...economic expert Nabil Jabbar Al-Tamimi is saying they are ready for FOREX after implementing all these banking and financial reforms.
The White Paper reforms have been successful. It is time to move to the next stage which is…...?
Well folks financial and banking researcher Mustafa Hantoush just pointed out to us what the next stage should be.
Yes, I mean FOREX! I do not see the Trump era administration not seeing the necessity for going to FOREX with all the progress of the reforms to move to the next stage. I am sure the US Treasury will agree. ...I am told by [my] CBI contact...that they...are giving Iraq a “thumbs up” to move ahead
Al-Wasat Oil Company, in cooperation with the Chinese company (EBS), announced the achievement of a major oil discovery in the southern East Baghdad field.
The company’s general manager, Mohammed Yassin Hassan, said in a statement received by {Al-Furat News} that the main exploratory well test operations in the East Baghdad field have achieved great success, as a high-yield oil flow of medium and light oil was obtained.
He is expected to add more than two billion barrels to Iraq’s oil reserves, making it the largest oil discovery in central Iraq
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The Director General pointed out that the initial tests of the well showed a daily production rate of up to 5,000 barrels of crude oil.
Yassin praised the fruitful cooperation between the Iraqi engineers of the Central Oil Company and their counterparts in the Chinese company EBS, which resulted in careful planning and the careful implementation of well testing procedures in areas within the oil field.
This discovery gains strategic importance as it adds to Iraq’s oil balance, which ranks fifth in the world in proven reserves. This achievement also enhances the productive capacities of Iraq, one of the founding and influential members of the Organization of the Petroleum Exporting Countries (OPEC), which supports its pivotal role in the global energy market.
Security features for the new banknotes using images from the old banknotes.
When you’re driving home and someone is following you and you don’t know who they’re what extent of misdirection do you go to in order to get them off your trail?
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2025-01-19 03:44Font
Shafaq News/ The Central Bank of Iraq (CBI) revealed the security features of its new banknotes to raise awareness among the public, companies and financial institutions.
The CBI also underscored the sophistication of Iraqi banknotes, describing them as among the most advanced in terms of security features.
The notes are printed on premium paper to guarantee both quality and security.
The new banknotes will circulate alongside the existing ones, with no plans to withdraw the older currency from circulation, the Central Bank confirmed.
In a technical bulletin, the CBI showcased the enhanced security features of the banknotes, including raised marks on the new notes to assist visually impaired individuals in identifying denominations by touch.
To ensure a smooth transition, the CBI emphasized that the public will have sufficient time to familiarize themselves with the new banknotes and urged the widespread dissemination of this information.
Highlighting its objectives, the CBI stated that its primary goals include maintaining local price stability, ensuring a competitive and stable financial market system, and promoting sustainable growth, job creation, and prosperity in Iraq.
The CBI warned that manufacturing, possessing, or distributing counterfeit banknotes constitutes a criminal offense punishable by law and urged the public to report any counterfeit currency to the police or the Central Bank.
1737284012913_دليل الاوراق النقدية.pdf
l-Nusairi: Banks Are The Lever Of Sustainable Development
Banks Economy News – Baghdad Economic and banking advisor Samir Al-Nusairi confirmed, on Sunday, the completion of the Central Bank’s procedures for implementing the goals and initiatives of its third strategy 2024-2026, which is concerned with developing and restructuring the banking sector in accordance with what the consulting and auditing companies that are currently cooperating with the Central Bank and with the government in this field have reached, and that it should not be limited to support, but rather go beyond that to include the banking sector in making economic, financial, banking and investment decisions.
Al-Nusairi spoke about the challenges of the Iraqi economy and the opportunities for reform of the banking sector in the government’s program and the prospects of the Central Bank’s future vision for the role of the banking sector in sustainable development.
In light of the efforts currently being made to activate and revolutionize the productive economic sectors other than oil to diversify sources of national income and achieve financial sustainability, and the role of the Central Bank in regulating foreign trade financing and completing infrastructure projects to achieve comprehensive digital transformation and expand the use of electronic payment tools in achieving financial inclusion.
He explained that the opportunities for reforming and developing the banking sector in 2025 are as follows:
1- Developing the Iraqi banking system and its compliance with international banking and accounting standards.
2- Enhancing citizens’ confidence in the banking sector locally and internationally recognizing its transparency, progress, and strict commitment to international standards and obtaining the confidence of solid correspondent banks to deal with it.
3- Converting banks to their primary function, which is financing and bank lending for development.
4- Banks that do not provide loans and banking facilities that help in development as a lever for sustainable development lose their meaning as banks, which requires a specific position towards them from the Central Bank in 2025.
5- Seeking to move from a cash economy to a digital economy and withdrawing money outside the banking cycle and introducing it into the banking system.
He pointed out that all the above goals, although the period specified for their implementation according to the timetable of the government program and the strategy of the Central Bank ranges between (1-4 years), what was achieved in 2023 and 2024 constitutes about 60% as announced, which led to the evaluation and classification of banks based on their achievement of the planned goals.
There are banks that are moving towards the required development and banks that still need an additional period of time to achieve the goals, and there are troubled banks that are now making exceptional efforts from the Central Bank and the administrations of these banks to rehabilitate them.
He added that what concerns us here is the real functional role of banks in providing loans and banking facilities and moving from a banking role to a developmental role. There are two important observations that must be taken into consideration regarding the issue of providing loans and banking facilities to stimulate the economy and development.
The first: The nature of banks’ activities depends on the nature of the activities of the economic sectors, and as long as economic activity is focused on trade (imports), banks’ activity remains focused on external transfers and what is related to that, so unless other sectors move (industry, agriculture, tourism, etc.).
It is worth noting that without controlling imports, these sectors will not develop. Second: It is necessary to provide the legal environment and extend the authority of the law in order to control the speculation market in the US dollar on the black market and to eliminate the phenomenon of illegal trade through unofficial outlets. https://economy-news.net/content.php?id=52082
GM - Hope you all had a great weekend. Today is a very exciting day for us Americans and for freedom. I was asked what I thought about the CBI issuing new security features on the 2021 notes -- it's aimed at taking counterfeits out of circulation before the CBI issues new lower denomination notes. In Iraq, they use the 1000 dinar note just like we use the $1 bill here.
See the video clip below from inside Iraq..
BELOW ARE THE -- IQD TO DOLLAR VALUE.
250 IQD: 250 IQD = 0.19 USD
500 IQD: 500 IQD
= 0.38 USD
1000 IQD: 1000 IQD = 0.76 USD 5000 IQD: 5000 IQD = 3.81 USD
10000 IQD: 10000 IQD = 7.63 USD
25000 IQD: 25000 IQD = 19.08 USD
50000 IQD: 50000 IQD = 38.16 USD
All these goods in Iraq will need to be repriced with the new lower denomination notes pricing. When they switch the old notes out for the new ones.
I'm still out of town -- be back tomorrow.
