Construction and reconstruction Economy News – Baghdad MP Sharif Suleiman praised, on Tuesday, the visit of Prime Minister Mohammed Shia al-Sudani to New York to participate in the 79th session of the United Nations, stressing that Iraq is qualified to control "important" files and is on the verge of "major" economic changes and an urban revolution in line with global developments.
Suleiman said, "Iraq's participation in the work of the United Nations General Assembly is a positive step, especially in light of the difficult conditions the region is going through."
He added, "Iraq has geographical and strategic qualifications that enable it to control important economic, political and security files," noting that "Iraq is on the verge of major economic changes and is leading an urban revolution in line with global developments."
Suleiman said, "This participation is an opportunity for Iraq to enhance its international presence and highlight its role in resolving regional conflicts and contributing to the stability of the region. Iraq also seeks, through these meetings, to strengthen its relations with major countries and attract more investments to support its development plans." https://economy-news.net/content.php?id=47961
On August 8th 2023 Iran = got $10 billion of assets after deal with US. Iran-US agreed the release of American-Iranian dual nationals, as well as unblocking Tehran’s $10 billion frozen assets in South Korea and Iraq. This is why I presume they were doing this so they can be ready to go international in conjunction with Iraq. They have been preparing just as Iraq was.
Reports state the 1st Basket Contains:
Afghanistan Afghani (AFN) Kuwait I Dinar (KWD) US Dollar (USD) Russian Ruble (RUB) Chinese Renminbi or Yuan (CNY) UK British Pound/Pound Sterling (GBP) Qatar I Rial (QAR) UAE Emirate Dinar (AED) India Rupee (INR) Indonesian Rupiah (IDR) Canadian Dollar (CAD) Mexican Peso (MXN) Venezuela Bolivar (VEB) Brazil Real (BRL) Saudi Arabia Riyal (SAR) Malaysian Ringgit (MYR) Iranian Rial (IRR) Iraqi Dinar (IQD) Vietnamese Dong (VND) Zimbabwe ZIM/Bond. Hungarian Pengo also included More will continued to be added
CENTRAL BANK GOVERNOR: ACTIVITIES OF SANCTIONED IRAQI BANKS CONTINUE IN ALL CURRENCIES EXCEPT THE DOLLAR
(These articles are just repeating the same over and over with different headings from different news channels.)
The Governor of the Central Bank of Iraq, Mohsen Al-Alaq, confirmed today, Saturday, the reduction of reliance on the US dollar in commercial transactions, adding that the project to delete zeros in Iraq is subject to continuous review and study in the bank.
Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.
Al-Alaq said, in an extensive interview with Al Jazeera Net, which was followed by “Iraq Observer”, that “the Central Bank responded to global economic challenges, such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.”
He added, “The Central Bank of Iraq has increased its holdings of foreign exchange and gold reserves to strengthen the country’s financial position and financial stability in order to enhance its ability to confront potential economic crises.
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Regarding the steps taken to address the dollar’s rising crisis, Al-Alaq said, “The Central Bank of Iraq has created new mechanisms to cover local banks’ accounts with their senders in other currencies (Chinese yuan, Indian rupee, euro, and UAE dirham) in addition to the dollar, which has reduced reliance on the US currency in commercial transactions for these banks’ clients, while the Central Bank seeks to withdraw excess liquidity in the economy that puts pressure on the exchange rate and to prevent the exported currency from growing in an undesirable manner.”
Regarding the country’s foreign reserves, the Central Bank Governor explained that “foreign exchange reserves are the tool used by all central banks to maintain the stability of the local currency exchange rate against foreign currencies, as well as to reduce exposure to external crises by maintaining liquidity in foreign currency to absorb shocks in times of crisis.”
“According to the latest data on the level of foreign reserves adequacy, the Central Bank of Iraq’s foreign reserves cover 83.62% of the broad money supply, i.e. covering the cost of importing 15 months, while the global standard rate is 20%, covering 6 months of importing,” according to Al-Alaq.
He pointed out that “the sanctions imposed on banks are related to the decision to ban dealing in dollars, as the banks were not included in the sanctions list issued by the Office of Foreign Assets Control, and therefore the banks’ activities continue, according to the applicable procedures and in all currencies except the dollar.”
Regarding the situation of the Iraqi banking sector, Al-Alaq said that it “is experiencing a state of stability, as government banks still control approximately 79% of the assets of the total banking sector, compared to 21% for private banks.
I would like to assure the Dinar investor community of a couple of things. There comes a time when common sense and logic must prevail.
There will be NO travel necessary to exchange your Dinar for American dollars (USD). You will not have to go to Jordan, Egypt, or Syria. There will be NO $0.10 revaluation.
It was already at the rate of $3.22 to 1 Dinar when the only resource was oil. Dr. Shabibi, the preeminent expert, stated publicly, that Iraq could sustain an $16 to 1 Dinar rate but let's not get greedy. $4.80 is just about right.
Stay tuned because I will have a mind bender coming for you next time and it will really make you think.
FRANK26: "THE WORLD PRAISES THE CBI BECAUSE THE WORLD UNDERSTANDS WHAT THE CBI TOLD THEM!!!".........F26
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."
