Monday, April 22, 2024
"THE GOV STAYED BEHIND TO DEAL WITH THE MONETARY REFORM PROOF" BY FRANK26, 22 APRIL
KTFA
FRANK26:"THE GOV STAYED BEHIND TO DEAL WITH THE MONETARY REFORM PROOF".......F26
The Governor of the Central Bank of Iraq speaks to Al-Hurra about restructuring the country's banks
The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed in an interview with Al-Hurra TV that Iraq has begun the process of “restructuring Iraqi banks” and has a broad plan to “reform the banks” by attracting strategic partners to modernize the Iraqi government banking system.
Al-Alaq confirmed that “investigations are continuing regarding the work of the violating Iraqi banks,” noting the formation of a committee with the US Treasury Department and the Federal Reserve “to correct the violations of the sanctioned banks.”
The full interview will be broadcast as part of the Iraqi program, on the Al-Hurra Iraq channel, Sunday, at 11:00 pm Baghdad time.
(THE GOV OF THE CBI IS GOING TO MAKE AN ANNOUNCEMENT TO THE IRAQI CITIZENS -F26)
Al-Alaq pointed out that “an American company has been assigned to audit the work of these banks,” and its results will be presented to the Iraqi government and the American side to take a decision on it.
In late 2022, the Iraqi banking sector adopted the SWIFT electronic transfer system with the aim of providing better control over the use of the dollar, ensuring compliance with US sanctions on Tehran, and also in order to limit the prosperity of the informal economy.
The financial standards that were adopted encouraged the emergence of a parallel market for currencies, attracting those seeking to obtain the dollar outside official channels.
The governor expressed his support for fair competition between private and government banks to diversify revenue sources, but he explained that citizens prefer to deal with government banks.
Al-Alaq stated that the Iraqi government delegation visiting Washington agreed to discuss the file of Iraqi banks punished by the US Treasury and deprived of dealing in dollars in Iraq, adding that the visit indicates his country’s connection to the United States financially and economically.
To ensure compliance with American standards regarding money laundering and sanctions on Iran, about 20 Iraqi banks were prevented from making dollar transfers, but they still operate in Iraq using the dinar.
The banking sector in Iraq has adopted an electronic platform, the aim of which is to monitor the uses of the dollar and tighten control over a thriving informal economy, while tax evasion attracts some importers and traders.
Al-Alaq spoke about Iraqi funds in the Federal Reserve, pointing out that Iraq invests its money from inside and outside the United States, noting that Baghdad’s financial relationship with Washington is “close” and characterized by “continuous coordination and understanding,” stressing Iraq’s openness and compliance with the rules of financial institutions in the world.
The governor stressed that the Central Bank closely monitors suspicious financial fraud operations and always warns against them, and pointed out that there are precise steps to prevent citizens from falling victim to financial fraud.
Regarding the government's economic priority, Al-Alaq said that reducing foreign debt is the first goal of his government, as it was able to reduce debt to reach 9 billion dollars. While the internal debt constitutes a value of 70 trillion Iraqi dinars, he also explained that the central bank was able to reduce the inflation rate from 7.5 percent to about 3.8 percent despite what he described as challenges.
Al-Alaq stressed that "the Iraqi government is focusing on the economy, services and infrastructure," stressing the need for Iraq to arrange its financial policies in a manner consistent with international financial standards to diversify sources of income.
The Central Bank of Iraq announced in a statement that it had decided, as of January, “to limit all commercial and other transactions to the Iraqi dinar instead of the dollar” inside the country.
While the dollar can be naturally withdrawn in cash from previously existing deposits in hard currency, starting in 2024, it will become necessary to withdraw every money transfer from abroad in dinars exclusively and according to the official exchange rate.
Al-Allaq heads the Iraqi delegation participating in the 2024 spring meetings of the International Monetary Fund and the World Bank Group, which will be held in Washington, D.C., until April 20.
Regarding Iraq's relationship with the World Bank and the International Monetary Fund, the governor confirmed that it is strong - as Iraq needs their efforts, coordination and consultation, revealing that Iraq is addressing the International Monetary Fund for the purpose of cooperation and providing technical support, indicating that the Fund welcomes this cooperation.
He said that a delegation from the International Monetary Fund will visit Iraq soon to start this program.
