Wednesday, June 12, 2024
"EVERY BANK IN THE WORLD IS READY TO EMBRACE IRAQ'S MONETARY REFORM!!! BY FRANK26, 12 JUNE
KTFA
FRANK26:"EVERY BANK IN THE WORLD IS READY TO EMBRACE IRAQ'S MONETARY REFORM!!!"..........F26
The European Union mission expresses its readiness to cooperate with the Iraqi banking sector
June 09, 2024
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the European Union mission headed by His Excellency Ambassador Mr. Thomas Seiler in Baghdad.
His Excellency the Governor discussed the role of the Central Bank of Iraq and its interest in developing the banking sector, and its diligent measures in structuring government banks and addressing problems therein with direct support and follow-up from the Prime Minister.
His Excellency explained that these banks hired international auditing companies. Pointing out that the Central Bank is working to establish a “Riyadah Bank” specialized in financing small and medium enterprises, in order to facilitate and develop credit capacity, in consolidating loans, with support and supervision from the Central Bank and financing from private banks, and seeking the expertise of international organizations in this field.
In his speech, His Excellency the Governor focused on the bank’s interest in strengthening and developing electronic payment systems and internal and external electronic financial transfers, and developing supervisory practices in the field of combating money laundering in accordance with international standards.
For his part, Mr. Siler praised the role of the Central Bank of Iraq in the steps it took to develop the banking sector, economic stability, and confront difficulties and challenges.
Expressing the readiness of the European Union to provide support and joint cooperation in developing systems and expertise for the staff of the Central Bank of Iraq and to open areas of cooperation with the Iraqi and European banking sectors through official communication methods between them.
Central Bank of Iraq
Media Office,
June 9, 2024
"QFS CONVERSATION" WITH GOLDILOCKS, 12 JUNE
GOLDILOCKS
"Project mBridge continues its development and has reached the minimum viable product (MVP) stage, while broadening its international reach."
This project has reached its minimum requirements that will allow it to work with early adopters on this Digital Ledger Technology enabling instant payments through cross-border International (CBDC) trades. This system will allow foreign currency exchanges through local currencies.
There are now over 26 observing members and Saudi Arabia has just recently joined as a full participant. This DLT will allow payments to be settled in local currencies of those who are early adopters of this new digital payment system.
"Project mBridge is the result of extensive collaboration “starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority.”
In 2022, real value transactions took place on a pilot program and were successful. This project has been coordinated with the Bank of International Settlements, and it is expected to be available by mid-2024.
Since mbridge has reached its minimum viable product stage, it is now able to invite the International community to begin interfacing onto this section of the QFS.
© Goldilocks
Crowdfund Insider
As of June 2024, the observing members to Project mBridge include: Asian Infrastructure Investment Bank, Bangko Sentral ng Pilipinas; Bank Indonesia; Bank of France; Bank of Israel; Bank of Italy; Bank of Korea; Bank of Namibia; Central Bank of Bahrain; Central Bank of Chile; Central Bank of Egypt; Central Bank of Jordan; Central Bank of Malaysia; Central Bank of Nepal; Central Bank of Norway; Central Bank of the Republic of TĂĽrkiye; European Central Bank; International Monetary Fund; Magyar Nemzeti Bank; National Bank of Cambodia; National Bank of Georgia; National Bank of Kazakhstan; New York Innovation Centre, Federal Reserve Bank of New York; Reserve Bank of Australia; South African Reserve Bank; and World Bank. BIS Ledger Insights Product Plan
Kurdistan Finance announces the receipt of financing the salaTHE RIGHT ARM OF THE MONETARY REFORM IS POWERFUL" BY FRANK26 12 June
The Governor of the Central Bank of Iraq receives a delegation from the International Finance Corporation (IFC)
June 09, 2024
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the International Finance Corporation (IFC), affiliated with the World Bank Group.
During the meeting, the reality of bilateral cooperation in the field of the banking sector was discussed and its development in line with international technologies, in addition to presenting the latest developments regarding the long-term plans implemented by the Central Bank in cooperation with the International Finance Corporation (IFC).
The two parties discussed the roadmap for the sustainable financing project in line with the environmental, social, and governance (ESG) model, financing and lending activities, and investment diversification plans. His Excellency also reviewed the national lending strategy proposed by the Central Bank to finance small and medium enterprises.
The delegation expressed their readiness to cooperate in the field of exchanging experiences and training, to help develop Iraqi banking staff, and to develop banking supervision tools, in line with the efforts of the Central Bank and the international institution, in supporting the private sector and economic activities.
During the meeting, His Excellency the Governor emphasized that ideas are generated and launched within the Central Bank of Iraq, and the role of international organizations is to transform them into programs and plans that facilitate their implementation, appreciating the efforts of the international institution in providing support for Central Bank projects that serve the private sector and stimulate the Iraqi economy.
Central Bank of Iraq
Information Office
9 - June - 2024
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"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 12 JUNE
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: I talked to my bank friend...He said when we do drop the zeros, we the citizens will have a certain number of days to return for new lower currency. This will be the 1 to 1. Not 1 dollar for 1 dinar but 25k note for a 25 note. It will revalue in country above a dollar...We will probably see dinar in country just over $1.
FRANK: Now do you see why they kept it at 1320?
FIREFLY: The 1 to 1 will be dropping off the three zeros from our exchange rate, from our currency...a 25k note will be a 25 note...This is for inside of country, not outside of country.
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