(12/20) Critical Iraq News

"FRANKLIN TENNESSEE BANK STORY" BY FRANK26, 22 DEC

 Frank26 

  [Franklin Tennessee Bank Story continued

BANK STORY MAN:  There's a Chase right own the road where I live and I though let me go verify  [The information from my other Chase bank story below 12-19-2023] ...I walk in and there were two young girls.  The branch manager was tied up in a meeting...I said I'm curious whether you do foreign exchange.  She said yes we do, which currency?  I said Iraqi dinar.  She had the funniest look on her face.  She said, yes I believe we can.  The girl next to her said, no we cannot. 

]The girl I was talking to pointed at the screen and the other girl looked down...and went,  oh, yes we will but we don't have the ability to talk to you about it now.  

FRANK:  Boom!  Mums the word. 

 BANK STORY MAN:  I said I understand...I said is it true about the $5,000 increments [That they can only exchange $5,000 worth at a time]?  She said, it is true.  She said, but listen to me sir, we want your business.  If you sit here all day doing $5,000 increments we don't care

"Money Transfer, Not Purchase", 22 DEC

 "Money Transfer, Not Purchase", 22 DEC

Clarification from the Association of Banks to the 964 network regarding imported dollar shipments

 2023-12-20 | 964  Director of the Iraqi Private Banks Association, Ali Tariq, told the 964 Network that Iraqi banks, based on the instructions of the Central Bank, were allowed to import foreign currency in various currencies, for the benefit of their customers who have incoming remittances from outside Iraq, indicating that the process makes it easier for banks to obtain cash and deliver it to its clients.

Clarification from the Association of Banks to the 964 network regarding imported dollar shipments Small

Governmental and private banks imported about $255 million within two weeks - a government source

He explained that when an Iraqi customer receives an external transfer, the transfer process is electronic and he needs to withdraw money from his account in Iraqi banks, and because the latter may not have sufficient liquidity in dollars, he resorts to withdrawing money from his accounts abroad and delivering it to his customers.

The Iraqi Bank plays the role of mediator in the process, as the imported funds belong to it in its accounts outside Iraq, according to Tariq, who noted that importing funds does not mean buying them, but rather transferring cash from abroad to inside for the benefit of bank customers.

Tariq confirmed that the coming period will witness operations to import money into banks, to meet customers’ demand for dollars.    https://964media.com/277648/

Sudanese Advisor: Discussions with 5 countries to import factories in exchange for sovereign guarantees BY CLARE, 22 DEC

 Clare: Sudanese Advisor: Discussions with 5 countries to import factories in exchange for sovereign guarantees

12/21/2023

Today, Thursday, the Prime Minister’s Advisor for Technical Affairs, Muhammad Sahib Al-Daraji, revealed discussions between Iraq, Germany, Italy, Spain, Japan, and China to import factories in exchange for sovereign guarantees.

Al-Daraji said in a statement, “There is a committee formed under the direction of Prime Minister Muhammad Shiaa Al-Sudani to implement a paragraph in the budget that stipulates granting the government sovereign guarantees in favor of importing production lines and agricultural equipment for the Iraqi private sector.”

He added, "The government is in the process of agreeing with Germany, Italy, Japan, China, and Spain, in addition to the Islamic Development Bank, to supply factories to Iraq in exchange for sovereign guarantees and to manage them by the private sector."

The Prime Minister's Advisor for Technical Affairs described it as "excellent for strengthening the Iraqi economy and changing its performance philosophy."   LINK

Iqd BY NADER FROM MID EAST

QUESTION TO FRANK26 ABOUT THE "DAILY $5,000 INCREMENT AMOUNT" TOLD IN THE "BANK STORY" PHONE CALL , 21 DEC

 KTFA:

FCH1962:  Frank, so you said the other night on your Utube 'Bank Story' phone call that you knew about this daily $5000.00 increment amount, but never wanted to discuss it with us?  Even as you were telling the viewers that "You are Mr Clampet, and they're Mr. Drysdale".  What was the reason for that?    So, Capital Controls on people's money isn't a big deal to you!    Am I going to be 'Kicked Off' for this question?   I'd like to hear an explanation...   This is a sincere question!

HarleyQuinC3:  These employees are going by Chase’s current foreign exchange policy that’s in place for customers travelling to other countries.