" RV UPDATE" BY DEEPWOODZ,, 22 APRIL
Deepwoodz
Article: "Al-Sudani: Iraq is witnessing a new reality today in the private sector"
MOU’s and Sovereign Guarantees…impossible without sovereign currency that has purchasing power.
We’ve learned Iraq's contracts have recently been adjusted so that payment is made in dinar...If so, contracts in the billions...paid in dinar, would require assurances that the exchange rate would not move in a negative direction...It may even go so far as to give an exchange rate. If the rate were to move negatively, the foreign contractors would lose out because the value of the agreed upon amount in reflection to their home currency would also be less. That’s a no go...Sounds freakin fantastic.
Sudanese: We have reached satisfactory solutions with the US Treasury to address the situation of the banks, 22 APRIL
Economy News – Baghdad
Prime Minister Mohamed Shiaa Al-Sudani announced on Saturday that a satisfactory agreement was reached with the US side on banks deprived of dealing in the dollar currency.
Al-Sudani said in a press conference, seen by “Economy News”, that “the Iraqi delegation held important meetings with the US Treasury, with which the Iraqi government and the Central Bank are working, to reform the financial banking sector in Iraq and address the observations that have occurred in this sector in the time of previous governments.”
He added that “the delegation reached satisfactory solutions, addressing the situation of banks deprived of dealing in dollars through the formation of committees to audit the observations indicated on these banks,” noting that “if the observations are material, the deprivation procedures continue, even if the observations can be processed and reforms can be carried out within these banks under the supervision of the Central Bank, to be addressed in dollars to be dealt with in the future.”
Al-Sudani stressed that “the impression of the US Treasury was positive on the performance of Iraqi financial institutions, whether it is the central bank or the government banking sector and was at the peak of optimism, given the reforms achieved during a short period of the life of this government.”
He pointed out that “80% of financial transactions and transfers are carried out today in accordance with international standards, with the US Treasury certificate,” noting that “the government will continue to reform the financial and banking sector, which is a basic gateway to create economic development and real reforms.”
https://economy-news.net/content.php?id=42639
"RV UPDATE" BY NADER FROM MID EAST, 22 APRIL
Nader From The Mid East
Sudani just got back home. Let's see what decision he's going to make. Let's see what he's going to say about his visit to United States. Let's see if they give him full control of the government and the banks and all that stuff...I'm waiting for him on Monday come out and say, 'Okay, we have control of everything, the coalition is going to go out soon. It's leaving soon. We control our banks. We have no more punishments.' From then we see.
I believe it's going to happen. I believe it's going to change. I believe it's going to change, happen when it's ready to happen. That's it. When you see the coalition leave...the government of Iraq sovereign and nobody control it and when you see a new dinar that's when the exchange rate will change. Simple as that.
In 2001 they declare war with Iraq...There is a difference between ceasefire and the war is finished. For now it's ceasefire.
No one declared the end of the war in Iraq. You see the coalition forces still there. You see the army. Maybe not a lot but they're still there. For Iraq to be free everybody have to get out of there. Any decisions Iraq made, anything Iraq do or does the United States...have to say yes you can do it or not...The war didn't end. That's why you see Sudani coming out in the 15th of this month coming up to talk about the coalition to get out of Iraq.
Article quote: "The Iraqi government and the Central Bank are dissatisfied with the nature of the US treasury's dealings with Iraqi banks...There is an effort to lift the sanctions..." (adsbygoogle = window.adsbygoogle || []).push({}); They need to take off the sanctions of Iraq IQD.
A lot of good news come out yesterday and I'm very happy...You know what? I'm excited. I'm very excited what's happening.
Article: "Data from the Central Bank of iraq show a decrease in the amount of printed currency by 1.2 trillion dinars between the months of November and December 2023 while indicating this decrease in the amount of currency is the 3rd largest decrease recorded in 20 years... "
Very good news, IQD decreasing. Wow.
The RV will not happen if no one declares the end of the war...we still on war. In December 2021 they took troops out... but they never declared the end of the war...and they never took out the international coalition.TIDBIT FROM MILITIAMAN, 23 NOV
Militia Man Article: " IMF: Arab country confirms commitment to flexible exchange rate " Quote: " The International Mon...
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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...