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Ariel
@Prolotario1
Quick Update – J.P. Morgan Selected to Run New Trade Bank in Iraq
Operating the bank the Trade Bank of Iraq will give banks access to the financial system of Iraq. Which has huge oil reserves foreign bank companies have not operated in the country since a policy of nationalization in the 1950’s and 1960’s.
What this means is that once Iraq join the Forex market, facilitated by increased foreign banking participation, it could potentially lead to a more streamlined process for currency exchanges.
This could benefit individuals holding IQD in America, providing them with more accessible channels for converting IQD into USD.
Since JP Morgan Chase is the leading bank. Iraq’s engagement with Western banks, facilitated by J.P. Morgan, will contribute to its increased integration into the global economy.
This integration’s positive effects on currency exchange mechanisms, will make it more seamless for individuals holding IQD. Iraq’s oil reserves make it an attractive market.
J.P. Morgan’s role could pave the way for Western banks to participate in financing projects related to Iraq’s oil industry and other sectors, fostering economic growth. Which will assist with the Oil & Gas Law/HCL. Which the citizens have been asking for.
Western banks, including J.P. Morgan, could provide financial support for the development of oil infrastructure projects in Iraq. This could include funding for exploration, drilling, production facilities, and transportation infrastructure.
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So this development for Iraq is very important. I mean a report came out that 235 ATMs to be installed in Erbil. The infrastructure is intended to enable Kurdistan Regional Government (KRG) civil servants to receive their salaries electronically. About 80 service centers will be installed in Erbil to accommodate approximately 235 ATMs from various banks. This is monumental considering what Al-Alaq stated in regards to the monetary reform and the parallel market they he said would end very soon. Which implies there will only be one exchange rate. The black market rate will fade away. Which will give Iraqis purchasing power.
5:28 PM · Jan 31, 2024
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