Gold Reserves Jump: Iraq Exceeds 150 Tons of ‘Cash Gold’, 13 NOV

 Gold Reserves Jump: Iraq Exceeds 150 Tons of ‘Cash Gold’

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Tuesday, a jump in Iraq’s gold reserves after it exceeded 150 tons of gold.

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Saleh told {Euphrates News} that: “The monetary gold in Iraq’s foreign reserves constitutes a percentage that may not exceed 10% to 11% of the total investment portfolio management of those reserves.”
He added, “This percentage is usually determined by the standard guidelines issued by the International Monetary Fund on how to manage the optimal sovereign investment portfolios according to risk management and their distribution between liquid and semi-liquid assets and official monetary gold.

” Saleh explained, “The latest information indicated that our country’s balance of official monetary gold may have exceeded the barrier of 150 tons of pure gold.”
Gold prices rose slightly on Tuesday, but remained hovering around the lowest level in a month, while investors await US economic data and comments from Federal Reserve officials for more clarity on the path of interest rates.

Spot gold rose 0.2% to $2,624.17 per ounce after recording its lowest level since October 10 on Monday. U.S. gold futures gained 0.5 percent to $2,630.10.
The dollar held near a four-month high as bets on President-elect Donald Trump’s policies continued to weigh. A stronger dollar makes gold less attractive to holders of other currencies.
Among other precious metals, spot silver was little changed at $30.70 an ounce. Platinum fell about 0.2 percent to $962.80, while palladium was steady at $980.34.

Raghad

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TIDBIT FROM MARKZ, 13 NOV

 MarkZ  

 [via PDK] 

 “Government spokesman reveals the most important features of the Sudanese and Trump communication”

  This article really gets into the discussion. Trump believes Iraq can be a very calming influence in the region. 

 They had spoken...I believe at least 3 times since Trump was elected. 

The two sides stressed moving forward with relations between our countries and they also talked about money, technology and Iraq’s role in it…you have to know Trump has a interest in Iraqs ascension and change in Value. It would bring financial stability to the US and peace and prosperity to many parts of the world. This is very encouraging.

"there is a massive push in Iraq to go before Dec. 10th." BY MARKZ@DINAR...

The region’s oil and losses halting its exports at the top of the Prime Minister’s discussions in Erbil tomorrow, 13 NOV

 The region’s oil and losses halting its exports at the top of the Prime Minister’s discussions in Erbil tomorrow

Member of the Parliamentary Finance Committee, Moeen Al-Kazemi, revealed that Prime Minister Mohammed Shia Al-Sudani will visit Erbil tomorrow, Wednesday, to discuss the region’s oil and the losses resulting from the halt of its exports to Iraq.

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Al-Kadhimi said, during his hosting on the {Free Talk} program broadcast on Al-Furat satellite channel this evening, that: “The suspension of oil exports took place in 2023 after Iraq complained to Turkey that it imports oil from the Kurdistan Regional Government and not from the federal government, then Turkey took the initiative to stop exports under the pretext of the earthquake, then it was agreed to resume exports.”

He added, “The government sees it as a huge loss for Iraq, so it stood before this issue of production costs with international companies to explore for oil in the region, and the government agreed to spend $ 16 per barrel on oil extraction costs to consider the existing reality, and tomorrow there will be a visit by Al-Sudani to Erbil to discuss this issue and other matters.”

Al-Kadhimi added, “There is an important demand from the federal government to reconsider these participating oil contracts, noting that these wells are not the wells of the south, and $ 16 is not considered legal except by a vote of the House of Representatives and will not pass easily, and the region’s oil must be exported through SOMO in contract with the center.”

Regarding the disclosure of investigations into changing the budget tables, Al-Kadhimi said, “The House of Representatives has a mission to advance the legislative and oversight reality, and the Finance Committee has begun investigating within Parliament regarding the manipulation of the budget tables, and we obtained the copy sent by the government to Parliament and the copy sent by Parliament to the government, and in general, the mistake was deliberate from within the House of Representatives.”

He continued, “The issue of leaks is a curse and from important sources or in political blocs, showing the community’s lack of confidence in those in charge, and on the other hand, it became clear that there is a defect in the technologies and warns that most officials are hacked in information and communications.
” Al-Kadhimi added, “On the other hand, it is also a blessing to reveal corrupt faces, but this disclosure will make the corrupt take precautions and be careful, and this must be an alarm bell and a necessity for serious action by the government, and accountability must be carried out and issues of bargaining and moodiness must not be the ones that control.”

