Sunday, May 5, 2024
Report: Jordanian and Palestinian banks swallow up Iraq dollar, 5 MAY
Mawazine News-Baghdad
Once again, the Central Bank, Jordanian banks, grants licenses to deal in dollars and limit foreign transfers to their hands, which economists see as a “big mistake” that will contribute to losing control of the banking system that will remain in the hands of the United States and Jordanian banks, warning against exploiting this file politically in the future.
A source familiar with the informed, to Mawazine News, reveals that “the Central Bank of Iraq granted during the current period four new licenses to Jordanian banks, namely the Union Banks, Housing, Jordan and the Arab Banks.”
The source adds, “The Jordan Capital Bank and the Bank of Cairo Amman, have strengthened their control over the National Bank of Iraq, by acquiring approximately 72 percent of the bank’s shares, where the share of the first is 61.85 percent, and the other’s share is 9.90 percent,” pointing out that “the Palestinian stake of Arcadia LLC is 5 percent, so that the total number of non-Iraqi shares is about 77 percent, and this is a very big violation of the Iraqi investment law that specified foreign ownership by 49 percent of any Iraqi company.”
He reveals that “the endeavors of the Jordan Housing Bank also recently began to acquire the shares of Al-Mansour Bank of Iraq, which is controlled by the Qatar National Bank by 54 percent,” noting that “Iraq has a bad experience of entering foreign banks, as it previously entered Iranian banks and all of them stopped because of the sanctions, as well as the Lebanese banks that declared bankruptcy and seized Iraqi deposits estimated at 20 billion dollars.”
The National Bank of Iraq accounts for a third of foreign currency sales, which is the main source of the Iraqi economy.
Since the US Treasury imposed sanctions on Iraqi banks, as a result of smuggling the dollar to Iran, foreign banks have dominated the financial arena, as an Arab bank controlled a large percentage of dollar sales in Iraq.
For his part, the expert in banking affairs Ahmed Al-Tamimi believes that “the Central Bank of Iraq made a lot of mistake when it worked on the delivery of Jordanian banks the dollar owned in Iraq, and limited the handling of external transfers through those banks at the beginning of next year in accordance with the directions of the US Treasury.”
Al-Tamimi states, “Dollar transactions by Iraqi banks will be non-existent during the new year, and it will be limited to the Iraqi Bank for Trade and Jordanian banks, and this means that all Iraqi banks will be prevented from any dealing in dollars, which gives Jordanian banks a precedence at the expense of the Iraqi banking system.”
The expert in the banking affairs calls on the Central Bank of Iraq to “negotiate sooner and before the end of the current year, in order to reach an understanding with the US Treasury to grant exceptions to some Iraqi banks, and not to limit dealing in dollars to Jordanian banks, under the pretext of not having accounts in correspondent international banks.”
Al-Tamimi warns that “the Central Bank of Iraq, according to this American decision, will lose control of the banking system, and the system will continue to be managed by the Americans and Jordanian banks, and this file may exploit a political future by the Americans or even Jordanians because foreign transfers will be in their hands exclusively, and Iraq has no income in it, except supervision and follow-up.”
The number of banks in Iraq reached 81 banks, while the branches of foreign banks in Iraq amounted to 21 branches, most of which are from Turkey, Jordan, Iran and the UAE.
The Central Bank of Iraq pumps the dollar to banks through the currency sale window, which it says has several functions, the first of which is to achieve stability at the exchange rate and the second is to meet the requirements of foreign trade, because “the Iraqi commodity sector is unable to provide the requirements of the local market,” according to the bank, which pointed out that “the window meets 87 percent of the requirements of the commodity import of Iraq.”
https://www.mawazin.net/Details.aspx?jimare=247052
"RV UPDATE" BY PATRIOT ROD STEEL, 5 MAY
PATRIOT ROD STEEL
I’m aware of the Plan, but cautioned against exposure, but now that it’s leaking…
#PatriotRodSteel
TEXAS SNAKE
Okie had some positive news earlier today, thought we would hear some indication of the new rate when the Premier returned to his country from his visit to the US, the banker is assisting his hospitalized wife in CA so very little news from him so I guess we wait for FOREX to open, but again sports fans we appear to be very close, so say your prayers tonight.
This may be a little longer post than usual as the powers that be do not wish to get anyone''s hopes up only to be disappointed when the RV does not come in. Well I spent 40 years in the investment banking and financial planning industry which allows for a slight advantage in researching certain areas of the acknowledged resources regarding money and securities. Those areas being the IMF, FOREX, WTO, etc, etc.
The Prime Minister returned to his country on this past Monday, he turned over to the head of the CBI to announce the pending revaluation of his nations currency. The CBI provided the new rate to the IMF who in turn provided this rate to the FOREX which by policy has 72 hours from receipt to post for universal recognition which will be sometime between now and Wednesday 4/24/2024 by 7:00 PM.
Since both the Gazette and the IMF rate schedules are published on Wednesday each week we can assume should there be a revaluation we should receive that news during this window. Don't get excited or make any serious decisions but please stay calm and watch the next few days as we seem to be this close. GOD Bless
Texas Snake, [04/22/2024, 10:25:30 p. m.]:
About 10 more minutes then I need to close
Will try to illistrate that tomorrow
Yes he uses a CBI Debit card to purchase items in Beeville and he discovered the exchange rate on a recent purchase equaled $3.90 US for his Dinar value up substantially from before the in country RV
Well folks will come back with anything new GOD Bless
https://dinarevaluation.blogspot.com/2024/04/rv-update-by-texas-snake-24-april.html
Sunday April 14, 2024
Latest from Rod Steel ~ 2.10.24
My friend spoke to Patriot Rod Steel today, and he confirmed that he's spoken with some bond people and they have received funds.
