After importing the dollar... an optimistic statement about the exchange rate in Iraq, 20 NOV

After importing the dollar... an optimistic statement about the exchange rate in Iraq 

Economy| 06:48 - 11/18/2023
Mozaine News - Baghdad
 
The economic expert, Abdul Rahman Al-Mashhadani, revealed the impact of the Central Bank’s steps on the dollar exchange rate in Iraq. 
 
Al-Mashhadani said in an interview with Mawazine News, 
 
“The recent measures will contribute to lowering the exchange rate by allowing banks to bring remittances from companies that have bank accounts in them or from their balances abroad, and this will achieve two things. 
 
The first is that the central bank will be freed from the Fed’s oversight and penalties, given that any dollar Of these dollars, if they leak into the markets of the sanctioned countries, they are not from the Central Bank’s dollars. 
 
The second is that these transfers mostly belong to foreign companies operating in Iraq that employ Iraqi employees and receive their salaries in dollars, or that have contracts with Iraqi companies that supply them with materials such as food, for example, or deliver them to them. 
 
The contracts of these companies are denominated in dollars. 
 
They will certainly be exchanged in the parallel market and will be an important resource for financing the market.”  He added, "This is also the case with the banks being freed from transfer control through the platform and returning to its old method by enhancing the balances of banks that have foreign correspondent banks or that have  partnerships with foreign banks. 
 
This measure will lead to reducing the period for issuing the transfer from 15-30 days to two or three days." Days, at the same cost, and the auditing of these transfers is carried out by JP Morgan or the American Citibank, while previously the process of auditing and filtering was carried out by the Central Bank, then the Federal Reserve, and then Citibank or JP Morgan.”  He added, 
 
"The Central Bank's measures remain insufficient because they require the support of supporting government agencies such as customs, border crossings, the Ministry of Commerce, and the stability of the political and security situation."
 
https://www.mawazin.net/Details.aspx?jimare=238063

Christmas Celebration Soon?💣Iraq Currency Swaps?🤔Iraq Dinar RV Updates |...

"RV UPDATE" BY MILITIAMAN, 20 NOV

 Militia Man 

 Article [via MeetMeOnline] quote:  "Easing of global commodity prices, the revaluation of the dinar, the continued price subsidies are projected to keep inflation in check..."  This is coming from the World Bank...price subsidies are projected to keep inflation in check because of why?  Because of the revaluation of the dinar...The World Bank are the ones talking about the revaluation of the dinar and the revaluation will help facilitate [many things]...

 The Bank of International Settlements is the central banks of all central banks.  They move markets.  Commercial traders fear central banks because of the amount of money they have to be able to throw at markets.  The Bank of International Settlements talked with language I've never heard before in my 30 years of trading. 

 When central banks have to be very very careful on how they say things because what they say will move markets.  People can lose and make money.  Article " The Arab Monetary Fund of the International Settlements organized a meeting...on Wednesday and Tuesday November 15th 16th of 2023"  

This article did not come out until the 16th.  The 15th they never mentioned it...Why not tell you in advance they're having a meeting...? 

Quote:  "the meeting comes under highly complex economic conditions...discussing a number of aspects related to the role of monetary policy in facing risks resulted from the repercussions of possible macroeconomic shocks..."  

In other words, something is going to happen and they're telling the largest entities in the world that they're facing risks resulting from repercussions of possible macroeconomic shocks.  In other words if something happens in a small country, something else could happen in a big country...If the bank of International Settlements is telling this to other central banks who does business with other central banks, those that need to know this information just got told something's up

Parliamentary Finance reveals the possibility of successful “digital transformation” in government banks , 20 NOV

Parliamentary Finance reveals the possibility of successful “digital transformation” in government banks 
 
Economy |11-16-2023, 18:13 |
Baghdad Today - Baghdad
 
Today, Thursday (November 16, 2023), the Parliamentary Finance Committee revealed the possibility of government banks succeeding in automating the banking system and switching from the paper to the digital system.
 
Committee member Mustafa Al-Karaawi told “Baghdad Today” that 
 
“there is a noticeable development in government banks through the automation of the banking system and the shift from the paper to the digital system. 
 
