Tuesday, March 19, 2024
Does Fitch's Rating Affect The Government's Only Financial "Arm"? An Expert Explains, 19 MARCH
Does Fitch's Rating Affect The Government's Only Financial "Arm"? An Expert Explains
Time: 03/18/2024 11:51:13 Read: 1,898 times {Economic: Al-Furat News} An economic expert reduced the impact of the decision of the international credit rating agency {Fitch}, after it announced the reduction of the credit rating of the Trade Bank of Iraq (TBI) to {CCC+}.
Abdul Rahman Al-Mashhadani told {Al-Furat News} agency, “This classification is not new because it is an old classification, and it has been Iraq’s classification for years, although it is not good, and the Iraqi Trade Bank does not need bank credit because it is the government’s agent and finances government purchases and does not borrow, but rather it is He makes payments to the government, and talking about anything other than that is outside the jurisdiction.”
He added, "The international agency {Fitch} indicates that Iraqi banking institutions do not have complete transparency, and this is an indicator that we have had for years. The most important thing is that whoever is in charge of managing the Iraqi Trade Bank is being replaced on charges of corruption and mismanagement, so the problem is with the internal environment, not the external one, and this is what affects Iraq's classification." ".
Al-Mashhadani stressed, “The Fitch rating did not add anything new and does not affect Iraq.”
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in a previous press statement, “Credit ratings are linked to the bank’s ability to obtain credit facilities, and the Trade Bank of Iraq (TBI) deals with full coverage of credits in advance, and therefore its documentary credits and financing of government imports will not be exposed to problems.”
He added, "Iraq is rated (b) negative, which is not a good classification, and no unit can be higher than the country's classification. TBI will remain a semi-central bank due to its large number of correspondents, the strength of its capital, and its high profits."
It is noteworthy that TBI Bank is the only Iraqi bank that has the right to send remittances abroad, due to the debts incurred by the country that prevent sending remittances and operations with the Rasheed and Al-Rafidain banks. LINK
"CONFIRMED: BRAZIL HAS THE GREEN LIGHT" BY WOLVERINE, 19 MARCH
Sun. 17 March Wolverine
Al-Rasheed issues a warning to those wishing to apply for advances and loans, 19 MARCH
Al-Rasheed issues a warning to those wishing to apply for advances and loans
On Monday, Al-Rasheed Bank issued a caution to people seeking to apply for advances and loans.
In a statement obtained by “, the bank’s media warned against dealing with fake offices and pages to promote advances and loans,” indicating that “the bank has no relationship with any external party to promote advances and loans, and we deal directly with the citizen without an intermediary.”
The bank urged all those interested to “visit the bank’s branches or through the electronic application.”
"RV UPDATE" BY MILITIAMAN, 19 MARCH
Militia Man
Article: "Parliamentary Finance: The federal budget is in the corridors of the Council of Ministers, and there is no specific date for sending it"
Quote: "On June 12, 2023, the Iraqi Parliament approved the tripartite budget law for the years 2023, 2024, and 2025. Last year’s total budget amounted to 197 billion dinars, which is the largest in the
country’s history." Take note that they used 197 Billion Dinars. That is a little over $150 million USD at the current exchange rate of 1,310 IQD... Seriously? I do not think so, unless they have done something we have yet to see.Iraq is going to go through that industrial revolution because they're going to rebuild the country. The evidence is quite clear. The fascinating part about it is we had Al-Sudani/his government say they were going to do the project to delete the zeros...They were going to have the Iraqi dinar be worth 1.32 dinars to the dollar. That equates to about $0.76.
Those folks that talk about a LOP, how do they explain that? They can't because that's not what it is.
Al Sudani has told the citizens the dinar is going to be stronger. $0.76 is not stronger however once they delete the zeros then they can apply their Real Effective Exchange Rate. Totally different ball game. Totally different circumstances. Pay attention. Let's see how this turns out....If they adjust the exchange rate and delete the zeroes who's going to need the dollar when they apply the new Real Effective Exchange Rate to it?
Nobody is going to need the dollar because the dinar is going to be stronger than the dollar and that's my opinion. We are in a situation where ...a political crisis...or surprises could change the exchange rate and that could come within hours...
Article: "Economics website: A new application enhances investment movement in Iraq"
Quote: “...The new index, called (RSISX Total Return), compares currency exchange rate changes and the returns achieved.” It is not surprising they have a new RSISX Total Returns index for currency exchange rate changes. With Al-Sudani's government mention of 1.32 dinars to the dollar yesterday and then today we see that there is talk of smaller denominations. Small enough to make change for 250 notes...Put all that with this new index being launched suggests for me, is that they are ready for change to come and not just in the exchange rate but...as in fils...This is another good sign Iraq is opening up to the world in a big way.
https://dinarevaluation.blogspot.com/2024/03/rv-update-by-militiaman-15-march_0298127202.html
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