As part of its war on counterfeiting, Iraq enhances the security of its currency with improved marks and printing new banknotes, 2 FEB

 As part of its war on counterfeiting, Iraq enhances the security of its currency with improved marks and printing new banknotes

Attentions in Iraq are directed towards the efforts made to protect the national currency and enhance its economic security. In this context, the Central Bank of Iraq's disclosure of a set of modern security marks that have been added to the circulating banknotes comes as a qualitative step that reflects the keenness to keep pace with global developments in the field of currency printing and security.

On January 19, the Central Bank of Iraq unveiled the security marks of the circulating banknotes, with the aim of educating the public, as well as companies and commercial banks that deal with these banknotes on a daily basis, reviewing these improved security marks, through a technical bulletin, in which it indicated the introduction of prominent marks on the new banknotes to enable the visually impaired to identify the banknote denominations by touch.

Mazhar Muhammad Salih, the economic advisor to the Prime Minister, confirmed in a statement followed by Al-Rasheed, that Iraq's decision to print a new currency is a natural decision that comes within the state's efforts to protect its national currency and enhance its security.

Salih explained that since the first issuance of the currency in 1934, Iraq has printed its currencies at the largest international printing companies, with the exception of the blockade period when the state was forced to resort to local printing.

He pointed out that Iraq still relies on the largest international companies specialized in printing currency, which are companies with a good reputation and high reliability and adhere to the highest international safety standards. He pointed out that this matter is of great importance to the economic security of Iraq and global security in general.

He added that Iraq reprinted its currency after 2003 with the largest international companies, including British and German companies. He explained that reprinting currency is a routine procedure that is carried out periodically to replace damaged papers and introduce new security improvements to the currency to protect citizens from counterfeiting and money laundering.

He stressed that these procedures come within the framework of the state's keenness to protect citizens' economic rights and ensure the stability of the Iraqi economy. He pointed out that the Central Bank of Iraq is the only body authorized to issue currency in accordance with the law, and there is strict security control over the printing and circulation process to prevent the entry of counterfeit currency into the country.

Saleh stressed that the cost of reprinting a single currency is very simple, not exceeding cents compared to its benefits, and that this procedure is an integral part of the policy of central banks around the world to maintain the stability of national currencies and protect national economies.  link

JON DOWLING LATEST RV REPORT, 2 JAN

 JON DOWLING LATEST RV REPORT

Highlights

Summary

In the latest RV report for January 31, 2025, the speaker outlines significant developments regarding the currency exchange process, emphasizing that this is not financial advice.

 Key updates include a meeting between U.S. Treasury Secretary and Iraqi Prime Minister Sudani to finalize the RV process amid impending sanctions on Iraq. 

The speaker clarifies misconceptions about the currency exchange, stressing that it will take place at certified banks and not redemption centers. A common law trust is not a prerequisite for exchange, and individuals will not be subjected to background checks or the need to provide business plans for humanitarian projects. 

The report also advises on maintaining privacy and discernment during the exchange, highlighting the mutual need between currency holders and banks. Overall, the message is one of reassurance and practical guidance for those involved in the exchange process.

• 📈 Treasury Secretary’s Visit: Secretary of the Treasury visits Baghdad to meet with Prime Minister Sudani, signaling progress in the RV process.
• ⚖️ Sanctions on Iraq: President Trump is preparing heavy sanctions on Iraqi militias, particularly targeting Iranian proxies.
• 🏦 No Redemption Centers: Currency exchanges will occur at certified Wealth Management Centers (banks), not at designated redemption centers.
• 🛡️ Trust Not Required: No need for a trust to exchange currency, although personal circumstances may lead some to consider it.
• ❌ No Special Contracts: There are no special words or contracts that can secure a better exchange rate; the process is straightforward.
• 🔒 Privacy Recommendations: It’s advisable to exchange currency in a discreet manner and avoid familiar bank locations for security reasons.
• 🙅‍♂️ Avoid Scams: Individuals should not pay for consultations regarding the exchange process; it is simple and free.

Key Insights

• 🌍 International Relations Impact: The visit by Treasury Secretary to Iraq indicates the U.S. government’s commitment to stabilizing the region and facilitating the RV process. This meeting aims to solidify financial ties and ensure a smooth transition for currency exchange, potentially leading to a more robust economic environment in Iraq.

• 💰 Impending Sanctions: The sanctions targeted at Iraqi militias and Iranian proxies signal a strategic move by the U.S. to pressure corrupt entities within Iraq. This could lead to a more favorable environment for currency exchange, as it may force these groups to comply with international norms and practices, thereby stabilizing the Iraqi economy.

• 🏦 Exchange Process Simplified: The emphasis on using banks for currency exchanges rather than redemption centers helps demystify the process for new participants. It reassures individuals that they can expect a straightforward procedure, reducing anxiety surrounding the exchange.

• 📜 Trusts and Background Checks: By clarifying that trusts and background checks are not prerequisites for the currency exchange, the speaker alleviates concerns that may deter participants. This opens the process to a broader audience, allowing more people to engage in the exchange without feeling overwhelmed by legal complexities.

