Tuesday, October 22, 2024
Banking Reform Methodology at the Central Bank (2016-2026), 23 OCT
Banking Reform Methodology at the Central Bank (2016-2026)
The steps of banking reform that the Central Bank has been taking since 2016 began when Mr. Ali Mohsen Al-Alaq was appointed Governor of the Central Bank of Iraq on 9/9/2014, which is a difficult and complex stage in Iraq's security and economic history.
Iraq was facing security and economic shocks due to the occupation of 40% of the country's territory by the terrorist ISIS and the global drop in oil prices in June 2014 by 75%. He was reassigned again on 1/23/2023 after the emergence of new crises and challenges at the economic, financial and banking levels, focusing on the lack of control over the unprecedented rise in the US dollar exchange rate and the rise in the annual inflation rate to (7.5%) in January 2023.
The Central Bank worked from 2016 to 2020 to address the effects of the economic and security shocks, the most prominent of which was the government's inability to pay employees' salaries on time.
The Central Bank was able to use its foreign exchange reserves and the method of rediscounting treasury transfers from government support in the amount of 16 trillion dinars, and the crisis was overcome at the time. In 2015, in light of these difficult economic conditions, the Central Bank began to move to develop its plans for the coming years and draw up a methodology for banking reform and structural, technical and administrative development of the Central Bank.
This resulted in the issuance of its first strategy for the years (2016-2020), which included 5 main objectives and 140 sub-objectives, 129 of which were achieved, at a rate of 92%, during the years of implementing the strategy.
It contributed to establishing the basic structures and pillars for moving to a new stage of financial and banking reform, accompanied by the strategic banking projects plan for the years (2019-2023) and the issuance of the second strategy (2021-2023) to complete the achievement of the sub-objectives that could not be implemented in the first strategy, numbering (11) sub-objectives, during which the government continued to resort to the Central Bank and obtain (30) trillion dinars, and the total amount owed by the government became (46) trillion dinars.
During the second term of the Governor, which began in 2023, the Central Bank worked on studying the achievements of the two previous strategies and diagnosing the foundations of the desired reform.
The efforts to prepare the third strategy continued throughout 2023, and the foundations and foundations were built to set the goals for this new strategy for the years (2024-2026), which derived its main and sub-goals from the state's general economic policies and its strategy for financial and banking reform adopted by the government in the government program and from Central Bank Law No. 56 of 2004. It included programs with clear goals and initiatives for a period of three years in a special, complex economic and financial circumstance fraught with risks and challenges at the level of internal and external economic and financial relations.
The third strategy identified the main goals with 7 goals, 24 sub-goals and 75 initiatives to achieve the main and sub-goals, and charted the path for banking and financial reform
according to the following strategic goals: -
1- Supporting and enhancing monetary stability.
2- Enhancing digital transformation, activating electronic payment and supporting cyber security.
3- Enhancing financial inclusion .
4- Maintaining a sound financial system.
5- Developing the organizational structure and developing human resources capabilities.
6- Enhancing the position of the Central Bank locally and internationally.
7- Enhancing compliance of the banking sector and the non-banking institutions sector in line with international standards.
Programs, policies and initiatives have been identified to achieve the goals, and perhaps the most prominent program is the launch of the National Strategy for Bank Lending in Iraq (2024-2029) and the approval of the Council of Ministers to implement it, which will restructure banking financing in Iraq in addition to leaving the electronic platform and adopting correspondent banks in foreign transfers, protecting the financial system, enhancing financial inclusion, managing monetary and financial stability, developing oversight and supervision, developing regulation in the banking sector, completing the development of the infrastructure for digital transformation, licensing digital banks, implementing regulatory policies in the Central Bank in accordance with the frameworks and technologies adopted in global central banks, raising the capabilities of human resources, developing banking operations, strengthening the bank's internal and external relations, and representing it locally and internationally.
What has been presented for the ten years of the financial and banking reform process confirms that the next two years will inevitably result in the transition to comprehensive and radical reform of the Iraqi banking sector and its transformation into a solid sector that contributes to sustainable development link
FIREFLY: " THEY STRONGLY TALK ABOUT THE CURRENCY FLOTATION AND THE STOP OF THE CURRENCY AUCTIONS" , 23 OCT
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Mr Sammy [Iraqi bank manager friend] wants you to know one of the things they strongly talk about is that currency flotation, and stop the currency auctions, it will be a big solution to help end the black market.
