Back in November we noticed that [banks] stopped saying it was a scam.
In December they still said we're not saying it was a scam...The 1st week of January banks kind of shut down. They became silent...leave me alone. That was an interesting pattern because they were all acting that way...
We're waiting right now for this parliament to stop acting stupid,
in the sense of passing the laws, passing the Amendment 12-2 C that we want.
That's it. It'll open up the budget and expose a lot. That's what these banks [in the Middle East] have been told IMO.
That's why they're on pins and needles. The next step of the monetary reform process is going to affect every bank on this planet Earth, well every bank that is involved in exchanging foreign currency. And they all know it. Why do you think the US Treasury is meeting all over the place? They all are on pins and needles waiting for this to happen.
Two economists said that Iraq’s current monetary reserves are “reassuring” and are the best compared to previous years.
Iraq ranked third in the Arab world in foreign exchange reserves for 2024 after Saudi Arabia and the UAE.
Academic Dr. Nabil Al-Marsi told Al-Sabah: “Iraq ranked third in the Arab world in terms of foreign exchange reserves for 2024, pointing out that despite the slight decline in foreign monetary reserves in the Central Bank of Iraq from (109,153) billion dollars in 2023 to (106.7) billion dollars in 2024, according to Central Bank of Iraq data, as a result of remittance deductions to the Iraqi government, but the financial situation in Iraq remains coherent, and ranks third after Saudi Arabia and the UAE, with a reserve ratio of (499) billion dollars for Saudi Arabia and (210) billion dollars as a reserve for the UAE.
Currency reserve
He added that the country has large monetary reserves, which are greater than 100 percent of the size of the exporting currency, the ratio of a country such as Iraq retains monetary reserves equivalent to between 20 to 40 percent of the volume of the issued currency positive, indicating that the financial situation is reassuring as it exceeded 100 percent, and therefore the monetary reserve in the country is very large, pointing to the importance of the matter, as it represents a wall of rejection in the face of crises that may occur, even if they are caused by the decline in the price of oil.
Discount for transfers
He pointed out that the central bank can provide a great protection bumper for the Iraqi government if it needs some financial supplies by deducting remittances from government banks, pointing out that the financial situation in the country is among the most prosperous years in terms of foreign monetary reserves.
He pointed out that this contributes to reassuring foreign investors and providing a safe investment environment and maintaining the fixed even rate adopted by Iraq for the dinar against the dollar, pointing out that the monetary stability of any country is a very important goal in attracting foreign investors and reassuring them, as well as its work in promoting domestic investment, especially since the Central Bank has initiatives, especially those related to housing and initiatives of the Sustainable Development Movement.
Third place
Al-Masimi stated that Iraq’s third place in the Arab world in terms of having foreign monetary reserves is very important, for economic reasons, foremost of which is helping to maintain the value of the local currency at a fixed price, and maintaining liquidity to meet international financial obligations, as well as financing internal projects and reassuring investors, not to mention diversifying investment portfolios.
Financial stability
For his part, economic researcher Imad Al-Mohammadawi considered in the “Sabah” monetary reserve of any country a source of financial stability, and a resper for any financial storms that the economy may face, pointing out that it avoids financial pressures and revives sustainable development.
He pointed out that cash reserves are defined as funds that can be retained to face crises and meet needs, without the need for borrowing, as well as helping to prepare flexible financial strategies that enable the country to carry out projects with flexibility and confidence, pointing at the same time pointing out the need for multiple sources of income and not to keep oil as a primary source of income to increase reserves and achieve sustainable development in the interest of Iraq and its people.
The It is noteworthy that the monetary reserve is defined as the total deposits and bonds of foreign currencies held by central banks and monetary authorities in the country, in order to support the local currency and pay the debts owed by the state.
The monetary reserve usually consists of several elements, namely foreign currencies, such as the dollar, the euro, the Japanese yen and other currencies, or what central banks have of gold.
