Iraqi PM Al-Sudani highlights progress in Al-Faw Grand Port projects during Basra tour, 8 NOV

Iraqi PM Al-Sudani highlights progress in Al-Faw Grand Port projects during Basra tour

Shafaq News/ On Thursday, Iraqi Prime Minister Mohammed Shia Al-Sudani announced the progress of key projects at Al-Faw Grand Port in Basra province, the southernmost part of the country.

Al-Sudani's announcement came during a maritime tour in which he reviewed the key projects at Al-Faw Grand Port in Basra, accompanied by the Minister of Transportation, the Governor of Basra, several members of parliament, advisors, and the Director General of the State Company for Iraqi Ports.

According to a statement from the PM's Media Office, Al-Sudani began his tour with the five berths for which he oversaw the handover ceremony earlier today. He then reviewed other projects, starting with the container yard and the wharf wall, which has reached 100% completion. He also visited the submerged tunnel, which is 58.47% complete and is one of the most significant projects within the Development Road initiative.

“During his tour, Prime Minister Al-Sudani was briefed on the progress of the navigation channel, with a completion rate of 77.41%,” the statement affirmed. “He concluded his tour by reviewing the progress on the road connecting Al-Faw Grand Port to the highway, which marks the start of the strategic Development Road. This project has now achieved a 92.42% completion rate.”

In this context, Al-Sudani praised the engineers, technicians, and workers involved in Al-Faw Grand Port projects “for their efforts over the past two years,” noting “the significant progress made since the government assumed its executive duties.”

Earlier today, during the ceremony of handover of the port’s five berths from the implementing Korean company, Al-Sudani said his government faced "significant challenges" in launching the vital Development Road project, noting that “Al-Faw Grand Port would reshape Iraq's historical geographical position.”

Notably, Al-Faw Grand Port, situated at the southern tip of the country, is seen as a key project in Iraq's efforts to strengthen its trade links and economic standing in the region. The port is expected to provide Iraq with a strategic entry point to the Gulf and enhance its trade capacity by providing an alternative route for the transit of goods.

"EACH DAY VIDEOS ARE RUNNING FROM THE CBI ON TV SAYING THAT THE DINAR WILL RETURN TO THE " GLORY DAYS" BY FIREFLY, 8 NOV

  Frank26  

[Iraq boots-on-the-ground report] 

 FIREFLY: More and more each day videos from CBI being played on TV about the electronic platform system,

 saying how we are moving over and how the dinar is now stable and now stronger than ever, how the dinar will return to the 'glory days'. 

 FRANK:  Oh my God.  These are the right people we want to hear from. 

 These are the right words that we want to hear from these people...They're telling them these things IMO because they already have.  All this is just the introduction.

Dinar Revaluation Update Tier4B Notifications are HERE FROM WOLVERINE @...

Iraqi financial expert: recent dollar rise is temporary, driven by global markets, 8 NOV

 Iraqi financial expert: recent dollar rise is temporary, driven by global markets

Shafaq News/ The recent rise in the US dollar against the Iraqi dinar is temporary, and economic factors, rather than political ones, ultimately determine currency trends. According to Mahmoud Daghir, a financial expert and former director at the Central Bank of Iraq.

In an interview with Shafaq News Agency, Daghir explained that the dollar's fluctuations in local markets are influenced by global trends, as the dollar remains the same whether in Iraqi markets or global exchanges. However, “The key concern is how the local currency reacts to these global shifts within Iraq. ”

"The current changes in the dollar’s value are temporary and will likely return to normal once stability is restored," Daghir stated. "It is the economic situation that determines the dollar's value against other currencies, not political factors."

Iraq has recently witnessed a surge in the US dollar against the dinar, causing concern among local businesses and consumers. The exchange rate has fluctuated significantly, surpassing sometimes 160,000 per $100.

TIDBIT FROM CLARE, 8 NOV

 Clare 

 Article: "Al-Sudani congratulates Trump and Vance, stresses Iraq's commitment to strengthening relations with America"

  Quote: "It is noteworthy that Iraqi Prime Minister Mohammed Shia al-Sudani had strongly attacked the administration of former US President Donald Trump, 

during a speech he gave at a memorial ceremony held in Baghdad in 2023 on the anniversary of the assassination of former Iranian Quds Force commander Qassem Soleimani and deputy head of the Popular Mobilization Authority Abu Mahdi al-Muhandis in an airstrike near Baghdad International Airport in early 2020..."

WOLVERINE: " I’ve just spoken to a high up contact. It’s defiantly here"...

DINAR REVALUATION REPORT: Redemption Centers in Iraq to Collect Three Zeros Bill Notes 2024, 8 NOV

 Redemption Centers in Iraq to Collect Three Zeros Bill Notes 2024

The Central Bank of Iraq has announced plans to re-denominate the Iraqi Dinar by removing three zeroes from the currency. This strategic move aims to reduce transaction costs and make it easier for people to carry and use money. The re-denomination project, which has been in the works for several years, is close to completion and is expected to be passed to the ministerial council and Parliament for final approval. 1

Purpose and Benefits

The primary purpose of the re-denomination is to simplify financial transactions and improve the overall efficiency of the monetary system. By removing three zeroes, the Central Bank aims to: Reduce Transaction Costs: Making transactions more manageable and cost-effective. Ease of Use: People will find it easier to carry and use smaller denominations. Stabilize the Economy: The bank has already managed to reduce inflation rates from 34% to 3-4% and stabilize the exchange rate of the Iraqi Dinar over the past few years. 1

Redemption Centers

To facilitate the transition, the Central Bank will establish redemption centersacross Iraq. These centers will allow individuals and businesses to exchange their old three-zeros bill notes for the new denominations. The exact locations and operational details of these centers will be announced closer to the implementation date.

Impact on the Economy

Economists believe that the re-denomination will not significantly affect the purchasing power of the Iraqi Dinar. However, it is expected to bring several long-term benefits, such as: Enhanced Financial Stability: By reducing the money supply, the move can help maintain low inflation rates. Improved Payment Systems: The Central Bank is also moving towards an electronic payment system, which includes six banks and electronic deeds exchange. This will further modernize the financial infrastructure. 1

Timeline and Implementation

While the exact timeline for the re-denomination has not been officially announced, the project is in its final stages. The Central Bank is expected to provide more detailed information and guidelines soon. The transition will likely be gradual to ensure a smooth and orderly process.

Conclusion

The re-denomination of the Iraqi Dinar by removing three zeroes is a significant step towards modernizing Iraq's financial system. By establishing redemption centers and implementing electronic payment systems, the Central Bank aims to improve the efficiency and stability of the economy. This move is part of a broader strategy to enhance the purchasing power and international standing of the Iraqi Dinar.