Sunday, January 14, 2024
Strategy to enhance confidence in the banking sector, 14 JAN
Strategy to enhance confidence in the banking sector
On 23/6/2016, the Iraqi banking conference was held in Beirut under the title (Restoring Confidence in the Banking Sector) in the presence of the Governor of the Central Bank at that time, Mr. Ali Mohsen Al-Alaq, representatives of Iraqi private banks and branches of Arab banks in Iraq. The number of all Iraqi private banks was no more than 30 banks. The saving rate in the banking system was 23%, the hoarding rate of citizens was 77%, and the financial coverage rate reached 11%. The reasons for this were due to economic, financial and security challenges and shocks, the intertwing of policies, the lack of clarity of vision in making decisions for financial reform, despite all previous successive governments making efforts in this direction, but the desired reform was not achieved.
After 8 years, the Governor of the Central Bank announced at the periodic meeting of banking leaders two days ago that the Central Bank will adopt a strategy to enhance confidence in the banking sector, in conjunction with the strategies and plans that will be applied in 2024 on the steps of financial and banking reform, which is carried out with the support and joint cooperation with the government and support of the Prime Minister, where the expansion map has changed in the number of banks, and the number of banks has become 72 banks, and the financial coverage rate exceeded 33.5%, the number of open bank accounts and operating in banks is more than 10 million accounts, and the number of credit cards issued and in force is up to 18 million cards, and the digital transformation in the banking sector is moving in an accelerated direction towards the adoption of Modern banking techniques and comprehensive systems in addition to the establishment of the Iraqi company to guarantee deposits.
Therefore, the deposits, which guarantee the deposits of customers at that bank, are from the performance of its obligations towards them in accordance with the new amendment to its internal regulations. But lack of confidence is still prevalent within the culture of citizens in reluctance to deal with banks, and we believe that the reason that led to this is the troubled banks, the methods of some banks in dealing with the customer, the complex routine procedures, and the circumvent of some banks on the instructions of the Central Bank, which draws the mechanisms of transparent and proper dealing with citizens. Therefore, the new strategy to enhance confidence, as explained by the Governor on 11/1/2024, will depend on my meats:
First – Upgrading the level of banking services and products provided to customers.
Second – the bank’s availability of financial and its ability to meet customer requests at the time of the request without delay.
Third – The bank’s control and direct supervision focus on measuring the level of service provided by banks to customers.
Fourth – Providing external (international) confidence in the bank by enabling it to adhere to international standards and obtain confidence from correspondent banks.
V. Increase the capital of banks in the new date of 15/2/2024, the deadline for the increase.
"RV UPDATE" BY TEXAS SNAKE, 14 JAN
Wed. 10 Jan. to Fri. 12 Jan. Texas Snake:
“The folks I am hearing from are suggesting our notifications will occur between the Wed. 10th and Fri. 12th of Jan, with exchanges commencing somewhere between Thurs. 18th and Sat. 20th.
https://dinarevaluation.blogspot.com/2024/01/rv-update-by-texas-snake-11-jan.html
Forwarded from Texas Snake:
Well the call confirmed what I had heard and was going to share. There are more rumors and tentative release dates than anyone can keep up with starting today thru the end of March but the folks I am hearing from are suggesting our notifications will occur between the 10th and 12th of this month with exchanges commencing somewhere between the 18th and 20th with a maximum initial cash distribution via debit card of 10k with balance due deposited in your new QFS Account within 10 to 15 business days after your exchange. Is there confirmation of this via official agencies, NO, but the exchange centers are preparing for the dates suggested to schedule appointments. Best I have at the moment…….
https://t.me/Bearded_PatriotsUSA/11616
Forwarded from Texas Snake:
It is 2300 hours on the 4th of January and while I have no definite date or time I am encouraged based upon preparations dealing with exchange center preparations I have become privileged to learn about that our window drawers nearer and nearer. GOD Bless you folks for hangin’ in there.
https://t.me/Bearded_PatriotsUSA/11304
https://dinarevaluation.blogspot.com/2024/01/exchange-centers-by-texas-snake-6-jan.html
Tues. 2 Jan. 2024 Texas Snake:
- “The WF Banker is back in Texas and does not anticipate on returning to the West Coast until we have concluded our exchange process and his job in these five states has concluded. He seemed very positive it wouldn’t be that long a period before he could rejoin his family.”
Folks, as I have stated before the world economy cannot continue without the RV and the powers that be know this. On Fri. 23 Dec. I spoke with a banker contact. He was going to Los Angeles or San Francisco to spend the holiday with his family. He indicated that point it might be much later into January before we did anything.
So today (Thurs. 28 Dec.) since I hadn’t heard from him, I called and spoke to his Assistant. She said he’s planning to fly back into Texas tomorrow Fri. 29 Dec. He’s got these five stages he’s involved with. He’s training a number of Wells Fargo bankers on the procedures that they have to follow in order to do exchanges.
He said that everyone that goes through an exchange process will be getting some type of a new Credit Card/ Debit Card that hooks into the QFS system. At your exchange you will get at least one or two percent of whatever you’re going to exchange immediately put on that card. They will open a new account for you, or possibly multiple accounts.
If you have more than one currency and wish to open an account for each currency, they will do all that at your exchange meeting. Then it will be 10 to 20 days after that funding will actually appear in your new accounts. I think he said it was a $10,000 dollar debit card to leave the exchange process with so you have funding at least up to 10 grand to do certain things you may need to do.
https://dinarevaluation.blogspot.com/2024/01/rv-update-by-texas-snake-4-jan.html
Saturday, January 13, 2024
Barzani and the US ambassador discuss the issues of Erbil and Baghdad, 14 JAN
Barzani and the US ambassador discuss the issues of Erbil and Baghdad
On Saturday, the President of the Kurdistan Region, Nechirvan Barzani, discussed with the US Ambassador to Iraq Alina Romanowski the outstanding issues between Erbil and Baghdad.
“The two sides exchanged views on the political and security situation in Iraq, relations between Erbil and Baghdad, and talks between the Kurdistan Regional Government and the federal government to resolve issues between them,” the presidency of the region said in a statement.
According to the statement, the two sides agreed “on the importance of maintaining peace and stability in the region and preventing the escalation of tensions. They also discussed US relations with Iraq and the Kurdistan region and other issues of common interest.”
“The two sides discussed the latest developments in the region in general,” he explained.
https://almutalee.com/news/بارزاني-والسفيرة-الأميركية-يبحثان-قضايا-أربيل-وبغداد
"RV UPDATE" FROM GINGER'S LIBERTY LOUNGE ON TELEGRAM, 14 JAN
"RV UPDATE FROM ADMIRAL CONTACT" VIA GINGER'S LIBERTY LOUNGE ON TELEGRAM, 11 JAN
The RV was scheduled for the first week of January 2024, actually January 2nd, specifically. Not that we will care, but the RV international rate will be retroactive to January 1st. Basically the currency exchange calculations (the “math” he said) within Iraq was not within guidelines at that time.
Iraqi Prime Minister Al Sudani and the Governor of the Central Bank of Iraq Al Allaq are both attending the World Economic Forum in Davos Switzerland for the annual meeting January 14th to 19th. Today Wed. 10 Jan. there is an exchange rate for the Iraqi dinar and the US Dollar. On Mon. 15 Jan. the Iraqi Dinar is to have international rates with multiple international currencies.
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