I reported some time back thatMaliki had been caught with a jet filled with Dinar attempting to depart for Switzerland. The jet was initially detained but ultimately allowed to depart Iraq.
I saw video of the detainment and the interior of the plane and judging by the volume of Dinar onboard, it had to be multiple trillions of dinar. Now Iraq wants it back.
Article: "Iraq's Federal Commission of Integrity (COI) has called on United Nations Convention Against Corruption (UNCAC) member states to enhance legal cooperation in recovering stolen assets and illicit funds...
Swiss Ambassador Daniel Hunn...praised Iraq's reconstruction efforts...affirming Switzerland's readiness to cooperate in recovering stolen assets...and confirmed that Swiss authorities are actively working with Iraq to facilitate the repatriation of funds".
Sudanese advisor: The upcoming digital currency is easy to trade and does not differ in exchange rate
The Iraqi Prime Minister's Advisor for Economic Affairs, Mazhar Muhammad Salih, reassured that the digital currency intended to be launched in the future in Iraq is easy to trade and does not differ in exchange rate.
Mazhar Mohammed Saleh told Rudaw Media Network, "The digital currency that is intended to be introduced in the future is consistent with the general trends of central banks in the world, not just in Iraq," indicating that "the idea started with the Bank for International Settlements, which is the international bank of banks in Basel."
He explained that "there is a project called (M. Bridge) that deals with settling financial transactions between central banks with this digital currency, so this external reflection must also be reflected internally," believing that "the central bank is more in need of entering (M. Bridge) in its settlements with the major global oil trade areas in China, India, Southeast Asia and some European countries."
It is noteworthy that the "M Bridge" project was launched in 2021 at the initiative of the Bank for International Settlements in cooperation with China and a number of central banks, with the aim of accelerating international payments using digital currencies, reducing transaction costs and ensuring their security.
Mazhar Muhammad Salih pointed out that “the importance of this currency is that it is generally easy to trade for banks, and it does not require what is called liquidity risks,” adding: “Theoretically, if all the currency within banks is digital, there are no risks in bank credit, no risks in money laundering, and so on.”
Al-Sudani's advisor pointed out that "90% of the monetary mass is outside the banking system, so Iraqi society deals with paper money, and it is unreasonable to immediately switch to digital currency overnight," adding that "it is the project of hope for Iraq, and is directly proportional to the progress and development of the uses of digital currency in the world, and it is equivalent and proportional in terms of value to the issued paper currency."
Mazhar Muhammad Salih confirmed that the digital currency "does not differ from the paper currency at all, and the exchange rate does not differ with it, and there is no difference except that its efficiency is higher, and it comes in line with the development of the world, and I believe that Iraq is keeping pace with the world in this matter." link
Don't ever let go of your dinars. If a bank says to you, 'well I need to authenticate your dinars, we need to send them to the main branch and have them look it over.'
You tell them what is the address of the main branch? I'll take them.
Don't ever let go. Don't lose sight of your dinar.
If we can get Iran to start working with Sudani...You see, it's not that Iran has to do things, Iran doesn't have to do things that Trump wants them to do.
Trump doesn't need Iran.What it is, is Iran has to stop the things that they are doing. That's what Trump wants of Iran...Security and stability is demanded of the monetary reform.
Iraq, Finland Discuss Strengthening Economic and Investment Ties
Ambassador Mohammed Hussein Bahr Aluloom, Undersecretary of the Iraqi Foreign Ministry for Bilateral Relations, met in Helsinki with Jarno Syrjälä, Under-Secretary of State for International Trade of Finland, to discuss ways to enhance economic, trade, and investment cooperation between the two countries.
Ambassador Bahr Aluloom highlighted Iraq's economic progress, emphasizing security stability and an improved business environment, which have made Iraq an attractive destination for foreign investments. He cited the United Kingdom's decision to lower travel warnings to Iraq as an example of international confidence in Iraq's progress. The Ambassador also encouraged Finnish companies to invest in strategic projects, particularly the Development Road and the energy sector.
Under-Secretary Syrjälä welcomed Iraq's economic reforms, acknowledging their role in enhancing the investment climate. He expressed Finnish companies' interest in returning to the Iraqi market.
The two sides agreed to develop practical mechanisms to strengthen cooperation, including a delegation of Finnish companies visiting Iraq to explore investment opportunities in renewable energy, electricity, digital transformation, and artificial intelligence. link
In this week’s episode of Newsroom, host Chelsea Smith presents an overview of the latest developments in Iraq’s economy, focusing on significant reforms and challenges.
