Iraq and US Treasury Reach Agreement to Reassess Sanctions on Iraqi Banks Amid Financial Stability Efforts, 16 MARCH

Iraq and US Treasury Reach Agreement to Reassess Sanctions on Iraqi Banks Amid Financial Stability Efforts

Iraq's Central Bank Governor, Ali Al-Alaq, announced a pivotal understanding with the US Treasury Department to reevaluate sanctions placed on several Iraqi banks. This development, disclosed during a meeting with the parliamentary finance committee, marks a significant step towards addressing issues related to 'illicit trade' and its impact on the dollar's exchange rate stability. The sanctions, affecting 14 Iraqi banks since July 2023 for their alleged involvement in dubious money transfers, have been a point of contention, reportedly destabilizing Iraq's financial landscape.

Strategic Moves to Stabilize the Economy

Al-Alaq outlined the Central Bank of Iraq's (CBI) strategies to mitigate the sanctions' impact and stabilize the economy. Highlighting the establishment of 'basic rules' for monitoring both external and internal transfers, he attributed the exchange rate instability to illicit trading activities funded through cash dollar withdrawals. The sanctions have not only affected the exchange rate but also obstructed the Iraqi banks' efforts to establish and maintain relationships with 'international correspondent banks'. Continuous dialogues with the US Treasury have led to an agreement to reassess the sanctions, ensuring future decisions involve consultation and notification of the CBI.

Regulating Foreign Trade and Currency Stability

Further elaborating on the steps being taken to navigate the sanctions' repercussions, Al-Alaq mentioned the coordination with relevant authorities to implement a plan aimed at regulating 'foreign trade'. Emphasizing the careful balance maintained between the 'local and foreign currency' to prevent financial inflation, he assured that the process of printing the local currency is conducted based on the necessary financial cover. These measures reflect the CBI's commitment to stabilizing the economy and ensuring the sustainability of Iraq's financial systems amidst external pressures.

Future Prospects and International Relations

The agreement between Iraq and the US Treasury to reconsider the sanctions imposed on Iraqi banks signals a positive shift towards enhancing the financial stability of Iraq. It also indicates the potential for improved bilateral relations and cooperation in economic matters. As Iraq navigates its position as a significant ally to both the United States and Iran, the resolution of such financial disputes is crucial for maintaining access to 'oil revenues' and ensuring the overall health of its import-dependent economy. The ongoing talks and agreements set a foundation for future collaborations that could pave the way for a more stable and prosperous economic environment in Iraq.

This recent development not only highlights the complexities inherent in global financial systems but also underscores the importance of dialogue and cooperation between nations. As Iraq and the US continue to work towards resolving financial and economic challenges, the outcomes of these efforts will likely have far-reaching implications for the region and beyond. The path towards economic stability and growth is fraught with challenges, yet, with strategic planning and international cooperation, progress is within reach.

https://bnnbreaking.com/finance-nav/iraq-and-us-treasury-reach-agreement-to-reassess-sanctions-on-iraqi-banks-amid-financial-stability-efforts

"QFS CONVERSATIONS" WITH GOLDILOCKS, 16 MARCH

 GOLDILOCKS

In a previous article, Europe stated that they would be finished with their comprehensive cryptocurrency guidelines called MICA by the end of May.

Today, we read that they would be finished with the Stablecoin section by the end of June. This will allow our cryptocurrency Market to accelerate. We also read that their comprehensive cryptocurrency would be finished by December.

After April, our cryptocurrencies will begin to move into a real value. This will put price pressures on currencies on all levels going forward to move into a real value. What remains to be seen is whether or not paper currencies will be invited into this process.

Currently, the full movement of cryptocurrency valuations has not completely started, but they have been released to begin correlating their Market values to new digital platforms being liquidated by people who have money to move the market.

Institutional money is about to change all of that after the Bitcoin halving. As our cryptocurrencies are currently decoupling themselves from predetermined prices, it is important for us to prepare ourselves for new changes that will take place in a rapid fashion after April the 22nd inside our new digital asset-based economy.

These events are layered on top of each other, and the cryptocurrency revaluation will be a major catalyst that will move money into our paper currencies.