More details from Rod: "I was told the paperwork was just completed and the Admiral is going to release everything on Monday."
Rod continues: "The Iraq Government will reveal the new ‘lower denomination’ notes this week and then release the new Dinar Rate (4+) to be published in the Government Gazette on Sunday and then go on FOREX this coming Monday, the 12th". ROD
My very close friend vetted this information with two other contacts. One who is very close to the Admiral - as in working alongside him on a daily basis. And the second gentleman is extremely close to those on the Bond side who are clued into the details regularly. They both are in alignment with Rod's news also - so that's extremely encouraging. We also know that Mark is hearing similar stories.
More from Ginger: I cannot give details because I'm sworn to secrecy, but allowed to say that the papers have been signed by people we know AND others have heard happy news from their group leaders on the T3 Bond side. I personally do not know of anyone in T3 who has liquid, spendable funds as of yet, but I'm extremely pleased with all of the news we're getting. I'm grounded and steady - remaining optimistic. 2.10.24
~ Ginger of the Liberty Lounge
https://dinarevaluation.blogspot.com/2024/02/they-have-received-funds-by-rod-steel.html
The Dead Sea hosts the activities of the Economic Forum between Iraq and Jordan, 5 MAY
The Dead Sea hosts the activities of the Economic Forum between Iraq and Jordan
Shafaq News / The activities of the Economic Forum for Financial, Industrial and Commercial Partnerships between Iraq, Jordan and the region, organized by the Iraqi Business Council in partnership with the Jordan and Oman industry chambers, the largest regional Iraqi-Jordanian economic group for business, kick off today, Sunday, at the King Hussein Convention Center in the Dead Sea region.
According to the Vice President of the Iraqi Business Council in Amman and Chairman of the Preparatory Committee for the Forum, Saad Naji, representing the Iraqi President, the President of the Office of the Presidency of the Iraqi Republic Kamel Al-Dulaimi, the Iraqi Minister of Industry and a delegation from the Ministry of Electricity from Iraq, participates in the forum, as well as ministers from Jordan, business owners, investors and Arab and foreign companies, the Board of Commissioners of the Information and Communications Authority, the Anbar Investment Authority, the Erbil Chamber of Industry and Trade and the Baghdad Chamber of Commerce.
The Council organizes the forum in cooperation with the Arab Businessmen Union, the International Investment Guarantee Agency and the International Finance Corporation of the World Bank Group, the Association of Information and Communication Technology Companies (Injaj), the Association of Iraqi Private Banks, the Jordanian Banks Association, and the Jordanian Foundation for the Development of Economic Projects (JEDCO), and the Jordanian Free and Development Zones participate.
The official Jordanian agency “Petra” quoted Naji as saying that the forum will be interspersed with a two-day exhibition that will last from 2 pm to 8 pm, in which major commercial and industrial companies from Jordan, Iraq and Arab countries will participate, in addition to bilateral meetings with decision-makers from the two countries.
He pointed out that the forum’s working sessions revolve around the most prominent investment opportunities in Jordan and Iraq, the prospects of commercial and industrial opportunities in the two countries, the vision of economic modernization, investment in Iraq, investment opportunities in the region, in addition to investment opportunities in the Jordanian free and development zones.
He pointed out that the sessions also revolve around the role of the banking sector in providing financial facilities for the industrial, energy, mining, transport and infrastructure sectors, and the role of international institutions in providing financial financing for investment projects, and presenting success stories to Jordanian and Iraqi investment companies.
Naji, who is also the Secretary of the Council, pointed out that the forum seeks to promote regional integration by building economic interdependence, enhancing cooperation in various sectors, building long-term partnerships, creating sustainable partnerships, deepening mutual understanding between participating countries and building a common vision for the future of economic prosperity and development in the region.
https://shafaq.com/ar/اقتصـاد/البحر-الميت-يحتضن-فعاليات-المنتدى-الاقتصادي-بين-العراق-وال-ردن
"RV UPDATE" BY NADER FROM MID EAST, 5 MAY
NADER FROM MID EAST
The budget have to be approved by the parliament...Sudani cannot make a decision by himself...The budget doesn't have to be approved by parliament...it's not true. They have pass by the parliament and parliament have to vote for it.
Any changes on that budget the parliament have to agree into it and have to vote for it and have to sign it and send it to Sudani and then the president of Iraq...It is active yes but not completely active. Any changes have to be approved by the parliament of Iraq.
People calling me since last Thursday asking me, 'We hearing the exchange rate will change on Monday?'
...I didn't see anything about Monday. I see really good news. I believe with all this going on they should go for it. I think they're ready. I don't know when or why not. Some people saying Monday...before the end of the month...May... July. It's all prediction. I wish it could happen now. Today...Let's watch it...
https://dinarevaluation.blogspot.com/2024/05/rv-update-by-nader-from-mid-east-1-may.html
People calling me since last Thursday asking me, ' We hearing the exchange rate will change on Monday?' ...I didn't see anything about Monday. I see really good news. I believe with all this going on they should go for it. I think they're ready. I don't know when or why not. Some people saying Monday...before the end of the month...May... July. It's all prediction. I wish it could happen now. Today...Let's watch it...
Today I was watching the news. I was watching Sudani in the street and it got me all excited. Got me happy. It's been a while we didn't see a leader who cares about the people, who cares about the country...He was walking in the street at least for 2 hours...It's great to see that. He give confidence. It gives hope. I hope he continues like that...It's amazing what's going on in Iraq. I love it.
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?