The governor of CBI has told the citizens to prepare for the currency exchange. The citizens of Kurdistan are expecting this to happen by Sat. 27 April.
Three Letter Agencies Update:
Agency 1 —- As of yesterday……Nothing until this coming week end – the “Powers That Be” wanted three more days to get their ducks in a row. Agency 2 —- At yesterday’s meeting they told that Wells Fargo is still the lead bank because they’re the only bank willing to take anybody and everybody.
They were told to stay ready. Banks are currently on standby. They still have rates on their screens, and are awaiting authorization to process you.
Mawazine News – Baghdad Prime Minister Masrour Barzani chaired, on Wednesday, a meeting of the Kurdistan Regional Government Council of Ministers. “Today, we commemorate the fiftieth anniversary of the bombing of Daza and students of the University of Sulaymaniyah University in 1974 and the shooting of the demonstration in 1982 and thanks to the blood and sacrifices of our martyrs have been achieved, and the Prime Minister stressed that we always remember the struggle and sacrifices of the martyrs,” Barzani Media Office said in a statement received by Mawazine News. He added, “The Prime Minister, talked about the visit of Turkish President Recep Tayyip Erdogan to Baghdad and Erbil, and said that it is an important visit and will have an impact on strengthening and developing bilateral relations.” It is sold, “In the first item of the meeting, Awat Sheikh Janab, Minister of Finance and Economy, presented a report on the steps taken by the Ministry regarding the salary of the month of April, which it officially audited days ago and approved the list of employees who receive their salaries as last month, and can be sent with the salaries of other areas of Iraq.”
He pointed out that “the Minister of Finance and Economy, within the framework of a report prepared jointly with the negotiating delegation, presented several mechanisms to implement the obligations of the Kurdistan Regional Government in the field of non-oil revenues and how to share them with Baghdad, in accordance with the Constitution, the Federal Budget Law and the Federal Financial Management Law, and this is an initiative of the Kurdistan Regional Government to solve this issue, so that the issue of revenues does not become an obstacle to the payment of financial dues to the Kurdistan Region, especially the salaries of the Kurdistan Region.” In its congratulations on this initiative, the Council of Ministers stressed “not to leave any excuse to use the Federal Ministry of Finance as an excuse for not paying the region’s financial salaries and dues. In this regard, the Council of Ministers appointed the Ministry of Finance, Economy and the negotiating delegation to transfer what is determined by the federal law in force as the Federal Treasury’s share of non-oil revenues achieved in the region to the account of the Federal Ministry of Finance.”
Regarding the subject of localization of the salaries of Kurdistan employees, the Council of Ministers stressed that “this issue is important and the Kurdistan Regional Government was never against the settlement of the salaries of the region’s employees through (my account), which was launched in the region as an important step to strengthen the economic infrastructure, enhance banking activities and transparency in financial activities, and citizens benefit citizens from all the advantages and facilities provided by banks to citizens as followed in the developed world.
Therefore, the discussions with the federal government revolve around the banking mechanism more than the process itself, and this problem must be solved by finding a common understanding for the benefit of employees who receive their salaries and completing the process easily through approved banks under the supervision and license
The Central Bank, a settlement process is carried out within the framework of the settlement project called (Hesabi), which met all the requirements of the Central Bank, and the Kurdistan Regional Government plays only a facilitating role, as the participating banks are licensed, and some of them also participate in the Emiratization process in other parts of Iraq.
On the subject of oil exports, “the Kurdistan Regional Government wants to resume the export of oil as soon as possible as we agreed with the federal government to sell oil through SOMO and the revenues are returned to the federal treasury, and after resolving the outstanding issues, this should be within the framework of the last joint memorandum signed in January of this year, taking into account constitutional principles.” The Council of Ministers calls on the federal government to “send financial dues to the Kurdistan region including the salaries of the region’s employees and other allocations from the operational budget and investment and development projects.”
