EXCERPTS FROM MARKZ: WE ARE CLOSE! @DINARREVALUATION #iraqidinarinvestor #iraqidinar

 

AL-SUDANI INAUGURATES THE DIGITAL TRANSFORMATION CENTER: IT WILL REDUCE FINANCIAL COSTS AND FIGHT CORRUPTION, 22 FEB

 AL-SUDANI INAUGURATES THE DIGITAL TRANSFORMATION CENTER: IT WILL REDUCE FINANCIAL COSTS AND FIGHT CORRUPTION

Prime Minister Mohammed Shia Al-Sudani inaugurated the Digital Transformation and Automation Center on Monday, while stressing that the contact between the citizen and the employee is a source of procrastination, and digital transformation will overcome the most important obstacles, in addition to reducing financial costs and fighting corruption.

Al-Sudani’s media office said in a statement received by Shafaq News Agency that the latter “opened the Digital Transformation and Automation Center at the headquarters of the Ministry of Higher Education and Scientific Research, and toured the center, and reviewed the new mechanism for adopting automation and ending paperwork, in implementation of the government’s vision in implementing administrative reform, simplifying procedures, and eliminating bureaucracy and routine.”

He added that ” the Supreme Committee for Digital Transformation was formed under the chairmanship of the Prime Minister and the membership of the relevant ministers, so that the transformation would be an effective decision and not limited to separate steps. It was also decided, based on a study submitted by a technical committee, to establish a (National Center for Digital Transformation) and a (National Center for Cybersecurity).”

Al-Sudani stressed, according to the statement, that “ all transactions, starting from the application procedures for students, up to acceptance, and the transactions of employees and citizens, are moving towards digital transformation, and this includes 2,500 employees working at the ministry’s headquarters, which constitutes a turning point and an achievement for the ministry, indicating that converting citizens’ requests to electronic form will make the process easier in various applications.”

Al-Sudani continued : ” The government program confirmed that the current government is a government of service, and it is directly linked to the digital transformation . We do not want the digital transformation to be just a media show , but the citizen must feel the changes in the service he receives.”

He pointed out that ” we must move within 3 years to the level of an independent body or ministry concerned with digital transformation and cybersecurity , and the plans do not prevent ministries from taking the initiative to improve their service towards digital transformation in order to improve the service provided to the citizen ,” adding that ” the contact between the citizen and the employee is a source of procrastination, and digital transformation will overcome the most important obstacles, and digital transformation provides direct service , reduces costs, and fights corruption .”

He added, ” The more we are able to improve this service and facilitate it for the citizen, the more we will have achieved the slogan of service and follow-up of work, and we will join the world in the field of artificial intelligence and qualitative leaps, and all efforts must be made in the field of electronic transformation and keeping pace with global scientific development .”

He pointed out that ” young students have the capabilities and willingness to make efforts in the field of development , digital transformation and the use of artificial intelligence , and we must choose the qualitative specializations required in the labor market that prepare human capital for the digital transformation process .”

DINAR GURUS UPDATE: THE STATUS OF THE IRAQI ECONOMY & IRAQI DINAR, 22 FEB

 DINAR GURUS UPDATE: THE STATUS OF THE IRAQI ECONOMY & IRAQI DINAR

Highlights

Summary

Various Dinar Gurus discuss the current state of the Iraqi economy and its currency, the Iraqi dinar, in light of recent developments. Frank 26 shares insights regarding the praise received by Iraq’s cash distribution system from U.S. authorities, implying the country is poised for a new exchange rate soon.

 The discussion also highlights the historical context of currency revaluation, referencing Kuwait’s experience in 1991. Concerns about counterfeit currency and its impact on public sentiment are raised, alongside the relationship between the U.S. dollar and the Iraqi dinar.

 Notably, the potential implementation of International Accounting Standards in Iraq by 2026 is presented as a significant move towards economic globalization.

 Throughout the conversation, the Gurus express optimism about the future of Iraq’s monetary reform and the timing for a revaluation of the dinar.

• 🚀  Rapid Cash Distribution: The U.S. praised Iraq’s cash distribution system as the fastest in the world, indicating readiness for a new exchange rate.
• 💰 Historical Relevance: The potential revaluation of the dinar is compared to Kuwait’s RV in 1991, coinciding with Ramadan.
• 🔒 Counterfeit Concerns: The spread of counterfeit dinars raises public fears, impacting traders and citizens.
• 🤝 Mutual Support: A symbiotic relationship between the U.S. and Iraqi currencies is seen as beneficial for monetary reform.
• 🌍 Globalization Steps: Iraq’s move towards implementing International Accounting Standards signifies progress in globalization.
• 📅 Optimistic Timing: January has been identified as an auspicious time for currency revaluation due to fiscal practices.
• 💼 Pending Budget Amendments: The recent amendment to the budget law suggests that a rate change could still be on the horizon.

