Iraq’s Ministry of Trade announced the registration of 599 national companies and 27 branches of foreign companies during September,
The Companies Registration Department, led by Rashad Khalaf Hashim, also issued several decisions, including amendments to contracts of joint-stock companies, adjustments to capital, and the merging and liquidation of companies.
Additionally, 897 companies were officially documented, and 337 Iraqi and 18 foreign companies were referred for legal investigation due to regulatory violations.
The department also reviewed the final accounts of 1,922 national companies and 121 foreign branches, processed capital adjustments for 209 companies, and handled various company-related formalities including mergers and liquidations for 580 firms.
The Prime Minister’s Advisor for Financial Affairs, Mazhar Mohammed Saleh, confirmed on Saturday that increasing Iraq’s share of international currency is a step towards facing economic challenges and the stability of the dinar, while pointing out that it is a tool against exchange rate fluctuations, inflation problems and enhancing investor confidence in the Iraqi economy.
Saleh told the official agency, followed by “Economy News”, that “Iraq keeps a reserve of gold within its foreign reserves, which is part of the official reserves of the Central Bank of Iraq, as cash gold is a means of supporting the value of the Iraqi dinar and achieving the desired economic stability.”
He added: “When inflation rises and the value of foreign currencies decreases, the price of gold usually rises, so gold is a hedge tool against inflation or currency depreciation, and is also a pattern of long-term investment and contributes to diversifying the country’s sovereign investment portfolio, because it is a stable asset compared to currency volatility.”
He continued: “Our country keeps about 150 tons of gold and constitutes a percentage of the country’s foreign currency reserves, as this reserve is managed according to the guidance evidence issued by international multilateral financial organizations, and it represents a hedging tool and a safe and suitable haven as an important part of the national currency cover.”
He pointed out that “the monetary authority in our country has sought in recent years to increase its gold reserves, in order to face economic challenges and ensure the stability of the Iraqi dinar.”
He pointed out that “gold remains a protective tool against fluctuations in exchange rates and inflation problems, and also contributes to strengthening investor confidence in the Iraqi economy.”
Earlier, the Council of Ministers approved an increase in Iraq’s share in the International Monetary Fund equivalent to (831.900000) SDR, or the equivalent of (1.45025127) trillion dinars, according to the exchange rate on October 8, 2024, provided that the amount of increase in the allocations for 2025 is guaranteed, and that the proposed increase will lead to an increase in Iraq’s share in the International Monetary Fund by 50% of the previous quota, and to increase Iraq’s voting power.
MarkZ Update – Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
No Mr. Cottrell today. He will be on Marks podcast next Monday and Friday
Member: Good morning y’all. I pray that everyone is well and ready to be blessed!
Member: Another week bites the dust
Member: I hear RV between the 22nd and the 26th October.
MZ: There are a couple bank stories this morning. “Two days ago a Chase bank lady came into my store. I asked her if she knew about the new money? Yes- she said…..We are on a 24 hour call plus we are training on the new system”
MZ: “Just now spoke to someone at Wells Fargo and they said they know about the new money but its not quite time to release it yet”
MZ: “Spoke to the teller at my Chase bank this morning in Arizona. I asked if this branch would be a RV center….He didn’t know what I meant so I told him about the dinar. He said he was from Iraq and still has family there. He told me that Iraq was in a Renaissance and is a very prosperous nation. He also confirmed Iraq has gone to a new digital banking system. “
MZ: Iraq dinar will not keep that low value long.
Member: Friend in a small credit union in Oregon, went in and asked about the new currency. She said they had it and was shocked he knew about it.
Member: coworker’s mother is a manager at WF Bank. she says the money is there, just waiting to be told when to start using it.
Member: A coworker told me his dad was told by a 5/3 teller that they have rainbow currency in the vaults! In Chicago
Member: My Huntington Bank drew up my gifting letters and gave me the cost to exchange. I am going to talk with them about a currency account next week
MZ: We have seen some different rates lately at the banks……Some had gone from .00076 to .01 . Hopefully we are going to the banks soon
Member: Huntington Bank is selling dinar and dong.
