The first of its kind.. Sulaymaniyah opens an international financial center in the Kurdistan Region, 21 FEB

 The first of its kind.. Sulaymaniyah opens an international financial center in the Kurdistan Region

Shafaq News/ The city of Sulaymaniyah witnessed the opening of the International Center for Finance and Trade, on Thursday evening, in the presence of the Governor of the Central Bank of Iraq, Ali Al-Alaq, and the directors of Rafidain and Rashid Banks, in addition to economic and commercial figures from inside and outside the region.

Shafaq News Agency correspondent said that the center is the first of its kind in the Kurdistan Region, and the second in Iraq after the Iraq Stock Exchange, as it aims to enhance economic and commercial movement and attract foreign investments.

The center’s media officer, Shad Khosro, said during a press conference that this center will contribute to the development of the financial and commercial sector in Sulaymaniyah, and will provide a modern infrastructure that includes branches of foreign and local banks, in addition to financial stock companies and a stock exchange.

He explained that the establishment of this center comes within the framework of enhancing financial stability in the Kurdistan Region, and expanding the scope of trade exchange with the interior and exterior, noting that “it will become in the future a major financial exchange in Sulaymaniyah, which will contribute to attracting investors, providing new job opportunities, and reducing the unemployment rate in the region.”

The media official stressed that “the opening of this financial and commercial edifice represents an important step towards strengthening the economic infrastructure in the Kurdistan Region,” expecting that the coming period will witness an increasing demand from banks and companies to open their branches in this center, which will push the economy towards more growth and stability.

The opening of the International Finance and Trade Center in Sulaymaniyah comes at a time when the Kurdistan Region is witnessing major economic transformations, as it seeks to boost foreign investment and develop the business environment.

This center is part of a long-term strategy aimed at diversifying sources of income and reducing dependence on oil revenues by building a sustainable financial and commercial sector that meets international standards.

https://www.shafaq.com/ar/%D9%83%D9%88%D8%B1%D8%AF%D8%B3%D9%80%D9%80%D8%AA%D8%A7%D9%86%D9%8A%D8%A7%D8%AA/%D8%A7%D9%84-%D9%88%D9%84-%D9%85%D9%86-%D9%86%D9%88%D8%B9%D9%87-%D8%A7%D9%84%D8%B3%D9%84%D9%8A%D9%85%D8%A7%D9%86%D9%8A%D8%A9-%D8%AA%D9%81%D8%AA%D8%AA%D8%AD-%D9%85%D8%B1%D9%83%D8%B2%D8%A7-%D9%85%D8%A7%D9%84%D9%8A%D8%A7-%D8%AF%D9%88%D9%84%D9%8A%D8%A7-%D9%81%D9%8A-%D9%82%D9%84%D9%8A%D9%85-%D9%83%D9%88%D8%B1%D8%AF%D8%B3%D8%AA%D8%A7%D9%86

AJ : Update: Iraq operates a parallel market for dollar exchange rates within the country!!, 21 FEB

 AJ 

Update: Iraq operates a parallel market for dollar exchange rates within the country. 

Currency exchange shops offer the Iraqi Dinar at rates higher than the official Central Bank of Iraq (CBI) rate. 

According to banking consultant Al-Shaikhli in the article below this discrepancy has hindered Iraq's ability to introduce lower denomination notes. We should keep a on.

12:50 PM · Feb 20, 2025

FIREFLY: the Iraqi dinar will regain its strength!! @DINARREVALUATION #iraqidinarinvestor

 

A Government Advisor Stresses The Importance Of Gold Trade To Support The Current Account Of The Balance Of Payments, 20 FEB

 A Government Advisor Stresses The Importance Of Gold Trade To Support The Current Account Of The Balance Of Payments

The time: 2025/02/18 12:14:47 Reading: 2 ٬ 445 times  {Economic: Al Furat News} A government advisor stressed the importance of gold trade to support the current account of the balance of payments.
 
"The adoption of advanced industrial protection policies will positively reflect on the 
     quality of the national gold product and the
     stability of its prices." 

He pointed out that "this step will enhance the protection of one of the most important pillars of the national and family economy, with a direct and positive impact on the current account of the  balance of payments." Saleh explained that
 
"the organization of the import of non-manufactured gold and its re-export will contribute to achieving an added value to the national economy," stressing
 
"the importance of careful supervision from the competent authorities to ensure the inventory of the gold movement within the framework of an economically organized trade, with high return and rational governance."
 
