Al-Sudani takes a number of steps regarding financial and banking reform in Iraq, 9 NOV

  Al-Sudani takes a number of steps regarding financial and banking reform in Iraq

Prime Minister Mohammed Shia al-Sudani directed, on Friday, to take a number of steps within the framework of banking and financial reform in the country, including increasing the number of bank branches in the governorates, as most activities are concentrated in the capital, Baghdad.

Al-Sudani's media office stated in a statement today that "within the framework of efforts to reform the financial and banking system, as one of the priorities of the government program, and in light of the important steps achieved during the past two years, and in light of the challenges facing the financial and banking system, especially in the governorates, and since confronting them requires greater attention and radical improvements to ensure enhancing confidence in the financial and banking sectors, facilitating the process of economic development, increasing financial inclusion and raising its indicators throughout the country, and because most of the activities were concentrated in the capital, Baghdad, Al-Sudani directed that a number of steps be taken in this regard."

Among the steps, according to the statement, is “increasing the number of bank branches in the governorates to meet the needs of the local population, and in a way that contributes to expanding the scope of financial services, while paying attention to buildings, their modernity, and providing their basic requirements.”

The statement pointed out the necessity for all banks in the governorates to adopt modern technologies such as online banking services and mobile applications, which facilitates citizens’ access to their banking services easily.

The statement stressed the importance of banks developing their financial services to suit the needs of individuals and small businesses, such as soft loans and savings accounts.

The media office pointed out the enhancement of financial inclusion in the governorates by providing banking services to different segments of society, including districts and sub-districts in villages and rural areas.

The statement called for launching conferences and awareness campaigns in the governorates, to educate citizens about the importance of dealing with banks and how to manage and invest money properly.

The statement directed the organization of workshops to train young pioneers and local businessmen on how to deal with loans and financial services.

The statement added that the Ministry of Finance, the Central Bank of Iraq, and the Iraqi Private and Islamic Banks Associations will coordinate with the governors’ offices to accomplish the above tasks according to their jurisdiction and responsibility, and submit quarterly reports (every three months) to the Prime Minister’s Office regarding the progress of work on the steps mentioned above. link

RV UPDATE BY ARIEL, 8 NOV

 ARIEL

Why do you all conflate what is going on there with what is going on in America? This is an Iraqi issue. And even then they to will have the option to exchange or convert their Paper Dinars into paper USD. This will be a process which will happen over years. 

Digital ✅

Electronic ✅

Paper ✅

Metals ✅

We are going into a system where all of this will operate in conjuction. There is nowhere in any American policy by any government or bank who officially stated that American citizens will only receive their USD exclusively in digital currency. 

Stop making this more confusing than what it actually happening. Iraq has not written any policy outlawing the use of physical paper transactions for digital money only. This will take years.

Do you understand?

Cash remains the predominant medium for transactions in Iraq. A 2023 report indicated that approximately 98% of transactions were cash-based, with digital payments being limited primarily to salary withdrawals by public servants and pensioners.

Do you know how long it will take Iraq to phase out paper money to only have digital currency? You all hop on one news item and go with it without doing any further research. 

Please relax.

Bank VP Invests in Dinar & Dong! | MarkZ Chat Story ‪@DINARREVALUATION‬

 

Al-Alaq describes the parallel dollar as “abnormal”: There is great stability in prices, 9 NOV

 Al-Alaq describes the parallel dollar as “abnormal”: There is great stability in prices

The Governor of the Central Bank of Iraq, Ali Al-Alaq, described the prices traded in a real parallel market as “abnormal,” while pointing out that there is great stability in prices and a decline in inflation rates.

Al-Alaq said in an interview with local media outlets: “We understand the focus on the rise in exchange rates in local markets, but we believe that the focus should be on the ability of the Central Bank to implement full coverage of foreign transfers for commercial or other purposes, and this happens on a daily basis.”

He added, "The daily dollar selling rates are high and almost sufficient to cover the needs of traders, businessmen and even citizens, and therefore we look at the price through the amount of sales that the Central Bank undertakes daily at the official price."

He pointed out that “the Central Bank looks at another indicator, which is the inflation rate in the market, and we notice that there is great stability in prices and a decrease in the inflation rate, which indicates that foreign trade is covered by the official price, which is 132,000 dinars.” (Per dollar)

The Central Bank Governor continued: “The price that is traded in the market is in fact an abnormal price that does not reflect the true price. Usually, this price is called a parallel price when there is a real parallel market with sources of dollars other than the Central Bank.”

EXCERPTS FROM MARKZ, 8 NOV

 EXCERPTS FROM MARKZ

Member: Mark, How is your gut feeling about this upcoming week?

MZ: I was excited last week because I was told things should start ripping 2 days after the e******n. Well its now 2 days after the e******n and I cannot reach a single bond contact. I don’t know what this means – but my gut is hoping they are processing bonds. If they are- we will know soon.

