For the first time, dollarization decreased by 20% in Iraqi markets
The Chamber of Commerce supported a 20% decline in dollarization in Iraqi markets by 2024.
Muhammad Al-Tamimi, the chairman of the Diyala Chamber of Commerce, stated in an interview that “the dollar has turned into the most important trading currency and has the most influence in setting price rules in Iraqi markets.” In recent years, as a result of long-standing blunders and accumulations.”
He continued, “The variables of dealing with the parallel market and aiming to regulate the phenomena of dollarization in Iraqi markets have begun to succeed in reversing the trend towards the dinar, resulting in a 20% decrease in dollarization in the markets by 2024. This is a highly critical issue. Its most notable consequences are the relative stability of the currency rate notwithstanding an increase in international commerce.
He stated that “increasing electronic transactions in exchange for state services is extremely important.” It will help to increase the state’s cash balance and provide more flexibility in paying wages, loans, and funding investment projects.
Dollarization refers to the usage of the US dollar to pay internal trade dues rather than the dinar.
...I feel like we're making the final turn on the track. We're getting ready - We're in the homestretch before we cross the finish line..
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On Mon. 11 March Admiral Bob was told by the US Treasury that he had the Green Light and to get out notifications to set appointments to his group. Tier4b (us, the Internet Group) was also supposed to be notified
today Tues. 12 March and start exchanges tomorrow Wed. 13 March but there came up a situation where the IRS was trying to find a way to tax the money.
That situation was shut down, but it delayed the process for 24 hours. Tier4b should expect to receive notification to set redemption appointments any time from 8pm EST Tues. 12 March to noon on Wed. 13 March and should be exchanging by Wed. 13 March afternoon-evening.
A committee announces that the investment law will soon be presented to the Presidency of Parliament
Today, Saturday, the Parliamentary Investment Committee finalized the Industrial Investment Law in order to deliver it to the House of Representatives’ Presidency and place it on the schedule for its first reading.
Hussein Al-Sabari, Vice Chairman of the Committee, stated, “The committee has put the final touches on submitting the draft industrial investment law and including it for the first reading because of its importance to the country’s investment movement.”
He continued, “All controversial points have been removed,” and emphasized that “the draft law will be presented as soon as possible after all legislative procedures are completed.”
He stated that “the committee has developed a new plan to advance the industrial situation.”
...the Chairman of the Finance Committee stressed, and I quote: “the importance of following up on the economic file and monetary policy, based on the supervisory aspect, and finding appropriate solutions to the obstacles facing the work of the Central Bank.”
What they are basically telling the CBI is to follow up and move more aggressively on this issue of increasing the value of the dinar...I believe there is enormous pressure to get the dinar revalued and conduct the 3 zero note changeout (The Project to Delete the Zeros.
There are many who want to force the reinstatement which is like me telling you that on March 19th (first day of Spring) suddenly overnight everything will change and wamoo we will have spring.
But we all know it doesn’t work this way and so we must make this logical analogy / comparison to our investment the RV. Just like mother nature has a plan for spring the CBI too has a plan and it takes time to execute it
Shafaq News / The Minister of Electricity Ziyad Ali Fadhel, announced on Friday that the first phase of the Iraqi-Jordanian electricity linkage is nearing completion and is expected to be operational in the coming days.
According to a brief statement from the Ministry of Electricity's media office, Minister Fadhel confirmed that "in the coming days, the first phase of the Iraqi-Jordanian electrical interconnection will be activated for the benefit of the western al-Anbar region."
He added that efforts are underway to complete the Iraqi-Gulf electrical interconnection.
On February 11, 2024, Jordan and Iraq signed the first amendment to the electricity supply contract to provide the Iraqi side with electricity at 132 kilovolts to supply the loads of the Rutba region, estimated at 40 megawatts.
The document was signed by the Jordanian side, represented by the Director-General of the National Electric Power Company, Amjad al-Rawashdeh, and by the Iraqi side, represented by the Acting Director-General of the General Company for Electricity Transmission/ Central Region, Riyadh Aribi, in the presence of officials from both parties.
Al-Rawashdeh stated that "the agreement comes within the aspirations of both the Jordanian and Iraqi sides to start establishing the joint synchronous electrical interconnection, which will contribute to enhancing the exchange of electrical energy and stabilizing the electrical systems in both sides. This will be a key part of the future Arab energy market."
He added, "We have now completed all the technical procedures for the first phase, and the Iraqi side is ready to receive electricity. Work is underway to complete some banking procedures between the parties in preparation for starting to supply the Iraqi side with about 40 megawatts in the first phase, while work is currently underway to prepare for the second phase, expected to be completed in the third quarter of the current year."
Al-Rawashdeh continued, stating that "after the completion of the second phase, the total capacity to be provided to Iraq will be approximately 150-200 megawatts, and with the development of interconnection stages in the medium term, the supply capacity could reach 500 megawatts."
Notably, Iraq's electricity supply faces substantial challenges stemming from years of neglect, underinvestment, and conflict-induced damage to infrastructure.
The country's power grid struggles to meet demand, particularly during peak periods exacerbated by soaring temperatures.
Dependence on electricity imports from neighboring countries like Iran and Turkey further complicates the situation, leaving Iraq vulnerable to geopolitical tensions and supply disruptions.
Efforts to address these challenges include government initiatives aimed at upgrading infrastructure, constructing new power plants, and improving efficiency.
However, progress is hindered by ongoing political instability, corruption, and economic constraints.
Despite these obstacles, there are opportunities for investment in renewable energy projects and modernizing existing infrastructure.
Achieving a stable and reliable electricity supply in Iraq requires sustained investment, effective governance, and resolution of political and economic challenges.
