Wednesday, May 29, 2024
Specialists Identify A Number Of Factors To End Sanctions On Iraqi Banks, 29 MAY
Specialists Identify A Number Of Factors To End Sanctions On Iraqi Banks
Economical 05/28/2024 Baghdad: the mainstay of the emirate Financial and economic affairs specialists have identified the correct frameworks that must be taken to address the sanctions that affected a number of banks by the US Treasury, stressing that
those frameworks that should be followed with the aim of mitigating or canceling the sanctions are to improve the level of banking compliance in Iraq within the scope of harmony in the international banking and financial market. In accordance with the best standards,
stressing at the same time the need to work seriously to restructure the Iraqi governmental and private banking system according to a coordinated road map.
The meetings conducted by the Prime Minister, Muhammad Shiaa Al-Sudani, during his visit to Washington last month, witnessed joint understandings regarding the sanctions imposed on a number of Iraqi banks,
which led a number of specialists to suggest that the results of that visit would result in easing or canceling the sanctions, especially after The Treasury’s assurances to the Prime Minister that 80% of transfers are in accordance with international standards,
while the official visit, which witnessed the participation of the private sector, was met with a broad parliamentary welcome, confirming support for government efforts that seek to achieve the interests, sovereignty and prosperity of the people, while the Finance Committee in the Council of Ministers expressed Representatives, and in the words of its president, Atwan Al-Atwani,
“its full support for the positive understandings that resulted from the visit to Washington, and within the framework of the shift in the relationship between the two countries from the security and military aspects to the areas of development, reconstruction, economy, and investment.”
According to the vision of the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Saleh, during his speech to Al-Sabah, there are two directions to address or reduce these sanctions.
The first is to move towards improving the level of banking compliance within the scope of harmony with the international banking and financial market and in accordance with the best standards and practices. approved in the world, and
this is what all national banks are working on in cooperation with the monetary authority and its supervisory role in this The matter. Saleh pointed out that the
second trend, which would address or limit the sanctions, requires us to begin restructuring the Iraqi public and private banking system according to a coordinated road map and long-term visions in cooperation with international expert houses to put the banking system on modern competitive foundations and make it enjoy efficiency and governance.
And to be able to deal better with the development of digital payment systems and financial technology in a way that serves the provision of opportunities for stability and economic growth in our country, as well as optimal integration with the international financial market, which in all circumstances encourages all investment climates and attracts foreign investment to work in the fields of development and economic progress in our country. .
For his part, the specialist in financial affairs, Dr. Mahmoud Dagher, stated during his speech to “Al-Sabah” that the
sanctions or denial of access to the dollar were taken before the Prime Minister’s visit to Washington, but in the end nothing was achieved and we did not notice any progress except that in the next month of this year it will be
There is a committee from the Central Bank of Iraq, the US Federal Reserve, and the Treasury that is preparing a road map for reforms, that is, to address the situation of sanctions. He continued,
“We from the beginning noticed that there was nothing to prove what the mistake had been committed.” Drains.
Dagher praised the moves taken by the government and the Central Bank to try to correct the situation, which will need some time in order to reach joint understandings, and there are skirmishes between the two parties, and he stressed that the solution to this situation is through political understanding.
"RV UPDATE" BY MILITIAMAN, 29 MAY
Militia Man
If they're going to have liquidity and they don't have it now it's going to require new small category denominations to be in circulation. Just as al-Alaq's project to delete the zeros would require new denominations. Did they do that in 2018 and have them in storage? I believe they did...
They increased that gold supply by about 40 tons...Their currency reserves are around $110 billion. They have a massive amount of wealth. They have the ability to support their imports for about 16 months they say, which is about 5x what they need. That's important. They don't want to reduce those. They'd like to keep them on hand...Iraq has a good foundation for Alaq to do what he's supposed to do and it'll only get better if he does.
If they change the value of their currency they're going to have more surpluses...The oil price is about $70 in the 2023 budget. That hasn't changed for '24 or '25 because that's a tripartite budget. They got a surplus. Oil is somewhere around $80. It's been as high as $91ish. The expectations of oil is to be somewhere in the neighborhood of $80/$90 and they even talk about $100/barrel... Iraq is going to be sitting pretty good...They have phosphates...sulfur...natural gas...Those non-oil revenue streams...taxes and tariffs are going to come online...Iraq has a good foundation for Alaq to do what he's supposed to do.
Iraq is moving forward. They've got huge reserves...increased their gold, they're going to have the private sector, their stock exchange is going to be one to reckon with. It's an emerging market and a lot of money is going to be start flowing...
If they go on the Forex system it's going to be international. It's going to be fast and furious.
Could they do something within the county prior to that?
Sure, why not, educate the citizens, do what they got to do...
Tuesday, May 28, 2024
Central Bank: The Issuance Of New Monetary Denominations Will Not Affect The Dinar Exchange Rate, 29 MAY
May 27 Information / Baghdad Member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, confirmed today, Monday, that the issuance of new cash denominations, large or small, will not affect the dinar exchange rate.
Brehi told Al-Ma’louma, “Issuing rumors on social media sites about the issuance of new monetary denominations aims to create a state of confusion in the Iraqi market.”
He added, "The Central Bank of Iraq is working according to well-studied plans, and there is no intention to issue new currencies in large or small denominations."
He explained, "If we assume that the central bank issues a new currency, this will not affect the exchange rate of the Iraqi dinar." Ended / 25 AD
"RV UPDATE" BY PIMPY, 29 MAY
Pimpy
I agree it's going to happen. I don't have doubt about that. I'm just keeping an eye on whether or not they want to delete the zeros. If they go to a free floating market hopefully there won't be...deleting the zeros and we'll see the exchange rate go up pretty quick before they have time to respond...
Iraq was already a member of the World Trade Organization. They are going through the ascension process for a second time. That's because all the rules, regulations, understandings and business practices...changed once the fall of Saddam Hussein. Now we have to make sure all their practices, rules and regulations regarding trade line up once again with the World Trade Organization. Iraq has been a member of the World Trade Organization since 2004. This is their second time throughout the ascension process...
There's this misconception that the World Bank, IMF and the BIS get to tell countries what to do. They don't...They facilitate. They make recommendations but they don't control a country's bank...
Another budget is getting ready to come and go and there is no talk of the rate change. Isn't that what they told you? It would be in the new budget because there was no way for them to do large projects, there was no way for them to move forward without an exchange rate change...Why so secret now? Is this one of those things they're trying to keep from the people?
They didn't keep it from the people last time [they increased the value] and there's no mention of it this time...Keep your fingers crossed, it hasn't passed yet so maybe they'll change it between now and the time they pass it...You guys know what I think.
Floating the currency means the value is determined by the market, so if people for whatever reason want to start investing in the Iraqi dinar and the start buying up the Iraqi dinar that means the demand for it is there, think supply and demand.
Since they have a liquidity issue, there's not going to have a lot of Iraqi dinar out there and if that's the case then they don't have the supply to feed the demand...But we'll be more than happy to sell our Iraqi dinar back to them if they get the exchange rate up around a quarter or more. I know I would.
https://dinarevaluation.blogspot.com/2024/05/rv-update-by-pimpy-24-may.html
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