REINALDO JC: "The Iraqi Govt already has the NEW Dinar rate" @DINARREVAL...

"WHO'S ASKING... BECAUSE OF COURSE IT IS." BY FRANK26, 23 OCT

 KTFA

FRANK26: "WHO'S ASKING... BECAUSE OF COURSE IT IS."...........F26

Counterfeiting currency in Iraq.. Is the responsibility of the Central Bank or the government?

 

10/19/2024

 

 Baghdad

Financial and economic expert Alaa Al-Fahd revealed, today, Saturday (October 19, 2024), the authorities responsible for protecting the Iraqi currency from counterfeiting and its spread in the markets.

Al-Fahd told Baghdad Today, “The mission of the Central Bank of Iraq is to issue currency and maintain monetary policy and coordination in this field. As for the issue of counterfeit currency, this is the responsibility of the specialized executive government agencies. The bank's goal when it issues its currency is to work on finding ways to protect this currency from counterfeiting, and this matter exists in all countries of the world.”

He added that "the issue of gangs and currency counterfeiting mafias is not within the tasks and duties of the Central Bank to confront, even the issue of currency smuggling is not within the Bank's tasks," indicating that "these issues are the responsibility of the specialized executive government agencies, including the security agencies, and for this reason the Central Bank of Iraq always works to coordinate with those government agencies in order to preserve the Iraqi economy and currency.”
The expert confirmed that "even the dollar is a counterfeit currency, not only in Iraq but in most countries of the world, and this is not the responsibility of the Central Bank of Iraq, but rather the responsibility of the specialized executive government agencies."
It is noteworthy that the Ministry of Interior announced today, Saturday, the arrest of an international gang in possession of “counterfeit” currencies in Baghdad .

The ministry said in a statement received by "Baghdad Today", "Through activating the intelligence effort and pursuing organized crime gangs, accurate information was provided indicating the presence of a gang in the Sadr City area, east of the capital, Baghdad, that is "counterfeiting currency and distributing it in local markets  ."

 She added, “Judicial approvals were obtained and a working team was formed from the Directorate of Combating Organized Crime in the Federal Intelligence and Investigation Agency in the Ministry of Interior and moved to Sadr City, where the gang of 8 suspects was lured and arrested, And counterfeit sums of money amounting to 10 million Iraqi dinars in different denominations were seized, in addition to dollar bills in denominations of one hundred dollars and fifty dollars and counterfeit euro bills .”

“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  “

LINK

TIDBIT FROM PIMPY, 23 OCT

 Pimpy 

  Article:  "Credit Bank of Iraq achieves a profit of 20.4 billion dinars"  

This article is definitely a very good one for those of us who are invested in the Iraqi Stock Exchange...

I only anticipate the bank stocks going up more and more...They might be some of the fastest growing stocks in Iraq. 

 The reason for that is because they keep expanding on the banks, putting them through reform...

All that's going to do is drive up the value of the stocks...

RAYREN98: SOME BANKS EXPECT SOME ACTION SOON @DINARREVALUATION

New Iraqi customs agreement opens door to huge trade growth, 23 OCT

New Iraqi customs agreement opens door to huge trade growth

Having acceded to the TIR Convention, Iraq is now poised to enhance its position in regional trade following the signature of a significant customs agreement.

The Republic of Iraq has achieved a key milestone with the signing of the Guarantee Agreement between the General Authority of Customs and the TIR national association. This agreement will pave the way for the implementation of the United Nations TIR transit system in Iraq.

The TIR system cuts border waiting times significantly by enabling goods to be shipped from a country of origin to a country of destination in sealed load compartments that are controlled by customs via a multilateral, mutually recognised system.

In essence, TIR allows trucks to cross borders efficiently – and securely – without having to queue for hours and days on end.

TIR also provides a financial guarantee, managed by IRU, for the payment of customs duties and taxes.

Iraq’s accession to the TIR Convention anchors its strategic role as a transit hub and supports the country’s economic vision to expand its non-oil sectors.

Globally recognised for its 75 years of high security standards and efficiency, the TIR system has been rapidly expanding in the Middle East. From Oman and the United Arab Emirates to Saudi Arabia, and most recently in Qatar, TIR is already reducing border-crossing times by up to 92% and costs by 50% while boosting trade in the region.

https://www.iru.org/news-resources/newsroom/new-iraqi-customs-agreement-opens-door-huge-trade-growth

TIDBITS FROM MNT GOAT, 23 OCT

 Mnt Goat   

Article:  "IRAQ INCREASES RESERVES AT IMF BY 50%"  

Quotes:  "A meeting of the Iraqi Cabinet this evening approved an increase in Iraq’s quota at the International Monetary Fund (IMF) by 831.9 million Special Drawing Rights (SDR), equivalent to 1.45 trillion Iraqi dinars [$1.1 billion] based on the exchange rate as of October 8, 2024.";

  "SDRs represent a weighted basket of major international currencies, and can be held as part of a country’s foreign exchange reserves.  Adding SDRs to a country’s international reserves makes it more resilient financially. "

  Iraq could not be granted SDRs unless it was member of the IMF. 

 Did they move to Article 8 already?

 That is the question we seek. I believe they have with this sizable SDR...

Dinar Revaluation Update: Whales in Zurich & BRICS Summit BY MIKE BARA @DINARREVALUATION

 

https://youtube.com/shorts/yEzdX036g7I?si=cNWsfhO_t7hn-3cf