Pimpy
The dinar is not going to happen today or the next week as far as I know but this is a pretty big step [the restrictions removed from foreign currency exchange] for them because this allows a lot of liquidity which is necessary inside of Iraq.
Liquidity has always been an issue for Iraq. This will change that.
That means more businesses/people doing exchanges with the currencies. A lot of liquidity in Iraq is what they need.
Five Economic Pillars of Iraq in 2024
Iraq, a country rich in natural resources but long affected by conflict and political instability, has been making strides to stabilize and diversify its economy. As of November 7, 2024, the five key economic pillars that define Iraq's status are:
Oil remains the backbone of Iraq's economy, accounting for over 99% of exports, 85% of the government’s budget, and 42% of gross domestic product (GDP). The sector's dominance exposes the country to macroeconomic volatility, but it also provides a significant revenue stream that has been crucial for recovery efforts.
In 2021, government revenues surged by 73% year-over-year, driven by higher oil prices averaging $68.3/barrel. These gains have helped turn the overall fiscal balance to a surplus of 5.3% of GDP in 2021, providing a buffer for economic stabilization and development initiatives.
Despite the dominance of oil, Iraq has been making efforts to diversify its economy. The non-oil sector grew by over 6% in the first nine months of 2021, driven by the services sector as COVID-19 restrictions eased. This growth highlights the potential for non-oil sectors to contribute to economic stability and job creation.
However, attempts to diversify the economy and modernize the financial and banking sectors are hampered by political dynamics and corruption. The private sector and foreign direct investment (FDI) remain underdeveloped, and the country struggles to enhance its export capacity, particularly in agriculture.
Iraq has launched a new national strategy to reduce inequalities in the world of work, emphasizing inclusivity, equal opportunity, and social protection. This strategy aims to create a more equitable and prosperous future by addressing issues such as unemployment, particularly among displaced populations, women, and informal workers.
As of January 2021, Iraq's unemployment rate was more than 10 percentage points higher than its pre-COVID-19 level of 12.7%. The strategy seeks to reduce these high unemployment rates by fostering a more inclusive and equitable labor market.
Iraq still faces significant humanitarian and development needs, including a complex political environment and a volatile security situation. The country hosts over 300,000 refugees and asylum-seekers, primarily from Syria, and has an internally displaced population (IDPs) of 1.14 million. These populations face barriers to return and integration, including insecurity, lack of livelihood opportunities, and damaged housing.
The Iraq Crisis Response Plan 2024 aims to support the government in developing inclusive strategies for recovery, peacebuilding, and stabilization. The plan targets 670,000 people and requires $144.7 million in funding, highlighting the ongoing need for international support and collaboration.
The Iraq Community Resilience Initiative (ICRI), funded by USAID, aims to support inclusive and stable communities through digital media. With over 31 million digital media users in Iraq, there is a significant opportunity to bring communities together, encourage collaboration, and share positive narratives.
Despite the challenges, grassroots initiatives and media activists have emerged, working to tell positive stories and counteract disinformation. ICRI has awarded grants to local media activists and organizations, enabling the establishment and sustainability of credible social media channels.
MarkZ
[via PDK]
Article: “Sudani congratulates Trump and vice President on winning the White House race” Sudani believes it will bring stability to the middle east.
Rafidain Bank: Implementing the comprehensive banking system in 48 branches
11/7/2024
Baghdad / Rafidain Bank announced the operation of 48 branches, so far, within its comprehensive banking system.
The bank stated in a statement: "The comprehensive banking system is a qualitative leap in the bank's path, as it supports digital transformation and enhances the bank's ability to efficiently meet the needs of wide segments of customers." He stressed
: "This continuous expansion will include more branches in the future, as part of a well-thought-out plan aimed at providing a modern banking experience that contributes to supporting the national economy and meeting the needs of society with distinguished and comprehensive banking services." LINK
Frank26
Salaries need a new exchange rate...The same thing with the HCL.
Do you see the HCL?
No. Give me a new exchange rate. It's that simple.
Do you see the salaries?
No, still nothing. Give me a new exchange rate. It's that simple.
Do you see the lower notes they keep talking about?
No. Give me a new exchange rate...By the way they are giving them a
new exchange rate IMO..Frank26 The monetary reform policy is being introduced to you Iraqi citizens on a daily basis isn't it. It's is my hope. It ...
