DINAR REVALUATION UPDATE: Updates from contractors suggest significant changes on the horizon IN THE VALUE OF THE IRAQI DINAR!!, 24 DEC

DINAR REVALUATION UPDATE

Summary

Here are the recent economic updates, including non-oil revenue increases and potential exchange rate changes.

Highlights

• 🏦 Stopping auctions is seen as a critical indicator for monetary reform.
• 📈 Non-oil revenues jumped from 7% to 14%, indicating economic growth.
• 📉 Unemployment and poverty rates are declining, showing positive economic trends.
• 💸 Closing auctions may lead to a new exchange rate with lower notes.
• ⏳ Potential exchange rate of $3.98 mentioned, but it’s still a rumor.
• 🔄 Updates from contractors suggest significant changes on the horizon!!

MAJEED: No more Dollar coming to Iraq The CBI has two options : BANKRUPTCY OR CHANGE THE RATE OF IQD

 

Dollar auction.. What is the truth about stopping the Central Bank’s currency conversion platform?, 24 DEC

 Dollar auction.. What is the truth about stopping the Central Bank’s currency conversion platform?

Shafaq News / An official source at the Central Bank of Iraq revealed on Monday evening the fact of stopping the Central Bank’s currency transfer platform starting today.

The source told Shafak News Agency that “the talk about the official suspension of the Central Bank platform for the currency conversion window, on today 23/12/2024, is not true, and today the auction worked normally and there is no decision to officially suspend so far.”

The source, who asked not to be named, added that “the suspension of this platform will be the end of the current year, according to the bank officially announced, and this does not mean stopping remittance operations as some try to promote it, but after this step, dealing will be directly between banks and correspondent banks, not the cancellation of transfers as it promotes, and the subject was not limited to specific banks, but the process will be very broader.”

The responsible source at the Central Bank said that “many Iraqi banks have the capabilities to deal with correspondent banks directly and work according to the work of the advanced international banking sectors.”

https://alforatnews.iq/news/القانونية-النيابية-الاتفاق-على-تمرير-ثلاثة-قوانين-جدلية-بسلة-واحدة-

JEFF: If Iraq is going change the value of their currency, they would need to pause and suspend credit and lending practices, 24 DEC

 Jeff 

  The second half of December was a very critical period to Iraq.  

Why? 

 During the second half of December is when Iraq pauses and suspends their credit and lending practices which work off the value of the country's currency. 

 If Iraq is going change the value of their currency, they would need to pause and suspend credit and lending practices. 

 That's why it's important.

IRAQ IS PREPARING TO THE INTERNATIONAL MARKET INTEGRATION & INCREASE THE VALUE OF THE IRAQI DINAR

 

PM Al-Sudani chairs a special meeting on energy projects, 24 DEC

 PM Al-Sudani chairs a special meeting on energy projects

INA - BAGHDAD

PM Muhammed S. Al-Sudani chaired a special meeting on Monday focusing on projects in the oil and electricity sectors. 

The meeting was attended by the Minister of Oil and the Minister of Electricity, along with advisors and several undersecretaries from both ministries as the discussions centered on ongoing gas projects within the framework of the government program and their respective timelines, according to a statement by the PM's Media Office - received by the Iraqi News Agency - INA.

"Current progress includes a significant reduction in gas flaring levels, reaching 67%, with projections to achieve 80% by the end of next year and complete elimination of flaring by the end of 2027," included in the statement.

The meeting also explored inviting specialized US companies to establish a fixed gas platform at Al-Faw Grand Port.

"Global energy companies were encouraged to invest in natural gas fields, and plans were discussed to ensure a stable fuel supply for power generation stations in the coming months," added the statement.

MILITIAMAN CC HIGHLIGHTS NOTES, 24 DEC

 MILITIAMAN CC HIGHLIGHTS NOTES

Summary

Iraq is strengthening its economic ties with the UAE, anticipating significant investments and changes in cash transfer policies.

Highlights

• 🌍 UAE is Iraq’s largest economic partner with $27 billion in trade.
• 📈 Iraq’s GDP is expected to grow by 5.3% by 2025.
• 💰 Over $400 billion in investment opportunities identified in Iraq.
• 🏦 Trade Bank of Iraq suspends cash transfers until January 2025.
• 🔄 Significant changes in Iraq’s financial policies are anticipated.
• 📊 The stock market has seen a 17% increase this year.
• 🏗️ New branches of Trade Bank aim to stimulate domestic and international trade.

Key Insights

• 🌐 Strengthening Partnerships: Iraq’s relationship with the UAE demonstrates a growing economic alliance, paving the way for increased trade and investment. This partnership could lead to further economic stability and growth in the region.
• 📊 Promising Economic Forecast: The projected GDP growth indicates a recovering economy, which could attract foreign investors looking for emerging market opportunities. This growth is vital for Iraq’s long-term financial health.
• 💸 Investment Potential: The identification of over $400 billion in investment opportunities signifies that Iraq is positioning itself as a lucrative market for international investors, particularly in sectors like infrastructure and energy.
• 🚫 Cash Transfer Suspension: The Trade Bank’s suspension of cash transfers may indicate a strategic shift in how Iraq manages its currency and trade, suggesting a move towards a more robust financial framework.
• 🔄 Anticipated Financial Changes: The expected changes in cash transfer policies signal a potential overhaul in Iraq’s banking and monetary systems, aiming to enhance transparency and efficiency.
• 📈 Stock Market Growth: The significant rise in the stock market reflects investor confidence in Iraq’s economic reforms and growth potential, presenting opportunities for both local and foreign stakeholders.
• 🏦 Expansion of Trade Bank: The opening of new branches underscores the commitment to enhancing trade capabilities, which is crucial for sustaining economic development and attracting investments.