Jon Dowling & Russell Brown Discuss The Great Wealth Transfer Jan 2025

FRANK26: "SUDANI SEEKS SECURITY & STABILITY WITH EVERYONE" 18 JAN

 KTFA

FRANK26: "SUDANI SEEKS SECURITY & STABILITY WITH EVERYONE".............F26

Al-Sudani: I will present the British agreement to the Iraqi parliament

 

1/15/2025

 

Prime Minister Mohammed Shia al-Sudani confirmed, on Wednesday, during his meeting with a press delegation, his intention to present the British agreement to the Iraqi parliament upon his return to Baghdad .

The Prime Minister's Office stated in a statement received by Shafaq News Agency that "Al-Sudani received at his residence in the capital, London, a group of senior editors-in-chief of Arab newspapers, opinion writers, and Arab and foreign journalists."

Al-Sudani spoke, according to the statement, about "his official visit to the United Kingdom and his meetings with King Charles III and British Prime Minister Keir Starmer, and the importance and size of the security, economic and development agreements concluded during the visit," stressing that "the bilateral agreement will be presented to the House of Representatives for the purpose of ratification."

Al-Sudani pointed out, "The state of stability and prosperity that Iraq is experiencing despite the political fluctuations witnessed in the region, and the government's success in keeping Iraq out of regional conflicts, while adhering to the principled position regarding the aggression on Gaza and Lebanon."

He pointed out his political vision for the internal Iraqi situation, and his steps to maintain security and stability in Iraq and the region, stressing "Iraq's standing with the Syrian people in facing crises and challenges."

Al-Sudani also touched, according to the statement, on "the government's steps in the field of economic integration," noting "proceeding with electrical interconnection with neighboring countries, and establishing related stations, in addition to cooperation in the fields of real estate development, and building new cities, within a development renaissance planned by the government program and included strategic projects, and creating a transition in the infrastructure on which sustainable development depends."

In his speech, the Prime Minister pointed out "the signing of the contract between Iraq and British Petroleum, which is the largest in the region," stressing "Iraq's move to develop its oil industry, expand the production and export of oil derivatives, invest in Kirkuk fields, and reach full investment in associated gas."

LINK

Chapter Summary: The Dynamics of Dollar Transfers in Iraq Post-Central Bank Suspension, 18 JAN

 Chapter Summary: The Dynamics of Dollar Transfers in Iraq Post-Central Bank Suspension

Introduction

In recent developments within the Iraqi financial system, the suspension of the Central Bank of Iraq’s (CBI) currency auction window has prompted significant changes in the mechanisms for transferring U.S. dollars. 

This chapter explores the implications of this transition, focusing on the dollar transfer mechanisms, the role of foreign banks, and the impact on Iraq’s economy. The discussion highlights critical vocabulary and key concepts such as currency auctions, cash liquidity, import data, and forgery. Understanding these themes is vital as they reflect the complexities of Iraq’s financial landscape and the pressures exerted by international entities like the U.S. Treasury.

The Suspension of Currency Auctions

• Central Bank’s Decision: The CBI has halted its direct currency auctions, which has significantly altered the way dollar transfers are facilitated within Iraq.
• Shift to Banks: Traders are now interacting with local banks that have international connections rather than the CBI, which marks a critical shift in currency handling.
• Positive Outlook: Al Tamimi, a financial analyst, noted that despite the change in method, dollar transfers would continue, indicating resilience in the financial system.

Monopoly Concerns in Dollar Transfers

• Monopoly of Foreign Banks: There is growing concern that dollar transfers have become monopolized by a select number of banks, primarily foreign institutions. This raises issues regarding the accessibility of dollars for local traders.
• Local Banks’ Role: The CBI is under pressure to empower local banks to lead foreign transfer operations, which is essential for maintaining sovereignty over the currency market.

Monitoring and Compliance

• U.S. Treasury’s Oversight: The CBI’s new operations are closely monitored to prevent Iraq from facing further sanctions due to potential illegal transfers. This oversight is especially pertinent given that the U.S. Treasury occupies a prominent position in the new CBI building.
• Importance of Data Accuracy: The accuracy of import data reported by the CBI is critical, as discrepancies could lead to significant financial crises.

Financial Crisis and Dollar Sales

• Crisis Indicators: The rising volume of dollar sales at currency auctions has raised alarms about Iraq’s financial health. Reports indicate that the CBI’s sales have often exceeded the necessary amount for covering imports.
• Import Data Discrepancies: There is a notable difference between the actual dollar sales needed for imports (approximately $50 million) and reported sales that have reached  $300 million. This discrepancy is attributed to fraudulent documentation.

Forgery and Smuggling Issues

• Forged Documentation: Investigations revealed that many import claims were based on forged documents, leading to inflated dollar requests.
• Smuggling Concerns: The excess dollars that surpass legitimate import needs are being funneled into smuggling operations, further complicating the economic situation.

The Shift to Gold as a Safe Haven

• Rising Dinar Value: Amidst the financial uncertainty, there is a noted increase in the value of the Iraqi dinar. This shift is accompanied by a growing trend of individuals investing in gold as a protective measure for their savings.
• Gold as a Stable Investment: Gold is recognized for retaining value over time, making it an attractive option for those looking to safeguard their wealth against currency fluctuations.