FRANK: The currency flotation will be big to end the black market because the CBI auctions, let's say that would be to the left, but no more. That road to the left has been shut down...
So which way can it go?
Only to the right.
What is to the right?
An international float. If it has an international float it's going to go up in value because everybody's going to use it buying, selling, trading with the currency adds value as it goes into the float.
US Ambassador discusses with Oil Minister reopening Iraq-Türkiye pipeline, 22 OCT
US Ambassador discusses with Oil Minister reopening Iraq-Türkiye pipeline
US Ambassador Alina Romansky discussed with Oil Minister Hayan Abdul-Ghani the reopening of the Iraq-Turkey pipeline today, Friday.
The ambassador said in a tweet followed by /Al-Youm Al-Akhbariya/, "I was pleased to visit Oil Minister Hayan Abdul-Ghani Al-Sawad to check on his health.
We also talked about increasing investments by US energy companies to help meet Iraq's energy needs, including how reopening the Iraq-Turkey pipeline will contribute to strengthening the comprehensive US-Iraqi partnership and creating investment opportunities." link
Coffee with MarkZ. 10/22/2024
Parliamentary Finance Committee Talks About Non-Oil Revenues In The Budget And Directs An Invitation To The Government, 22 OCT
Parliamentary Finance Committee Talks About Non-Oil Revenues In The Budget And Directs An Invitation To The Government
Policy 2024-10-22 | Sumerian News – Politics The Finance Committee in the House of Representatives called on the government to expedite the preparation of next year's budget according to the specified timetable. While discussing Chairman of the Committee Atwan Al-Atwani with the delegation of the Adam Smith International Foundation group Of the laws related to the development of the financial and banking system.
Member of the Finance Committee, Mustafa Al-Karawi, stated that “the current year’s budget stipulated the necessity of providing Parliament In the financial schedule before the end of the fiscal year, and any delay in that will cause a delay in the start of implementing the budget and its schedules,” noting that “the non-oil revenues targeted in the budget are estimated at 27 trillion dinars, while what has been achieved so far does not exceed 8 trillion dinars only,” he said.
Al-Karawi added that "the Ministry of Finance indicated the possibility of collecting 3 trillion dinars per month during the coming period, and that the Finance Committee called on the government to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances."
The MP stressed that "the committee is closely following up on how the budget funds are distributed, to ensure that they are used effectively to serve citizens and enhance the national economy."Pointing“It discusses from time to time ways to increase government revenues by developing the tax and customs system,” the MP noted.
“There is a government plan that relies on automating and modernizing the work systems in these institutions, and it is expected that its implementation will be completed by the end of this year, which will contribute to enhancing revenues and ensuring better efficiency in collecting them,” according to the official Al-Sabah newspaper.
In addition, he reviewedChairman of the CommitteeFinance, Atwan Al-Atwani, yesterday, Monday, with a delegation from the Adam Smith International Foundation, projectslawsThe mission includes the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments, noting that these laws will be read in the upcoming sessions.
Al-Atwani also reviewed before the delegation the most important challenges facing the financial system in Iraq, as well as the steps and priorities of the Finance Committee within the framework of finding a correct philosophy and rational management of public money and the economy through diversifying sources of income and not relying excessively on oil to feed the state budget,
stressing that the Parliamentary Finance Committee, within the framework of its permanent movement and continuous efforts to maximize non-oil revenues, is currently working on amending the law of the General Authority for Monitoring the Allocation of Federal Revenues. LINK
REPORT FROM MR SALVAGE, 22 OCT
REPORT FROM MR SALVAGE
this about the fear mongering about changing your dinar or double dipping, my honest opinion if you like me ,need to exchange it ,
my opinion is to go to main banks like wells fargo , chase , HSBC or bank america becouse most redemtion centers are banks ask for a private banker ask the questions that really worries you,
including myself about especially the last gossip ,
best to ask professionals not others truthers , just my opinion...
Western Report: Iraq's Financial Situation Is Strong And It Is Working According To A Transitional Development Approach, 22 OCT
Western Report: Iraq's Financial Situation Is Strong And It Is Working According To A Transitional Development Approach
Politics Baghdad-Mil A Western report praised the developments taking place in Iraq, noting that it is in a strong financial position and its government is working according to a transitional approach that links humanitarian work with development.
