The National Bank Of Iraq Receives A Strong Credit Rating From Capital Intelligence, 15 MAY

 The National Bank Of Iraq Receives A Strong Credit Rating From Capital Intelligence

Economy News – Baghdad  The global credit rating agency, Capital Intelligence, has affirmed its credit rating for the National Bank of Iraq for long-term and short-term foreign currencies (FCRs), maintaining the bank’s basic financial strength rating at (bb) with a stable outlook.

The bank said in a statement received by Al-Iqtisad News, "This positive rating reflects the strength and solidity of the financial position of the National Bank of Iraq, and enhances the culture of trust among current and new customers and investors. The rating also contributes to supporting the bank's efforts to achieve its development goals in serving the Iraqi national economy."

According to the statement, the Capital Intelligence Agency based its granting of this rating to the National Bank of Iraq on several factors, the most important of which are: good banking management, a high ratio of capital to assets, including the core capital ratio (CET1), effective flexibility in capital management, and good liquidity supported. With a growing deposit customer base, especially from retail banking, along with good operating profitability driven by improved revenue quality and stability, in addition to high quality of loan assets.

Commenting on this achievement, the authorized director of the National Bank of Iraq, Ayman Abu Dhaim, confirmed that “the positive credit ratings obtained by the National Bank of Iraq reflect its efforts to enhance the soundness and strength of its financial position, including increasing its capital and improving its risk management, indicating that this The rating is a testimony to the bank’s commitment to the highest standards of banking, and contributes to enhancing the confidence of customers and investors.”

Abu Dhaim pointed out that "the National Bank of Iraq will continue its commitment to providing the best banking services to its customers, in an effort to contribute to supporting the Iraqi national economy and enhancing its position on the global economic map." Views 174 05/15/2024 - https://economy-news.net/content.php?id=43440

"RV UPDATE" BY SANDY INGRAM, 16 MAY

   Sandy Ingram 

The IQD was not convertible to other currencies on global markets before the 2003 invasion...Rates, which were $3.21 IQD to 1 US dollar in July 2003 means little if the currency is not exchangeable on global markets...People with education in economics say the Iraqi currency will be readily available for exchange in US banks...The question then becomes - 

 How long will it take US banks to recognize the currency after the initial increase in Iraq?  Oh, you believe it will all happen on the same day? 

 We would hope so, however this is unlikely... Savvy investors may have to travel for the exchange rate...If Iraq says the IQD is worth 1 USD to Iraqi dinar will you wait for the United States to say the same thing or will you travel to a bank that says the Iraqi dinar value equals $1? ...We hope the naysayer are right and we can all walk into our banks in the United States and exchange our IQD bank notes for US dollars

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-sandy-ingram-13-may.html

 The World Bank is working with the Iraqi Finance Minister to implement banking reform as quickly as possible...things are happening fast.

Shocking documents from Iraq's Federal Board of Supreme Audit have uncovered a massive corruption scheme.  Over 151,000 citizens were involved in the illicit buying of US currency...[They] obtained dollars at the official state rate for travel purposes but never left the country.  The black market refers to them as "ghost travelers". 

 [We] are thinking the Iraqis sold the dollars for more money than they invested.  As a result of the corruption Iraq's Central Bank employees, private banks, currency exchange companies and tourism firms were all involved.  This is a $600 million corruption scam involving the US dollar... 

When in Washington, DC he [Al-Sudani] met with the chair of the governing board of the JP Morgan Development Finance Institution (DFI), Daniel Zelikow.  Prime Minister Al-Sudani received Mr. Jamie Dimon, the CEO of JPMorgan Chase, and his accompanying delegation on Wednesday during his visit...In Davos, Iraqi Prim Minister al-Sudani with Mr. Khaled Haballah, the regional CEO of JPMorgan Chase for the Middle East and North Africa...

 Al-Sudani met with the Iraqi community in Washington DC and other American states on the sidelines of his official visit to the United States.  Al-Sudani conveyed gratitude to the Iraqi communities in the US and throughout the world, emphasizing that Iraq is for all Iraqis and that the country needs the knowledge, experiences, opportunities and initiatives of Iraqis in the U.S. 

 The prime minister indicated the Iraqi government is working on establishing a department for expatriate affairs to be able to communicate effectively with the Iraqi community around the world...

On April 15th President Joe Biden will hold Prime Minister Al-Sudani of Iraq at the White House.  This meeting is a crucial opportunity for the United States and Iraq to discuss common priorities and strengthen their bilateral partnership.

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-sandy-ingram-17-april.html

Al-Sudani met with the Iraqi community in Washington DC and other American states on the sidelines of his official visit to the United States.  Al-Sudani conveyed gratitude to the Iraqi communities in the US and throughout the world, emphasizing that Iraq is for all Iraqis and that the country needs the knowledge, experiences, opportunities and initiatives of Iraqis in the U.S. 

