TIDBIT FROM MARKZ, 5 MARCH

 MarkZ  

 [via PDK]  

 Question:  What’s your take on No auctions in Iraq since last Wednesday? 

 MarkZ:  My take is we are crossing the finish line. Just like Al-Alaq said…no sanctions and transparency is what they needed in their white papers monetary reforms to increase the purchasing power of the Iraqi dinar for all Iraqi’s. 

 And return the rate to its former

glory.

BROTHERS TECHNOLOGY & MAJEED : " External Value In the Iraqi Dinar is the key" ,$13.20 IQD= $1 USD

 

Sanctions and mistrust.. How will the Iraqi digital currency be born? 5 MARCH

  Sanctions and mistrust.. How will the Iraqi digital currency be born?

Why don't we develop our systems?

Financial and banking expert Mustafa Hantoush confirmed that talking about launching an Iraqi electronic currency at the present time is premature, in light of a banking system that suffers from structural problems and weak infrastructure.

He explained to “Jarida Platform” that “the culture of electronic payment in Iraq is still immature, and unless the government intervenes and imposes the adoption of electronic payment in government departments, we will not witness any real development in this field.”

Hantoush added that “Iraq does not have an integrated internal transfer system and relies on international systems such as Visa and MasterCard, which makes it a priority to develop the national switchboard, enhance the electronic payment infrastructure, and spread the culture of digital payment among citizens.” He pointed out that “electronic payment, in essence, depends on the presence of funds deposited in banks and their electronic transfer instead of direct cash exchange, which requires a strong infrastructure and broad confidence in the banking system.”

Hantoush stressed that “even major countries such as the United States, Europe and China have not yet been able to develop integrated electronic currencies due to fears of electronic breaches and weak cybersecurity systems,” wondering about the extent to which Iraq, with its current banking system, can achieve this.

He added, "Talk about an Iraqi electronic currency does not match the reality of Iraqi banks, which suffer from sanctions, the absence of their real role in the market, and the presence of a large percentage of money circulating outside the banking system, in addition to the lack of trust in banking institutions."

He concluded by saying, “The Central Bank still relies on old evaluation mechanisms, and the Islamic banking system has not witnessed real development in Iraq, which makes the priority now to build an integrated banking system, enhance confidence in it, and develop its electronic infrastructure before thinking about launching an electronic currency.” link

AJ: “the government will send the schedules in the middle or before the end of this month to resolve these matters.”, 5 MARCH

 AJ 

The Finance Committee of the House of Representatives expected, on Tuesday, that the budget schedules will reach Parliament in the middle of this month, -----NOW We Know--------

while stressing the necessity for promotions to proceed after the House of Representatives approves the budget schedules. The head of the Finance Committee, Atwan Al-Atwani, said in an interview with the Iraqi News Agency, that "stopping deletions and innovations in state institutions came based on the budget provisions that included stopping appointments and confiscating job grades from institutions and transferring them to the Ministry of Finance and not using them for deletions and innovations," indicating that "this created a problem in not being able to benefit from them in the appointments that institutions need or filling jobs and appointing unemployed graduates." He added: "We are waiting for the budget tables to reach parliament, as the budget includes texts that do not allow appointment,whether by daily wage or contract system or in the staff, but contracts are employees who receive their salaries from the government through ministries and institutions, and they are not considered new appointments, but rather a confirmation of them in the job staff." He continued: "We are currently communicating with the Ministry of Finance, and we are waiting for a letter from the State Council to clarify this concept, as there is a big difference between appointment and confirmation," calling for "their confirmation in the job staff within this context." Regarding promotions, Al-Atwani stressed that “promotions must proceed after the House of Representatives approves their schedules,” expecting that “the government will send the schedules in the middle or before the end of this month to resolve these matters.”

11:30 AM · Mar 4, 2025

MARKZ: Banks received a notice about currency revaluation!! ‪@DINARREVALUATION‬ #iraqidinarinvestor

 

Al-Alaq: 20 Iraqi banks practice direct transfer operations, 5 MARCH

 Al-Alaq: 20 Iraqi banks practice direct transfer operations

Economy News – Baghdad

The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, that there are 20 Iraqi banks that practice direct transfer operations in 8 foreign currencies.

Al-Alaq said, in an interview with the Iraqi News Agency, followed by “Al-Eqtisad News”, that “the recent quarterly meetings with the US Federal Reserve and the Treasury Department held in Dubai were very positive, as the steps taken by the Central Bank to improve the foreign transfer system and convert operations to international practices in a safe, transparent and highly organized manner were praised.
” Al-Alaq pointed out that “this transformation is the first of its kind in Iraq, which witnessed transitional stages from (the window) to (the platform) and then to correspondent banks.”
He continued, “Today, there are 20 Iraqi banks practicing direct transfer operations with international correspondents in eight foreign currencies , within the new system.”

Al-Alaq explained that “other banks that are still outside this framework are now working to qualify them according to specific standards, in cooperation with an international consulting company, to apply the necessary standards that qualify them to join foreign transfer operations.”

