GOLDILOCKS: IRAQ Collecting Circulated DINAR Banknotes (Dinar Rate Included), 2 JAN

Highlights

Summary

In this video from Goldilocks Global Banking News, host Freedom Fighter discusses the current state of the Iraqi dinar and its expected revaluation, emphasizing the steps being taken by the Central Bank of Iraq (CBI) to enhance the currency’s stability and value. 

The video outlines significant developments such as the collection of circulated banknotes, anti-counterfeiting measures, and Iraq’s advancements toward joining the World Trade Organization (WTO). 

The dialogue also highlights how these changes are paving the way for a modernized banking system within Iraq, including the implementation of an immediate payment project aimed at facilitating electronic transactions.

 The host reassures viewers that the path to revaluation is on track while encouraging them to prepare for the future and maintain a positive mindset amidst the ongoing developments.

• 🌍 Global Attention: Goldilocks is recognized as a primary source for information on the RV GCR, attracting a global audience keen on updates.
• 💰 Wealth Management Meetings: Members of the Goldilocks community are excited about upcoming meetings with wealth managers to strategize generational wealth.
• 📈 Iraq’s Currency Strategy: The CBI is actively working to collect circulating Iraqi dinar notes to mitigate counterfeiting before the currency’s anticipated revaluation.
• 🔒 Anti-Counterfeiting Measures: The CBI is implementing new standards to improve the quality of banknotes and combat counterfeiting in the Iraqi banking system.
• 💼 Category A Classification: The Iraqi dinar has been reclassified to Category A, enhancing its marketability and compliance with international standards.
• 🌐 Digital Payment Integration: Iraq is adopting an immediate payment project to facilitate electronic transactions, reducing reliance on cash.
• 🏦 WTO Membership Aspirations: Iraq is preparing for its discussions with the WTO, aiming for enhanced economic stability and international trade opportunities.

Key Insights

• 📊 Shift in Currency Valuation: The anticipated revaluation of the Iraqi dinar reflects a broader trend of decreasing global inflation, which is expected to strengthen currencies globally. This environment presents a unique opportunity for the dinar to regain value after years of depreciation due to counterfeiting and mismanagement.

• 🔍 Importance of Currency Collection: The CBI’s initiative to collect circulated dinars is crucial in removing counterfeit notes from circulation, ensuring that when the revaluation occurs, the currency reflects its true value and is backed by legitimate assets. This collection is a preparatory measure to clean up the financial system and promote stability.

• 💡 Enhanced Banking Controls: The new standards announced by the CBI aim to ensure uniformity and quality control within Iraq’s banking system. By establishing clear guidelines for note circulation and replacement, the CBI is taking significant steps towards creating a more reliable financial environment, which is essential for attracting foreign investment.

• 🚀 Economic Growth Projections: Projections of stable or slightly rising interest rates in Iraq are indicative of positive economic growth. This environment is conducive to currency appreciation and can help alleviate inflationary pressures, making the dinar more attractive to investors and foreign markets.

• 🏢 Regulatory Compliance and Market Access: The merge of category C exchange companies with established category A firms is a strategic move that enhances the Iraqi dinar’s market share and stability. This consolidation opens up new avenues for compliance with global financial standards, increasing Iraq’s competitiveness in international trade.

• 🌐 Advancements in Digital Banking: The immediate payment project represents a significant shift in Iraq’s banking approach, moving towards a more digitalized financial system. This transition enhances the efficiency of transactions and broadens access to banking services for the Iraqi populace, aligning with global trends towards cashless economies.

• 🎉 Community Preparedness: The Goldilocks community emphasizes the importance of being prepared for the upcoming changes in the Iraqi dinar’s valuation. By fostering relationships with wealth managers and establishing a solid understanding of the banking system, members are positioning themselves to benefit from the anticipated financial blessings.

In summary, the video provides a comprehensive overview of the strategic changes being implemented in Iraq’s financial landscape, particularly concerning the Iraqi dinar. Freedom Fighter encourages viewers to remain optimistic and proactive, as the revaluation process moves forward, and reassures them that the Goldilocks community is well-prepared for the impending financial transformation. The integration of anti-counterfeiting measures, digital banking, and potential WTO membership sets a promising stage for the revitalization of the Iraqi economy and its currency.

AJ: "Here we are Jan 2nd 2025 done" @DINARREVALUATION #iraqidinar

 

Egyptian contractors eye Iraq reconstruction with First Abu Dhabi Bank backing, 2 JAN

 Egyptian contractors eye Iraq reconstruction with First Abu Dhabi Bank backing

Shafaq News/ The Egyptian Federation for Construction and Building Contractors is planning to approach First Abu Dhabi Bank for financing to cover the guarantees necessary for Egyptian companies to operate in various international markets, including Iraq.

According to sources cited by “Bloom Gate” on Sunday, “Federation officials are eager for Egyptian companies to expand in Iraq and benefit from reconstruction efforts. They are therefore seeking banks capable of providing guarantees for operations in a market like Iraq, with First Abu Dhabi Bank emerging as a key candidate. The two parties are expected to hold bilateral meetings soon to establish an ideal working mechanism.”

On December 19, Egyptian Minister of Industry and Transport Kamel El-Wazir stated that “President Abdel Fattah El-Sisi had directed the immediate execution of all cooperation aspects with Iraq to meet the Iraqi side’s demands.”

