Tuesday, February 20, 2024
Central Bank: More than 30 Islamic banks operate in Iraq and their growth is accelerating, 21 FEB
Central Bank: More than 30 Islamic banks operate in Iraq and their growth is accelerating
Shafaq News/ The Central Bank of Iraq announced, today, Tuesday, that the number of Islamic banks in Iraq exceeded 30 banks, while the Iraqi Banks Association indicated that it is working under the supervision and instructions of the Central Bank to develop the banking sector despite the economic challenges and difficulties that Iraq is suffering from.
Deputy Governor of the Central Bank of Iraq, Ammar Hamad, said during a speech about governance and compliance in Islamic financial institutions, which was attended by Shafaq News Agency; “Islamic banks have begun to grow very significantly in the world as well as in Iraq. There are more than 30 Islamic banks in Iraq, and there is an opportunity for an increasing market boom for Islamic banks.”
He added, “Governance in banks is considered a basic starting language for financial institutions, and Iraq, since last year, has been interested in the issue of international standards and laws issued by the Central Bank of Iraq,” noting that “banks have witnessed great openness in order to avoid international or local sanctions from the Central Bank of Iraq.”
For his part, Chairman of the General Council of Islamic Banks and Financial Institutions, Abdel Ilah Belatiq, said during his speech at the conference attended by Shafaq News Agency: “The Council is an international organization that represents Islamic banks around the world and currently includes 140 Islamic financial institutions in 37 countries in the world.”
He added, “The Council’s role is pivotal in supporting Islamic financial banking across the world and tracking developments in the global financial sector,” noting that “one of the most important goals the Council is working on is the role of Islamic banks and keeping pace with the latest developments and digital transformations.”
In turn, Vice President of the Iraqi Banks Association, Samir Al-Nusairi, said during a speech attended by Shafaq News Agency, “Iraqi banks have proven their ability and national positions during the last period in confronting economic challenges and maintaining communication and commitment to the instructions of the Central Bank of Iraq, which focused on economic initiatives, trade regulation, and the transition from a cash economy to a digital one.” In accordance with international and banking standards.
He added, “The Iraqi Banks Association is working under the supervision and instructions of the Central Bank to develop the banking sector and financing projects and create an appropriate environment despite the economic challenges and difficulties that Iraq is dealing with.”
shafaq.com
"RV UPDATE" BY MARKZ, 21 FEB
MarkZ
[via PDK] something interesting from a whale… a couple of “Currency Whales” have exchange appointments in March. It may be they are setting appointments for after the event (Reset?) But it is interesting and these whales are not under NDA’s yet. I have heard from 3 of those right now. These whales have spent hundreds of thousands on currencies…one of them has spent millions.
Article: “Minister of Finance of the World Bank –The Government is determined to reform Iraqi Monetary policies” A lot coming out about all the policies of financial reform and restoring the rate of the dinar.
After canceling the electronic platform…the Central Bank reveals the mechanism for financing foreign trade, 21 FEB
Al-Sumaria News – Economy
The Central Bank of Iraq revealed, today, Tuesday, the mechanism for financing foreign trade after canceling the electronic platform and the currency auction, which the Central Bank intends to implement soon.
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in an interview with Al-Sumaria, “The Central Bank of Iraq is heading to cancel the work of the electronic platform and the currency auction soon.”
He explained that “the banks will be responsible for financing foreign trade directly through the dollars they own, and they will be fully responsible.” About auditing invoices and transfers, which is the practice globally.”
With this step, the Central Bank of Iraq intends to “withdraw itself” from the process of financing foreign trade and make the process limited to banks inside Iraq, and to American correspondent banks, which will undertake to finance the requests of these banks among themselves after reviewing the private documents, and for the Central Bank of Iraq not to enter as a party in this matter. the case.
alsumaria.tv
"RV UPDATE" BY GOLDILOCKS, 21 FEB
GOLDILOCKS
Good Evening Dinar Recaps,
* At 12:00 EST, the vote for Protocol 20 will begin. *
The merger of Protocol 20 completes the Quantum System upgrade from Protocol 19 to Protocol 20.
There is a chance that a volatility event could happen during this time as our tokenized assets move into real values on the new Quantum Financial system.
During this transfer of assets, traditional assets are being tokenized and supported by commodities.
This will help our markets and banking system work with real-world values as they synchronize into one another. Stellar
© Goldilocks
The Central Bank of Iraq hosts a technical workshop for the General Council of Islamic Banks and Financial Institutions, 21 FEB
The Central Bank of Iraq hosts a technical workshop for the General Council of Islamic Banks and Financial Institutions
The Central Bank of Iraq hosted a technical workshop on governance and compliance in Islamic banks and financial institutions, organized by the General Council of Islamic Banks and Financial Institutions.