Key Insights

• 🌐 Global Praise for Cash Distribution: The recognition of Iraq’s cash distribution system by U.S. officials signifies a significant achievement for the Iraqi economy. This praise suggests that the infrastructure for a more efficient economic system is already in place, which could lead to a smoother transition in currency revaluation. The ability to swiftly distribute currency is essential for maintaining stability and confidence among citizens and investors alike.

• 📈 Historical Context of Currency Revaluation: The reference to Kuwait’s RV during Ramadan in 1991 provides a historical lens through which to view current events in Iraq. This comparison underscores the importance of timing in economic reform, suggesting that cultural and religious contexts can influence financial decisions. It also highlights the potential for significant economic changes to occur during pivotal moments within a fiscal calendar.

• 🏦 Counterfeit Currency Woes: The discussion around counterfeit dinars reflects ongoing challenges within Iraq’s financial system. Such issues can undermine public trust and create volatility in the market. The government must address these concerns effectively to stabilize the currency and reassure citizens. Ensuring that the public is educated about legitimate currency will be crucial in restoring confidence.

• 💵 Interdependency of Currencies: The perceived connection between the U.S. dollar and the Iraqi dinar hints at a broader economic strategy where both currencies support each other. This interdependency could reinforce the value of the dinar as Iraq continues to build its economic framework. As the U.S. dollar often serves as a global benchmark, its strength could enhance the standing of the dinar in international markets.

• 📊 Towards Globalization: The steps taken towards international accounting standards represent a major shift for Iraq, moving it closer to global financial practices. The implementation of these standards will enhance transparency and attract foreign investment, ultimately boosting economic growth. While it may not trigger an immediate revaluation of the dinar, it lays the groundwork for a more robust financial system.

• 📅 Fiscal Year Considerations: The emphasis on January as a favorable time for currency revaluation due to new fiscal practices underscores the strategic planning involved in economic reforms. Aligning significant financial changes with the start of a new fiscal year can provide a clear timeline and rationale for adjustments, making transitions smoother and more understandable for stakeholders.

• 🗂️ Budget Law Amendments: The recent amendments to the budget law indicate that Iraq is actively working towards economic improvements, including the potential for a new exchange rate. The fact that the 2025 budget has not yet been opened suggests that there is still room for adjustments and that the government is considering all options to enhance the country’s financial health. This proactive approach is essential for building investor confidence and stimulating economic development.

AJ : Update: Iraq operates a parallel market for dollar exchange rates within the country!! #iqd

 

EXCLUSIVE: FIVE IRAQI BANKS TO BE BANNED FROM US DOLLAR TRANSACTIONS WITH COMMENTS OF MNT GOAT, 21 FEB

 EXCLUSIVE: FIVE IRAQI BANKS TO BE BANNED FROM US DOLLAR TRANSACTIONS

By Maha El Dahan and Ahmed Rasheed

February 16, 2025

DUBAI/BAGHDAD, Feb 16 (Reuters) – Iraq’s central bank will ban five more local banks from engaging in U.S. dollar transactions, a move that comes after meetings with U.S. Treasury officials in efforts to combat money laundering, dollar smuggling and other violations, two sources with direct knowledge of the matter told Reuters on Sunday.

The move comes after meetings in Dubai last week between officials from the Central Bank of Iraq – which last year already banned eight banks from U.S. dollar transactions – and U.S. Treasury and Federal Reserve officials, one of the sources said.

(Ok, so it’s not 15 banks, only 5 from engaging in US dollars. These are the CBI restrictions and NOT US sanctions imposed on the banks in Iraq. I repeat NOT US sanctions! Many of these Iraqi news media outlets luv to exaggerate and tell you these are US sanctions. This is called FAKE news. Yes, even in Iraq.)

FIREFLY: They say it's the fastest in the world.!!, 21 FEB

  Frank26  

 [Iraq boots-on-the-ground report] 

 FIREFLY:Mr Sammy says the United States of America Federal Reserve and the Treasury praised Iraq...Sudani...banks...CBI, on our cash distribution system that we have in place now. 

  They say it's the fastest in the world.  Why would we need something so fast and advanced for 1310? 

 FRANK:  It was the US Treasury that established the cash distribution center...

I believe we're going to see the new exchange rate soon...This system...is in order to facilitate the distribution of the lower notes that are soon to be coming out.  This monetary reform is well organized.

MNT GOAT: They have not yet even opened the 2025 budget, there still can be a rate change coming!!