Thursday, February 8, 2024
Washington's Sanctions Restrict Baghdad's Economy.. Banks Are In A "Dilemma" And The Iraqi Central Bank Is A "Spectator", 8 FEB
Washington's Sanctions Restrict Baghdad's Economy.. Banks Are In A "Dilemma" And The Iraqi Central Bank Is A "Spectator"
Posted On 02-08-2024 By Sotaliraq February 7 The banking sector in Iraq is experiencing unenviable days, as a result of the succession of US sanctions on banks one after another, which portends an economic “disaster” that the government will face sooner or later, with exchange rates fluctuating above the barrier of 150,000 for every 100 dollars.
The US Treasury Department imposed sanctions on 14 banks, according to what was revealed by the Wall Street Journal, and these sanctions come months after similar sanctions were imposed on 4 other Iraqi banks after they were accused of various pretexts and pretexts, including money laundering.
The US sanctions are raising a new wave of concern among Iraqis, especially since all government measures during the government of Prime Minister Muhammad Shiaa al-Sudani did not succeed in bringing the parallel exchange rate closer to the official rate.
Earlier today, Foreign Minister Fuad Hussein and US Secretary of State Anthony Blinken discussed the sanctions imposed by the US Treasury on Iraqi banks.
Member of the House of Representatives, Zainab Al-Moussawi, revealed the reason for the US Treasury Department placing economic sanctions on some Iraqi banks, and while she described Washington’s arguments as “false,” she stressed the necessity of getting rid of Iraq’s dependence on the dollar.
Al-Moussawi said, in an interview, that “the American administration always resorts to punishing Iraq by placing solid institutions under the control of the Iraqi state, as it did recently by placing several banks on the US Treasury Department’s sanctions list under a false pretext with no concrete evidence.”
She adds, “Washington is working to punish Iraqi banks in order to reduce the value of the Iraqi dinar and raise the value of the US dollar in a move to humiliate Iraq and request assistance from Washington in supplying the country with foreign currency.”
The member of the House of Representatives stresses “the necessity of changing Iraq’s dependence on the dollar by selling crude oil, the only source of the Iraqi state, and selling it in other foreign currencies such as the Chinese yuan, the Russian ruble, and other currencies that have strength and authority in global markets, and leaving American hegemony over the Iraqi economy.”
Al-Mousawi explains, “The US Treasury sanctions will obstruct the flow of remittances, afflict the Iraqi banking sector with chaos, and also affect the internal exchange rate greatly, and this is what Washington is currently following LINK
"OPINIONS ABOUT THE RV STATUS" BY HERNAN BRAVO, 8 FEB
Wednesday 07 February 2024
Opinions of the Iraqi dinar guru
Frank26: He says
[History of Fort Worth Chase Bank]
BANK VISITOR: I went to one of the largest Chase Banks in Dallas. This bench is different than anything I have ever seen. There were two floors and there were many windows upstairs that you couldn't see through.
FRANK: Many banks are metamorphosing their environment to be part of the exchange process...
BANK VISITOR: I go and sit down and within 5 minutes this private banker, who by the way is a vice president on his card, comes up and greets me.. .I told you that I have a large amount of foreign currency and can you let me know when you will do it? be able to change this currency. I didn't say dinar...I said I know we're getting closer...with Chase being the number one bank in Iraq. He looked at me, smiled and said: I have a couple more clients like you.
RayRen98: Says
THE 3 LETTERS GUYS ARE INDICATING THAT THE DINAR RATE IS STILL FIXED AT $4.81 BUT MAY TEMPORARILY INTRODUCE A LOWER… THEY ARE “WATCHING THE CLOCK”
MarkZ: Says
“Vietnam pressures the United States to grant them market economy status” This could lead to an increase in the value of the Vietnamese dong. The US State Department has asked Vietnam to increase the value of its currency.
