CBI auctions +$1 billion during the past week, 20 OCT

 Shafaq News/ The total sales of the Iraqi Central Bank (CBI) in hard currency of the US dollar exceeded $1 billion during the past week.

According to the CBI's official data, the bank sold during the past week, over five days of auctions, $1,317,374,259 at a daily rate averaging $263,474, 852compared to the previous week's sales of $1,309,074,838.

The highest dollar sales were recorded last Monday, reaching $270,808,434, while the lowest was on Tuesday, totaling $253,497,545.

Foreign exchange sales during the past week amounted to $1,279,724,259, with an increase of 97% compared to cash sales, which reached$37,650,000.

ABOUT THE BAGHDADNA PLATFORM BY MAJEED, 20 OCT

 Majeed 🇸🇦KSA🇸🇦 on X

"🔥🔥🔥🔥🔥🔥🔥 As part of this effort, the council introduced the “Baghdadna” platform which will offer over 25 services through smart devices, enabling citizens to access services digitally.

 Now, they are implementing all the digital services for citizens 🔥🔥 blockchain🔥🔥 

https://t.co/DqJOa70SDn" / X

https://x.com/majeed66224499/status/1846168500034740552

DINARLAND UPDATE @DINARREVALUATION #iraqidinar

Iraq’s path to economic diversification: Overcoming rentier dependence, 20 OCT

Iraq’s path to economic diversification: Overcoming rentier dependence

Shafaq News/ Iraq is a rentier state with an undiversified and fragile economy, relying heavily on a single resource: oil. This dependence has rendered its economy vulnerable, as it remains tied to the fluctuating revenues from oil production.

The continued reliance on oil as the primary source of public revenue places Iraq at significant risk from global crises that frequently impact the oil market. Each time such a crisis occurs, the country is forced to address budget deficits by borrowing either domestically or internationally. This situation highlights Iraq’s inability to manage its finances effectively and its failure to find alternative sources of funding or revenue solutions.

Gradual Transition

The financial advisor to the Iraqi Prime Minister, Mudhhir Mohammed Saleh, stated to Shafaq News Agency that the reasons for Iraq’s continued dependence on a rentier economy stem from past wars and economic sanctions imposed on the country. These factors, he noted, disrupted Iraq's economic resources.

However, Saleh highlighted a gradual shift towards economic diversification. He pointed out that "for the first time in decades, Iraq has seen significant non-oil GDP growth of 6%, marking a move toward economic diversification. This progress is driven by the flourishing digital sector, increased transportation activities, and noticeable construction and infrastructure development growth." He also emphasized the ongoing support for the agricultural sector, particularly in grain security, which continues to receive consistent government backing in its marketing operations.

Additionally, Saleh noted that the philosophy of public-private partnerships is taking hold, especially in the industrial sector's development. "This is evident in Iraq’s Development Road strategy, which includes plans to establish three industrial cities and two economic zones, all focusing on advanced industrial production technologies."

Lack of Planning

In an interview with Shafaq News Agency, economic expert Mohammed Al-Hassani stated that "successive Iraqi governments have often faced economic and security crises, causing them to veer off the developmental path," highlighting that these governments lacked long-term strategies, such as five-year or ten-year plans that extend up to 50 years. Such plans, he explained, "would have been more effective and provided sufficient time to implement the necessary changes. Furthermore, terrorism has significantly drained Iraq’s economic capabilities and driven away investment."

Al-Hassani pointed out that the absence of a clear and effective investment direction, which could foster real development, has been a major factor in Iraq's failure to move away from a rentier economy.

He added that "the private sector continues to struggle due to insufficient enforcement of protective laws and the weakness of the banking sector, which is unable to provide adequate financing to facilitate a significant economic shift."

Industry and Agriculture

Meanwhile, economic expert Mustafa Hantoush emphasized the need for Iraq to diversify its economy and transition from a rentier system to a market economy, explaining that this requires developing Iraqi industry by establishing industrial cities, protecting local products, and providing affordable loans.

Hantoush highlighted the necessity of improving agriculture by securing an adequate water share and launching initiatives for machinery, seeds, and fertilizers, stressing the importance of "enhancing the transportation sector by completing projects such as the Al-Faw Port – Development Road and the Baghdad Metro, as well as lifting the European flight ban on Iraqi Airways." Additionally, Hantoush underscored the significance of developing the tourism sector by creating infrastructure, improving roads, and focusing on Iraq's 13 different types of tourism.

"BUT THE GRAND PRIZE WILL NOT HAPPEN UNTIL THE END OF THE YEAR" BY FIREFLY, 20 OCT

 Frank26 

  [Iraq boots-on-the-ground report]   

FIREFLY: Mr. Sammy...knows someone that attended a big meeting with the Untied States Treasury and the CBI and they said Iraq is coming off the electronic platform.  

FRANK: The auctions. 

  FIREFLY:  And expanding the dinar to go outside of our borders and go international at the end of the year. 

 So all we will see for now on, according to Mr. Sammy, are just steps taking place to get there. 

 But the grand prize will not happen until the end of the year. 

 Mr. Sammy said his friend was there and knows this first hand.  

FRANK:  My heart still holds out for this year though but...these two months are important to make sure everything comes out in order for the citizens to be successful

MILITIAMAN: MM&C News Reporting - Iraq Dinar Updates - Gold - Investor Confidence - ...

In the Baghdad Palace.. The presidencies discuss the election of a speaker of parliament, the approval of laws and financial issues, 20 OCT

 In the Baghdad Palace.. The presidencies discuss the election of a speaker of parliament, the approval of laws and financial issues

Shafaq News / The Presidents of the Republic Abdul Latif Jamal Rashid, the Council of Ministers Mohammed Shia Al-Sudani, and the Judicial Council of Faik Zeidan discussed the files of electing a new president of the House of Representatives and the approval of important laws, and continuing to finance the ministries from the federal budget in Iraq.

The meeting at Baghdad Palace discussed, according to a statement received from Shafak News Agency, the file of the presidency of the House of Representatives and the efforts made to speed up the resolution of this entitlement, and emphasize the support of those efforts in a way that contributes to achieving the supreme interest, and strengthening the role of the House of Representatives in integration with the executive and judicial authorities.

The presidents discussed the reasons for the delay in the presentation of some important draft laws prepared by the Presidency of the Republic and the need to include them in the agenda of the Council in its upcoming sessions, as well as reviewing the judicial procedures taken within the framework of publishing and media crimes, and monitoring cases of abuses in the face of the systematic campaign launched by some suspicious pages to target presidencies, ministries and state institutions, and prosecute their perpetrators in accordance with the provisions of the law.

The meeting also touched on the government measures taken in the financial aspect, in order to ensure the financing of ministries and governorates from the investment budget and the budget for the development of the regions, in addition to creating the appropriate environment and logistical supplies for the Independent High Electoral Commission, to begin its preparations for the holding of parliamentary elections scheduled for next year.

The participants stressed the importance of conducting the census as a development goal for the country on which economic and social policies, plans and programs depend.

They also discussed the overall situation in the regional arena, the developments of the “Zionist aggression against Palestine and Lebanon”, and the efforts made to encircle these attacks and strengthen the unity of the political position towards protecting Iraq and its people from any possible escalation.

https://www.shafaq.com/ar/سیاسة/في-قصر-بغداد-الر-اسات-تبحث-انتخاب-ر-يس-للبرلمان-و-قرار-القوانين-وقضايا-مالية