💢 It's Christmas Day and boy, do we have an exciting tid bit to share from Liberty Lounger Extraordinaire, Kookie Byrd, who just so happens to be one of my closest friends in GLL. He and his lovely wifey, Ginger (also), have been with us for years.
He's given me permission to share. 🎁
💌 Kookie Byrd: We were at my aunt's house for a traditional tamale dinner. Four generations of family gathered. I was talking to a new husband who had mentioned he had received his new title, Vice President at his work. I asked, "Where do you work?"
His reply, "City First National Bank." We talked about getting ready for the change and he said, "There's lots of preparation." I didn't want to appear too eager.
At the end of the night, when they were leaving, I mentioned to him that I had foreign currency. His eyes lit up; and he leaned over to me and said,"We're waiting for the green light! Everything's ready to go!"
Then I looked at my wife and we both smiled. ☺️😁🥳
Merry Christmas, Mama Bear.
~ Kookie Byrd
🎁 Ginger: Please consider this Gintel, currently, quadruple vetted by me. 😉
PM Al-Sudani chairs cabinet session on performance review, local sector support, and key reforms
Shafaq News/ The Iraqi Prime Minister, Mohammed Shia Al-Sudani presided over the cabinet's regular session, during which the government discussed the general situation in the country and deliberated on several service, economic, and social issues.
According to a statement from the PM’s media office, “the session included a review of a report from the Federal Board of Supreme Audit, submitted to the Prime Minister as part of anti-corruption efforts and the evaluation of ministerial performance.” The report highlighted ministries that showed performance improvement from 2023 to 2024, those that declined, and those that remained consistent.
Prime Minister Al-Sudani directed ministries to adopt the recommendations and observations outlined in the report, investigate the reasons for performance decline or stagnation, and praise ministries that demonstrated positive performance trends.
He also emphasized the importance of holding accountable those who fail in anti-corruption efforts or show negligence in addressing violations and legal issues related to corruption cases.
“The council also discussed the ongoing evaluation of officials’ performance based on established criteria and approved the permanent appointment of 11 directors-general across various state institutions,” the PM’s media office added.
As part of the government's administrative reform agenda, the council approved recommendations to regulate interactions between beneficiary entities and issued guarantees, incorporating feedback from the Legal Department of the General Secretariat of the Council of Ministers.
In celebration of the Christmas holidays, the cabinet declared Wednesday, December 25, as an official holiday for all citizens.
The statement further pointed out that the Iraqi Cabinet also approved several measures to support local industry, agriculture, and infrastructure projects. For instance, the government granted additional funding for the General Company for Marketing Drugs and Medical Supplies (KIMADIA) to support the pharmaceutical sector, validated amendments to energy and infrastructure project contracts, and ratified the establishment of the Iraq University for Security Sciences.
FIREFLY:All banks according to Mr. Sammy have stopped all cash transfers from today to January 7th as part of early inventory. We have declared a two-day holiday on Christmas and then the next day. This is the first time that we've ever done anything like that on Christmas.
FRANK: Soon you will have purchasing power for the first time in a long time.
FIREFLY: This will also mark the end of using or handling cash as ever before...We're going digitally with a new rate...
Iraq’s Al-Sudani: We overcame regional challenges through unified national discourse
Shafaq News/ On Wednesday, Iraqi Prime Minister Mohammed Shia Al-Sudani affirmed that Iraq successfully overcame recent regional challenges through a "unified national” discourse.
The Prime Minister made these remarks while extending Christmas greetings in a video conference with Christian clergy from churches across Iraq.
"We managed—through solidarity and a unified, responsible national stance—to confront the challenges that arose in the region, which could have impacted neighboring countries and the world," he said.
Al-Sudani added, "We have helped keep our country out of the arena of wars and conflicts."
In the latest update from IRAQ & THE DINAR, various Intel Gurus provide insights into the economic developments regarding the Iraqi dinar.
Key figures such as Mr. Samy, a pivotal player in Iraq’s economic planning, have identified controlling inflation as a primary focus, especially with the anticipated end of currency auctions.
