DINAR REVALUATION

Thursday, October 31, 2024

THE CBI CONTINUES TELLING TO THE CITIZENS THAT THEY ARE GOING TO RAISE THE VALUE OF THE DINAR @DINARREVALUATION

Prime Minister's Advisor: Iraq is moving towards strengthening partnership with foreign companies and stimulating investment, 31 OCT

Prime Minister's Advisor: Iraq is moving towards strengthening partnership with foreign companies and stimulating investment

The Prime Minister's Representative, Technical Advisor and Head of the Sovereign Loans Initiative, Mohammed Sahib Al-Daraji, confirmed today, Thursday, that the private sector is a fundamental pillar in the government's new economic plan, while pointing to the government's efforts to reduce the transfer of hard currency and support national projects.

Al-Daraji conveyed, in his speech during the first Iraqi Economic Forum, which was attended by the correspondent of the Iraqi News Agency (INA), "the greetings of Prime Minister Mohammed Shia al-Sudani and his support for this conference," explaining that "the Iraqi government has begun taking real steps to support the Iraqi economy, as it has changed the philosophy of the economy that suffered from a lack of clarity in the economic vision for more than twenty years."

He pointed out that "the government is working on a new approach that considers the private sector a fundamental pillar and seeks to integrate its outputs into the national product," noting that "the government provides special support to the investment and business environment sectors, as it seeks to separate direct investment and provide an appropriate environment for the private sector to participate in projects. The government also encourages partnerships with foreign companies to demonstrate developments in the customs and tax system, such as unifying taxes and customs tariffs across regions, and exempting foreign companies from some special taxes."

He pointed out that "Iraq has begun to guarantee the private sector before international financial institutions through the Sovereign Guarantees Initiative, and has moved towards establishing an international market for carbon bonds to support project financing."

He pointed out the "three priorities of the Iraqi economy: localizing industries, integrating with global financial institutions, and developing competencies for the public and private sectors," adding that "the Iraqi market is open to global companies, especially in the construction and clean energy sectors, and that there is a trend to support the private sector through new legislation such as laws to protect intellectual property and partnerships between the public and private sectors."

He added, "The government supports the economy based on partnership with the private sector, with a focus on reducing the transfer of hard currency abroad.

He expressed his "hope that these conferences will produce outcomes that support the current government's orientations, which is the most attentive to the private sector and the most involved in decisions," noting "the presence of representatives from the private sector on the Development Fund's Board of Directors and within the Prime Minister's official delegations as a message of support for businessmen link

JUDY NOTES, 31 OCT

JUDY NOTES

Wed. 30 Oct. 2024: Tier4b funds released in Brazil.

On Fri. 1 Nov. 2024 Texas, the possible site of the new US Republic Capitol, was going to gold-backed currency.

On Wed. 30 Oct. 2024 Joanna Morning Star: “I was on the phone with Chief Fast Horse and his guest, Robert. Chief Fast Horse was driving to a private plane hangar they have in Santa Barbara to then fly over to the Hopi reservation in Sedona, Arizona. So yeah, this is cool. Humanitarian work is commencing. Chief says the RV would never work when the US was a corporation. He says they are now dispersing the funds because we are in the new Republic. Wanted to share the good news.”

BONDHOLDERS COULD GET THEIR PAYMENTS BEFORE THE 2ND FROM MARZ @DINARREVALUATION

Call to establish a digital gold market in Iraq, 31 OCT

Call to establish a digital gold market in Iraq

The economic and financial expert, Dr. Saif Al-Halfi, called for the establishment of a digital gold market in Iraq, the establishment of which requires cooperation between the Central Bank of Iraq, the Securities Commission, and the Iraq Stock Exchange, as it provides Iraqi investors with the opportunity to participate in the global gold market, which attracts additional investments to Iraq, and also enhances cooperation between the Iraqi banking system and international financial institutions.