He stressed that “there are no new sanctions or changes, but on the contrary, there is praise and appreciation from international bodies, especially with regard to the mechanism for selling cash dollars.”
Al-Alaq stressed the “necessity of focusing on these successes to show a positive image of the transformations in the Iraqi banking sector, which will be positively reflected in the dealings of international financial institutions with Iraqi banks.”

https://economy-news.net/content.php?id=53121

MILITIAMAN CC HIGHLIGHTS NOTES, 5 MARCH

 MILITIAMAN CC HIGHLIGHTS NOTES

Highlights

Summary

In this video, the host discusses the ongoing digital transformation in Iraq, focusing on the integration of digital currencies and the shift towards a cashless society. 

The significance of upcoming events, such as the first White House crypto summit, is highlighted, alongside Iraq’s efforts in controlling the sale of the dollar and enhancing the transparency of its banking system. The host emphasizes the importance of Iraq’s economic diversification, moving beyond oil reliance, and the associated increase in gold reserves, which bolster the country’s financial stability. 

Furthermore, the video touches upon the International Monetary Fund (IMF)'s support for Iraq in developing its financial policies and the significance of recent agreements to facilitate foreign trade.

 The host also discusses the crucial role of digitization in modern banking and the expected outcomes of ongoing negotiations regarding oil exports and salaries in the Kurdistan region. Throughout the discussion, the potential future value of the Iraqi dinar is considered, highlighting its impact on international financial transactions.

• 📈 Digital Transformation: Iraq’s move towards a cashless society with a focus on digital currencies and banking practices.
• 🏦 Dollar Control: Iraq’s progress in controlling the sale of the U.S. dollar and ensuring transparency in its banking system.
• 💰 Increasing Gold Reserves: A significant 45.1% growth in gold reserves, enhancing economic stability and providing a buffer in the foreign exchange market.
• 🌍 IMF Collaboration: Ongoing cooperation with the IMF to develop financial policies and bolster Iraq’s economic resilience.
• 🚚 International Transport Milestone: Historic achievements in cross-border trade transport operations under the international land transport system.
• 🔄 Shift from Parallel Market: Efforts to transition from informal currency trading to official channels, which could stabilize the dinar’s value.
• 📊 Economic Diversification: Iraq’s strategy to reduce dependence on oil by enhancing non-oil revenues, tourism, and other sectors.

Key Insights

• 📊 The Importance of Digital Integration: The push towards a cashless society in Iraq signifies a broader global trend in financial digitization. By integrating digital currencies and banking practices, Iraq aims to modernize its economy, increase transaction efficiency, and improve transparency. This transformation will not only attract foreign investment but also enhance economic stability, especially important for a country recovering from years of instability.

• 💵 Dollar Control Measures: Iraq’s achievement in controlling the sale of the dollar represents a significant shift in its economic strategy. The transparency and accuracy in the dollar transaction process help to build confidence in the Iraqi banking sector. However, the host warns of potential backlash from factions reliant on the parallel market, emphasizing that a stabilized exchange rate is crucial for future economic growth.

• ⛏️ Gold Reserves as Economic Security: The substantial increase in Iraq’s gold reserves serves as a critical buffer against economic volatility. The 45.1% growth in the fourth quarter of 2024 highlights the central bank’s strategy to enhance financial stability. Gold purchasing by central banks generally leads to price increases in the market, reinforcing the notion that gold is still seen as a reliable store of value.

• 🌐 IMF’s Role in Iraq’s Recovery: The collaboration between the Iraqi government and the IMF is pivotal for the country’s economic recovery. The IMF’s support in developing financial policies and enhancing the banking sector facilitates Iraq’s transition towards a more stable and diversified economy. The backing of international financial institutions is crucial for bolstering investor confidence and optimizing economic growth.

• 🚧 Transitioning Away from the Parallel Market: The Iraqi government’s commitment to moving away from informal currency trading channels is crucial in stabilizing the dinar. By enhancing the use of official banking channels and reducing reliance on the parallel market, Iraq aims to ensure more consistent financial practices, which will ultimately contribute to a healthier economy.

• 🚀 Advancements in Trade Operations: Iraq’s successful entry into the international land transport system marks a significant milestone in enhancing cross-border trade. This achievement is expected to facilitate smoother operations in international trade, providing a boost to Iraq’s economy. The successful implementation of these trade systems will likely enhance regional relationships and foster economic growth.

• 🔍 Focus on Economic Diversification: The emphasis on diversifying Iraq’s economy beyond oil is crucial for its long-term sustainability. By investing in sectors such as tourism and agriculture, Iraq can create a more resilient economic framework. This diversification will not only stabilize the dinar but also create job opportunities and reduce vulnerability to global oil price fluctuations.

As Iraq continues its journey towards economic recovery and modernization, the integration of digital technologies and the establishment of transparent financial practices remain key to its success. The host reinforces the need for ongoing vigilance and adaptability in navigating the complexities of global finance and regional dynamics.