Tuesday, February 4, 2025

JEFF: When the rate changes it'll come out somewhere around the $3.80 range! @DINARREVALUATION

Prime Minister stresses Iraq's aspiration for more integration in economic and trade relations with the Sultanate of Oman, 4 FEB

Prime Minister stresses Iraq's aspiration for more integration in economic and trade relations with the Sultanate of Oman

Prime Minister Mohammed Shia Al-Sudani stressed Iraq's aspiration for more integration in economic and trade relations with the Sultanate of Oman.

A statement by his media office said: "Al-Sudani received, today, Sunday, the Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al-Yousef, and his accompanying delegation."

During the meeting, according to the statement, relations between the two countries and ways to consolidate cooperation in various sectors, especially the economic and trade field, were discussed in a way that enhances the level of partnership and exchange, and confronts economic challenges in the region.

"Al-Sudani welcomed the guest minister, stressing Iraq's aspiration for more integration in economic and trade relations with the Sultanate of Oman, pointing to the resources of development in the Iraqi investment environment, especially after the comprehensive reforms it has witnessed."

For his part, Al-Yousfi conveyed the greetings of Sultan of Oman Haitham bin Tariq to Al-Sudani, reiterating his country's desire to increase cooperation in various fields. link

TIDBIT FROM MILITIAMAN, 4 JAN

Militia Man

Article: "House of Representatives votes on the draft law amendment" We've been waiting for this.

Quote: "The House of Representatives voted today Sunday February 2 2025 on the draft law amending the first budget law...with attendance of 176 representatives."

That tells us they have a quorum...That's powerful. They look like they indeed had the vote...This is an important step to reconnect the region to global markets. That's internationalism. That's big...Obviously big change is coming.

AJ : 🇮🇶🔥 IT'S DONE Article 2!! @DINARREVALUATION #iraqidinarinvestor #iraqidinar

A Battle Against Counterfeiters And Money Laundering.. How Is Iraq Seeking To Protect The National Currency?, 4 FEB

A Battle Against Counterfeiters And Money Laundering.. How Is Iraq Seeking To Protect The National Currency?

Posted on2025-02-02 by sotaliraq All eyes in Iraq are on the efforts being made to protect the national currency and enhance its economic security. In this context, the Central Bank of Iraq revealed a set of modern security features that have been added to the circulating banknotes as a qualitative step that reflects the keenness to keep pace with global developments in the field of printing and securing currencies.

On January 19, the Central Bank of Iraq unveiled the security features of the banknotes in circulation, with the aim of raising awareness among the public, as well as companies and commercial banks that deal with these banknotes on a daily basis.

It reviewed these improved security features through a technical bulletin, in which it indicated the introduction of prominent features on the new banknotes to enable the visually impaired to identify the banknote denominations by touch.

Battle Against Counterfeiters And Money Laundering

Mazhar Mohammed Salih, economic advisor to the Prime Minister, confirmed 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.

Saleh explained that since the first issuance of the currency in 1934, Iraq has printed its currencies at the largest international printing companies, except for the period of the blockade when the country was forced to resort to local printing.

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

He added that Iraq reprinted its currency after 2003 by the largest international companies, including British and German companies. He explained that reprinting the 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 measures 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 currencies into the country.

Saleh stressed that the cost of reprinting one 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.

A Good Step.

Financial and banking researcher Mustafa Hantoush believes that the process of printing new currency to replace damaged ones or add to the market in exchange for real balances in international banks is a correct step.

Hantoush said that Iraq is continuing the process of printing local currency to be used in replacing the damaged currency that was originally issued or to be used in issuing a new currency for the first time in exchange for real balances in international banks, indicating that Iraq actually has an excellent balance of foreign currencies and gold and it balances them against any dinar that it prints and it is one of the best equivalents in the world.

He explained that the process of adding security signs to a new currency is a correct process and not a mistake; Iraq in any case needs a currency print to replace the damaged one, and if it has better security features, it is a good sign, especially since issuing the new currency, whether with new security signs or the same as the previous one, will be at the same cost, so there is no problem with it.

He stressed that the issue is not related to a radical change in the form of the currency, but rather it is the same currency but with better security specifications.

Iraqi parliament member Haitham Al-Zarkani stressed that the Central Bank’s talk about steps to issue a currency with security solidity is a commendable effort.

Al-Zarkani explained that any steps to make the Iraqi currency solid and globally accepted are of utmost importance, especially since the Iraqi currency is rarely used in neighboring countries due to the instability of exchange rates and the non-recognition of it by some Arab and European countries as a global currency.

Al-Zarkani attributed this weakness to cases of counterfeiting, noting that issuing a currency that takes into account security aspects and meets the needs of the visually impaired represents an important step on the security, humanitarian and economic levels at the same time, without wasting resources or diminishing the value of the Iraqi currency in global markets.

In 2018, the Central Bank of Iraq issued a second edition of banknotes in denominations (25,000, 10,000, 1,000, 500, 250), and in 2013, it introduced some technical and technological updates to the 2003 edition, except for the (50) dinar denomination, which was withdrawn from circulation in 2015.

At the end of 2015, it issued the (50,000) dinar denomination to complete the current series in circulation.

For his part, economic expert Safwan Qusay confirmed that the Central Bank is striving to make paper currency more secure and difficult to counterfeit and manipulate, by moving towards supporting the policy of financial inclusion and shifting to electronic transactions.

