GOVERNOR OF THE CENTRAL BANK ALI AL-ALAQ DURING HIS SPEECH AT THE FORUM, 6 MARCH

 GOVERNOR OF THE CENTRAL BANK ALI AL-ALAQ DURING HIS SPEECH AT THE FORUM

Economy News Iraq April 26 2018

The governor of the Central Bank of Iraq, Ali Alalak, the total assets in banks operating in the country is 200 billion dollars.

Al-Alak said in his speech at the meeting of the “partnership in investment” within the Forum on investment and reconstruction opportunities in Iraq and attended by “Economy News”, “The cash credit provided by banks amounting to 30 billion dollars and weaken this figure of credit contract,” noting that ” The amendment of the organizational structure, the establishment of risk units, combating money laundering and the financing of terrorism, among others. “

He added that “the central bank has developed the system of payments and will soon launch payment by mobile phone,” asserting “Last year we launched the common system known as the IBAN for all accounts and Iraq is one of the 47 countries in the world implement this system, which facilitates the process of financial transfer “He said.

He pointed out that “MasterCard will establish a school in Iraq to develop young people to use credit cards and others,” adding that “the inflation rate in Iraq does not exceed 2%.”

He pointed out that “THE COMING PERIOD WILL WITNESS A DECLINE IN THE RATE OF INFLATION IN IRAQ AFTER CONTROLLING THE EXCHANGE RATE AND CANCEL THE MARGINAL PRICE OF THE DOLLAR AND MAKE IT EQUAL TO THE OFFICIAL PRICE,” noting that “this measure by the Central Bank supports the purchasing power of citizens and provides an important indicator for businessmen through the stability of the working environment” .

He pointed out that “the dollar exchange rate is considered at the current stage is the best because it has become an ideal price and gives confidence to investors in maintaining the return of their activities.

I encourage everyone to continue our prayers. These are the prayers that God wants to hear. He needs to know your concerns and wants to help.  Remember we don’t know how this is all going to turn out but we do know it will. Be patient and let God do His work in the middle east.

TIDBIT FROM JEFF, 6 MARCH

 Jeff 

 They did not have any currency auctions as of...Monday March 3rd.  Now, what were the 2 critical things the central bank states to us through the year '24 (which by the way, you're still in) -

 End the use of the dollar and end the currency auctions.  Last Thursday/Friday they said the citizens debit cards would no longer be able to access US dollar cash outside the country of Iraq. 

 That's one way of exiting the dollar.  They also said the currency auctions would end.  When does their fiscal period end?  The very end of March.  When does the new budget period start?  April 1st.  Boom there you go!  Rate is changing in March folks!

MARKZ: Today is supposed to be a big day!! ‪@DINARREVALUATION‬ #iraqidinarinvestor

 

AL-ATWANI: BUDGET TABLES WILL REACH PARLIAMENT IN MID-MARCH, 5 MARCH

 AL-ATWANI: BUDGET TABLES WILL REACH PARLIAMENT IN MID-MARCH

The head of the parliamentary finance committee, MP Atwan Al-Atwani, expected the budget tables to reach parliament in mid-March, while indicating that there is a discussion about contract employees who deserve to be appointed.

Al-Atwani told the “Under Two Lines” program, which is broadcast on Al-Iraqiya News, followed by the Iraqi News Agency (INA), that “the financial and economic situation in the country is good,” indicating that “the oil countries are experiencing a state of constant anxiety about falling prices.”

He added: “We must search for alternatives and solutions to the single economy,” stressing that “we are constantly searching for solutions to avoid oil price concerns.”

He pointed out that “electricity revenues are 3.5 trillion dinars, while what has actually been achieved is 400 billion dinars.”

Regarding the budget, Al-Atwani explained that “the budget tables will reach parliament in mid-March,” noting that “the budget amendment was in Article 12 regarding the costs of transporting and extracting the region’s oil.”

He pointed out that “the government will make some changes to the budget schedules,” stressing that “the budget has stopped appointments, staff, contracts and wages.” He explained that “there is a discussion about contract employees who deserve to be permanent,” noting that “the State Council has approved that appointment is different from being permanent on the staff.” He continued: “Article 14 of the budget regarding stopping appointments must be reviewed.”

TIDBIT FROM MNT GOAT, 5 MARCH

MNT GOAT

2025: "SUDANESE ADVISOR: 2021: "THE CENTRAL BANK URGES CAUTIONS ON DIGITAL CURRENCIES" DIGITAL CURRENCY IS A QUALITATIVE LEAP THAT

IMPROVES OVERSIGHT AND

(Full articles in the articles section) SUPPORTS COMBATING MONEY

LAUNDERING".

 Today let's discuss a VERY IMPORTANT topic of digital currency. This is not just

digitizing the payment and transfer process. Is this digital currency the next step?

 What are the ramifications on the RV we are looking for? Will this happen any time soon? Let's explore these questions today along with other very informative

news.

For me anyhow this seems like a drastic change in policy from Ali Al-Alaq and the CBI. What happened between 2021 and 2025 to cause this reversal of policy of the dinar?

 Yes, this one took me by total surprise as well as a surprise by my CBI

contact too.

Their words not mine..... No Rumors

FIREFLY: it will come out $3.50 to $3.80 and probably be a managed float!! ‪@DINARREVALUATION‬ #iqd

 

INVESTMENT OPPORTUNITIES ARE EXPANDING.. FAO IS PREPARING TO TRANSFORM INTO THE LARGEST INDUSTRIAL CITY IN THE MIDDLE EAST , 5 MARCH

INVESTMENT OPPORTUNITIES ARE EXPANDING.. FAO IS PREPARING TO TRANSFORM INTO THE LARGEST INDUSTRIAL CITY IN THE MIDDLE EAST 

The Ministry of Industry and Minerals revealed plans on Monday to establish giant industrial projects in the city of Al-Faw, which will make it one of the largest industrial cities in the Middle East, as part of the Strategic Development Road project.  

The Deputy Chairman of the Industrial Cities Authority at the Ministry, Riyadh Jassim Kazim, said in a statement to the official newspaper that “the technical designs for the project will be completed soon, as work is proceeding according to well-studied plans, with the completion of the initial designs and the addition of some modifications to ensure the project is implemented in the best possible way.”  

He explained that “the development road will transform Iraq into a pivotal commercial center linking the East and the West through advanced industrial cities extending from Al-Faw to the Turkish border,” noting that Al-Faw city will include giant industrial projects including petrochemical plants, power stations, water desalination and liquefied gas facilities, in addition to residential and tourism projects, which will contribute to stimulating trade exchange and creating more than one million job opportunities.  

Kazem also stressed that the project will contribute to reducing the time it takes to transport goods from China to Europe to less than 22 days, which will enhance Iraq’s position as a global logistics center.  

He pointed out that the preparation of the project’s designs faced some obstacles, such as conflicts on the road’s path with agricultural and economic projects, but coordination was made with local governments and those conflicts were removed, which allowed the preparation of the final technical designs for the project.  
He concluded by saying that “the development road will be a fundamental pillar in diversifying the Iraqi economy and reducing dependence on oil, so that Iraq becomes a pivotal part of the international trade map, benefiting from its modern infrastructure and its ability to connect continents.”