DINAR REVALUATION

Tuesday, May 7, 2024

Float = Forex or Fixed = 1 to 1🚩Green Light Given?🤔Iraq Dinar RV Updates...

The Dinar Is Breathing Through The Eye Of A Needle And The Dollar Is At 145,500, 8 MAY

The Dinar Is Breathing Through The Eye Of A Needle And The Dollar Is At 145,500

Economy | 05:40 - 05/07/2024 Mawazine News – Baghdad The exchange rates of the US dollar witnessed a decline this evening, Tuesday, in the capital, Baghdad, while it stabilized in Erbil, the capital of the Kurdistan Region, with the stock market closed.

Dollar prices fell with the closure of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 145,450 dinars per 100 dollars, while prices had recorded this morning 145,550 dinars per 100 dollars.

Regarding the selling prices in the exchange shops in the local markets in Baghdad, they stabilized, as the selling price reached 146,500 dinars per 100 dollars, and the purchasing price reached 144,500 dinars. https://www.mawazin.net/Details.aspx?jimare=247504

"Q & A " WITH MARKZ, 7 MAY

Q & A

QUESTION: Does a rate change need parliament approval or just CBI governor announcement?

MZ: According to parliament and the president of their country it only requires the CBI governors announcement. The government has already done everything they needed to do. We heard this last week.

QUESTION: Would someone please explain Basal 3 ? I'm sorry if this is a repeat. Thanks.

MZ: In a nutshell-Basel 3 is stricter reserve requirements for banks so that they are better able to deal with downturns. or loses or problems in the markets. They have to have more assets in order to pay share holders, depositors ect…… .to have enough reserves in case there is a problem . But imo…its not enough reserves….but its more than what they required before.

QUESTION: Mark Do we need to sigh an NDA at our exchange?

MZ: I was told the need for an NDA for currencies is getting slimmer and slimmer. But you may have one for the humanitarian projects. I could be wrong

Excellent step commerce economy

The Union Of Arab Banks Proposes 4 “Important” Points For Iraqi Banks To Meet Compliance Standards, 7 MAY

The Union Of Arab Banks Proposes 4 “Important” Points For Iraqi Banks To Meet Compliance Standards

Economy News – Baghdad Today, Monday, the Secretary-General of the Union of Arab Banks, Wissam Al-Futouh, presented four proposals to confront Iraqi banks with compliance standards and stimulate their relationship with correspondent banks.

Al-Futuh said, in his speech during the conference “The Challenges Facing Arab Banks in Complying with State Laws and Legislation and Meeting the Requirements of Correspondent Banks,” that “the financial and banking challenges that Iraq has suffered recently are many, despite the efforts of the Central Bank of Iraq,” considering that “Iraqi banks deal With a complex network.

He added, "The Arab region is going through fateful dangers resulting from wars and other political conflicts, and this conflict would increase the risks of uncertainty in the prospects of the Middle East and North Africa, resulting in severe economic impacts on many Arab countries."

Al-Futuh proposed a set of points for Iraqi banks to meet compliance standards, stimulate their relationships with correspondent banks, and enhance confidence in Iraqi banks, including: “Iraqi banks must invest in strong infrastructure.”

He continued: The other thing is adopting advanced technology, which leads to changing the rules of the game in the field of compliance, as there are many programs that rely on artificial intelligence to help analyze data and comply.

As for the third matter, Al-Futuh focused on “the necessity of adopting the principle of transparency in banking operations and preparing financial reports, to build sustainable trust with the international community,” pointing out that “the last and most important matter is the preparation of a comprehensive national plan for capacity development, training and qualification, especially in the field of compliance with... During the establishment of a committee under the name of the National Committee for Capacity Development, Training and Qualification, which will be in cooperation between the Union of Arab Banks and the Association of Iraqi Private Banks, under the supervision of the Central Bank of Iraq.

He pointed out, “The tasks of this committee also include 4 important points. The first revolves around training and qualification of Arab cadres and capacity building on the subject of compliance, while the second revolves around providing advice and support and choosing a compliance program specific to each bank. ”

The third point “represents the formation of a continuous force of influence to develop Iraqi banks’ relations with international bodies, especially the American ones.” The fourth point is “documenting policies and internal controls for banking compliance.”

Views 166 05/06/ https://economy-news.net/content.php?id=43180

"FRIENDLY UPDATE OF THE STATUS OF IRAQ AND THE DINAR RATE" BY BEARDED PATRIOTUSA, 7 MAY

BEARDED PATRIOTUSA

FAMILY: FRIENDLY UPDATE……..

🇮🇶The Iraqi Cabinet is set to deliberate and APPROVE the budget law for this year in its upcoming session tomorrow TUESDAY. Mazhar Mohammed Saleh, Financial Advisor to the Prime Minister's office.

Saleh indicated that the budget would be promptly forwarded to Parliament. However, "the deficit percentage in the budget is yet to be finalized."🤥🙄

The Sudanese adviser explained that "the percentage of deficit in the budget schedules is unknown, and will be determined according to the schedules that will be approved by the Council of Ministers, before sending them to the House of Representatives."

According to Law No. 13 of 2023, lists and schedules of the Tripartite General Budget Law should be submitted to the House of Representatives.

PM Al-Sudani, Central Bank of Iraq Governor & President Barzani already HAVE the NEW DINAR RATE & are keeping the NEW RATE tight lipped & waiting until last minute (imo).

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