Government Advisor: 95 Trillion Dinars Stored Outside the Banking System, 8 APRIL

 Government Advisor: 95 Trillion Dinars Stored Outside the Banking System

Economy     04-05-2025, 1:44 PM  Baghdad – INA – Amna Al-Salami   Adviser to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Saturday, that the  widespread use of digital payment systems provides loans to citizens at lower costs. 

He explained that  95 of the 109 trillion dinars are stored outside the banking system. 
Adviser to the Prime Minister, Mazhar Mohammed Salih, told the Iraqi News Agency (INA):
 
"The positive steps in activating e-commerce are consistent with one of its objectives, as 
the government and the Central Bank seek to integrate hoarded funds in households (cash leakage, as it is known) into the banking system, which contributes to    strengthening the national economy and
achieving financial stability."  He pointed out that  "the Monetary Authority has previously prepared controls and registration procedures to   obtain a license to practice this trade, in a coordinated manner that contributes to   regulating the market and enhancing consumer confidence."  

He added,  "The steps taken by the government and the Central  Bank to enhance confidence and  and activate e-commerce are consistent with the launch of digital transformation projects. 

This has been the case since the Central Bank announced the launch of strategic projects to support digital transformation, including the  
     instant payments project,
     local cards, and
     unified payment gateways,   
all of which aim to 
     enhance financial inclusion and
     facilitate digital banking operations." 

 He pointed out that "all measures to    address information technology and  integrate it into digital payment systems  are consistent with the   development of the country's digital renaissance, the  financial culture of society, and the   development of monetary behavior  in relation to inherited customs, traditions, and cultures.
 
Hoarding money at home instead of depositing it in banks remains a prominent economic challenge in Iraq."  He explained, "Estimates indicate that approximately 87% of the money supply, or  
approximately 95 trillion dinars out of a total of 109 trillion dinars, is held outside the banking system, 
preventing a large portion of the national wealth from effectively participating in the economy." 

He explained that "the more digital payment systems are used, including e-commerce, the 
     more efficient banking activity becomes and the     fewer leakages outside of banks.
 
This gives official and licensed banking units the greatest opportunity to     grant more credit or
     lend to citizens at a lower cost and with greater efficiency, thanks to the often low interest rate." He noted that "the parallel market for usurers, which
 
     deals with funds in circulation or hoarded outside the banking system, is a  very dangerous,  illegal, and  costly market for citizens and the national economy when it comes to   credit transactions or  lending at very high usurious interest rates, or what is known as the usurers' market.
 
This is due to the opaque nature of its operations, in addition to the fact that some of its activities conflict with the Anti-Money Laundering Law due to the   lack of transparency in financing, the  absence of governance elements, and the accompanying risks of trading and recovery."   https://www.ina.iq/231404--95-.html 

JENTEL NOTES: Announcement coming. 24-hr period. The transition has begun, 8 APRIL

JENTEL NOTES

4-7-2025

RV NEWS-

THE TEAM: 

A trigger switch has been pulled. They are watching rates (public rates) rise on back screens & should be released to the public, for various countries, anytime between tonight & Wednesday. Public reveal phase is imminent.

 It will be explained as an attempt to combat tariffs & inflation. Markets will be up & down. Iraq was forced to go.

Talk about oil & minerals coming. This will help markets & the dollar "ground" (?). Stabilize.

Announcement coming. 24-hr period. The transition has begun.

VIETNAM WILL REVIEW EXCHANGE RATE (REUTERS)!! @DINARREVALUATION #iraqidinarinvestor #iraqidinar

 

Advisor to the Prime Minister Reveals Plan to Merge Rafidain and Rasheed Banks, 8 APRIL

 Advisor to the Prime Minister Reveals Plan to Merge Rafidain and Rasheed Banks

 
Economy     Yesterday, 6:26 PM  Baghdad – INA  Advisor to the Prime Minister and Executive Director of the Reform Management Cell, Amer Al-Adhadh, revealed plans to merge Rafidain and Rasheed Banks.
 
While addressing the government's achievements in the field of economic reforms,
he explained the contents of the "House of Reform" project and its importance to the investment portfolio.

