KTFA:

Economist: The Dollar Exchange Rate Will Not Return To Its Previous Era Due To International Obligations

27th June, 2022

The economic affairs specialist, Muhammad Attia Al-Saadi, ruled out the return of the dollar exchange rate to its previous era, pointing out that there are reasons related to Iraq's obligations with the World Bank regarding this matter.

Al-Saadi told Al-Maalouma, "The dollar exchange rate set by the government is very unlikely to return to the previous figure set at 1800 dinars to the dollar."

He added that "the promises made by some political parties and blocs will collide with Iraq's commitments to the agreements of the World Bank," stressing that "the agreement to raise the exchange rate came in accordance with agreements with international organizations and dictates imposed by international institutions in exchange for supporting Iraq with loans."

He pointed out the importance of the next new government working on preparing a comprehensive economic and development plan that would reduce the poverty rate and move the wheels of the private sector by activating investments and benefiting from the great financial abundance that was achieved due to the rise in global oil prices.    LINK

Wagmaster:  This does not sound good.  Fake news?  Please, input is wanted.

IAM: Stated specifically:  Al-Saadi told Al-Maalouma, "The dollar exchange rate set by the government is very unlikely to return to the previous figure set at 1800 dinars to the dollar.    1800 dinars to the dollar is not what we want anyway.

Tivon:  Right, the rate is literally 0.00. Commonsense would or should imply that the reinstatement would not come out that way. We know based off of the hard currency reserves that Iraq can come out the gate with at least .86 or higher. IMO

MilitiaMan:   Of course they are not going to return to the previous figure set on (1180) imo.. There were / are timelines on the devaluation that were to be short lived. What they will do is bring purchase power to the citizens and (1180) is not it.  They have not come this far in the international arena with the AYSCUDA, BUNA, WTO, E-Gov, E- Banking, 14.6 million electronic cards, advanced ATMS, etc., to be allowed to go international with out a REER.. imo ~ MM  (Real Effective Exchange Rate)

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Samson:  Interior Minister : We continue our quest to move permanently to electronic work instead of paper

27th June, 2022

Interior Minister Othman Al-Ghanimi affirmed, today, Monday, the quest to move permanently to electronic work instead of paper to keep pace with global development.

Al-Ghanimi said in a statement received by the Iraqi News Agency (INA): "The planned work, according to solid scientific foundations, will certainly have positive results."

He continued, "We look with appreciation at the continuous series of achievements by the Directorate of Civil Status, Passports and Residence, after it worked to open the new building of the National Card Department in Al-Madina District, Basra Governorate."

He stressed, "We will continue our endeavor to move permanently from electronic work instead of paper to keep pace with global development," noting: "We are present in all security and service fields."  

MilitiaMan:  There you go. The interior minister is present in all security and service fields electronically. Likely to be able to communicate with the AYSCUDA System.. There are no coincidences.. Not a theory imo ~ MM

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Samson:  The second American oil company to withdraw from Kurdistan after the decision of the Federal Court

27th June, 2022

The American company Schlumberger Oil Field Services announced, on Monday, its withdrawal from the Kurdistan region, in compliance with the decision of the Federal Court

The official news agency quoted "responsible sources" as saying that "the American company Schlumberger sent a letter with an official document to the Iraqi Oil Ministry in its commitment to Federal Court Decision No. 59, which includes not dealing with the Kurdistan region regarding the oil file

 Earlier, the American company "Baker Hughes", the global giant in the field of oil field services, announced its withdrawal from the Kurdistan region in compliance with the decision of the Federal Court    LINK

MilitiaMan:  Looks like the federal court ruling is being implemented, hence, the large players are respecting that now.. Another sign of progress at a time when the EFSL, and other emergency meetings took place on the back of the the Tehran and Riyadh talks being held. What else are they about to tell us? ~ MM 

Samson:  Association of Banks: More than 14.9 million bank cards in Iraq

27th June, 2022

The Association of Iraqi Private Banks announced that the percentage of users of electronic payment tools in Iraq has increased, confirming that there are more than 14.9 million active bank cards

The Executive Director of the Association, Ali Tariq, said in a statement, "The policy of the Central Bank of Iraq is working to increase electronic payment tools, which contributes to increasing confidence between the citizen and the banking sector, in addition to raising the percentage of financial inclusion

He added, "The year 2021 witnessed a growth in bank cards by 26.87%, as the total number of activated cards owned by citizens amounted to 14.9 million cards of all kinds, in addition to the presence of 2.1 million active mobile payment wallets. He stressed that "there are 1,566 ATMs spread throughout Iraq, until the end of the year 2021, in addition to the presence of more than 14.7 thousand financial payment points and more than 8.3 thousand electronic payment points

He explained, "The activation of bank cards and the dissemination of electronic payment tools will contribute to facilitating the payment process when purchasing from inside and outside Iraq, in addition to reducing dependence on banknotes and increasing the volume of electronic commerce in Iraq, which contributes to achieving greater revenues for merchants, regulating and reducing losses in electronic commerce  LINK

MilitiaMan:  They have close to 50% saturation in the country from the looks of it for cards in the hands of the citizens. They have been telling us all about the new ATMs lately too. The advanced ATMs that can not decipher multiple currencies and at varied exchange rates. They can recycle cash as well. This is more education and support that they are geared for internationalism. imo ! MM

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Samson:  The Central Bank announces that the Iraqi gold reserves have risen to more than 130 tons

06/27/2022 17:03:39

 The Central Bank of Iraq announced today, Monday, that Iraq has advanced ten ranks in the table of the most countries in gold reserves, bringing its total possessions to (130.39) tons, ranked thirty in the world and fourth in the Arab world.

And the bank confirmed in a statement that {Al-Furat News} received a copy of it: “The purchase of new quantities of gold amounting to approximately (34) tons, an increase of 35% over what was in its possession, and this increase came within the framework of the Central Bank’s strategy to manage its assets, including It achieves the highest levels of stability and ability to face local and international economic changes.

It is noteworthy that gold is one of the most important assets held by central banks and international financial institutions, and a safe haven in conditions of uncertainty, due to its acceptance at the international level.   LINK

DeepWoodz:  Imo   HUGE step towards backing up a new currency. But what do I know.

Tivon:  This is my favorite quote below when they mentioned that the reserves are prepared to protect against local & international changes! Consider what that means when you think about the 100 deputies signing on to follow through on what Al-Kazemi requested of them in the earliest session. Mazhar Saleh (Financial Advisor) said that they can maintain the purchasing power that will result from the reinstatement because of their reserves a month or so  ago. IMO

And the bank confirmed in a statement that {Al-Furat News} received a copy of it: “The purchase of new quantities of gold amounting to approximately (34) tons, an increase of 35% over what was in its possession, and this increase came within the framework of the Central Bank’s strategy to manage its assets, including It achieves the highest levels of stability and ability to face local and international economic changes.