Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Mr Sammy...the key here will be when the auctions stop and we feel like it will be either the 28th or the 29th. The dollar may jump up some due to traveling at this time but soon we should see the lower notes and the new rate.
KTFA
FRANK26: "SUDANI PULLS A TRUMP CARD"......F26
Sudanese sues TV presenter over her 'opinion'
12/26/2024
On Thursday, media professional Zainab Rabie received a notification of a lawsuit against her by Prime Minister Mohammed Shia al-Sudani.
Rabie, a presenter on Al Sharqiya TV, explained in a post on social media platforms that “the complaint filed against her by Al-Sudani was due to her opinions and criticism.”
She added: "I do not know who advised him to file this complaint, but I confirm my adherence to my views, and I will continue to escalate them regarding the issues of restricting freedoms and rights, violating the constitution, leaks, corruption, failure, and mismanagement witnessed by Al-Sudani's government and office," noting that she has great confidence in the justice of the Iraqi
judiciary "despite the practices of restriction and arbitrariness."
SUMMARY OF THIS WEEK FROM MAJEED
And here what happened since December 24 until December 27
here is a summary for this week for the digital payment system showing their readiness to go
On Sun
1- the CBI told exchange companies that they can get licenses for using digital payment service providers such as :
Asia pay ( needs FX rate )
On Tue
the CBI announced launching
1- instant payment
2- banks cards
3- digital gateway
Those the new mechanisms
On Thur
1- CBI sponsored the FIRST annual celebration for bankers and the ppl who printed Notes
2- CBI told exchange companies to hurry up and file their papers to get licensed to use digital service providers ASAP and anyone daily their filing will be left behind
3- the international development bank introduced electronic payment in iraq
on Fri
1-The finance committee member said
“ the new digital payment service will protect the economy from corruption and money laundering”
2- PM met with HoR speaker and said
“ it is time to integrate our work”
Meaning it is TIME to implement
It is done …. it is done.
KTFA
FRANK26: "QUESTION: ...DO YOU THINK IRAQ'S INVESTMENT PORTFOLIO IS BASED ON A PROGRAM RATE... THIS IS TO INSTALL CONFIDENCE!!!".....F26
12/26/2024
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.
CHELLA CC HIGHLIGHTS NOTES
In this week’s episode of Newsroom, host Char Smith provides a comprehensive review of the current economic reforms and developments in Iraq, focusing on various sectors such as banking, foreign investment, currency management, and legislative changes.
The episode discusses predictions regarding the dollar exchange rate and its implications for the economy, the government’s initiatives to enhance non-oil revenue, and the strategic partnerships aimed at fostering economic growth.
Moreover, the episode highlights the Central Bank of Iraq’s ongoing digital transformation efforts, including the introduction of new banking regulations and the promotion of cybersecurity.
Char also touches upon the legislative landscape, where several controversial laws are under discussion, and the emphasis on creating a stable business environment to attract international investments. The show concludes with a note of gratitude to the audience for their support and an invitation to join future updates.
📊 Economic Volatility: The prediction of a rising dollar exchange rate illustrates the complexity of Iraq’s economic landscape, where demand for foreign currency in parallel markets is increasing due to uncertainty surrounding Central Bank policies. This volatility affects small traders and the general populace, highlighting the need for stable monetary policies.
🏛️ Shifting Budget Dynamics: The significant shift in non-oil revenues indicates a strategic pivot by the Iraqi government towards economic diversification. By enhancing non-oil contributions to the budget, the government aims to reduce dependence on oil, which has been historically volatile. This move aligns with global trends emphasizing sustainable economic practices.
🌐 International Partnerships: The cooperation agreement between the Iraqi Private Bank and the Frankfurt School emphasizes the importance of knowledge transfer and capacity building in Iraq’s financial sector. Such partnerships are crucial for modernizing the banking system, improving regulatory frameworks, and enhancing overall financial literacy in the country.
📉 Inflation Management: The Central Bank’s maintenance of an annual inflation rate of 3.7% alongside substantial foreign cash reserves demonstrates effective monetary management. This stability is vital for fostering confidence among investors and consumers, ultimately contributing to economic resilience.
💻 Digital Transformation Strategy: The Central Bank’s commitment to digital transformation and the licensing of digital banks signals a forward-thinking approach to banking in Iraq. By embracing technology, the Central Bank aims to enhance financial inclusion and accessibility, which are essential for economic growth in a rapidly digitizing world.
📜 Legislative Progress and Challenges: The ongoing discussions surrounding controversial laws in the Iraqi Parliament reflect the intricate relationship between legislation and public sentiment. While the intention to address personal status and real estate issues is commendable, the failure to pass these laws underscores the challenges of political consensus in a dynamic legislative environment.
🌱 Investment Growth Potential: The forecasted economic growth rates of 1.4% in 2024 and 5.3% in 2025, coupled with the government’s focus on attracting foreign investment, suggest a burgeoning environment for economic prosperity. As Iraq stabilizes politically and economically, it presents attractive opportunities for international investors, particularly in sectors like energy and infrastructure.
In conclusion, the insights from this week’s Newsroom highlight the multifaceted nature of Iraq’s economic reforms and the challenges that lie ahead. As the nation strives for stability and growth, the alignment of government strategies with international best practices will be crucial in fostering a resilient economic environment that benefits all citizens. The emphasis on digital transformation, legislative reform, and international collaboration sets the stage for a potentially prosperous future for Iraq, contingent upon navigating the complexities of its unique circumstances.
