Its inability was exposed.. The Central Bank’s procedures confuse the Iraqi monetary sector, 23 SEPT

 Its inability was exposed.. The Central Bank’s procedures confuse the Iraqi monetary sector

On Friday, economic expert Ziad Al-Hashimi highlighted the challenges faced by the Iraqi monetary and banking sector. He pointed out that the Central Bank’s pressure measures, which apply to all banking companies without differentiation between compliant and defaulting ones, create confusion in a monetary work environment that is not managed or monitored accurately and clearly by the central bank.

Al-Hashemi, speaking to “Jarida”, highlighted one of the key challenges faced by the Iraqi monetary and banking sector. He pointed out that the Central Bank and local banks have been unable to create an effective and appealing banking environment with competitive costs that can earn the trust of citizens. The sector needs to provide flexible and smooth banking services that encourage citizens to deal with banks instead of resorting to exchange companies for cash services.

He went on to say that the Central Bank has not yet been able to establish clear and specific standards for evaluating the work and performance of exchange companies, which makes it difficult to distinguish between compliant and negligent companies.

According to the economic expert, the Central Bank’s pressure measures were applied to all banking companies, causing harm and restrictions even on those who adhere to central controls and maintain a high level of compliance.

Al-Hashimi stated that a lack of accurate and clear management and monitoring by the Central Bank creates confusion and uncertainty in monetary business environment.

Weekend News with MarkZ 09/23/2023

"RV UPDATE" BY JSSMI765 , CLARE & WALKINGSTICK, 23 SEPT

  jssmi765 

 As I was looking through all my old Dinar related documents, I came across one from 2012 which listed all the things that needed to take place for the RV to happen. Interestingly, it is only within the last few of weeks/days that everything that was listed has finally been completed...

I also found an old document from 2011 which was a Q & A with someone at Treasury who was one of the original planners of the RV. It was the reason I became a true believer back in the day...This is real people...It's time.

Clare 

 Article: "House Foreign Affairs Committee will hold a hearing next week on repealing the law that made the 2003 Iraq invasion possible"  Quote: 

 "The hearing, scheduled for 10 am next Thursday, is expected to address both the repeal of the 2002 authorization of the use of military force (AUMF) against Iraq and the replacement of the 2001 AUMF, according to one person familiar with the planning."

Walkingstick  

 [Iraqi Banking friend Aki update]  The ATMs are ready to go with the 'new currency'.  The CBI was talking with the private banks on when to bring them online.  No date was given at the meeting.  But they will be notified when to bring these new ATMs online...

Pimpy 

 Potential good news for Iraq that could affect the Iraqi dinar...to me it is a good sign and it is good news...  

Article:  "The US House of Representatives will hold a session next week to cancel the authorization for the invasion of Iraq"  This here is a biggie...There's pros and cons to this...the cool thing is - if this authorization is reversed this would give Iraq their full sovereignty.  That means they're on their own.  There's no more training wheels.  There's not more kit gloves...this could have both a positive and negative impact on the currency...

Al-Sudani meets with the American Chamber of Commerce and reveals a set of visions and plans, 23 SEPT

 Al-Sudani meets with the American Chamber of Commerce and reveals a set of visions and plans

2023-09-22 00:13

Al-Sudani meets with the American Chamber of Commerce and reveals a set of visions and plans

Shafaq News/ Prime Minister Muhammad Shiaa Al-Sudani held, on Thursday evening (Baghdad time), a meeting with members of the American Chamber of Commerce, in the presence of a number of businessmen, investors, and representatives of major American companies.

Al-Sudani stated that Iraq is a fertile land for investment in many important sectors, and there are natural resources that have not been invested yet, and the time has come to invest them in a way that achieves prosperity for the Iraqi people and contributes to strengthening the strategic relationship with the United States.

The Prime Minister delivered a speech during the meeting, the highlights of which are the following:

Our government invests revenues correctly to activate important economic sectors other than oil, as it is not possible to continue to rely on oil to strengthen the budget and cover obligations, as was the case throughout the previous stage.

The wrong path in wasting burned gas will stop within 2-3 years, after the completion of the gas projects that began with Total and the Emirati and Chinese companies in the fifth round.

We announced 11 fields and exploration blocks in the governorates; Anbar, Nineveh, and Najaf, which include natural gas that will be invested for the first time in Iraq’s history.

Economic reform is a priority, and it cannot be implemented without the presence of an effective and capable private sector that is a partner with the government.

We focused on providing a favorable business environment for foreign companies in general, and American companies in particular, by virtue of the capabilities they possess, and also within the path of the vision for the partnership between Iraq and the United States.

The relationship between Iraq and the United States cannot remain limited to the security aspect.

The business environment in Iraq requires a great effort to reduce bureaucracy, and we have the decision and will to stop corruption through legal measures, and companies cannot be made vulnerable to blackmail or red tape.

Every project and file related to a company will be personally sponsored and followed up by us, and we will work to overcome all obstacles you face.

We are working to reform the tax system and the customs system, and we are currently preparing a draft economic reform law that addresses loopholes in several laws.

We have a draft system to regulate e-commerce, and the government is committed to protecting intellectual property, and we approved a draft law that was sent to the House of Representatives for a vote.

We are working diligently on the draft electronic payment law, and we have made great strides in financial and banking reform, through our relationship with the Federal Reserve and the US Treasury.

Today we have clear and transparent trade subject to global compliance standards in money transfers.

The Ministry of Commerce, through the Commercial Attaché in Washington and with the US Trade Representative Office, is working to hold the meetings of the third session of the Trade and Investment Framework Agreement, in the first quarter of 2024.

