Sunday, March 30, 2025

Baghdad – Mil

The General Assembly of the National Bank of Iraq approved in its annual meeting the recommendation of the Board of Directors to increase the bank’s capital from 400 billion dinars to 520 billion dinars and by 30% of the capital and distribute it as free shares to shareholders in addition to cash dividends of 20% worth 80 billion dinars.

The Bank said in a statement that “the General Assembly of the Bank approved in the meeting attended by a number of members of the Board of Directors the report of the Board of Directors for the fiscal year and the final accounts for the year 2024 and the expansion plan during the current year, which includes the opening of six new branches in various governorates of Iraq. The General Assembly also approved increasing the number of members of the Board of Directors to 9 members and elected a new Board of Directors.”

“Last year was exceptional at all levels, especially achieving qualitative achievements that reflect the bank’s strength and flexibility in facing economic challenges, and strengthening its presence as a leading financial institution in the Iraqi banking sector thanks to a clear strategic vision, prudent management, and a committed team,” said the Chairman of the Board of Directors of the National Bank of Iraq, Bassem Khalil Al-Salem.

Al-Salem stressed that “these results were driven by flexible monetary policies and effective banking procedures by the Central Bank of Iraq, in which it responded quickly to economic and political variables, and contributed to containing the impact of these variables on the Iraqi economy, and maintaining the stability of the exchange rate, which strengthened the role of the banking sector and protected the rights of depositors and shareholders.”

Al-Salem said that “last year witnessed a distinguished financial performance, as the bank achieved net profits after tax of 252 billion dinars compared to 190 billion Iraqi dinars during 2023. Net interest income also increased to 166 billion Iraqi dinars compared to 100 billion Iraqi dinars with a growth rate of 66%.

He pointed out that total income rose to 452 billion dinars in 2024 compared to 343.1 billion dinars during 2023 with a growth rate of 31.7%, reflecting the effectiveness of the bank’s strategy that focuses on basic banking services such as retail bank loans, large, medium and small companies, and trade finance services for large companies.

Al-Salem expressed his thanks to the Central Bank of Iraq, represented by the Governor of the Central Bank of Iraq, and the Bank’s team, for their continuous support to the Iraqi banking sector and their cooperation, which contributed to the development of the sector and providing a suitable environment for growth and development.

For his part, the Managing Director of the National Bank of Iraq, Ayman Abu Dehim, said that “the balance of customer deposits rose to 3.5 trillion dinars in 2024 compared to 2.9 trillion dinars in 2023, with a growth rate of 90%, and direct credit facilities rose to 1.3 trillion dinars compared to 951 billion dinars, for the two years of comparison, and a growth rate of 18%.”

He pointed out that “this growth came as a result of the expansion of loans granted to the category of employees whose salaries are with the bank and small, medium and large companies,” stressing that “the growth in various financial indicators contributed to increasing the bank’s assets to 5.1 trillion dinars from 3.9 trillion dinars with a growth rate of 29%.”

“For the first time in the bank’s history, its assets are approaching this barrier (5.1 trillion dinars), which reflects the growth in the volume of banking business, increasing our market share, and our growing ability to serve our customers, and therefore the bank becomes the largest among Iraqi private banks in terms of the volume of assets,” Abu Dehim said.

In terms of expansion, Abu Dehim said, “We added 104 new ATMs to reach 294 ATMs, while the number of branches in Iraq reached 33 branches, and we are in the process of opening 6 new branches at the beginning of 2025 in addition to our branch in Saudi Arabia, which provides valuable services to Saudi and Iraqi companies.”

He stressed, “The Bank’s commitment to a comprehensive strategy focused on sustainability and digital transformation to serve customers, as the Bank has worked to keep pace with the latest technological developments and enhance information security and the efficiency of banking services, including the installation of the T24 banking system from the Swiss company Temenos, and the launch of a new Anti-Money Laundering Management System (AML Sirion).”

Regarding the bank’s plans for 2025, Abu Dehim said, “We will continue to expand the branch network to 44 branches, in addition to increasing the ATM network to 400 ATMs, with a focus on the development and marketing of electronic banking services, increasing the bank’s share in trade financing for large companies, expanding the project of salary localization and financing small and medium-sized companies, and expanding the deposits of individuals, companies and official government institutions armed with the confidence that the Bank has gained in the banking sector supported by its financial results and advanced services.”

https://miliq.news/economy/44270–.html

MILITIAMAN: " A Real Effective Exchange Rate has to be applied for valuation" , 30 MARCH

Militia Man

The 112 system, they have in place under the tripartite budget, ...paying salaries etc. doesn't turn on the oil in the Kurdistan region...

I believe it's because of a Real Effective Exchange Rate has to be applied for valuation...

They talk about integration into the global financial system.

So why haven't they done it at 1310?

The answer is because they've not. That's pretty simple. I think we can all see that.

MNT GOAT: Will we have to wait for this digital currency to RV? @DINARREVALUATION #iraqidinar

An American delegation from 50 companies in Baghdad soon. This thing will be looking, 30 MARCH

An American delegation from 50 companies in Baghdad soon. This thing will be looking

Economy News – Baghdad

Iraqi Ambassador to Washington Nizar Al-Khairallah confirmed on Saturday that a delegation representing more than 50 American companies will visit Iraq.

The Iraqi Embassy in Washington said in a post on the (x) platform that “Ambassador Al-Khairallah met Steve Lotus, Vice President of the American Chamber of Commerce and Chairman of the Iraqi American Business Council, along with his deputies.”

