KFTA – More News, Rumors and Opinions Tuesday Afternoon 12-5-2023


Government source: Starting to implement the banking arrangements agreement with Türkiye


A government source reported today, Tuesday, that the implementation of the banking arrangements agreement with Turkey began last Sunday.

The source told Al-Furat News Agency, “The Central Bank has reinforced tens of millions of euros as an initial payment to cover retailers’ imports from Turkey.”

He added, “This came through Iraqi merchants paying in Iraqi dinars and the Central Bank strengthening them in euros.”

He pointed out that “after that, settlement will be made with Turkish merchants in Turkish lira.”

On the second of this month, the Central Bank of Iraq announced the agreement to make arrangements between Iraqi banks and their Turkish counterparts through intermediary banks.
He pointed out that “the agreement stipulated the organization of trade exchange for small merchants and retailers (dinar against euro or Turkish lira) according to arrangements with remittances.”

 It is grouped according to a commercial organization that guarantees the integrated cycle of the commercial process (deposit in dinars inside Iraq, payment in euros or lira in Turkey to ship goods from Turkey to Iraq).”   LINK


Clare:  Zain Cash relaunches the “Western Union” service

 12/4/2023  Baghdad

Zain Cash announced, on Monday, the resumption of the Western Union service after making some amendments to it.

The company said in a statement received by Al-Eqtisad News, “In light of the rapid development in the world of financial transfers and a renewal of the company’s commitment to providing safe and reliable services to its customers, Zain Cash has relaunched the Western Union service after updating and developing it,” noting that “ The customer verification feature has been added via 3D scanning technology, which is considered one of the latest innovations in the field of digital security.”

According to the statement, the company warned “against pages that claim to activate the service in exchange for providing them with your personal account information,” stressing that “the Western Union service will be activated for all customers gradually and will not require the customer to provide us with any information or documents.”   LINK


Courtesy of Dinar Guru   https://www.dinarguru.com/

Militia Man  World Bank Article…the part here I like the most:  “...an expected influx of imports driven by the dinar revaluation and the significant increase in government expenditures…”  If you think about this for a minute if they give the citizens purchasing power are they not going to drive up an influx of imports because everybody has a little bit more money to maybe buy a new car, carpets, paint their house, build an addition to their home.  They’re going to have that extra money for those kids…The World Bank has an expectation of influx of imports due to what?  ‘…Driven by the dinar revaluation…

Frank26   [Iraq boots-on-the-ground report]   FIREFLY: TV says we are moving towards monetary sovereignty.  FRANK:  The reason they tell you this is because it’s moving towards a monetary sovereign national currency that will replace the 3-zero notes that are worthless and also replace the American dollar…They’re not hiding anything.  It’s not a secret.  Everything is out in the open…


Tishwash:  Iraq offers 90 investment opportunities in petrochemicals and mining

The majority of experts and observers agree that two internal and external factors are behind the disruption of the wheel of local Iraqi industry, despite successive governments pumping millions of dollars over the past years without a noticeable improvement at the market level. A few days ago, the Ministry of Industry and Minerals launched the Industrial Partnerships Forum in Basra in the presence of Prime Minister Muhammad al-Sudani, as part of a plan to operate the ministry’s factories and laboratories. 

The ministry’s media director, Duha Muhammad Saleh, explained to “Al-Sabah” that “the forum comes within the ministry’s plan to operate old and stopped factories,” adding that “most of the factories have stopped due to the end of their lifespan, and we plan for these factories to enter into partnership with the private sector and with local successful investors.” Or Arabs or foreigners.”

Saleh explained that “during the forum, about 90 investment opportunities were presented in the presence of many investing companies and various industries, including food, textiles, petrochemicals and mining,” noting that “the Ministry had previously organized a conference for factories during which many partnerships were signed with the private sector in the phosphate and petrochemical sectors.” Sulfur and fertilizers, and the Ministry continues to study the offers to choose the best and most appropriate to bring modern and advanced lines and factories.”  link


From Recaps Archives:

For Dinar – What you will see on Forex or CBI WHEN IT RVs

$ RATE = What you will see on Forex or CBI
$ .86 = 1.162
$ 1.00 = 1.000
$1.17 = 0.854
$1.86 = 0.537
$2.00 = 0.500
$2.50 = 0.400
$3.00 = 0.333
$3.22 = 0.310
$3.46 = 0.289
$3.50 = 0.285
$3.86 = 0.259
$4.00 = 0.250
$4.10 = 0.243
$4.40 = 0.227
$5.00 = 0.200
$5.25 = 0.190
$5.50 = 0.181
$6.00 = 0.166
$7.00 = 0142
$8.00 = 0.125
$8.25 = .0121
$8.50 = .0117
$9.00 = 0.111