Member: Mark has always said 3 days after he hears the bonds go we would get our notice for 4B

MZ: “Parliament decides to extend its legislative term for 30 days” they have a lot of important things to take care of. And they are dedicated to getting them done and out the door.

MZ: “Parliamentary oil : Gas licensing rounds will supplement the financial budget”  They are talking about 3 million cubic feet a day.

MZ: “ The central bank has an unprecedented record of sales of the dollar” When they sell the dollar – they are pulling dinar off the streets.  The auction today was $300 million dollars . This is huge.

Iraq bank friend Aki :" Over 90 currency centers around Michigan" BY WALKINGSTICK ‪@DINARREVALUATION‬

 

Iraq Is Entering A New Economic Phase.. “Huge” Ships Dock In The “Large” Port, 8 NOV

Iraq Is Entering A New Economic Phase.. “Huge” Ships Dock In The “Large” Port

 November 7, 2024  Basra/Iraq Observer   With the receipt of the five berths of Al-Faw Port from the Korean executing company, Iraq entered the era of a state whose ports overlooking the Gulf are officially relied upon to receive huge ships.

 An event that Prime Minister Muhammad Shiaa Al-Sudani, who sponsored today’s handover ceremony for the project that the government described as the “People’s Project,” stressed that

“it is of great importance because of its connection to the development road project, which will connect, starting from the large port of Al-Faw, the economies of most countries in the region, and will be an outlet for achieving integration.

” The economist, pointing out that Iraq remains a fundamental pillar in the global economy, and a historical part and corridor of the most important international exchange routes.

 During the opening, Al-Sudani pointed out the importance of the five berths in the Grand Al-Faw Port.

 It represents the backbone of the port project in its first phase, which will be completed next year according to the previous schedules.

 Huge commercial ships with large submersibles have already docked at the port’s docks.

 Increase Revenue

 Member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said in a statement to the official agency, followed by “Iraq Observer,” that

 “Iraq depends on oil for its resources by 90%, and

there is serious government work and direction to increase non-oil revenues,” indicating that

 “the importance of ports lies in their It represents two revenue streams: the

     first is oil through exporting oil and receiving oil tankers, and the

     other is through the entry of goods.”  He added,

“The opening of the five berths and the completion of the investment in Al-Faw Port will contribute to supporting the path of development, in addition to being part of the Silk Road,” noting that

 “Iraq is located in a geographical area that makes it a link between the major countries, China and Europe.”

 Development Path

 In turn, the Prime Minister’s Advisor for Transport Affairs, Nasser Al-Asadi, said in a statement to the official agency and followed by “Iraq Observer” that

 “the opening of the first berths of the port will be followed by the opening of the remaining berths within the specified periods,” pointing out that

“the economic importance of these berths lies in opening the door Iraq has to make the Al-Faw Port project a reality, transforming it into a diversified economy through Al-Faw Port’s revenues.”  He stated,

 “Al-Faw Port has become a reality and will be the main artery of development, in addition to providing great job opportunities.” He confirmed,

  “The ships have begun to dock experimentally at the five berths, all of which have been opened,” noting that

 “there are other parts of the port that are close to completion.”

Giant Ships

Economic analyst Ahmed Abd Rabbo confirmed in a statement to the official agency, which was followed by “Iraq Observer,” that

“Al-Faw port differs from other ports in Iraq in that it is directly connected to the Gulf, while the other ports are in sea channels, and the

 opening of the five berths means inaugurating the phase of Iraq’s reception of giant and large ships that... It was impossible to enter.” He stated,

 “The other advantage of Al-Faw Port is the depth of its waters, which differs from other ports, and this matter will contribute to the process of actually embarking on the path of development by allowing ships of various sizes to dock.” He continued,

 “The opening of the docks cut off the talk of those who doubted the completion of Al-Faw Port and began the countdown to the completion of the Grand Al-Faw Port project.”

Attracting international shipping companies

 Economic expert Ahmed Saddam said in a statement to the official agency and followed by “Iraq Observer” that

“the expected economic importance of Al-Faw port after completing other equipment such as cranes, warehouses, management systems and their accessories lies in encouraging the entry movement of large ships that need a large draft, as well as reducing the burden on Umm port.” castle". He continued,

 “This means that Al-Faw Port will contribute to attracting new shipping companies in the future that can raise the level of the port’s revenues.” He pointed out,

 “Other positives for the Iraqi economy are the provision of

     employment opportunities within the port, as well as

     opening the door to internal land transport companies that will deal with the port in the future.” He stated,

  “If we take into account the activation of the Basra Law, the economic capital of Iraq, then

 Al-Faw Port will be the mainstay for attracting foreign direct investment companies after providing appropriate facilities for that.

 This will naturally be reflected in the Iraqi economy by raising the level of non-oil investments and their revenues.”    https://observeriraq.net/العراق-يدخل-مرحلة-اقتصادية-جديدة-السف/