"NOTHING GETS IN THE WAY OF THE MONETARY REFORM!!!" BY FRANK26, 10 MARCH

 KTFA

FRANK26: "NOTHING GETS IN THE WAY OF THE MONETARY REFORM!!!"...........F26

An analytical vision of the International Monetary Fund regarding the government and central bank’s actions to recover the Iraqi economy

3/7/2024

Samir Al-Nusair

 

In light of the assessment by the experts of the International Monetary Fund mission of the measures taken by the government and the Central Bank, which contributed to preserving the transition of the Iraqi economy from a state of fragility to a gradual recovery during the second half of 2023, as it became clear that “growth in the non-oil sector rose strongly in the year 2023 by 6%.” % of the gross domestic product, with inflation declining to 4% after it was 7.5% at the beginning of the year.

This comes due to the Central Bank’s measures to control the general level of prices and reduce inflation, which is the most prominent monetary policy task that has been achieved, which is the lowest inflation rates achieved for the year 2023 in regional and Arab countries. It was achieved due to the efforts made in organizing the financing of foreign trade and cooperation with the government in securing basic foodstuffs and providing... Ration card materials at subsidized prices.

The occurrence of these developments is due to the stability of the foreign exchange market and the safety and transparency of 95% of foreign transfers to traders and importers via the electronic platform and at the official rate, in addition to opening direct dealings with up to 30 foreign and Arab correspondent banks and opening dealings in the local currencies of countries with which Iraq has important trade exchanges, such as China, Turkey and the Emirates. And India.

After some interruptions following the implementation of new anti-money laundering and counter-terrorism financing controls on cross-border payments in November 2022, improved compliance with the new system and CBI 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 Treasury Single Account (TSA), which is a critical tool for improving cash liquidity management." It is necessary to point out here the “efforts made by the Central Bank aimed at getting rid of surplus liquidity. The Central Bank increased the interest rate on monetary policy tools and raised mandatory reserve requirements. It also began issuing treasury bills with a maturity of 14 days last summer.”

Therefore, the Fund called for supporting the existing efforts of the Central Bank by consolidating unused government deposits in the unified treasury account, refraining from pro-cyclical financial policy, reducing dependence on monetary financing, and improving public debt management, and from an insightful view of the International Monetary Fund, it confirms However, the steps taken by the government and the Central Bank to accelerate the digital transformation of the economy, reduce dependence on cash and enhance financial inclusion, which supports the plans to launch a financial inclusion strategy.

Official statistics indicate that 558 government agencies deployed electronic payment tools in 2023, compared to 12 government agencies in 2022. The number of employee salary localization cards reached 8,653,000 cards, the number of issued cards was 17,822,310 cards, and the value of the use of electronic payment tools in 2023 amounted to approximately 12 million dollars through 32,842 transactions.

LINK

"RV UPDATE" BY FRANK26, 10 MARCH

 Frank26 

 In my opinion the Iraqi dinar is going through an internal float...Something is going on.

  A lot of you are asking me, 'Do you think they'll do this new exchange rate during Ramadan?'  

I would prefer before or after Ramadan, not during.  Ramadan is a holy time.  You don't go around celebrating that you go purchasing power.  No.  You go around worshiping and honoring God.

 Article:  "Dinar and dollar" 

 Quote:  "In a televised interview with the Iraqi President, Engineer Muhammad Shiaa Al-Sudani, he uttered a very important phrase (keep the dinar). Today, through my humble vision, I bear witness that the Iraqi dinar will return to its lofty economic value”  Holy CaCa!   I have to tell you, if a middle easterner ever says to you...I bear witness...it's like swearing on your mother's grave.  It's a promising that can't be broken.  It is a gift that is given...I believe this article is unbelievable... 

https://dinarevaluation.blogspot.com/2024/03/rv-update-by-frank26-9-march.html

"INTERNATIONAL COMMUNICATION IS THE BACKBONE OF THE MONETARY REFORM!!!" BY FRANK26, 10 MARCH

 KTFA

FRANK26:"INTERNATIONAL COMMUNICATION IS THE BACKBONE OF THE  MONETARY REFORM!!!".......F26

A delegation from Baghdad discusses in Washington the communications and information technology strategy in Iraq

3/8/2024

The Communications and Media Commission announced on Friday that its Chairman, Ali Al-Muayyad, discussed with a high-ranking delegation of World Bank experts the communications and information technology strategy in Iraq, and the support that the bank can provide in this field.

A statement issued by the authority stated that the meeting, which came on the sidelines of the 2024 World Bank Digital Summit in Washington, discussed the efforts made by Iraq to accelerate the pace of digital transformation and spread digitization in various government departments.

The statement added that the meeting also discussed the projects and programs that Iraq is adopting within the framework of its digital strategy through developing infrastructure and legislating laws that are in favor of digital transformation.

