DINAR GURUS: Significant changes happening in Iraq, 13 JAN

 DINAR GURUS

Highlights

Summary

Significant changes happening in Iraq’s currency system, particularly the removal of high denomination dinar notes from circulation and the introduction of lower denomination bills

• 💵 Currency Reform: Iraq is removing high denomination dinar notes, introducing lower denominations instead.
• 📈 Potential for Better Exchange Rates: The shift could lead to higher exchange rates for existing dinar holders.
• 🏦 Banking Reforms: Suspension of dollar auctions indicates a significant move in Iraq’s banking reforms aimed at economic stability.
• ⏳ Urgent Preparations Needed: Viewers are encouraged to stay informed and prepare for currency exchanges that may occur soon.
• 🌍 Economic Implications: The changes could enhance the overall economy, impacting both businesses and travelers in Iraq.
• 💬 Community Engagement: The host invites viewers to share their thoughts and experiences regarding Iraqi currency, fostering a community dialogue.

Key Insights

• 🏦 Transition to Lower Denominations: The Iraqi government’s decision to phase out high denomination notes (25,000, 10,000, 5,000, and 1,000 dinars) in favor of lower denominations (25, 10, 5, and 1 dinar) is a strategic move aimed at controlling inflation and stabilizing the economy. This transition is crucial for increasing the circulation of smaller notes, which could lead to a more balanced and stable economic environment. The government hopes that this will discourage the hoarding of higher denomination notes, thereby enhancing liquidity in the market.

• 📈 Improved Exchange Rates: There is a strong potential for improved exchange rates for those holding high denomination dinars. As financial reforms take shape, many currency holders may find that exchanging their large notes could yield higher returns. This could benefit individuals financially while also helping to strengthen the Iraqi dinar against foreign currencies.

• 🌟 Suspension of Dollar Auctions: The suspension of the electronic platform for selling dollars is a significant indicator of Iraq’s intent to manage its economy more effectively. By halting dollar sales, the government aims to reduce volatility in the currency market, thereby gaining greater control over its financial system. This suspension is a foundational step towards implementing broader banking reforms and stabilizing the dinar.

• 📊 Impact on Currency Traders: The changes in Iraq’s currency policy present new opportunities for currency traders and investors. With the potential for a revaluation of the dinar on the horizon, traders should stay informed and monitor the evolving situation closely. The end of dollar auctions may also lead to a stronger dinar, attracting both local and foreign investment, which is vital for Iraq’s economic recovery.

• 🔄 Historical Context of Economic Fluctuations: The current wave of reform appears to be more serious than in previous years, with the government seemingly committed to fostering economic stability. Understanding this context is essential for grasping the potential impact of the recent changes on Iraq’s economy.

• 🌍 Global Investment Interest: The success of Iraq’s banking reforms could attract increased foreign investment, further influencing currency value and economic stability. If the reforms are implemented effectively, it may signal to international investors that Iraq is a viable market, leading to enhanced economic prospects and a stronger dinar.

MAJEED: IRAQ IS ADJUSTING SALARIES WITH THE NEW RATE & STABILIZING THE IQD RATE!!! ‪@DINARREVALUATION‬

 

SAC: Kurdistan salary issue is technical, resolvable through dialogue, 13 JAN

SAC: Kurdistan salary issue is technical, resolvable through dialogue

Shafaq News / The State Administration Coalition (SAC) reaffirmed, on Sunday, that the Kurdistan employees’ salary issue is a technical matter devoid of political overtones and can be resolved through dialogue and mutual understanding.

The statement followed SAC’s regular meeting at the Government Palace in Baghdad, attended by key figures, including Prime Minister Mohammed Shia Al-Sudani, Speaker Mahmoud Al-Mashhadani, and Kurdistan Region President Nechirvan Barzani.

SAC, a coalition formed in 2022 to address Iraq's political deadlock, brings together the Coordination Framework, the Kurdistan Democratic Party (KDP), the Patriotic Union of Kurdistan (PUK), and Sunni Arab political forces to foster a more inclusive and representative government.

In a statement, the Prime Minister’s office noted, “This year marks the final year of the parliamentary and governmental term. Accordingly, all parties and national forces are required to exercise the highest level of dedication in fulfilling their commitments under the government program across various sectors. This will support stability and enable executive bodies to complete their tasks in economic, developmental, service, and security domains.”

