“The Shocks Have Changed.” The Governor Of The Central Bank Explains The Impact Of The Openness Of Iraqi Banks On Their International Counterparts, 7 MAY

 “The Shocks Have Changed.” The Governor Of The Central Bank Explains The Impact Of The Openness Of Iraqi Banks On Their International Counterparts

Economy News – Baghdad  On Monday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, highlighted the impact of the openness of Iraqi banks on their international counterparts, while noting that the global economy has begun to face a phase characterized by rising levels of public and private debt.

Al-Alaq, 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,” said, “Central banks have faced increasing challenges after decades of appearances and are closer to quiescence starting with the decline in interest rates.” and inflation,” pointing out that “the global economy has begun to face a phase characterized by rising levels of public and private debt.”

He added, "The nature of local, international and historical shocks has changed due to an increase or decrease in demand, with the exception of supply shocks, in addition to new challenges represented by financial stability in public financial policy and the financial control decision that requires reducing spending or increasing domestic revenues."

The Governor of the Central Bank explained, “Over the past years, the Iraqi banking sector has opened up to local financial institutions over their international counterparts, and to the extent that all of this achieves communication and attention with the outside world, it undoubtedly carries many challenges and impacts.”

Ali Al-Alaq continued: “We hope that this conference will succeed in reaching effective solutions to this challenge and devoting cooperation and coordination between Arab central banks, Arab expenditures and non-banking financial institutions to achieve stability and growth.”

The conference will succeed in reaching effective solutions to this challenge and devoting cooperation and coordination between Arab central banks. Arab expenditures and non-banking financial institutions to achieve stability and growth.”  05/06/2024 - https://economy-news.net/content.php?id=43178

"IRAQ NEWS: Iraq talking about closing down their currency auctions" FROM GINGER'S LIBERTY LOUNGE ROOM ON TELEGRAM, 7 MAY

 

 Important article regarding Iraq talking about closing down their currency auctions. 5.7.24 

Credit to Southern Boy for this jewel of news

Read article: https://t.me/c/1553385444/51976

Exonomi and steong banking system BY NADER FROM MID EAST

Government move to install gold screening devices at 4 airports, 7 MAY

  Government move to install gold screening devices at 4 airports

Economy News - Baghdad

The Ministry of Planning clarified, on Tuesday, the mechanism for examining gold in the local markets, and while it indicated that many companies submitted their bids to equip airports with modern equipment, it confirmed that the devices will be in 4 airports.

Ministry spokesman Abdul Zahra al-Hindawi said: "There are procedures regarding the examination of gold at airports that have been implemented during the past months, represented by announcing the request for devices for inspection and the name of gold and non-gold precious jewelry."

"Many specialized companies have submitted and work is underway to select the appropriate bids, so that referral can be made to the concerned company to equip the centres with sensitive equipment," he said.

Al-Hindawi added that "the places and offices for the work of the teams of the Central Organization for Standardization and Quality Control have been identified at the airports of Baghdad, Najaf, Basra and Kirkuk," stressing that "work will begin as soon as we are equipped with devices for the examination and weight of gold jewelry."

With regard to the legal procedures followed against those who sell adulterated or manipulated gold, he explained that "the standardization and quality control teams continue to follow up on gold affairs by granting licenses to goldsmiths, as well as following up on gold in goldsmiths' shops through continuous inspection, as well as following up on licenses granted."

He continued: "If untagged gold jewelry is seized or unlicensed gold jewellery shops are seized, legal action will be taken against violators in this regard and referred to the courts."

He pointed out that "the legal procedures against violators are the withdrawal of the license, the closure of the shop and other severe legal procedures, but if the violation is minor, the jeweler may be alerted to that violation and the need to address it within a specific period of time, and in the event that he does not comply with the warning, legal proceedings will proceed against him."

"CHIPS ANNOUNCEMENT" BY GOLDILOCKS, 7 MAY

 GOLDILOCKS

CHIPS Announcement:

"The Clearing House Interbank Payments System (CHIPS) is the largest private sector USD clearing system for wire transfers. Along with its public sector counterpart, Fedwire, CHIPS forms the primary network for transferring and settling payments in US dollars."

The Clearing House is ready to launch the CHIPS ISO 20022 messaging service for a April 2024 implementation. It just so happens to be taking place as MICA goes through it's regulatory process leading to implementation by May 28th, 2024. 

We must not forget that the Depository Trust & Clearing Corporation which is an American Financial Company will be going through this process as well leading up to the May 28th, 2024 deadline.

This will allow our newly formed Global crypto regulatory assets to work with a messaging system to clearly give direction on many of the payments taking place with tokenized assets. 

To keep this information protected Project Aurora will be implemented during this time of testing to prevent money laundering. 

Early June, the Federal Reserve is expected to lower interest rates igniting a fuel to the fire of these newly formed crypto regulations allowing the new digital economy to get their footing on solid ground. 

Gold is beginning to formulate new price patterns as we speak giving our new tokenized assets real values that can be transacted within the new QFS. 

New laws and regulations are expected during this time to be placed on these new crypto regulations, and look for the words Project Genesis to also come into play. 

Project Genesis will provide liquidity to countries willing to transform their society into clean initiatives. Don't you just love when a plan comes together?  

At this point, we will have an operable Quantum Financial System.

© Goldilocks 

https://www.theclearinghouse.org/payment-systems/Articles/2023/02/02-09-2023_TCH_Reschedules_CHIPS_ISO_20022_Implementation_April_2024?t

https://www.moderntreasury.com/learn/chips

https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2023/the-clearing-house-likens-iso-20022-implementation-delay-to-global-choreography/

https://itexus.com/glossary/chips-iso-20022-migration/#gref

Iraqi Dinar update for 05/06/24 - The Iraqi banks need to fix quickly by PIMPY

Politician: America will not leave Iraq, and diplomacy is breathing its last breath, 7 MAY

  Politician: America will not leave Iraq, and diplomacy is breathing its last breath

Political analyst Maher Abdel Joudeh revealed on Monday that there is no American intention to leave Iraq and the Middle East, stressing the necessity of adopting diplomatic solutions.  

Judeh said in a statement to the Al-Maalouma Agency, “The Sudanese visit did not contribute to resolving the issue of the Americans’ withdrawal from Iraq, and the hopes of the popular circles were in vain.”

He continued, "The diplomatic solution and economic pressure is the effective action capable of pushing American soldiers outside the borders and eliminating their presence," stressing that "Iraq does not need the presence of American forces because the Iraqi forces can protect the country from any terrorist threat." 

It is noteworthy that the Iraqi government formed a specialized committee in order to manage the file of the Americans’ exit from Iraq, and it has continued to work according to political controls, but the American efforts to stay may seem stronger this time.  link