Data from Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) showed an increase in Egyptian exports to Iraq since the beginning of 2024. CAPMAS data indicated that Egypt's total exports to Iraq reached $308.553 million from January to May, up from $274.073 million during the same period in 2023, marking an increase of $34.48 million.

Conversely, Egyptian imports from Iraq also saw a slight rise during the same period. The value of Egyptian imports reached $4.105 million in the first five months of this year, compared to $2.357 million in the same period of 2023, an increase of $1.748 million.

The value of trade between Egypt and Iraq contributes to the trade exchange between Egypt and the Arab Common Market countries, with Egyptian exports to these countries rising to $1.639 billion from January to May, compared to $1.448 billion in the same period in 2023, an increase of $191.778 million.

BROTHERS TECHNOLOGY : Why IRAQ 🇮🇶 ANNOUNCED THEIR BANKING SYSTEM IS INTERNATIONAL FOR ONE!!, 2 JAN

BROTHERS TECHNOLOGY

Everyone Should really quit the countdown. Why IRAQ ANNOUNCED THEIR BANKING SYSTEM IS INTERNATIONAL FOR ONE.

TWO. HOW CAN A COUNTRY BANKS BE INTERNATIONAL WITHOUT A INTERNATIONAL CURRENCY.

THREE. Remove the anxiousness from your spirit and demeanor, 

IN ORDER TO BE IN CONTROL BECAUSE NOW IT’S LITERALLY HOURS FROM THE ANNOUNCEMENT AND EVERYONE HAS TO BE IN ORDER OTHERWISE you’re going to be too anxious and discard your PLANS OF 20+ YEARS OF WAITING IMO, carry on

MAJEED: “the CBI has canceled It’s 20 years controversial auction!! @DINARREVALUATION #iraqidinar

 

Iraqi Central Bank completes transition to International Standard Banking Practice, 2 JAN

Iraqi Central Bank completes transition to International Standard Banking Practice

Shafaq News/ On Wednesday, the Central Bank of Iraq (CBI) announced the successful completion of its program transitioning foreign transfers from its electronic platform to being handled directly by Iraqi banks through their international correspondent banks.

"This process began with the foreign currency sales and purchase window, progressed to the electronic platform for foreign transfers, and culminated in the gradual enhancement of balances during 2024, fully realized in the final week of the year," the CBI said in a statement. 

The statement hailed the achievement as a “fundamental shift aligned with international best practices to establish a stable and secure financial system,” noting that the initiative had received significant international support and recognition at every stage.

Moreover, the central bank stressed that the new methodology reflects global standards by clearly delineating the roles and responsibilities of central banks from those of commercial banks, "This transition aligns with international practices (ISBP) in separating the Central Bank’s supervisory duties from the commitments and roles of commercial banks."

The bank also announced its continued support for Iraqi banks, confirming it will bolster their balances in correspondent banks using a diverse range of currencies, including the US dollar, Indian rupee, Chinese yuan, euro, UAE dirham, Saudi riyal, and Jordanian dinar.

Highlighting the broader implications of this move, the statement noted, "This achievement enhances the efficiency and security of foreign transfer operations, adopting methods consistent with global practices. It marks a new chapter in Iraq’s financial relationships regionally and internationally, supporting government efforts to expand economic ties and foster investment opportunities."

In conclusion, the CBI expressed its commitment to assisting Iraqi banks in improving their governance, compliance, and anti-money laundering measures, "We are fully prepared to support all Iraqi banks in advancing their performance, thereby bolstering international and regional trust in them and contributing to strengthening Iraq’s banking system and economy as a whole.”

DINAR GURUS UPDATE, 2 DEC

 DINAR GURUS UPDATE

Highlights

• ❓ : The mixed reactions regarding the credibility of the news about ending currency auctions highlight the uncertainty surrounding Iraq’s financial reforms. Analysts stress the importance of waiting until the specified date to determine the veracity of the claims. This cautious approach reflects the complexities of Iraq’s economic landscape and the need for careful scrutiny of financial developments.

• 🏦 Transition to Global Banking Standards: Iraq’s shift towards operating like other countries with standardized banking systems is a significant step. It indicates a push for modernization within the financial sector, which could attract foreign investment and enhance economic stability. As Iraq aligns itself with global practices, its financial institutions may become more robust and trustworthy.

• 💵 New Exchange Rate Implications: The expected introduction of a new exchange rate is anticipated to elevate the purchasing power of Iraqi citizens. This change is seen as a culmination of efforts by the CBI to restore economic stability and build confidence among the populace. A stronger currency could lead to improved living standards and foster a sense of security among the citizens.

• 🤝 Strengthening U.S.-Iraq Relations: The ongoing developments in Iraq’s currency reform process are likely to enhance the relationship between Iraq and the United States. A stable and prosperous Iraq is in the interest of the U.S., and improved economic conditions could lead to increased collaboration in various sectors. This partnership is crucial for Iraq as it navigates its path towards financial independence and security.

In conclusion, Here are the highlights of significant updates in Iraq’s currency reform journey, reflecting a transition towards stability and modernization. The anticipated changes, including the cessation of foreign currency auctions and the introduction of a new exchange rate, are poised to have lasting impacts on the Iraqi economy and its standing in the international community. The insights provided by various commentators underscore the importance of these developments and the cautious optimism surrounding them.