Clare
Article: "Maximizing non-oil revenues by up to 60%...
Expert identifies what Iraq needs"
Quote: "Economic expert Safwan Qusay confirmed that the percentage of non-oil revenue maximization in Iraq has reached 60%, while pointing to the country's need to expand sources of income and achieve economic independence through long-term support for the agriculture, industry, and trade sectors."
THE DOLLAR’S DECLINE IS IN THE INTEREST OF CITIZENS AND STRENGTHENS THE PURCHASING POWER OF THE DINAR
The US dollar exchange rate against the Iraqi dinar continues to fluctuate and experience instability in the local market. Money exchange business owners and shop owners see this as a natural development, given the stability the country is experiencing across the board and the fruits of the government’s reform measures to eliminate smuggling and currency speculation in the markets.
STABILIZATION OF THE SITUATION
Hamid Abu Firas, owner of a money exchange company, explained to Al-Masry that “this fluctuation in the exchange rate cannot be called a fall in the dollar price, but rather an increase in the value of the Iraqi dinar against other currencies.
Perhaps this decline in the dollar price is a result of the stability of the political, security and social situations in the country, and without a doubt all of this has a positive impact on the exchange rate.” He indicated that “the prices of treasury are now stable and the fluctuation is slight, and this in itself is considered a commendable advantage for the stability of the exchange rate, and in turn is reflected in the prices of goods and commodities in the markets and trade, so we see it as a positive phenomenon in Iraq.”
I AM AFRAID OF FLUCTUATIONS
“Today we see a decline in the demand for the dollar in the exchange markets and commercial activity, which has created a state of fear among citizens, as the price of the dollar is declining and, on the other hand, gold prices are constantly rising, which has led to a state of confusion among citizens,” said legal affairs specialist Amer Mahdi to Al-Masry. He expressed his hope for a stable exchange rate in which the national currency, the dinar, is at its highest exchange rate compared to other foreign currencies.
A GOOD STEP
In contrast, citizen Mahdi Al-Maliki told Al-Masry that “any stability in the country, whether political, security, social or economic, is important for the country and eliminates speculation and manipulation in all its forms. This rise in the price of the dinar against the dollar is a great service and benefit to the country and the citizen.” He pointed out that “the government’s reform steps in this area have cut off the path of smugglers and corrupt people in smuggling currencies out of the country, and as a result, all these reforms have had their effects reflected on the ordinary citizen with limited income.” He called on those concerned from the Ministry of Finance and the Central Bank of Iraq to continue their steps to achieve more stability in the market movement and exchange rates.
GOVERNMENT PLANS
Government agencies previously indicated that the sustained improvement in the dinar’s exchange rate against the dollar depended on two key factors:
1.the Central Bank’s ability to utilize its foreign reserves as part of its defensive tools, and
2.the Central Bank’s success in narrowing the gap between the official and parallel rates.
STATUS OF THE RV , PART. 6
😊Next, we read in the article titled “FINANCE: ERNST & YOUNG CONTRACTED TO EVALUATE IRAQI INSURANCE COMPANIES.”
We know that Insurance is one of the main driving Pillars of Financial Reform. Remember there were three pillrs and in the White Paper they told us that these reforms were going to get the dinar back to FOREX.
So we pay attention. Don’t you think this is a very good approach to learn about the choo-choo ride to the RV?
We don’t hear too much about this pillars. So in the recent news my ears perked up when I read this article. The Minister of Finance announced Sami’s SpectreToday, Monday, contracted Iraq with the company “Ernest”Young” Global to evaluate the performance of government insurance companies and make recommendations to determine their fate.
Let’s see what comes out of this audit but I will add it is all good since the professionals are now in Iraq ensuring any necessary reforms are in place. I am sure there may be recommendations and so let’s see what shakes out.
So, in conclusion this period of news I will add that there is also come very nasty negative articles, which I am not bringing you today.
