The Association Of Private Banks Praises The Iraqi Central Bank’s Approach To Establishing Digital Banks, 16 MAY

 The Association Of Private Banks Praises The Iraqi Central Bank’s Approach To Establishing Digital Banks

 Expenses  Economy News – Baghdad    The Executive Director of the Iraqi Private Banks Association, Ali Tariq, praised the Central Bank’s approach to establishing digital banks to keep pace with the great development in the global banking sector.

 Tariq said in an interview with Al-Iqtisad News,

 “The world is moving towards the digitization of banking services, and

 Iraq has begun its first steps in establishing digital banks, as

until now there is a digital bank licensed inside Iraq, and

it provides its services normally to the public.” He pointed out that "the

Central Bank of Iraq issued instructions to license banks, which

     set their number at a rate not exceeding 10% of the total banks operating inside the country, with

     a capital of 100 billion dinars, with traditional banks participating at a rate of 30%."

He added,  "Digital banks are similar to traditional banks, but

 they differ in that they do not have branches, and

 most of their services are via mobile phones," noting that the

size of central banks in the world has increased significantly and has reached more than 500 digital banks. Tariq noted that

 they are keeping pace with the development taking place in the banking sector.”

 views 481     Added 05/13/2024 - https://economy-news.net/content.php?id=43371    

"RV UPDATE" BY WOLVERINE, 16 MAY

Wed. 15 May 2024 Wolverine

 “I hope you guys are excited. I know it has been very stressful for all of us. Yesterday’s call was not the call I wanted to say to you, because I have been told not to say anything. But what I can tell you tell you that Brazil was to go around 12 pm today, but unfortunately, the World Bank had it postponed, but they will go tomorrow Thurs. 16 May. I will get the call when Brazil starts.

 A lot of things are happening. A huge, huge whale in Zurich whom I spoke of is looking fine, and I got the Green Light from that person, and it is looking phenomenal. Bond Holders will probably get blessed this week. Remember, the bond holders go first, and then the currencies holders. 

Tier4B will actually be “golden” in a few days, in my own opinion, as soon as Bond Holders are paid, the Tier4B should go straight away. I have a feeling that this is what’s happening. I think this will be sporadic with no announcement – Just going to happen. The announcement will come from your platform, from your whale, or maybe lawyers you are working with, saying you need to go to a redemption center. 

In terms of the public -there will be no public announcement. It all depends on what the notifications actually tell you, if they tell you to be quiet or whatever else there is. All is discrete right now. After signing NDAs no one will know who has been paid. I think that is the best way to go, so no one knows who got paid, this way we are protected. 

There are a lot of bad apples out there waiting to know if people they DO know got paid or not, and obviously, they do not want people to get harmed. This in my opinion of course. I have not received real confirmation on that. If this is the case, I cannot release the opera as it would be seen as an announcement by me. The main thing is that we all want the blessing and the Med Beds.

 And, if it is that way, I will sing the opera for you all at the get together. I might be wrong, remember, I am just a messenger. This may be a shotgun and we go at the same time – we are that close right now, and I hear wonderful news coming from certain people I know in Zurich and Miami. I am praying that this tine Bruce gets it right today. I feel sorry for Bruce – He works hard. It is a roller coaster ride for all of us. I have been wrong so many times. We do not do this on purpose. All Intel providers work hard. Things keep changing – Today, We thought Brazil would happen, and now it is tomorrow. Take care guys, Wolverine.”

Iraqi Dinar✅Huge Announcment 2024 / IQD vs USD RV news / Exchange rate t...

Al-Alaq: E-transfer platform effective against money laundering, 17 MAY

 Al-Alaq: E-transfer platform effective against money laundering

Shafaq News/ On Thursday, the Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, announced the successful implementation of the electronic external transfer platform for combating money laundering.

According to the CBI media department, Al-Alaq, speaking at the Arab Forum for Anti-Corruption Authorities and Financial Intelligence Units in Saudi Arabia, highlighted the Central Bank's efforts in "enhancing financial transparency."

He underscored the recent CBI measures, particularly the electronic external transfer platform, which "has effectively identified actual beneficiaries and prevented the misuse of external transfers for money laundering."

"Using the cash sales platform has ensured the delivery of foreign currency to legitimate beneficiaries, including travelers and students abroad, as well as other lawful cases requiring foreign currency," he said.

Haider Hanoun, head of the Federal Commission of Integrity (FCoI), also attended the forum and pointed to international reports indicating growth in Iraq's economy, evidenced by "an increase in GDP, a rise in non-oil revenues, and a decline in inflation."

