Wednesday, April 24, 2024

"ALAQ'S SPEECH" BY FRANK26, 25 APRIL

 KTFA

FRANK26: "ALAQ'S SPEECH"......F26

The Iraqi Central Governor reveals the plan to reform the banking system and talks about “sanctions” 

 

4/22/2024
- Baghdad
 

Today, Monday, the Governor of the Central Bank of Iraq presented a plan to reform the banking sector in Iraq, and while he touched on the issue of sanctions on Iraqi banks, he stressed that these measures did not threaten the Iraqi economy.

The Governor of the Central Bank, Ali Al-Alaq, said in a televised interview followed by “Al-Iqtisad News” that “the current Iraqi government is very focused on the economic dimension and renaissance, and the expansion of infrastructure and services,” indicating that “this matter requires the presence of an active and effective financial sector that can To accompany, activate, organize and finance, so this file goes hand in hand with the government’s plan within the framework of economic reform.”

He added, "Iraq has a very large financial relationship with the United States of America, given that the oil resources that form the basis of the Iraqi state's budget come from the export of oil via the dollar, and this is what is agreed upon globally," pointing out that "the first stop for Iraqi funds is in the Federal Reserve." The central bank then deals with these funds by investing them in various areas inside the United States and abroad in central banks of other countries.”

The Governor of the Central Bank continued, “There is diversity in the nature of these reserves, such as geographical and qualitative diversity in these investments, which are in the form of bonds, gold, goods, and others.”

Regarding the issue of financial reform in Iraq, Al-Alaq explained, “Iraq has a multi-faceted program in this framework, as the first aspect is harmony, adaptation, the adoption of international standards in financial transactions, and the application of compliance rules and laws related to combating money laundering and terrorist financing,” stressing that “there is interest.” Dollin is very focused on ensuring that transactions are free of any violations, violations, or suspicious issues.”

He continues by saying: “Given that the financial relationship with the United States of America is broad and large, the Iraqi financial system must be protected, as well as the system in America, and any money laundering or terrorist financing operations must be prevented from entering through it,” noting that “there is continuous coordination and common understanding, throughout the years.” The past in order to achieve this goal, which includes the presence of broad plans and programs, relying on international consultations and contracting with major offices specialized in this field, with which the Central Bank is organizing these matters in order to achieve the great goal, which gives positive messages to financial institutions all over the world.

As for the second matter, he stated, “This matter revolves around reforming the banking sector itself, and many details revolve around it with plans being worked on, starting with government banks such as Al-Rashid, Al-Rafidain, Al-Sina’i and Agricultural, which constitute 80% of the Iraqi banking sector,” adding by saying: "If we want to think about the reform process, we have to start from the largest part, as it was agreed in direct coordination with the Prime Minister, the government, and the Central Bank to reform these banks, through a large plan that is now underway in contract with one of the large international companies, which includes restructuring."

He continued his speech, saying, “There is a great focus on targeting the structure to advance these banks by introducing strategic partners from outside Iraq, who have accumulated experience in this field,” stressing that “there are clear desires from some internationally accredited banks to participate in this field, and we are still awaiting a study.” The company in charge of this matter in order to attract investors from inside Iraq, as it will be like public joint-stock companies that absorb capital from within the country, in addition to the necessity of having a strategic partner to modernize government bank departments in a way that reaches the advanced level.”

He pointed out, “Government banks were very late due to the circumstances that the country went through, and it is necessary to keep pace with the process of major changes,” explaining that “the detailed study of this project will be presented in the eighth month, and then there will be clarity about the road map and the next steps so that appropriate measures can be taken.” "In this regard."

Al-Alaq stated, “This is one of the things that was discussed during the meeting with the US Treasury, and it was very welcomed by all parties, not just in the United States, as it is an existing and ongoing question by the parties of international institutions.”

