MarkZ
[via PDK]
“Financial Advisor: Increasing iraq’s share in the International Monetary Fund is a step to enhance the stability of the dinar”
This is a big piece and now we are starting to feel that effect.
It is increasing the stability and the prominence of Iraq.
The dinar is becoming a “Special Drawing Rights “ (SDR) Currency …and recognized worldwide.
Iraq, Turkmenistan sign gas agreement
The Service of Power in Iraq said on Saturday that it consented to an arrangement with Turkmenistan to supply up to 20 million cubic meters of gas each day to Iraq.
In a statement, the Iraqi ministry said that a Swiss company will use a swap mechanism to get gas from Turkmenistan to Iraq through the Iranian pipeline network.
According to Ziyad Ali Fadel, the Iraqi Minister of Electricity, the agreement will assist in ensuring that gas-fired power plants in Iraq receive the required fuel.
Fadel claims that gas-fired power plants in Iraq generate approximately 60% of the nation’s electricity.
Due to a lack of fuel for power plants, Iraq has a shortage of electricity, forcing the government to diversify its energy sources, increase gas imports, and invest in local gas production projects to reduce its reliance on Iranian suppliers.
The representative for the Oil, Gas, and Normal Assets Parliamentary Board of trustees, Ali Shaddad, uncovered last week that the Iraqi Power Service will before long go into a concurrence with Kazakhstan to supply Iraq with up to 20 million cubic meters of gas.
According to the Ministry of Electricity, Iraq and Turkmenistan signed a memorandum of understanding last year to import the gas it needs to run its power plants. The Ministry of Electricity said that this step requires additional negotiations about how gas is transported through Iran.
One third of Iraq’s energy requirements are met by gas imports from Iran, which are used by power plants. Within a period of five years, the agreement will enable Turkmen gas to be delivered via Iran to Iraq.
According to reports, all of the steps required for Iraq to begin importing gas from Turkmenistan in January 2024 were completed.
Mnt Goat
Finance Minister Taif Sami Mohammed stressed the need “to adhere to timetables to achieve economic reforms”.
Yes, Iraq is on a timetable, and I don’t think they are going to mess this one up under Al-Sudani as they have in the past.
KTFA
FRANK26: "EXTRA EXTRA, READ ALL ABOUT IT THE CONSTANT EXCHANGE RATE EDUCATION DAILY.".....F26
Among them are exchange rates.. the most prominent advantages of increasing Iraq’s share in the International Monetary Fund
10/19/2024
Baghdad
The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed today, Saturday, that increasing Iraq's share of the international monetary fund is a step to confront economic challenges and stabilize the dinar, while he pointed out that it is a tool against exchange rate fluctuations and inflation problems and to enhance investors' confidence in the Iraqi economy.
Saleh told the official agency, which was followed by "Al-Eqtisad News", that "Iraq maintains a reserve of gold within its foreign reserves, and it is part of the official reserves of the Central Bank of Iraq, as monetary gold is a means of supporting the value of the Iraqi dinar and achieving the desired economic stability."
“When inflation rises and the value of foreign currencies falls, the price of gold usually rises, so gold is a hedge against inflation or currency devaluation. It is also a type of long-term investment and contributes to diversifying the country’s sovereign investment portfolio, because it is originally stable compared to currency volatility,” he added.
He continued: "Our country holds about 150 tons of gold, which constitutes a percentage of the country's foreign currency reserves. This reserve is managed in accordance with the guidelines issued by multilateral international financial organizations. It represents a hedging tool and a safe and appropriate haven, as it is 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 confront economic challenges and ensure the stability of the Iraqi dinar."
He explained that "gold remains a protection tool against fluctuations in exchange rates and inflation problems, and it also contributes to enhancing investor confidence in the Iraqi economy."
Earlier, the Council of Ministers approved increasing Iraq's share in the International Monetary Fund by the equivalent of (831,900,000) SDR, or the equivalent of (1.45025127) trillion dinars, according to the exchange rate on October 8, 2024, provided that the amount of the increase is included in the allocations for the year 2025, and that the proposed increase will lead to an increase in Iraq's share in the International Monetary Fund by 50% of the previous share, and to an increase in Iraq's voting power.
Clare
Article: "Counterfeiting currency in Iraq.. Is the responsibility of the Central Bank or the government?"
Quote: "Two printers used in counterfeiting operations were also seized, as well as a yellow Renault wheel used in distributing counterfeit currency,”
she continued, stressing that
“legal measures were taken against the accused, and it was proven through the investigation that there is a person residing outside the country who visits the home of one of the accused from time to time and brings new and modern editions of counterfeit currency,
which are distributed in Baghdad and Basra through one of the accused who has a relationship with one of the arrested accused"
