Sudanese Advisor: The government will carry out comprehensive banking reforms, 21 nov

Sudanese Advisor: The government will carry out comprehensive banking reforms

Sudanese Advisor - The government will carry out comprehensive banking reformsInformation/Baghdad..

Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed that the government is paying great attention to reforming the government banking sector, which dominates about 85 percent of the investments in this vital sector.

Saleh said, in a statement to “Al-Sabah” newspaper, which was reviewed by “Information” that “there are priorities in the pace of economic reform that the government program brought in spirit and letter, as reforming the government banking sector and returning it to work on the basis of efficiency and high competitiveness is the main goal of financial reform that The government seeks this within the framework of a broad program of economic and institutional reform and building a modern banking market in accordance with the requirements of the Constitution.”

Saleh added, “The government banking sector dominates more than 85 percent of the sector’s total investments, but at the same time it suffers from a heavy legacy as a result of its faltering for more than four decades of instability in the face of the progress that has afflicted banking in the world,” noting that “this matter “It necessitated that the financial and banking sector take priority in the basic reform package.”

The government’s financial advisor added, “The development plans required to be submitted by government banks will reflect the banks’ capabilities for reform and the corrective decisions required to be taken to proceed with the major banking reform process to achieve the goal of reform.”

Banking reform plans face difficult pitfalls, difficult for several reasons, as they lack a number of foundations that push the process forward.

almaalomah.me 

Iraqi PM Rejects Resignation of Key Ministers: A Political Chess Game, 21 nov

 Iraqi PM Rejects Resignation of Key Ministers: A Political Chess Game

Three ministers from the Taqadum party, led by Mohammed al-Halbousi, a prominent Iraqi politician, have tendered their resignations. However, Iraqi Prime Minister Mohammed Shia Al Sudani has rejected the resignations, marking a significant development in Iraq’s political landscape. The ministers in question, Deputy Prime Minister and Minister of Planning Mohammed Tamim, Minister of Industry and Minerals Kahlid Battal Najam, and Minister of Culture Ahmed Al Badrani, hold key positions within the government.

Resignations Over Court Decision

The trio’s resignations followed the Supreme Federal Court’s decision last week to dismiss Parliamentary Speaker Mohammed Al Halbousi over forgery charges. Al Halbousi has been embroiled in a legal battle with Sunni legislator Laith Al Dulaimi, who accused him of forging his signature on a resignation letter. The court also removed Al Dulaimi as an MP, prompting the ministers linked to Al Halbousi’s Taqadum party to tender their resignations.

Government’s Stand

Al Sudani rejected the ministers’ resignations to “underline the government’s commitment to ensuring political representation for all components of the people”. Al Sudani’s statement indicated that all three “will immediately resume their duties”. This refusal could be seen as an attempt to maintain governmental stability or a negotiation tactic within the political framework of Iraq.

Reaction and Implications

In response to Al Halbousi’s dismissal, Taqadum announced that its ministers of planning, industry, and culture would resign, while its MPs on parliamentary committees would sit out of parliamentary sessions and boycott political meetings with other parties. This could have important implications for the political stability in Iraq. Al Halbousi challenged his dismissal, arguing that the Federal Court’s jurisdiction does not extend to the validity of parliamentary membership. However, the largest Shiite parliamentary bloc and prominent Sunni parties have backed the court’s decision, adding further complexity to the situation. The refusal to accept these resignations and the potential impact on the government’s stability are central to the unfolding story.

https://bnn.network/politics/iraqi-pm-rejects-resignation-of-key-ministers-a-political-chess-game/

Currency Rate Most Dangerous City in the World USD/HTG G BY SANDY INGRAM

"RV UPDATE" BY FRANK26, 21 NOV

 Frank26 

  Question:  "What if you lost your receipt for your dinar?" 

 Try to get ahold of the individual you bought it from.  If they have records...maybe they might help you.  My broker does not...If you lost it.  Oh, dear.  That can be a problem financially for you because you want to hold your currency for one year...Because...your [tax] bracket is whatever the

government says but if you don't have a receipt or if you don't hold it for a year and you go exchange...that's a different tax bracket.  They're going to really bite you hard.  It's the difference between 40% tax and 20% tax... [NOTE: Consult your tax professionals at the appropriate time to determinate proper tax for your unique circumstances]

The Iraqi dinar is now going to enter a basket in a float and that's why the CBI has been talking...about the basket and coins...