© Goldilocks

"MEXICAN PESO IS GETTING STRONGER" BY FREEDOM FIGHTER, 16 MARCH

 FREEDOM FIGHTER

🇲🇽 Mexican peso is getting stronger 

✅Things that make you go Hmm 🤔 

https://finance.yahoo.com/news/mexican-peso-strong-investors-fear-103000789.html

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"RV UPDATE" BY FREEDOM FIGHTER, 16 MARCH

 FREEDOM FIGHTER

🇮🇶 Iraq lawmakers to meet with the CBI to discuss ways to increase the value of the Dinar 

🔰It’s obvious they are “discussing” ways and process to do so and this comes from their Economic Reforms…not a flipping of a switch 

🇮🇶Iraq is connected to the global event and vice versa 

🟢Please stay grounded and watch it unfold 

https://shafaq.com/en/Economy/Iraqi-lawmakers-to-discuss-monetary-policies-banking-system-with-CBI

https://dinarevaluation.blogspot.com/2024/03/rv-update-by-freedom-fighter-16-march.html

Iraqi Dinar update for 03/16/24 - Pimpy made mistake with exchange rate BY PIMPY

"QFS CONVERSATIONS" WITH GOLDILOCKS, 16 MARCH

GOLDILOCKS

 "The European Union’s parliament on Wednesday approved the world’s first major set of regulatory ground rules to govern the mediatized artificial intelligence at the forefront of tech investment. The regulation is expected to enter into force at the end of the legislature in May, after passing final checks and receiving endorsement from the European Council."

European lawmakers have just passed the world's first major Act in regulating Artificial Intelligence inside the banking systems. These new features will be able to evaluate levels of risk from low, medium, to high.

Banks will be able to use AI in creating security, efficiency, and customer experience. AI will be able to automate routine tasks such as data entry and fraud detection. 

Other benefits of using artificial intelligence will include operational costs and chat boxes that provide 24/7 customer service. Artificial Intelligence will provide round the clock services each day of the week going forward.

It is important to note that these new banking features through artificial intelligence is expected to be done by the end of May. The world of automation is here. 

© Goldilocks

https://www.cnbc.com/2024/03/13/european-lawmakers-endorse-worlds-first-major-act-to-regulate-ai.html

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"WHITE PAPERS" BY MNT GOAT, 16 MARCH

 The Iraqi government adopted the White Paper for Economic Reform prepared by the Crisis Cell for Financial and Fiscal Reform in October 2020. For more information about the White Paper you might want to watch the video link below. 

Evaluating Iraq’s new White Paper on economic reform – Atlantic Council

The White Paper is a comprehensive programme that sets out a clear roadmap to reform the Iraqi economy and address the accumulated, decades-old serious challenges that confront it.

The White Paper identified two overarching strategic objectives. The first is to initiate an immediate reform programme to address the budget deficit to create a fiscal space to give time for the process of implementing the other wider reforms over the medium term.

The second objective is to put the economy and the federal budget on a sustainable path, after which Iraqis can decide and choose the economic direction of the country.

The Iraqi government is preparing to begin the implementation phase of its reform program known as the White Paper for Economic Reform.

Click to access Iraq-White-Paper-English-version-Oct.-2020.pdf

This phase will focus on the implementation mechanisms and on the fulfilment of the objectives and the vision outlined by the White Paper.

The implementation phase consists of:

• Putting in place governance, oversight, monitoring and evaluation mechanisms to ensure that the reform process is administrated and managed effectively under the direction and guidance of strong and competent leadership which will have a direct link to the Prime Minister, with the aim of equipping the implementation team with the necessary authority to carry out the reform programme, providing vigorous oversight of the implementation process, and ensuring coordination between different governmental institutions

• Translating the vision of the White Paper for Economic Reform into a practical program for delivering 64 projects and for ensuring their implementation in an integrated and coherent manner by specifying detailed procedures for each project, setting a specific timeline for progress and identifying the state entity which will be responsible for carrying out each project.

The White Paper for Economic reform enjoys the support of the international community as reflected by the establishment of the Iraq Economic Contact Group (IECG) whose mission is to provide the support needed for the economic reform process in Iraq within the framework of the White Paper. The IECG includes, in addition to Iraq, the G7 group of industrialised countries, the World Bank, the International Monetary Fund, and the European Union.

FOR READ MORE INFO ABOUT THE "WHITE PAPERS": https://mntgoatnewsusa.com/all-about-the-white-paper/

Iraqi lawmakers to discuss monetary policies, banking system with CBI, 16 MARCH

 Iraqi lawmakers to discuss monetary policies, banking system with CBI

Iraq’s Parliamentary Finance Committee met with the Central Bank of Iraq on Thursday to discuss monetary policy, the banking system, and ways to increase the value of the Iraqi dinar.

The meeting was held at the headquarters of the Finance Committee and was chaired by Atwan al-Atwani. Central Bank Governor Ali al-Alaq also attended the meeting.

In his opening remarks, al-Atwani laid emphasis on monitoring the economic and monetary policies in the country and “finding appropriate solutions to the obstacles facing the work of the Central Bank.”

The Finance Committee also expressed hope for coordination with the Central Bank to increase the value of the Iraqi dinar, control the market in order to alleviate the burden on citizens, and address the deficit.

For his part, the Governor of the Central Bank said that establishing basic rules is vital for monitoring the transfer process and analyzing transaction movements.

The statement added that the committee discussed with the Governor of the Central Bank the international standards, the future plans to improve the reality of banks, the possibility of expanding relations with international banks, drawing the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank Law.  link