However, Qusay pointed out that the process of withdrawing and issuing money with a higher security force does not pose any risks, especially since the circulating monetary mass of 100 trillion dinars (about 76 billion dollars) is under the control of the Central Bank and there is no new issuance of the currency in a different form, but rather it is merely a replacement of the type of currency existing in the market.

Qusay added that this policy is followed in all countries of the world, as currencies require modern technologies to reduce the possibility of counterfeiting and forgery.

Regarding the Central Bank’s talk about using special inks to serve the visually impaired, the expert confirmed that there is a real interest in this category, and that the process of selecting international printing presses specialized in producing currencies is carried out with high precision to ensure their quality and safety, explaining that the process of caring for the visually impaired comes from the Central Bank’s keenness to meet the needs of all segments of society, and that this decision was not arbitrary, but rather came in response to a real need that the bank had identified in the market.

Qusay stressed that replacing or improving the quality of prints is in line with the Central Bank’s directives to all banks, and that this step will not affect citizens’ confidence in the currency in circulation, noting that the main focus currently is on achieving financial inclusion and enhancing the use of credit cards to ensure the speed and security of transactions and protect the local market from any external interference. LINK

MILITIAMAN CC HIGHLIGHTS NOTES, 4 FEB

MILITIAMAN CC HIGHLIGHTS NOTES

Highlights

Summary

In this video, Militia Man discusses significant developments in Iraq’s economy and governance as of February 2, 2025. He highlights the opening of the Baghdad International Fair, which serves as a platform for fostering partnerships between Iraq and international businesses, featuring representatives from 1,250 companies across various sectors.

The Prime Minister emphasizes Iraq’s potential as a fertile ground for economic growth, hinting at the importance of cross-border cooperation and investment.

The discussion also focuses on the timely dispersal of retirement salaries, social assistance payments, and the recent passage of a budget amendment by the House of Representatives, which aims to resolve ongoing issues with oil exports from the Kurdistan region. Overall, the tone of the video is optimistic, showcasing progress in Iraq’s economic landscape and governance while indicating a commitment to improving living standards for its citizens.

🌍 Baghdad International Fair: The opening of the fair marks a significant step towards fostering international partnerships.
💼 1,250 Participating Companies: The event includes companies from 22 countries, signaling strong interest in Iraq’s economic development.
💰 Retirement Salaries Dispersed: The retirement authority has started disbursing February salaries, indicating governmental urgency.
📜 Budget Amendment Passed: The House of Representatives voted to amend the federal budget, addressing key issues like oil exports and salaries.
⚖️ Political Stability: The approval of the budget amendment reflects improved cooperation between the government and parliament.
🛢️ Kurdistan Oil Export Resumption: Plans to resume oil exports from the Kurdistan region are underway, strengthening Iraq’s economic ties.
👥 Support for Needy Families: The government prioritizes social assistance for the neediest families, demonstrating a commitment to welfare.

Key Insights

🌟 Economic Potential of Iraq: The Prime Minister’s assertion that Iraq is “fertile ground for economic dreams” reflects a broader vision of transforming the nation into a hub for international business. The emphasis on partnerships at the Baghdad International Fair suggests a strategic effort to attract foreign investment, which could lead to job creation and infrastructure development. This is crucial for rebuilding the economy after years of instability.
🌟 Importance of the Baghdad International Fair: The participation of 1,250 companies from friendly and sisterly countries signifies a strong interest in Iraq’s market. The fair is more than just an exhibition; it is a platform for establishing memorandums of understanding and fostering commercial relationships that can lead to binding contracts and investments, which are essential for long-term economic growth.
🌟 Retirement Payments as an Economic Indicator: The swift action taken to disperse retirement salaries for February suggests a shift in the government’s urgency to address citizen needs. This move not only provides immediate financial relief to retirees but also reflects a broader commitment to improving the economic situation for all citizens, which is vital for social stability.
🌟 Budget Amendment as a Milestone: The passing of the budget amendment by the House of Representatives is a significant political achievement. It indicates a level of consensus among lawmakers, which is necessary for effective governance. This amendment aims to resolve critical issues, such as the financial disputes with the Kurdistan region, and will facilitate the flow of budgetary resources necessary for comprehensive national development.
🌟 Resumption of Oil Exports: The agreement to resume oil exports from the Kurdistan region is a pivotal step in reconnecting Iraq with global markets. Given that oil is a primary revenue source for Iraq, this decision not only has economic implications but also showcases the potential for political reconciliation between the federal and regional governments.
🌟 Focus on Social Welfare: By prioritizing social assistance payments to the neediest families, the government is addressing the immediate needs of its most vulnerable citizens. This approach underscores a commitment to social equity and stability, which can foster public trust and support for government initiatives.
🌟 Call for Immediate Action: The emphasis on “immediate” action regarding the budget amendments and oil exports shows a sense of urgency within the Iraqi government to implement necessary reforms. This reflects an understanding that economic stability and growth require prompt and decisive action, particularly in the context of ongoing challenges.

Overall, the video encapsulates a moment of optimism in Iraq, with significant strides being made toward economic development and social welfare. The collaborative efforts between various sectors and levels of government reflect a commitment to building a more prosperous and stable future for the Iraqi people.

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