Thursday, March 7, 2024
The Central Bank renews its warning against financial fraud BY CLARE, 7 MARCH
The Central Bank renews its warning against financial fraud
3/7/2024
The Central Bank of Iraq calls on the honorable public to verify and ensure the work of these companies through the official website of the Central Bank of Iraq through the following link: https://cbi.iq/page/25 , and to verify the financial institutions approved and licensed by the bank in (providing collection services). And electronic collection for the government sector) you can visit the following link: https://cbi.iq/page/94 .
Otherwise, please inform the relevant security authorities if such cases are detected.
Information Office,
March 7, 2024
https://cbi.iq/news/view/2529
Among them is Iraq.. Five Arab countries with more than a thousand tons of gold reserves, 8 MARCH
Among them is Iraq.. Five Arab countries with more than a thousand tons of gold reserves
Shafaq News / The World Gold Council announced on Thursday that five Arab countries, including Iraq, have more than a thousand tons of global gold reserves.
“The first five countries (Saudi Arabia, Lebanon, Algeria, Iraq and Egypt) have 1.47.3 tons, while the rest of the countries (Libya, Kuwait, the UAE, Jordan, Morocco and Bahrain) have 489.5 tons,” the council said in its latest schedule for March, seen by Shafaq News.
He added that “Iraq has maintained its 30th rank globally out of 100 countries listed in the table with the largest gold reserves, as it has not bought gold since May to reach its gold hold poss 142.6 tons, which represents 8.4% of the rest of its other reserves.”
The Council also pointed out that “the United States of America is on the throne of the rest of the countries with the largest possession of gold in the world at 8.133.5 thousand tons, followed by Germany 3.352.6 thousand tons, and then Italy came 2.451.8 thousand tons, while Bosnia and Herzegovina tailed 1.5 thousand tons.”
Based in the United Kingdom, the World Gold Council has extensive experience and deep knowledge of the factors causing the market change, and its members consist of the world’s largest and most advanced gold mining companies.
https://www.shafaq.com/ar/اقتصـاد/بينها-العراق-خمس-دول-عربية-تمتلك-كثر-من-لف-طن-من-احتياطات-الذهب
"RV UPDATE" BY MILITIAMAN, 8 MARCH
Militia Man
I got a lot of blowback from me using the word imminent. I didn't use those words, that wasn't me talking. It's not me telling you - They are telling us.
Article: "Iraq announces its imminent accession to the World Trade Organization"
I didn't say it other than reiterating what the quote is... They said that.
Article "The dinar and the dollar""RV UPDATE: " FREEDOM OF MOVEMENT OF CAPITAL" IS IMPORTANT" BY PAULETTE, 8 MARCH
PAULETTE
IMO......All the articles say they have legislation that needs to be passed and the next meeting is in the "middle of the year......
My understanding is that Frank has also said that the rate doesn't matter but "freedom of movement of capital" is important. That is Article 8 compliance. They cannot be Article 8 compliant if the country is functioning under a MCP. A MCP includes a parallel rate of greater than 2% of the official rate by IMF definition. Saleh said last year that the parallel rate is "REQUIRED" to be 2% or less of the official rate. We were taught here years ago that this 2% or less needs to be maintained for a period of 90 days. The parallel rate is still around 14% difference.
While Iraq appears to be on the way to a full RI, I believe there will be an interim step very soon. If they make the move I anticipate the MCP will be quickly eliminated and they can proceed to a full RI.
A RI is full Article 8 compliance and a return to the rate that reflects the True Value. In 2009, the MOP/MOF stated move to 1.14-1.17USD/IQD and monitor for inflation up to 3 years and then move the rate to reflect the True Value of 3.208USD/IQD. This was the plan of Dr S and it appears they are back on track following that plan. Keep in mind that Ernst & Young stated $1.30 in 2010 and the SIGIR report stated that had the project to Delete the Zeros not been postponed, the IQD would have been brought on par with the USD.
I hope that helps
An analytical vision of the International Monetary Fund on the measures of the government and the Central Bank for the recovery of the Iraqi economy, 8 MARCH
In light of the assessment of the experts of the International Monetary Fund mission of the measures taken by the government and the Central Bank, which contributed to maintaining the transition of the Iraqi economy from a state of fragility to a gradual recovery during the second half of 2023, it turned out that “growth in the non-oil sector increased strongly in 2023 by 6%, of GDP with inflation declined to 4% after it was 7.5% at the beginning of the year.
This comes due to the measures of the Central Bank to control the general level of prices and reduce inflation, which is the most prominent task of monetary policy achieved, which is the lowest inflation rates achieved for 2023 in regional and Arab countries, and achieved because of the efforts made in regulating foreign trade financing and cooperating with the government in securing basic foodstuffs and providing ration card materials at subsidized prices.
The occurrence of these developments, the stability of the foreign exchange market, the safety and transparency of 95% of the external remittances of traders and importers through the electronic platform and at the official price are attributed to the opening of direct dealings with 30 foreign and Arab correspondent banks and the opening of dealing in local currencies of countries with which Iraq has an important trade exchange such as China, Turkey, the UAE and India .
After some interruptions following the implementation of new anti-money laundering and counter-terrorist financing controls on cross-border payments in November 2022, improved compliance with the new system, and the Central Bank of Iraq’s initiatives to reduce transaction processing times led to a recovery in trade finance in the second half of 2023.
The IMF welcomed “the initial steps taken towards establishing the Single Treasury Account (TSA), which is a critical tool for improving liquidity management.” Reference should be made here to “the efforts made by the central bank aimed at eliminating the surplus liquidity. The central bank increased interest rate on monetary policy instruments, raised mandatory reserve requirements, and began issuing 14-day Treasury bills last summer.
Therefore, the Fund called for supporting the existing efforts by the Central Bank by unifying untapped government deposits in the unified treasury account, refraining from fiscal policy in pro-cyclical trends, reducing dependence on monetary financing, improving public debt management, and from the insight of the International Monetary Fund confirms that the steps taken by the government and the central bank to accelerate the digital transformation of the economy, reduce dependence on money and enhance financial inclusion, which supports trends to launch a financial inclusion strategy.
Official statistics indicate that 558 government agencies published electronic payment tools in 2023, compared to 12 government agencies in 2022, and the number of cards to localize employees’ salaries reached 8653,000 cards, the number of cards issued is 17822310 cards, and the value of using electronic payment tools in 2023 amounted to about 12 million dollars through 32842 movements.
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