The workshop, which was attended by a number of representatives of Islamic banks and financial institutions, regulatory bodies and supervisory authorities, and international organizations, discussed governance and compliance in Islamic banks and financial institutions, supervisory methodologies for continuity and development after crises, challenges of governance and compliance in Islamic finance, as well as risk management practices.
The workshop saw the work program carefully designed to integrate theoretical frameworks with practical applications in the field of governance, compliance and risk management to ensure maximum benefit for participants.
For his part, Deputy Governor of the Central Bank of Iraq, Dr. Ammar Hamad Khalaf, stressed that the success of the workshop underscores the growing importance of Islamic finance in Iraq, considering that “hosting this workshop reflects our fruitful cooperation with the General Council in order to encourage best practices for governance and compliance within Islamic financial institutions.” in Iraq”.
In turn, the Secretary-General of the General Council, Dr. Abdul-Ilah Belatiq, said, “Through this distinguished initiative, we reflect the joint commitment between the General Council and the Central Bank of Iraq in developing the principles of governance and compliance in the Islamic financial industry,” looking forward to “more cooperation and constructive work to strengthen and develop the financial industry.” Islam in the region.
Central Bank of Iraq
Information Office
20 – February – 2024
cbi.iq/news/view/2516
Evening News with MarkZ. 02/20/2024
"RV UPDATE" BY JEFF, 20 FEB
Jeff
Article: "Al-Sudani reveals the intention to end the political role of the United Nations mission in Iraq" Do you notice how they're talking about removing the remaining US coalition forces and the United Nations together at the same time? That's because Iraq's going international. The UN has chapter VII sanctions on Iraq and the US has OFAC sanctions on Iraq... Both parties need to remove their sanctions off of Iraq... They're discussing doing both steps simultaneously at the same time. Not coincidence. It's because Iraq's preparing to revalue and go international.
Article: "Sudanese Advisor: Iraq is on the cusp of a transitional stage in the development of promising economies globally" Yeah, because they're about to revalue and go international...It is right in front of our faces...It's almost here. They needed the first quarter to prepare for it after achieving stability from the December elections. March is critical to us...Specialist: Iraq's economic environment is qualified to attract international and Arab banks, 20 FEB
Specialist: Iraq's economic environment is qualified to attract international and Arab banks
Baghdad Today - Baghdad
Economist and professor of financial economics at the University of Baghdad, Humam Al-Shamma, confirmed on Monday (February 19, 2024) that Iraq's economic environment is qualified to attract international and Arab banks.
Shamma said, for "Baghdad Today", that "Iraq and its economic, even security and political environment is ready to attract international and Arab banks," considering that "this is an important step in order to develop the banking sector in Iraq, whether governmental or private, especially since there are international banks currently operating in Iraq. "
He stressed that "the work of any bank, even if it is global, must be in accordance with compliance with international standards in financial transfers, and any bank that violates this exposes itself to sanctions, whether the United States or even by the Central Bank of Iraq."
He pointed out that "attracting international banks should not be limited to countries alone, but must be inclusive without any discrimination, and this is applicable in all developed countries of the world."
Talk of attracting banks from outside the country comes with the continued ban of many Iraqi banks from dealing in dollars as a result of non-compliance with the controls of the Central Bank and the US Federal Bank.
"RV UPDATE" BY MILITIAMAN, 20 FEB
Militia Man
Article: "Government advisor: Iraq is on the cusp of a transitional stage in the development of promising economies globally" Is this the major announcement or a lead into one, that Salih told us about? If it isn't an announcement it surely is a good lead into one...Awesome news indeed.. International ships arriving, partnering with the private sector, integration with the global economy, compliance with with international standards. Surely we can all see the writing on the wall.. Yep.. Powerful.. imo
One of the things that's important is what we didn't have in the past was banks talking to us at the length that they are now...
Article quote "...Iraq will return to being a strong economic player." If they're not a strong economic player at 1310 why would they be tomorrow? ...Iraq's not going to go international until they show us a Real Effective Exchange Rate. I'm looking forward to it. I think it's going to be powerful.[Mr. IT Guy Bank Story]
My brother asked [JP Morgan Wealth Manager] whether he could bypass the US dollar and exchange straight from the IQD to gold and silver and the private banker said he didn't know but he would find out and call him back.
MILITIA MAN: My understanding is that is possible...I have been told some time ago by more than one source that if the currency is traded on the FX...an international acceptable foreign exchange currency...they'll take that currency in exchange for precious metals.
