Jon Dowling
A later video in the day I see When President Trump says 109% tariffs on BRICS, what he really means in reverse psychology is: go ahead do it. I’m giving you the green light!
Reset! Just like we said: XRP is right on schedule.
Now that a settlement has been reached: Watch December 4th onward to see XRP explode to $5, then $10-15 and then on its way to $30, then the Dinar!
Oh Christmas, I shall make them happy.
T minus three weeks and counting!👀✅
Major New IBBC Report on ‘Ease of Doing Business in Iraq’
The Iraq Britain Business Council (IBBC) has published its Advisory Council report on the Ease of Doing Business in Iraq.
The report outlines the challenges businesses face and provides actionable recommendations for the Iraqi government to foster a more business-friendly environment. The full report is now available on the IBBC website here.
According to data from the World Bank, Iraq continues to face significant challenges in becoming competitive for businesses across various indices-particularly in the provision of public services, ease of starting a business, navigating regulations, and securing credit.
Key Challenges Identified by Professor Gunter
Professor Frank Gunter highlights several critical drivers for change:
The Role of the Private Sector
Expanding the private sector is seen as the only viable option to create jobs, spur innovation, and diversify income sources. However, systemic issues such as corruption and bureaucracy remain significant barriers. For example, setting up a business in Iraq takes an average of 160 days, and corruption is estimated to cost companies 20% of their turnover.
Proposed Solutions
To stimulate private sector growth, Professor Gunter recommends the following:
The Stakes Are High
Professor Gunter underscores the urgency of these reforms:
“Improvement in these areas will require both focus and the expenditure of political capital. But the cost of failure will be high. Continued dependency on oil-export-funded government employment will become steadily more difficult over the next decade, resulting in higher unemployment and underemployment, particularly among young men. This outcome is not only economically inefficient but also socially and politically destabilizing.”
Walkingstick
The ending of the auctions is very significant and very telling...It was the reason for all this thievery, all of this profiteering that was the lifeline of the parallel market...
This is an interesting moment and I think things are being built and put in possession for this stoppage because they said to the citizens, at that time it will be a financial turning point...What comes after the auctions? Purchasing power.
The Turning Point: Iraq’s Leap into the Digital Economy
rom the United Nations Development Programme (UNDP):
The Turning Point: Iraq’s Leap into the Digital Economy
In a world increasingly defined by digital finance, Iraq has taken a transformative step with the Digital Payment Regulation No.2 of 2024.
This landmark policy marks more than just regulatory progress; it signifies a realignment of Iraq’s financial infrastructure with global standards.
Aimed at reducing the country’s overreliance on cash, this move fosters greater financial inclusion and economic transparency, hinting at a future of resilience and innovation within Iraq’s financial sector.
Beyond Compliance: A Shift Towards Better Financial Inclusion
The Central Bank of Iraq (CBI) has set a clear direction: digital payments are now an essential part of Iraq’s economic future. With funding from the United States Agency for International Development (USAID) in Iraq, and support from the United Nations Development Programme (UNDP) Iraq, this regulation is a catalyst for ensuring that digital transactions are accessible not only to urban business hubs but also across diverse sectors, bridging public and private financial landscapes.
Iraq’s transition to digital payments will unlock a range of economic benefits, including streamlined operations, enhanced data visibility, and improved financial security.
“The collected amount from the digital payment reaches (7.6 Trillion Iraqi Dinars), after it was (2.6 Trillion Iraqi Dinar) in January, 2023”- Mohammed Shia’ Al-Sudani, Prime Minister of Iraq
Currently, Iraq’s cash-dependent economy presents significant challenges for financial circulation and transparency. The new Digital Payment Regulation disrupts this status quo, incentivizing businesses to adopt tools like POS systems, e-wallets, and online gateways. As the nation embraces this evolution, UNDP Iraq continues to support the government in developing a legal framework aligned with Sustainable Development Goals (SDGs) and international best practices.
“Iraq now possesses advanced infrastructure capable of accommodating electronic payment tools and financial services. We will soon transition to digital banks, where smartphones will drive various banking operations. This shift will facilitate financial accessibility of services for citizens, reduce opportunities for corruption and fraud, and provide crucial data at the national level regarding the nature of transactions, their content, oversight, and compliance achieved through this comprehensive system.” Ali Al-Alaq, Governor of Central Bank of Iraq
UNDP’s Strategic Role in Laying the Foundation
UNDP’s contribution extends beyond technical support to a strategic partnership designed to foster Iraq’s digital financial ecosystem. By working closely with the CBI, UNDP provided the technical expertise needed to craft policies that enable the shift to a digitally driven economy while safeguarding inclusivity and sustainability. This partnership highlights how collaborative, forward-thinking strategies can drive lasting structural change in emerging markets.
“This regulation is more than a technical leap forward; it is a foundational shift towards economic resilience, inclusion, and transparency in Iraq. By modernizing the financial system, we are opening pathways for every Iraqi to engage fully in the economy and contribute to a stable and innovative future.” Auke Lootsma, UNDP Iraq Resident Representative.
“USAID is proud to support Iraq’s journey towards digital finance as part of our commitment to fostering sustainable development and economic opportunity. This regulation reflects Iraq’s determination to build an economy that’s inclusive, resilient, and aligned with the needs of its people. We are honored to be a part of this transformative chapter in Iraq’s financial history,” said Erin Mone-Marquez, USAID/Iraq’s Acting Mission Director.
A Glimpse into the Future: Implications for Iraq’s Economy
The impact of this regulation reaches far beyond mere compliance:
More than a Policy Shift: A Cultural Transformation
Moving towards digital payments represents a profound cultural shift in Iraq, where cash-based transactions have long been the norm. Similar transitions in countries like India have underscored that this change is not just technical; it requires a transformation in public behavior and trust. Iraq’s journey towards digital adoption will depend on clear vision from its leaders and cohesive efforts from regulators, businesses, and consumers alike.
This regulation is a pivotal milestone in Iraq’s journey towards building a financially inclusive, transparent, and resilient economy. With the Central Bank leading, UNDP’s technical advisory, and USAID’s support, Iraq is positioned to create a robust digital economy. The path forward will require the collective commitment of all stakeholders to drive adoption and overcome challenges. If Iraq fully embraces this opportunity, it could emerge as a model for how thoughtful policy and collaboration can fast-track a nation into the digital age, unlocking vast potential for years to come.
(Source: UNDP)
EXCERPTS FROM MARKZ
Member: There are rumors HCL is done.
MZ: They are operating as if HCL was done. I am convinced it is done- just not officially announced yet.
MZ: “Sudani: The challenges of the 2025 budget will not hinder salaries . Is Ira on the brink of a financial crisis?” these are the normal back and forth article they throw out there just before a value change.
Member: So I hear - Iraq approved it, but didn’t do it in time to be already in affect? So we have to wait till Sunday.
MZ: “With documents: Test of the draft amendment for the budget law.” The second reading is done and we are waiting on the third reading to have their budget.
MZ: The rumors in Iraq are along with that third reading they will announce the HCL.
Member: The third reading is the final reading.
MZ: We hear the third reading may be on Saturday.
Member: What is HCL?
MZ: Hydro Carbon Law. it’s the profit sharing between the Erbil region and Iraq. We were told when it is passed- the RV can occur. Within days of it passing the new rate should be out.
MZ: It may be time to start getting excited…We just need to manage our expectations
MAJEED “Controversial laws will witness a new movement after the legislative holiday ” The controversial law and personal status law will ...