The President of the Republic stresses the importance of consolidating security and stability and enhancing brotherhood and coexistence among all components, 25 DEC

 Congratulations on Christmas.. The President of the Republic stresses the importance of consolidating security and stability and enhancing brotherhood and coexistence among all components

Tuesday 24 December 2024 18:49 | GeneralNumber of readings: 106

Baghdad / NINA / The President of the Republic, Dr. Abdul Latif Jamal Rashid, congratulated the Christians of Iraq on the occasion of Christmas, stressing the importance of working to consolidate security and stability and enhance brotherhood and coexistence among all components.

The President said in a tweet on the Aks website: "On the occasion of Christmas and the New Year, we extend our warmest congratulations and blessings to our people and our Christian families in Iraq and the world, wishing them a happy holiday in which everyone enjoys security, safety and joy."

He added: "On this dear occasion, we stress the importance of preserving the gains achieved in the country, working to consolidate security and stability, and enhancing brotherhood and coexistence among all components, and working together to build a prosperous future for all Iraqis. We also stress the importance of working to establish security and peace and end the tensions and crises facing the region." / End9   https://ninanews.com/Website/News/Details?Key=1176497

MAJEED : ONCE THE IQD GO ON FOREX , IT WILL BE LIKE THE SHOTGUN TO LET THE OTHER CURRENCIES REVALUE WITH IT, 25 DEC

 Deborah Jones  

Majeed thank you soooo much for your insight! Do you think the forex rate change will apply to just IQD or might Dong and/ or Zim, Bolivar also be changed in forex?

Majeed

As I've heard before, once the Iraqi dinar Go on Forex it will be like the shotgun To let the other currencies revalue with it.

But I don't know if they will be at the same time or no.

NADER FROM MID EAST: I FEEL IT'S VERY VERY CLOSE!! @DINARREVALUATION #iraqidinarinvestor #iraqidinar

 

11 days holiday in Kurdistan. A ceremonial step or evading salary payment?, 25 DEC

 Baghdad Today – Kurdistan

Kurdish politician Latif Al-Sheikh revealed on Tuesday (December 24, 2024) the main reason behind the Kurdistan Regional Government’s decision to grant an 11-day public holiday to all employees.

The Sheikh said in an interview with Baghdad Today that “the main reason behind this long holiday is to avoid the payment of employees’ salaries for November and January, and to postpone the disbursement to the first month of next year.”

He added that “the regional government is aware that employees, especially in Sulaymaniyah and Halabaja, will be on strike as a result of the delay in the disbursement of salaries, and therefore resorted to granting a long holiday on the pretext of New Year’s celebrations.”

The Sheikh pointed out that “the duration of the holiday granted in Kurdistan is unprecedented, as the countries of the world, including European countries, do not grant a holiday for this long period during the New Year celebrations.”

The Kurdistan Regional Government decided on Monday (December 23, 2024) to ossin the official working hours for 6 days on the occasion of Christmas.

The correspondent for Baghdad Al-Youm said that the Kurdistan Regional Government decided to disable the official working hours from 25/12 until 2/1 of the new year.

He added that the reason for the disruption is to allow citizens to celebrate birthdays, provided that the official working hours of all institutions begin on 5/1.

https://baghdadtoday.news/264597-11-يوما-عطلة-في-كردستان.-خطوة-احتفالية-أم-تهرب-من-صرف-الرواتب؟.html

GOLDILOCKS UPDATE, 25 DEC

 GOLDILOCKS

"His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, announced the launch of strategic projects to support digital transformation in the country."

Here we go. As we have been discussing in this room for the last four and a half years, the Iraqi Banking System is about to populate its Banking System to Banks all over the world. It will be done "digitally."

Iraq is telling us through the CBI their intentions are to begin the process of implementation of their new Digital Financial Services.

Yes, digital financial services (DFS) can include foreign currency, such as cryptocurrencies and stablecoins: 

Cryptocurrencies

Digital currencies that use distributed ledger technologies, like blockchain, to facilitate secure digital transactions. Cryptocurrencies are a type of digital token that allow people to make direct payments to each other online. 

Stablecoins

Digital assets that remain stable in value against a pegged external traditional asset class. Stablecoins reduce price volatility.

Digital financial services (DFS), also known as financial technology (FinTech), are financial services that are delivered and used by consumers through digital technologies. These services are accessible, convenient, and secure, and can be used through digital platforms like the internet and mobile devices. 

Examples of digital financial services include: 

Online banking

Instant payments

Online payment and transfer services

Peer-to-peer lending

Digital wallets

Personal investment advice and services

Payment apps like PayPal, Venmo, Zelle, and Cash App

Personal finance apps like Mint, YNAB, and Quicken Simplifi

DFS can be offered by a variety of providers, including banks, microfinance institutions, digital credit providers, payment providers, and FinTech companies. 

Benefits of digital financial services include: Faster completion of common tasks, Automation of tasks like sending and receiving invoices, and Eliminating the need for paper. 

© Goldilocks

https://cbi.iq/news/view/2745

https://www.visualsp.com/blog/digital-transformation-in-banking/

https://www.usaid.gov/digital-development/digital-finance#:~:text=Digital%20Financial%20Services%20(DFS)%20(,pressing%20humanitarian%20and%20development%20challenges.

https://economy-news.net/content.php?id=51236

MAJEED : ONCE THE IQD GO ON FOREX , IT WILL BE LIKE THE SHOTGUN TO LET THE OTHER CURRENCIES REVALUE

 

Government adviser: Iraq is seeking to form a sovereign wealth fund, 25 DEC

 Government adviser: Iraq is seeking to form a sovereign wealth fund

The financial adviser to the Prime Minister, Mazhar Mohammed Saleh, confirmed Iraq’s quest to form a sovereign wealth fund.

Saleh told {Euphrates News}: “Iraq is seeking to form a sovereign wealth fund, especially after conflicts and wars were lost for less than half a century of time and the previous system played a major role in wasting the country’s resources and wealth, it turned the surplus underlying the current account of the balance of payments into a net deficit due to the deterioration of the national export sectors of the economy, especially the oil sector.”

Saleh pointed out that “the increase in external debt, in the past decades, as an alternative to the establishment of a sovereign fund for external wealth, which adopts oil rent surpluses, which can be invested in a diversified investment portfolio that provides its returns, the general budget of the state in general, the investment budget and according to the absorptive capacity in particular, similar to countries such as Norway, China, the Gulf countries and other countries of the world.”

Iraq has previous experience in establishing a sovereign wealth fund, through the establishment of the Iraqi Fund for Foreign Development, which was established under Law No. 77 of 1974, but then the work of this fund was limited to managing Iraq’s financial contributions to regional and international organizations and bodies, and there was an attempt to establish two sovereign funds for Iraq in 2018, but they remained without practical implementation.

The economies of countries in terms of the source of revenue are divided into 3 sections; economies with various revenue sources, economies with a single revenue source “one-basket economies”, and the third section is between them.

Iraq is part of the second group, as Iraq is one of the rent countries, due to its almost total dependence on revenues from the sale of crude oil, as oil revenues constitute more than “90 percent” of the total general budget revenues, and also contribute about “45-60 percent” of the composition of the gross domestic product.