 All they talk about is the exchange rate of the Iraqi dinar, about the black market going away and the only way that all of this can happen is if we have a new exchange rate and a new currency to match it.  They are preparing [Iraqi citizens].  This is the monetary reform at its highest point...

Iraqi Dinar Stands Against USD: Current Exchange Rate and Its Impact, 21 NOV

Iraqi Dinar Stands Against USD: Current Exchange Rate and Its Impact

In the dynamic world of international trade and finance, the exchange rate between the Iraqi Dinar and the US Dollar has been reported at a notable 100 US Dollars for 158,300 Iraqi Dinars. This precise valuation, a snapshot of the ongoing interplay of global economic forces, underscores the importance of exchange rates in defining the value of one currency against another.

Factors Influencing the Iraqi Dinar’s Value

The value of the Iraqi Dinar, like any other currency, is subject to a kaleidoscope of factors. From the nation’s economic health and inflation rates to interest rates and the balance of trade, each plays a crucial role in shaping the currency’s valuation. Political stability, too, exerts a significant influence, adding another layer of complexity to the currency’s dynamics.

Relevance for Businesses, Investors, and Travelers

This exchange rate information carries particular relevance for a wide array of stakeholders. Businesses engaged in international trade, investors eyeing opportunities in diverse markets, and travelers planning trips to distant lands all rely heavily on accurate, timely exchange rate data. In the case of the Iraqi Dinar and US Dollar, these groups need to constantly monitor the currency values to ensure advantageous transactions.

Live Exchange Rate Information

Live exchange rate platforms offer a lifeline in this complex landscape, providing up-to-date information on the Iraqi Dinar’s standing against the US Dollar. These platforms not only offer real-time data but also forecast trends and provide FX news updates, adding depth to their users’ understanding of the currency market. With this information at their fingertips, stakeholders can make informed decisions on transactions involving the Iraqi Dinar and US Dollar.

https://bnn.network/finance-nav/iraqi-dinar-stands-against-usd-current-exchange-rate-and-its-impact/

Al-Nusairi: The Central Bank’s New Measures To Regulate Foreign Trade Are The Beginning Of Banking Reform And An End To The Exchange Rate Crisis , 21 NOV

 Al-Nusairi: The Central Bank’s New Measures To Regulate Foreign Trade Are The Beginning Of Banking Reform And An End To The Exchange Rate Crisis 

Economy News _ Baghdad   Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed that the Central Bank’s recent measures and understandings with the US Federal Reserve and the banks of the countries with which Iraq has important trade exchanges and with solid international correspondent banks to open bank accounts for a new number of Iraqi banks to enhance their balances in the US dollar, the Chinese yuan, the European euro, and the Indian rupee. The UAE dirham is the beginning of banking reform and the end of the exchange rate crisis.

Al-Nusairi said in an interview with Al-Iqtisad News: These banks have been approved in accordance with basic conditions and controls approved by the US Central and Federal Banks, so that these Iraqi banks can carry out external transfers by covering their external transfers from correspondent banks directly without going through the electronic platform,

and this method It will shorten the external transfer period and ensure that the transfer reaches the final beneficiary through quick mechanisms, as well as address the cases of rejection that occurred for some transfers transferred on the platform.

He added that implementation of the new agreements will begin in the coming days and weeks, and these measures will certainly be reflected in controlling the movement of the US dollar in the black market and reducing demand for it, in the hope of reducing fluctuations in exchange rates. This will be helped by a set of new instructions and mechanisms that the Central Bank intends to achieve.

Its announcement will be a sign of goodness and a breakthrough in the crisis for which the Central Bank has begun making plans and taking measures since the beginning of this year to overcome it calmly, wisely, and with the support of the government and the Association of Iraqi Private Banks.

Al-Nusairi pointed to the Central Bank’s strategy for the next stage in the field of banking reform, which is to increase banks’ capital to $400 billion, launch the national loan strategy, develop electronic payment systems, implement the procedures of the Riyada Initiative, and establish the Riyada Bank in accordance with the directives of the Prime Minister. Views 88   11/20/2023 - https://economy-news.net/content.php?id=37680

Iraqi Dinar update for 11/19/23 - A new exchange rate beginning of next ...BY PIMPY