The Governor Of The Central Bank And The French Ambassador Discuss Developments In The Banking Sector
May 09, 2024 The Governor of the Central Bank and the French Ambassador discuss developments in the banking sector His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received His Excellency the French Ambassador in Baghdad, Mr. Patrick Durel.
The meeting discussed ways to strengthen banking relations between the two countries, and
His Excellency the Governor gave a comprehensive explanation of the relations and economic conditions, as well as the government’s directions in consolidating the foundations of the national economy and diversifying it in light of the state of security stability achieved in Iraq,
explaining the plan to restructure government banks that enjoys regular support and follow-up from Before the Prime Minister, indicating that this plan will change the map of the banking sector and its reality in Iraq.
His Excellency also pointed to the rapid developments in organizing, monitoring and analyzing foreign transfer operations and covering foreign trade in accordance with best international practices and standards, which are receiving great praise and attention from international and regional organizations.
For his part, His Excellency the Ambassador expressed satisfaction with the developmental and economic developments he observed in Iraq, especially during his tour of the provinces,
expressing his country's readiness to strengthen and develop banking relations with Iraq,
explaining that economic relations between the two countries are growing at the level of entry of French companies and the use of their expertise in investment projects.
His Excellency the French Ambassador invited His Excellency the Governor of the Central Bank of Iraq, after making the necessary arrangements, to visit the financial and banking institutions in France, especially the Central Bank of France.
It is noteworthy that the Central Bank of Iraq owns deposits and accounts with the Central Bank of France, and they have had distinguished cooperation relations over many years.
The World Bank is working with the Iraqi Finance Minister to implement banking reform as quickly as possible...things are happening fast.
Shocking documents from Iraq's Federal Board of Supreme Audit have uncovered a massive corruption scheme. Over 151,000 citizens were involved in the illicit buying of US currency...[They] obtained dollars at the official state rate for travel purposes but never left the country. The black market refers to them as "ghost travelers".
[We] are thinking the Iraqis sold the dollars for more money than they invested. As a result of the corruption Iraq's Central Bank employees, private banks, currency exchange companies and tourism firms were all involved. This is a $600 million corruption scam involving the US dollar...
When in Washington, DC he [Al-Sudani] met with the chair of the governing board of the JP Morgan Development Finance Institution (DFI), Daniel Zelikow. Prime Minister Al-Sudani received Mr. Jamie Dimon, the CEO of JPMorgan Chase, and his accompanying delegation on Wednesday during his visit...In Davos, Iraqi Prim Minister al-Sudani with Mr. Khaled Haballah, the regional CEO of JPMorgan Chase for the Middle East and North Africa...
Al-Sudani met with the Iraqi community in Washington DC and other American states on the sidelines of his official visit to the United States. Al-Sudani conveyed gratitude to the Iraqi communities in the US and throughout the world, emphasizing that Iraq is for all Iraqis and that the country needs the knowledge, experiences, opportunities and initiatives of Iraqis in the U.S.
The prime minister indicated the Iraqi government is working on establishing a department for expatriate affairs to be able to communicate effectively with the Iraqi community around the world...
On April 15th President Joe Biden will hold Prime Minister Al-Sudani of Iraq at the White House. This meeting is a crucial opportunity for the United States and Iraq to discuss common priorities and strengthen their bilateral partnership.
Al-Sudani met with the Iraqi community in Washington DC and other American states on the sidelines of his official visit to the United States. Al-Sudani conveyed gratitude to the Iraqi communities in the US and throughout the world, emphasizing that Iraq is for all Iraqis and that the country needs the knowledge, experiences, opportunities and initiatives of Iraqis in the U.S.
The prime minister indicated the Iraqi government is working on establishing a department for expatriate affairs to be able to communicate effectively with the Iraqi community around the world...
On April 15th President Joe Biden will hold Prime Minister Al-Sudani of Iraq at the White House. This meeting is a crucial opportunity for the United States and Iraq to discuss common priorities and strengthen their bilateral partnership.
Why Jordanian National Bank And Gulf Banks? Economist Explains
May 9, 2024 Baghdad/Iraq Observer Economic expert Abdul Karim Al-Issawi said:
“Today, foreign banks operating in Iraq, including banks owned by Jordanian shareholders, stand out for their confidence rooted in relations with international correspondent banks, and this makes them work in a more serious banking manner.
In contrast, Iraqi banks face... Local challenges in building relationships with correspondent banks due to their leadership that is unable to develop management professionally.”