In this video, the host, Pimpy, discusses the geopolitical implications of Donald Trump’s presidency on Iraq, particularly in the context of U.S.-Saudi relations and their impact on oil prices. He highlights Trump’s push for Saudi Arabia to increase oil production, which could lead to a decrease in oil prices, subsequently affecting Iraq’s economy, which is heavily reliant on oil revenue.
The video also delves into the complexities of Iraq’s relationship with Iran, the coordination framework of Iraqi political forces, and how these factors might influence Iraq’s cooperation with the U.S. under Trump’s administration.
The host expresses concern about Iraq’s political dynamics, particularly the influence of Iranian-backed militias, and emphasizes the necessity for Iraq to navigate its foreign relations carefully to bolster its economy and maintain stability.
🛢️ Trump’s Oil Strategy: Trump is urging Saudi Arabia to increase oil production, which could significantly lower oil prices and impact global markets.
🇮🇶 Iraq’s Economic Vulnerability: Iraq’s budget
is heavily reliant on oil prices; a drop could jeopardize its financial stability.
🤝 Iraq-U.S. Relations: Despite confidence expressed by Iraqi officials, the relationship with the U.S. under Trump may present challenges, especially concerning Iranian influence.
⚔️ Iran’s Influence: The Iranian-backed militias in Iraq complicate the country’s ability to align with U.S. interests and could affect security dynamics.
💼 Foreign Investments: Iraq has been making strides in attracting foreign investments, but political stability is crucial for continued progress.
🔄 Potential for Cooperation: The host believes that cooperation between Iraq and the U.S. could lead to beneficial outcomes, provided Iraq navigates its internal politics effectively.
⚖️ Balance of Power: The host emphasizes that Iraq’s current government is heavily influenced by Iran, which raises concerns about its ability to act independently in foreign policy matters.
Key Insights
🌍 Geopolitical Shifts and Oil Prices: Trump’s pressure on Saudi Arabia to ramp up oil production is a significant geopolitical move that could disrupt established oil pricing structures. If successful, this strategy might lead to a decrease in oil prices, which would benefit consumers but could destabilize economies like Iraq that depend on a high oil price to fund their budgets. The implications could extend beyond economic concerns, potentially affecting international relations and conflict dynamics in the region.
⚖️ Iraq’s Economic Dependence: Iraq’s recent budget was based on an oil price of $70 per barrel, highlighting its vulnerability to fluctuations in the oil market. A lower price could lead to a budget shortfall, affecting public services and economic growth. This situation underscores the need for Iraq to diversify its economy to mitigate risksrequest error, please retry later.
ERBIL (Kurdistan24) – Erbil and Baghdad delegations to meet again in Baghdad to discuss the issue of not paying the Kurdistan Regional Government (KRG) employees’ salaries by Baghdad, Kurdistan24 correspondent reported.
A delegation from the KRG Ministry of Finance and Economy will visit Baghdad on Thursday will go to Baghdad to resume talks about the KRG employees’ salary issue.
Kurdistan24 correspondent in Baghdad revealed that the KRG delegation will meet with a delegation from the Iraqi federal government on Friday, in the residence of the Iraqi Foreign Minister Fuad Hussein in Baghdad.
This meeting comes after a meeting of the Iraqi Prime Minister Mohammed Shiaa al-Sudani on Wednesday with the heads of the political parties’ parliamentary factions to discuss passing the bill about amending the Iraqi general budget, that paves the way for resuming Kurdistan Region’s oil exports.
Following that meeting on Wednesday night, Vian Sabri, the head of the Kurdistan Democratic Party (KDP) faction in the Iraqi parliament told Kurdistan24 that agreement was reached during this meeting to pass the amendment of the article related to resuming Kurdistan oil export, in the Iraqi general budget law.
Article: "HANTOUSH: ELECTRONIC PAYMENT REDUCES THE COST OF PAPER CURRENCY AND SUPPORTS ECONOMIC TRANSPARENCY"
...in early January the Finance Committee said this was their goal to market the electronic payment process and I know from my CBI contact that this had to be accomplished to conduct the Project to Delete the Zeros.
Well… they are telling us this is now successful and done.What next?