Remember again this is not all about us investors. It is about the Iraqi people and their lives. We will only benefit too because we helped invest our money in Iraq in their time of need... I have never seen such a rate of progress since the end of the wars in 2003 and I entered this investment.
Quote from Deputy Prime Minister and Foreign Minister Fuad Hussein: “Iraq’s endeavor to occupy its natural position in the region and the international community”. ...Part of what it means for us investors in the dinar is to realize that when they mention international community, they are talking global...liberating Iraq from the war years.
It is a FACT they cannot operate effectively in the global arena without a tradable currency on the currency exchanges, such as FOREX. Iraq is also at the sheer brink of a final announcement into the World Trade Organization (WTO), which we know they want back their dinar in the process...I believe that when you put all the FACTS together you can clearly see where they are leading Iraq and it is down a very nice road of prosperity and abundance...
On the sidelines of the Davos Forum...held in Switzerland last week, Iraqi Prime Minister Al-Sudani and his accompanying delegation, and Ali Al-Alaq, Governor of the Central Bank, continued to hold meetings, understandings, and negotiations with the World Bank, the International Monetary Fund, the President of the European Bank for Reconstruction, the American bank, J.P. Morgan, and international financial institutions, with the aim of accelerating the procedures that… and I quote – “It is implemented by the government in cooperation with the Central Bank towards achieving financial and banking reform”. ... It is all VERY GOOD news for us investors.
Quote from Deputy Prime Minister and Foreign Minister Fuad Hussein: “Iraq’s endeavor to occupy its natural position in the region and the international community”.
...Part of what it means for us investors in the dinar is to realize that when they mention international community, they are talking global...liberating Iraq from the war years. It is a FACT they cannot operate effectively in the global arena without a tradable currency on the currency exchanges, such as FOREX.Iraq is also at the sheer brink of a final announcement into the World Trade Organization (WTO), which we know they want back their dinar in the process...I believe that when you put all the FACTS together you can clearly see where they are leading Iraq and it is down a very nice road of prosperity and abundance...
On the sidelines of the Davos Forum...held in Switzerland last week, Iraqi Prime Minister Al-Sudani and his accompanying delegation, and Ali Al-Alaq, Governor of the Central Bank, continued to hold meetings, understandings, and negotiations with the World Bank, the International Monetary Fund, the President of the European Bank forReconstruction, the American bank, J.P. Morgan, and international financial institutions, with the aim of accelerating the procedures that… and I quote –
“It is implemented by the government in cooperation with the Central Bank towards achieving financial and banking reform”. ... It is all VERY GOOD news for us investors.
Iraq Ranks First With The Cheapest Gasoline Prices In The World
Energy Economy News _ Baghdad Iraq moved up one place in the list of the cheapest countries in the world with gasoline prices, reaching 13th place, while Iran topped the countries with the cheapest price, reaching $0.029 per liter.
Al-Eqtisad News reviewed data from the Global Petroleum Press website, which also showed that Libya came in second place with $0.031 per liter, then Venezuela with $0.035 per liter, and Kuwait came fourth with $0.341 per liter.
According to these data, Iraq ranked 13th with a price of $0.572 per liter, while Qatar ranked 14th with a price of $0.577 per liter, while Oman ranked 17th with a price of $0.621 per liter, while Colombia ranked 42nd with a price that reached $1.052 per litre.
Monaco And Hong Kong Ranked Last With The Cheapest Gasoline Prices In The World.
US President Joe Biden announced on Thursday his intent to nominate Tracy Ann Jacobson to be the US Ambassador to Iraq.
Biden said Jacobson would serve as one of the key leaders in his administration...No comments were provide on why Ms. Alina Romanowski leaving her post as US Ambassador to Iraq.
As investors we have a vested interest in the country's we-being...
[US Pentagon Official Statement about Iraq quote]
"Let me be clear, the HCM meeting is not a negotiation about the withdrawal of US forces from Iraq. The Untied States and the coalition are in Iraq at the invitation of the Iraqi government to fight ISIS. Our Iraqi partners have assured us of their commitment towards working together to shape this future on US military presence and the enduring defeat of ISIS."
The Dollar Fluctuates In The Iraqi Stock Exchanges.. And An Economist Shows: There Are 10 Influential People Who Control The Parallel Market
Posted On01-28-2024 By Sotaliraq
The dollar exchange rates throughout Iraq witnessed a slight decline and fluctuation at descending levels for a week, which left impressions on the Iraqi street and doubts about controlling the rise in the dollar exchange rates.
