Tuesday, October 24, 2023
The Central Bank decides to launch the instant photo feature for the customer, 24 OCT
The Central Bank decides to launch the instant photo feature for the customer
The Central Bank of Iraq has announced the launch of an instant photo feature for customers on October 24, 2023.
A document issued by a bank, addressed to licensed banks and companies and obtained by Al-Sumaria News, states the following: “This bank has previously issued circulars numbered 466/1/9 on 8/17/2023 directing licensed banks and companies to acquire webcams with appropriate resolution. This is a necessary prelude to the launch of the instant photo feature for customers. The feature will be implemented in the actual environment starting from Saturday, October 21, 2023.
We urge you to commit to applying it when registering a customer or making a cash sale to them. We also request that you ensure accuracy when entering customer data into the platform. This is necessary to avoid exposing your institution to penalties, which may include being denied entry to the foreign currency sales window in the event of repeated errors and related violations.”
"RV UPDATE" BY MARKZ, 24 OCT
MarkZ
[via PDK] ...I spoke to some people that are key to this process and they say it has not started yet. The groundwork is done but the trigger has not been pulled yet. I think we are in the last few weeks of this thing...My gut says 2-3 days…or a week to a week in a half…but, I am waiting to get some confirmations on that. Real confirmations from high and credible sources...no one knows the exact date. It’s going to be a complete surprise to all of us the moment it goes...
Its quiet on all fronts today… Quiet is not a bad thing. The sheer volume of misinformation things being dropped right now tell us important things…like how they are trying to cloud the timing.
Comment: lot of rumors about dinar going to 1000? MarkZ: The 1000 to 1 always made sense to me…then they quickly pull the big revaluation right after…but there are rumors around the streets…even though its been very quiet in Iraq.
Right now getting any news over there is like pulling teeth from a grizzly bear with no anesthesia…but it is pointing toward they already did that his weekend in Iraq. We are watching for that. If it's accurate…then BAM.
There are some interesting articles from Iraq. “ Teachers in Iraqi Kurdistan strike over delayed salaries”
This is all part of the HCL stuff and the money that is supposed to be flowing to the Kurdish region. They have a urgent need to get this thing done so they can meet their obligations and take care of their people. This new government over there does care about their people and they are working hard to fix things…
World Bank Chief warns of global economic threat amid Israil-Hamas conflict, 24 OCT
World Bank Chief warns of global economic threat amid Israil-Hamas conflict, 24 OCT
Shafaq News / The President of the World Bank, Ajay Banga, warned on Tuesday about the "severe" blow that ongoing conflict between Israel and Hamas could deal to global economic development.
Banga made these remarks during the seventh edition of the "Future Investment Initiative" conference in Saudi Arabia, a three-day annual gathering also known as "Davos in the Desert". Organizers stated that the event hosts over 6,000 registered delegates, with the participation of the heads of leading global banks, as well as the Presidents of South Korea, Kenya, and Rwanda.
He stated, "I believe that recent events in Israel and Gaza will have a far more dangerous impact on economic development. I think we are at a very critical juncture."
on October 7, hundreds of Hamas fighters infiltrated Israel from Gaza in an unprecedented attack since the establishment of Israel in 1948. This attack resulted in the deaths of over 1,400 people in Israel, the majority of whom were civilians, according to Israeli authorities. Additionally, around 220 hostages, including Israelis, foreigners, and dual nationals, were held.
On the other hand, the Palestinian Ministry of Health, affiliated with Hamas, reported that over 5,200 Palestinians, the majority of whom were civilians, including 2,055 children, were killed in Israeli airstrikes in response to the conflict.
Nevertheless, the outbreak of violence, triggered by Hamas' attack on Israel, castd a shadow on deal-making during the conference. Arab and Western leaders have expressed concerns about the possibility of a regional war that could diminish investment prospects in the region.
