Article quote: "After getting rid of heavy burden of its debt, Iraq has transformed from a country indebted to other to a country that can be a creditor to others."
Iraq is not going to be be in debt to others but they'll be one that can credit to others. Iraq's going to have a lot of money.
Non-oil...oil...tourism revenues...are all in play.
Iraq participates in the fifth economic summit of the Arab-French Chamber of Commerce
Baghdad / NINA /- Iraq participated in the fifth economic summit of the Arab-French Chamber of Commerce, which was held in the French capital, Paris.
The Iraqi Ambassador to France, Dr. Wadih Batti, opened the discussion session on Iraq, and stressed the depth of bilateral relations between the two countries, especially after signing the strategic partnership agreement with France in January 2023.
He stressed the importance of enhancing economic cooperation to keep pace with common ambitions, calling on French companies to increase their presence in Iraq to explore available investment opportunities in various sectors. He also referred to Iraq's efforts to activate the role of the private sector as a primary driver of the economy through sovereign guarantee programs.
For his part, Dr. Haider Makiya, Chairman of the Investment Commission, reviewed Iraq's investment plans, pointing to the opportunities available in vital sectors including energy, infrastructure, agriculture, smart cities, and technology projects. He stressed that Iraq has rich natural resources and a strategic location that makes it a link between regional and international markets.
In turn, Dr. Raed Nizar, Economic Advisor to the Federation of Iraqi Chambers of Commerce, explained the legal framework for investment in Iraq, pointing to the efforts made to improve the investment environment to comply with international standards, and also stressed that these efforts aim to enhance investor confidence and encourage them to invest in the country. The summit included discussion sessions on various topics, including sustainable development, digital transformation, and support for small and medium enterprises, in the presence of economic officials, investors, and businessmen from various countries./End
Iraq’s Central Bank is opening foreign currency channels, aiming for a new exchange rate and economic stability, with hopes of an IQD RV before Christmas.
Highlights
💰 CBI aims to stabilize the exchange rate by opening foreign currency channels.
🔄 The move is expected to eliminate the black market for currency.
📈 A new official CBI rate may lead to an in-country revaluation of the Iraqi Dinar.
🌍 Iraq is expanding relationships with regional currencies like the Jordanian Dinar and Saudi Riyal.
🚀 Strengthening ties with countries like Turkey and China could attract investments.
🏦 High foreign reserves and controlled inflation indicate Iraq’s economic stability.
🔍 The potential for more job opportunities and improved quality of life for Iraqis.
Key Insights
🏦 Stability in Foreign Reserves: Iraq’s high foreign reserves provide a safety net for economic management, essential during crises like the pandemic. This stability fosters investor confidence.
🌐 New Economic Partnerships: Engaging with regional currencies signifies Iraq’s potential for growth, enhancing trade and investment opportunities, which can lead to economic revitalization.
💵 Elimination of the Black Market: The CBI’s efforts to align the dollar with the official rate are crucial for eliminating the parallel market, paving the way for a stronger economy.
📉 Inflation Control: Managing inflation ensures affordability of goods, which is vital for maintaining consumer confidence and attracting foreign investments.
🔗 Regional Cooperation: Strengthened relations with Turkey and China could facilitate infrastructure projects, leading to job creation and improved services for Iraqis.
📊 Investment Attraction: A new exchange rate could encourage local and foreign investments, boosting economic activity and creating a vibrant marketplace for Iraq.
🛠️ Long-term Economic Vision: If these initiatives succeed, they could reshape Iraq’s economy, fostering a more stable and prosperous Middle East, impacting lives positively.
Kurdistan election poll workers receive their dues
The Electoral Commission said, "Next week will witness the arrival of financial dues for polling staff, and they will be distributed in the coming days."
Meanwhile, its spokeswoman, Jumana Al-Ghalay, confirmed in a statement (to the official website of the Patriotic Union of Kurdistan), that “the financial dues of the polling staff for the Kurdistan Parliament elections next week will be transferred to the region via the Trade Bank of Iraq (TBI).”
She added, "The offices of the Election Commission in the Kurdistan Region will receive the funds to be distributed later to the polling staff for the Kurdistan Parliament elections that took place on 10/20/2024."
The Commission, through the head of the electoral administration, Judge Hussein Abdul-Sada Bahir, issued a letter numbered (AD/6/7934) dated (12/11/2024) to the Monetary Affairs Department in the Federal Ministry of Finance, in which it called for the acceleration of the distribution of the polling staff bonus amount.
As for the financial dues of the polling staff for the Iraqi provincial council elections, they have been distributed by the Ministry of Finance to the provincial treasuries, and coordination is underway between the commission’s offices in the provinces and the treasuries to release the dues in the coming days.”
FIREFLY:Television is talking about the dollar exchange.
FRANK: of course they are. That's all they're going to talk to you about.
FIREFLY: They're saying the dollar platform is about to stop. They're saying there's a shock that's coming when the platform stops.
Then they're saying the dollar will rise because of the demand. We think they are warning to be careful not to use the dollar. That's crazy. We know the dinar will have to go up...
FRANK: Yeah, because it's not going to be just 1 to 1 IMO. It'll be maybe a little more than 1 to 1 which means it has more value than the American dollar.
