Mike Bara
I have two contacts on the B side of it, will not mention platforms and two people in Iraq who tell that the vote they were to take, is to be done later, and we should wake up to it tomorrow (paraphrased).
I will have my phone on ring tonight for any calls or texts.
LIQUIDITY CRISIS IN IRAQ IS “WORSENING”.. 70% OF MONEY IS HOARDED IN HOMES
The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, confirmed today, Friday (January 17, 2025), that the liquidity shortage crisis in Iraqi financial institutions is becoming more complicated, attributing the reason to the hoarding of 70% of money inside homes and the lack of interaction of large segments of society with the banking system.
Al-Tamimi said in an interview with Baghdad Today, “The lack of liquidity is something we expected two years ago, and we warned about it repeatedly, especially with citizens continuing to hoard money inside their homes instead of depositing it in government or private banks, in addition to the absence of real investments for frozen money.”
He added, “The current situation requires a clear government roadmap that includes incentives to encourage citizens to deposit their money in banks, and to mobilize the hoarded funds through investment projects capable of attracting companies and businessmen to participate.”
He pointed out that “the state has great financial capabilities, but the liquidity crisis will increase with time if serious steps are not taken. Among them is the actual implementation of the Cabinet’s decision to move to electronic payment in markets and economic activities, which will combat smuggling and limit the circulation of counterfeit money.”
Al-Tamimi stressed that “implementing this decision will contribute to solving no less than ten problems that the Iraqi markets and economy suffer from, provided that the chambers of commerce are supported with the appropriate tools to implement the decision and provide high flexibility in the procedures to encourage citizens to interact with these mechanisms, which will achieve great economic gains.” Earlier today, economic affairs expert Alaa Al-Fahd revealed the reason for the recent increase in gold imports into Iraq.
Al-Fahd told Baghdad Today, “The increase in gold imports has several economic implications, including that citizens are working to keep gold as part of their savings, as it is more reliable and stable, as a result of the fluctuations in the dollar.”
He explained that “the other reason is an improvement in income levels with a savings surplus, and this is what drives citizens to buy gold, and this is part of the positive situation, as the process of increasing gold imports is a healthy economic situation, and this is reflected in the Iraqi market.”
PIMPY: Iraqi Dinar update for 01/10/25 - Two MEGA projects completed in Iraq 2025
In this video, Pimpy discusses recent developments in Iraq, including the ambitious construction of major infrastructure projects such as the Central Bank Tower in Baghdad and the Grand Port of Basra.
Both projects have been recognized as significant mega projects for 2025, highlighting Iraq’s growing presence in the global architectural and infrastructure landscape.
The video also touches on the concept of smart cities, particularly the Songdo project in South Korea, which serves as a model for modern urban development. While the promise of smart cities suggests advanced technology and sustainability, Pimpy raises concerns about potential invasiveness and control associated with such urban planning.
He emphasizes that the Grand Port and the development road project in Iraq will facilitate trade and enhance the economy, ultimately strengthening the Iraqi dinar. The discussion underscores the potential for Iraq’s infrastructure developments to significantly impact its international relations and economic growth.
🌆 Emergence of Mega Projects: The recognition of the Central Bank Tower and the Grand Port of Basra by the B1M platform highlights Iraq’s progress on the global stage. These projects showcase Iraq’s commitment to infrastructure development, which is essential for attracting foreign investment and enhancing its economy. The successful completion of these projects could position Iraq as a key player in regional trade, offering new opportunities for local businesses and foreign investors.
🚀 Smart Cities and Urban Living: The concept of smart cities, as illustrated by the Songdo project, is rooted in the idea of creating integrated urban environments that utilize technology to enhance quality of life. However, this model also raises ethical concerns about privacy and government oversight. The potential for invasive monitoring and control of citizens’ activities in these highly engineered environments raises questions about the balance between technological advancement and civil liberties.
📦 Infrastructure as Economic Catalyst: The development road and railroad in Iraq are not just infrastructure projects but are foundational to establishing a robust logistics network. This will facilitate the movement of goods and services, ultimately enhancing trade opportunities. Efficient transportation networks are crucial for economic growth, enabling access to markets, reducing costs for businesses, and attracting foreign investment.
⚙️ Technology and Sustainability: The Songdo project exemplifies the potential benefits of smart technologies in urban design, such as energy efficiency and waste management. However, the high cost of living and limited appeal to a broader demographic suggest that technology alone cannot drive the success of such projects. Economic accessibility and attractiveness for a diverse population remain critical for sustainable urban development.
🏙️ The 15-Minute City Concept: Pimpy draws parallels between smart cities and the 15-minute city concept, suggesting that both aim to condense urban living into compact areas. The concern is that such models may restrict personal freedoms and impose a lifestyle that prioritizes convenience over individual choice. The framing of these concepts can influence public perception and acceptance, making it important to consider the implications of urban planning strategies.
🌐 Globalization of Urban Projects: The international interest in smart cities, as evidenced by collaborations in cities like Chongqing and Dalian in China, underscores a trend towards urban innovation. However, the challenges faced by projects like Songdo, including funding and attracting residents, serve as cautionary tales for similar initiatives worldwide. Sustainable development requires not only technological innovation but also a realistic approach to community building and economic viability.
📊 Future of the Iraqi Dinar: The advancements in Iraq’s infrastructure are expected to have a positive impact on the value of the Iraqi dinar. As the economy grows through enhanced trade capabilities and foreign investments, the currency may strengthen against the US dollar. This potential for economic improvement aligns with Iraq’s broader goals of stability and prosperity in the region.
In conclusion, the video provides a multi-faceted view of the current state of infrastructure development in Iraq, contrasting it with the global trends in urban planning. While the projects hold promise for economic growth, they also raise important ethical discussions about privacy, control, and the balance between innovation and individual freedoms. As Iraq continues to modernize its infrastructure, it stands at a crossroads that could determine its economic future and its role in the global community.
(WOW! news but a duplicate news on a different channel from last week)
Economic experts and specialists considered that the Central Bank’s attempt to avoid responsibility for the currency auction and sale came through delegating this task to foreign banks instead of it, indicating that the bank must open the door to competition and offer Dollar for trading instead of sending it exclusively to some Foreign banks.
Financial and banking researcher Mustafa Hantoush said on Thursday that the Central Bank seeks to avoid responsibility for the currency auction and foreign trade by authorizing foreign banks that have accounts in correspondent banks with the approval of their branches or foreign owners, according to the Governmental newspaper the morning.
He pointed out that if the Central Bank wanted to reduce the gap in the dollar, it must open the door to competition between banks and rely on a basket of currencies to expand the options available in the market, calling for amending the criteria for evaluating local banks and raising their financial capabilities, which would contribute to achieving stability and increasing competitiveness, and thus stabilizing the Dollar price.
Hantoush suggested the possibility of converting Dollar To stock market trading platforms, to be sold to beneficiaries through direct transactions instead of sending Dollar exclusively to banks, stressing the need to regulate these operations by switching to the “Forex” market, and implementing mechanisms that ensure that funds are not transferred until the goods arrive with the guarantee of the banks.
He explained that these procedures would increase tax revenues and limit Illegal commerce, which contributes to strengthening the national economy.
Tues. 21 Jan. 2025 Wolverine:
🌅 Iraq: The Sleeping Giant Has Finally Awakened! 🦁✨ Have you noticed the message Iraq has been emphasizing through its recent news? The f...