DINAR REVALUATION

Friday, October 11, 2024

PIMPY: Iraqi Dinar update for 10/10/24 - WTO and real effective exchange rate

Iraqi PM pushes for comprehensive financial reforms, targets speculators exploiting crises, 11 OCT

Iraqi PM pushes for comprehensive financial reforms, targets speculators exploiting crises

ERBIL (Kurdistan24) – Iraqi Prime Minister Mohammed Shia al-Sudani chaired a high-level meeting on Monday to review and accelerate a comprehensive reform plan for Iraq's financial and banking sector. Attendees included the Minister of Finance, the Governor of the Central Bank of Iraq, and key advisors alongside directors of government banks.

During the meeting, al-Sudani emphasized the importance of stricter oversight of financial transfer operations, calling for rigorous inspections to curb the activities of speculators exploiting regional crises for personal gain at the expense of Iraq’s public interest.

He directed the Ministry of Finance, the Central Bank, and bank managers to simplify financial procedures for business owners, particularly in relation to money transfers.

Al-Sudani also ordered the formation of a specialized team to develop response strategies for the ongoing economic and financial challenges. This team will focus on restoring investment tools within the Central Bank and linking them to each bank's deposits to enhance financial stability.

Key points of the meeting included discussions on the progress of financial reforms, the implementation of monetary policies, and steps being taken by banks in collaboration with Ernst & Young to improve their operations. al-Sudani stressed the need to overcome obstacles preventing full activation of previous Council of Ministers’ decisions and emphasized the importance of providing better services to customers.

The meeting also focused on boosting banks' ability to attract deposits, with the goal of enhancing the banking sector's role in financing development projects and promoting economic growth. In this context, al-Sudani called for a review of the benefits offered to depositors.

Finally, al-Sudani highlighted the increasing use of electronic payment systems in Iraq, directing the launch of a government incentive program, including cash refunds, to further encourage citizens to adopt digital payment methods.

RV UPDATE BY TEXAS SNAKE, 11 OCT

TEXAS SNAKE

SEVERAL SOURCES ARE INDICATING THIS IS OUR MONTH SOME EVEN INDICATING A SPECIFIC DATE BUT ASKING THAT I NOT REVEAL BUT I CAN ASSURE THE DATE ENDS IN Y . GOD BLESS.

Iraq's Milestone Step Towards WTO Membership in 2024 & THE ENHANCEMENT O...

PM Barzani celebrates milestone in Project Bloom, announces second phase, 11 OCT

ERBIL (Kurdistan24) – Kurdistan Region Prime Minister Masrour Barzani attended a special ceremony marking the completion of the first phase of Project Bloom and officially announced the launch of its second phase. The project, aimed at fostering economic growth and empowering the private sector, has already seen significant success.

In his speech, Prime Minister Barzani expressed his satisfaction with the achievements of the initiative, emphasizing the impact on youth and the wider community. "Healthy governance means serving more citizens, improving their lives, and providing equal employment opportunities for all," he said.

Barzani highlighted that Project Bloom is a key initiative of the ninth cabinet of the Kurdistan Regional Government (KRG). The project, which has been under close scrutiny and development, has now proven successful after a period of testing. He noted that the KRG is committed to ensuring the project’s continued success and has called on private banks to contribute to its future growth.

“This project is designed to provide financial support and foster the economic growth of the private sector, particularly by encouraging banks to offer loans to citizens to start and expand their businesses,” Barzani explained. So far, the KRG has allocated $10 million as a guarantee for banks participating in the initiative, enabling them to issue loans to aspiring entrepreneurs. More than three billion Iraqi dinars ($2.31 million) have already been distributed to help fund local projects.

The Prime Minister also emphasized the government’s commitment to further support initiatives like Project Bloom. In the second phase, more than 100 additional businesses are expected to join the program, offering even more opportunities for economic advancement.

In his message to the youth of Kurdistan, Barzani reiterated the government's dedication to their development. "Our goal is to serve the youth and enhance their abilities, ensuring they can contribute to the progress of the Kurdistan Region," he concluded.

EXCERPTS FROM MARKZ, 10 OCT

EXCERPTS FROM MARKZ

MZ: “Securities announce the launch of a new website for the Iraqi Stock Exchange” they continue to modernize and become a dominate force in the region.

MZ: “Iraq is the third largest Arab Nation with gold holdings” Iraq’s possession of gold has reached 152 tons.

MZ: Let’s think about the values of other currencies in the region…..like Jordan and Kuwait…..Iraq is trouncing most of them in resources, physical gold ect…..Iraq is making their case to support their higher value.

Member: I believe Jordan’s rate is around $1.50 or so and Kuwait is around $3.50 or so……to the USD

MZ: And Iraq is diversifying with non oil revenues to support their currency. This is for safety and stability. Dr. Shabibi always said that if Iraq was safe and stable –he would give them a more valuable dinar

MZ: Iraq is one of the most safe and stable countries in the region and they are working hard at it.

MZ: I know some Omega group leaders that are on a high level watch right now. Hoping to get some news on that soon.

Member: What is Omega?

Member: Its one of the Prosperity packages.