The function of this agreement is to identify the challenges facing trade and investment relations between Iraq and the United States.

We call on all American companies to present the challenges they face in their presence and work in Iraq.

To develop solutions for it.

We supported the private sector in the budget law, through the Iraq Fund for Development, whose capital reaches $750 million during 2023, and in 2024 we will add an additional amount.

We are currently conducting understandings with Arab and international investment funds, specifically with the Saudi Investment Bank, where we have a partnership in this aspect.

The government will provide sovereign guarantees in the budget law to establish industrial and agricultural projects in Iraq.

We have understandings with the German Hermes Foundation and the Italian Sochet Foundation, and they are prepared to provide production lines to important laboratories and factories in the industrial sector in exchange for 15% from Iraqi businessmen and 85% provided by the government as a sovereign guarantee.

A delegation of Iraqi businessmen toured Germany and Italy and identified factories, and is currently in the process of reaching understandings to implement these projects that were chosen according to market requirements.

We want to achieve a real shift in health services, and we have a health insurance law, and we have a new philosophy that represents a transitional stage for implementing this law, through joint operation with companies specialized in providing health services.

We offered 6 hospitals and we hope that there will be American companies specialized in providing medical and therapeutic services in operating these hospitals.

The size of the pharmaceutical market in Iraq is approximately $3 billion annually, with national production representing only 10%, and the rest is imported.

The Council of Ministers issued a package of decisions to support pharmaceutical producers, and today there are more than 245 requests to establish production lines for the pharmaceutical industry.

We are strongly moving towards using modern irrigation techniques to confront water scarcity.

There are arable areas and an attractive environment, but they need specialized technologies and companies to develop this sector.

We concluded contracts with Emirati, Chinese, and Iraqi companies to establish solar power stations, and we concluded a contract with Total to generate 1,000 megawatts of solar energy.

shafaq.com

Dinar RV Breaking News🔥Iraqi PM Sudani Delivers Speech at UN General Ass...

Iraqi Dinar News, RV & Investment in Iraq – Taxation and Possible New Rates, 23 SEPT

 Iraqi Dinar News, RV & Investment in Iraq – Taxation and Possible New Rates

A meeting took place between the Central Bank of Iraq (CBI) and several private banks on the past Monday and Tuesday, focusing on discussions around ATMs and what has been termed as the “new currency”.

It is crucial to note that neither the lower denominations nor the LDs have ever been referred to in such a manner previously; they have always been termed distinctly.

This terminology clearly implies that the CBI is conveying to the public that this “new currency” is not the older series of notes that had three zeros, but rather, it is a note of lower value.

This communication reveals significant insight into the CBI’s current stance and the evolving landscape of currency denominations within the region.

A recent article highlights Austria’s optimistic outlook on Iraq, citing, “Austria sees opportunities as Iraq returns to stability.”

This comes amidst debates and speculations on Iraq’s readiness to return to currency, given the prevailing conditions in the country.

The pertinent question arises – Why would foreign countries, including Austria, show interest in investing in Iraq if it isn’t truly stable?

The signs of Iraq’s emerging stability and the ensuing international interest are becoming increasingly evident.

FROM DINAR IRAQ & DONG VIETNAM

House Foreign Affairs Committee will hold a hearing next week on repealing the law that made the 2003 Iraq invasion possible , 23 SEPT

House Foreign Affairs Committee will hold a hearing next week on repealing the law that made the 2003 Iraq invasion possible

Bryan Metzger Sep 20, 2023

 The House Foreign Affairs Committee will hold a hearing next week on repealing the law that authorized the disastrous US invasion of Iraq in 2003.

Committee spokeswoman Leslie Shedd confirmed that the hearing would take place, and that more details will be announced on Thursday morning.

The hearing, scheduled for 10 am next Thursday, is expected to address both the repeal of the 2002 authorization of the use of military force (AUMF) against Iraq and the replacement of the 2001 AUMF, according to one person familiar with the planning.

 It's the first time that the House is set to officially address the issue since Republicans gained control of the chamber earlier this year. In March, the Senate passed a bill to repeal both the 1991 and 2002 AUMFs by a sweeping 66-30 margin, though dozens of Republicans ultimately opposed it.

The effort to repeal the Iraq war powers has been stalled for months in the House, largely owing to the opposition of defense-minded Republicans on key committees.

While members of the hard-right House Freedom Caucus — along with most Democrats — are supportive of the effort, defense hawks have viewed the effort skeptically, believing that repealing the law could leave the United States with fewer tools to combat Iranian-backed militias in Iraq and the looming threat of terrorism more broadly.

House Republicans, seeking to mollify defense hawks, have established a working group led by Republican Rep. Ken Buck of Colorado to address both the Iraq war authorization and the 2001 AUMF, which authorized the president to wage war against the "nations, organizations, or persons he determines planned, authorized, committed, or aided" the September 11, 2001 terrorist attacks.

Democratic Rep. Gregory Meeks of New York, the committee's ranking member, introduced a bill earlier this year that would replace the 2001 AUMF with a new authorization that's more narrowly tailored to terrorist hotspots, and would need to be re-authorized every 4 years.

The House easily voted to repeal both the 1991 and 2002 AUMF in June 2021, when the chamber was controlled by Democrats. But dozens of House Republicans also voted for the bill. The Senate never took up the legislation.

This year marked the 20th anniversary of the 2003 invasion of Iraq, which resulted in the destabilization of the region and contributed to the rise of ISIS. The war, launched under false allegations that Iraqi dictator Saddam Hussein was developing weapons of mass destruction, has since been condemned by members of both parties as a mistake.  LINK