An expert identifies the missing link to diversifying sources of income and achieving economic reform, 22 APRIL

 An expert identifies the missing link to diversifying sources of income and achieving economic reform

Economic expert Qusay Safwan identified the missing link in the path to diversifying sources of income and achieving economic reform in Iraq. He noted that controlling corruption begins with the banking sector and is linked to understanding revenue risks and the behavior of the Iraqi dinar at border crossings.

During his appearance on the "Free Talk" program on Al Furat TV channel this evening, Safwan explained that "economic diversification cannot be achieved without regulating these outlets, which are a tool for protecting local production and developing investment." He indicated that "reforming the financial sector requires rehabilitating banks through mergers, partnerships, and specialization."

He stressed that "these goals are still far off, and the real beginning lies in developing the human resources working in the banking sector, especially since most Iraqi banks focus their grants on the housing sector."

Safwan explained that "the Central Bank's policy is geared toward supporting financial inclusion, as 40% of individuals use electronic banks, a matter linked to suspicions of money laundering." He called for "providing incentives to credit card holders and motivating them through tax exemptions and import facilitation, which would enhance the conversion of the dinar into hard currency through the Central Bank."

He pointed out that "the Central Bank alone cannot reform the Iraqi economy in light of the lack of control over border crossings and the citizens' lack of trust in banks," emphasizing that "investing in technology is costly, but necessary and yields tangible benefits for shops and businesses."

Safwan revealed that "Iraq has $100 billion in the US Federal Reserve," emphasizing "the need to eliminate intermediaries and build a direct relationship between producers and consumers," warning that "corruption is greater than the support available at the outlets."

He added, "Private banks were established as joint-stock companies, and their shares are now denominated below the dinar mark and are available to all." He called on the Central Bank to "address the dispute between it and the Companies Registrar regarding dividend distribution, which is prompting small shareholders to sell their shares to major investors."

Safwan concluded by saying, "Government banks need a comprehensive restructuring to drive development and create investment portfolios for agricultural, industrial, and commercial cities." He also highlighted the need to integrate the local market with global markets, similar to the Gulf banks, and attract $350 billion domestically. link

DINAR EXCHANGE: The Iraqi dinar is now fully backed by the country’s foreign currency reserves!!, 22 April

 DINAR EXCHANGE

Iraq’s Central Bank has confirmed that the Iraqi dinar is now fully backed by the country’s foreign currency reserves, signaling a significant milestone in the nation’s monetary stability. This development underscores the government’s commitment to maintaining a robust financial system and instilling confidence in the national currency. The Central Bank’s latest monetary policy report indicates that the ratio of official reserves to the broad money supply (M2) exceeds the standard benchmark of 20%, ensuring that the dinar is fully covered . This financial strengthening aligns with Iraq’s broader economic reforms, including the introduction of a digital dinar aimed at reducing reliance on the U.S. dollar and curbing the parallel market . The digital currency initiative is designed to enhance financial inclusion and modernize the country’s payment systems. While these developments mark progress, challenges remain. Iraq continues to address issues related to financial transparency and compliance with international banking standards, as highlighted by recent discussions with the U.S. Treasury . Ongoing efforts to reform the financial sector are crucial for sustaining economic growth and attracting foreign investment. In summary, the full backing of the Iraqi dinar by foreign reserves represents a positive step toward economic stability, reflecting the government’s dedication to financial reform and modernization.

5:48 AM · Apr 22, 2025

The Iraqi dinar is now fully backed by the country’s foreign currency reserves!! #iraqidinar #iraq

 

Federation of Chambers of Commerce: Visit of American companies resulted in a regulatory work agreement for the private sector, 22 APRIL

 Federation of Chambers of Commerce: Visit of American companies resulted in a regulatory work agreement for the private sector

The Federation of Iraqi Chambers of Commerce affirmed on Monday that the visit of American companies is a message to the world that Iraq is a safe environment. It also explained that the visit resulted in an agreement on a regulatory framework for the private sector.

Abdul Razzaq Al-Zuhairi, head of the General Federation of Iraqi Chambers of Commerce, told the Iraqi News Agency (INA): “The visit of American companies to Iraq to invest and work with Iraqi businessmen is a positive and important step for Iraq.”

He explained that "Iraq is a fertile environment, and the visits of American companies to Iraq are a positive message to all countries of the world that Iraq is a safe environment."

He added, "American companies have signed numerous agreements with the Iraqi private sector in the fields of electric power and renewable energy. The most important memorandum is the signing of a regulatory framework between the Iraqi and American private sectors by the American Chamber of Commerce and the Iraqi Chamber of Commerce."

He pointed out that "a number of American companies have signed agreements with the private sector, most notably the global company Google, which is seeking to enter Iraq. Its representative came and wrote a positive message about Iraq, stating that Iraq is safe, which is an important message to the world  link

TIDBIT FROM MNT GOAT, 22 APRIL

 Mnt Goat 

 ...It took a business man like Donald Trump to see the potential in Iraq for American companies but also, which is most important, to take advantage of it. 

 But Trump knows that before he can convince American companies to come to Iraq, he must erase the stigma of Iranian influence in Iraq...today we get a really good clear look at where the Trump foreign policy towards Iraq is going and its all VERY GOOD!

Iraq Confirms Full FX Readiness: Preparing its Nation and Allies for a revaluation shockwave!!#iqd

 

The Central Bank renews its warning against trading in withdrawn banknotes, 22 APRIL

   The Central Bank renews its warning against trading in withdrawn banknotes.

In recent years, this bank has observed the circulation of foreign banknotes from various countries, some of which are genuine and in circulation, others withdrawn from circulation, and some counterfeit.

 Such banknotes are used by unscrupulous outlaws to defraud citizens by luring them into exchanging them for Iraqi dinars at prices far exceeding their actual value. 

They claim that exchanging them offers them significant profits and rare investment opportunities.

Therefore, the Central Bank of Iraq calls upon the public and the specialized security and regulatory agencies to monitor these matters and refrain from handling these banknotes.

 They should focus on Iraqi banknotes and those handled by the Central Bank of Iraq and the banking system, to avoid falling prey to outlaws.

Central Bank of Iraq

Media Office  link

Foreign banknotes withdrawn from circulation