Clare: It says
Article: 'An official is approaching'… Sudanese advisor reveals measures to reduce exchange rates in the parallel market” Quote: “He highlighted that “there is a clear trend and encouraging beginnings in which the parallel market has begun to move closer to the official exchange market ”
Greetings
Hernán Robert Hbravo
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TRANSLATE IN SPANISH:
Miércoles 07 Febrero 2024
Cairo Fines Baghdad A Billion Dollars Following A Contract That Was “Not Implemented”..Parliamentary Doubts About “Selling The File”, 8 FEB
Cairo Fines Baghdad A Billion Dollars Following A Contract That Was “Not Implemented”..Parliamentary Doubts About “Selling The File”
Money and business Economy News – Baghdad Baghdad lost about a billion dollars to Cairo for not complying with a contract with an Egyptian company concluded in 2001 that it did not implement, in a case before a court in Cairo, in which the complainant and the lawyers were Egyptian, according to a member of the Parliamentary Transport and Communications Committee.
According to a decision by the Egyptian Arbitration Court, Iraq must pay $927 million in compensation to an Egyptian aviation services company called “Horse” that was previously contracted with, but the Iraqi Airways Company and the Ministry of Transport did not comply with it.
In this context, a member of the Parliamentary Economics and Communications Committee, Karwan Yarois, explains that there are doubts that “the file was sold in some way because it is not true,” according to the Rudaw network.
He pointed out that "the complainant is an Egyptian company, and the arbitration court is in Egypt, and the Iraqi lawyer's team consists of two Egyptian lawyers, one of whom is an employee of Iraqi Airlines itself."
It is not permissible in law for an employee to “practice law at the same time,” according to Karwan Yarois, who revealed that the Egyptian employee “was contracted as a lawyer in the case for $400,000.”
Information indicates that the value of the contract amounted to $97 million, while compensation was set at $927 million.
For its part, the Iraqi government began negotiations with the Egyptian government to pay this amount through crude oil.
In turn, Yasser Al-Husseini, a member of the Parliamentary Economics Committee, confirms that the compensation “burdens the government’s burden and causes a waste of public money and many financial violations, and next week we will have an announced position on all issues and take it towards the judiciary and the government to address this matter”...
The decision of the Egyptian Arbitration Court to impose compensation of $927 million on Iraq because of the “Horse” company comes while it had been classified by an Egyptian court decision on (October 25, 2015) as a company affiliated with the Muslim Brotherhood and included in the list of banned companies.
According to follow-ups conducted by the Iraqi Parliament, the contract dates back to 2001, and the previous regime concluded it for the motive of espionage and for political purposes, but in 2005 Iraq renewed this contract again, resulting in the loss of millions of dollars.
205 views 02/08/2024 - https://economy-news.net/content.php?id=40265
Coffee with the Codeman 2/8/2024
"REFORMS IN IRAQ WILL TAKE PLACE THROUGHOUT THIS YEAR" BY GOLDILOCKS, 8 FEB
GOLDILOCKS
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the World Bank headed by the Director of the World Bank’s office in Iraq, Mr. Richard Abdel Nour.During the meeting, they discussed enhancing bilateral cooperation between the Central Bank of Iraq and the World Bank and discussing electronic payment projects and financial inclusion, as well as reform programs to enhance the stability and development of the financial sector.
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.
In turn, the World Bank delegation praised the procedures of the Central Bank of Iraq in facilitating financial transfers to different segments in Iraq, noting that the infrastructure of electronic payment systems and software systems in Iraq are among the best systems in the region.
Central Bank of Iraq Information Office 7 February – 2024 https://cbi.iq/news/view/2511
In other words, the Central Bank of Iraq and the World Bank are currently in process of implementing their new digital asset-based trading system into the Global Markets. https://cbi.iq/news/view/2511
© Goldilocks
DINAR REVALUATION REPORT: Iraq launch the Visa card for E-Shopping, 28 NOV
Iraq launch the Visa card for E-Shopping The currency has to be in forex for citizens to be able to purchase online from foreign sellers -...
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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...