"72... 48... YOU NOW HAVE 24"....BY FRANK26, 8 MAY

 KTFA

FRANK26: "72... 48... YOU NOW HAVE 24"................F26

Tomorrow.. The Iraqi Council of Ministers approves the 2024 budget schedules

5/6/2024

 

The Financial Advisor to the Prime Minister, Mazhar Muhammad S alih, revealed on Monday new details related to the budget lists and schedules for the year 2024, which are still under discussion in the Iraqi Council of Ministers.

Speaking to Shafaq News Agency, Saleh suggested that the Council of Ministers, in a session tomorrow, Tuesday, will discuss and approve the budget law schedules, and then send them to the House of Representatives as soon as possible.

The Sudanese advisor explained, “The percentage of the deficit in the budget tables is unknown, and it will be determined according to the tables that will be approved by the Council of Ministers, before sending them to the House of Representatives.”

According to what was stated in Law No. 13 of 2023, the lists and tables of the tripartite general budget law should be submitted to the House of Representatives.

The Council of Ministers was scheduled to vote, in last Tuesday’s session, on the budget schedules for the year 2024, and send them to Parliament, according to what was announced by the Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, but the Council did not include that on its agenda.

The statement from the office of Prime Minister Muhammad Shiaa Al-Sudani during last week's session did not include any details about the 2024 budget schedules.

Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, agreed last Tuesday, with the Prime Minister, Muhammad Shiaa Al-Sudani, on the necessity of completing the schedules of the budget law for the year 2024, and expediting sending them to the House of Representatives for the purpose of discussing and voting on them.

LINK

 

"BRICS is planning to establish its own central bank TO ISSUE A NEW COMMON CURRENCY" BY GOLDILOCKS, 8 MAY

 GOLDILOCKS

BRICS is planning to establish its own central bank to issue a new common currency.

Russia’s Deputy Foreign Minister, Sergei Ryabkov, emphasized that creating a central bank is crucial for the currency’s launch.

The project has faced challenges and complexities, especially after BRICS doubled in size.

https://www.cryptopolitan.com/brics-to-create-its-very-own-central-bank/

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BRICS Brace for Potential International Monetary System Collapse

https://www.cointribune.com/en/the-brics-are-preparing-for-the-collapse-of-the-international-monetary-system/

Iraqi Dinar Guru News Highlights (5/8/24)

"THE UNION WANTS THE CBI TO GET ITS BANKS READY" BY FRANK26, 8 MAY

 KTFA

FRANK26: "THE UNION WANTS THE CBI TO GET ITS BANKS READY"............F26

The Union of Arab Banks proposes 4 “important” points for Iraqi banks to meet compliance standards

 

5/6/2024
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.”

LINK

"ABOUT TOKENIZED ASSETS" BY GOLDILOCKS, 8 MAY

 GOLDILOCKS

Currently, we have regulations taking place for Stablecoins, Tokenized Assets, and a Regulated Settlement System. 

Think of this as paying for assets to go into your portfolio (Tokenized Assets) inside of a Banking System capable of making transactions (Settlement System) for you with the Dollar (soon to be XRP Stablecoin). 

The entire QFS is now currently going through the Regulation process as we speak.

© Goldilocks

Jon Dowling & Andy Schectman The State Of The Economy Reset Preparations...

"WHAT DO YOU THINK THE INVITATION IS?" BY FRANK26, 8 MAY

 KTFA

FRANK26: "WHAT DO YOU THINK THE INVITATION IS?"..F26

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

 

5/6/2024 
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."

LINK