There is a great reliance on development in this matter, especially in completing some transactions electronically, especially related to advances.” And others."  Al-Karaawi stated that
 
 “the economic and financial ground for government banks is prepared for this transformation, especially with the great development in global financial systems, and 
 
Iraq is part of this world and keeps pace with all developments, and 
 this transformation has important economic benefits, especially since the development of the banking and financial sector in Iraq is important for investment.” Especially foreigners, 
 
it also contributes to reducing red tape and some cases of corruption and extortion.”
 
A government meeting was held the day before yesterday, Tuesday, according to the Prime Minister’s Office, “to discuss the implementation of the comprehensive banking system, through the use of advanced electronic programs and modern technology in all banking transactions, 
 
and to discuss the development plan presented by the international company (Ernst & Young) regarding the restructuring of Rafidain Bank.” In order  to ensure the development of its business and the provision of a package of integrated banking services to citizens and companies, on a par with international banks, and 
 
in this regard, the Prime Minister directed bank departments to seek international expertise by contracting with consultants specialized in banking and financial work.”
 
Prime Minister Muhammad Shiaa Al-Sudani directed the directors of all government banks to prepare a plan to be submitted within one month, to develop the work of banks, including the optimal use of financial, human and technical resources, moving from paper work to codified work, electronic dealing with all banking activities, 
expanding electronic payment services, and developing a comprehensive vision. “For banks to grant credit facilities and loans, and develop work mechanisms, including control and oversight tools.” 
 
https://baghdadtoday.news/235717-المالية-النيابية-تكشف-إمكانية-نجاح-التحول-الرقمي-في-المصارف-الحكومية.html

FRANK26…..11-20-23……..1000:1 THEN LIFT THE 000’s !!!

The Iraq Fund for Development is a serious start , 20 NOV

 The Iraq Fund for Development is a serious start 

Yasser Al-Metwally
 
Today, hopes are building that the Iraq Fund for Development, despite its late arrival, will be a successful and serious start to achieving the goals of sustainable development 
 
And the truth is, it is a guarantee for the future generations of Iraq’s wealth. 
 
For the first time, I sense seriousness in the steps of preparation and planning to implement the Fund’s programs and objectives, based on important procedures 
 
Followed during the establishment stages, especially at the beginning 
 
The highest figure in the government apparatus assumes responsibility for its administration, represented by the Prime Minister. 
 
The second important measure is also the involvement of the private sector  in the membership of the Fund’s Board of Directors, and 
 
here the priority of the seriousness that I described in the correct steps for establishing it emerges. 
 
Having the head of the government hierarchy manage the Fund gives it support and momentum to move towards achieving the most important aspect of the government program related to the implementation of development projects.
 
Then, involving the private sector in half of the members of the Board of Directors adds seriousness to the success of the Fund’s objectives, based on the fact that the private sector is the true meaning and engine of development and attracting investments, and using its vision contributes to the success of the executive steps based on its expertise and experience in implementing projects.
 
What is also striking in the purposeful steps that have been observed in establishing this fund is the naming of the executive management of the fund as a scientific, technocratic figure who is familiar with  global experiences and who tries to apply the experiences of developed countries and who has successful experiences in drawing up the fund’s plans, in addition to selecting representatives of the private sector who are supposed to represent the real private sector in the membership of its board of directors..
 
What is the latest action taken by the executive management of the fund by holding a dialogue session in cooperation with the Association of Banks with representatives of the banking sector to brief them on the objectives and mechanisms of the fund’s work and to listen to their views on the possibility of contributing to the fund in a confident step that is considered by the executive management? How?
 
This is because the banking sector is the arm on which the private sector and implementing companies depend, through their access to advanced banking services to manage corporate affairs.
 
The Fund's marketing program is underway through continuous meetings with various sectoral bodies and experts with the aim of crystallizing the advanced formula for the success of the Fund's objectives. Here lies my justification for taking the step for the first time.
 
What is real and what is required for sound and correct institutional building, and this method is something we are not accustomed to and did not touch during the era of previous governments.
 
For this reason, we see the possibility that this fund will be a guarantee for the future of generations, whether in the development projects that will be implemented or in the future of investing the remaining funds that will be preserved for them, and that it will be an alternative opportunity for the opportunities that were lost, and this is our desire in continuing calls for the establishment of sovereign funds. 
 
We hope for the best. 
 
We are optimistic about the future, hoping that these steps will be serious and correct this time. 
 
https://alsabaah.iq/87462-.html

Iqd I’m a fan of Salah every thing he said on the spot BY NADER FROM MID EAST