Friday, March 7, 2025
FRANK26: "THE MONETARY REFORM IS SUCCEEDING TO PROTECT THE USD & THE IQD", 7 MARCH
KTFA
FRANK26: "THE MONETARY REFORM IS SUCCEEDING TO PROTECT THE USD & THE IQD"....F26
Dollar prices decline "gradually" in Baghdad and Erbil
3/2/2025
The markets of the Iraqi capital, Baghdad, and Erbil, the capital of the Kurdistan Region, are witnessing a gradual decline in the exchange rates of the US dollar today, Sunday.
Shafaq News Agency correspondent reported that the dollar prices decreased in Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where the exchange rate at one o'clock in the afternoon recorded 147,100 dinars for every 100 dollars, after it was 147,800 dinars this morning.
In the local markets in the capital, exchange rates declined at exchange offices, with the selling price reaching 148,000 dinars for every 100 dollars, while the buying price reached 146,000 dinars.
In Erbil, the dollar recorded a similar decline, with the selling price reaching 146,400 dinars per 100 dollars, while the buying price reached 146,300 dinars.
IRAQ UPDATE Highlights: Dinar IQD Rate Dropping, 7 MARCH
IRAQ UPDATE Highlights:
Dinar IQD Rate Dropping
- 📉 The dollar’s fresh low benefits the Iraqi dinar, which closed at 148,600 IQD per 100 USD.
- 💻 The Central Bank of Iraq is transitioning to a digital currency to address liquidity issues.
- 🏦 The move to digital currency aims to reshape Iraq’s financial landscape and improve cash management.
- 🤝 Iraq’s collaboration with foreign banks is intended to strengthen the national economy and facilitate trade.
- 📊 The Central Bank’s new secure transfer system has received international praise, with no new sanctions reported.
- ⚠️ Skepticism about the timeline for the Iraqi dinar’s value increase amid economic challenges persists.
- 💰 The host shares insights on accessing financial opportunities for business owners and generating passive income.
Key Insights
📉 Impact of Dollar’s Decline on Iraqi Dinar: The decline of the US dollar presents a favorable exchange rate for the Iraqi dinar, potentially improving foreign trade conditions for Iraq. The closing rate of 148,600 IQD per 100 USD reflects a positive trend for currency exchange that could stimulate economic activity.
💻 Digital Currency Initiative: The Central Bank of Iraq’s plan to issue a digital currency is a strategic response to ongoing liquidity challenges faced by the government. This initiative is not only aimed at modernizing the financial system but also at enhancing efficiency in currency management, especially in light of the historical reliance on paper currency.
🏦 Collaboration with Foreign Banks: Strengthening partnerships with international correspondent banks is crucial for promoting the Iraqi dinar in major transactions. This cooperation is expected to facilitate foreign trade financing and contribute to overall economic stability, which is essential for Iraq’s development.
📊 Transition to a New Financial System: The Central Bank’s shift from traditional cash management to a digital platform is a significant step towards modernizing Iraq’s financial infrastructure. This transition is designed to enhance transparency and security in financial transactions, which are vital for attracting foreign investments.
⚠️ Skepticism Around Economic Promises: While the governor of the Central Bank speaks optimistically about financial transformation, there is a prevailing skepticism within the community about the timeline and tangible outcomes of these initiatives. Historical patterns of delayed reforms and unfulfilled promises raise concerns about the feasibility of achieving the intended economic benefits.
💰 Opportunities for Business Owners: The host actively promotes financial opportunities available for business owners, particularly in light of recent government programs. By leveraging these opportunities, entrepreneurs can access substantial financial support, which can significantly impact their businesses and the broader economy.
🌐 Passive Income Strategies: The host shares personal success stories related to generating passive income, illustrating practical strategies that others might consider. By demonstrating real results, the video encourages viewers to explore similar opportunities, fostering a proactive approach to financial growth.
Government Advisor: Iraq Development Fund Targeted 6 Key Sectors, 7 MARCH
Government Advisor: Iraq Development Fund Targeted 6 Key Sectors
Mohammed Al-Najjar Construction and reconstruction Economy News – Baghdad On Wednesday, the Prime Minister's Advisor for Investment Affairs, Mohammed Al-Najjar, explained the strategy adopted by the Iraq Development Fund to ensure the implementation of projects efficiently and transparently, while pointing to the role of international auditing companies in this context.
Al-Najjar said in a statement reported by the official news agency, and reviewed by "Economy News", that "the Iraq Development Fund targeted 6 main sectors in its investments, and these sectors were chosen because they represent Iraq's crises, as we invest in housing, education, digital transformation, smart industry, smart agriculture, and the environment, and each unit of them is a major crisis, and the fund turns this crisis into commercial and economic opportunities that investors benefit from to help us find sustainable solutions to it."
He added, "Every project launched by the Fund looks at a set of criteria. The first criterion is the amount of employment created by these projects, and there are two types of employment: employment during implementation and employment after operation."
“
As for industry, we expect 30 to 40 percent of the materials that will be used to be locally made,” he continued, explaining that “now we can provide part of the iron and a large percentage of the cement locally, while most of the remaining materials are imported.
We hope that by launching these major projects, they will be transformed and there will be a great need to establish these factories, and we, as a fund, are now supporting the establishment of a ceramic factory, a brick factory, factories that support our industry, and factories for school trips, among others.”
He pointed out that "the fund is audited in three aspects, including the presence of a body that submits separate reports from the executive management to the board of directors, and this process is managed by an international company, and there is another company that audits the fund's operations, which is like accounting, and this is also another company different from the first, and thirdly,
there is the Financial Control Bureau that conducts the local audit of what we do."
He pointed out that "the fund works within global standards and governance, the aim of which is to find or create a fund capable of being a repository for foreign investments when they enter Iraq,"
noting that "Iraq's previous and current laws do not qualify it to bring direct investments into state departments and so on because they are not compatible with the world, and in the fund, its establishment and governance, we made them compatible with the laws of the world." https://economy-news.net/content.php?id=53163
FIREFLY: It appears to us there was no auction on Monday, 7 MARCH
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: It appears to us there was no auction on Monday. We don't see anything on the television and the news like usual. We don't see it...
FRANK: We noticed that too that there were no auctions. I really don't care...The auctions are no longer important to us but I'd like to see the flow of money, of cash money, I don't know if this is Sudani's way of continuing to hide information from Parliament. That's the only reason I can come up with...
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