Institute the reforms the “Pillars of Financial Reform” – Banking, Insurance, Stock Market;
Get rid of the parallel market and demand for the dollar through the black market;
Realize the Central Bank “official” rate of the dinar and overcome the dollar crisis.;
Be able to raise the “official” rate of the dinar against to dollar to a sustainable, realistic rate that reflects the true economy of Iraq (just over a dollar in-country)
;
Conduct the Project to Delete the Zeros: decrease the monetary mass by collecting these large three zero notes,stashes/hoards of dinars and dollars.
Swap out the currency; Watch/monitor for inflationary pressures on the process;
Reinstate the IQD back to the global currency exchanges ie. FOREX. Not just a placeholder on FOREX pointing to ISX but the ability of tradable buy and sell options.
Prime Minister invites Secretary-General of Digital Cooperation Organization to visit Iraq
9/22/2024 Baghdad - WAA
Prime Minister Mohammed Shia Al-Sudani extended an invitation to the Secretary-General of the Digital Cooperation Organization, Dima Al-Yahya, to visit Iraq.
The Prime Minister's Media Office stated in a statement received by the Iraqi News Agency (INA), that "Prime Minister Mohammed Shia Al-Sudani received yesterday evening, Sunday, Baghdad time, the Secretary-General of the Digital Cooperation Organization, Dima Al-Yahya, on the sidelines of his participation in New York in the 79th session of the United Nations General Assembly."
At the beginning of the meeting, the Prime Minister expressed his "thanks for Dima Al-Yahya's serious efforts and interest in Iraq's accession to the organization, which represents a personal interest for him, with what the organization can provide in terms of expertise, skills, training, and codification of laws and rules for all digital businesses, most notably digital trade and how to activate and benefit from it."
The Prime Minister stated that "a higher committee for digital transformation in Iraq has been formed, headed by the Prime Minister, and the committee will develop a comprehensive strategy for digital businesses and artificial intelligence, in line with Iraq's ambitions and international requirements in the field of digital transformation, extending an official invitation to Al-Yahya to visit Iraq."
For her part, Al-Yahya welcomed "Iraq's approval to join the Digital Cooperation Organization, as there are multiple action plans and programs that will soon see the light in Iraq after it signs the organization's charter, and she stressed that Iraq will be one of the countries that benefit from the transfer of skills and training." LINK
FIREFLY:Mr Sammy says they are way ahead of what they are telling us but they can't tell you everything. It's all for safety of our country...markets... speculators...
FRANK: There are many things happening right now that are extremely good for our investment. It may seem like it's so far away but it's actually right in front of us. It's not a mirage and you are already touching it.
FIREFLY: The crooks are also talking on TV. Every time a commercial comes out...They're saying changing the rate will be a disaster.
FRANK: The crooks are Iran/parliament...The only reason they're saying this is because they know very well the rate is about to change. It's no secret. Sudani is preparing the whole Middle East and all his people for the change this year.
International Acclaim for the Central Bank of Iraq: A Model for Strategic Development in Banking
The Central Bank of Iraq (CBI) has received international praise for its efforts in developing strategies that serve the growth and development of the banking sector. In a significant collaborative move, the International Finance Corporation (IFC), a member of the World Bank Group, and the CBI signed an agreement to enhance sustainable financing in Iraq. This partnership aims to develop environmental and social risk management guidelines for the banking sector and launch a seven-year Sustainable Finance Roadmap and Environmental, Social, and Governance (ESG) Code.
Strategic Partnership for Sustainable Finance
The Sustainable Finance Roadmap, which spans 2023 to 2029, outlines the CBI's strategic plan to improve the performance of Iraqi banks in environmental and social risk management, encourage the availability of sustainable banking products, and enhance the competitiveness of the banking sector. The ESG Code sets standards for Iraqi banks to incorporate into their business strategies and investment decisions, addressing ESG risks across the sector.
Model for Global Banking Strategies
The CBI is recognized as a model for developing strategies to support the banking sector's development. Fawaz Al-Balbisi, the Regional Director for Saudi Arabia, Lebanon, and Iraq at the IFC, highlighted Iraq's comprehensive approach to governance and environmental and social accountability, positioning the CBI as a leader in the strategic enhancement of the banking sector.
Facilitating Private Sector Growth
The CBI has also launched a National Strategy for lending to the private sector, aiming to promote growth by facilitating access to bank credit for small, medium, and large enterprises. The strategy addresses the gap between the private sector's demand for financing and the supply from financial institutions, targeting the real economy with increased financial support and facilities.
Challenges and Opportunities
Despite these strides, Iraq faces challenges in enhancing export capacity, diversifying the economy, and modernizing its financial and banking sectors. Corruption and the lack of basic services remain widespread in the country.
International Praise for the Central Bank of Iraq: A Model for Developing Strategies that Serve the Development of the Banking Sector
9/23/2024 Baghdad
The Regional Director for the Kingdom of Saudi Arabia, Lebanon and Iraq at the International Finance Corporation (IFC), Fawaz Al-Balbeisi, confirmed today, Monday, that Iraq is one of the first countries to adopt a comprehensive approach to governance and environmental and social accountability, noting that the Central Bank of Iraq is a model for developing strategies that serve the development of the banking sector.
Al-Balbeisi said in a speech during the launch ceremony of the Financial Sustainability Map Project and the Environmental, Social and Corporate Governance Guide for Banks, that “Iraq has provided humanity with justice and law, and it is not surprising that it is one of the first countries to adopt a comprehensive approach to environmental and social governance and accountability,” indicating that “this new achievement comes as a result of the strategic partnership between the International Finance Corporation and the Central Bank of Iraq in cooperation with the Kingdom of the Netherlands and our joint efforts to develop an advanced Iraqi banking sector that contributes to Iraq’s sustainable future.”
He added that “the achievements that we celebrate today are a very important step for the Iraqi banking sector towards establishing sound practices of environmental, social and corporate governance standards that are consistent with international standards and rules, where they are not just a reference framework for celebration, but rather a systematic approach achieved by the banking sector,” noting that “environmental and governance standards have changed the environment and governance of the institution, and are a standard for professional excellence and have become a basic requirement for managing and reducing risks and thus financial sustainability and business prosperity.”
He continued: "Today, this event gains great importance in light of Iraq's confrontation with the challenges led by climate change, which requires approximately $233 billion until 2040 to respond to the development gaps necessary to move towards sustainable economic paths."
He continued, "Environmental, social and corporate governance responsibility is not only a statement of transparency, accountability and fairness, but also essential components of responsible investment strategies committed to sustainable practices and ethical standards in all financing and investment decisions. The Iraqi banking sector represents the provision of the necessary financing to meet its nationally defined goals in Iraq, and all of this highlights the importance of the role of the Central Bank, led by Ali Al-Alaq, in achieving this goal."
He pointed out that "with the development of the banking, financial and operational sector's capabilities over the past years, this achievement is complementary to other initiatives led by the Central Bank, the latest of which was the launch of the national strategy last May."
He pointed out that "the Central Bank is a model in developing strategies that serve the development of the banking sector in a way that reflects positively on the external view of the banking system and makes it a tributary that enhances sustainable development in Iraq," expressing his "thanks to the government of the Kingdom of the Netherlands for their support in reaching this achievement and to the Central Bank team and the International Finance Corporation whose tireless work enabled us to reach this achievement." LINK