“The meeting focused on discussing the logistical arrangements for the upcoming visit of a delegation of American businessmen to Iraq, which will include representatives of more than 50 American companies specializing in the fields of energy, health care, education, transportation and other vital sectors,” the ambassador said.

MELANIA HINDS: IRAQI DINAR BREAKING NEWS & COMPLETE SUMMARY💥🙋🏽‍♀️, 30 MARCH

MELANIA HINDS: IRAQI DINAR BREAKING NEWS & COMPLETE SUMMARY💥🙋🏽‍♀️

Summary of Recent Developments in Iraq

Introduction

The current political and economic landscape in Iraq reflects a significant transformation, driven largely by international partnerships, trade agreements, and infrastructural developments.

This chapter, based on the insights shared by Melanie Hines, delves into the recent collaborations between Iraq and China, the expansion of critical infrastructure projects, and the ongoing efforts in enhancing Iraq’s financial stability.

Vocabulary terms and key concepts, such as Comprehensive Medical City, trade corridor, and digital dinar, are highlighted to outline the breadth of these developments and their implications for economic revaluation in Iraq.

Key Developments in Infrastructure and Medical Facilities

Iraq-China Partnerships

Iraq has secured a $2 billion contract with the China State Construction Engineering Corporation to establish a sponge iron plant.
Additionally, a $490 billion project is underway to build a Comprehensive Medical City in Dukar Province. This city will feature 13 integrated medical facilities, including seven hospitals with a total of 700 beds.

Sustainable Residential Development

In Najib, a new residential development project is set to be launched. This initiative, likened to a 15-minute city concept common in the US, will span 50 hectares (123 acres) and aims to create a human-centered, culturally integrated, environmentally resilient community.
The project will offer over 1,400 homes in various sizes (160, 200, 250, and 400 square meters) and is expected to be completed by early 2026.

Economic and Trade Developments

Trade Agreements and Economic Implications

Iraq is developing a $17 billion trade corridor to bypass the Suez Canal, enhancing its trade capabilities and strengthening international ties.
The Iraqi stock exchange has seen favorable performance, particularly with investments from military personnel who are restricted from currency exchanges.

The Role of the Iraqi Central Bank (CBI)

The Ministry of Planning announced that the budget tables prepared do not include new projects but focus on ongoing ones, indicating a strategic approach to fiscal management.
The CBI emphasizes the urgency for maintaining financial stability, linking it directly to imminent changes in currency valuation.

The Digital Currency Discussion

Future of the Iraqi Dinár

Conversations have surfaced regarding the potential for Iraq to issue a Central Bank Digital Currency (CBDC), though its implementation may take time.
There is a consensus among experts that the existing currency will still be honored during the transition while those holding three zero notes will still be able to exchange them for new denominations.

Anti-Corruption Initiatives

International Collaboration

The Federal Integrity Commission of Iraq, in partnership with the Russian Prosecutor General’s Office, is actively working on implementing agreements focused on anti-corruption cooperation, including asset recovery.
This initiative is a critical element of Iraq’s pursuit of stabilizing its economy and curbing corruption, a vital factor in preparing for a currency revaluation.

Natural Resources

Oil Reserves

Iraq is noted for possessing the fourth largest oil reserves in the world, with approximately 145 billion barrels of oil. This significant resource stands as a foundation for Iraq’s economic authority on the global stage and positions the country favorably for growth.

Anticipated Changes and Market Stability

Current Market Position

Recent rumors suggest that relevant figures in the financial space have begun to position themselves for anticipated distributions pertaining to the Iraqi dinar, indicating a waiting game among investors.
The stabilization of currency rates linked to the Forex market is anticipated, supporting the idea that an economic shift may be on the horizon.

Expert Insights

Various financial analysts and gurus are expressing optimism regarding the stabilization and potential upward revaluation of the dinar in conjunction with the progress being made in infrastructure and governance.
There are differing opinions about whether the revaluation will involve phase-outs or transitions into lower denominations, yet a tangible shift is widely believed to be imminent.

Conclusion

The information outlined in this chapter signals a period of significant transition for Iraq, marked by international cooperation, ambitious infrastructure projects, and efforts to stabilize its economy through anti-corruption initiatives. As developments unfold, they indicate strategic planning for the Iraqi dinar’s revaluation, with implications for both the local population and international stakeholders. The overall sentiment reflects optimism for Iraq’s economic resurgence and stability, pending successful execution of these ambitious projects and policies.

Highlights

$2 billion sponge iron plant planned with China.
$490 billion medical city; 13 integrated facilities.
$17 billion corridor bypassing the Suez Canal.
Iraq holds fourth largest oil reserves globally.
Anticipation of a digital dinar and stable currency rates.

Key Insights

Infrastructure development is central to Iraq’s economic strategy.
Corruption control is vital for facilitating foreign investments.
The coming years will be critical for currency transitions and economic stability.

Core Concepts

Comprehensive Medical City: Medical facilities aimed at improving healthcare.
Trade Corridor: A major route for enhancing trade efficiency.
Digital Dinar: Future representation of Iraq’s currency in digital form.

Keywords

Infrastructure, Foreign Investment, Currency Revaluation, Economic Stability, Corruption, Oil Reserves.

FAQs

What is the significance of the medical city?
- It will enhance healthcare access and infrastructure in Iraq.
How does corruption affect Iraq’s economy?
- Corruption undermines investor confidence and economic stability.
What role does the digital dinar play?
- It is expected to modernize Iraq’s financial system and enhance transaction efficiency.

DINAR REVALUATION

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