This move paves the way for the introduction of new lower denomination notes and an updated exchange rate, potentially occurring as soon as December 31 or even earlier.
The initiative known as “delete the zeros” aims to replace high-value notes with smaller denominations to enhance purchasing power and simplify the currency system, aligning with the Central Bank of Iraq’s broader economic reform agenda.
Additionally, significant economic progress is highlighted, particularly with non-oil revenues rising from 7% to 14%, indicating diversification in income sources. A key meeting at the Central Bank of Iraq is slated to evaluate the “delete the zeros” initiative, with outcomes expected to influence the dinar’s value.
The planned cessation of currency auctions by year-end is another crucial development, indicating a shift towards a market-driven exchange rate system. Furthermore, Iraq is strengthening its financial connections with international banks, signaling global confidence in its economic stability.
This expanding network is vital for facilitating trade and attracting foreign investment.
For individuals looking to exchange their dinars, several options are available, including private banking services and independent currency exchange centers, which often offer better rates and faster service than major banks. The report concludes with optimism regarding the dinar’s potential for appreciation, backed by ongoing reforms and increasing international trust in Iraq’s economy.
Highlights
📈 Economic Reforms: Iraq’s Central Bank is implementing significant reforms aimed at strengthening the dinar and controlling inflation.
💵 Cessation of Currency Auctions: By the end of the year, Iraq plans to stop currency auctions, moving towards a market-driven system.
🔄 Delete the Zeros Initiative: The initiative aims to replace high-value notes with smaller denominations to boost purchasing power.
🌍 Growing International Confidence: Iraq is expanding its network of international banking partners, signaling trust in its economic stability.
💼 Increased Non-Oil Revenues: Non-oil revenues have doubled, indicating a diversification of Iraq’s economy.
🏦 Efficient Currency Exchange Options: Various alternatives exist for exchanging dinars that may offer better rates and faster transactions.
📊 Positive Economic Indicators: There are noticeable improvements in employment and poverty levels, illustrating progress in economic reforms.
Key Insights
📉 End of Currency Auctions as a Catalyst: The cessation of currency auctions marks a significant shift in Iraq’s monetary policy. This move is expected to stabilize the dinar’s value by allowing market forces to dictate exchange rates, thus enhancing the currency’s credibility and attractiveness to investors.
📊 Impact of the Delete the Zeros Initiative: The “delete the zeros” initiative not only simplifies currency transactions but also aims to improve the dinar’s purchasing power. By removing high-denomination notes, Iraq is attempting to recalibrate its economy, making it more efficient and less susceptible to inflationary pressures.
🌟 Diversification of Economic Revenue: The doubling of non-oil revenues from 7% to 14% signals a crucial milestone in Iraq’s economic development. This diversification is essential to decrease reliance on oil exports and create a more resilient economy capable of withstanding global market fluctuations.
🌐 Strengthening Financial Ties: The expansion of Iraq’s banking relationships with international banks is a positive indicator of increased global confidence in its economy. This could facilitate foreign investment and improve the country’s access to foreign currencies, which is necessary for international trade.
💬 Potential for Dinar Appreciation: With ongoing reforms and a shift towards a more market-driven economy, there is a strong possibility that the dinar’s value will rise. This potential appreciation makes it essential for investors to stay informed about market conditions and exchange opportunities.
🏦 Alternative Currency Exchange Options: With reports suggesting delays at major banks like Chase, exploring alternative currency exchange methods, such as local centers or the Central Bank of Iraq, can lead to quicker transactions and better rates. This flexibility can enhance investor experiences and outcomes.
📉 Improving Economic Indicators: The reduction in unemployment from 16.5% to 14.4% and poverty from 23% to 17.7% are strong indicators of economic progress. These improvements suggest that Iraq’s economic reforms are beginning to yield positive results for the population, which could further bolster confidence in the dinar.
Overall, these insights reflect a broader narrative of optimism surrounding Iraqi economic reforms and the potential for the dinar’s value to strengthen in the coming months. As these changes unfold, stakeholders and investors are urged to remain vigilant and proactive in their currency exchange decisions.