Member: Any bond news?
MZ: Noone is running around with cash in their pockets but I know of a couple facilitators that have received funds. They are asking historic bond holders for the next series for next week. This means that somewhere between now and then they have to start paying out on those German bonds…I am very much paying attention to this in the next few days.
Member: I think your bond people have money in the bank but it’s not liquid yet. I believe when they pull the trigger for all of us when their money becomes liquid and we are able to start setting appointment
Member: Are redemption staff working this weekend???
MZ: “New online tools let Iraqi small businesses navigate export rules” this is mostly about agriculture quality and packaging and what it takes to sell on the international market. This is something we have not seen in Iraq since the 1970’s
MZ: “Customs concludes and agreement with the Land Transport company to ensure the payment of customs duties and taxes for goods in transit” This is more modernization.
MZ: “Washington supports Iraq’s efforts to achieve comprehensive economic development” Whenever a country is about to revalue- you will see this lady (Alina Romanowski) being an ambassador there. She had experience with Kuwait.
Member: Mark, do you believe nothing can happen in Iraq until the parliament approves an unconstitutional budget? Or is all of that bla bla?
Member: If the budget needs the rate….it could happen about the same time…imo
Member: With the HCL funded is the RV imminent?
MZ: HCL- We keep seeing rumors but they have not announced it. I believe they have done everything but just not announced it .
Member: GOLD & SILVER TRADING UP WITH GOLD NOW AT $2,730 & SILVER AT $32.77 (REALTIME)
Member: Gold jumped almost $22 with Silver reaching for $33 Something’s shaking
MZ: This is shocking to me this morning -Watching gold and silver
Member: I’m ready to see silver break above $33.225 and then it’s off to the races IMO
Member: Brics summit will go a long way to see what happens about the RV…Starts on Monday next week
Member: I heard Chase and BOA are close to bankruptcy
Member: That banking info was shared by Jeff Rahm at Fearless Floyd in the last 2 days. BOA, Chase & Duesche Bank collapse/merger
Member: Chase is sure opening a lot of branches for being close to bankruptcy
MZ: BOA is certainly behaving like a bank on the ropes. But are they on the ropes? We don’t know for certain. I argue all banks are on the ropes because of derivatives.
Member: I haven’t heard that shotgun yet . Praying to get it soon!
Member: Remember we are privileged to be invited to be Involved. This is major in Iraq and they have no concern for us investors! Stay positive, keep working, and change your mindset to abundant and service.
Member: Enjoy your day and stay positive.
CBD Guru’s join the stream today. Listen to the podcast for their information
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
Al-Sudani chairs a meeting to follow up on efforts to develop the work of the government banking sector
Prime Minister Mohammed Shia Al-Sudani chaired a meeting to follow up on efforts to develop the work of the government banking sector, in the presence of representatives of Ernst & Young Auditing and Financial Consulting.
Prime Minister Mohammed Shia Al-Sudani chaired a meeting on Thursday on efforts to develop the work of the government banking sector, in the presence of representatives of Ernst & Young for Auditing and Financial Consulting.
A statement issued by Al-Sudani's media office stated that during the meeting, a package of recommendations was presented by the company to proceed with the reform of Rafidain Bank, which included the new legal status of Rafidain Bank, its capital, its work strategy, and the new consultant who will work with the bank to meet the global requirements for modern banking.
The statement explained that these recommendations will be submitted to the Ministerial Council for the Economy, which will then submit them to the Council of Ministers for approval.
The statement quoted Al-Sudani as saying that the issue of restructuring Rafidain Bank is the first step in the government’s banking reforms, which have been given special attention to follow up on all reports related to it, submitted by the relevant authorities, especially the committee concerned with the restructuring process.
The Prime Minister stressed the importance of the banking sector reform project, which began with Rafidain Bank, pointing out the work to provide a bank with specifications and standards through which problems can be overcome and confidence can be given to citizens, in addition to enhancing cooperation with local and foreign investors. limkn
