Member Bank story: When I went to the bank I always go to (Wells Fargo) in Minnesota …there used to be 4 seats for the waiting area …they have now beefed it up to 24 chairs and put these big screens on the wall for “education” for older people is what they told me. Then they made more booths –doubled them where people sit with a banker.
The glass on the booths used to be about 2 feet high but now it goes up 8-9 feet high and sound proofed .
It has never been busy…rarely saw people waiting…and they went from 2 ATM’s to 5 now. And the people in the teller area seem to have tripled. MarkZ: I see these changes and I get excited.
Al-Sudani returns to Baghdad after concluding his visit to Nineveh Governorate
12/22/2024
Prime Minister Mohammed Shia Al-Sudani returned to the capital, Baghdad, after concluding his visit to Nineveh Governorate.
According to a statement from his office, a copy of which was received by {Euphrates News}, “Al-Sudani’s visit to Nineveh included the following:
- Launching the executive work on the North Thermal Power Plant Project/Phase One, with a capacity of (700 megawatts), out of the total project capacity of (1400 megawatts).
- Launching the executive work on the (local administration) stadium and indoor sports hall project, and directing to increase the stadium’s capacity.
- Launching the executive works of the project to organize and rehabilitate the riverfront of the old city in the right side of Mosul.
- Field follow-up of the Mosul International Airport reconstruction project, which has reached more than 80% completion, and directing its opening in the coming month of June.
- Follow up on the ongoing work on the rehabilitation project of the ancient Nineveh Wall.
- Opening of the new Nineveh Governorate building.
- Announcing the launch of a series of new projects in Nineveh Governorate, including those related to infrastructure, the second phase of the ring road project, and the project to transform the military base in Qayyarah into a model base.
- Chairing a meeting of the leaders of the security and military services in the governorate.
- Meeting of tribal sheikhs and representatives of various components and nationalities in Nineveh LINK
Iraq’s project to delete zeros from its currency could revitalize the economy, improve confidence, and attract investment as recent developments indicate a potential RV.
Highlights
💡 Iraq’s financial system may undergo a transformation with the deletion of zeros from the Iraqi Dinar.
🏦 The Central Bank of Iraq (CBI) is actively discussing economic reforms and the potential for currency reinstatement.
📈 Removing zeros could enhance local and foreign confidence in the Dinar, encouraging investments.
🌍 Increased confidence may lead to more spending, business activity, and foreign investments.
⚠️ Challenges like security, political stability, and effective monetary policy implementation remain.
🔍 Speculation about RV dates and rates should be approached with caution; research is essential.
📊 Historical context shows that Iraq’s past instability may impact future economic reforms and currency value.
Key Insights
💰 Currency Devaluation Impact: The project to delete zeros aims to restore the Dinar’s value, which can significantly change citizens’ purchasing power. As the currency becomes perceived as more valuable, it could stimulate economic activity and investment.
🔔 CBI’s Influence: The Central Bank of Iraq plays a crucial role in shaping monetary policy. Their recent meetings and decisions create optimism about potential economic reforms and the reinstatement of the Dinar’s value.
📊 Investment Confidence: By removing zeros, Iraq hopes to instill greater confidence in its currency, attracting both local and international investors who have previously been hesitant due to inflation concerns.
🔄 Economic Growth Potential: Increased local spending and investment could lead to job creation and improved infrastructure, contributing to a more stable economic environment.
⚖️ Challenges Ahead: While the potential for growth exists, Iraq must address security issues and political stability to ensure the successful implementation of reforms and regain investor trust.
🕵️ Speculation Risks: Investors should be wary of rumors regarding specific RV dates or rates. Engaging with credible sources and maintaining a cautious approach is essential to avoid being misled.
🏛️ Historical Context Matters: Understanding Iraq’s tumultuous past helps frame current economic challenges. Successful reforms could lead to a more conducive market for investments, but progress may take time.
Al-Sudani visits London in the middle of next month to discuss bilateral relations and attract British investments
12/22/2024 Baghdad - Economy News
An informed source told Al-Eqtisad News that Iraqi Prime Minister Mohammed Shia al-Sudani will visit the British capital, London, during the period from January 13 to 16, 2025.
The source said that the visit will be at the head of a high-level government delegation, and aims to discuss bilateral relations between the two countries, and enhance opportunities for attracting British companies to invest and work in Iraq.
He added that the visit schedule includes Al-Sudani meeting with the Iraqi community in Britain, as well as meetings with a number of British officials, most notably Prime Minister Keir Starmer. This comes within the framework of the Iraqi government's efforts to consolidate international relations and open new horizons for investment and joint projects. LINK