The sudden eruption of violence in Israel and Gaza is largely at odds with the Saudi leadership's vision for a stable and thriving Middle East. This comes at a time when Riyadh, earlier this year, restored its relations with its regional rival, Iran, and was on the brink of historic normalization with Israel.
Coffee with MarkZ. 10/24/2023
Financial Reform In Iraq: Moving Towards A Digital System And Development, 24 OCT
Financial Reform In Iraq: Moving Towards A Digital System And Development, 24 OCT
Posted On 2023-10-24 By Sotaliraq Translated by / Hamed Ahmed A report by the Canadian Economic News website, Business Network BNN, addressed the aspect of economic and financial reform that Iraq seeks to achieve by implementing its transition in its financial sector and transitioning to the digital era and economic growth in order to achieve stability and prosperity.
The Canadian report states that there is an economic and financial reform revolution taking place silently in Iraq, a country that the press often portrays as troubled by conflicts and disagreements, but which is now moving forward towards a qualitative transition in its financial sector and beginning a new phase of digital technology and economic growth.
The Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, recently chaired a crucial meeting that focused on the unified bank account and the electronic payment system, and these are two poles that will broadly reshape the country’s financial landscape. Al-Sudani focused on the urgent need to activate the work and responsibilities of the Payments Council at the Central Bank. These are not bureaucratic directives, they are an urgent call to modernize Iraq's banking sector and a fundamental step towards broader economic transitions.
The Prime Minister also stressed that he would receive a final report on the progress achieved, and this reflects a demand for accountability and transparency. His directive to all ministries to implement the fourth paragraph of Council of Ministers Resolution (3581 of 2023) and to accelerate the formation of committees only emphasizes the necessity of accelerating this task at hand.
The report states that Al-Sudani's call to conduct an analysis of the immovable bank accounts of each ministry within a month is a testimony to the government's determination to address the financial recession and inject momentum into the economy. It forms part of a larger effort to make the financial system more responsive and agile and align it with the changing dynamics of the global economic system.
In the first banking conference of the Central Bank of Iraq held in Erbil, the transformation towards a digital economy was at the forefront of the conference and its central topic. The conference, which was attended by the Prime Minister of the Kurdistan Region, Masrour Barzani, the Second Deputy Speaker of Parliament, Shakhwan Abdullah, and several political, economic and business figures, demonstrated Iraq's pledge to the growth of its banking sector and international cooperation.
Central Bank Governor, Ali Al-Alaq, highlighted the risks associated with a cash-dependent economy, which include financial crimes and illegal practices. He painted a picture of a digital economy in which technology serves as a catalyst for growth and transparency. Al-Alaq stressed the importance of maintaining the stability of the exchange rate and giving priority to the components of financial systems and commercial provisions.
The governor also highlighted the importance of adhering to anti-money laundering and terrorist financing laws, which demonstrates Iraq's pledge and commitment to international conventions and standards. These efforts aim to ensure the transparency and integrity of financial operations and make Iraq a more attractive location for global investments.
The report indicates that the developments taking place in the Iraqi banking sector are not separate events in themselves, but rather part of a larger issue about the progress and modernization approach that the country is witnessing. The country is taking important steps towards building a stable, safe and effective banking system that is vital for attracting investment, promoting economic growth and improving the standard of living of its citizens.
The Canadian report notes that, based on the Prime Minister's directives and the initiatives of the Central Bank, Iraq's pledge to change the financial infrastructure is clear. Amid challenges and complications, the country is pursuing a path towards a future that is not characterized by conflicts and crises, but rather by stability, growth, and towards achieving digital capabilities. It is the story of a patient and ambitious country determined to ensure a promising future for its citizens.
The United Nations envoy to Iraq, Jeanine Plasschaert, said in her briefing to the UN Security Council earlier this month regarding developments in the situation in Iraq, that the Iraqi government has taken important steps regarding reforming the financial and banking system in the country. She stated that the Iraqi government has taken steps in the budget that allow for increased private sector investments and efforts to increase transparency regarding the collection of customs revenues.
From the Canadian news site BNN LINK
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...