Thursday, January 25, 2024
An Academic Explains The Reasons For The "Failure" Of Establishing Solid Banking Relationships In Iraq, 25 JAN
An Academic Explains The Reasons For The "Failure" Of Establishing Solid Banking Relationships In Iraq
Economy |Yesterday, | Baghdad Today – Baghdad Today, Tuesday (January 23, 2024), the academic in economics, Mehdi Saleh, explained the reasons for the “failure” in establishing solid banking relations with the global and regional sector, while pointing to the necessity of developing banks and institutions at the regional level.
The main player Saleh said in an interview with “Baghdad Today” that “the central bank is the state bank and lending and issuing have important powers at its disposal that made it the main player in establishing monetary policy in Iraq,” pointing out that “the banking system, with all its civil and governmental titles, is the middle link between the central bank.” And the public,” referring to merchants, companies, and other segments.
He added, “The middle circle, referring to the specialized banks, is not sufficiently prepared to establish relationships with the global banking system because it has remained for many decades in local roles, that is,
it has no experience, in addition to the very developed situation of international banks, especially in the file of industrial and agricultural banks and the rest of the specialized banks.”
He added, "But this does not mean stopping, but rather striving to develop them, especially since Iraq was the first to establish banks in the region."
Parasitic performance
He pointed out "the necessity of staying away from the parasitic performance practiced by some banks by seeking speculation and quick profit, hunting for opportunities,
and seeking to transfer the experience of Gulf and Southeast Asian banks in creating visions that contribute to the recovery of markets and building investments, to be the beginning of the move towards enabling performance in banking work at the level." Regional and international.”
Earlier, Prime Minister Muhammad Shiaa Al-Sudani reviewed to the President of the World Bank Group, Ajay Banga, Iraq’s steps towards financial and banking reform.
On the sidelines of his participation in the Davos Economic Forum, Al-Sudani met with the President of the World Bank Group, Ajay Banga, and discussed with him the cooperation relations between Iraq and the World Bank, in various economic fields, which contribute to supporting the government’s efforts and strategic plans, towards more investment and development opportunities in Iraq.
According to an official government statement received by Baghdad Today.
The statement explained, “The meeting also witnessed a review of the measures and steps taken by the government and the Central Bank of Iraq, in terms of financial and banking reform, and
the projects financed by the International Finance Corporation (IFC) were also discussed, most notably the project to rehabilitate and develop Baghdad International Airport.”. The Prime Minister stressed, according to the statement,
“the importance of World Bank reports reflecting, realistically, the new government’s policies that were implemented in the economic and banking sectors and supporting the private sector, which aim to diversify the economy, increase its growth, and achieve financial stability, in light of the challenges facing the region and the world.” https://baghdadtoday.news/240569-أكاديمي-يوضح-أسباب-فشل-تأسيس-علاقات-مصرفية-رصينة-في-العراق.html
"RV UPDATE" BY MNT GOAT, 25 JAN
Mnt Goat
Quote from Deputy Prime Minister and Foreign Minister Fuad Hussein: “Iraq’s endeavor to occupy its natural position in the region and the international community”.
...Part of what it means for us investors in the dinar is to realize that when they mention international community, they are talking global...liberating Iraq from the war years. It is a FACT they cannot operate effectively in the global arena without a tradable currency on the currency exchanges, such as FOREX.Iraq is also at the sheer brink of a final announcement into the World Trade Organization (WTO), which we know they want back their dinar in the process...I believe that when you put all the FACTS together you can clearly see where they are leading Iraq and it is down a very nice road of prosperity and abundance...
On the sidelines of the Davos Forum...held in Switzerland last week, Iraqi Prime Minister Al-Sudani and his accompanying delegation, and Ali Al-Alaq, Governor of the Central Bank, continued to hold meetings, understandings, and negotiations with the World Bank, the International Monetary Fund, the President of the European Bank forReconstruction, the American bank, J.P. Morgan, and international financial institutions, with the aim of accelerating the procedures that… and I quote –
“It is implemented by the government in cooperation with the Central Bank towards achieving financial and banking reform”. ... It is all VERY GOOD news for us investors.
Issuing Electronic Cards To Small Merchants With A Ceiling Of $100,000 Per Month, 25 JAN
Issuing Electronic Cards To Small Merchants With A Ceiling Of $100,000 Per Month
January 23 13:15 Information/Baghdad.. Today, Tuesday, a government source revealed the issuance of electronic cards to small merchants, while specifying their conditions.
The source said in a statement to the official agency, followed by “Al-Ma’louma”:
“Based on the directives of the Prime Minister and in light of the discussions that took place between the government, the Central Bank of Iraq and electronic payment companies for more than two months,
a mechanism for issuing electronic cards to small merchants was approved, with a ceiling of 100 thousand dollars.”“.” He added, Monthly to implement payment operations for import purposes in order to reduce the demand for cash dollars by real merchants
"The new mechanism includes:
1- Payment companies submit a request to the Central Bank to obtain approval to create this product and launch the (merchant) card.
2- Determine the uses of the cards to be for small merchants in line with the external transfer controls issued by the Central Bank for the year 2023, provided that
The ceiling of these cards shall not exceed (100) thousand dollars per month, with the possibility of raising the ceiling in the future in light of the results of the actual application.
3- The cards are used for the purposes of purchasing goods and services from known suppliers according to pre-determined white lists.
4- The company bears its duty to apply diligence Due and in accordance with basic requirements, the most important of which are the main international embargo lists of the United Nations, the Office of Foreign Assets Control and the European Union.
5- Small merchants’ funds are deposited in the branches of various Iraqi banks in Iraqi dinars.
"RV UPDATE" BY WOLVERINE, 25 JAN
Bearded PatriotUSA
Telegram post
1/24/24
Forwarded from Wolverine:
Rumors spreading that Colombia has received payment is false. What I do know most whales from Colombia have gone to Zurich to receive payment.
There are only 3 redemption centres
One in Zurich, Hong Kong and Reno
————————
Ok guys
Latest info that just arrived
I have been told now strictly not to say anything more as it is not just me but other gurus as well to remain silent from now on as there is a risk that we might be jeopardising the operations for some platforms.
So from now on I will remain quiet and allow the process to flow.
We’ve been waiting for over 30 years for this and we don’t want to be responsible to delay it any further.
God bless
Wolverine
FIREFLY: Iraq is starting a policy to monitor the difference in the dollar rate official versus the black market to the dinar, 26 NOV
Frank26 [Iraq boots-on-the-ground report] FIREFLY : Big news on television... Iraq is starting a policy to monitor the difference ...
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...