Iraq's National Investment Commission (NIC) has granted its first solar power investment license for a 1,000 MW project to France's TotalEnergies, marking what it described as a major step in the country's transition to renewable energy.
NIC Chairman Dr Haider Mohammed Makiyya [Makia] confirmed that construction work has begun at the Ratawi [Artawi] oilfield in Basra, following the financial closure of the project. The 9,000-dunam facility will house two million solar panels across four generation units.
Additionally, NIC is finalising requirements for a second 1,000 MW solar license for an Emirati company, with planned locations in southern and western Iraq.
FIREFLY:The governor of the Central Bank Alaq just announced that on Saturday there is an imminent transformation of banks..
.pointing out that Iraq will witness a comprehensive digital transformation in the financial sector. On a program rate?
FRANK: No not on a program rate. This is another indication, another hint, another clue that points in the direction of where we're going. All of this is preparation. All this preparation we are witnessing is not for a program rate and the world knows it.
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.”
😊 Lastly, we can read article titled “TRUMP HINTS AT IMMINENT EVENT IN IRAN: I HOPE TO MAKE A PEACE DEAL WITH THEM”.
US President Donald Trump expressed his hope on Friday evening to conclude a peace agreement with Iran that would prevent them from possessing a nuclear weapon, stressing that “something will happen with them very soon.” Trump added in statements he made at the White House that “the United States is in the final moments of negotiations with Iran, and that he hopes that military intervention will not be necessary.”
“We have a situation with Iran, something is going to happen very, very soon,” Trump continued. “You’ll be talking about it soon, I think.”
As I said before the situation in Iraq can change rapidly, very rapidly. The RV has not yet happened. There are no newer lower denominations yet in circulation. If anyone tells you otherwise,
they are FLAT OUT LYING! Once the situation in Iran is resolved, Iraq will be in a much better position to go to the U.S. and make their plea to return their currency back to them and finally get fully out of this sanction-like mode of the sole peg to the US dollar and move on.
Yes, Iraq needs desperately to move on from the era of sanctions and the Obama/Biden foreign policy. They need to get their dinar reinstated with a rate reflecting the current assets and wealth of the nation now and then, as the economy grows,
so will the currency reflect that growth as the currency rate can go up. But to say they have to first grow the economy to a massive scale and get out of their “rentier” oil economy is ridiculous and it is holding back real growth and prosperity in Iraq. It has been a policy of manipulation and corruption by the suppressors. It would take decades more to do this. Those days must end and will end.
Are you still praying? This is the time to stay on track with your prayers. There is still much to do to fix your nations. This warped global ideology of mass depopulation and controlling those that will be leftover is mad. it is sinister and evil.
Sure, maybe you are saying I am a crazy woman but do you know the global plan even? How can you criticize me if you have not studied this ideology like I have. Surely, once you do dive into it, you too will see it and understand it clearly. God, through His prophets, has told us He is going to fix it. This includes what they have done to Iraq too. We may have to wait a bit longer for the RV, but I assure you its is coming and not way off.
IS IRAQ STEPPING INTO THE FUTURE OF CRYPTOCURRENCIES? AL-SUDANI’S ADVISOR REVEALS DEVELOPMENTS
At a time when the world is witnessing major transformations in the field of cryptocurrencies, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s position on these developments, stressing that the country is still in the evaluation phase and has not made a final decision regarding joining this global financial phenomenon.
Saleh said in a statement to {Euphrates News}, “Iraq continues to monitor global developments regarding cryptocurrencies, and the decision to join this field depends on many economic and legal factors that are being carefully studied.”
He pointed out that “Iraq, since 2017, has imposed a ban on dealing in cryptocurrencies due to risks related to financial crimes and sharp fluctuations in their prices, in addition to consumer protection.”
Regarding the latest developments, Saleh explained that “the Central Bank of Iraq stressed in February 2023 the prohibition of the use of cards and electronic wallets for the purpose of speculating in digital currencies,” stressing that “there is no current decision to grant licenses for cryptocurrencies at the present time.”
On the other hand, he pointed out that “the future of cryptocurrencies may change significantly in the coming years, especially if major economic powers take steps towards regulating these currencies more strongly, which may open the way for Iraq to study these options in the future.”
Saleh added, “In a remarkable move, US President Donald Trump issued an executive order to create a strategic reserve of Bitcoin, reflecting the US trend towards integrating cryptocurrencies into its official reserves such as gold and precious metals,” considering it “an attempt to control any disruptions in the international monetary system as long as Bitcoin is traded in US dollars and on most global exchanges, such as Coinbase, Binance, Kraken, and others.”
He explained that “the price of Bitcoin is often measured in dollars because it is the global reserve currency and the most widely used in financial markets. Based on the above, Bitcoin will be one of the cryptocurrencies denominated in US dollars that will be subject to the regulation and dominance of the Federal Reserve Bank and will be given a stronger legal position in the scope of trading it as a currency in the global classification after granting legal legitimacy to the Bitcoin unit, from the highest monetary authority in the world, which is the US Central Bank or the Federal Reserve Bank of the United States.”
Saleh added, “The US Federal Reserve will have a role in legal supervision as a global digital payment and reserve currency and will ensure that Bitcoin is covered by the dollar itself, which gives the United States of America dominance over any encrypted monetary trends outside its monetary system denominated in dollars, which is essential for the expansion of the US monetary system to the world and with control from a central government body this time outside the decentralization of the cryptocurrency market.”
