Warning against the consequences of canceling the dollar selling platform in Iraq.. The green currency is hostage to Jordan and the Gulf States, 7 dec

 Warning against the consequences of canceling the dollar selling platform in Iraq.. The green currency is hostage to Jordan and the Gulf States

financial and economic affairs professional Mustafa Akram Hantoush warned Thursday (December 5, 2024), of the results of canceling the greenback promoting platform to traders throughout the next stage, in line with what became announced with the aid of the primary bank of Iraq.

Hantoush, a journalist, said, “The primary financial institution of Iraq ought to realize thoroughly that the fall apart of the Iraqi banking device and the punishment of (32) Iraqi banks without a clear charge over a period of a yr and a 1/2 isn’t regular, and from the attitude of banking work, this could be the first incident in the international of this kind.”

He introduced, “The worst factor is the lack of significant solutions from the primary financial institution of Iraq to this example, however alternatively the flow in the direction of cancelling the (fitr) platform with the aid of the quit of 2024 and handing over the greenback document to banks affiliated with overseas traders and banks (Jordanian and Gulf), which offers the impression that this be counted became deliberate from the beginning.”

He persevered, “The failure of the vital financial institution of Iraq to find solutions for the Iraqi banking sector will fire the mercy bullet at the entire Iraqi banking gadget and it will become punished as a whole, for you to lay off nearly a hundred,000 people within the Iraqi private banking quarter in prefer of Jordan and the Gulf nations,” noting that “within the absence of banking opposition, the stability of the alternate price becomes tough because of the monopoly of the dollar by means of sure banks and might result in new fluctuations within the trade price.”

Hantoush questioned: “Why is the paintings of the (Fitr) platform no longer being prolonged in coordination with the new US administration? additionally, why are Iraqi banks now not guaranteed to open an account for themselves in correspondent banks in bucks (Citibank/JP Morgan) as the nations of the location have executed?”

He pointed out that “the unexpected thing is that, till now, the mechanism for cooperation and auditing with Ernst & younger has no longer been decided or introduced concerning transfers in currencies aside from the dollar (euro – yuan – lira – dirham), nor have the outcomes of the settlement and agreement with Oliver Wyman concerning the (32) sanctioned banks and what their destiny might be have no longer been announced. this means that the banking situation in Iraq is going through many foremost crises, and the dollar may be difficult to control in the parallel marketplace.”

MELANIA HINDS CC HIGHLIGHTS NOTES, 7 DEC

 MELANIA HINDS CC HIGHLIGHTS NOTES

Summary

Exciting news about the Iraqi Dinar! The Central Bank’s restructuring project is advancing, and a new law has been passed, allowing Iraq to go international.

Highlights

• 🚀 Exciting developments in the Iraqi Dinar market!
• 📧 Confusion over email communications resolved.
• 📜 New law passed, enabling Iraq to go international.
• 🌌 Mercury retrograde causing some mix-ups.
• 🎉 Live streams planned to celebrate progress.
• 💻 Insight on digital currencies to be shared soon.

Key Insights

• 🌍 The recent law passed by the Iraqi Parliament is a significant step toward Iraq’s international economic integration, which could enhance foreign investments and trade opportunities.
• 📊 The Central Bank of Iraq is making strides in its restructuring project, indicating a commitment to stabilizing and modernizing the national economy.
• 📅 The timing of the law’s announcement coincides with a strategic push for economic reforms, highlighting the government’s proactive approach in a challenging financial environment.
• 🛰️ The engagement with the community through live streams reflects a growing interest and investment in the Iraqi Dinar, fostering a sense of unity and excitement among supporters.
• 🔎 The mention of Mercury retrograde adds an interesting layer to the narrative, suggesting that planetary movements might influence events, which resonates with many in the spiritual community.
• 🧠 Education on digital currencies signifies a shift towards modernization and adaptation in financial practices, which is crucial for Iraq’s economic future.
• 💖 The gratitude expressed for community intel underscores the importance of shared knowledge and support in navigating complex financial landscapes.

MAJEED: BUDGET + HCL APPROVED!!! WOW !!! @DINARREVALUATION #iraqidinar #iraqidinarinvestor

 

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