Vietnam news: “VN central bank drains more money from system” They have withdrawn more than $75 Trillion VND from the last 5 trading sessions. Guys, this is almost like they are preparing for an event and I am excited about that.
Question: Since Sudani has to go to US on April 15th does that mean nothing will happen on the RV until then or after?
MarkZ: Many believe he could be coming to the US after the RV for his “victory lap”.
“Iraq’s banking system grows 15.1 percent in 2023 to $158.7 Billion” That is an enormous jump. This is part of the process to reinstate their currency. Deposits continue to increase as more people keep their money in the bank instead of under mattresses.
Iraq’s banking system grows 15.1% in 2023 to $156.7 billion
March 31, 2024
Baghdad (IraqiNews.com) – By the end of 2023, the total assets of the Iraqi banking system had grown by 15.1% annually to $156.7 billion. This was mostly driven, according to Rabee Securities, by the 15.3% increase in deposits to $101.9 billion.
The largest contributor to overall deposit growth was current deposits, which increased 17.2% to $82.1 billion and accounted for 80.5% of all deposits in the banking system.
Additionally, the total deposits of the private sector climbed by 14.7% in 2023 to reach $43.2 billion, while the deposits of Iraq’s Central Government increased by 22.7% to $36.1 billion and the deposits of public institutions increased by 6.1% to $22.6 billion.
“As a measure to control the FX flow into the banking system, the CBI now allows a limited number of banks to participate in the CBI foreign currency window and engage in USD transactions,” said Aysegul Ozge Ozgur, Head of Research at Rabee Securities
“National Bank of Iraq, Bank of Baghdad, and Al-Mansour Bank are among these banks that have been permitted to engage in such activities, thus, they are benefiting from an expanded market share in USD transactions,” added Ozgur.
There are 61 commercial banking institutions in Iraq, according to Rabee Securities, made up of 54 private banks (25 non-Islamic and 29 Islamic) and 7 state banks (one Islamic and six non-Islamic).
In terms of Return on Average Equity (ROAE) and Return on Average Assets (ROAA), the National Bank of Iraq, Bank of Baghdad, and Al-Mansour Bank are among the most profitable ISX-listed banks. In 2023, their balance sheets and income statements showed remarkable development. LINK
FIREFLY: Bank friend...there's still a need to collect 30% of the people with bank accounts...Half of our parliament owns banks. That's how they were stealing all the money until Sudani and Alaq have now cleaned that up...Citizens of Iraq are veering away from banks until a rate is available..
FIREFLY: Ramadan is over on the 8th. Then we have EID holiday from the 8th to the 14th and then on the 15th Sudani is supposed to go to Washington D.C...It's time to get a little excited...
FIREFLY: The foreign minister already in USA is a prelude to Sudani grand stand that's coming April 1st, our new fiscal year.
FRANK: So much is now pointing for your 1st quarter. April the 1st or maybe the first week of April especially with Sudani going to see the President of the United States in Washington DC on the 15th of April. It seems to me he's going to go see the president with a new exchange rate under his belt...not the weak leadership of a program rate.
FIREFLY: TV is say when Sudani goes to Washington. OMG that's a long time off. Means nothing changing until after that probably, if it does this year.
FRANK: I don't care if it happens on the 15th of April. I don't care if it happens tomorrow. I just know it's happening with all that we're seeing. The proof is there. There's no doubt about it.
FIREFLY: Tv talked about parliament finance has been meeting...with the CBI officials talking about mechanisms to pay the salaries and all the project we have. This is a good sign. They are meeting right before the budget goes to parliament next week.
FRANK: Firefly knows if it does go to parliament and they vote, it will expose an exchange rate. Certainly not a program rate.
FIREFLY: Talked to bank friend. He told me it seems to be the quiet time but soon news on the amending budget will appear...Nothing will get done, so it's going to be soon. The dropping of the zeros is off the exchange rate...We were told on TV that during next week the 2024 amended budget will arrive at parliament for their vote.
FRANK: Stay very close to your friend because at any moment IMO I believe he'll be able to give you what you're looking for, what they promised you.
Minister of Finance of the World Bank: We have made plans to accelerate the pace of financial and banking reforms
4/1/2024 Baghdad – INA
Finance Minister, Taif Sami, confirmed today, Monday, the development of plans to accelerate the pace of financial and banking reforms, while the World Bank indicated continued serious and fruitful cooperation with the Iraqi government.
She added, “During the meeting, priorities for development projects and ways to support the World Bank to strengthen the financial and business sectors and improve the investment environment were discussed,” noting, “It was emphasized that continued bilateral coordination to promote sustainable development was discussed, in addition to discussing the Bank’s support for the government program for economic reform in Iraq.” “.
The Minister of Finance referred to the Ministry’s efforts and plans towards accelerating the pace of financial and banking reforms in line with the Iraqi government’s vision aimed at consolidating the foundations of the national economy, creating economic balance, and correcting the course of financial policy in Iraq.
For his part, the bank representative pointed out “the continuation of serious and fruitful cooperation with the Iraqi government, in everything related to providing the necessary support in terms of expertise for development projects and reforms related to the financial and business sector.” LINK
Question: Hi MG: Thank you for all the WOW news!!!
The article below came out about Iraq joining the SWIFT system. How is Iraq able to do money transfers on SWIFT if they are still under OFAC sanctions? Thank you - Gavin
Chambers of Commerce: Implementing the SWIFT system will attract international commercial activities to Iraq.
Mnt Goat Answer: Guten Tag Gavin. This is a VERY intelligent question and so I thank you for it. It shows that you have been paying attention.
Yes, Iraq did hook into the SWIFT system at the end of 2022 adopting the international financial messaging system as part of the reforms, to help tackle money laundering and ensure respect for international sanctions.. So, to answer your question just read the rest of my good news above. It is all now happening quickly. The banks in the US have not yet been notified of any changes to lifting OFAC. Although implementing SWIFT for Iraq years ago is VERY GOOD news it is old news already. It is all of these kind of events point to one direction – having the banking capabilities to perform with the rest of the world on a large global scale. Choo-Choo!!!! š
Their words not mine…..No Rumors, No Hype, No Opinions ,,,,,