SAC reiterated its support for the government’s financial and economic reform agenda, aiming to preserve stability amid challenges. It emphasized that “the salary issue for Kurdistan Region employees is strictly technical, with no political motives, and urged all parties to refrain from media escalation.”

The long-standing salary dispute between Erbil and Baghdad resurfaces annually during federal budget discussions. Historically, Baghdad has tied the Kurdistan Region’s budget allocation to specific oil revenue conditions. The situation escalated following the suspension of oil exports via Turkiye’s Ceyhan port, prompting Baghdad to provide salaries as “loans.”

Earlier this year, the Federal Supreme Court issued a binding decision mandating the direct disbursement of salaries to Kurdistan Region employees, bypassing Erbil to avoid delays.

The coalition also addressed Iraq's regional and international engagements, advocating for a balanced, conflict-averse approach to safeguard national interests. The meeting included discussions on the ongoing crisis in Syria, emphasizing Iraq’s readiness to assist the Syrian people and monitor terrorism-related developments.

SAC further condemned the “Israeli attacks on Gaza and any other regional aggressions.” It commended Prime Minister Al-Sudani’s diplomatic visits to neighboring and friendly countries, which have bolstered Iraq’s standing as a stabilizing force amid regional turbulence.

Frank26 : Discussing photo of an unknown lower note sent to Frank, 13 JAN

 Frank26 

 [Discussing photo of an unknown lower note sent to Frank]

  SENDER:  What's that [note] underneath it [photo of the known 250 and 500 dinar notes]?  

FRANK:  I don't know what that is.  Where did you get this? 

 SENDER:  It's from a contractor in Iraq... 

FRANK:  It's not just because of the color I see there, it's the packaging that attracts my attention. 

 SENDER:  My buddy said he got the pictures from his interpreter friend who goes out on patrols with him daily.

  The interpreter's brother works in a very small bank...He had to pay the brother three bottles of Old Spice cologne in order to get this picture to him.

FIREFLY: CHECKMATE!! : IRAQ MUST ADD VALUE TO THE DINAR ONCE STOPS THE CURRENCY AUCTION #iqd

 

Iraq's Missing Money...Dubai Is Indicted: Smuggling Is Still Continuing And Trump Is Coming , 13 JAN

  Iraq's Missing Money...Dubai Is Indicted: Smuggling Is Still Continuing And Trump Is Coming 

Economy | Yesterday, | Baghdad today – Baghdad Representative Baqir Al-Saadi revealed today, Saturday (January 11, 2025), that  Dubai has become the largest point for smuggling Iraqi funds abroad, 
pointing out the involvement of individuals, money changers, and banks in these operations. Al-Saadi said in an interview with "Baghdad Today",

 "The smuggling of money from Iraq is still continuing in various forms, whether by  individuals or
 banking companies, in addition to the involvement of   some banks that use remittances as a means of transferring money in a way that raises major question marks."

He added, "Dubai has become the largest destination for this money, with clear indicators observed during the recent period confirming the involvement of some banks in facilitating smuggling operations." Al-Saadi confirmed that
 
“the Iraqi Parliament, through its oversight duties, is following up on many files related to this matter, some of which are under investigation in coordination with the competent regulatory authorities,” noting that
 
“the Central Bank of Iraq suspended the activity of 10 banks due to suspicions about smuggling money outside the country in illegal ways.” Comply with established instructions and controls. Al-Saadi explained,
 
"The money smuggling file is very complex, despite a series of measures taken by the Central Bank, including coordination with the US Treasury Department, which imposed sanctions on some of the banks involved." He pointed out that
 
"smuggling operations depend on complex routes and routes, which makes controlling them a major challenge," stressing that
 
"there are important investigations underway that may yield tangible results during the coming period." Al-Saadi concluded by saying,
 
"Efforts are continuing to uncover the facts and hold those involved accountable, but 
combating this thorny issue requires more time and strict measures."
 
It is noteworthy that US President-elect, Donald Trump, has stated more than once that he will deal firmly with the issue of protecting the dollar in the world, especially with countries that have admitted their involvement in currency smuggling and money laundering, such as
 
Iraq, which the Trump team believes tolerates currency and oil smuggling operations.    
  
https://baghdadtoday.news/265657-أموال-العراق-المفقودة.-دبي-في-دائرة-الاتهام-التهريب-لايزال-مستمرا-وترامب-قادم.html