Wednesday, March 12, 2025
FRANK26: "EXCHANGE RATE BACK UP CONTINUES TO GROW WHILE IT WAITS FOR THE NEW EXCHANGE RATE", 12 MARCH
KTFA
FRANK26: "EXCHANGE RATE BACK UP CONTINUES TO GROW WHILE IT WAITS FOR THE NEW EXCHANGE RATE".....F26
Central Bank reveals its gold reserves
3/11/2025
The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed today, Tuesday, that Iraq has one of the highest gold reserves among Arab countries,
amounting to 162 tons.
Al-Alaq said in a press statement that "the Central Bank is closely monitoring the movement of gold and currencies," noting that "part of diversification to ward off any risks is to have a percentage of gold reserves, especially in recent years there have been continuous purchases."
He added that "Iraq today has 162 tons of gold, which is one of the highest reserves in the Arab world, and we are the fourth country in the size of the gold reserves we have."
He added that "Iraq today has 162 tons of gold, which is one of the highest reserves in the Arab world, and we are the fourth country in the size of the gold reserves we have."
MILITIAMAN CC HIGHLIGHTS NOTES, 12 MARCH
MILITIAMAN CC HIGHLIGHTS NOTES
Highlights
Summary
In this video, the host, part of the Militia Man and Crew, discusses significant developments in Iraq’s digital financial transformation, led by the Central Bank of Iraq. The Central Bank is poised to implement a comprehensive digital transformation, moving towards a digital currency that would streamline financial operations, enhance transparency, and reduce corruption.'
The host highlights key advancements in Iraq’s banking infrastructure and investments in modernization, including partnerships with international banks and the development of significant oil contracts.
Furthermore, the video touches upon the global trend of digital currencies, particularly Bitcoin, and the potential implications for Iraq’s economy and financial systems. The host emphasizes the importance of adapting to these changes and presents insights into the evolving landscape of digital finance both locally and globally.
- 🚀 Digital Transformation in Iraq: The Central Bank of Iraq is leading a comprehensive digital transformation in the financial sector, aiming to modernize banking operations.
- 💳 Introduction of Digital Currency: Plans for a Central Bank-issued digital currency are underway, offering citizens a digital financial identity and facilitating smoother transactions.
- 🌍 Global Partnerships: Iraq is collaborating with major international banks and tech organizations to enhance its financial infrastructure, including the Bank of International Settlements.
- 🔒 Combating Corruption: The digital currency initiative aims to address issues like corruption and money laundering by creating a transparent and monitored financial environment.
- 🛢️ Oil Sector Developments: Significant contracts with international oil firms, like British Petroleum, are expected to boost Iraq’s economic stability and budget.
- 📈 Cryptocurrency Trends: The video discusses the growing acceptance of cryptocurrencies, particularly Bitcoin, and its implications for global financial systems.
- 🔄 Youth Engagement: With a digitally savvy young population, Iraq is well-positioned to embrace and benefit from advancements in electronic payment systems.
Key Insights
🌐 Shift Towards Digital Finance: The Central Bank of Iraq’s commitment to digital transformation reflects a worldwide trend towards digital finance. This shift helps streamline financial operations, making transactions more efficient and transparent. Countries that embrace digital currencies can expect enhanced monitoring of financial operations, which can significantly reduce corruption and increase trust in financial systems. The proactive approach by the Central Bank indicates that Iraq is ready to take bold steps in modernizing its economy to align with global standards.
🔗 The Role of Technology in Banking: The discussion on the integration of artificial intelligence and smart platforms into banking operations reveals a future where traditional banking functions are revolutionized. This technological integration is essential for improving service delivery and meeting the needs of a modern economy. As banks evolve into smart entities, they will be better equipped to handle complex financial transactions, benefiting both the banks and their clients.
🏦 International Collaborations: The host emphasizes Iraq’s collaborations with major international banks like JP Morgan and organizations like the Bank for International Settlements. These partnerships are crucial for Iraq’s financial recovery and modernization efforts, allowing the country to leverage global expertise and technology in banking and finance. This cooperation can lead to improved financial products and services, ultimately boosting economic growth and stability.
📊 Economic Stability and Growth Potential: The host highlights that Iraq’s current security situation is stable, which is essential for attracting foreign investments and facilitating economic growth. The government’s focus on reviving development projects and ensuring timely salary payments indicates a commitment to improving the standard of living for its citizens. The positive outlook for Iraq suggests that with continued efforts, the country can overcome past challenges and achieve sustainable economic growth.
🔍 Caution in Digital Transition: Despite the promising advancements, there are concerns about potential circumventions in the digital ecosystem. The host advises caution, especially for citizens who may not be fully aware of the risks involved in digital finance. Educating the populace about digital currency and electronic payments will be vital for ensuring that the transition is successful and secure.
🌟 Youth as Change Agents: With approximately 65% of Iraq’s population being digitally savvy, the younger generation is poised to play a crucial role in adopting and utilizing digital financial systems. This demographic advantage can help facilitate a smoother transition to digital currencies and electronic transactions, leading to greater financial inclusion and participation in the economy.
📉 Bitcoin as Digital Gold: The video discusses the positioning of Bitcoin as a form of digital gold, especially following the U.S. government’s recent decision to adopt Bitcoin as part of its federal reserves. This move signals a significant shift in how cryptocurrencies are perceived and utilized in the global financial system. The continued interest in Bitcoin suggests it will remain a critical component of the financial landscape, impacting investment strategies and economic policies worldwide.
