Coffee with MarkZ 09/25/2023

Economic calls to follow new measures to restore the dollar exchange rate, 25 SEPT

 Economic calls to follow new measures to restore the dollar exchange rate

9-24-2023

Economic calls to follow new measures to restore the dollar exchange rateInformation / Exclusive:

Economic expert Nabil Al-Ali confirmed on Sunday that putting an end to the rise in the exchange rate of the US dollar requires new diplomatic measures, while pointing to the most prominent challenge of not declining the exchange rate.

Al-Ali said in a statement to “Al-Ma’louma” that “the most prominent challenge facing the Central Bank of Iraq regarding the continued rise in the dollar exchange rate is its inability to find a way to address foreign trade transfers,” noting that “addressing these challenges requires a diplomatic effort to convince the US Federal Reserve to set a value.” specific for commercial exchange.

He added, “The Central Bank’s measures to grant travelers abroad the exchange of three thousand dollars at the official rate are incorrect and will not work.”

The economic expert called on the government to “intensify its diplomatic efforts to move to obtain approvals from the US Federal Reserve to open a financial transfer platform worth 30 to 40 million dollars per day.”

Washington continues to create crises and create chaos through its malicious cards that it uses from time to time, as America continues to obstruct Iraq’s progress through many files, most notably the dollar.

almaalomah.me

Parliamentary Finance: The Dollar Crisis Is On Its Way To A Final Solution, 25 SEPT

 Parliamentary Finance: The Dollar Crisis Is On Its Way To A Final Solution

09/24/2023

USD-Iraqi dinarEarth News/ The Parliamentary Finance Committee confirmed today, Sunday, that the dollar crisis is on its way to a final solution, due to the presence of a real government movement towards this issue.

Committee member Moin Al-Kazemi told Earth News, “There is an unannounced government movement to end the dollar crisis and the rise in the exchange rate in the parallel market, with a large difference from the official rate, and this movement is witnessing great progress.”

Al-Kadhimi stated, “The crisis of the rise in the dollar exchange rate in the parallel market will witness a final solution during the coming period, but this matter needs some time, and the monetary authority in the Iraqi state is working on that, and there will be tangible results in this file.”

earthiq.news

"EVERYTHING THAT WAS LISTED HAS ALMOST COMPLETED", BY DINAR IRAQ & DONG VIETNAM, 25 SEPT

 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 almost completed…

I also found an old document from 2011 which was a Q & A with someone at US 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.

BY DINAR IRAQ & DONG VIETNAM

Iraqi Dinar News Today- Iraq’s Play International Role / Rv Update Iqd /...

US to work with Iraqi government, CBI, Financial Intelligence to prevent sanction evasion: spokesperson, 25 SEPT

 US to work with Iraqi government, CBI, Financial Intelligence to prevent sanction evasion: spokesperson, 25 SEPT

Shafaq News/ The US recognizes "opportunities" in Iraq's financial sectors and works with the Iraqi government, Financial Intelligence Unit, the Central Bank of Iraq (CBI), and other banks to prevent fraud, sanction evasion, and terrorism funding, a spokesperson to the US embassy in Iraq revealed on Sunday. 

"The United States and Iraq have a strong working partnership, and the U.S. Treasury relationship with Iraq is important," US Diplomat Danielle Korshak told Shafaq News Agency, "For years, Treasury has worked with Iraq to improve transparency in financial transactions, prevent criminal and corrupt actors from accessing the international banking system and smuggling their illegal proceeds, and to bring Iraqi banks into compliance with international standards."

"Iraq has made significant progress since then in taking due diligence requirements seriously," she explained, "one positive example is the work done on international wire transfer requests; the Central Bank of Iraq is ensuring banks are acting transparently and in line with international practices."

In addition to creating new opportunities, these joint efforts, according to Korshak, have provided protection to the resources of Iraqi people and a trajectory towards "increased connectivity" between Iraqi banks and the international financial system. 

Korshak said that the U.S. Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg traveled to Baghdad, Iraq, September 12-13.

Rosenberg, according to Korshak, met with Iraqi Prime Minister Mohammed Shia al-Sudani and leaders at the Central Bank of Iraq, Trade Bank of Iraq, the Iraqi Financial Intelligence Unit, as well as representatives from the Iraqi private banking sector.

"Both sides, recognizing the opportunities and challenges ahead for further improving the Iraqi financial sector," she said. 

They also agreed to "continue working together and take positive steps towards meaningful and lasting reforms that will raise Iraq to international standards and prevent fraud, sanctions evasion, terrorist financing, and other illicit activities."

The US diplomat said that Prime Minister Sudani also met with U.S. Department of Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson on the sidelines of the United Nations General Assembly in New York on September 18. 

The meeting discussed "the continued progress toward strengthening Iraq’s financial sector."

"The U.S. Treasury continues to work closely with the Government of Iraq as it seeks to implement meaningful reforms to strengthen the Iraqi financial sector against fraud, sanctions evasion, terrorist financing, and other illicit activities," Korshak concluded.

LINK

Iraq's central bank to curtail international transfers in 2024, governor says, 25 SEPT

 Iraq's central bank to curtail international transfers in 2024, governor says, 25 SEPT

Shafaq News/ The Central Bank of Iraq is set to abandon international transfers in the coming year, focusing on domestic transactions conducted in the Iraqi dinar, announced the Bank's Governor, Ali Mohsen Al-Alaq, on Sunday.

The policy change, exempting funds allotted for travelers, comes amid efforts to streamline and enhance the country's financial operations.

Al-Alaq confirmed that transfers through correspondent banks accounted for 60% of the total (outside the Central Bank's electronic platform) with a realization rate exceeding 95%.

The shift was precipitated by an agreement between the Iraqi and the U.S. Federal Reserve Banks, aligning Iraq with global banking standards that centralize oversight and regulation.

"This initiative is part of a phased effort to open direct communication channels for Iraqi banks with their foreign counterparts in correspondence and trade exchanges," Al-Alaq stated in a meeting with bank officials.

He said that the ongoing process will help initiate transfer channels in various currencies, including the Emirati Dirham, Turkish Lira, Indian Rupee, and the Euro.

Al-Alaq attributed the control over general price levels and a reduction in inflation rate to the majority of traders entering official transfer channels, stabilizing the dollar at a rate of 1320 dinars. He emphasized that the black market rate is not a suitable indicator as it pertains to cash transactions for non-essential operations, not designated for legitimate trading purposes.

The new foreign transfer and dollar sale system, according to Al-Alaq, offers comprehensive risk protection for all transaction parties, and aligns with anti-money laundering and counter-terrorist financing laws. "It lays an essential foundation for direct relations between Iraqi banks and globally accredited banks, receiving international acknowledgment and praise." 

According to the Central Bank’s statement, the meeting also explored the establishment of "Riyada Bank." It will serve as a window for those eager to launch small production and commercial projects, contributing to local economic development and reducing unemployment with direct support from the Central Bank, in sync with the Prime Minister’s vision and directives. LINK