On Friday evening, the exchange rates of the US dollar remained near the level of 151,000 dinars per $100 note on the main stock exchanges in Baghdad, with slight differences in the offices of exchange companies from one region to another. While dollar prices recorded a decline in Baghdad yesterday, Thursday, on the Baghdad stock exchanges, recording 151,500 Iraqi dinars for every 100 dollars.
The Central Bank of Iraq has relied on the dollar auction for years, as one of the tools to adjust the exchange rate of the Iraqi dollar and prevent speculation in it.
However, with the arrival of the government of Prime Minister Muhammad Shia al-Sudani, financial revenues improved due to the significant rise in oil prices, and with the Russian-Ukrainian war entering its second year, a crisis emerged. The rise in dollar prices, which agitated all sectors of society and led to an unprecedented increase in commodity prices.
Creating a parallel market
Despite the fact that Iraq sells its oil smoothly to global markets, and receives its value in dollars. Then the journey of converting the dollar into the Iraqi dinar begins towards the local markets, but experts confirm that there is a depletion of hard currency, and it can be compensated for with more modern measures to preserve the value of the local currency and control the official price of the dollar.
Member of the Parliamentary Finance Committee, Mustafa Al-Karaawi, explains, “There is no official decline, according to the financial releases that occur.” Noting that, “If the dollar is available, its price will decrease, but if there are amendments to the procedures by the government, it will return to an increase.”
Al-Karaawi added in an exclusive interview with Al-Mada: “The Central Bank must be serious about implementing a plan to control the dollar exchange rate, as its plans have not yet reached the level of ambition.”
He continues, “If correct mechanisms are applied and the exchange outlets are controlled, as well as control over imported goods and foreign remittances, the government can control the exchange rate of the dollar, as it will have special uses, which will make there a lack of demand for the dollar.” Continuing his speech, he said, “The lack of an electronic system that facilitates the financial transfer process made companies and merchants resort to using the so-called (parallel market).”
Financial Currency Balance
Specialists confirmed that speculation occurs in the parallel market with the publication of inaccurate information that leads to raising or lowering the price of the dollar, and they pointed out that lowering the price moved the solid dollar among individuals and pushed them to sell it for fear of its continued decline.
While economic expert Abdul Salam Hassan explained, “The dollar will remain a moving market due to the lack of a stable basis for it.” Pointing out, “The hard currency in Iraq is unstable, and in the next few days the dollar exchange rate will return to rising, because we do not have a balance for the financial currency, and there is no definition of a correct mechanism for trading.”
Hassan added in his interview with (Al-Mada), “If I had 100,000 US dollars, through which I would be able to control the market, what about the influential people in the market who have many interests, as the number of these influential people does not exceed 10 people and they are the ones who control the currency market in Iraq?”
The economic expert continues his speech by saying, “The control of the parallel market over financial transactions in the country is due to the absence of a parallel market for it in the local currency, and this is what makes solutions non-existent. We, as specialists, have been given a fixed mechanism for Iraqi financial liquidity through which the dollar exchange rate is controlled, and the exchange rate of the dollar has been determined.” A date to consider this proposal by the Council of Ministers, but private interests are the ones who created the parallel market that destroyed the country’s economy.”
It is noteworthy that for more than a year, and specifically since the start of the Central Bank’s work on the electronic platform and the international financial transfer system “SWIFT”, the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets. LINK
“IT WAS MUCH MORE THAN THAT… AND THIS WAS MAINLY DUE TO THE CONTRACTS SUDANI SIGNED IN 2023.”…………F26
The Credit Bank of Iraq achieves a profit of 17.5 billion dinars during the year 2023
1/26/2024
The Credit Bank of Iraq achieved a profit of 17.5 billion dinars during the year 2023.
The bank announced its financial budget for the year 2023. Its assets rose to 507.7 billion dinars, while it was 406.7 billion dinars in the year 2022, a growth rate of 24.8%.
The bank’s revenues amounted to 27.1 billion dinars, divided into 18.3 billion dinars resulting from banking interest revenues and 3.7 billion dinars through banking commission revenues, in addition to revenues from the dollar and capital platform.
The bank’s profits grew by 63.5% during the year 2023 compared to the year 2022, which reached 10.7 billion dinars. LINK