Iraq's Central Bank Takes Bold Step in E-Payment Revolution!

Iraq Launches New Projects to Improve Electricity Transmission, 22 SEPT

 Head of the state Mohammed Shia’ Al-Sudani initiated a few power projects in the territories of Nineveh and Salahuddin pointed toward lessening bottlenecks in the transmission and circulation areas.

The tasks include:

the Mosul Dam station with two transformers (2x 250 MVA);
the Yarmja South station (KVA 132);
transmission lines from Yarmja to Qayara station (3x 63 MVA); and the construction of transmission lines from Baiji to South Tikrit in addition to the expansion of the Baiji conversion station to two 250 MVA units.

In his discourse, Al-Sudani commended the endeavors of the Service of Power staff for finishing these deferred projects, which had endured harm during the ISIS struggle. He featured the utilization of new worldwide advancements, especially at the Mosul station, and underlined the significance of these ventures in settling transmission and circulation issues, which are all around as basic as expanding power creation.

Al-Sudani reaffirmed the public authority’s obligation to updating Iraq’s energy framework, empowering better energy moves, lessening loads, and settling power supply, which will, thus, support improvement across different areas.

RV UPDATE BY PIMPY, 22 SEPT

  Pimpy

  Don't be discouraged.  Everything is on track.  Iraq is doing what they need to do to get out of  trouble.  Leaving the 3 zeros on puts a smile on my face.  Only if the exchange rate would change, that would be a great combination...

  I want the same thing you do.  Trust me, I would love nothing better to wake up in the morning and find out that the zeros are still on the dinar but they've magically changed the exchange rate to $3.22.  That would be awesome.

--

 Pimpy  

I want the same thing you do.  Trust me, I would love nothing better to wake up in the morning and find out that the zeros are still on the dinar but they've magically changed the exchange rate to $3.22.  That would be awesome.

Q & A WITH THE PROFESSOR

 Question: "What does Iraq need to do right now to reinstate their old rate of $3.22?" 

 Professor Boskin [of economics] graciously shared the following information which I am pleased to relay to you...It should be able to give you an idea of how far away this thing might be.. .The first thing he's talking about is implementing monetary reforms. 

 PIMPY:   We've been hearing about that for years so we know they definitely are implementing monetary reforms. 

PROFESSOR: ...The Central Bank of Iraq may consider removing zeros...

 PIMPY:    Obviously if they're going to remove the zeros off the currency, they're going to re-denominate and print new bank notes.  

PROFESSOR:  Establish a currency basket system...the value of the dinar would be determined against a weighted average of several currencies.Reduce their dependency on the dollar.

  PIMPY:  At the beginning of this year they were not supposed to use the US dollar anymore.

  PROFESSOR:  ...Focus on diversifying its economy beyond oil dependency... 

PIMPY: Right now...only 89% of [the budget] is dependent on oil sales.  A lot better than where it was. 

 PROFESSOR: Improve trade balance...Enhancing exports...Reducing unnecessary imports ...thereby supporting a stronger dinar. 

 PIMPY:  They have things to trade but not a whole lot of options. 

 PROFESSOR:  Maintain internal stability...Monitor inflation rates ...

 PIMPY:   Right now Iraq is somewhere around 5%...He's saying if they want to reinstate the $3.22 rate these things have to be taken care of.  I do find it interesting we've been listening to them talk about deleting the zeros and he's put that in here...A lot of this stuff Iraq has already started...Kudos to Al-Sudani. 

https://dinarevaluation.blogspot.com/2024/09/q-with-professor-by-pimpy-21-sept.html

Iraqi Banks Take Charge: Financing Foreign Trade with Own Dollar Reserves!

Government confirms its adoption of a “constructive economic policy”, 22 SEPT

 State leader Mohammed Shia Al-Sudani met today, Friday, with the top of the Triumph Alliance, Haider Al-Abadi, where the gathering saw conversations on various issues and documents connected with crafted by the administrative and chief specialists.

The different sides audited “ways of improving collaboration and speed up the essential prerequisites for carrying out the taxpayer supported initiative in different fields.”

Al-Sudani emphasized during the meeting that the government is implementing a positive economic policy, increasing the quality of services provided by state agencies to citizens, alleviating their suffering, and completing infrastructure that will boost development projects at various levels.

LATEST FROM CLARE, 22 SEPT

 Clare

  Article:  "Al-Sudani heads to New York to participate in UN General Assembly meetings"   Quote:  "Prime Minister Mohammed Shia Al-Sudani will head to New York...Saturday, to participate in the meetings of the 79th session of the United Nations General Assembly."

Article: ”Al-Sudani leaves for New York early next week to participate in the UN General Assembly meetings"

 Article: "The judiciary and the State Council confirm that the Governor of the Central Bank of Iraq is subject to the legal retirement age (documents)"  Quote:  "The two councils confirmed in documents...that the legal age for retirement is 60 years, and upon reaching it, the duties of the official assigned to it end."

CBI's Educational Campaign on Currency Reforms in Iraq