I am neglecting this news because it does not tell the entire story of what is happening only the challenges. There are always challenges. Even after the RV Iraq will not be perfect.
We only watch in anticipation that Ali Al-Alaq can pull off his strategy based still on the Dr Shabibi plan to get us the RV and the dinar back on FOREX.
This is the only time we will be exchanging at any rates we desire in our quest for this investment to finally pay off after more than 20 years of waiting. So, if you read today’s news categories you can get a pretty good idea of the areas of concern they are still working on.
No, the RV has not yet happened and there are no newer lower denominations out in Iraq.
Iraq is still plugging along. How long before they do pull the trigger is a matter of time and that time is coming VERY SOON!
I firmly believe that this “reset” of God’s that is coming is based on the reforms necessary throughout the globe in the developed countries, especially in the US, Canada and the UK.
Remember that the prophets have told us that the reforming process will first begin in the US and move out to other countries.
We can see this now to be true as other countries now realize reform is possible and necessary. All this corruption and stealing of the wealth of our countries by the politicians in positions of influence and control must end. This is the time of shaking…..
OIL AND GAS LAW: THE MEMORANDUM OF UNDERSTANDING BETWEEN BAGHDAD AND ERBIL IS POSTPONED TO A NEW PARLIAMENTARY SESSION.
Despite more than a decade and a half of repeated calls for the enactment of an oil and gas law, this pending issue remains one of the most controversial issues in Iraq, particularly in the relationship between Baghdad and Erbil.
The current government, headed by Mohammed Shia al-Sudani, has repeatedly emphasized the importance of enacting the law as a key to resolving oil disputes and distributing wealth fairly.
STATUS OF THE RV, PART. 5
Update: Banking and Financial Reforms:
😊In the next article titled “THE MINISTER OF FINANCE CHAIRS A MEETING TO FOLLOW UP ON THE RESTRUCTURING OF RAFIDAIN AND RASHID BANKS.
We learn that the “Finance Minister Taif Sami met Wednesday evening with representatives from Rafidain and Rashid Banks, as well as representatives from Ernst & Young, to follow up on the implementation phases of the government-owned banks’ restructuring project.
So, we know this project is not yet completed. Also we learn that Minister Sami emphasized the need to accelerate the pace of work and implement requirements according to the specified timetables, noting that the restructuring of government banks represents a pivotal step toward developing the banking sector and enhancing its efficiency. ”
My point in bringing this article to you is not so much to tell of the restructuring of these two banks, as we already learned about this project, but to show you that all these key projects have specified “time tables” and completion targets. You may ask why? It is just for organizational purposes or are they driving to a specific future date for an overall event and this project is just one of many to be completed to facilitate this event? Just asking…..
😊In the article titles “THE CENTRAL BANK OF IRAQ LAUNCHES THE FIRST NATIONAL STRATEGY FOR FINANCIAL INCLUSION.” We are told that the Central Bank of Iraq (CBI) launched its first National Financial Inclusion Strategy for the period 2025-2029. How many times have we read about this inclusion. I guess we all assumed it was already launched and now we learn it was not. Now the CBI is making the effort more formal and outward. We have read many past articles already on this idea of financial inclusion. But what really is it?
I like this article because it actually defines more clearly what “financial inclusion” is.
It is: “the strategy includes an integrated framework for financial inclusion aimed at enabling all individuals and businesses to access the financial sector and use appropriate and safe financial services while protecting their rights, thus contributing to economic and social development.”
“Also including increasing the percentage of bank accounts, enhancing consumer protection for those dealing with the financial sector, using the latest electronic payment methods, and developing infrastructure and regulations to enhance financial inclusion.”
The article talks more about the Governor of the CBI, Al-Alaq, and his speech on this subject matter. I recommend you go read the full article if you want more info on his speech.
Read also: Bank appointment for Currency EXCHANGE Instructions/Checklist