Regarding the US sanctions on Iraqi banks, he added: “We have a close relationship with the US Federal Bank, and what happened was the emergence of a list of bank names, where the issue was not imposing sanctions on these banks, or including them in the sanctions list, but rather depriving them of dealing in dollars only.” Pointing out that “the Central Bank took a serious look at the merits of the issue and how to take future measures, and this is part of the dialogue that took place, whether it was in the presence of the Prime Minister with the US Treasury, or even during the meetings held by the Central Bank with the US Federal Reserve.”

He noted, "Violations in the banking sector exist, and may occur, and this is the work of the Central Bank constantly, as we have a committee specialized in fines and penalties, which receives inspectors' reports, and imposes these fines on an ongoing basis in accordance with the Money Laundering and Anti-Terrorism Law."

Regarding the repercussions of this suspension on the Iraqi economy, Al-Alaq stated, “This suspension certainly has negative effects, but it will not threaten the Iraqi economy, especially since external transfer operations and the exchange rate continue normally.”

As for the fictitious companies that sell the dollar, the Governor of the Central Bank stated, “These phenomena exist in other countries as well, and due to technical developments and dealing through websites, they are an opportunity for fraud at the same time, and the Central Bank has a careful follow-up of these matters and they are reported in the judiciary.” Considering the use of these means to trap others, we warn against them.”

Al-Alaq touched on government debts, explaining: “The current government focused on the external debt, which amounts to a minimum of $9 billion to multiple parties, which is the lowest over the past years due to continuous repayments. As for the domestic debt, it has reached approximately 70 trillion dinars.”


LINK

Iraq Completes The Completion Of The Files For The Initial Offer Of Goods And Services To Join The World Trade Organization, 25 APRIL

 Iraq Completes The Completion Of The Files For The Initial Offer Of Goods And Services To Join The World Trade Organization

Wednesday 24, April 2024 23:03 | Economical Number of readings: 115  Baghdad / NINA / The Ministry of Commerce announced the completion of the files for initial offers for goods and services and their official submission to the Secretariat of the World Trade Organization through official channels.

Minister of Commerce Atheer Al-Ghurairi, Chairman of the National Committee concerned with Iraq’s accession to the World Trade Organization, said: “This important step comes in the context of the Iraqi government’s efforts and its program aimed at promoting international trade and achieving sustainable development, which reflects its commitment to ensuring global economic integration and expanding economic partnerships.” .

He added “The National Committee, the technical committees emanating from it, and the accession team in the Ministry were able, within a short period of time, to complete these files and submit them to the organization in preparation for holding the third meeting of the working group on Iraq during the current year, 16 years after the date of the second meeting of the group in 2008.”

He pointed out that the World Trade Organization (WTO) and international circles welcomed Iraq's return to the negotiating table.

Al-Ghurairi stressed: “The two files for the initial offer of goods and services, which were submitted, included a wide range of products and services that reflect the diversity and competitiveness of the Iraqi economy and their negotiation,” noting: “

Work is underway to prepare the Iraqi negotiating team and build the team’s negotiating capabilities for the purpose of initiating a contract.” Negotiating rounds with member states of the organization in order for Iraq to obtain membership in the organization.

He explained: “The Department of Foreign Economic Relations, through official channels of dealing with the organization, is working on completing all requirements for accession in order for Iraq to obtain membership in the organization and to enhance Iraq’s integration into the multilateral trading system.”

It is worth noting that the World Trade Organization (WTO) has issued the annual report on the accession of observer countries, and praised the efforts led by the Ministry of Commerce through its chairmanship of the National Committee, and that Iraq is the only Arab country whose accession process has become active, and has passed advanced stages among the Arab countries that have It holds the status of an observer member.  https://ninanews.com/Website/News/Details?key=1122971

"RV UPDATE" BY BREITLING, 25 APRIL

 Breitling 

 You have these currencies that have a lot of zeros behind it.  Comparing with these other currencies that LOPed, Iraq is a completely different case.  They don't have a market problem.  They don't have a customer problem. Where is the inflation coming from It's coming from policy.  How can they add value to their currency It's all going to be based on 100% policy.  The authority comes from parliament, the Ministry of Planning, Ministry of Finance and the Central Bank of Iraq.  They don't need any more customers.   To add value to the currency they don't need to do anything else.

