MILITIAMAN CC HIGHLIGHTS NOTES, 2 DEC

 MILITIAMAN CC HIGHLIGHTS NOTES

Summary

Iraq is advancing its financial inclusion with electronic payments, non-oil revenue agreements, and substantial foreign investments, signaling economic growth.

Highlights

• 🏦 Central Bank of Iraq promotes electronic payments to reduce cash dependency.
• 🌍 Foreign investments in Iraq reach $62 billion, highlighting economic potential.
• 💼 Kurdistan region agrees to share non-oil revenues with the federal government, stabilizing finances.
• 🚧 Upcoming projects aim to boost infrastructure and housing, enhancing local economy.
• 📈 Electronic payment systems expand access for citizens, increasing financial literacy.
• 🛤️ Iraq and Spain solidify partnerships for railway projects, fostering international cooperation.
• 🏖️ Focus on tourism and non-oil revenue aims to diversify Iraq’s economy and reduce dependency on oil.

Key Insights

• 📊 Financial Inclusion: Iraq’s push towards electronic payments is crucial for modernizing its economy. By reducing cash transactions, it aims to increase transparency and efficiency in financial dealings. This transition is essential for fostering trust in the banking system.
• 🏗️ Investment Growth: The reported $62 billion in foreign investments indicates a renewed confidence in Iraq’s economic stability, largely due to government reforms and international partnerships, which could lead to sustained economic growth and job creation.
• 🤝 Kurdistan Revenue Sharing: The agreement on non-oil revenues between the Kurdistan region and Baghdad is a significant step toward financial stability, ensuring timely salary payments to public employees and enhancing regional cooperation.
• 🏡 Infrastructure Development: The emphasis on housing projects reflects the urgent need for improved living conditions in Iraq. This not only addresses housing shortages but also stimulates job creation and economic activity in construction.
• 💳 Digital Transformation: The increase in electronic payment cards and POS devices signifies a cultural shift towards cashless transactions, making financial services more accessible to all citizens and encouraging responsible financial behavior.
• 🚂 International Collaboration: Iraq’s partnership with Spain for railway projects exemplifies its strategic focus on infrastructure development, which is essential for connecting markets and enhancing trade routes.
• 🌟 Tourism Potential: The initiative to promote Baghdad as a tourism capital emphasizes the country’s diverse attractions and its potential to generate non-oil revenue, contributing to economic diversification and resilience.

MAJEED: IRAQ IS ADJUSTING SALARIES WITH THE NEW RATE & STABILIZING THE I...

Monetary stability achieves economic stability and sustainable development, 2 DEC

Monetary stability achieves economic stability and sustainable development

On the sidelines of the participation of the Governor of the Central Bank in the opening of the activities of the Arab Week for Sustainable Development Forum in its fifth edition, which was held in the Egyptian capital Cairo this week, he stressed that the monetary position in Iraq is very excellent through the achieved of basic indicators and goals on which monetary policy is based in its support for the government’s directions to diversify, stimulate and strengthen the national economy, and exit from the circle of the rentier economy based on oil revenues, which constitutes a major imbalance in the structure of the economy.

When there is no diversified productive base, in the important productive economic sectors, namely agriculture and industry, and this is not achieved without a strong, sober and advanced banking sector capable of constituting the main financial and investment link in financing, qualifying and developing projects with a productive dimension and increasing general budget revenues by more than 30% during the years of the National Development Plan 2024-2028.

This requires the need to activate the banking sector and stabilize the pillars of the monetary position, which is in building foreign reserves, which amounted to more than 100 billion dollars and 153 tons of gold and constitute an adequacy rate of 140% to enable the central bank to cover and support the defense of the exchange rate, achieve monetary stability and cover imports. Despite the difficult and complex circumstances surrounding the countries of the geographical region.

This enabled the Central Bank to control the general level of prices and inflation, which decreased from 7.5% in January 2023 to 3.8% currently, which is the lowest rate compared to inflation rates in Arab and regional countries, as the Central Bank continues to provide dollars for trade at the official rate. It achieved a qualitative shift to regulate the financing of foreign trade.

New channels of transfer have also been opened using other currencies, such as Turkey, India and China, in addition to European countries, this will make the process of external remittances more flexible, streamlined, transparent and regulated and comply with international standards that enhance trust and credibility in the operations we carry out.” 

This means that the Central Bank is moving steadily to achieve the objectives of monetary policy and achieve economic stability in accordance with its law 56 of 2004.

TIDBIT FROM CLARE, 2 DEC

 Clare 

 Article:  "Trump warns BRICS against replacing dollar with other currencies"  

Quote:  "US President-elect Donald Trump threatened to impose 100 percent customs duties on BRICS countries if they undermine the US dollar...Trump added 'BRICS cannot replace the dollar in world trade, and any country that tries will have to say goodbye to the US market."

TRANSFORMATIVE EFFORTS DURING THIS 2024 YEAR THAT MARK THE BEGINNING OF...

Babylon suspends official working hours for next Thursday, 2 DEC

 Babylon suspends official working hours for next Thursday

Baghdad – Mil

The Babylon Provincial Council decided on Sunday to suspend official working hours next Thursday.

A statement from the council and response to “Mil” said: “Activating the previous council’s decision to suspend the official working hours on Thursday, 5-12-2024, on the occasion of the martyrdom of the pure friend (Fatima Al-Zahra) (peace be upon her), with the exception of the security and service departments.

https://miliq.news/local/39396–.html

TIDBITS FROM MILITIAMAN, 2 DEC

 Militia Man 

 We have a couple members that speak fluent Arabic...They come in on occasion and talk to me...or I reach out to them...to see if they can reach out to the tribal people or people that they know that are working on the ground...What I learned was...

He gave an example if you're taking a credit/debit card from a country A to country B and it works, meaning you have the ability to transfer money from one country to another on your card, ...you can swipe your card into an ATM and get money, let's say you're [Iraqi],

 if you're in a different country and you can swipe your card and get dinar or convert [Iraqi dinar] to Jordanian dinar or you can go to Saudi Arabia...the United States... Europe, if the card works in those counties, it's going to be reflective of...an exchange rate..

 Article: "Trade Bank launches first experimental Visa card."  

Quote "...the Visa includes features for use in online shopping as well as for use in purchases..."   

When we go online, we're international in the World Wide Web.  It sounds like you're going to be able to use a new electronic card across borders.  If this is an international card, showtime is about to being.  Because once they have experimented, if it works, everybody's going to get one.