They do exchange foreign currency right now. The people that represented us...went past the front line of defense...and got to the wealth management advisors...They did not deny the Iraqi dinar. They knew what was going on...
She said, unfortunately brother at this time we are not able to assist you but as the time progresses in the future we will reach out and contact you...When the time comes we can accommodate all functions that you will need from legalities, lawyers, trust funds, foundations, if you want us to collect your property tax and report it we'll do that for you as well.
She chose her words very carefully...
She says to me, this is private banking. None of your information will be shared with anyone. It will not be seen more exposed by any of our tellers. Only people in the wealth management department will see your numbers. The people in the front are for the public. We in the wealth management are separate from them. The bank, they are the public side, we are the private side...You are the highest tier that we offer...
Automation and strong internet...a necessity for reforming the banking system
3/24/2024 Baghdad: Hoda Al-Azzawi
The Finance Committee of the House of Representatives is conducting a very important investigation into the presence of fraudulent deductions from retirees’ salaries by informal associations, while experts in finance and economics unanimously agree on the necessity of a rapid move towards automating banking operations and preparing their infrastructure in terms of strengthening the global network “the Internet.” “As a necessity to reform the banking system.
The Rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, in an interview with Al-Sabah, praised “the steps of the Parliamentary Finance Committee to follow up and monitor the banking system and electronic dealings,” and added, “But I believe that the issue needs other steps to prepare the infrastructure and emphasize restoring confidence.” Citizen in Iraqi banks.
He stressed that "the banking sector in general needs radical reform and restructuring of the large number of unnecessary private banks that are not doing their proper banking work," calling for "keeping the real banks that are doing their work and supporting them and providing facilities to them."
He pointed out that "the other point is the emphasis on the issue of the Internet, because electronic dealing is completely linked to the presence of a strong Internet in order for electronic dealing to take place," stressing that "the citizen - until now - does not trust putting his money in banks, and the process needs to build confidence among the citizen and those... Then raise awareness and work to achieve or implement financial inclusion for the citizen by delivering banking services easily to him, starting with the category of employees, retirees, care salary holders, or others, and then moving to other categories.”
He stressed that "the Financial Committee's follow-up of violations and transgressions to steal retirees' funds is a very important step."
As for the expert in the field of anti-corruption, Saeed Yassin Moussa, he said in an interview with “Al-Sabah”: “The system for paying the salaries of employees and retirees needs periodic review, and one of the best ways is to adopt automation and use smart cards to pay and settle salaries, fees, and other financial activities, including commercial ones.” Pointing out that “forgery is expected in paper processes before salaries enter the electronic system, and an example of this is what happened in Anbar, the Martyrs Foundation there, and the Retirement Authority departments in the governorates.”
He explained, “The National Retirement Authority has an excellent experience in preparing the infrastructure for the retirement referral system, starting electronically from institutions through the presence of the Authority’s teams in ministries and public institutions in preparing retirement transactions for employees, with the employee referred for retirement being handed a review card to complete the retirement transaction at the Retirement Authority.” the public".
Moussa stated, “In these aforementioned steps, the possibility of forgery operations is very narrow and even non-existent, but the defect lies in the transactions of the wounded and martyrs through the forgery operations that were discovered by the Integrity Commission in cooperation with the Public Retirement Service, and I deem it necessary to subject all those who They were referred to retirement from this category for review and scrutiny, knowing that forgery operations are carried out through multiple mafias with the complicity of some employees in the relevant departments and forging the signatures of other employees.”
He added, "The process of fraud on smart cards remains. Here, it is necessary to protect the electronic system from hacking, review the banking system, and preserve the confidentiality of the retiree (the private code), while subjecting the relevant associations to periodic auditing, and deterring those who attempt to seize the funds of employees and retirees in loan and advance operations." And selling in installments.”
Last week, the Chairman of the Finance Committee, Atwan Al-Atwani, hosted, along with the committee members, the Director General of Rafidain Bank, Ali Karim, and the Managing Director of the International Smart Card Company to discuss electronic transactions. A statement from the committee indicated that “the meeting discussed the issue of dealing with (unlicensed) associations, installment sales operations, and receiving advances, and the emphasis on preventing any tampering in the sales process, verifying the information of the advance applicant, and protecting customers’ money from fraud.” LINK
One of those myths that are out there...Executive order 13303...If you're a new persons investing into the Iraqi dinar you will hear...we're allowed to invest in Iraqi dinar because George Bush signed executive order 13303...Nowhere in executive order 13303 does it state such a thing...Having said that, it doesn't mean you can't invest in Iraqi dinar...
Obviously investing in currencies are a thing but nothing in these orders at all say that Bush gave you the right to invest in the Iraqi dinar.
Community Comment "Pimpy needs to understand outside investors of Iraq have absolutely nothing to do with project to delete the zeros. Our 25,000 note will be 25,000 note in America." I'm guessing you think that if they re-denominate the currency inside of Iraq and they change the exchange rate to $0.76, I guess you thought we could take the old currency and exchange it for the current exchange rate.
That's not going to happen. I'm telling you right now that's not going to happen...25,000 dinar would be equivalent to the 25 dinar...What Iraq does in country to its currency affects the currency worldwide..
Iraq and Kuwait are discussing enhancing trade exchange and encouraging investment
3/24/2024 Baghdad
The Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, and the Kuwaiti Ambassador to Iraq, Tariq Abdullah Al-Faraj, discussed today, Sunday, mechanisms for enhancing trade exchange and encouraging investment between the two countries. The media office of the Acting Speaker of the House of Representatives stated in a statement received by Mawazine News: “
The Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, discussed, during his meeting in his office today, the Kuwaiti Ambassador to Iraq, Tariq Abdullah Al-Faraj, the overall situation in the two countries, the latest regional developments, and a number of... Files of mutual interest.
He added, "The meeting discussed enhancing trade exchange between the two brotherly countries, establishing a free market to stimulate this sector, and stressing the need to work hard to encourage investment within sustainability standards, in addition to continuing to hold joint committee meetings and exchanging visits between officials of the two countries to resolve some outstanding issues, in addition to exchanging Security information to reduce the threat of terrorism and the spread of drugs.
He continued, "During the meeting, there was also talk about the Kuwaiti National Assembly elections scheduled to be held early next month."
Al-Mandalawi expressed his “wishes for Kuwait’s success in this important achievement, and continued progress and prosperity in various fields.” LINK
Wars, displacement, and sanctions have left Iraq’s economy underdeveloped and almost solely dependent on oil exports. But things have changed in Iraq and come this mid-year 2024 we are about to see the results of many years or reforms in an explosion of progress in many areas of development in Iraq. You see, all these reforms we all have been reading about in the many articles are all good but unless Iraq actually sees any impact they are meaningless.
Oh…but we are about to see the impact and it is going to be HUGE $$$.
Article Quote: “...Iraq will leave government cash dealing and switch to 100% electronic collection in mid-2024.” So, by reading today’s article on the surface it seems that Iraq would be doing away with all paper currency as they said “switch to 100% Electronic collection by mid-2024”. But I assure you this is NOT the case... it does NOT say they are doing way with cash altogether, as the Dr. Shabibi plan that I know and have been following very diligently does not indicate this either...this will be a huge milestone in the banking reform process...Iraq has been struggling to get the electronic payment process completed and now they are telling us it will be completed by mid-year 2024.WOW! WOW! WOW!