  LOP...people that are smart, economist, get this wrong.  The underlying definition is hyperinflation.  How do people fight it?  By removing the zeros.  Nothing wrong with that.  It's smart.  But it's hyperinflation.  People will point out incorrectly, look at Iraq...

The best analysis I've read is that it [the dinar] was worth at it's height 2.25 to the U.S. dollar...Iraq has never had a customer problem.  That's where you find the hidden value in this investment.  It's not hyperinflation..

There is inflation but it's 100% policy based inflation.  You had this currency that was worth a lot of money...What was their number one export?  

Energy.  Then war came along.  You had war inflation.  But did Iraq's customer base change?  No.  Did their oil producing output change?  No, it went up.  That's where you're going to find the value.  That's where the value is coming from.  That's it.

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-breitling-22-april.html

The Sudanese advisor reveals the goal of the development road: Goods arrive in Paris within 24 hours, 24 APRIL

 The Sudanese advisor reveals the goal of the development road: Goods arrive in Paris within 24 hours

4/24/2024   Baghdad

Today, Wednesday, Advisor to the Prime Minister for Transport, Nasser Al-Assadi, revealed the main goal of the development road project, while stressing that goods need 24 hours to reach Europe. 

Al-Asadi said, in a televised interview, followed by Al-Iqtisad News, that “the goal of the development road project is not only transportation, but transportation is part of it,” pointing out that “the basic idea of ​​the project is to create sustainable industrial, agricultural, educational, and tourism investment opportunities.”

He added, "We do not depend on one country, but rather a group of countries wishing to export their goods to Europe, which will take any of the routes available in the world, including the Suez Canal and the Cape of Good Hope. However, what distinguishes the path of development are several aspects, including a 50% reduction in time." %, also the cost is lower, in addition to being safe.”

Al-Asadi explained, “Many shipping operations are followed by loading and unloading, which leads to damage, but we perform this process only once, that is, from sea to land.”

He pointed out, "Ships need 24 hours to reach from the port of Al-Faw to Paris, and even if we say 72 hours, this is less than the 15 days in which goods arrive via the Suez Canal."  LINK

TNT CC VIDEO, 24 APRIL

 

"FROM YOUR MOUTH TO PARLIAMENT'S EARS!!!" BY FRANK26, 24 APRIL

 KTFA

FRANK26:

"FROM YOUR MOUTH TO PARLIAMENT'S

 EARS!!!"...........F26

Deputy: The budget schedules will arrive next week


4/23/2024

Information / Baghdad...

 Member of the Parliamentary Finance Committee, Representative Mudar Al-Karawi, confirmed on Tuesday that the 2024 deadlines will arrive next week.

Al-Karawi said in an interview with Al-Maalouma, “The 2024 budget schedules will reach Parliament next week according to our expectations,” pointing out that “the Finance Committee will discuss all its items during its sessions.”

He added, “There is a vision regarding resolving many files, including Baghdad’s lecturers and administrators and allocations.” “We seek to guarantee the rights of all segments in the budget schedules

, in addition to creating high flexibility in their implementation through coordination with all relevant parties.” It
is noteworthy that Parliament is awaiting the 2024 schedules from The government is in order to study it before voting on it so that it can take its course in actual implementation.”

LINK


"THE DIGITIZATION OF THE DINAR" BY FREEDOM FIGHTER, 24 APRIL

 FREEDOM FIGHTER

The DIGITIZATION of Dinar ! 


They want as much paper dinar off the streets and into the QFS! 


