The President of the Association of Private Banks sends an “important” invitation to the Central Bank regarding the banking sector, 7 MAY

 The President of the Association of Private Banks sends an “important” invitation to the Central Bank regarding the banking sector

Economy News – Baghdad

Today, Monday, the President of the Association of Iraqi Private Banks, Wadih Al-Handal, sent an invitation to the Central Bank of Iraq regarding the Iraqi banking sector, while addressing the deprivation of Iraqi banks from dealing in dollars.

Al-Handal said in his speech at the conference, “The challenges facing Iraqi banks in complying with international laws and legislation and meeting the requirements of correspondent banks,” followed by “Al-Iqtisad News,” “Our vision and work revolve around building a strong Iraqi banking sector, capable of facing challenges and contributing more to financing various projects.” Its types, supporting the Iraqi economy, developing local and international partnerships, and promoting the concepts of financial inclusion in society.”

He added, “The Arab region is witnessing great challenges at all levels, including economic challenges and banking challenges in particular, including what happened in Iraq in terms of deprivation of dealing in the main international currency (the dollar), which is approximately half of the number of Iraqi banks, and which has had a significant and clear impact on banking services.” inside Iraq). 

The Director of the Association of Iraqi Private Banks explained: “I praise the efforts of the Iraqi government and the Central Bank of Iraq in resolving these problems with the American side, especially what resulted from the visit of Prime Minister Muhammad Shia Al-Sudani to Washington, and his meeting with a number of American figures.”

The outcomes that were determined include appointing a review committee and developing a road map for solutions.”

Al-Handal stated, “The Iraqi Private Banks Association is fully prepared to cooperate and support the plans of the government and the Central Bank of Iraq and contribute to improving the banking environment and developing the banking infrastructure in accordance with the best international practices.”

He called on the Iraqi government and the Central Bank to “work to strengthen the private banking sector, by supporting private banks in general and disadvantaged banks in particular to ensure the continuation of their work and open the horizons of banking work more broadly, whether inside Iraq or to help build strong relationships with international financial institutions.”

https://economy-news.net/content.php?id=43179

"RV UPDATE" BY WALKINGSTICK, 7 MAY

 Walkingstick 

 The main reason why they're going to float the Iraqi dinar is to build confidence in the country of Iraq.  A float brings in these investor that Sudani has been signing left and right. 

 These investors will watch the float and as the float increases they will say to themselves, 'Hey, maybe I should invest in this currency.' ... The float is to build confidence in the country and in the currency of Iraq.

 [Former Iraqi Bank associate and Iraqi bank owner #1 update] 

 He just left Bagdad...he went to Hong Kong. What for?  He's got banks he's representing the CBI with, out there.  These satellite banks are everywhere. They want their 3-zeros back.  They don't want them to go into anybody's federal reserves.

Iraqi Dinar Revaluation Date FINALLY Revealed (You Won't Believe It!) Di...

Sponsored by Al-Sudani.. The Bank of Commerce signs a memorandum of cooperation with the Japanese Foundation for International Cooperation, 7 MAY

Sponsored by Al-Sudani.. The Bank of Commerce signs a memorandum of cooperation with the Japanese Foundation for International Cooperation

 Under the patronage of Prime Minister Muhammad Shiaa al-Sudani, today, Monday, a signing ceremony of a memorandum of cooperation took place between the Trade Bank of Iraq (TBI) and the Japan International Cooperation Corporation (JICA), in the presence of the Deputy Prime Minister, Minister of Planning Muhammad Tamim, and the technical advisor to the Prime Minister. Muhammad Sahib Al Darraji, Chairman of the Diwani Order Committee for Sovereign Guarantees.

The Prime Minister’s media office stated, in a statement, a copy of which {Al-Furat News} received, that: “The memorandum of cooperation comes within the framework of the government’s initiative to grant sovereign guarantees to the private sector, and also within the work of the special committee for sovereign guarantees covered by the General Budget Law for the year 2023, and Cabinet Resolution No. (23404) for the year 2023.”

He added, “The memorandum includes the Japanese Foundation financing projects for the Iraqi private sector, to establish factories inside Iraq, with the aim of localizing the national industry in the field of pharmaceutical, construction, chemical, petrochemical, energy, agricultural and food industries; in implementation of what was included in the government program, in supporting and localizing strategic industries.” And based on the directives of the Prime Minister in this regard.”

