Article: "Instructions and standards for the circulation and exchange of banknotes and counting and sorting mechanisms" FINALLY... WHAT WE CALLED THE 2ND ARTICLE FOR THE CBI TO THE IRAQI CITIZENS!
Question: "Is [Firefly boots on the ground in Iraq] optimistic or frustrated?" Both. He's optimistic because he knows what Sudani and the CBI have been telling the citizens of Iraq...Because he can go into a bank in Iraq now and ask questions and they will answer them point blank. But he's also frustrated because how much longer? We're talking about going into...January already. This thing should have happened at the beginning of the year. What's the hold up? Why are we waiting?
I don't think they're waiting for much of anything right now. They're moving fast. They're moving quickly in every aspect of the monetary reform. The next step is to show the lower denoms...new exchange rate and to allow it to float on an international platform...These are not subjects we are proposing to you, these are subjects that are in the articles themselves...
Information / Baghdad… A member of the Parliamentary Oil, Gas and Natural Resources Committee, Kazem Al-Touki, confirmed that raising the ceiling on the demands of the Kurds was behind the postponement of the resolution of the oil and gas law, despite the continuation of negotiations between Baghdad and Erbil, but the law has not been decided.
Al-Touki told Al-Maalouma, “The oil and gas law has not been neglected, and there are movements by the executive and legislative authorities to resolve this law and agree on it in order to pass it in Parliament after the end of the legislative term recess.”
He added, “The Kurds are seeking to impose their will and tried to raise the ceiling of their demands in the oil and gas law, which created a problem that prompted the postponement of proceeding with the law until the controversial issues between Baghdad and Erbil are resolved. Therefore, the law will need a lot of pause before it is voted on in Parliament.”
He stated that “the problem of the oil and gas law between Baghdad and Erbil is summarized in the disputed areas and Article 140, where the law is still unresolved in light of ongoing negotiations and dialogues between the two sides in order to resolve the outstanding issues to ensure the passage of the law.”
THE IRAQI CENTRAL BANK RETURNS TO THE FOREFRONT WITH A NEW STRANGE DECISION- BORROW DOLLARS AND FORCE REPAYMENT IN DINARS!
Economic researcher, Ziad Al-Hashemi, said on Sunday that the Central Bank opened a new door to withdraw the dollar under the pretext of “borrowing” and then repaid the value of these dollar loans in dinarsand at the official rate, without specifying any controls or standards that control dollar borrowing operations, which makes it a potential method.
To receive the dollar and smuggle it or sell it for cash at the parallel price, and then repay its value at the official price and profit from the price differences.
(Does this seem strange to you. Is there something we are not seeing? The TRUTH will come out in the future as to why they are doing this.)
Al-Hashemi stated in a post on the “X” platform, that “the Iraqi Central Bank returns to the forefront with a new strange decision, as many were optimistic about the recent steps of the Iraqi Central Bank and considered them (reform) measures that will contribute to supporting the dinar, controlling the leakage of national hard currency, and stabilizing exchange rates, but It seems that the management of the Central Bank wants to raise controversy, suspicions and speculation again, through some strange decisions.”
He explained, “The Central Bank opened a new door to withdraw the dollar under the pretext of (borrowing) and then repaid the value of these dollar loans in dinars and at the official rate (according to the book below), and this book (according to its wording) does not specify any important controls or standards that control dollar borrowing operations, which This makes it a potential way to receive the dollar and smuggle it or sell it for cash at the parallel price, and then repay its value at the official price and profit from the price differences.”
He stated, “This potential fraudulent exploitation of the Iraqi dollar will refuel the smuggling and money laundering networks with cash dollars, and will increase the wealth of speculative parties (already wealthy) in dollars through differences in exchange rates.”
The economic researcher called on “the Central Bank to reconsider this book and discuss its potential repercussions on the Iraqi markets and economy, and to amend it in a way that preserves Iraqi funds and does not provoke the Fed again.”
(will this procedure do more harm than good in controlling the parallel market?)
Al-Nasik Islamic Bank Renews Calls For Developing The Banking System
January 15, 2024 Last updated: January 15, 2024 Al-Independent/- The authorized director of Al-Nasik Islamic Bank, Dr., confirmed. Abdel Hafez Abdel Latif:
Achieving economic renaissance apart from adopting an advanced banking system is something that cannot bring the economy to its desired goals. Abdul Latif said,
“We affirm that the basis for building the economy is based on the possibility of adopting an advanced global monetary system capable of providing support for service and production economic projects.”
He pointed out:
The local and foreign investment effort wishing to enter Iraq is in dire need of advanced banking services that guarantee capital entering the country, in addition to the capabilities of supporting projects financially. He pointed out that there is confusion in the performance of some banks,
while at the same time there are private banks that provide acceptable services, especially since they are required to provide the best services by adopting advanced monetary work methods that they must follow within their work system.
The economic and financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained today, Sunday, the mechanism of monetary policy in Iraq.
(When Saleh talks… I listen. How about you? )
Saleh said {to Al-Furat News} that: “The monetary policy works to ensure that the price of the dollar in the parallel market is close to the nominal price through procedures and measures by using its operational objectives, whether {quantitative} of them, that is, by controlling and sterilizing surplus liquidity opportunities with high flexibility.”
He added, “Or the {price} that requires effective use of the exchange rate and interest rate signals in order to maintain the superiority of the Iraqi dinar, stabilize its value in the overall economy, and minimize the role of the secondary exchange market, which must approach the central exchange rate of 1,320 dinars per dollar.”
Saleh added, “Providing the national market with consumer and intermediate commodity products and supplies with stable prices will be among the government’s import priorities, whenever necessary, in order to achieve a balance between supply and demand and achieve price stability for basic and important commodities, in accordance with the requirements of a stablestandard of living.”