Central Bank: Agreement on trade exchange with Turkey (dinar versus euro or Turkish lira), 4 DEC

 Central Bank: Agreement on trade exchange with Turkey (dinar versus euro or Turkish lira)

Central Bank - Agreement on trade exchange with Turkey - dinar versus euro or Turkish liraOn Saturday, the Central Bank of Iraq announced an agreement to make arrangements between Iraqi banks and their Turkish counterparts through intermediary banks.

The bank said in a statement, a copy of which was received by Jarida , that “the discussions conducted by a joint Iraqi delegation (the government, the central bank, the Association of Iraqi Private Banks, and the banking sector represented by a number of private banks) were completed in Istanbul and returned to Baghdad yesterday morning.”

He explained, “The discussions culminated in an agreement to make banking arrangements between Iraqi banks and their Turkish counterparts through intermediary banks to ensure trade exchange for major merchants and importers, and to make and pay remittances in the euro and Turkish lira currencies.”

It was also agreed to “organize the trade exchange for small merchants and retailers (dinar in exchange for euros or Turkish lira) under arrangements with combined transfers according to a commercial organization that guarantees the integrated cycle of the commercial process (depositing in dinars inside Iraq, paying in euros or lira in Turkey, shipping goods from Turkey to Iraq.” ).

He continued, “This would facilitate the external transfer of thousands of Iraqi merchants and spare them from working through non-fundamental means. This also comes in the context of regulating trade and external transfer in accordance with sound practices and standards and within the framework of the comprehensive plan pursued by the Central Bank to open multiple channels, outlets and currencies with the aim of maintaining stability.” The financial system, protecting it from risks, and achieving general price stability by covering imports at the official price, which is confirmed by controlling inflation rates.

jaredaiq.net

URGENT BREAKING NEWS Trouble Brewing in Iraq BY SANDY INGRAM

"RV UPDATE" BY MARKZ, 4 DEC

 MarkZ 

  [via PDK]  ...today at 4:15 pm the Fed will have a meeting on “FOREIGN EXCHANGE RATES”   This does not pop up on their calendar very often but today they are discussing foreign currency exchange rates at the Federal Reserve at 4:15 pm. Could this be what we are looking for?  It’s possible.

The group chatter has been amazing as they are waiting for release of funds… sitting at the edge of their seats.   Redemption contacts who are “on call”  have not been called in…yet.  But we are stinking, painfully close….

 Very little out of Iraq overnight. But everything coming out of Iraq this week has been overwhelmingly positive. I know this is tough…I know we have been sitting at the edge of our seats for entirely too long…But, it’s hard to nail down a world-wide historic, once in a millennium event…But we know its coming.

Finance issues a clarification regarding the selection of Ernst & Young to review its data, 4 DEC

  Finance issues a clarification regarding the selection of Ernst & Young to review its data

12/4/2023

 Today, Monday, the Ministry of Finance issued a clarification regarding the selection of Ernst & Young to review its data.

The Ministry said in a statement received by {Al-Furat News}, “The media and social networking sites have recently covered topics related to the reasons for the Ministry of Finance choosing the international auditing firm Ernst & Young (EY) to review its financial statements, as a first step within the efforts to correct and evaluate the financial policy, which is compatible with... Adoptions of the Iraqi government's reform program.

She added, "Ernst & Young (EY) is one of the largest and leading professional services companies in the world with more than 700 locations in 150 countries. It was founded in 1903 and has been operating in Iraq since 1923, for nearly 100 years," explaining that "Ernst & Young demonstrated a firm commitment to Iraq by reopening its office in Baghdad in 2004. The Baghdad office works fully with the global network of Ernst & Young offices around the world, and in 2008 the company opened its offices in Erbil and Basra to serve Iraq in the northern and southern regions of Iraq." .

She stated that she "has worked with this company since the year 2004 to date on a number of projects, the most important of which was the project to settle Iraqi foreign debts, in addition to other projects of importance.

The company is also currently working, since 2004, with a number of ministries such as the Ministry of Oil, the Office of Financial Supervision, and the Ministry of Reconstruction and Housing, the Ministry of Planning, the Media and Communications Authority and all ministries with regard to auditing the Development Fund for Iraq, in addition to other financial institutions in Iraq, the most important of which is the Central Bank of Iraq, as the company audited the financial statements of the Central Bank of Iraq for more than 13 years, as well as the Trade Bank of Iraq for a number of years. ".