This way they can properly track the dinar and its value in real time

💥Yesterday 4/23 Goldilocks speaks to the CBI and gives an update they want citizens using Visa & Mastercards 


💥Today 4/24 the Trade Bank of Iraq is asking citizens to use their new Visa & Mastercards 


❇️It has to do with the Dinar.. ask why if you want to know

Turkish President strategic journey: reshaping relations with Iraq and the Kurdistan Region, 24 APRIL

Turkish President strategic journey: reshaping relations with Iraq and the Kurdistan Region

Shafaq News/ Turkish President Recep Tayyip Erdogan's recent visit to Iraq and the Kurdistan Region has renewed interest in regional diplomacy. 

With the signing of 26 agreements and memoranda of understanding, including contracts related to Turkish companies developing Iraqi irrigation systems, tourism cooperation, trade, investments, and even security coordination, the relations seem more stable, whether between Ankara and Baghdad or Ankara and Erbil.


A historic visit to Baghdad and Erbil


On Monday, the Turkish President arrived in Baghdad on his first visit in 13 years since his last visit as Prime Minister in March 2011.

Erdogan is accompanied by his Foreign Minister Hakan Fidan, Defense Minister Yasar Guler, Interior Minister Ali Yerlikaya, Trade Minister Omar Polat, Transport and Infrastructure Minister Abdul Qadir Uraloglu, Agriculture and Forestry Minister Ibrahim Yumakli, Energy and Natural Resources Minister Alp Arslan Bayraktar, and Industry and Technology Minister, Mehmet Fatih Kacar.


President Erdogan is also accompanied by Fahrettin Altun, the Head of the Presidential Communications Directorate, and Akif Cagatay Kilic, the President's advisor for foreign policy and security.


Iraqi Prime Minister Mohammed Shia Al-Sudani welcomed him at Baghdad International Airport with a ceremony that included 21-gun salutes, the country's highest honor.

During his one-day visit, Erdogan held discussions with high-level Iraqi officials, including PM Al-Sudani, President Abdul Latif Jamal Rashid, and Sunni figures.


Later in his journey, the Turkish President headed to Erbil, where he was warmly welcomed by President Nechirvan Barzani, Kurdish leader Masoud Barzani, and Prime Minister Masrour Barzani.

The visit comes amid a broad strategic rapprochement between Iraq and Turkiye following a series of high-level security meetings involving the Foreign Ministers, Defense Ministers, heads of intelligence agencies, and other officials from Turkiye and Iraq, held on March 13th in Baghdad.

A turning point visit

President Erdogan's recent visit to Baghdad and Erbil is seen as a pivotal moment that could herald a new phase in Ankara's engagement with Iraq following years of relative absence, stagnation, and intermittent tensions.


The timing of Erdogan's visit is notable. It occurred amid a series of significant developments that have added weight to the diplomatic maneuvers. One such event was Al-Sudani's return from a visit to Washington and meeting with U.S. President Joe Biden to clarify the scope and nature of American involvement in Iraq—an issue of direct concern to Ankara given its strategic influence in both Iraqi and Syrian contexts.


Moreover, Erdogan's trip coincided with a landmark event in the Middle East—the first direct clash between Iran and Israel, involving Iraqi airspace in a cross-border escalation. 


This regional turbulence pushed Erdogan's awareness that such conflicts, which spill over into Iraq, jeopardize Turkiye's regional security and interests.

Against this backdrop, there is a growing recognition among key players in Baghdad, Ankara, and Erbil regarding the imperative of maintaining a ceasefire in Gaza and preventing wider regional conflict. 


Erdogan, alongside Iraqi top officials Al-Sudani, Rashid, and President Barzani, has consistently emphasized the need for stability amid ongoing geopolitical challenges.

The confluence of these factors suggests a nuanced and evolving landscape in Turkish-Iraqi relations, where Erdogan's visit symbolizes a potential shift towards deeper engagement and collaborative efforts to navigate complex regional dynamics.


According to political analyst Archad Hermuz, the relationship between Turkiye and Iraq is paramount, given their status as "neighboring and fraternal nations." Hermuz stated that Turkiye consistently "advocates for Iraq's resurgence to its historical and civilizational prominence."

