Are you guys ready - are you paying attention and waiting for big announcements or “extraordinary plans” to be revealed in Iraq on Sunday - according to Sudani?
Now this has something to do with the budget. Finishing the 2024 budget. I tell you what - announcing a different rate would sure fix all of those problems including the budget. We are all praying this means something big...
Question: Could we be in the banks next week?
MarkZ: If we get a rate on Sunday - IMO we could be in the banks next week.
Gold is up in Iraq- meaning Iraq’s gold reserves rose significantly. They are preparing to be unplugged from the SWIFT. To do that they are going to need a new value.
We are looking for a lot of information throughout the day today. Question: Are we close?
MarkZ: If all goes well today- we should know how close we are. And what we are hoping was initiated yesterday with a lot of funds...I have a good feeling about the next couple of days. I think we are going to see positive things today and tomorrow…to let us know where we are at in the process...
I still continue to hear phenomenal hopes from bankers for the coming days/weeks.
Question: Does the VND have a contract rate?
MarkZ: I wouldn’t call it a contract rate – more like a pre-negotiated fee/whatever for a maximum rate. The reason there is a contract rate on the IQD is the dinar for oil program …allowing them (US Treasury?) to exchange dinar for oil over time instead of all at once.
There have been a few humdingers from banking sources this week. Mostly banking people who used to tell me I was nuts to believe in the RV - are now training for exchanges. They tell me “all those years and you were right” which does make me feel good.
FRANK26: "THE MONETARY REFORM OF IRAQ ALSO RECEIVES A STRONG RATING!!!".......F26
The National Bank of Iraq receives a strong credit rating from Capital Intelligence
5/15/2024 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."
It is hard to believe Iraq did not have certain banking capabilities until now...We understand why my ex-husband a retired banker with the Federal Reserve Bank and his peers believed the dinar would not revalue. It appears until Iraq updated its banking system the country could not participate in the global financial platforms...The bankers in the US never explained the reasons for their negative attitude towards the Iraqi dinar.
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
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.
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.
FRANK26: "IRAQ HAS A TIMES SQUARE JUST LIKE NYC !!!"...........F26
International Development opens a new branch in Times Square in Basra
5/15/2024
The International Development Bank announced the opening of a new branch in the Times Square Center in Basra Governorate, confirming its adoption of a new strategy to enhance banking services and stimulate investment in southern Iraq.
He said in a statement received by Shafaq News Agency, “The first day of yesterday (May 13), the International Development Bank opened its second branch in Basra Governorate, in Times Square Mall, to provide its banking services to citizens and businessmen in this vital region of southern Iraq.”
He stated that this opening comes within the bank's strategy to expand and modernize its effective network of branches, with the aim of providing high-quality and convenient banking services to customers.
The bank's authorized director, Saad Faiq, said that this branch will be an important tributary to economic development in Basra and will enhance investment and growth opportunities in the region.
The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, announced today, Thursday, the repayment of International Monetary Fund loans to Iraq since 2003, and while he indicated that their total did not exceed 8 billion dollars, he confirmed that they had been repaid in full.
Saleh said, according to the official agency, “Since 2003, the International Monetary Fund has provided several loans to Iraq that were aimed at supporting macroeconomic stability and implementing financial reforms. Between the years 2003 and 2021, Iraq obtained several financing programs from the International Monetary Fund, including loans.” Emergency and relatively long-term financial assistance.
He added, “In the first years after 2003, the Fund provided significant support to Iraq through various programs, including the SBA Credit Readiness Program and the Rapid Financing Instrument. For example, in 2016, the International Monetary Fund approved an SBA Credit Readiness Program worth 5.34 Billions of dollars to support economic reforms in Iraq, and Iraq received two-thirds of the above amount, and it was paid in full within five years.”
Saleh continued, “In 2021, Iraq requested an emergency loan worth $6 billion from the International Monetary Fund, and it appears that the loan was not materialized because it was not linked to one of the Fund’s programs at the time,” noting that “methods of cooperation with the International Monetary Fund have been targeted to support government reforms.” And confronting the economic crises that resulted from the decline in oil prices, which were linked to fluctuations in the balance of payments and its effects on economic activity.”
He stated, “Since 2003, the value of loans and financial aid granted by the International Monetary Fund to Iraq has amounted to several billion dollars, and their total does not exceed 7 to 8 billion dollars, and they have been fully repaid, with a focus when granting loans on implementing programs linked to supporting macroeconomic stability and implementing reforms.” necessary finances.