Al-Halfi said that the Central Bank can issue digital gold bullion in different weights: 1 gram, 10 grams, 100 grams, approved by the government. These digital bullion can be traded on the Iraq Stock Exchange in the same way that stocks or bonds are traded, and through the market’s financial intermediaries system, where investors can buy bullion using local currencies or convert them into foreign currencies.

He added that the market can be linked to global gold prices and currency exchange rates, which enhances transparency and interaction with the global market. A platform similar to the Forex markets can also be used to trade digital gold inside Iraq in the Iraq Stock Exchange, noting that gold prices will be determined according to global exchange rates for gold and foreign currencies. This will allow investors the opportunity to speculate on gold price fluctuations and link them to changes in global currency prices, which increases profit opportunities and creates many job opportunities.

Regarding the economic benefits, Al-Halfi said: Through this market, liquidity is withdrawn from the banking system, and the digital gold market can act as a tool to withdraw cash liquidity. Instead of keeping money in banks, investors may prefer to buy digital gold, which is a safe asset that maintains its value, protects the investor’s money from high inflation rates, reduces the money supply, which is the goal, and limits inflation.

He pointed out that the digital gold market contributes to diversifying the Iraqi economy, away from the traditional reliance on oil. The market can be a platform to encourage financial innovation and develop new investment tools, especially exploiting the opportunities of the Faw Port entering operation next year, and what it provides in terms of a large base for investors, especially individuals and companies, as well as the goal we seek on the path of development.

He pointed out that establishing a digital gold market requires a strong technical infrastructure, including secure electronic platforms and clear regulatory laws to protect investors’ rights. This will increase job opportunities, the ability to diversify and innovate, and the emergence of a start-up culture.

Al-Halfi explained that the digital gold markets aim to enhance transparency and ease in gold trading, and provide investors with a real opportunity to work, trade and speculate on gold prices without the need to own actual gold. When the investor wants to convert gold into bullion or jewelry, these foundations allow him to convert digital gold into bullion while paying mining and crafting fees. All of these products create real and comprehensive investment business opportunities, which creates and enhances a flexible and innovative investment environment in Iraq.

Gold is one of the financial assets that has always been a safe haven for investors, especially in times of economic, political and regional turmoil. Here, with the global digital and financial development, new markets have emerged for digital gold trading, where gold can be easily bought and sold through electronic platforms. In light of these developments, it is possible to create a market for digital gold trading in Iraq, especially with the government’s trend towards establishing digital banks and strengthening electronic payment systems, especially the use of electronic payment cards. link

NADER FROM MID EAST HIGHLIGHTS NOTES : UNDERSTANDING THE RELATION BETWEEN THE OIL PRICE AND THE ECONOMY OF IRAQ, 31 OCT

NADER FROM MID EAST

Summary

The speaker discusses recent changes in oil prices, emphasizing the need to lower the budgeted price from $70 to $40 due to market conditions.

Highlights

📉 Oil prices are currently high, affecting gas prices.
💼 The CBI chairman suggests lowering the price from $70 to $40.
⛽ Gas prices have reached around $50-$56 recently.
📊 Keeping oil priced at $70 could lead to financial losses in the future.
🌍 Anticipation of a decline in oil prices after geopolitical tensions ease.
💡 Adjusting the budget to reflect lower oil prices is necessary.
🔄 The goal is to align gas prices with updated rates for better financial planning.

Key Insights

📈 Current oil prices are unsustainable, indicating a potential market correction is needed to stabilize the economy.
🔍 The CBI’s proactive approach to adjusting oil prices demonstrates awareness of economic fluctuations.
🛢️ High gas prices directly impact consumer behavior and spending, leading to broader economic implications.
🔮 Future predictions suggest a downward trend in oil prices, influenced by geopolitical events, hinting at market volatility.
📑 Budget adjustments are crucial to avoid losses and ensure that pricing aligns with real market conditions.
🤝 Collaboration between financial institutions and government is vital for effective economic management during turbulent times.
🔗 Understanding the relationship between oil prices and the economy can guide better financial decisions moving forward.