Impending Financial Opportunities

• Self-Employment Relief: The speaker emphasizes that self-employed individuals may soon receive substantial financial relief, potentially amounting to $32,000 per person, as part of government support following the pandemic.
• Call to Action: The speaker encourages viewers to stay informed and check their eligibility for these financial benefits, indicating a proactive approach to capitalizing on available resources.

Conclusion

The suspension of the CBI’s currency auction has initiated a complex restructuring of dollar transfer mechanisms in Iraq. While this transition has raised concerns about the monopolization of currency transfers by foreign banks and the implications of potential forgery and smuggling, it also presents an opportunity for local banks to emerge as leaders in foreign currency transactions.

 The ongoing monitoring by the U.S. Treasury reflects the international community’s interest in stabilizing Iraq’s financial system. As the Iraqi dinar gains value and individuals turn to gold for security, the financial landscape remains dynamic and fraught with challenges. The forthcoming financial opportunities for self-employed citizens highlight the potential for recovery and growth amidst adversity.

In summary, understanding these dynamics is crucial for grasping the current state of Iraq’s economy and the strategic moves necessary to navigate this evolving environment.

WALKINGSTICK: IRAQI BANK FRIEND AKI : THEY'RE DE-DOLLARIZING THE WHOME MIDDLE EAST!‪@DINARREVALUATION‬

 

FRANK26: "I BET YOU, YOU WOULDN'T COME... AT 1310!!!", 18 JAN

 KTFA

FRANK26: "I BET YOU, YOU WOULDN'T COME... AT 1310!!!"..........F26

21 Arab and foreign countries and 600 companies at Baghdad International Fair

1/14/2025

 

The activities of the Baghdad International Fair in its (48) session will start on the first of next February, with the active participation of 21 Arab and foreign countries and 600 companies with different specializations.

The Director General of the Ministry’s Exhibitions and Commercial Services Company, Dr. Mustafa Nizar Jumaa Al-Ani, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News” that the exhibition will continue for seven days, and will be held under the slogan (Investment, Development, Prosperity).

He pointed out that the Ministry prepared early to hold the exhibition in its (48) session, as 21 Arab and foreign countries will participate in it, in addition to 600 local and international companies, indicating that the Ministry is still receiving requests to participate in this version, which is being continuously monitored by the Minister of Commerce.

He explained that the exhibition will include the two largest pavilions for the Kingdom of Saudi Arabia and Oman, as well as the golden sponsor of the exhibition, represented by the State of Qatar, in addition to preparing two large halls dedicated to national industries that witnessed a remarkable turnout by visitors during the past year.   

Al-Ani pointed out that the ministry provides support to national industries through the Export Fund, and urges local companies to develop exports and establish advanced factories that can meet local needs, especially after the government issued several decisions to support the national product by preventing the import of many materials provided by the industrial sector. 

He added that the exhibition will also witness the participation of government institutions, unions and private sector organizations, with an ambition to attract a large number of companies in the current session, in an effort to conclude contracts between the private and international sectors.

He added that the exhibition is an important economic gateway and a social oasis that attracts the public, in light of the major economic changes that the country is witnessing as part of the government program.

Al-Ani stated that the aim of holding the exhibition is to enhance cooperation between local and international companies and provide investment opportunities. It also represents a platform for communication between foreign companies and investors to exchange experiences and learn about the latest technologies in all sectors, stressing that all participating companies will display their production and will have a share in the Iraqi market and contribute to all governorates.

LINK

AJ: PM'S VISIT TO BRITAIN RESULTED IN REMOVING IRAQ FROM THE RED LIST FOR RISK ASSENSSMENT TO THE ORANGE LIST IN TERMS OF INVESTMENTS ENVIRONMENT, 18 JAN

 AJ

PM's visit to Britain resulted in removing Iraq from the red list for risk assessment to the orange list in terms of the investment environment, and this is an important achievement and we may advance to yellow." Basra Governor Asaad Al-Eidani revealed, today, Wednesday, that the investment status assessment in Iraq was raised from the red list to orange during Prime Minister Mohammed Shia Al-Sudani's visit to London, and in what he described as an important achievement,

he revealed that new security and financial agreements were reached with Britain during the visit. (UK Government's Investment Risk Assessment) Al-Eidani, who accompanied the visiting Iraqi delegation to Britain, said"The current visit of Prime Minister Mohammed Shia Al-Sudani to Britain resulted in the risk assessment in Iraq being transformed from the red list to the orange list in terms of the investment environment, and this is an important achievement and we may advance to yellow." He added, "The businessmen accompanying the Prime Minister on the visit welcomed the new assessment, which may be transformed to yellow at a later time." He continued, "Many British businessmen have concluded agreements with the Iraqi side in several fields, including education and universities, and a number of British businessmen have agreed with their Iraqi counterparts to establish joint factories." He pointed out that "the Prime Minister held a meeting today with the British Home Secretary, and many topics related to security were discussed, especially the file of exchanging expertise between the Iraqi and British Interior Ministries." 

He pointed out that "there was also a financial meeting and an agreement was signed between the Trade Bank of Iraq and British financial institutions, and there is also a financial meeting attended by the Prime Minister that may discuss support for the Iraqi private sector from British financial institutions, especially after raising the risk assessment from red to orange."(UK Government's Investment Risk Assessment)

MAJEED: THE BUDGET WILL BE ADJUSTED TO THE NEW RATE OF THE IRAQI DINAR ‪@DINARREVALUATION‬ #iraqidinar