FRANK26….9-24-24…..GOLD PROMO & IQD UPDATE

MILITIAMAN CC NOTES HIGHLIGHTS, 24 SEPT

 MILITIAMAN CC NOTES HIGHLIGHTS

Summary of "Iraqi Dinar News-IRAQ-INTERNATIONALISM NY-2023 to 2029 Road Map - Social- Financial Sustainability"

In this video, the host discusses recent developments surrounding Iraq’s banking sector and its roadmap for financial sustainability from 2023 to 2029. The Central Bank of Iraq has unveiled a strategic plan aimed at enhancing the banking system through adherence to international best practices and improved social and environmental governance standards.

Key Highlights:

• Financial Sustainability Roadmap: The Central Bank, led by Governor Ali Al-Alock, launched a project focused on institutional and social standards vital for the banking sector's development, showcasing Iraq as a pioneer in the region.
• International Collaboration: The Central Bank expressed appreciation for the involvement of international experts, particularly from the International Finance Corporation (IFC), highlighting strong partnerships with institutions such as the World Bank.
• Digital Transformation Initiatives: The Prime Minister, Muhammad Shia Al Sudani, invited the Secretary General of the Organization for Digital Cooperation to foster digital trade in Iraq, signaling significant plans for economic modernization and digital business integration.
• US Financial Relations: The video also mentions a meeting between Iraqi Prime Minister Al-Sudani and the U.S. Deputy Secretary of Treasury, where progress in banking sector reforms and increased international financial connectivity were acknowledged, alongside a notable growth of 6% in Iraq’s non-oil economy.
• Discussion on Currency Reform: The ongoing review of the proposal to remove zeros from the Iraqi Dinar is reiterated, emphasizing that strengthening the currency's value is critical in the face of global economic challenges.
• Abundant Foreign Reserves: The Central Bank boasts substantial foreign reserves capable of covering three months of imports, enhancing financial stability amid efforts to bolster the currency's confidence.
• Future Projections: Overall, there's an optimistic outlook for 2024 as a pivotal year for achievements in Iraq's economy, driven by strategic projects in governance, environmental accountability, and socio-economic development.

The video underscores the essential importance of collaboration, technological advancement, and sustained economic reforms for Iraq's future financial health, while encouraging viewers to follow these developments through engaging with the channel's community.

CBI ANNOUNCED ITS PLAN TO REVALUATE THE IRAQI DINAR SOON

 

https://youtube.com/shorts/Tv1GUPyb1dI?si=b3rYrhwlw8sjGTb_

@DINAR REVALUATION YOUTUBE CHANNEL

What more do you want to hear except maybe that it is done :) BY MNT GOAT

 IRAQ PLANS CURRENCY REDENOMINATION AMID ECONOMIC CHALLENGES

The Central Bank of Iraq (CBI) has announced that discussions regarding the project to remove zeros from the Iraqi dinar are ongoing, with assessments continuing. The bank also noted a reduction in reliance on the US dollar for trade transactions. Ali Mohsen al-Alaq, Governor of Iraq’s Central Bank, stated that the bank is facing global economic challenges, such as rising energy and raw material prices.

To address these issues, it has amended some monetary policies in line with the international situation, aiming to increase confidence in the Iraqi dinar and prevent a significant decline in its value.

The central bank has also increased its holdings of foreign currency and gold reserves to enhance the country’s financial stability and its ability to cope with economic crises in any situation, he added.

Many countries remove zeros from their currencies to revalue the national currency and facilitate financial transactions. This process involves eliminating a certain number of zeros from the nominal value of the currency, making it less inflationary and more stable.

Earlier this year, the Iraqi federal government decided to postpone a plan to remove three zeros from the nominal value of its currency notes, citing that the current economic climate was not suitable.

Last year, the central bank indicated plans to redenominate the Iraqi dinar to simplify financial transactions in an economy that remains heavily centralized and oil-dominated, where deals are often conducted in cash.