According to the report, which was published by the "Really Vibe" website and translated by "Mill", "Iraq is largely going through a transitional phase from a humanitarian response to a more development-oriented approach."
He added, "The Iraqi government has developed a national plan on internal displacement and launched a sustainable development programme in cooperation with the United Nations.
The report confirms that "the Iraqi government is now in a much stronger financial position, given its ability to generate capital from its oil reserves, and the country has a transitional document linking humanitarian work and development programmes." https://miliq.news/political/37518--.html#hathalyoum
Quantum Financial System and the Tier 4B Internet Group! BY JULIAN ASANGE, 22 OCT
JULIAN ASANGE
QFS Information Center: Quantum Financial System and the Tier 4B Internet Group! The World of Currency Revaluation, Redemption Centres, and NESARA GESARA Payments!
The Quantum Financial System (QFS) and Tier 4B Internet Group—this is where the future of currency revaluation and redemption centers comes alive. The financial world is on the cusp of a monumental shift, as NESARA and GESARA payments begin to reshape global economics and individual prosperity.
Are you ready for the shift from FIAT to asset-backed currencies?
The whispers of Tier 4B and redemption centers are no longer just speculation; they’re about to transform your world.
For those of you who’ve heard about Tier 4B, also known as The Internet Group, you might be wondering if you’re part of this exclusive wave. It’s about intent—if you’ve been involved in foreign currency like the Iraqi Dinar, Vietnamese Dong, or Zimbabwe Zim—you could be part of the revolution. But this isn't just a group—it’s a wake-up call.
Redemption Centers will soon be summoning those who are part of this currency revaluation. They won’t be mystical places but could be your local bank or even an unassuming office. Once inside, the foreign currencies you’ve held on to will be exchanged for massive wealth.
While many of us are aware and prepared, the general public remains oblivious. But once this hits mainstream news, expect a mad rush to Redemption Centers. The sleepers will wake up too late.
And here’s the kicker—the Quantum Financial System (QFS), rumored to be hack-proof and the future of financial security, is about to wipe out the central banking system. QFS promises to end the FIAT slavery that has controlled nations for too long. What’s more, it will shift the balance of power forever.
And don’t forget about NESARA-GESARA—this treasure has been hidden from the public for decades. These mysterious payments, tied to everything from birth certificates to mortgages, will start filling QFS accounts. You won’t even need a redemption center appointment for this part.
The general public will be left in the dust, but you, the chosen few, will know what’s coming. Prepare now—because the Quantum Financial System is here. Get your hands on foreign currency while you still can.
This is your last chance before the entire financial world flips upside down. Will you be part of the greatest wealth transfer in history? Or will you be left behind, watching as the world finally wakes up?
Parliamentary Finance: 2025 Budget Expected To Reach Parliament Early Next Year, 22 OCT
Parliamentary Finance: 2025 Budget Expected To Reach Parliament Early Next Year
Economy - 2024-10-21 The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed today, Monday, that the government has begun meetings to restructure the items of the 2025 budget, while he expected it to reach the House of Representatives early next year.
He pointed out that the Finance Committee discussed the public financial management project with a delegation from the Adam Smith International Foundation.
The media office of the head of the committee stated in a statement that "the head of the Finance Committee, Atwan Al-Atwani, received a delegation from the Adam Smith International Foundation at the headquarters of the Finance Committee, to discuss the public financial management project prepared by the international institution to help reform the tax and customs sectors, public debt management and the Development Fund."
He added that "Al-Atwani reviewed before the delegation, in the presence of the economic advisor to the British Embassy, the most important challenges facing the financial system in Iraq, as well as the steps and priorities of the Finance Committee within the framework of finding a correct philosophy and rational management of public money and the economy by diversifying sources of income and not relying excessively on oil to feed the state budget."
Al-Atwani said, according to the statement, that "the parliamentary finance committee, as part of its ongoing efforts and continuous efforts to maximize non-oil revenues, is currently working on amending the law of the General Authority for Monitoring the Allocation of Federal Revenues, so that it can play its role in evaluating, monitoring and collecting these revenues in a sound and regular manner, in addition to including a new task in the law related to evaluating the performance of the budget and expenditures."