 The prime minister indicated the Iraqi government is working on establishing a department for expatriate affairs to be able to communicate effectively with the Iraqi community around the world...

On April 15th President Joe Biden will hold Prime Minister Al-Sudani of Iraq at the White House.  This meeting is a crucial opportunity for the United States and Iraq to discuss common priorities and strengthen their bilateral partnership.

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-sandy-ingram-17-april.html

Is Float Confirmed?🚩IQD More Than 1 KWD = $3.40?🤔Iraq Dinar RV Updates |...

Romanowski Comments On The Visit Of The US Assistant Secretary Of State To Iraq, 16 MAY

Romanowski Comments On The Visit Of The US Assistant Secretary Of State To Iraq

Iraq   Wednesday, May 15, 2024 Baghdad/National News Center  Today, Wednesday, the US Ambassador to Iraq, Alina Romanowski, welcomed the Assistant Secretary of State for the Office of Energy Resources, Jeffrey Pyatt, to Iraq.

Romanowski said in a tweet, “The important visit began to follow up on the successful visit of the Sudanese Prime Minister to Washington last month, and to strengthen our bilateral cooperation in the field of energy.”  She concluded, “Together we can help Iraqis prosper by providing electricity 24 hours a day, 7 days a week.”   https://nnciraq.com/255761/

"RV UPDATE" BY MILITIAMAN, 16 MAY

  Militia Man

  I think they're at the stage where they just got to jump and do it.  They have to interlink with the region and...the world so it's going to be a timed event.  I don't have the time, the date for that but I think we're going to see it shortly...

There is an existence of the Chapter VII charter of the United Nations that has not yet been resolved.  It's... still restricting the sovereignty at the international level.  The pressure is on and it looks like the UN is waving that flag to Iraq reminding them that there is that component still. 

Iraq is going to be watching and waiting for their purchasing power...They have revenue streams from all different angles...You got natural resources galore - oil, liquid natural gas, tourism... agriculture...Are they going to be able to support a value of there currency?  Of course they are.  They were $3.22 back when oil was at $35 .  What if you added on to that all those things I just mentioned? 

 Article:  "Floating the dinar returns to the forefront will the Central Bank of Iraq resort to it and what the risks?"  The bottom line is Iraq is going to make an exchange rate change.  They've told you about it...A managed float is a mix of a fixed and a float... Are they going to change it to a free float?  Probably not because there's a lot of risks at that stage...Ultimately what is their goal?  Raising the value of the dinar against the dollar.  That's what they're going to be trying to do..

We all know the project to delete the zeros has been on the table now for many years but it was taken off the table, back on the table...The delete the zeros is all about what?  Creating value.  

1310 to buy widgets is in the hundreds of trillions and their budget is in the hundreds of trillions.  They don't even have that much money printed.  They don't even have it on their M1 etc at this point in time.   They never have.  There's got to be an adjustment...

--

Article: "Iraqi Council of Ministers approves the 2024 budget schedules" 

 The next step would be to take those schedules and deliver them to the House of Representatives.  If we see that, that's going to be powerful because everybody's gonna be biting their nails because it could very well suggest something could happen prior to that happening.  It's a nail biter...

Article: "Specialist: Floating the dinar is economic suicide"  

Them bringing up exchange regimes obviously...they're going to do something because why talk about it if it's not going to change.  You don't.

 Non-oil revenues...Iraq has the largest sulfur deposit in the world.  They can tap into that.  It's going to be part of their non-oil revenues.  The amount of natural resources Iraq has is off the charts.  Anything that suggests they can't afford to do what they're going to do and go to a market economy I think is highly mistaken.

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-militiaman-8-may.html

FRANK26……5-15-24……SCORE!!!

Securities: We Are Studying The Possibility Of Licensing Brokerage Companies To Trade In Shares On International Stock Exchanges, 16 MAY

 Securities: We Are Studying The Possibility Of Licensing Brokerage Companies To Trade In Shares On International Stock Exchanges

Market  Economy News – Baghdad  Chairman of the Securities Commission, Faisal Al-Haims, confirmed today, Wednesday, that the authority is studying the possibility of licensing brokerage companies to trade in shares on international stock exchanges

Al-Haims said in a statement received by Al-Iqtisad News, “The Authority has begun studying the licensing of brokerage companies to trade in shares on global stock exchanges through a technical committee within it.”

He added, "The Authority is working seriously to support and develop the stock market by studying the licensing of brokerage companies to enable them to trade in shares on international stock exchanges for the first time in Iraq. "

He explained, "This step comes in the context of protecting the rights of citizens to trade through brokerage companies that practice this activity without an official license from the Securities Commission, which seeks to develop the financial markets in the country," noting that "the Commission is working to provide a stimulating and regulated investment environment." “It contributes to enhancing confidence among investors and raising Iraq’s position in global financial markets.”

113 views 05/15/2024 - https://economy-news.net/content.php?id=43449