Al-Issawi told the Iraq Observer Agency: “The leadership of Iraqi banks has affected the confidence of international bodies in them, in addition to concerns about their ownership and association with suspicious figures, which hinders their development and progress.”
He continued: “This was not limited to Jordanian banks only, as it revealed the adoption of other Emirati and Gulf banks in Iraq, and this reality will displace Iraqi banks because they are weak.”
He pointed out that: “The Iraqi banking reality may turn into an oligopolistic market.”
But he stressed that the United States of America has not lifted the sanctions on government banks that were imposed on some of them because they were accused of dealing with Iran and Syria, which are subject to strict American sanctions. https://observeriraq.net/لماذا-الاهلي-الاردني-والمصارف-الخليج/
There have been a few humdingers from banking sources this week. Mostly banking people who used to tell me I was nuts to believe in the RV - are now training for exchanges. They tell me “all those years and you were right” which does make me feel good.
The crackdown has been extreme on leaks …Which is probably the best news of the day. I personally think they are trying to keep things quiet right here at the finish line.
I did have multiple bankers over the weekend get notified and are beginning training today. They are “Training to handle foreign currency exchanges”. Some of the currencies mentioned are exactly what we are holding...And they are being trained on them...They need to know the security features on the various bills in order to verify them on site. That is what they are training on... NOW - THIS WEEK-IMMEDIATELY!!!These are banking people who have never been trained before…these are some of the ones the banks had told them “No, this is never going to happen” and now suddenly the banks come to them and say “You have got to get trained now - this week - immediately”...Gave me a good warm and fuzzy feeling today.
There was interesting money movement over the weekend according to my best group contacts. It is clearly positioned to go...
Article: “Kuwaiti Dinar to US Dollar-Top 10 highest valued currencies in the world in 2024”
This article was in the Indian Express. And the Iraqi dinar used to have that number one spot. Comment: I would expect Iraq to be worth more that Kuwait. MarkZ: Absolutely. And when Iraq was the most valuable currency in the world they had not yet developed their natural gas reserves…and were not pumping nearly as much oil as they are now. Every part of Iraq is now in better shape than when they had the most valuable currency in the world.
Wednesday 08, May 2024 08:13 | Economical Number of readings: 175 Baghdad / NINA / Oil prices fell in early Asian trading on Wednesday, at a time when sector data showed a rise in crude and fuel inventories in the United States, indicating a possible weakness in demand, and caution prevailed in supply expectations before a meeting of the OPEC + bloc next month.
Brent crude futures fell 30 cents, or 0.36 percent, to $82.86 per barrel by 0348 GMT, and US West Texas Intermediate crude futures fell 25 cents, or 0.32 percent, to $78.13 per barrel.
The two crude oil prices witnessed a limited decline in the last session due to indications of a decline in supply scarcity and weak global demand for oil after an International Energy Agency forecast report issued on Tuesday.
US crude inventories increased by 509,000 barrels in the week ending May 3, according to market sources citing American Petroleum Institute figures. She added that gasoline and distillate stocks also rose.
Official government data on crude and fuel inventories in the United States is scheduled to be released at 1430 GMT. Analysts polled by Reuters expected US crude inventories to decline by about 1.1 million barrels last week.
Cautious expectations about supply cuts from the Organization of the Petroleum Exporting Countries and its allies in the OPEC+ bloc before a policy meeting on June 1 also weighed on the markets.
Analysts from ING said, “Oil prices have been subjected to additional pressure due to the increasing commotion surrounding OPEC+ production policy, and expectations are that member states will extend the additional voluntary reduction in supplies beyond the second quarter of this year.”
💢 Love this update from Liberty Lounger Extraordinaire, Birdieorbust. Topic -
Al Sudani and Iraq Parliament
5.9.24
Birdie: Parliament is the problem right now with still a bit of evil in there and Sudani is playing his cards right with Parliament not letting them see the budget because the rate is already in the budget and they just want to steal everything so he is playing it close to the vest and will until the evil is no longer a problem.
Gin: I'm kinda encouraged how it's now public that Iraq has recently executed corrupt troublemakers on May 6. They are obviously cracking down on any infiltration that will prevent their country from moving forward. I'm praying for Al Sudani specifically that he continue to walk in wisdom
Finance Confirms The Iraqi Government's Desire To Benefit From The Expertise Of French Companies
Money and business Economy News – Baghdad Today, Wednesday, Finance Minister Taif Sami confirmed the Iraqi government’s desire to benefit from the expertise of French companies.