 (What more do you want to hear except maybe that it is done…. 😊)

EXCERPTS : "NOW THE CBI HAS DECIDED TO DO IT THIS FALL" BY MNT GOAT, 24 SEPT

 Let’s start with an interesting article titled “IRAQ PLANS CURRENCY REDENOMINATION AMID ECONOMIC CHALLENGES“. My goal today is to show you that this is just not another article about the Project to Delete the Zeros but much, much more. I also want to show you that I believe this project is going to move forward this fall, and I am told not until after the US election. 

 .....It is September and if you recall my CBI contact told us the committee was planning to begin the roll out of the currency swap out in November. Then the article went on to say and I quote – “To address these issues, it has amended some monetary policies in line with the international situation, aiming to increase confidence in the Iraqi dinar and prevent a significant decline in its value.” Is this not one of the main reasons for the Project to Delete the Zeros? 

Okay, so here are the real goodies in this article. I quote again – “Earlier this year, the Iraqi federal government decided to postpone a plan to remove three zeros from the nominal value of its currency notes, citing that the current economic climate was not suitable.” Earlier this year? Is it suitable now? Is this what they are telling us? Did you read it? All I can now say is “I told you so”.

Yes, just as I was telling you that they planned to do it in June but for reasons they postponed the process. The US Treasury decided to stop it and we know the rest about the banks and the corruption that we read. Now the CBI has decided to do it this fall....

SOME EXCERPTS & SUMMARY OF RECENT POST OF MNT GOAT: IRAQI DINAR RV THIS ...

DINAR REVALUATION REPORT: Iraq's Financial and Banking Reforms Progress in 2024, 24 SEPT

 Iraq's Financial and Banking Reforms Progress in 2024

Iraq's Prime Minister, Mohammed Shia Al-Sudani, has highlighted the significant strides made by his government in the financial and banking reform sector. 1 During a meeting with US Deputy Treasury Secretary Wally Adeyemo and several Treasury officials, Al-Sudani emphasized that the government has achieved substantial progress in these reforms, with 95% of banking transfers now being conducted through an electronic platform. The remaining 5% is expected to be completed by the end of the year.

Following this milestone, Iraq will transition to a correspondent banking system, aligning with the government's commitment to enhancing the capacity of Iraqi banks to meet global standards and foster a thriving investment environment. 1

Adeyemo praised Iraq's rapid progress in economic and banking reforms, noting the country's 6% economic growth rate, which complements the government's development efforts. 1 He expressed the readiness of the US Treasury for cooperation and partnership to further advance Iraq's economic development.

Challenges and Future Directions

Despite these advancements, Iraq still faces challenges in diversifying its economy and modernizing its financial and banking sectors, which are hampered by the country's political dynamics.  3 Oil remains the primary source of revenue, and the private sector and foreign direct investments (FDIs) remain weak. 3

The World Bank has been working closely with Iraq to support economic reforms, with a focus on stabilizing the economy, improving governance, and rebuilding livelihoods. 4 The World Bank identified an error in the reporting of Iraq's debt data for 2022, correcting the debt-to-GDP ratio from 53.8% to 40.8%. 4

The International Monetary Fund (IMF) has also recognized the need for Iraq to reduce its oil dependence and ensure fiscal sustainability. The IMF suggests a significant fiscal adjustment, focusing on controlling the public wage bill and increasing non-oil tax revenues. 5 Additionally, enabling private sector development, labor market reforms, modernization of the financial sector, and restructuring of state-owned banks are recommended to boost economic growth. 5

Conclusion

Iraq's financial and banking reforms have seen significant progress under Prime Minister Al-Sudani's leadership, with substantial support from the US Treasury. However, challenges remain in terms of economic diversification and fiscal sustainability. The World Bank and IMF's recommendations underscore the need for continued reform efforts to strengthen the banking sector, control public spending, and increase non-oil revenues.