CBI Media Office Updates.

[Luigi1]

Here's some articles of Dinarian interests...

Direct From The SANDBOX Report.

CBI The Digital Dinar Project: Under Implementation.

Treat as rumors.  Not verified.  Your opine.

 

 

FROM IRAQI SOURCES:   CBI Discusses The Digital Dinar Project: Under Implementation.

ARTICLE:  The CBI revealed on Tuesday assurances regarding the banking reform plan in the country, while confirming that the digital Dinar project is underway.

 

A statement from the bank said, "During a session attended by a select group of experts & specialists, the Gov of the CBI, Ali Mohsen Al-Alaq, presented a comprehensive overview of the course of banking reforms & upcoming structural plans," stressing that rebuilding the banking sector represents the main pillar of the bank's work at the present stage.

 

He explained that "the contract with Oliver Wyman (O&W) came after the ban on dealing in Dollars imposed on a number of Iraqi banks, with the aim of implementing deep and comprehensive reforms that ensure the banking institutions' compliance with int'l standards" revealing that "there are assurances regarding the return of those banks to the normal environment after the completion of the required reform stages."

 

The gov explained that "all Iraqi banks have signed the reform document," stressing that compliant banks will be granted the ability to deal in other currencies in gradual steps, noting that international bodies are closely monitoring the progress of work on the banking reform file.

 

Regarding digital transformation, he confirmed that the digital Dinar project is underway, but it requires time & integrated infrastructure to ensure its optimal launch.

 

The CBI Gov reiterated his commitment to maintaining overall price stability by keeping inflation at low levels through the stability of the official ER, which is a major success for monetary policy.  He pointed out that reducing the Dinar's ER has negative repercussions on this stability, harms broad segments of citizens with limited income & weakens confidence in the nat'l currency.

 

He stressed the need to avoid using the ER as a tool to address the structural deficit, which requires structural reforms aimed at maximizing local revenues with their vast & lost opportunities, controlling expenditures, diversifying the economy & supporting the government’s directions in this regard, according to the bank’s statement.       CBI Media Office.

 

ISX Traded Shares Worth 8 Billion Dinars In One Week.
ARTICLE:  The Iraq Stock Exchange announced on Tuesday that shares worth more than 8 billion Dnars were traded during the past week.

The market said in a report seen by Al-Eqtisad News that "the number of companies whose shares were traded during the past week reached 64 joint-stock companies, while the shares of 30 companies were not traded due to the lack of matching purchase orders with sell orders, while 10 companies continue to be suspended for not providing disclosure out of 104 companies listed on the market."

He added that "the number of shares traded amounted to 13 billion, 746 million & 87 thousand shares, a decrease of 54% compared to the previous week, with a financial value of 8 billion, 751 million & 644 thousand Dinars, an increase of 0.49% compared to the previous week, through the execution of 4685 transactions," noting that "the ISX60 index of traded prices closed at 952.03 points, recording a decrease of 1.34% compared to its closing in the previous session."

He noted that “the number of shares purchased by non-Iraqi investors last week amounted to 112 million shares with a financial value of 220 million Dinars through the execution of 64 transactions, while the number of shares sold by non-Iraqi investors amounted to 76 million shares with a financial value of 161 million dinars through the execution of 89 transactions.”

It is worth noting that the Iraq Stock Exchange holds five trading sessions weekly from Sunday to Thursday & lists 104 Iraqi joint-stock companies representing the banking, communications, industry, agriculture, insurance, financial investment, tourism, hotels & services sectors. 

CBI Media Office.  

 

Basra Crude Oil Prices Rise As Global Oil Prices Climb.

ARTICLE:  Basra crude oil prices, both heavy & medium, rose in line with the increase in global oil prices.

 

Basra Heavy crude rose 43 cents, or 0.73%, to $60.77, while Basra Medium crude rose 43 cents, or 0.69%, to $62.52.

Oil prices rose in early trading for the 2nd consecutive session as market participants assessed the risks stemming from Ukrainian drone attacks on Russian energy facilities, as well as escalating tensions between the US & Venezuela.  

 

Gold Prices Stable In Baghdad.

ARTICLE:  Gold Prices, Both Foreign & Iraqi, Remained Stable In Baghdad's Local Markets.  

 

In the wholesale markets on Al-Nahr Street, the selling price of one mithqal (approximately 4.5 grams) of 21-karat gold from the Gulf, Turkey & Europe was 850,000 Iraqi Dinars, while the buying price was 846,000 Dinars – the same prices as yesterday.

 

The selling price of one mithqal of 21-karat Iraqi gold was 820,000 Dinars & the buying price was 816,000 Dinars.

In jewelry shops, the selling price of one mithqal of 21-karat Gulf gold ranged between 850,000& 860,000 Dinars, while the price of one mithqal of Iraqi gold ranged between 820,000 & 830,000 Dinars.

 

The UN Praises The Honorable End Of Its Mission In Iraq.

ARTICLE:  The head of the United Nations Assistance Mission for Iraq (UNAMI), which will leave the country at the end of December after a mission that lasted more than 20 years, praised on Tuesday a "new chapter" for an Iraq that "owns its own destiny."

At Baghdad’s request, the UN Security Council decided in May 2024 to extend the mandate of the mission that has been in the country since 2003, following the US-British military intervention & the fall of Saddam Hussein, for a final period until December 31, 2025.

 

 

[screwball]

7 hours ago, Luigi1 said:

The UN Praises The Honorable End Of Its Mission In Iraq.

ARTICLE:  The head of the United Nations Assistance Mission for Iraq (UNAMI), which will leave the country at the end of December after a mission that lasted more than 20 years, praised on Tuesday a "new chapter" for an Iraq that "owns its own destiny."

new destiny hopefully with new rate...

[Artitech]

Does anyone know if we can convert our hard currency into digital currency? Or is this a smart move or bad idea. Just asking!

[Luigi1]

45 minutes ago, Artitech said:

Does anyone know if we can convert our hard currency into digital currency? Or is this a smart move or bad idea. Just asking!

 

There will always be a need for hard currency or paper money in some daily transactions.

 

Hard currency & digital will co-exist together at least for the time being & then paper will be phased out at some specified date further down the road.   

 

Monies left in bank accounts, IRA, 401K other investments will be automatically converted to asset backed digital.

 

We will be given a given amount of time to convert hard currencies outside the banking system such as under the mattress, in safety deposit boxes & home safes.

 

No worries...we won't lose a thing.   IMHO.