[Response to Guru MarkZ's "In Iraq-It appears the final step in de-dollarization is happening" post from 1-4-2024 below] [Dinar Guru]
Mark as well as many others seem to be confused by the actions of the CBI...The "AUCTION / CURRENCY WINDOW" is indeed closed.The reported sales of one billion in four days is NOT being done at auction.
That was turned over to the banks which is why they were enabled with international currency exchange platforms.This way, monitoring of all exchange functions is done in real time and not centralized.
Scrutiny of participants in exchanges are likewise monitored and vetted in real time. No more fraudulent exchanges for smuggling purposes.
Al-Sudani's Advisor: 3 Economic Benefits For Iraq From Foreign Partnerships
Time: 2025/01/04 19:03:39 Read: 1,508 times {Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the common external ties with the world contribute to achieving three main positive results for the Iraqi economy, while pointing out the importance of these ties in enhancing comprehensive economic development.
Saleh explained to {Euphrates News} that: "The first result is represented in diversifying the national economy, as these links contribute to breaking the monopoly of the economy and reducing dependence on oil resources, by supporting the advanced agricultural, industrial, tourism, and services sectors."
He also stressed "the importance of encouraging small and medium enterprises, which are the backbone of the sustainable economy, especially with the strength and stability of global links."
The second result is related to strengthening partnerships with the private sector, as Saleh pointed out "the need to facilitate partnerships between the public and private sectors to implement major projects, in addition to providing incentives to the private sector to invest in non-oil sectors, which enhances the diversity of the economy."
He added that "the third result lies in investing in human resources, by developing the education and vocational training system to meet the needs of the labor market rapidly."
Saleh called for "promoting innovation and entrepreneurship among young people, with a focus on artificial intelligence technology and the effective integration of information technology and knowledge," noting that "Iraq can benefit from its strategic geographical location as a link between Asia and Europe to enhance its role as a global trade center through the "Development Road" project.
He stressed "the importance of building strong economic relations with countries such as China, Europe, Turkey, Iran, and the Gulf states to achieve an exchange of economic benefits," stressing that "Iraq looks forward with steadfastness and a clear vision to achieving this goal through legislation and regulations that facilitate its integration into the global economy, while enhancing international cooperation and building long-term economic relations."
At the end of his statement, Saleh stressed that "stability in all its aspects is a basic condition for implementing these steps and achieving comprehensive economic development."
The head of the National State Forces Alliance, Mr. Ammar al-Hakim, stressed during his speech at the mass gathering in Najaf on the anniversary of the martyrdom of the Martyr of the Mihrab, Grand Ayatollah Sayyid Muhammad Baqir al-Hakim {may God sanctify his secret} yesterday, Friday, that combating corruption, establishing security, and building a balanced economy is our gateway to building a strong state, while calling for striving through Iraq To establish long-term economic ties and common interests that our peoples and the peoples of our Arab and Islamic region enjoy.
Mr. Ammar Al-Hakim also stressed the importance of focusing on reconstruction projects, economic development and increasing investments in the country. LINK
Here are the significant changes in Iraq’s currency system announced on New Year’s Day, which involves the removal of higher denomination dinar notes (1,000, 5,000, 10,000, and 25,000 dinars) and the introduction of lower denomination notes without the three zeros.
This transition aims to stabilize the economy and simplify transactions for citizens. The video outlines the implications for holders of the higher denomination notes, including a potential high exchange rate and the need for proper preparation before exchanging these notes.
Is of importance staying informed about the changes and highlights the role of the Central Bank of Iraq as a reliable source for updates.
💰 Major Currency Shift: Iraq is removing higher denomination notes to introduce lower denominations, aiming for economic stability.
📈 Potential High Exchange Rate: Holders of high denomination notes could benefit from a favorable exchange rate during this transition.
🔍 Preparation for Exchange: Viewers are advised to prepare their dinar notes, check for damages, and find reliable exchange services.