My wife and I...were looking for a Chase branch that had JP Morgan Wealth Management printed on the door as well as Chase...I'm in a large metropolitan area...We found one near us...My brother took it upon himself to call the branch yesterday. He specifically asked for a private banker...My brother asked him if they exchange foreign currencies and if he was aware of the Iraqi revalue of their currency.
The private banker said yes he was and that they would be exchanging at that location...and names and numbers he's taking will get priority over anybody else that calls or walks in after the revalue..
As soon as it hits Forex he's going to start making phone calls...He told my brother they were expecting a number of people to be coming in and were preparing for that, a bunch of new people with wealth is...exactly what he told my brother...They're planning on having police officers available at the location for those customs that are planning on leaving the establishment with large sums of cash...
MILITIA MAN: ...Is it a coincidence that this expert came out tonight and talked about deletion of the zeros? We're going to find out. It's pretty interesting stuff.
https://dinarevaluation.blogspot.com/2024/02/complete-mr-it-guy-bank-story-by.html
Remarkable progress in two years. Iraq moves from recovery to development (details), 20 FEB
Remarkable progress in two years. Iraq moves from recovery to development (details)
Baghdad Today - Baghdad
Today, Tuesday (February 20, 2024), the Parliamentary Economy and Industry Committee commented on Iraq's transition from the recovery stage to the development stage during the current and future period.
Ruqaya al-Nouri, a member of the committee, told Baghdad Today that "Iraq over the past years was going through a recovery phase due to the difficult security conditions it went through, especially during the period of occupation of the terrorist organization ISIS and after the liberation operations, and the advancement of the country's reality needed efforts and a long time."
Al-Nouri added that "Iraq is currently past the recovery stage and has entered the stage of development at various levels, especially with regard to the service and urban aspect and many others," stressing that "there is great government interest in developing all banking and service sectors, and Iraq during the next two years will witness a remarkable and significant development in various aspects."
Since taking office in October 2022, Iraqi Prime Minister Mohammed Shia al-Sudani has achieved a record number of policy achievements. The "service government," which he heads, has completed a range of projects including the construction of roads, highways and hospitals, the signing of multibillion-dollar agreements to ensure energy independence, the completion of a deal with Tehran to swap gas for oil So that Iraqis can withstand the sweltering heat in summer when temperatures reach 50 degrees Celsius, and work with the government to pass the federal budget for three years.
"RV UPDATE" BY MNT GOAT, 20 FEB
Mnt Goat
I will tell everyone who has been in this speculative investment for a long time, this couldn’t be a worst time to sell your dinar. I compare it to a severe storm. You must have the guts to weather the storm... when the storm finally does really end, it’s over and done and then you move on to a better life knowing you weathered the storm and received the blessings that come afterwards. The rewards are great.
Question: We all have like 25000 dinar notes after the 2 extra zeros are gone and we can go to FOREX will we have any problems cashing them in at the new FOREX rate after the month is over?
Mnt Goat: So, there is no time period set for exchanging our dinars outside of Iraq. However, having said this, we must refer back to Dr Shabibi’s media news interview years ago when he said in about 10 years after the reinstatement the CBI would null and void these 3 zero (not 2 zero) notes that we hold...
Iraq and Egypt discuss ways to strengthen relations between the two countries in the oil and energy sector, 20 FEB
Iraq and Egypt discuss ways to strengthen relations between the two countries in the oil and energy sector
Baghdad / Nina / Deputy Prime Minister for Energy Affairs and Minister of Oil Hayyan Abdul Ghani discussed with the Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt Tariq Al-Mulla ways to strengthen relations between the two brotherly countries in the oil and energy sector.
According to a statement by the Ministry of Oil, Abdel Ghani met the Egyptian minister during an official visit to participate in the work of the Egypt International Energy Conference and Exhibition.
The Egyptian minister stressed the importance of the existing cooperation between the two brotherly countries and Egypt's keenness to strengthen this cooperation across various fields, especially oil, energy and petrochemical industries, pointing to the existing partnership and cooperation with the Egyptian General Petroleum Corporation and Enppi and Petrojet, stressing the importance of expanding the areas of cooperation to serve the common interests of the two countries.
For his part, Deputy Prime Minister for Energy Affairs and Minister of Oil affirmed Iraq's support for bilateral cooperation with Egypt and its aspiration to expand the volume of participation of Egyptian companies in the investment projects announced by the ministry, expressing his interest in participating in the Egypt International Energy Conference and Exhibition as an important economic event.
