Thursday, February 8, 2024
The World Bank praises the infrastructure of electronic payment systems in Iraq, 8 FEB
The World Bank praises the infrastructure of electronic payment systems in Iraq
Today, Wednesday, the World Bank praised the infrastructure of electronic payment systems in Iraq, indicating that it is the best in the region.
The media office of the Central Bank said, in a statement received by Al-Mutla’, that “Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received a delegation from the World Bank headed by the Director of the World Bank’s office in Iraq, Richard Abdel Nour.”
He added, “During the meeting, strengthening bilateral cooperation between the Central Bank of Iraq and the World Bank was discussed, and electronic payment projects and financial inclusion were discussed, as well as reform programs to enhance the stability and development of the financial sector.”
He continued, “The two parties also discussed the support of the World Bank to provide advice in establishing the Riyada Bank dedicated to financing small projects in Iraq, with the support of the International Finance Corporation.”
The World Bank delegation also praised “the Central Bank of Iraq’s procedures in facilitating financial transfers to different segments in Iraq,” noting that “the infrastructure of electronic payment systems and software systems in Iraq is among the best systems in the region,” according to the Iraqi Central Bank’s statement.
almutalee.com
"RV UPDATE" BY GOLDILOCKS, 8 FEB
Goldilocks and Seeds of Wisdom
“Chinese authorities told state-owned banks to step up intervention in the currency market this week, in a push to prevent a surge in yuan volatility, according to people familiar with the matter.”
In 2023 until now, The People’s Bank of China has been manipulating their currency exchange rate more than usual. As the dollar has become more unstable, their State Banks have stepped up to the plate to buy some of their assets from the markets themselves to stabilize the Yuan.
Several tools have been utilized to control their currency fluctuations as of late, and the Exchange Stabilization Fund has been called in to assess the situation and give them supportive direction. “China academic calls for US $1.4 trillion stock stabilisation fund.”
As the global wars continue to expand, the volatility of all the Global Markets are beginning to create havoc in the foreign currency exchange markets. Currency interventions like these are common during wartime efforts.
This is why old play books no longer apply when distortions in the market begin to affect economic stability and job creation opportunities.
The BRICS Nations, of which China belongs, sets them apart through a backing of gold to support their local currencies. These efforts adds to the net worth of a country’s revenue holdings.
The use of gold to stabilize currency exchange rates and demand bring in greater value in exchange processes between countries.
As Global wars continue to expand, you can expect a rise in volatility inside the Markets and Forex. Old contracts between nations may no longer hold accurate trade values going forward. Look for gold and other Exchange Stabilization Fund interventions to come into play.
© Goldilocks
CFR
NCUA
TheEdgeMalaysia
It will be different… Parliamentary Finance talks about the developments in the current year’s budget, 8 FEB
It will be different… Parliamentary Finance talks about the developments in the current year’s budget
Information/Baghdad..
Today, Wednesday, the Parliamentary Finance Committee revealed the latest developments in the federal general budget for the current year.
Member of Parliamentary Finance, Jamal Cougar, told Al-Maalouma, “The committee is waiting for the government to send the draft 2024 budget to make the necessary amendments to it.”
Koger added, “This year’s budget will be subject to many changes, and will be different in terms of resources, oil price estimates, and disbursements.”
He pointed out, “Parliament granted the government the authority to continue disbursing last year’s budget until it is completed and to begin the current year’s budget without stopping.”
The process of the Council of Ministers’ approval of a “tripartite” budget extending until the year 2025 was a positive point that was welcomed by a number of economic affairs specialists, who praised the paragraphs supporting increasing rates of sustainable development, especially in the health and educational aspects.
almaalomah.me
"RV UPDATE" BY MILITIAMAN, 8 FEB
MILITIAMAN
Article quote: "Iraq is better off now ever than it's in its financial history."
Even at a program rate, even at where we've been and what we've seen the central bank has probably done the job that they said they were going to do... Bottom line is Iraq has reserves...gold..more natural resources found, probably proven or probably...That is huge.
The Iraqi Central Bank is not going to come out and say, 'by the way you guys, tomorrow we're going to come out and drop the three zeros and guess what it's going to be at X [rate].' They're not going to do that. Nor is the...Finance Minister going to say, 'Hey by the way, I'm going to order the Central Bank of Iraq to what they got to to to change the value of the currency.' Nor is the US Treasury, US Federal Reserve, World Bank, IMF or Bank of International Settlements...The Iraqi Central Bank is not going to come out and say, 'by the way you guys, tomorrow we're going to come out and drop the three zeros and guess what it's going to be at X [rate].' They're not going to do that. Nor is the...Finance Minister going to say, 'Hey by the way, I'm going to order the Central Bank of Iraq to what they got to to to change the value of the currency. ' Nor is the US Treasury, US Federal Reserve, World Bank, IMF or Bank of International Settlements...
Article: "Postponing Electronic Application for Housing Funds"
They told us they were going to build hundreds of thousands of homes. They were going to have loans ready for them but they decided to postpone it.
Quote "...until new mechanisms for getting loans is approved...'
What's that about?
You were going to open up for loans for hundreds of thousands of housing units but you posted it for a 'mechanism'. What's their definition of mechanism? They don't say but we have to think - Writing up a mortgage at 1310 exchange rate and that changing the next day creates a problem...They need to know how much.
Iraq is doing a phenomenal job...Thinking that this is never going to get done? And we have issues?MNT GOAT: " Yes, they are more than ready and so where is their currency? Why not reinstate it? " , 27 NOV
MNT GOAT: "AL-SUDANI: IRAQ MUST ALWAYS BE AT THE FOREFRONT" Prime Minister Mohammed Shia al-Sudani said today, Sunday, November 2...
-
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...
-
Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
-
Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...