The meeting, which also discussed ways of support provided by the World Bank to develop the Iraqi strategy in the field of communications, was attended by the Director of Digital Development at the World Bank for the Middle East and North Africa, “Michel Ruggie,” and experts in digital development: “Abdullah Jabour,” and “ Issam Khayyat,” according to the statement.

It is noteworthy that the World Bank Digital Summit 2024, held in Washington, hosts senior officials and ministers in governments and the private sector, with the aim of exploring opportunities, accelerating the pace of digital transformation and reviewing the reality of development in countries of the world, as well as revealing the latest technologies and scientific visions in the field of innovation, communication and digital transformation.

LINK

Parliamentarian: The government must use pressure cards to remove the American forces, 10 MARCH

  Parliamentarian: The government must use pressure cards to remove the American forces

Today, Saturday, Member of Parliament Jassem Al-Moussawi called on the government to use all pressure cards on the United States of America regarding the issue of removing foreign forces from the country, while stressing that Iraq is going through a difficult stage that requires the solidarity of all parties. 

Al-Moussawi said in an interview with the Maalouma Agency, “The popular power that Iraq possesses must support the government in making bold decisions to completely remove Washington’s forces from the country,” noting that “achieving full sovereignty from America will not be an easy matter.” 

He continued, "Despite Washington's boasting about its joint relations with Iraq, it is still practicing arrogance in all files," pointing out that "America's aggressions will continue until its combat forces are removed from all military bases." 

He added, "Washington is looking for its interests before committing to laws or treaties concluded on paper only," adding that "the government is required to use all pressure cards on the United States of America regarding the issue of removing foreign forces from the country." 

Member of the House of Representatives, Muhammad Al-Sayhud, had confirmed, in an interview with the Al-Ma’louma Agency, “the fate of the joint committees that were formed to remove the American combat forces from Iraq,” while he stressed that the government had reached advanced results in removing foreign forces from the country.  link

Monetary Reset: Frank Giustra Warns Of U.S. Dollar ‘Crisis’

"CHINA NO LONGER TRADES THE YUAN WITH THE DOLLAR" BY GOLDILOCKS, 10 MARCH

  Goldilocks

 Starting today ( MARCH 8), China no longer trades the Yuan with the Dollar. Hong Kong launches their wholesale CBDC project to support digital tokenization and tokenized deposits.

 And, Hong Kong is advancing a privacy digital currency with Project Aurum 2.0.

 https://digitalpoundfoundation.com/hong-kong-advances-privacy-in-digital-currency-with-project-aurum-2-0/

An Iranian official indicates a decline in banking activities with Iraq due to US sanctions, 10 MARCH

An Iranian official indicates a decline in banking activities with Iraq due to US sanctions

Shafaq News/ The head of the Joint Iranian-Iraqi Chamber of Commerce, Yahya Al-Ishaq, confirmed that banking interactions and activities between his country and Iraq have declined due to the US sanctions imposed on Tehran, according to what was published by Mehr Agency on Saturday.

Regarding the cessation of the suspension of the activity of the National Bank of Iran in Iraq by the Central Bank of Iraq, Al-Ishaq said in a press interview, “Several Iranian banks had licenses to operate in Iraq, but due to financial problems and American sanctions, the activity of these banks in Iraq decreased, and the Central Bank of Iraq proposed Suspension of his activity.

He added, “But the Central Bank of Iraq recently announced that the activity of the National Bank of Iran in Iraq will continue,” adding: “We are seeking to create conditions for the continuation of the activity of the National Bank in Iraq while increasing the volume of activities, and this can be achieved through cooperation and agreement between the Central Bank of Iran and the bank.” Iraqi Central Bank.

The head of the Iran-Iraq Joint Chamber of Commerce confirmed, saying: “Therefore, the measures related to suspending the activity of the National Bank of Iran in Iraq have been canceled based on the announcement of the Central Bank of Iraq.”

Al-Ishaq pointed out that the volume of trade relations between Iran and Iraq currently amounts to about 10 billion dollars, and said: “On this basis, banking interactions and activities between Iran and Iraq can increase significantly, but due to the issue of sanctions and the US dollar, these interactions have become slightly limited.” He added, “Iran and Iraq are interested in further increasing monetary, banking, and trade relations between them, and for this to be achieved, the two sides must work to create an appropriate environment to strengthen relations.”

The head of the Iranian-Iraqi Chamber of Commerce continued by saying that “the work or non-work of Iranian banks in Iraq does not have a significant impact on the current trade relations between the two countries, but expanding the scope of the banks’ work could be beneficial,” stressing that “the volume of trade exchanges between Iran and Iraq is about $10 billion, as the bulk of these exchanges are carried out by the private sector, and there are currently no problems in this sector.”

shafaq.com