Wafaa Al-Fatlawi
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TIDBIT FROM MNT GOAT, 13 NOV

 Mnt Goat 

 I see what is happening in Iraq as a final “cleanup” from the sanctioned days and war years...there is going be some huge change in policy of currency exchange for international trade with Iraq...

why else would the CBI make such a drastic change in policy with the currency auctions if the US didn’t tell them to “ditch the dollar” and do it now. ...

But in order to do it Iraq needed the reforms... reforms come first, then they can rebuild their economy and somewhere in the new economy building phase, they strike out and delete the zeros and reinstate...

So, come the end of 2024 don’t you think these reforms will be ‘good enough” to let the dinar finally get to FOREX? I was told this is their target.

THE RV HAS STARTED BY WOLVERINE @DINARREVALUATION

A turning point for fiscal policies. What after the cancellation of the dollar traffic monitoring platform?, 13 NOV

 A turning point for fiscal policies. What after the cancellation of the dollar traffic monitoring platform?

SumeriaNews – Economy

Make upAnnouncementCentral BankIraqiOn September 4, 2024, on the termination of work on the electronic platform for monitoringMovement DollarThe transfers of the American currency abroad, early next year, are a turning point in Iraqi financial policies.

This decision is expected to lead to fundamental changes in financial transfer mechanisms, and a direct impact on exchange rates and financial stability. Moreover, this decision poses new challenges for the banking sector, and calls for a careful assessment of its effects and the fate of banks that will not be able to integrate into the new system, and the challenges that the government may face in implementing this transformation, according to observers.

The expert in economic and financial affairs, Safwan Qusai, confirms that the new transfer mechanism that will be implemented early next year will not negatively affect the financing of legitimate trade.

He says that the entry of the central bankIraqiThe US Federal Fed as a monitor, and the transfer of Iraqi banks that have relations with major international banks such as Citibank and JP Morgan, will contribute to accelerating transfers and reduce data manipulation.

Elimination of the parallel market
He adds that this step will eliminate illegal trade that depends on buyingDollarFrom unofficial sources or what is known as the parallel market.

He points out that banks facing restrictions on dealing in foreign currencies are currently being evaluated by Oliver Weyman, with the aim of developing their capabilities in the field of remittances, expecting that many of these banks will be able to resume their international work after meeting the required requirements.

The economist stressed that the new mechanism will ensure the provision ofDollarAt a fixed official price, which removes any concerns about financing illegal trade, noting that the parallel market will continue to face challenges due to tight regulatory measures.

Qusai called on irregular traders to move to deal through official channels, stressing that there is a possibility of merging some Iraqi banks to form a new banking entity capable of exercising international trade freely, in coordination with the Central BankIraqiThe American Federal.

In early 2023, he announced IraqAdopting an electronic platform forMonitoring MovementSellingDollarMoney laundering operations, following warnings issued by the US central bank, and following the US Treasury Department punishing many local banks for their “involvement” in suspicious acts.

Expectations of an exchange rate increase
For his part, economist Nabil Jabbar Al-Tamimi warned that the transition to a new mechanism for bank transfers inIraqMay lead to a temporary rise in the exchange rateDollarduring the coming period.

The Council of Ministers ratifiedIraqiOn February 7, 2023, on the decision of the Board of Directors of the Central BankIraqiAdjusting the exchange rateDollarAgainst the dinar, as follows:

1300 dinars per dollar the purchase price from the Ministry of Finance.
1310 dinars per dollar the selling price of banks.
1320 dinars per dollar the sale price by banks and non-banking financial institutions of the final beneficiary.

Al-Tamimi explained that the Central BankIraqiIt works to end the adoption of the current platform for remittances, and move to a system based on direct relations between Iraqi banks and international banks.

He pointed out that some Iraqi banks are ready to work with this new system, but other banks need to develop their capabilities, and expected this shift to lead to some market disruptions during the transitional period, but stressed that the government is working to support banks to successfully overcome this stage.

Al-Tamimi explained that the Iraqi government, represented by the Central Bank, plans to evaluate all Iraqi banks and qualify them to work with the new system, in cooperation with international financial audit companies, stressing that these steps aim to enhance the stability of the banking system.IraqiAnd increase its efficiency, which will reflect positively on the economyIraqiIn general.

Alsumariatv.com

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