Hermuz underscored Turkiye's particular focus on the Kurdistan Region, citing numerous commonalities that bind Turkiye and the region, particularly in trade and security matters. 

"Security holds critical significance for Turkiye, Iraq, and the Kurdistan Region, necessitating comprehensive discussions on these intertwined issues."


Regarding the Kurdistan Workers' Party (PKK) issue, Hermuz noted a "sense of seriousness" expressed by the Iraqi and the Kurdish governments regarding "countering potential terrorist activities." 


"The PKK operations violate the Iraqi constitution; therefore, there is an obligation to combat any terrorist operations emanating from its territories, especially those targeting neighboring countries like Turkiye."

In turn, Dr. Taha Oglu, a researcher in Turkish affairs and international relations, noted the visit's role in bolstering political presence and fostering agreements, notably the pivotal Development Road project, which will have "positive implications on both Turkiye and Iraq, as well as the participating nations, particularly concerning water resources."


Oglu highlighted the visit's economic outcomes, emphasizing its role in "inaugurating a new phase of Turkish-Iraqi relations across security, economic, commercial, and developmental domains." 


"This reinvigoration signifies a fresh chapter in the bilateral ties between Turkiye and Iraq, promising mutual benefits and a reshaped relationship."


In addition, Oglu underscored Erdogan's visit to the Kurdistan Region as a crucial political juncture, pointing out the security dimension, particularly in light of Baghdad's approval of Ankara's request to clamp down on the Kurdistan Workers' Party (PKK), providing Turkiye with political backing for its actions within Iraq.


Meanwhile, Turkish political analyst Oktay Yilmaz highlighted the economic interests shared between Ankara, Baghdad, and Erbil. 


"The focus was on enhancing economic ties through investment, boosting trade volumes, and initiating developmental projects, including the Development Road project linking southern Iraq to the Turkish border, which promises benefits for all stakeholders, including the Kurdistan Region."


Addressing oil-related disagreements, Yilmaz mentioned Erdogan's advice to both Baghdad and Erbil on the importance of resolving disputes to resume oil flow to Turkiye. 


Tensions escalated in March 2022 between the two nations when Turkiye halted oil exports amounting to 450,000 bpd from Kurdistan following a compensation order by the International Chamber of Commerce related to "unauthorized" oil exports by the KRG between 2014 and 2018.

The crux of the dispute revolves around accusations that Turkiye breached a 50-year-old pipeline transit agreement by allowing oil exports from KRG-controlled areas without Iraq's consent.


A strategic shift in Turkish-Kurdish relations


Dr. Ihsan Al-Shammari, head of the Political Thinking Center in Iraq, highlighted the importance of President Erdogan's visit to the Kurdistan Region as a "reaffirmation of Ankara's alliance with Erbil," noting a shift in Turkiye's approach towards the Kurdistan Region, which he believes will have positive implications for Kurdish interests.


In an interview with Shafaq News Agency, Al-Shammari highlighted the potential for a robust partnership across political, economic, and security domains as a result of Erdogan's meetings with Kurdish leaders Masoud Barzani, Nechirvan Barzani, and Masrour Barzani. 


"This visit is a step towards resolving key issues such as oil re-exports and Turkish military operations along the border."


Al-Shammari viewed direct dialogue between Erdogan and Erbil as crucial for "reaching comprehensive agreements and establishing a more stable and sustainable relationship between the parties involved.

In this regard, observers told Shafaq News that Turkiye recognizes Erbil's potential role in transforming Erdogan's image from a "heavy neighbor" with strained relations with some Iraqi forces over the past decade due to controversial files, including combatting terrorism, water disputes, and PKK activities, into a "neighborly partner" focused on cooperation, coordination, and stability.

The observers also noted that President Nechirvan Barzani has cultivated "deep ties" between Erbil and Ankara, including personal connections with Turkish leaders like Erdogan.