🏦 Impact on Banks: The transition will require banks to manage a significant influx of exchanged high denomination notes.
📜 Guidelines for Exchange Centers: New guidelines have been established for exchange centers to accept damaged notes and ensure smooth transactions.
🚧 Community Engagement: The speaker encourages viewers to share their experiences and insights to help others navigate the exchange process.
📅 Stay Informed: Continuous updates from the Central Bank of Iraq are crucial for understanding the changes and their implications.
Key Insights
🌍 Economic Stabilization Efforts: The removal of higher denomination notes is part of Iraq’s broader strategy to stabilize its economy. By reducing the amount of high-value currency in circulation, the government aims to facilitate easier transactions for everyday citizens and combat inflation. This move may also encourage more people to engage with the banking system, as lower denomination notes are often easier for people to use in daily transactions.
💵 High Exchange Rates as an Incentive: The whispers of high exchange rates for those holding onto higher denomination notes create a sense of urgency and excitement among investors and everyday citizens alike. If the exchange rates are indeed favorable, this could significantly benefit those who have been holding onto their dinars, potentially leading to a rush to exchange them before rates stabilize or decrease.
🔒 Importance of Reliable Exchange Services: The speaker underscores the necessity of finding trustworthy exchange services during this transitional period. Given the potential for scams and misinformation, it is crucial for individuals to do their research and select services with a good reputation. This step is vital for ensuring that they receive fair value for their currency.
⚖️ Handling Damaged Notes: The new guidelines introduced for exchange centers specifically address how to manage damaged currency notes. This is significant as many citizens may have kept damaged notes over the years, unsure of their options. The guidelines provide a structured approach for citizens to redeem these notes, thus reinforcing confidence in the banking system.
📊 Potential for Increased Banking Activity: As banks prepare for the anticipated influx of exchanged notes, they will have to streamline their processes to handle the increased transactional volume. This shift could lead to improvements in banking infrastructure and services, positioning banks to better serve their customers in the future.
🗣️ Community Knowledge Sharing: The encouragement for viewers to share their experiences points to the importance of community engagement during this transition. By sharing insights and strategies, individuals can help each other navigate the complexities of currency exchange, fostering a sense of solidarity and support.
🔄 Impact on Personal Finance Decisions: Many individuals may have emotional attachments to their higher denomination notes, viewing them as collectibles or sentimental items. The speaker challenges viewers to reconsider their attachment, suggesting that exchanging these notes could contribute to broader economic stability and potentially yield financial benefits in the long run.
Money and business Economy News – Baghdad The Parliamentary Integrity Committee confirmed, today, Saturday, that the government succeeded in recovering 50 billion dinars from the corrupt during the past year, while indicating that Prime Minister Mohammed Shia Al-Sudani played a prominent role in reducing corruption files.
Committee member MP Alia Nassif said: "Al-Sudani and the Integrity Commission had an effective impact in reducing the aggravation of these files and prosecuting those involved in them," noting that "the government also succeeded in recovering about 50 billion dinars from those involved in corruption files in the Deal of the Century, in addition to the Director General of Refineries and the Assistant Director of Investment during the year 2024."
Nassif pointed out that "the anti-corruption operations also included pursuing those involved in real estate fraud files," noting that "most ministries and governorates formed sub-committees to stop the waste of public money." 199 views 01/04/2025 - https://economy-news.net/content.php?id=51588
Article: "Monetary stabilization mechanism will maintain financial stability in the country"
What is that going to be?
It's the reinforcement mechanism, it's the new one. It's not the old dollar auction. They're still going to use the dollar and many different foreign currencies. Realize, when Iraq turns their currency on to go international, Iraq is going to be a foreign currency that will be traded on international markets.
So when they talk about "foreign currencies" think about Iraq being one of them. So when they talk about a "basket of currencies", Iraq is going to be one of them within it.
