US Response to Attack on Air Base West of Baghdad BY SANDY INGRAM

FICC to increase the number of banks supported by CBI, 22 NOV

 FICC to increase the number of banks supported by CBI

Baghdad (IraqiNews.com) – The Federation of Iraqi Chambers of Commerce (FICC) announced on Tuesday that it has undertaken an initiative to increase the number of correspondent banks supported by the Central Bank of Iraq (CBI).

The President of the FICC, Abdul Razzaq Al-Zuhairi, told the Iraqi News Agency (INA) that the federation undertook an initiative to increase the number of correspondent banks supported by the CBI.

The CBI finished on Saturday the arrangements for an agreement aiming to enhance the balances of five Iraqi banks in the UAE dirham.

A source in the Iraqi banking sector said that the CBI completed the required arrangements related to an agreement with the UAE’s First Abu Dhabi Bank, INA reported.

The source revealed that the implementation of the agreement to enhance the balances of the Iraqi banks in UAE currency will take place this week.

Last week, the CBI reinforced the balance of 13 banks in the Chinese currency.

Merchants and importers can now import their goods from China at the official exchange rate that will be provided by banks dealing in the Chinese currency instead of obtaining the funds they need for their trade from the parallel market, according to the source.

Officials from the CBI held intensive meetings with US officials in Abu Dhabi recently to discuss external transfers to cover imports.

Iraq strengthened its balances in the yuan currency through the Singapore Development Bank to finance the country’s trade with China by about $12 billion annually.

There are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union. 

The CBI is taking several measures to reduce the US dollar exchange rate.

https://www.iraqinews.com/iraq/ficc-to-increase-the-number-of-banks-supported-by-cbi/

Germany working on Financial Inclusion in Iraq, 22 NOV

Germany working on Financial Inclusion in Iraq

Germany's Gesellschaft für Internationale Zusammenarbeit (GIZ) (German Agency for International Cooperation) has joined forces with the Iraqi Private Banks League (IPBL) to work on more inclusive financial services.

"Together, we can harness the unique strengths from both the private sector and the public sector and make a significant contribution to financial inclusion in Iraq", said Lutz Zimmermann, GIZ Iraq's Country Director, during the kick-off event.

GIZ and IPBL signed an agreement that marks the official start of the collaboration of two major activities, the IN4FI advisory program, which supports Iraqi financial service providers in developing inclusive financial services or products, as well as the financial literacy application "Masrafi".

"In the next phase, financial inclusion is not only a goal but also a tool that will enable the Central Bank to support monetary stability in Iraq", highlighted Adnan Asaad, Director General Payments and IT Department at the Central Bank of Iraq (CBI).

This activity is part of the Financial Inclusion for Economic Restart and Integration (FI) Project, co-funded by Germany's Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union (EU).

(Sources: GIZ, IPBL)

https://www.iraq-businessnews.com/2023/11/22/germany-working-on-financial-inclusion-in-iraq/

Evening News with MarkZ. Joined by King Bau later in the podcast. 11/21/...

"RV UPDATE" BY MILITIAMAN, 22 NOV

 Militia Man

  Article:  "Alaq says the rise in the exchange rate in his time and the project to delete the zeros still exists"   When was that?  July 26, 2023.  The plan is still underway, hasn't changed.  It's a dynamic and fluid circumstance.  We had the Bank of International Settlements come out and talk about highly complex financial transactions ...shocks, warning people...we can see there's some fireworks going on...in the background.  

We're hoping Iraq will show us they have Article VIII compliance any time now.   Let's see what happens...

 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]...

"RV UPDATE" BY GOLDILOCK, 22 NOV

 The Central Bank of Iraq has warned that some people are misusing the electronic payment cards it makes available to meet the legitimate natural needs of citizens.

The bank stressed its commitment to implementing strict measures to limit this phenomenon, protect the financial system, and ward off risks from it, indicating that it will include the names of bank card holders whose misuse or smuggling is caught on black lists and take legal measures against this group.

The bank noted that they will be deprived of issuing other cards and all financial products, and that all necessary measures will be taken against violators, based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and the instructions and controls issued pursuant thereto.
 
Central Bank of Iraq  Information Office   November 20, 2023   https://cbi.iq/news/view/2470

~~~~~~~~~~

BREAKING NEWS  

CHINA AND SAUDI ARABIA HAVE SIGNED A LOCAL-CURRENCY SWAP AGREEMENT WORTH AROUND $7 BILLION, DEEPENING THEIR TIES AS NATIONS THROUGHOUT THE MIDDLE EAST AIM TO DIVERSIFY MORE OF THEIR NON-OIL TRADE AWAY FROM THE DOLLAR.

Major news.  

The trend is accelerating.

Read: https://x.com/goldtelegraph_/status/1726628254679998808?s=46

Experts: The Central Bank’s actions need media promotion , 22 NOV

 Experts: The Central Bank’s actions need media promotion

Economic 11/20/2023    Baghdad: Shukran Al-Fatlawi  Financial and economic experts called for the need to intensify the promotion of the new mechanisms adopted by the Central Bank, including (Visa Direct) to assist citizens and merchants with the financial transfer process, in addition to developing more serious solutions to reduce the exchange rate in the parallel market by regulating banking business.

Economist Dr. Mustafa Hantoush told “Al-Sabah”:

The recently launched “Visa Direct” service did not gain public support in terms of financial transfers, as it is not known yet, even though the Central Bank and the competent authorities have begun the process of focusing on this. Mechanism.

He explained that the matter is not bad in terms of the transfer amount and the mechanism used, indicating that daily transfers may reach approximately three thousand dollars via the “Visa” issued by the banks.

Hantoush added that the transferred amount, although small, is suitable for small merchants, stressing that  this process is subject to compliance and money laundering standards by knowing the reasons for the transfer and who is entitled to it, and this service is easier than going to banking companies, (Zain Cash) or (Western Union).

He pointed out that this service is easy in terms of transfer, wondering at the same time about the possibility of transferring the Iraqi dinar to the Emirates or Turkey, and whether the withdrawals are in the Emirati dirham, the Turkish lira, or the dollar, since the basis of the problem is the smuggling of the dollar to the banned countries. 

He noted that  this issue may contribute to somewhat balancing the exchange rate or decreasing it slightly, but it does not contribute to solving the problem, due to the need for more serious steps, including a platform for selling the dollar and stopping smuggling.  Hantoush pointed out that

the First Bank of Iraq, which follows this mechanism, is specialized in banking operations via telephone and Internet means, and

it was implemented in the year 2020 and provided a set of services that did not reach the required level and circulation among the banking public due to the weakness of the marketing process.

For his part, Imad Al-Muhammadawi, who is interested in economic affairs, said during his interview with “Al-Sabah” that the (Visa Direct) service It works to facilitate the movement of money globally, explaining that the country is far behind in this aspect.

He stated that what the Central Bank did in this regard was an attempt to control the dollar, pointing out the need for solid and well-known banks to adopt this mechanism to prevent manipulation.

It is noteworthy that the advisor to the Prime Minister, Fadi Al-Shammari, praised the (Visa Direct) service for transferring money abroad and considered it a successful step to facilitate the work of small merchants, stressing that

it contributes to reducing the exchange rate in the parallel market and

its procedures take only 5 minutes,

 expressing his hope that the citizen will interact with this. Banking service that cuts off black market speculators.   https://alsabaah.iq/87551-.html