• 🤝 Power Dynamics in Currency Exchange: The mutual need between currency holders and banks highlights that the negotiation process is balanced. Participants can walk away from unfavorable offers, reinforcing their agency in the exchange and encouraging them to seek out better terms.

• 🔍 Security and Privacy Considerations: The advice to exchange currency in a location where one is not known enhances personal security. This suggestion serves to protect participants from potential scams or unwanted attention, ensuring that the exchange remains a private matter.

• 🚫 Scam Awareness: The caution against paying for consultations regarding the exchange process is crucial in a landscape often rife with scams. This insight empowers individuals to approach the exchange confidently, knowing they should not incur unnecessary expenses.

In conclusion, the RV report provides vital updates and clarifications on the currency exchange process, emphasizing the importance of discernment and security while engaging with financial institutions.

 It reassures individuals about the straightforward nature of the exchange and the mutual benefits involved, while also highlighting the ongoing geopolitical dynamics that may influence the situation in Iraq and the broader financial landscape.

 The insights shared foster a sense of preparedness and caution, equipping participants with the knowledge they need to navigate this complex environment effectively.

REINALDO JC : IRAQ—While we investors wait for the rate to change…!!‪@DINARREVALUATION‬ #iraqidinar

 

Today.. Baghdad International Fair kicks off with the participation of 20 countries and 1000 companies, 2 FEB

 Today.. Baghdad International Fair kicks off with the participation of 20 countries and 1000 companies

The 48th session of the Baghdad International Fair opens today, Saturday, with the participation of 20 countries and more than 1,000 local and international companies.

Minister of Trade Athir Dawood Al-Ghariri announced the completion of all preparations for the launch of the 48th session of the Baghdad International Fair.

Al-Ghariri stressed that "this edition will be distinguished by the diversity and size of the participation, as its activities will start today, Saturday, February 1, and will continue until the 7th, under the patronage of Prime Minister Mohammed Shia Al-Sudani and under the slogan "Investment - Development - Prosperity", with the participation of 20 Arab and international countries and more than 1,000 local and international companies.

He pointed out that "the Baghdad International Fair represents a point of attraction and attraction for foreign investors," adding that "this year will be different from previous versions in terms of the diversity of economic, cultural, and artistic events."  link

FIREFLY: Iraq parliament just said they are going pass the budget law amendments this coming Sunday!!!, 2 FEB

 Frank26 

 [Iraq boots-on-the-ground report] 

 FIREFLY:Iraq parliament just said they are going pass the budget law amendments this coming Sunday... 

 FRANK:  IMO it really looks like all the laws are about to be passed based on what you've been sending me.  It really looks like the budget is about to be exposed, maybe Sunday. I don't know. 

 It really looks like the new exchange rate is about to be introduced...Sunday might be very explosive.  We may need a few days after Sunday, I don't know.

MZ: I am hearing they have sped things up massively in the last 10 days!...

Are The Large Cash Reserves Really Reassured Or Hide A Future Financial Crisis?, 2 FEB

Are The Large Cash Reserves Really Reassured Or Hide A Future Financial Crisis?
 
Jan 30, 2025 Last update: Jan 30, 2025   Independent/- Despite the remarkable development in the monetary reserves of Iraq, where he ranked third in the Arab world for 2024 after Saudi Arabia and the UAE,  the economic situation in the country is still marred by ambiguity and questions, which makes these numbers a source of controversy instead of pride.

A comfortable number ... but what next?
 
Some sources have announced that Iraq has cash reserves estimated at about $106.7 billion, which is considered greater than the size of the exported currency.
 
It is assumed that this is considered a "wall" wall in front of potential crises, and gives positive signals to foreign investors. But the real question is:
 
Do these reserves really represent a real "stability"?
 
Do these numbers reflect the reality of the Iraqi economy?
 
Despite these figures, the  Iraqi economy still depends excessively on oil as a major source of income, which exposes it to any fluctuations in global oil prices.
 
It is true that Iraq has good cash reserves compared to some Arab countries,
 
but most of its economic projects remain involved in unaccounted risks.
 
Can we really consider these reserves as an economic stability tool, while
 
     debts are still ongoing, and
     non-oil resources are almost non-existent?
 
Is Iraq ready to deal with future crises?
 
Although some experts, such as Dr. Nabil Al -Marsoumi, consider that critical precautions are great enough to finance internal projects and protect the Iraqi dinar,
 
it is not possible to ignore the fact that cash reserves are not the only solution to crises. As Imad Al -Muhammadawi indicated,
 
diversity in income sources will be the main factor for real financial stability.

Great allocations, where do you go?
 
With the allocation of 500 billion dinars for service effort projects, the most prominent question remains:
 
Will this money be optimized?
 
Iraq has beautiful numbers, but is this enough to stimulate sustainable development?
 
Or are these numbers only used in projects that are not concluded?
 
Controversy summary:
 
In the end, cash reserves remain mere numbers on paper unless they are translated into realistic economic policies that
 
     diversify income,
     reduce dependence on oil, and
     contribute to achieving real development that touches the lives of citizens.    
  
https://mustaqila.com/هل-الاحتياطيات-النقدية-الكبيرة-للعرا/