The statement added, “In light of the memorandum, an initial amount of $200 million will be provided to finance important projects that provide a service to the Iraqi citizen and economy, and which will contribute to reducing foreign imports, as well as reducing hard currency transfers abroad.”

The memorandum also aims to raise the efficiency of Iraqi companies to the global level, through openness to international banks for financing, and controlling quality by concluding agreements with major industrial countries.”

https://alforatnews.iq/news/%D8%A8%D8%B1%D8%B9%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D8%AF%D8%A7%D9%86%D9%8A-%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9-%D9%8A%D9%88%D9%82%D8%B9-%D9%85%D8%B0%D9%83%D8%B1%D8%A9-%D8%AA%D8%B9%D8%A7%D9%88%D9%86-%D9%85%D8%B9-%D8%A7%D9%84%D9%85%D8%A4%D8%B3%D8%B3%D8%A9-%D8%A7%D9%84%D9%8A%D8%A7%D8%A8%D8%A7%D9%86%D9%8A%D8%A9-%D9%84%D9%84%D8%AA%D8%B9%D8%A7%D9%88%D9%86-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A

"RV UPDATE" BY KAPERONI, 7 MAY

  Kaperoni  

 Article:  "Al-Rayes: The path of development is the first gateway to sustainable economic advancement"  If and when the Iraqi dinar begins to float supply and demand based on Iraq's economic success will take over.  Only with the success and growth of Iraq's own economy can the dinar go up in value. How fast and the pace are determined by those factors.

Article:  "The most difficult option.. Warnings of the danger of floating the Iraqi dinar without achieving an important condition” As I have mentioned numerous times, a float is coming for the Iraqi dinar. The question is.. when will they have sufficient diversification of the economy to support such an event?

 A country's currency is not some random act. An exchange rate is based on many factors including: reserves, GDP, economic growth etc. Iraq has a long ways to go and must pass laws to encourage investment. Only with the success of Iraq's economy can the dinar rise in value.

[aka Kaperoni]  

Article:  "Advisor to the Association of Banks: The Central Bank is following a consistent approach to achieving banking reform" 

 Quote:  "the management of the Central Bank of Iraq plans to gradually cancel the window for selling foreign currency during the year 2024, until it leaves it completely. "  ...this is huge news... Iraq cannot end the auctions unless they have an alternative to the auctions... which means they plan to float the dinar by the end of the year...floating the dinar will give them a new mechanism to maintain the dinar, the CBI will buy and sell blocks of dinar like other central banks do to maintain their currency... 

 They will also have to use dinar to pay for goods and services which will make the dinar internationally traded...they want the banks and Iraq to establish relationships around the world with International standards and full compliance which means that means IMF Article XIV...This seems pretty clear and excellent news. We very well see that Iraqi dinar float on the global market at the end of this year or early next year...I think it's very promising...it definitely is very good news. 

https://dinarevaluation.blogspot.com/2024/04/analysis-of-iraq-news-by-kaperoni-11.html

Iraqi Dinar | BREAKING: Iraq Announces SHOCKING Move That Could Change E...

Including Iraq... Five Countries Possess More Than 1,000 Tons Of Gold, 7 MAY

 Including Iraq... Five Countries Possess More Than 1,000 Tons Of Gold

Economical  05/05/2024   The World Gold Council announced yesterday, Saturday, that Iraq and four Arab countries possess more than a thousand tons of global gold reserves.

The Council said in its latest schedule for the month of May that “the first five countries (Saudi Arabia, Lebanon, Algeria, Libya and Iraq) possess 1,72,6 thousand tons.”

He added, "Iraq maintained its ranking of 30th globally out of the 100 countries listed in the table with the largest gold reserves, as it has not purchased gold since May last year, bringing its gold possessions to 142.6 tons, which represents 9.3% of the rest of its other reserves."

The Council also pointed out that “the United States of America sits on the throne of the rest of the countries with the largest possession of gold in the world at 8,133.5 thousand tons, followed by Germany with 3,352.6 thousand tons, then Italy came with 2,451.8 thousand tons, while Suriname came at the bottom with 1.2 thousand tons.” “.

It is noteworthy that the World Gold Council is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world.

Most Arab countries maintained the size of their gold reserves by the end of the first quarter of 2024, at the same levels recorded at the end of last year, with the exception of Oman and Qatar, which recorded net purchases of 4.5 tons and 1.5 tons, respectively.

Successive increases in gold prices led the value of most countries' reserves to record new levels, before the recent declines during the second half of April led to the value of those reserves returning to what they were.   https://alsabaah.iq/96029-.html