He added that "the committee is conducting an in-depth study of the Stock and Commodities Market Law, which it intends to legislate during the coming period, and is holding specialized workshops in order to encourage Islamic banks to enter into banking and financial activity."
He pointed out that "the finance committee is working on a number of proposed laws that aim to regulate financial management, including the proposed law on investment in Islamic bonds, and the proposed law on the Center for Banking Studies."
Regarding the 2025 budget, Al-Atwani estimated that it would reach the House of Representatives early next year, indicating that "the government has begun meetings to restructure the budget items."
He noted that "the oil dispute with the Kurdistan Region is one of the most prominent problems facing the preparation of next year's budget," referring to "the committee's efforts and efforts to resolve the dispute between Baghdad and Erbil, through meetings with representatives of the regional government and the federal government.
The points of contention have been identified and diagnosed by the committee, and the legal and constitutional path to overcome them has been determined; as we hope to reach a final agreement in the next stage, in order to resume the export of the region's oil, in a way that ensures the enhancement of the state's resources." In
turn, the institution's delegation confirmed its interest and keenness to support the financial system in Iraq, through a long-term strategy, specialized training and consultations to develop Iraqi systems and legislation. https://kirkuktv.net/AR/Details/22785
RV UPDATE BY MIKE BARA, 22 OCT
MIKE BARA
UPDATE
1. I know for a fact (not hearsay) of TWO whales who were called to Zurich on Sunday night to cash-in on their bonds. One of them who was to check in has now gone completely silent (NDA).
2. BRICS Summit opens today.
3. The Gazette in Iraq is published every Wednesday and Saturday.
4. 3:15.
Croatian PM: Iraq represents an important opportunity for development and investment in the energy and oil sector, 22 OCT
Croatian PM: Iraq represents an important opportunity for development and investment in the energy and oil sector
Croatian Prime Minister Andrej Plenkovic confirmed today, Monday, that Iraq represents an important opportunity for development and investment in the energy and oil sector, while stressing the need to develop bilateral cooperation in the military, security and economic fields.
A statement by the Ministry of Foreign Affairs - received by the Iraqi News Agency (INA) - stated that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein met with the Prime Minister of the Republic of Croatia Andrej Plenkovic, in the presence of the Croatian Foreign Minister and the Croatian Ambassador to Iraq, where the meeting was devoted to discussing paths of cooperation and partnership between the two countries, in a way that enhances their efforts to achieve sustainable economic development and prosperity."
The statement added that "the two sides discussed ways to enhance cooperation in the economic, investment and energy sectors, with a focus on the oil and gas sector, and stressed the importance of expanding cooperation in vital areas of common interest."
Hussein pointed out - according to the statement - to "the need to enhance cooperation between the two countries in the field of combating terrorism, and reviewed the outcomes of his European tour. The meeting addressed coordination on unifying positions regarding the war in Gaza and Lebanon."
He stressed that "the continuation of the war in Gaza and Lebanon may lead to the outbreak of new conflicts in other regions," stressing that "the only way to prevent this is to increase pressure on the Zionist entity to cease fire."
For his part, the Croatian Prime Minister expressed his "congratulations on the opening of the Iraqi embassy in Croatia," stressing "the importance of its presence in deepening relations between the two countries at various levels." He also stressed "the need to develop bilateral cooperation, especially in the military, security and economic fields," noting that "Iraq represents an important opportunity for development and investment, especially in the energy, oil and gas sector."
The statement concluded with the Foreign Minister expressing his "happiness to visit the friendly Republic of Croatia," stressing "the strength of relations between the two countries and their mutual keenness to strengthen them in a way that serves their development goals and contributes to achieving the interests of their peoples." link
TIDBIT FROM MILITIAMAN, 22 OCT
Militia Man
They're preparing because they're going to have much of [the three zero currency] they weren't able to get off the street back coming into the banks.
But what are they going to need for those folks that held that money...?
The project to delete the zeros is going to bring value. It's going to bring purchasing power...
EdgeNext and Commercis announce Partnership for Iraq Expansion, 22 OCT
EdgeNext and Commercis announce Partnership for Iraq Expansion
Cloud infrastructure and edge computing services company EdgeNext has announced a strategic partnership with Commercis, a UK-based connectivity, cybersecurity, and innovative IT solutions provider.