When I travel overseas, I notify my bank of what currency I need. It takes a few days and they get up to $5,000 worth of pounds, for example, for when I go to England. They do it in $5,000 increments because there’s a special form that has to be filled out for transactions over $10,000.

When I come back and convert the leftover pounds back into dollars, it works the same way, if I pull out cash there’s a $5,000 limit. Digital deposit can be higher amounts (I’ve personally never done one for more than £15,000), but basically it’s just to control the amount of paper cash going in and out of the branch.

 Chase DOES charge a fee for this, anywhere from 1-5% depending on the amount, it’s usually right about 3%. This is their fee for offering the exchange service. 

With that said, and IMO, this kind of exchange post-RI, will be treated as a special case. You won’t be dealing with a teller at the desk. It will be a pre-arranged appointment and they’ll do all the FinCen forms there.

I believe that’s why the wealth manager in Virginia mentioned he was waiting for ‘instructions’ on how to do the RI exchanges. It’ll be a special event.

I have talked to my private banker, Jose, here in Texas. He told me they would charge a flat $350 fee and exchange all at once. It will be a pending transaction for a couple of business days, and there will be limits on what can be spent till the transaction resolves.

He told me he thought it would take about an hour and a half to do the whole process, because they’ll be opening several holding accounts, which take a bit of time. Again, that’s just IMO based on what Chase told me. 

Oh, and concerning the spread, Jose told me it WAS negotiable depending on how much money I left with Chase’s wealth management department. He said it might be waived entirely if I used their management services solely. In other words, it would be possible to negate the 3% (ish) spread if I left the money with Chase. Again IMO.

ToyVP:  MAYBE I CAN HELP SHED A LITTLE LIGHT ON THAT SUBJECT, FOR "CASHING OUT" THEY CAN ONLY DO SO MUCH AT A TIME FOR SEVERAL REASONS.........

1) THEY DON'T CARRY THAT MUCH CASH AT BANKS ANYMORE SO THEY HAVE TO PUT IN A REQUEST FOR TRANSFERS TO THEM SO THEY CAN ACCOMODATE IT.............

2) THE FEDERAL RESERVE HAS PUT A LIMIT ON HOW MUCH CASH CAN BE REMOVED FROM YOUR ACCOUNT PER DAY..........................

.BUT TO EXCHANGE AND DEPOSIT IT INTO YOUR ACCOUNT IS NO BIG DEAL THEY WILL BE ABLE TO DO THAT IN THE SAME DAY "IMO"   I HOPE THIS HELPS

Very important and a real move.” Revealing the outputs of the Baghdad and the region’s meeting on the ports, 22 DEC

 {Economic: Al-Furat News} The Ministry of Planning revealed a meeting to be held next month to approve the decisions of the joint committee between the federal government and the Kurdistan Regional Government on border crossings.

The ministry’s spokesman, Abdul Zahra Al-Hindawi, said in a press statement that “the high-level meeting that brought together the federal government and the Kurdistan Regional Government {last week} took about three hours, during which very important files related to customs policy at the national level as well as the management of border crossings were discussed.”
“The files were discussed with a deal, and all parties put forward their own perceptions and visions about the process of managing these important joints,” he said.
On the outputs of the meeting, Abdel Zahra pointed out that “there are decisions that were referred to a committee that emerged from the meeting, and there will be a subsequent meeting within a month, and the decisions that were agreed upon will be ready for signature and ratification and then sent to the Federal Council of Ministers for approval.”
He added that “the joint committee includes the Federal Minister of Interior, the Minister of Interior in the Kurdistan Region, the Border Crossings Authority and other personalities from the Kurdistan region and the federal government,” noting that the committee “will take into account everything that has been reached and crystallize it in the form of decisions and recommendations to be approved at next month’s meeting, and thus the results will be satisfactory to everyone.”
The planning spokesman described the finding as “very important, and will represent a real shift in solving many of the problems that have been surrounding the border crossings.”
On December 11, the Ministry of Planning announced the holding of a special meeting chaired by Minister Mohammed Tamim to “review the procedures for the unification of customs policy at the border crossings with the Kurdistan Region,” stressing that the two parties expressed their readiness to “continue joint work in order to address all the problems surrounding the reality of border crossings, customs policy and the pre-examination of imported goods and goods.”

https://alforatnews.iq/news/مهم-جداً-ونقلة-حقيقية-كشف-مخرجات-اجتماع-بغداد-والإقليم-بشأن-المنافذ