"REMEMBER SECURITY & STABILITY!!!" BY FRANK26, 21 OCT

 KTFA

FRANK26: "REMEMBER SECURITY & STABILITY!!!".....F26

Financial Advisor: Increasing Iraq’s IMF Share Is a Step to Strengthen Dinar Stability

 

10/19/2024

 

The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed today, Saturday, that increasing Iraq's share in the International Monetary Fund represents an important step in confronting the economic challenges facing the country and stabilizing the value of the Iraqi dinar.

He explained that this increase constitutes an effective tool against exchange rate fluctuations and inflation problems, and contributes to enhancing investor confidence in the Iraqi economy.

Saleh pointed out that "Iraq maintains a reserve of gold within its foreign reserves, which is an important part of the official reserves of the Central Bank of Iraq."

He added: "Monetary gold is an essential means of supporting the value of the Iraqi dinar and achieving economic stability, especially in light of the economic turmoil that may affect foreign currencies."

 

He explained that rising inflation or depreciation of foreign currencies usually increases the price of gold, making gold an effective hedge against inflation and currency depreciation, adding that gold represents a long-term and stable investment compared to currency fluctuations, which enhances the diversification of the country's sovereign investment portfolio.

 

Saleh stressed that Iraq holds about 150 tons of gold, which constitutes a significant percentage of the country's foreign exchange reserves. He explained that these reserves are managed according to the standards of multilateral international financial organizations, which makes gold a suitable hedging tool and a safe haven for national currency reserves.

 

He also explained that the monetary authority in Iraq has worked in recent years to increase its gold reserves to ensure the stability of the Iraqi dinar and provide protection from economic fluctuations, noting that these economic policies have contributed to strengthening investors' confidence in the national economy.

 

The Iraqi Council of Ministers had previously approved increasing Iraq's share in the International Monetary Fund by the equivalent of 831.9 million Special Drawing Rights (SDR), or the equivalent of 1.45 trillion Iraqi dinars according to the exchange rate on October 8, 2024.

LINK

RV UPDATE BY SANDY INGRAM, 21 OCT

 Sandy Ingram

   The average cost of living for one person in Iraq is $754/month. 

 This amount includes rent therefore when Iraq creates a safe environment hundreds of thousands of travelers could easily spend $2,000 a month on average in Iraq.

  To understand how tourism can help change a country's GDP you only have to look at Mexico.

TIDBITS FROM MARKZ: "IRAQ IS PREPARING FOR THE ASCENSION TO THE WTO" @DI...

Iraq's Planning Minister: Population census 96% completed in 15 provinces, 20 OCT

 Shafaq News/ Iraq’s Deputy Prime Minister and Minister of Planning, Mohammed Ali Tamim, announced on Sunday that the population census operations are nearing their end, in 15 provinces, indicating that the actual completion rate has reached more than 96%.

During the ninth session of the advisory body in the ministry, held on Sunday, Tamim noted that the work is witnessing remarkable progress in the provinces of the Kurdistan Region (Erbil, Duhok, Halabja, and Al-Sulaymaniyah), where the completion rate reached about 65%.

“What has been achieved so far represents a great success for the ministry, in a large-scale project such as the census. Actual work began last May, and the ministry has successfully met all requirements and implemented each stage in record time,” Minister Tamim said.

He pointed out that the situation has become reassuring in light of the great efforts provided by the Commission of Statistics and GIS.

Census Background

The Iraqi government has announced plans to conduct the country's first general population and housing census in 27 years on November 20, 2024. To facilitate this effort, authorities have partnered with the United Nations Population Fund (UNFPA).

Iraq last conducted a nationwide population census in 1987, followed by a 1997 count that excluded the Kurdistan Region. For years, the country has relied on estimates from unofficial research institutes and organizations. In 2022, the Planning Ministry estimated Iraq’s population to be over 42 million.

The census has faced repeated delays due to concerns about its potential politicization, particularly in disputed areas like Kirkuk. These regions, which are home to Kurds, Arabs, and Turkmen, are also rich in oil reserves. Ethnic groups fear that the census may reveal demographic shifts that could undermine their political ambitions.

RV UPDATE BY MILITIAMAN, 20 OCT

  Militia Man

  Those people [Who have 'hoarded mattress dinars'] are expecting the stock market to run big time when they change the value of their currency based off of a Real Effective Exchange Rate based off real assets, non-oil [revenue]. 

 That's what's in focus right now.  It's phenomenal. 

 This is a good sign of things to come.

The evidence is abundant.  Iraq is finalizing her reforms.  

With what? 

 The support of American partnerships especially with large economic reforms and financial aspects in Iraq...

These things are going to be linking the East to the West and they told you, via what?

 Iraq's Development Road Program.  They're going to need the freedom of capital movement.  That's going to be the Real Effective Exchange Rate.

IRAQ WILL ENHANCE THE DINAR'S VALUE IN INTERNATIONAL MARKETS @DINARREVAL...

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.