Iraqi premier says Iraq lacks strict penalties against currency speculators
Shafaq News/ Prime Minister Mohammad Shia al-Sudani on Tuesday promised "strict" legal penalties against currency speculators, hinting at the involvement of powerful domestic and foreign entities in manipulating the forex market.
Speaking to reporters in a weekly press conference, al-Sudani admitted that his government faces “massive challenges” in reforming the banking system. “Moreover, the exchange rate is driven by currency speculators.”
"There are domestic and foreign entities, traders, and currency exchange companies working to sustain the current dollar exchange rate."
"We support certain banks that we trust and that have achieved successes to be part of the solution." He noted, "Iraqi law lacks strong and strict penalties for those who are apprehended for currency exchange rate manipulation."
Despite the surge in the dollar exchange rate, the Prime Minister assured that food prices remain stable in cooperation with some traders. “There are initiatives in place to provide essential medications from international sources at subsidized prices, as well as construction materials offered at supported rates.”
Prime Minister al-Sudani praised the establishment of a Development Fund as a vital project since it ushers the enaction of its own law. “The fund has been included in the budget law, and it is set to serve as an exclusive platform for the private sector, creating investment opportunities. Initially, its focus will be on constructing approximately a thousand schools, with plans to extend its involvement to other sectors such as industry, the environment, and housing.”
"On October 27, it will be a full year since the formation of the government. We have requested the Council of Representatives to host a session to discuss the achievements and failures that have occurred since the government was established up until now."\
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.”
[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
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.
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
Member: Good morning, everybody, let's hope things get done here soon.
Member: Happy Taco Tuesday! Happy birthday to those celebrating and prayers for those in need.
Member: What is Iraq waiting for???????
Member: Maybe for the system to crash?
MZ: We start the day today with Evergrande and Country garden in China imploding. Scrambling today with lawsuits on why they did not pay their payments….It’s crazy
Member: Hey Mark! Is it true that the Chinese Elders now own Wells Fargo???????
MZ: It’s almost like they know somethings coming…lol. The economy is tanking and people are out of money yet they are opening Wealth Management locations….Many banks are opening Wealth Management centers in a time where there is not much wealth. Makes you scratch your head.
Member: This is proof for me that the RV is coming……
MZ: There is a lot going on in the financial world telling us how close we are….
Member: The word “close” doen’t mean what it used to …sigh
Member: Huntington Banks here in Michigan are closing 9 banks so far.
Member: why is it that people think this $$ exchange will happen BEFORE the OLD system crashes? Y would you want that and risk it?
MZ: There is a lot of repetition in the news….We have shared many articles over the last few days /weeks on improvements in the banking system in Iraq….. Articles about how they have secured their borders……how they are attracting more money into the banks…..(85% of the dinar is outside the banking system in Iraq) and they are trying to make their banking system more attractive.
MZ: I do not think this will be successful until there is a value change in the dinar. Why put it in the banks when it’s not worth much???
MZ: MitlitiaMan did a good video on electronic ports. Port of entry, airports….ect. Be sure to watch it.
MZ: Mr. C has not been paid yet. Bonds are still in a holding pattern.Many of my bond contacts were expecting movement today……They have not seen anything yet.
Member: Poor bond folks……They are definitely victims of the “Boy who Cried WOLF” I would have left.
MZ: “Strong case for currency reforms in Zim” If the economy was a human body then the bloodstream is money. Without blood the human body would be dysfunctional and unable to perform metabolism…..This is a case for monetary reform and reform of the financial system with asset backed money.
MZ: Zimbabwe is one of the richest nations in the world based on commodities. They have already told us they are going to a gold backed currency.
Member: All of BRICS members may soon be going gold backed as well…..They are the smart ones.
Member: Why do some say we are exchanging at redemption centers…and some say we go to banks?
Member: It’s just different terminology……RC’s are supposedly parts of banks with special trained people and equipment to exchange currency…
Member: it's like coke, soda or pop. They are all the same thing, but people call it something different in their area.
Member: Will 800 numbers work here in the UK and other countrues.
MZ: I have been told they will work exactly the same….only yours will send you to your local exchange locations in whatever country you reside. I am still told the amounts we receive are pre-negotiated. Rates should be the same worldwide.
Member: Everyone should get the book “The Sudden Wealth Solution” and power read it. It will help you with this process and what you must do.
Member: Mark! Thanks for all you do.
StacieZ joins the stream at the end with health info. Please listen to the replay for her information
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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.