Wednesday, June 12, 2024
"CBI... LET'S ROLL!!!" BY FRANK26, 12 JUNE
FRANK26: "CBI... LET'S ROLL!!!".......F26
The Ministerial Council for the Economy decides to support the independence of the Central Bank in formulating monetary policy
6/10/2024
Today, Monday, Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, chaired the seventeenth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, and advisors. Prime Minister for Economic and Legal Affairs, and Chairman of the Securities Commission.
A statement by the Council, a copy of which {Al-Furat News} received, stated that it: “discussed the items on its agenda and took the necessary decisions regarding them. It also hosted the head of the Financial Supervision Bureau and his deputy, and the Director General of the Legal Department in the Bureau, to study and evaluate partnership contracts between the public and private sectors.” And a statement of the economic feasibility of its continuation or termination.”
He added, "Where the head of the Bureau reviewed those contracts that were divided between important contracts that benefit the state budget, and others that lacked economic feasibility, the Council decided to complete the discussions in the presence of representatives of the relevant ministries in order to resolve this important file."
The Council continued, "It also decided to approve the recommendations of the committee formed to study the adoption of Iraqi, Gulf, or higher specifications when importing vehicles, in order to preserve the lives and safety of citizens and users of vehicles and roads, while determining the contribution of foreign capital to Iraqi banks was discussed."
He added, "In line with the state's general policy of supporting the Iraqi and foreign banking sector and foreign investments in Iraq, the Council decided to support the independence of the Central Bank of Iraq in formulating monetary policy in accordance with its applicable laws and instructions."
The Council hosted the Technical Undersecretary of the Ministry of Environment; To discuss support for the Ministry’s projects related to implementing the government program and removing obstacles hindering its implementation.
"IRAQI BANK FRIEND AKI UPDATE" BY WALKINGSTICK, 12 JUNE
Walkingstick
[Iraqi Bank friend Aki update]
In the coming days means at any moment now...the articles are going to be showing pictures of the lower notes. It's also going to give descriptions in the articles of the lower notes...
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Don't be dismayed if the rate is still the same in the budget when it comes out on Saturday...because Sudani is dealing with this [57 trillion] thievery...He could release an "operational" budget.
[Iraqi bank friend Aki - highest level banking meeting update]
Sudani is putting contracts in place to be implement inside of Iraq. Sudani has been doing this with thousands of contracts.
"In the coming days" is what they told us that these contracts will be fulfilled in IQDs for most of the budget's projects...Those contracts will be fulfilled for their value but paid in IQD's only.
-----[Information from Iraq bank owner #1 friend]
Ever since Sudani came back from Washington DC the government of Iraq...has been in the process of making...videos, commercials, advertising. Sudani has been doing this on behalf of the executive level of all the private banks...These videos will soon be released and shown on Iraqi television and the big screens.
Sudani and the GOI are making these videos with the executive branch of each bank to teach the Iraqi citizens about the new national currency...and the process of the new exchange rate..
"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 Türkiye; 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
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...