Economist, Dr. Mahmoud Dagher, criticized the duplication in the work of the US Federal Reserve towards Iraqi banks.
Dagher said, “What is happening in the Iraqi banking system is a duality that is difficult to explain. The Financial Action Committee (FATF MENA) issued the results of the periodic review of Iraq, keeping it in the white area, as an expression of the commitment of Iraq and its banking institutions to acceptable performance in combating money laundering and combating the financing of terrorism, and the procedures and policies applied.” “Compatible with international standards set by the Financial Action Committee concerned with financial standards at the international level.”
He continued: “But a strange and inexplicable duality has emerged, which is the Federal Reserve’s continued restriction of most Iraqi banks from accessing the country’s wealth and its dollar reserves, and this is what makes the duality inexplicable, but rather leads to attribute this to political matters that have nothing to do with the application of financial rules.” The international resolution was decided by the Financial Action Committee in Iraq.
Dagher asked: “Who will solve this contradiction and save our banking system link
Chairman of the Finance Committee, Representative Atwan Al-Atwani, called on the International Monetary Fund and the World Bank to provide the necessary support to Iraq in the areas of exchanging experiences and training national cadres.
The media office of the Chairman of the Finance Committee stated in a statement received by the Iraqi News Agency (INA), that “The Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, participated this evening, Monday, via closed-circuit television, in the deliberative meeting of the International Monetary Fund regarding the financial and economic situation in Iraq.”
He added, “Al-Atwani provided a complete briefing on the financial and economic situation and the provisions and programs included in the tripartite budget law for the years (2023-2025) that are consistent with the government program to advance various sectors, activate the private sector, encourage investment, and support investors, in order to achieve sustainable development.”
Al-Atwani stressed, according to the statement, that “approving the tripartite budget gave the government great comfort in terms of contracting, implementing projects, and attracting foreign companies to implement major projects,” pointing out that “the Finance Committee, through monitoring spending and financing and implementing plans and programs, seeks integration between the legislative and executive authorities.” Because we want this government to succeed, especially since it is taking steady steps towards achieving the aspirations of the people.”
Al-Atwani pointed out that “the National Service Government is serious about moving the wheel of the economy and development and has ambitious programs to advance various productive sectors and maximize non-oil revenues, to leave the state of excessive dependence on oil in forming the general budget.”
Al-Atwani concluded his participation by calling on the International Monetary Fund and the World Bank to provide the necessary support. For Iraq in the areas of exchanging experiences and training national cadres, to develop our banking system, especially as we are moving towards activating the digital financial dealing system and automating taxes, customs and other service sectors that generate financial revenues for the state. LINK
BANK STORY LADY: I've been banking with them for about a year...A few months ago I was talking to my contact and I was telling her about the exchange and asked if she had heard anything.
She hadn't and they probably weren't going to deal with it at all.
She even asked her higher-ups and they didn't say a thing.
She said she had a list of people to call and if she heard anything she would be in touch. Over the last few months I've kind of given up on it...
I had a talk with her the other day and she said, 'I'm so glad you called. We just underwent training for the exchange.'
It will be influential.” Iraq completes its preparations to join the World Trade Organization
Today, Tuesday (February 27, 2024), the BNN network, which specializes in economic affairs, revealed that the Iraqi government has completed the requirements for joining the World Trade Organization after its internal economic and trade conditions “improved,” in addition to improved investment conditions.
The network said, according to what Baghdad Today translated, that Iraq has completed all preparations within the timetable set for it by the organization to integrate its commercial operations with its businesses around the world, stressing that Iraq is now able to enter the global trade market through the organization on a large scale.
It is noteworthy that Iraq submitted an application to enter the organization in 2004, and the application remained pending until the conditions for entry into the international organization were met, which have now ended.
The network says that Iraq "will return to becoming an influential member in terms of international trade and economics through the role it enjoys geographically and economically among the countries of the organization." link
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good Evening Mark and mods….Really hope Iraq gets the RV done before Ramadan on March 10th…..the clock is ticking.
Member: Is Sheila joining us tonight (CMKX and Currency source)
MZ: She will be joining us Friday with Mr. C. Expect Friday Mornings podcast to be a long one…we will get into prosperity packages, CMKX , Farm Claims and much of what is going on with currencies …what is being heard in other countries. This podcast ought to be a humdinger.
Member: What about your bank contact that said February should definitely your month for it to go ?
Member: Just a few days left……git er done!!!!!
MZ: Its quiet on the RV so far this evening from what I consider tangible on the RV news front…….Bankers still believe we are in that “any moment “ window with sooner rather than later.
MZ: We heard from members today that were reached out to by banks who know they have currency – they were suddenly reached out to to set up appointments with wealth managers……Maybe banks are jumping the gun a little getting people prepped and ready because they don’t want to lose the business… We still have some banks that flat out deny knowing anything and some that openly have conversations about it.
MZ: “Brazil to host meeting of BRICS finance ministers and Central Bank heads” This is going on as we speak in Brazil. BRICS continues to move along grabbing a larger and larger share of the worlds GDP.
Member: Guru Mnt Goat (From Dinar Guru) …Iraq is finally breaking the news all about the Project to Delete the Zeros. This is fantastic news but just news for now. The actual execution part is coming and I was told by my weekly call to my CBI contact in Iraq on Saturday, that it will be VERY SOON!
MZ: That totally fits with what we heard over the weekend. They are having very open conversations on television, articles…you name it. Plus a committee to help stores and markets reprice goods.
Member: and all the WTO articles coming out about Iraq ascending soon …that is big news.
Member: Mark- what is your guy saying about rates? Other are saying $1.30 in country. Do you think they will RV on March 1st per rumors?
MZ: TO me $1.30 doesn’t make a whole lot of sense. Would it work for them- yes . They have been very blunt with their people and even Sadr said they were going to restore the dinar to its former glory. And $1.30 is about a third of what it used to be .. I would be ok with $1.30….but I expect higher.
Member: $3.22 was what it was at….adjusted for inflation should be $4.81…
Member: So will Iraq go alone or do you still believe it will all go at once?
MZ: I still believe it will all go at once
Member: If it all goes at once –it defeats the nonsense about double dipping
MZ: It would solve a lot of the problems by going all at once.
Member: If Iraq is not part of the WTO- why isn’t the dinar on forex?
MZ: Iraq is not yet part of the WTO. They have been approved and all their tasks have been completed for ascension but are waiting for an announcement.