FIREFLY:Mr. Sammy said he has heard that Citibank and JP Morgan who have worked with Iraq for the last two years went to all the meetings...with the IMF, World Bank.
It turns out Citibank have come out with something called CitiDirect program. It's...so banks can exchange foreign currency and deal with 135 different currencies. It is direct and all digital just like everything we're doing in Iraq...Mr. Sammy says these two banks will be leading the way but it will be banks all over the world too.
FRANK: You can't be a central hub at a program rate!
Central Bank Governor receives Azerbaijani Ambassador
November 06, 2024
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received His Excellency the Azerbaijani Ambassador to Iraq, Mr. Nasir Mammadov.
During the meeting, they discussed cooperation relations between Iraq and Azerbaijan and ways to develop them to include various economic fields. His Excellency the Governor stressed the need to improve the nature of bilateral relations and expand the horizons of cooperation in the banking sector for the two countries, in addition to their positive impact on the economic, tourism and investment sectors.
He pointed out the importance of cooperation in terms of exchanging experiences and the process of transferring money to facilitate trade between the two countries.
For his part, His Excellency the Ambassador stressed the importance of economic relations with Iraq and the need to overcome obstacles to enhance and grow them, extending an invitation to His Excellency the Governor to visit Azerbaijan in preparation for future cooperation in the economic and banking fields.
Central Bank of Iraq Media Office November 6, 2024
Taking care of a bank...Also taking care of over 90 currency centers around Michigan.
Why?
Because of the Arab population in Michigan. It's massive. It's probably the largest of all the 50 states. That's why Aki has his bank there.
They used to have 130 trillion dinars in circulation. They tell you now it's 100 trillion dinars...It will be trillions to billions.
130...and now report at 100 trillion is a big clue of the direction of the exchange rate...The 100 trillion dinar they are talking about is the value of the IQD not the number of notes in circulation. The difference is extremely important...The clue is it's going in the right direction of adding purchasing power to the country's currency.
Makkia: Iraq is heading towards a major investment marathon
11/6/2024 Baghdad
The head of the National Investment Commission, Haider Makiya, confirmed on Wednesday that Iraq is heading towards a major investment marathon for many projects, while he indicated that funding from international institutions reduces the burden on the Ministry of Finance by granting loans for investment projects.
Makiya said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "we found many economic visions in the first version of the Iraq Economic Forum", noting that "the issue of the possibility of benefiting from the financing of international institutions known to the Central Bank was raised in order to reduce the burden on the Ministry of Finance to grant loans and facilities to local investment projects or even foreign projects."
He added, "It is necessary to seek external funding to finance investment projects, especially since Iraq is about to embark on a major investment marathon for many investment projects inside Iraq."
Makiya explained that "the understandings with the International Financing Program are still in effect, and we hope for all major investment projects in the field of renewable energy and waste treatment to generate electricity," noting that "we hope to search for solid institutions to develop the projects, especially since their amounts are very large." LINK
FIREFLY:Alaq back in TV talking about stability and security saying Iraq have very low external debt and that's good because high external debt causes low credit rating and it can hurt a country's exchange...
Alaq also said to us again the dinar would return to the 'glory days' of the past.
FRANK: Doesn't get any better than that. These are the people we want to hear from and these words coming out of their mouth? This is exactly what we want our ears to hear form them.