Deputy Prime Minister for Energy Affairs and Minister of Oil Hayyan Abdel Ghani arrived in Cairo to participate in the work of the Egypt International Energy Conference and Exhibition "EGYPES2024".
"JUST BE PATIENT" BY MNT GOAT, 20 FEB
ABOUT THIS NEWSLETTER:
1 John 3:17
If anyone has material possessions and sees a brother or sister in need but has no pity on them, how can the love of God be in that person?
The saga about the Iraqi dinar RV continues. It is what you don’t know that can cause you some stress and anxiety. Even I sometimes want to rush the RV process and I have to step back and relax. I have to ask myself if the CBI is following the 2011 Dr Shabibi and IMF plan. As long as they are following it, I am very happy and so should you. As we all know Iraq is NOT working on our timetable as their newly formed government is sometimes very slow to act (remember Speedy Gonzales).
So, just today another article came out from the CBI telling us about yet more steps in the RV/Reinstatement process are about to be implemented. The news could not get any better, aside from having the reinstatement itself.
I want to fully explain it in detail to you and why I feel excited today and what we should look forward to soon.
I wanted to continue with the list below and add each month if anything changes. So, in February as part of the Banking Reforms we find we have added a couple new items. These new developments along with the others listed, push us even closer to the RV/Reinstatement. So today we chalk up yet more major events are about to occur.
- We know they are completely out of Chapter VII sanctions since December 2022, and so why not treat them as such?
- We know they want the Iraq funds (nearly USD 115+ billion) released from the NY banks and put in their custody to do what they want with it. They are tired of being bullied by the U.S. with their own money.
- We know they have plans for yet more Sovereign Funds to invest their reserves.
- We know they are making agreements now for “currency swaps” for trade with Iran, China, Turkey, Kuwait, Emirates, and many EU countries as Iraq will no longer be using any US dollars in Iraq as of January 1st 2024.
- We know that the IMF is now working on the final stages of pulling together agreements to build a new basket of six (6) currencies to re-peg the IQD.
- More pressure from Iraqi economics advisors to the government to use a “basket” of currencies for the new dinar peg. This is the IMF plan of 2011 all along.
- We know since January they have undertaken a massive “de-dollarization” program and told it should have taken 6 years but they decided to do it in 1 year (2023). Why such a hurry?
- We know the value of the IQD right now does exceed even pre-1991 era but still at 1/6 of a penny for a rate? The value won’t go up, its already there. Get it? Why is it being suppressed? Iraq needs to see a rate reflecting the TRUE VALUE. What is holding it back?
- We know Iraq now pumps 2/3 more oil than in pre-1991 era.
- Iraq also has announced 132+ tons of GOLD reserves.
- We know they are pushing this year alone, more than any other year since 2005, for the passing of Oil and Gas law. Why?
- We know for a FACT that it is the U.S. through the Treasury Dept. direction that will NOT give sign-off to allow the reinstatement. Why?
- Finally, the CBI has told us many times already that January is the most opportune time to reinstate for accounting purposes, since it begins their new FISCAL year (for accounting purposes).
- Imminent World Trade Organization full accession
- The Central Bank of Iraq is heading to cancel the electronic platform and the currency auction soon.
- Banks will be responsible for financing foreign trade directly through the dollars they own and not from the CBI reserves.
- Banks will be fully responsible for auditing invoices and transfers, which is the practice globally.
Please just be patient! The reinstatement is coming and I firmly believe from what we now already know and are about to witness is a major part of the Banking Reforms that everything else was geared up to support over the past 10 years. Iraq is about to get out of the sanctioned mindset altogether and return to common global banking practices of how they will be doing business with the rest of the world going forward.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/
How will foreign trade be financed after the cancellation of the electronic platform? The Iraqi Central Bank answers,20 feb
How will foreign trade be financed after the cancellation of the electronic platform? The Iraqi Central Bank answers
Today, Tuesday, the Central Bank of Iraq revealed the mechanism for financing foreign trade after canceling the electronic platform and currency auction that the Central Bank intends to implement soon.
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in an interview followed by Al-Iqtisad News, “The Central Bank of Iraq is heading to cancel the electronic platform and the currency auction soon.”
He explained that "the banks will be responsible for financing foreign trade directly through the dollars they own, and they will be fully responsible for auditing invoices and transfers, which is the practice globally."
With this step, the Central Bank of Iraq intends to “withdraw itself” from the process of financing foreign trade and make the process limited to banks inside Iraq.
