Rafidain Restructuring Decisions.. A Joint Project Between the Central and International Bank, 7 dec

Rafidain Restructuring Decisions.. A Joint Project Between the Central and International Bank

The Governor of the Central Bank of Iraq, Ali Al-Alaq, led extensive discussions on the Rafidain Bank restructuring project in a meeting with the World Bank's Regional Director in Iraq, Emmanuel Salinas.

Al-Alaq confirmed, according to a statement by the Central Bank of Iraq, a copy of which was received by Al-Masry on Thursday, that “the support of the Iraqi Prime Minister in this regard has positively accelerated the progress of the project, to reach 

important stages inIn turn, the World Bank's Regional Director in Iraq explained the reality of work on this project, in which he presented the opportunities available within the banking work environment in Iraq and the mechanism for developing the restructuring plan in its operational and financial aspects.

Project expert Firas Kilani, structuring from Ernst & Young, explained that “the project has made great progress since its inception in September 2024 and has currently reached 74%, and the next phase of the scope of work will be completed at the end of this month, moving to an advanced stage in this project.”The project committee included officials from the Ministry of Finance, the Central Bank of Iraq, the Prime Minister’s Advisor, the Head of the World Bank Mission in Iraq, as well as members of Ernst & Young as an expert auditor and consultant in the restructuring process.

 

TIDBIT FROM MILITIAMAN, 7 DEC

 Militia Man  

 Article quote:   "The fiscal year of government banks in Iraq ends the end of December each year where some financial operations are temporarily suspended to conduct annual settlements and close accounts." 

 Those that think Iraq is on a different system and different time frames for their end of year...those that were saying April or March are wrong.  Fiscal year of the government bank ends at the end of December each year.

JON DOWLING : THIS SURE SOUNDS LIKE AN EARLY CHRISTMAS TO ME !! @DINARREVALUATION #iraqidinar

 

Iraq Buys Gold In Large Quantities.. And An Expert Reveals The Reason, 7 DEC

 Iraq Buys Gold In Large Quantities.. And An Expert Reveals The Reason

Time: 2024/12/05 Read: 2,691 times  {Economic: Al Furat News} An economic expert revealed the reason behind Iraq’s import of large quantities of gold.

Manar Al-Obaidi said in a statement received by {Euphrates News} that "according to data on exports from countries, specifically the UAE, which has become the largest exporter to Iraq in terms of value, we find that more than 42% of the UAE's exports to Iraq are gold."

He explained that "the main reason for importing these quantities is due to its use as an alternative to the dollar in trade exchange with some countries that are prohibited from dealing with banks, and as a result of the lack of cash dollars in the markets, it is replaced by importing gold from outside Iraq, and then trade is carried out using this metal."

He pointed out that "the expected value of gold from the UAE until the end of 2024 will be between 12-18 billion dollars, in addition to mobile phones, the volume of their exports from the UAE alone ranges between 6-8 billion dollars."

Al-Obaidi continued, "There are approximately 20-24 billion dollars in goods that are imported, which are not used for local consumption, but are reused in foreign trade exchanges."

He pointed out that "inflation rates in Iraq have decreased to less than 3% as a result of the ability to import goods from various entities that are prohibited from dealing with banks using gold and mobile phones. "

He stressed that "the hedge that citizens are looking for for their savings in times of crisis tends to buy gold instead of keeping the local currency and also the disappearance of the cash dollar from the market."

The economic expert said, "As a result, Iraq has no alternative except by establishing an electronic clearing system between it and the countries that are prohibited from dealing with banks, and then there will be no need for these complex mechanisms to cover trade exchange without the need to go through the global banking system and the inability to cover imports from these countries."

The World Gold Council announced on November 6 that Iraq had raised its gold holdings to more than 152.5 tons.

According to a table published by the council for November 2024, "Iraq ranked 29th out of 100 countries listed in the table with the largest gold reserves," indicating that "Iraq ranked third in the Arab world after Saudi Arabia and Lebanon."

He added, "Iraq increased its gold holdings to 152.6 tons, after it had held 152.5 tons, which represents 11.5% of its remaining reserves."   LINK

EXCERPTS FROM MARKZ: " VIETNAM RV'd IN -COUNTRY, 7 DEC

 EXCERPTS FROM MARKZ

Member: Mel From Australia said Vietnam RV’d in –country. I am waiting to confirm from a friend who is over there right now.

MZ: That would be huge if you can get that confirmation. 

I continue to see about $1.50 from a few sources in the international banking world. I do not know if that is the final rate or not. 

I hope its more…but if it is that it would still be amazing. That rate may be a placeholder.

WALKINGSTICK: IRAQ WILL MAINTAIN THE CURRENCY STABILITY PAIRING THE IQD TO A BASKET OF CURRENCIES

 

US Ambassador: We Affirm Our Commitment To The Growing Partnership Between The United States And Iraq, 7 DEC

 US Ambassador: We Affirm Our Commitment To The Growing Partnership Between The United States And Iraq

Thursday 05 December 2024 21:23 | Politics Number of readings: 53 Baghdad / NINA / US Ambassador to Baghdad Alenia Romansky affirmed, today, Thursday, her country's commitment to the growing partnership between the United States and Iraq.

The ambassador said in a post on the X website: "Today we celebrated the American National Day at the US Embassy in Baghdad, affirming our commitment to the growing partnership between the United States and Iraq." / End    https://ninanews.com/Website/News/Details?key=1173084