependency is vital. Recent agreements with Turkey on agriculture infrastructure can potentially boost Iraq’s agricultural sector, indicating a step towards diversification.
📈 Foreign Investment: Iraq must create a favorable environment for foreign investors through regulatory reforms, which is essential for economic growth and stability.
🔒 Political Stability: Ensuring political stability is key to building trust among citizens and investors alike, which will lead to increased usage of the dinar over foreign currencies.
📉 Inflation Control: The Central Bank’s role in controlling inflation through effective monetary policy is vital for maintaining the dinar’s value, currently facing a 5% inflation rate.
🤝 International Engagement: Collaborating with organizations like the IMF can provide Iraq with guidance and financial support to implement necessary reforms, aiding in achieving its monetary goals.
PM Al-Sudani Meets with Apple Inc. Delegation in Iraq 2024
On September 17, 2024, Iraqi Prime Minister Mohammed Shia al-Sudani convened with a high-level delegation from Apple Inc. This significant meeting aimed at exploring cooperation prospects and discussing Iraq's ongoing digital transformation. Al-Sudani emphasized Iraq's commitment to embracing the digital economy and becoming an attractive environment for international companies.
Iraq is undergoing a pivotal digital shift, as highlighted by the Prime Minister. The High Committee for Digital Transformation, chaired by Al-Sudani, is spearheading this initiative to modernize the country's infrastructure and services. The meeting with Apple Inc. is a testament to Iraq's efforts to forge partnerships with global tech giants.
Enhancing Youth Skills
Recognizing the need for a skilled workforce, Al-Sudani underscored the importance of developing digital and technological capabilities among Iraq's youth. This strategy aims to create job opportunities and support government programs aimed at achieving a fully integrated digital system for public services.
Apple's Initiatives
The Apple delegation proposed several initiatives to support Iraq's technological growth. These include collaboration with universities and training programs for young developers. The delegation also suggested a mobile phone registration system to ensure competitive pricing for devices entering the country, an initiative that aligns with Iraq's digital transformation goals.
Mobile Phone Registration System
A key proposal from Apple was the implementation of a mobile phone registration system. This system would help regulate the market and ensure that devices entering Iraq are offered at competitive prices. By doing so, it would foster a more stable and competitive environment for both consumers and businesses.
Visualizing Iraq's Digital Shift
To gain a clearer understanding of Iraq's digital transformation efforts, let's visualize the potential impact of the mobile phone registration system proposed by Apple Inc.
Area Chart: Potential Impact of Mobile Phone Registration System
This area chart demonstrates the projected effects of the mobile phone registration system on the Iraqi market, illustrating trends in device prices, market stability, and competitive dynamics.
Visualizing Iraq's Digital Landscape To better understand the scope of Iraq's digital transformation and the potential impact of Apple's initiatives, let's examine a timeline of key events related to Iraq's digital development and the country's relationship with major tech companies. 31/12/2021 Iraq establishes the Higher Committee for Digital Transformation
31/5/2023 Iraq's digital transformation gains momentum
15/9/2024 Iraq hosts a delegation from Apple Inc.
15/9/2024 Iraq and Apple discuss digital initiatives
30/11/2024
Implementation of digital initiatives begins
Conclusion The meeting between Prime Minister al-Sudani and the Apple delegation signifies a pivotal moment in Iraq's digital transformation journey. With a focus on enhancing the capabilities of the youth and expanding employment opportunities through digital means, the collaboration between Iraq and Apple holds significant potential for the country's technological and economic development. 1
PM Muhammed S. Al-Sudani met on Monday a delegation from Apple Inc., accompanied by the Head of the Communications and Media Commission, Ali Al-Muayyad.
During the meeting, discussions were held around shared topics of interest as the PM highlighted the ongoing digital transformation in Iraq and the work of the Higher Committee for Digital Transformation, which he heads, alongside other committees working in this field, according to a statement by the PM Media Office - received by the Iraqi News Agency - INA.
He also mentioned Iraq’s evolving status as a 'successful investment environment', with many major companies operating in the country, which requires a rapid digital shift.
The Prime Minister emphasized the importance of enhancing the digital and technological capacities of Iraq's youth, which would expand employment opportunities and support the government’s objectives of completing all transactions through a fully integrated digital environment. The Apple Inc. delegation proposed initiatives to help develop the skills of young people, focusing on technology developers in collaboration with universities.
They also suggested working on registering devices that enter Iraq to "ensure competitive pricing," acknowledging the significance of Apple’s products in supporting digital transformations in the economy and financial sectors
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