The discussion highlights ongoing political disagreements that have stalled the passage of Iraq’s oil and gas law, crucial for regulating the country’s oil wealth and ensuring fair revenue distribution. Despite pressure from the US to resume oil exports from the Kurdistan region, exports remain halted due to payment disputes.
Iraq’s financial landscape is transforming with the proposed issuance of a digital currency aimed at reducing cash use and enhancing financial transparency.
The episode also touches on Iraq’s growing gold reserves, recent achievements in self-sufficiency in liquid gas, and significant plans for industrial expansion through the Medika project. Overall, Iraq is at a critical juncture, balancing geopolitical pressures with economic reforms aimed at fostering stability and growth.
🌍 Oil and Gas Law Stalled: Political disagreements impede progress on a law essential for fair oil revenue distribution.
💰 Kurdistan Oil Export Issues: US pressure on Iraq to restart halted oil exports remains ineffective amid payment disputes.
📈 Digital Currency Initiative: Iraq is moving towards launching a digital currency to enhance financial transparency and reduce cash dependency.
🔥 Self-Sufficiency in Gas: Iraq has achieved self-sufficiency in liquid gas and is now exporting surplus.
🌆 Medika Project Development: Plans for a major industrial city in FAO are underway, aiming to boost trade and job creation.
💳 Banking Reforms: Iraq’s proposals to digitize banking processes aim to improve transaction efficiency and transparency.
Key Insights
🔍 Political Stalemate on Oil Legislation: The lack of consensus between Baghdad and the Kurdistan region has resulted in significant delays in passing the oil and gas law. This stalemate is detrimental as it prevents the establishment of a regulatory framework that could enhance investor confidence and stabilize Iraq’s economy. Without this law, the management of oil resources remains unclear, which could lead to further political tensions and economic instability.
🌐 Impact of US Pressure on Oil Exports: The inability to resume oil exports from the Kurdistan region, despite US efforts, signifies a deeper issue in Iraq’s political landscape. Companies are unwilling to resume operations without guarantees of payment, indicating that the existing legal and financial frameworks are inadequate. This situation not only affects Iraq’s oil revenue but also highlights the complexities of international relations and economic dependencies.
💳 Digital Currency as a Financial Game Changer: The introduction of a digital currency in Iraq is a proactive measure to modernize the financial system. The move aims to reduce reliance on cash, improve tracking of financial transactions, and combat money laundering. However, successful implementation will require robust cybersecurity measures and public trust in the banking system, which currently faces skepticism.
📈 Strengthening Gold Reserves: The significant increase in Iraq’s gold reserves reflects improved economic conditions and a strategic move to protect against financial risks. The growth in reserves not only enhances stability but also contributes to more regulated exchange markets, providing a buffer against economic shocks.
🌿 Achieving Energy Independence: Iraq’s recent accomplishments in attaining self-sufficiency in liquid gas production underscore its potential for energy independence. By exporting surplus gas, Iraq can diversify its economy and reduce reliance on oil revenues. This achievement is crucial for fostering long-term economic sustainability and enhancing regional energy security.
🚧 Medika Project’s Potential Impact: The development of the Medika project represents a significant step towards industrialization in Iraq. By creating one of the largest industrial cities in the Middle East, the project aims to enhance trade routes and reduce shipping times between China and Europe. This could catalyze job creation and economic diversification, reducing Iraq’s dependence on oil exports.
🔄 Banking Reforms for a Modern Economy: Proposed reforms to digitize Iraq’s banking system are critical for enhancing efficiency and transparency in financial transactions. By updating private banking laws and establishing a federal revenue-controlled authority, Iraq aims to create a more structured and trustworthy financial environment. These reforms are essential for integrating into the global financial system and curbing informal trade practices that have historically plagued the economy.
Conclusion
Iraq’s current economic landscape is characterized by both challenges and opportunities. The political stalemate surrounding the oil and gas law, ongoing disputes over Kurdistan oil exports, and the need for banking reforms highlight the complexities faced by the nation.
However, initiatives such as the digital currency proposal, the growth of gold reserves, and the Medika project represent strategic moves towards economic modernization and stability.
As Iraq navigates these transitions, the ability to balance domestic challenges with international cooperation will be vital for achieving sustainable growth and a stable financial future. The developments discussed in this episode of Newsroom underscore the importance of strategic decision-making and reform in shaping Iraq’s economic trajectory in the coming years.