A statement from the ministry received by “Al-Eqtisad News” stated, “Minister of Finance, Taif Sami, received the French Ambassador to Baghdad, Patrick Durel, and the Director of the French Development Agency, Serge Senris, and at the beginning of the meeting, the Minister congratulated the Ambassador on the occasion of assuming his new duties.”
He added, "Areas of cooperation were discussed between Iraq and the agency, especially with regard to the financial sector, investment and technical support. Comprehensive economic and development relations and ways to strengthen them were also discussed."
The Minister of Finance praised the level of fruitful cooperation with the French Development Agency in many areas that are the top priorities of sustainable development plans, especially in the field of contributing to infrastructure reconstruction projects, technical assistance, and technical support.
Holding Meetings Of The Third Session Of The Trade And Investment Framework Agreement Between Iraq And The United States
The Ministry of Commerce announced the holding of the meetings of the third session of the Trade and Investment Framework Agreement between Iraq and the United States of America in Washington, D.C., after a break of more than nine years. It was chaired by the Economic Agent on the Iraqi side, Ghassan Farhan Hamid, and on the American side by the Commercial Representation Office.
The economic agent confirmed, according to the ministry’s statement, that the meeting discussed many topics, the most important of which were the agricultural sector, standardization and quality control, the financial system, customs, company registration, intellectual property rights, Iraq’s accession to the World Trade Organization, the health sector, and government contracts.
He added, during the meetings, it was confirmed that the Iraqi government is open to all parties and that economic reform and diversification of the economy are considered among the priorities that are being worked on, and that Iraq is ready to discuss any proposal that leads to strengthening relations between the two countries.
For its part, the American side expressed its great interest in the issues raised and its appreciation for the reform measures undertaken by the Iraqi government.
A federal-covered security can be legally sold in a state once the proper documents and filing fee are submitted. Sales may occur on the day SEC registration is effective or when the notice filing was filed, whichever occurred last."
In other words, the Iraqi Dinar can be bought and sold as a "registered security" close to the end of May.
This article is a continuation of the first one printed today. I just simply wanted to be clear about a particular point that is of interest to all of us who hold the Iraqi Dinar.
It does not mean that we are going to exchange any foreign currencies at the end of this month especially the Iraqi Dinar, but it will become possible.
The US Dollar Is Rising Again, And The Iraqi Dinar Is Crying Out For Help
Economy | 05/08/2024 Mawazine News – Baghdad The exchange rates of the US dollar witnessed an increase today, Wednesday, in the capital, Baghdad, and Erbil, the capital of the Kurdistan Region, with the closure.
Dollar prices rose with the closure of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 145,750 dinars, as prices had recorded 145,500 dinars for every 100 dollars this morning.
Regarding the selling prices in the exchange shops in the local markets in Baghdad, they increased, as the selling price reached 146,750 dinars, while the purchasing price reached 144,750 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=247594
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
MZ: A packed morning with Mr. Cottrell joining first and then the illustrious Andy joining at about the 1-hour mark.
Member: Good morning, y’all. It’s Thursday! It’s May 9th. Mr.C is on a day early. Prayers we cross the finish, so we can start!
Member: Today was rumored to be when Iraq ascends to a full member of the WTO? Hope its true.
Member: Good morning everyone…..Happy Thursday
Member: one thing that would make Mothers Day just a bit better is a RV AMEN
Member: Praying Mark has exciting news for us today
MZ: Let’s start with a banking story. From a member: “So I went to BOA to close an account yesterday. I signed in with the hostess , sat down and waited and casually looked around at the offices- taking note of the personnel while I waited. A loan officer/banker came out of his office and asked what I needed. I said to close an account. He asked if I wanted to sign up for a loan or line of credit? I said no . I said no, not until the currency revalues will I be doing anything.
MZ: He said (without skipping a beat) JUNE. Why don’t you go into my office and I will be right in. I walked in and sat down. He knew about the RV, foreign currency trainings, what is happening in the markets….I asked him if his Merrill Lynch guy was up to speed? He said yes.
MZ: That is the crux of it…..I love these stories
Member: A lady in MilitiaMans chat said she got a call from JP Morgan/Chase to make an appointment and come in.
MZ: That does not surprise me. They are chomping at the bit and know it’s at any moment. They don’t want customers to go somewhere else.
MZ: The bond side is very quiet for me….Iraq is fairly quiet.
MZ: There have been a few humdingers from banking sources this week. Mostly banking people who used to tell me I was nuts to believe in the RV- are now training for exchanges. They tell me “all those years and you were right” which does make me feel good.