This visit to United States it was really good. All this contracts they signed...all these people want to go to Iraq to do business, start businesses. It's great. Now they have the ball in their hands so we see what they're going to do with it. They're going to score or pass on the side again?
You saw Sudani coming back home. You saw he was not big screens...Now we have to watch. Now he's going to come out and he's going to say, 'okay guys, we have to change the exchange rate.' It think it's going to happen soon now. They're almost ready. I think they wrapped up with the United States government and I think it's going to be a good thing.
'Everybody's like, hey Nader you're there for the announcement?'
There's no announcement. There's not big screens...They're going to come out with a new exchange rate maybe a little smaller for now yes...You see they talking about changing the exchange rate again. Yeah, they're going to do it soon. We'll see what it is. It could be 1000. Remember we said 1000 and then they eliminate the three zeros...You're going to have to be patient.
Trade Minister Atheer Daoud Salman Al-Ghurairi announced today, Wednesday, the completion of the completion of the two initial offers of goods and services and their official submission to the WTO Secretariat through official channels.
In a statement received by (Fourth), the Minister stressed that “this important step comes in the context of the efforts of the Iraqi government and its program to promote international trade and achieve sustainable development, which reflects its commitment to ensuring global economic integration and expand economic partnerships.”
He added that “the National Committee, the technical committees emanating from it and the accession team in the ministry were able within a short period of time to complete those files and submit them to the organization in preparation for the holding of the third meeting of the working group for Iraq during the current year, 16 years after the date of the second meeting of the team in 2008.”
Al-Ghurairi pointed to “the welcome of the World Trade Organization (WTO) and the international community to Iraq’s return to the negotiating table, especially as it is one of the important Arab economies that are still outside the organization, as it described this progress in terms of the accession file as one of the most active files among Arab countries and observers.”
He pointed out that “the initial offer file of the goods and services that were provided included a wide range of products and services that reflect the diversity and competitiveness of the Iraqi economy and negotiate them.”
He explained that “work is underway to prepare the Iraqi negotiating team and build the negotiating capacity of the team for the purpose of initiating the negotiation rounds with the member states of the organization in order for Iraq to obtain membership in the organization.”
He added, “The Department of Foreign Economic Relations, through the official channels of dealing with the organization, is working to complete all the requirements for accession in order for Iraq to obtain membership in the organization and to enhance Iraq’s integration into the multilateral trading system.”
It is worth mentioning that the World Trade Organization (WTO) issued the annual report on the accession of the observer countries and praised the efforts led by the Ministry of Commerce through its terracation to the National Committee, which considered the activation of the process of Iraq’s accession to the organization an important step for the organization, which was welcomed and praised by the member states, and that Iraq is the only Arab country whose accession process has become active and has made advanced stages among the Arab countries that hold observer member status.
FRAN26: 'IMPLEMENTATION OF THE BANKING REFORMS' "........F26
CEO of JPMorgan Chase expresses Support for Iraq
21st April 2024
By John Lee.
Prime Minister Mohammed Shia al-Sudani received Mr. Jamie Dimon, the CEO of JPMorgan Chase, and his accompanying delegation on Wednesday, during his visit to the Washington DC. During the meeting, they discussed the government's efforts in implementing financial and banking reforms, aiming to revitalize the economic situation and achieve development.
They also discussed the government's measures to develop the state-owned banking sector by contracting with leading international consulting firms specialized in banking reform. Additionally, they talked about encouraging private banks to open accounts with foreign banks to act as correspondent banks, as part of a plan to phase out the electronic platform by the end of the current year.
Prime Minister al-Sudani emphasized that no developmental sector can progress without reformative steps in the banking sector. He also stressed the necessity of continuing dialogue with the US Treasury, the Federal Reserve, the International Monetary Fund (IMF), and other international financial institutions.
Mr. Dimon praised the efforts of the Iraqi government in activating, developing, and rehabilitating both state-owned and private banks. He expressed his support for the activities of the Iraq Development Fund and readiness to provide expertise, assistance, training, and cooperation.