Among the American correspondent banks, which will be responsible for financing the requests of these banks among themselves after reviewing the private documents, and the Central Bank of Iraq not entering as a party in this case link
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"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 20 FEB
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: TV says the Baghdad dollar will see a huge drop beginning of week, however the exchange rate is stable? We don't know what it means.
FRANK: What is a Baghdad dollar? It's the United States Dollar in Baghdad....That's the drop of the US dollar in the parallel market...Which means they'll try to get to 1 to 1...I'm not telling next we're going to have our blessing. I'm telling that next week they're going to do what they're saying.
FIREFLY: Sudani talked about going to Washington DC to meet and get all oil reserves and assets from oil held in U.S. Treasury. FRANK: Dang! Like they don't have enough money! Wow!
FIREFLY: Al Suandi is on TV news Channel One saying the best and the only way to improve the electronic payment system is the CBI should remove the three zeros, print the new currency and give us a one month period to exchange our currency. This will show the power of the dinar over the dollar ...He also said this will get rid of citizen holding cash and any smugglers and money laundering.
FRANK: ...That's what they're about to introduce to you, your new exchange rate to match your lower notes...the lower notes will only work with a new exchange rate. I can't believe they keep saying this to you constantly every day...You are within arms reach ...One month...I believe they'll give you longer than that. Outside with us it should also be a longer time to exchange...
FIREFLY: A guy comes on TV and he talks to us about how the end of the Untied Nations mission official has removed all sanctions from Iraq...
https://dinarevaluation.blogspot.com/2024/02/iraq-boots-on-ground-report-by-firefly_01039549117.html
"QFS CONVERSATIONS" WITH GOLDILOCKS, 20 FEB
Goldilocks and Seeds of Wisdom
From last night!
“The World’s First Gold Standard Digital Currency – BDTCOIN”
Investing
BDTCOIN
More on this coming…
© Goldilocks
~~~~~~~~~~
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Bdtcoin is an emerging digital currency in the digital world, introduced at the end of 2022. Unlike other traditional digital currencies that are not backed by any physical assets, Bdtcoin is backed by Gold and not any fiat currency worldwide, giving it a unique advantage in the market.
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Investing
The GWW
~~~~~~~~~~
“What Would Make the Federal Reserve Raise or Lower Interest Rates?”
There really isn’t a reason for the Feds to raise or lower interest rates at this point. Even with inflation data coming in higher, the markets are just simply bouncing back.
Price distortions have created Market correlations that no longer apply as they once did. The manipulation of the market and the momentum of the market have simply created price patterns that no longer apply to meaningful data anymore.
In other words, momentum is doing better than real asset prices due to longstanding manipulation of the markets.
The markets have become unpredictable causing many traders to move forward with caution, and some have pulled away altogether to invest in digital assets and gold.
In other words, our Global Markets are now leading the way over and beyond human control. There are still some events that can bring it down, so we can replace it and reset it with the new digital economy such as:
* A huge spike in oil
* Government credit default
* A worldwide recession which is already taking place
* More war
* BRICS influence
* Weather events
* A commercial Banking default
* Inflation
* Wage growth
* Geopolitics
* And, supply chain disruptions
These factors, even one, have the ability to cause an imbalance so great in the market that a return to normalcy will no longer be possible.
These and many other reasons are why a Global Currency Reset inside a new Digital Economy is happening.
Investing
© Goldilocks
Oil minister: We have plans to export gas to Europe, 20 FEB
Oil minister: We have plans to export gas to Europe
Mawazine News – Baghdad
Oil Minister Haiyan Abdul Ghani said on Tuesday that Iraq has plans to export gas to Europe, in light of the plan to achieve gas self-sufficiency within five years.
Abdel Ghani, during his participation in the session of the strategic conference held within the activities of the Egypt International Energy Conference and Exhibition, said that “a global auction was put forward for exploration and development of natural gas reserves.”
The Iraqi minister pointed out that “the positive steps have been taken to zero the process of burning torch gas in Iraq, which helps the country in its efforts to reduce emissions, stressing that in 5 years Iraq will reach zero in burning this gas and full exploitation in electric power generation.”
He pointed out, “Iraq was able to achieve the required percentages in accordance with international obligations in the Paris Agreement, and pointed to the success of the Basra Gas Project NGL in its two stages in stopping the burning of 400 million cubic feet of gas and thus achieving the required ratios in accordance with international obligations.
Abdul Ghani pointed out that “the integrated project that is being implemented with Total International to increase the production of natural gas, as well as stopping the burning of associated gas in 5 oil fields and benefiting from it in addition to the production of renewable energy.”
https://www.mawazin.net/Details.aspx?jimare=242432