He also outlined the contents of the draft law on public-private partnerships, which aims
to enhance the investment environment in Iraq.
 
Al-Adhadh told Al-Shabaka magazine, as reported by the Iraqi News Agency (INA), in his discussion of the  "House of Reform" project, "This project is not merely a government program, but rather 
a comprehensive roadmap aimed at achieving sustainable development through interconnected objectives,one of which is activating human capital and enhancing national competencies." 

He added,  "Economic reforms cannot succeed without an investment-attractive legal and regulatory environment, which is what the government is working to achieve through this project."
 
Regarding cooperation with the World Bank, Al-Adhadh stated, "The World Bank commended the reforms implemented by the Iraqi government,including the  "House of Reform" policies that support sustainable development.
 
Cooperation focuses on   supporting financial reforms,  providing technical advice, and   financial assistance to     enhance the stability of the Iraqi economy and  improve financial governance systems." 
 
Al-Adhadh also noted that "the government has made significant progress in preparing the draft law on public-private partnerships, which is an essential part of the government's program.
 
This partnership aims to enhance cooperation between the government and the private sector, particularly in infrastructure, transportation, and energy projects, contributing to stimulating the national economy and achieving sustainable development."
 
Regarding the restructuring of the banking sector, Al-Adhadh revealed a plan to merge Rafidain and  Rasheed Banks into a single entity with the aim of  
     improving Iraq's credit rating and  increasing international confidence in the banking sector.

 He noted that an international consulting firm has been commissioned to oversee the merger process, which includes   improving financial and administrative performance and     developing digital infrastructure.
 
The Prime Minister's advisor also addressed the issue of economic diversification, stressing that
 
"the government has achieved a significant increase in non-oil revenues, which is 
an important achievement within the strategy to diversify sources of income." He noted that  
"the government is focusing on   improving tax administration,  developing customs duties, and
     stimulating investment in non-oil sectors such as  industry,   agriculture,  tourism, and  technology, 
to ensure the sustainability of these revenues." 

Al-Adhadh emphasized that  "the economic reforms implemented by the government contribute to strengthening the investment environment and achieving sustainable economic growth, ensuring Iraq has a stronger and more diversified financial future."    https://www.ina.iq/231484--.html 

FIREFLY: .How can the project be completion phase at 1310? , 8 APRIL

  Frank26  

[Iraq boots-on-the-ground report]  

FIREFLY:Mr Sammy pointed out...how can the projects be complete?  

They say the projects are almost complete in completion phase...How can the project be completion phase at 1310?    

FRANK:   Because of the second set of books!  

FIREFLY:  We need to see them as soon as possible!

JENTEL NOTES: Announcement coming. 24-hr period. The transition has begun! @DINARREVALUATION #iqd

 

Al-Sudani discusses with JP Morgan the mechanisms of securing financial transfers and their arrival in Europe and America, 8 APRIL

 Al-Sudani discusses with JP Morgan the mechanisms of securing financial transfers and their arrival in Europe and America

Economy News – Baghdad

The Prime Minister, Mohammed Shia Al-Sudani, discussed on Tuesday, with the delegation of JPMorgan, headed by the bank’s deputy director Daniel Zeleko, strengthening cooperation in the financial and banking fields.

The Prime Minister’s Media Office said in a statement received by “Economy News” that “the Sudanese met with a delegation of JPMorgan Bank headed by Deputy Director Daniel Zeleko on the sidelines of the Iraqi banking sector reform conference held in Baghdad.”

During the meeting, “there was a discussion of enhancing cooperation in the financial and banking fields, and the bank’s participation in the financing of various investment projects, in addition to discussing the mechanisms of securing credits and financial transfers and their access to their beneficiaries in Europe and the United States, which will contribute to improving the services provided to Iraqi traders and importers.”

Al-Sudani stressed the importance of expanding the areas of partnership between Iraqi banks and JPMorgan Bank, pointing out the government’s readiness to provide all forms of support to strengthen this relationship.

For its part, the delegation of JPMorgan Bank expressed “the readiness to increase cooperation with Iraq, by expanding the number of correspondent accounts open to Iraqi banks, and their readiness to finance a number of investment projects directly or through partner financial institutions.”