She stressed that "the company has provided our ministries and governmental and financial institutions with a large number of experts, specialists, consultants and leading methodologies in several fields and of different nationalities, who have contributed to developing the competencies of government sector employees in Iraq, and the company is still continuing in this role,"

Explaining that "the company has worked since the year 2004 with Al-Rafidain and Al-Rashid Banks and the Central Bank of Iraq, regarding the project to settle Iraqi foreign debts and a number of other projects, such as supervising the implementation of the comprehensive banking system, auditing the work of electronic payment companies, a project to analyze the gaps in all operations of Al-Rafidain and Al-Rasheed Banks, and auditing the data of Al-Rafidain and Al-Rasheed Banks for the years 2006 and 2014 in accordance with International Accounting Standards (IFRS), which contributed to increasing the company’s knowledge and understanding of the Iraqi financial and banking sector.”

She stated that "the company worked to develop banks, which includes the optimal use of financial, human and technical resources, moving from paper work to possible work, electronic dealing with all banking activities, developing a comprehensive vision for banks in granting credit facilities and loans, and developing work mechanisms, including control and oversight tools." ".   LINK

Digital Dinar Instead Of Cash Dollar.” These Are The Most Prominent Gains Of Electronic Payment, 4 DEC

 Digital Dinar Instead Of Cash Dollar.” These Are The Most Prominent Gains Of Electronic Payment

 Economy |1-12-2023, |  Baghdad Today – Baghdad  Today, Friday (December 1, 2023), Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained the gains of adopting the electronic payments system in transactions inside Iraq.

Saleh said in a statement received by "Baghdad Today",   "The cash payments system is linked to a high degree of certainty whenever payments are made by electronic or digital means, which provides an indicator of liquidity in the banking system and reduces the degree of uncertainty in banking liquidity."

 He explained that "the payments system provides sufficient information about the flow of cash into the banking system, makes clear the amounts of paid and accumulated amounts, and indicates their actual balances at all times during the banking working day.

Conversely, in light of monetary systems that rely on direct cash payment, banking liquidity management policies surround themselves." With additional hedges of idle liquidity in order to protect against liquidity risks. 

Saleh stated,  “This matter disrupts an aspect of banking and credit operations in particular,

so as electronic payments increase as a behavior in daily dealings, the management of the cash mass and its flow in the banking system will be subject to the rule of clarity in cash management and then directing bank credit towards profitable areas by expanding...

Credit activity provides efficient use of the cash supply, as well as a decrease in the rate of cash leakages outside banks,

which means that a structural change in the behavior of cash demand among individuals and at banks will tend towards a decline, due to dealing with electronic payment systems that are linked to bank accounts.” 

He stressed,  “The development of the payments environment and its transition from a direct cash environment or cash payment in payment and receipt operations to the use of electronic payment will, in all cases, reduce the risks of local cash payment in currencies other than the dinar and distance the national economy’s transactions from cash payment in foreign currency, because payment systems Digital does not allow transactions in the local economy in anything other than the dinar,

 that is, the national currency, and certainly the economy’s tendency in its transaction payments is to (the digital dinar) instead of (the cash dollar), whose transactions in internal settlements are legally rejected completely by virtue of the principle of monetary sovereignty of the Iraqi dinar.

  https://baghdadtoday.news/236801-الدينار-الرقمي-بدلاً-من-الدولار-النقدي.-هذه-أبرز-مكاسب-الدفع-الإلكتروني.html 

World Wide - Iraq Dinar - Private Sector - Industrial -Internationalism BY MILITIAMAN

"RV UPDATE" BY MILITIAMAN, 4 DEC

 Militia Man  

 Article:  "It's time for the Iraqi economy to be linked to the global economic cycle.  Al-Sudani stresses the government's endeavors to achieve an industry that exports its product outside Iraq."  

That's exactly what we need.  Everybody knows Iraq has been an import country and they've been using oil as a revenue stream.  N ow they're going to go from a rentier oil industry to a non-oil revenue stream country...You have the industrial cities, liquid natural gas, tourism, agriculture...Iraq is filthy with minerals.

What we're seeing is probably one of the most exciting times we've ever been in and there's more to come...  

 We all see the writing on the wall at this point in time that Iraq is going to go international.  They're going to be part of the WTO.  With them going to the private sector you can just see it's going to be a robust economy in this country.