Central Bank Governor Ali Mohsen Al-Alaq announced on Sunday the start of the second phase of the banking sector structuring plan.
The media office of the Central Bank of Iraq said in a statement received by “Economy News”, that “Al-Alaq received a delegation from the World Bank headed by the Regional Director for Fair Growth, Financing and Institutions for the Middle East and North Africa region, Nader Mohammed,” pointing out that “during the meeting, they discussed strengthening bilateral relations between the Central Bank of Iraq and the World Bank, especially the restructuring of government banks, and the launch of the Riyada Bank project and its economic and social importance. The two parties also discussed the experiences of neighboring countries in facing climate change and its impact on the national and regional economy.”
He added, “The meeting discussed medium and small projects and their support by the Central Bank, the development of the financial and banking sector and non-bank financial institutions, financial markets and the insurance sector, as well as benefiting from the World Bank’s experiences in digital transformation, financial inclusion, and digital banks,” noting that “the governor reviewed during the meeting the plan of the Central Bank of Iraq in structuring the banking sector,” noting that “this bank completed the first phase of the plan, and began with the second phase.”
Al-Alaq stated – according to the statement – that “the Board of Directors of the Central Bank licensed the Green Bank, which will be the nucleus of renewable energy initiatives and sustainable financing,” revealing “the direction of the Central Bank of Iraq to license a number of digital banks.”
Iraq Council of Ministers Did Approved/Amend The 2024 Federal Budget During The “extraordinary session” & Will Send It To Parliament “Within a Week”.
However Parliament Might Need An Extra “2-4 Weeks” To Approve It.👇🏾
Remember Sudani Gov’t Is Buying Time As (HOR)Parliament CANNOT Approve A Damn Thing From The 2024 Budget Without The DINAR RATE CHANGED To Give Actual Figures To The House Of Representative(HOR) For Approval.
💥💥As Ariel
@Prolotario1
Mentioned To Me ~ It's The Parallel Market That Is The FOCUS & Once It Reaches The Official Price Then We Will See The Moves Necessary For Everything Else To Fall in Place. ⬇️
(i wonder if the the now deceased Iranian President Raisi had his hands in or anything to do with the parallel/black market)🫣
*ONLY A SELECT FEW KNOWS THE EXACT DATE & TIME OF THE IRAQ DINAR REINSTATEMENT!!! THE DATE IS SET imo- #weareclose
🗣️…LFG🔥🔥🔥
9:14 AM · May 20, 2024 https://x.com/smoothrey/status/1792544353904128404?s=46&t=CS6-i2hF8lyfSpP5nwHWvw
Does "dollar dominance" threaten the global economy?
In the world of an intertwined economy with multiple competing powers, the dominance of the US dollar remains a pivotal issue that raises many questions, at a time when the dollar plays a major role in the international financial system, as it participates in the majority of international transactions and constitutes a large portion of global reserves, and this situation gives the United States power. tremendous economic and political potential, but it comes with increasing challenges and risks.
With the rise in US interest rates and the strengthening of the dollar, pressures have begun to appear on international transactions that rely heavily on the US currency.
These pressures not only affect emerging markets, but may also lead to radical changes in the global financial system. With increasing talk about alternatives to the dollar by members of the BRICS group, for example, there is renewed debate about the future of the dollar’s dominance and whether it will continue in light of the mounting economic and political challenges.
Sovereign debt
In a related context, Joe Yark, head of the global markets department at Cedra Markets, says that the US dollar represents 58 percent of global reserves, and represents 70 to 80 percent of the volume of global trade, in addition to the pricing of oil and basic commodities in the US dollar, which makes it have an impact. Mainly on the global economy.
Yark points out that the steps taken by the US Federal Reserve, whether tightening or easing monetary policy, of course affect global banks, which is evident with regard to raising interest in recent periods to combat inflation. He explains in this context that:
* The US Federal Reserve is playing a positive role at the present time. It is considered a “tempo officer.”
* The huge US debt and the risks resulting from sovereign debt are the only fear.
* The US Federal Reserve’s decisions due to its excessive debt, and the so-called “global debt bubble” which exceeded $315 trillion, negatively affect the global economy.
* Markets are affected by the Federal Reserve’s decisions to raise interest rates, which hampers the economy in these countries (..), which are forced to pay additional costs to purchase goods.
Dollar dominance
From London, economist Anwar Al-Qassim says, “The dominance of the greenback currently appears more fragile than it seems, given the expected changes in the dollar’s exchange rate system and its eroding international standing in favor of multiple international currencies.”
We are witnessing a clear shift. When most Asian countries follow China, along with countries such as Russia and the BRICS countries, the dollar, which currently represents the base currency for about two-thirds of global GDP, may end up losing approximately half of its value.