The Industrial Coordination Council had approved at its meeting the day before yesterday, Sunday, the resettlement of the precious metal industry, gold and jewelry, in addition to cosmetic products, while directing to provide all the necessary facilities for those wishing to establish their factories, and
 
it was decided to
 
     monitor the quantities of gold exported abroad, through controls determining The quantities are re-manufactured,
     submit documents to the central bank that provide the value of the external quantity, and
     return the quantity yet
     Complete its manufacturing for the country, with observation from the central bank.    
  
https://alforatnews.iq/news/مستشار-حكومي-يشدد-على-أهمية-حوكمة-تجارة-الذهب-لدعم-الحساب-الجاري-لميزان-المدفوعات 

AJ : 🧐Oil Prices Climb as Trump Pledges to Refill Strategic Petroleum Reserve!!, 20 FEB

 AJ 

Oil Prices Climb as Trump Pledges to Refill Strategic Petroleum Reserve President Trump stated the Strategic Petroleum Reserve would be filled up quickly, as it is currently at a low level.

The Biden administration previously released substantial amounts of oil from the SPR to manage gasoline prices.

Drillers are hesitant to increase production without higher global prices.

Also this week, President Trump promised tax cuts for oil and gas producers.

Crude Oil prices in Iraq today.

11:58 AM · Feb 20, 2025

MZ: When the bond holders get their money …we are very close!!

 

Gold Localization, 20 FEB

 Gold Localization

Economic 2025/02/19  Yasser Al –Mitwalli   The government decision to localize the gold and precious metals industry is of great importance, as an important economic decisions, to consider gold, the pillar of the guarantee of the economy of any country of the collapses that may occur in periodic financial crises, and for causes of them naturally during periods of the economic cycle, and other political, as well as wars and others.
 
This decision comes consistent with what I dealt with in two previous articles published here in the "Al-Sabah" economy, as the first was titled (The forgotten wealth), in December 2024, and the second article was titled (Hedging with Gold a Safe Investment), in a month March of the same year (2024).

I was alerted to them the importance of taking advantage of global experiences in investing gold as an effective way to diversify sources of income and wealth, and as a safe alternative to the monetary reserve represented by the dollar, in order to avoid sanctions imposed by the American federalism on the countries, because it is the owner of the dollar currency, and there are many evidence and close to many of Countries.
 
This wealth has become forgotten and its page is folded after the world turned into a lack of evaluation of its currencies the size of its gold, and perhaps what brought back to mind the truth of the importance of this forgotten wealth (gold), the economic sanctions that some countries have been imposed by imposed by the great countries for various reasons, with the sanctions body Economic, and many examples available soon and not far from our current reality.
 
The nearest example that can be remembered is the embarrassing economic sanctions of Venezuela, which prevented the availability of what blocks the livelihood of its people, forcing its government to refer to the wealth of gold and act by selling it in order to confront the economic blockade that was imposed on it.
 
The expectations of economists also indicate that Russia may have to sell its gold reserves, as the last option in the face of US sanctions, if long.
 
This image became clear with the prolongation of the Russian-Ukrainian war, with the escalation of the ceiling of US-European sanctions on Russia, and Russia is also putting this possibility as the last option after the elements of confronting the siege and sanctions are exhausted. Accordingly, it seems that the
 
Iraqi government
 
     is trying to benefit from these bitter experiences, and therefore it
     decided to give the gold a priority to pay attention by localizing its industry and supporting workers in this sector as an optimal option.
 
The government's awareness of the importance of gold reserves as a guaranteed reserves in the face of emergency and critical conditions makes it offered this sector a great importance in the future. It is useful to note that
 
Iraq occupies an advanced rank in the cash gold reserves, as it is the fourth Arab and thirty globally, and by 152 tons of cash gold.
 
Perhaps the endeavor of the Central Bank of Iraq to increase the volume of  Iraq's gold reserves reflects its importance in the balance and durability of the country's economy.
 
The new government initiative in localizing the gold industry will contribute to
 
     encouraging citizens to invest in gold, and
     restore the idea of ​​its acquisition of decoration and saving when needed, as
 
this decision will achieve economic feasibility by maintaining gold from exporting it abroad, providing difficult currencies as a result of imports, and providing job opportunities For unemployed youth in this profitable profession.
 
The next important step is that it is necessary to adapt and amend the laws and procedures necessary to facilitate the birth of this important industry in attracting capital, whether internal or external, which has priority to attract investors to invest in a safe and profit field.  https://alsabaah.iq/110413-.html