In conclusion, the video underscores a pivotal moment for Iraq as it embarks on a journey towards digital transformation in its financial sector. The Central Bank’s initiatives, in tandem with international collaborations and a tech-savvy youth
population, position Iraq to capitalize on the benefits of digital finance while navigating the challenges that lie ahead. The host’s insights provide a comprehensive overview of the current and future landscape of Iraq’s economy, emphasizing the importance of adaptability and proactive engagement in the evolving digital world.
“Major achievement”: Iraq, BP ink deal to boost Kirkuk oil output, 12 MARCH
“Major achievement”: Iraq, BP ink deal to boost Kirkuk oil output
Shafaq News/ On Monday, the Iraqi Ministry of Oil, represented by the North Oil Company (NOC) and the North Gas Company (NGC), signed a contract with British energy giant BP to develop the Kirkuk oil fields.
In a statement, Deputy Prime Minister for Energy Affairs and Oil Minister Hayyan Abdul-Ghani called the contract signing for the development of NOC fields a “major achievement” for both the ministry and the company, especially after a period of stagnation.
The development and rehabilitation efforts will boost national production, and increase gas investment and production to support electricity generation, he noted, emphasizing that "the ministry is focused on maximizing the state's oil and gas resources, which will positively impact the federal budget's financial resources.”
The contract reportedly includes the rehabilitation and development of the four Kirkuk oil fields (the Baba and Avana domes, Bai Hassan, Jambur, and Khabbaz,) along with the rehabilitation and expansion of gas facilities at the NOC.
Last week, a delegation from BP visited the North Oil Company’s headquarters to finalize steps for rehabilitating the four fields.
The Iraqi government, in February, signed an agreement with the British company to develop Kirkuk’s fields and ensure “the optimal utilization of energy resources.”
AJ 📢Update on Iraq’s Brewing Energy Crisis, 12 MARCH
AJ
Update on Iraq’s Brewing Energy Crisis'
Iraq's exemption for importing gas and electricity from Iran was lifted on March 8, 2024. This prompted the Chairman of the Economic Committee of the Iraqi Parliament to meet with the U.S. Charge d'Affaires in Baghdad the previous night.
He emphasized that preventing the import of Iranian gas by the U.S. would have catastrophic consequences for the people of Iraq, especially in the summer, as it would lead to the collapse of the country's state electricity system.
The Iraqi Parliament Economic Committee's press office reported that Atwan Al-Atwani, the Chairman of the Committee, met with Daniel Rubenstein, the U.S. Charge d'Affaires, and his accompanying delegation. Al-Atwani pointed out the importance of this meeting in the current sensitive situation and emphasized the need for continuous communication to rectify the relations between the two countries.
The U.S. Charge d'Affaires responded during the meeting, stating that he understood the issues raised by Al-Atwani concerning energy and banking sanctions and promised to relay these messages to the U.S. government in hopes of finding permanent solutions that would serve the interests of both nations. He also noted that sanctions have not yet included the import of natural gas.
On the other hand, the U.S. Ambassador, while expressing sympathy for the issues Al-Atwani raised, especially regarding energy and banking sanctions, promised to convey these messages to his government. He expressed hope that permanent solutions and measures could be found to address these issues in a way that benefits both nations.
Daniel Rubenstein also emphasized that natural gas imports have so far been outside the "sanctions framework."
Under the March 2024 agreement, Iran committed to exporting 50 million cubic meters of gas per day to Iraq, a contract valued at about six billion dollars annually. In addition, in July 2022, Iraq signed a five-year contract to purchase 400 megawatts of electricity from Iran.
In recent years, Iraq has been working to reduce its dependence on Iranian gas. Several projects have been initiated to secure energy from other sources. In October 2024, Iraq signed an agreement to import 20 million cubic meters of gas per day from Turkmenistan, which could serve as an alternative to Iranian gas.
Another possibility is purchasing LNG from Qatar. Iraq is building an LNG storage terminal in the Faw port, where Qatar is likely to be the main supplier. Additionally, the Qatar-Turkey gas pipeline, which was halted in 2009 but has since regained attention following the fall of Bashar al-Assad's regime, could also provide an alternative.
Initially, the Qatar gas pipeline was planned to pass through Saudi Arabia and Syria, reaching Turkey and then to Europe. The pipeline also passes near Iraq’s border, and it is said that it could supply gas to the country’s power plants and industries.
Furthermore, connecting Iraq to the Gulf Cooperation Council’s electricity grid could reduce Iraq’s dependence on Iran. This project includes an electricity transmission line from Kuwait to Basra, which could supply Iraq’s electricity needs.
Additionally, a $27 billion contract has been signed with Total Energy to develop gas fields. In July 2023, Iraq and Total Energy, a French company, signed a $27 billion contract to increase oil production and enhance the country’s energy production capacity with four oil, gas, and renewable energy projects.
It is important to note that these solutions require time and significant investment. In the short term, Iraq remains dependent on Iranian gas, and finding an immediate alternative is difficult.
In this context, three Iraqi energy officials told Reuters on Sunday that Iraq has no immediate alternative to replace the energy it imports from Iran, which will lead to significant issues in providing enough electricity for domestic consumption, especially in the summer.
One senior official from Iraq’s Ministry of Electricity told Reuters, “The government has started taking urgent measures to reduce the impact of the U.S. decision on Iraq’s electricity supply.”
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