During 2023, Russia and China transferred more than 90 percent of trade to the yuan and the ruble, which demonstrates the almost complete elimination of the dollar in economic relations between the two countries.
He added: “China is now considered an economic giant, not only in terms of production and exports, but also in terms of the size of its financial sector, which is currently the largest in the world, with the value of its assets amounting to 60 trillion dollars...while the total American debt to the federal government exceeds 34 trillion dollars.” This is a record number that foretells the upcoming economic challenges and the future of the dollar.
He stresses that while it is not entirely clear that the dollar will be eliminated as the primary means of exchange anytime soon, abolishing “dollarization” has become a strategic option for many countries, led by Moscow and Beijing. link
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Tishwash: Washington is delaying its withdrawal from Iraq, and Baghdad is “evading”
Despite the many demands from some political forces and the Islamic resistance in Iraq to remove American forces, the government position is not at the required level regarding this issue.
Recently, Prime Minister Muhammad Shiaa Al-Sudani visited the United States and met with its President Joe Biden, while it was agreed to transform the relationship from military to economic and commercial based on trade exchange in various fields! .
Regarding the issue of removing American forces from Iraq, Representative Mahma Khalil said in an interview with “Al-Ma’louma” that “the law to remove foreign forces from Iraqi territory falls on the responsibility of the federal government,” stressing that “the law will work to remove every soldier, trainee, and advisor.”
Khalil called on "the government to work seriously on this issue and to expedite sending the law regarding the removal of American forces from Iraq to the House of Representatives for the purpose of voting on it."
*An explicit government position
In the same context, political analyst Sabah Al-Ukaili confirmed that the Iraqi government is not serious about the issue of removing American forces from the country.
Al-Ugaili told Al-Maalouma: “The political forces and the Iraqi government are not sincere in the issue of removing American forces from Iraq,” indicating “the American forces are not serious about leaving Iraq.”
He added, "The Iraqi government is evading this file despite the resistance factions' mandate to Prime Minister Muhammad al-Sudani," noting that "if the factions do not sense the seriousness of the Iraqi government in this regard, they will have another position "
He explained that "the method of the American military forces often violates the autonomy of the Iraqi state, most notably targeting the leaders of the Popular Mobilization Forces and other targets," calling on "the government to take a strict and resolute stance on this issue and to stay away from patchwork solutions and procrastination.”
For his part, the Chairman of the Parliamentary Security and Defense Committee, Karim Aliwi, confirmed in an interview with Al-Maalouma that “the talks taking place between the Iraqi and American delegations regarding ending the tasks of the international coalition forces are among the committee’s most prominent concerns,” noting that “the government asked the committee to be neutral and monitor those matters.” Dialogues. link
Keep your eyes on Digital Ledger Technology. Once this is regulated, instant payments become possible. (T+0 instant settlements) This will effect prices on tokenized assets and stablecoins.
This year, the movement of money itself will create a higher demand in the faster payment sectors of our Market. These new demands create price pressures.
According to the report, Ripple is positioning global payments as a top priority, aiming to revolutionize the industry. The survey, conducted in partnership with the FPC, delves into current and future adoption trends of blockchain payment systems, shedding light on the present scenario and what lies ahead.
Ripple’s CEO, Brad Garlinghouse, emphasizes, “[Blockchain will drive] faster payments between businesses, reducing settlement windows, and ensuring close-to-real-time payments for all bookings.”
Quoting from the report, Ripple emphasizes the real value that blockchain in payments unlocks. An impressive 77% of respondents believe that using blockchain for payments is either “Very Beneficial” or “Somewhat Beneficial” for their organizations’ end customers. Additionally, over 60% share the same sentiment regarding customers using cryptocurrency for payments.
Iraq declares one day of public mourning for the death of the Iranian president and his companions
Today, Monday (May 20, 2024), the official government spokesman, Bassem Al-Awadi, announced a one-day public mourning for the passing of Iranian President Ebrahim Raisi and his companions.
Al-Awadi said in a statement received by “Baghdad Today” that “in standing with the Iranian people and their leadership, in these difficult times, and in solidarity with the feelings of sadness and pain, with the passing of the President of the Islamic Republic of Iran, Ebrahim Raisi, and the Minister of Foreign Affairs, Hossein Amir Abdollahian, and their companions, in the painful incident, the government announced Iraqiya: Public mourning throughout Iraq, for one day, tomorrow, Tuesday.
He added: "We ask God Almighty to inspire the families of the victims and the general Iranian people and their leadership with patience and solace."
On Monday morning, the government and Iranian media sources confirmed the death of Iranian President Ebrahim Raisi and his Foreign Minister Amir Abdullahian in a helicopter crash in the northeast of the country, yesterday evening, Sunday. link
