Monday, March 18, 2024
Expert details of the International Agency {Fitch} report on the evaluation of the Trade Bank of Iraq, 18 MARCH
The financial expert, the former head of the Financial Supervision Bureau, Salah Nouri, revealed on Sunday, the most prominent of the report of the International Credit Rating Agency {Fitch} on the evaluation of the Iraqi Trade Bank.
Nouri said {Al-Furat News} that: “The debts {loans} that are not on the recovery and the first of which is the bank’s debts to the Kurdistan Regional Government, and this debt since the bank’s management was assumed by Hamdia Al-Jaf and still, as well as the loans granted to many Iraqi companies supported by politicians {according to the agency’s information}.”
He pointed out that “there are risks about the bank’s ability to continue to be active because of the loans granted and non-refundable, and the government interferes significantly in the decisions of the bank’s management, especially as a provision in the Federal General Maronite Law that the bank should finance part of the general budget deficit.”
“The weakness of the bank’s administrations and the doubts about the credibility of the annual financial statements prepared by the bank, and an answer will be prepared by the bank’s management to the questions and evaluation grades issued by the credit rating agency,” Nuri continued.
“The report pointed out the possible repercussions of the reluctance to deal with the bank by international foreign banks as correspondent banks for government revenues,” he said.
From: Raghad Daham
"QFS CONVERSATION" WITH GOLDILOCKS, 18 MARCH
GOLDILOCKS
New price changes across an entire Financial System requires new codes to be written into the system that emphasizes local currency dominance going forward demands monetary policy changes.
This is why we are witnessing several countries move into a free floating rate exchange system whereby supply and demand determines their new currency values going forward.
Morocco and Egypt are two of many countries moving to a free floating regimen in their currency payment systems. These shifts represent an alignment to, and for, a new Global Monetary System.
The new Monetary System is backed by gold and other commodities with new codes being written into these Quantum Mechanisms that will begin forming new price correlations on the markets.
For instance, new interest rates will be based upon local currency values instead of the dollar going forward. Gold held by each country as a reserve asset will minimize many of these variations on the market to stabilize Global Economies.
This is an event that has been years in the making. And, this year marks the time and place for many of these transitions to begin. Some economies will be able to mobilize these new changes quicker than others, and it is important for us to watch as these new price formations begin to form on the markets.
© Goldilocks
https://www.atalayar.com/en/articulo/economy-and-business/morocco-will-transition-to-floating-dirham-its-economy-grows/20240316060000197678.html
https://www.middleeastmonitor.com/20240315-floating-the-pound-in-egypt-between-alleviation-and-exacerbating-crises/
https://www.xm.com/research/markets/allNews/reuters/interest-rates-increasingly-important-for-currencies-53790298
Iron and Steel Company: Iraq is on the verge of a major industrial revolution, 18 MARCH
Iron and Steel Company: Iraq is on the verge of a major industrial revolution
Economy News – Baghdad
The General Company for Iron and Steel in Basra Governorate revealed, on Sunday, the government’s agreement with a Chinese company to establish an industrial city with an area of 3,000 dunums, and while it considered that Iraq is about to a major industrial revolution, it confirmed that Prime Minister Mohammed Shia Al-Sudani is interested in supporting the iron and steel industry and supporting the local product.
The Director General of the company affiliated to the Ministry of Industry and Minerals, Abbas said, in a statement reported by the official news agency, and seen by “Economy News”, that “there is a great government interest and from the highest executive authority represented by Prime Minister Mohammed Shiaa Al-Sudani with industrial projects, which has been halted for more than two decades, and the General Company for Iron and Steel has stopped since 2003 before it re-works.”
He added, “Government interest does not depend only on the establishment of allocations in the budget law, but there is a personal follow-up from the Prime Minister and through the Minister of Industry and Minerals, for the development and progress of work and achievement and submits a monthly official position to the Prime Minister as he follows up and overcomes obstacles in many matters through quick decision-making and even direct contact with the concerned ministers.”
He added that “our company is not alone specialized in iron and steel, but there are companies in the private sector also producing the rebar material, for example, and we had a meeting with the Prime Minister about two weeks ago under the auspices of the Board of Advisors, and there is a special problem committee to follow up the development of the national industry and the fact that among the demands were the protection of the national product, and the government and the Council of Ministers were rightly supportive and decisions were actually issued to protect the national product, especially armature.”
He noted that “with the large reconstruction and construction movement and the trend to build more than one million housing units, there are existing factories in Iraq and new laboratories currently being built in several governorates, and there is a direction for the government to contract with one of the large Chinese companies in the field of iron and steel, and it was visited in China by a delegation headed by Minister of Industry and Minerals Khaled Batal, and I was one of the members of the Iraqi delegation, and now there are negotiations during this period and two days before there was a meeting in the Ministry of Industry and Minerals.”
He pointed out that “this week we also have meetings with the Chinese company, and this company has been granted three thousand dunums of iron and steel land, and a large industrial city will be built, and this is under the auspices and attention of the Prime Minister, and this will create a great industrial revolution inside the country in addition to the existing factories, including the iron and steel factory, to meet the local need not only at the level of prices, but also in consumer protection and the high quality of the Iraqi rebar produced in our company, and sometimes there is no control over border crossings and some types of rebar are entered that are not within the required specifications.”
He pointed out that “the iron and steel plant in Basra has stopped since 2003 and its energy after completing work in it will reach more than 600 thousand tons and the nodal capacity is more than 500 thousand tons, and we will start production with nodal energies,” pointing out that “during the next few months we will witness the opening of the steel factory that produces (pallet), which is complementary to the (rolling) factory and Iraqi production will meet an important aspect of the national need.”
"RV UPDATE" BY FRANK26, 18 MARCH
Frank26
Article: "An economist identifies the "ideal solution" to reduce the dollar difference between the official and the parallel"
THE ONLY SOLUTION IS A NEW EXCHANGE RATE WITH LOWER NOTES... AND THAT'S EXACTLY WHAT SUDANI & ALAQ ARE SAYING TO THE CITIZENS OF IRAQ!
...JP Morgan representatives at a Chase Banks, why are they there? And why do they have all of these cubicles that they're setting up? ...
They don't even say it's not a scam, they simply say when it happens we're ready for you. The whole mantra/attitude is changing but it doesn't change all at once. It's a slow process. It travels from the east to the west...north to the south. That information is slowly being given to everybody that is going to be involved in this exchange process.
The Prime Minister is going to Washington DC ...He's going to talk to the U.S. Treasury about the new exchange rate...He's talking to it with everybody.
TIDBIT FROM MARKZ, 23 DEC
MarkZ [via PDK] Member Bank story: When I went to the bank I always go to (Wells Fargo) in Minnesota …there used to be 4 seats for...
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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...