Member: I sure am looking forward to hearing that from my friends and family. They still think I am nuts for believing.
Mark, How confident are we that the RC (redemption center) rate on the Dinar may or may not be the same as the street/forex rate?
MZ: I am pretty confident…but it will be what ist going to be ….and whatever it is- will be a blessing.
Member: I will take whatever is offered and be thankful
Member: So are we waiting until June now?
MZ: Not necessarily- Most of my bankers think we will be done by June. So we would start in May. Most of my banking contacts think we will start in the month of May.
Member: How long do you think we will have to get to a RV center?
Member: At last report we may have 10 days to make appointments and at least 30 to exchange. Unless that has changed like everything else has.
Member: I hope there will still be exchanges on military bases…for safety and security
Member: Does the VND have a contract rate?
MZ: I wouldn’t call it a contract rate – more like a pre-negotiated fee/whatever for a maximum rate. The reason there is a contract rate on the IQD is the dinar for oil program …allowing them (US Treasury?) to exchange dinar for oil over time instead of all at once.
Member: MarkZ do you know if the multicurrency accounts are attached to the regular account or a QFS Acct.?
MZ: The QFS does not exist yet…until they flip the switch…..but its my understanding that every account will change to a QFS account once this goes.
Member: Does anyone know how many different currencies the bankers are being trained for?
Member: Mark said yesterday – all the currencies we hold.
Member: IMO we are definitely going to get a reset we have to pray that it's the good reset
Member: ALso keep praying for Okie he is doing well after his hand surgery but still need prayer
Member: The Titanic was built by professionals it sank. The Ark was built by an amateur and it didn't sink. Go figure that one out. May God richly bless you all.
Mr. Cottrell and Andy Schectman from Miles Franklin join the stream today. Please listen to the replay for their information and opinions.
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Mod: MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM
Wed. 8 May 2024 Ginger’s Liberty Lounge on Telegram
Very encouraging fact that Iraq is going to such extreme lengthsto educate their citizens, even their youth, on preparing for massive economic inclusion.
Remember, they are expecting their financial windfall to come, and it’s not only from their increase in the IQD international exchange rate. But the citizens also will receive monetary stipends coming from sales from oil. This is a very exciting time for Iraq!! I’m super happy for them!!
Also, let’s remember the fact how Al Sudani had educated Iraqison the fact that their currency shall be much more valuable than the USD, therefore more desirable to hold. They’ve been given Q cards and moved to a digital banking system and highly encouraged to utilize the banking system to prepare them for this transition.
Prior to these educational efforts, 70% of Iraq citizens had never used a bank. Now, currently, only 20% – 30% are still transitioning over and are learning the benefit of getting away from USD. Using IQD is required inside country borders. The progress they’ve made has been fantastic.
A Sudanese advisor explains the financial financing to implement the development path
5/8/2024
Mazhar Muhammad Saleh, financial advisor to the Prime Minister, Muhammad Shiaa al-Sudani, explained the financial financing for the implementation of the development road project, which starts from the southernmost point of Iraq to its northernmost point, with a length of 1,200 km.
Saleh told {Al-Furat News} agency, “The development road is one of the most important strategic economic projects that achieve regional and international economic integration of our country with the world, in addition to being one of the largest accelerators of integrated investment at the level of the national economy, in terms of sectoral interconnection in various aspects leading to generating opportunities.” Accelerated growth in gross domestic product and intense investment momentum.”
He added, "It is known that the estimated cost of the project is about 17 billion dollars, especially for the completion stages within our country, as announced a while ago, and that the contributions of the regional countries benefiting from it will undoubtedly contribute to the financing due to cross-border interconnectedness, and we look forward to finalizing the preparation of the financing model and the nature of the contributions." national, regional and international finances to implement it.”
Saleh noted, “The principle of partnership between the state and the private sector for industrial cities and logistics services linked to the development road allows for high flexibility for national contributions to projects linked to the development road, in addition to the government’s financing role.”
He stated, "In any case, the financing vision will become more clear when that model is announced, especially what is terminologically called the financial completion of this vital, strategic project for Iraq, which links the trade and investment economies of the North and South of the world."
He continued, "The financial completion tasks within the financing model indicate ways of flowing additional funds to the project, through which funds are collected from knowledgeable investors or attracting new investors, according to the financial model that will be adopted, as the financing completion is used to finance the project's growth stages, expand the scope of work in it, or to cover expenses." Additional fees will be determined according to what will be determined by the approved technical economic feasibility study for the project in all its stages upon its final announcement.”