According to a press release, this collaboration will enable the expansion of EdgeNext's cloud delivery services throughout Iraq, "bringing transformative improvements to the country's digital landscape."
It continues:
"This partnership will integrate Commercis's regional infrastructures with EdgeNext's global network of over 1,700 edge nodes. Together, the companies will deliver high-performance content delivery, cloud security, and low-latency services to enterprises and public sectors across Iraq.
"One of the key elements of this partnership is cloud gaming in Iraq, which will provide exclusive access to globally leading gaming platforms, enhancing the gaming experience for users in the region.
"The cloud gaming will be supported by EdgeNext's gaming platform, with Commercis's extensive regional infrastructure offering scalable rack space and reliable connectivity to key data centers across Iraq, ensuring seamless access to global gaming services." link
"MY CBI CONTACT TELL US THAT IRAQ NOW IS TARGETING EARLY 2025 FOR THE RV" BY MNT GOAT, 22 OCT
EXCERPTS FROM MNT GOAT
😊 Does the CBI have a time table to their plan of reforms and are they following it?
If you kindly go read the article titled “MINISTER OF FINANCE STRESSES THE NEED TO ADHERE TO TIMETABLES TO ACHIEVE ECONOMIC REFORMS”
Finance Minister Taif Sami Mohammed stressed, on Thursday, the need to adhere to timetables to achieve economic reforms. Oh… Gee Whiz!
Didn’t my CBI contact tell us that there is a timetable and that they are now targeting early 2025 for the reinstatement.
Everything they are doing from now to the end of year is geared towards this target is on a timetable.
Is this why they are also now setting up these cash centers with only less than a month prior to the US elections? Do you see it yet? Come ‘on you have to see it now!
Parliament Reveals The Secrets Of 6 Qualitative Strikes Against Currency Counterfeiting Networks In Iraq - Urgent, 22 OCT
Parliament Reveals The Secrets Of 6 Qualitative Strikes Against Currency Counterfeiting Networks In Iraq - Urgent
Economy / Security |Today, Baghdad Today - Baghdad The Parliamentary Security and Defense Committee revealed, today, Monday (October 21, 2024), the secrets of 6 qualitative strikes against currency counterfeiting networks in Iraq.
Committee member MP Yasser Iskandar said in an interview with Baghdad Today, "Counterfeiting currencies, whether foreign or local, has serious repercussions on the economy. It drains people's savings and creates a state of mistrust, especially since counterfeiting operations have taken on a dimension of precision and professionalism because the networks involved in them cross borders, meaning that there are international mafias with multiple addresses."
He added, "The Ministry of Interior succeeded, through exceptional efforts, in directing 6 qualitative strikes against currency counterfeiting networks in Iraq during 2024, and contributed to the arrest of many of its leaders and the seizure of large sums of money that were on their way to marketing."
Iskandar pointed out that "counterfeiting crimes are low compared to previous years, in addition to awareness messages, which have begun to bear fruit through checking currencies and reporting counterfeit ones directly by stakeholders, whether banking or companies, reaching the ordinary citizen, and this reflects important awareness."
On Saturday (October 19, 2024), financial and economic expert Alaa Al-Fahd revealed the authorities responsible for protecting the Iraqi currency from counterfeiting and its spread in the markets.
Al-Fahd told Baghdad Today, "The mission of the Central Bank of Iraq is to issue currency and maintain monetary policy and coordination in this field. As for the issue of counterfeit currency, this is the responsibility of the specialized executive government agencies. The bank's goal when it issues its currency is to work on finding ways to protect this currency from counterfeiting, and this matter exists in all countries of the world."
He added that "the issue of gangs and currency counterfeiting mafias is not within the tasks and duties of the Central Bank to confront, even the issue of currency smuggling is not within the Bank's tasks," indicating that "these issues are the responsibility of the specialized executive government agencies, including the security agencies, and for this reason the Central Bank of Iraq always works to coordinate with those government agencies in order to preserve the Iraqi economy and currency."
The expert confirmed that "even the dollar is a counterfeit currency, not only in Iraq but in most countries of the world, and this is not the responsibility of the Central Bank of Iraq, but rather the responsibility of the specialized executive government agencies." LINK