However, Hanoun warned that "corruption continues to undermine investment rates and contribute to a budget deficit."

The Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units kicked off on Wednesday in Riyadh, bringing together 600 experts and 75 speakers.

Under the patronage of Prince Mohammed bin Salman, Crown Prince, and Prime Minister of the Kingdom of Saudi Arabia, the forum features the participation of financial intelligence units, anti-corruption agencies, government entities, and international organizations.

According to the Saudi Press Agency (SPA), the forum aims to "establish a clear path for cooperation among government entities in Saudi Arabia and relevant bodies in the region and worldwide." It serves as a platform for local and international experts and academic institutions to collaborate.

"The forum also presents a strategic opportunity to unify efforts among institutions in combating financial crimes."

Iraq confirms its keenness to achieve energy self-sufficiency, 16 MAY

Iraq confirms its keenness to achieve energy self-sufficiency

Economy News – Baghdad

Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani affirmed the government’s keenness to implement its executive approach within the axis of achieving energy self-sufficiency, while indicating that the memorandums of understanding that were signed during his visit to the United States of America last April are being implemented on the ground.

The Prime Minister’s Media Office stated in a statement received by Al-Iqtisad News, “Al-Sudani received the US Assistant Secretary of State for Energy Resources Affairs, Jeffrey Payette, in the presence of the US Ambassador to Iraq,” noting that “the most prominent files of cooperation in the field of energy, in all its forms, were reviewed.” And ways to develop it, in a way that contributes to achieving common interests.”

During the meeting, the Prime Minister stressed, “The government’s keenness to implement its executive approach within the axis of achieving energy self-sufficiency, in the areas of exploiting locally produced natural and associated gas, generating electricity, providing petroleum derivatives, and producing chemical fertilizers and petrochemical materials,” explaining that the memorandums of understanding that were signed during His visit to the United States of America last April is being implemented on the ground.”

Al-Sudani pointed to “the government’s efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of the ideal investment environment,” calling on “American companies to work and invest in Iraq.”

For his part, Payet praised “the efforts of the Iraqi government to develop the energy sector,” pointing to “the joint statement of the Prime Minister and US President Joseph Biden, which represents a road map and framework for fruitful work and cooperation.”

He stressed “the desire of American companies to invest and expand their activities inside Iraq.”

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Views 89

Added 05/15/2024 – 2:45 PM

https://economy-news.net/content.php?id=43453

"RV UPDATE" BY JEFF, 16 MAY

 Jeff 

 The rate change is here...   Article: "Sudanese directs to hold an extraordinary session next Sunday to discuss the 2024 budget schedules"  The reason council of Ministers which normally meet on Tuesday are meeting on Sunday is they can only meet after the rate changes...They are reducing the deficit.  To reduce the deficit you have to reduce your expenses, cost and figures.  The only way they can do that is revaluing the currency...This step is contingent upon the rate change.  

 Article:   "Parliament expects the arrival of the 2024 budget schedules"  Quote "...There are efforts to guarantee the right of many segments in the items and schedules of the 2024 budget but they cannot be judged without waiting for the numbers they contain."

 The rate has to change before parliament can approve the amendments to this budget.  This is why I showed you the final countdown a few days ago because I knew this was coming forward and here it is for you...

Mid last week I posted  "The Final Countdown" 

  ...Here's the reason why right here...The approval of Iraq's budget is waiting on the rate change.   That's why it's been outstanding/ pending for 6 weeks.  This week we're entering into will be its seventh week.  In order for them to complete and approve, the budget is waiting for the rate to change ...You're seeing countless articles on this.  This is a critical piece to the timing of the rate change. 

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-jeff-1-may.html

The next big step in this is we want to see when Iraq will be amending their budget...They can amend it before or after the rate changes...

 This weekend coming up would be the historical anniversary date of when Kuwait reinstated their currency - March 24, 1991

 Iraq technically does not need to amend the budget if they're not changing their rate.  

The budget already covers their operating expenses.  But they would need surplus funds to cover the reforms.  The reforms are contingent upon the rate changing.  They can't bring these reform package forward if the rate does not change.  The only reason they're amending the budget is because the rate is changing...The step of amending the budget can happen either before or after the rate changes  ... They will probably announce Thursday or Friday as to when they plan to amend the budget, which they'll probably do around this weekend...

https://dinarevaluation.blogspot.com/2024/03/rv-update-by-jeff-22-march.html

Iraqi Dinar Even Bigger Announcement About IQD Revaluation_Iraqi Dinar N...