Monday, June 24, 2024
"THAT METHODOLOGY IS THE NEW EXCHANGE RATE" BY FRANK26, 24 JUNE
KTFA
FRANK26:"THAT METHODOLOGY IS THE NEW EXCHANGE RATE".............F26
Advisor to the Association of Banks: The Central Bank's third strategy is a new methodology for financial and banking reform
Mecca - Exclusive
Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed that the Central Bank's third strategy has
drawn up a road map and programs with clear goals and initiatives for a period of three years in a special, complex, and risk-filled economic and financial situation.
Al-Nusairi said, in an interview from Makkah Al-Mukarramah, exclusively for “Al-Iqtisad News,” that “the Central Bank’s third strategy for the years (2024-2026), which derived its main and subsidiary objectives from the general economic policies of the state and its strategy for financial and banking reform that the government adopted in the government curriculum and from Central Bank Law No. 56 of 2004, and the new strategy has drawn up a road map and programs with clear objectives and initiatives for a period of three years in a special and complex economic and financial circumstance full of risks and challenges at the level of internal and external economic and financial relations.”
He pointed out, “What concerns us as specialists in economic, financial, and banking affairs is what are the new mechanisms and policies that the Central Bank has adopted in its monetary policy and banking reform? According to the approach of the fundamental change desired for the national economy, in which the banking sector constitutes the first and basic link and the implementer of monetary policy applications.”
Al-Nusairi explained that “the Central Bank’s third strategy set the basic goals at 7 goals, the sub-goals at 80 goals, and 75 initiatives to achieve the basic and subsidiary goals and charted the way for banking and financial reform in accordance with the following strategic goals: -
1- Supporting and enhancing monetary stability
.
2- Promoting digital transformation and activating electronic payment.” Strengthening cybersecurity in the Central Bank and the banking sector.
3- Promoting financial inclusion.
4- Maintaining a sound financial system that guarantees the rights of its customers.
5- Developing the organizational structure and developing human resources capabilities in the central bank.
6- Strengthening the position of the central bank locally and internationally.
7- Strengthening the compliance of the banking sector Non-banking institutions in line with international standards.
He added, “These strategic objectives have been defined as programs and policies to achieve the primary and subsidiary objectives and
their most prominent initiatives in achieving the first strategic objective, which is the national lending strategy, which will restructure banking financing in Iraq and the initiative to leave the electronic platform and adopt correspondent banks in Iraq.” External transfers and the goals emphasize protecting the financial system, enhancing financial inclusion, managing monetary and financial stability, developing control and supervision, developing regulation in the banking sector, completing the development of the organizational structure in the central bank in accordance with the frameworks and techniques adopted in international central banks, raising the capabilities of human resources, developing banking operations, and enhancing bank relations. internal and external, and to represent him locally and internationally.”
Al-Nusairi concluded, “By analyzing the mechanisms and action points to achieve the above goals, we note that the strategy identified the planning team, the implementation team, the implementation mechanisms, and responsibility. It also identified clear priorities for achieving reform. Certainly, these priorities were diagnosed in light of the challenges facing the monetary policy and the banking sector, the implementation steps, and the results achieved by the strategy.” The first is for the years 2016-2020 and the second strategy is for the years 2021-2023 and the stifling economic and financial challenges that Iraq has suffered over the past years. Work through this strategy is to clearly identify opportunities to overcome the challenges for this and for the purpose of implementing the banking reform methodology according to what was stated in the strategy and according to an insight into the priorities and challenges that The Iraqi banking sector is suffering from it. The Central Bank made exceptional efforts during this year and last year, completing the first phase of it and began implementing the second phase. Many of the primary and secondary objectives were achieved, and it is trying to complete the achievement of all the objectives in the second half of 2024 and the years 2025 and 2026 of the plan that has been proven to have been prepared and planned. It has identified advanced steps on the path to systematic implementation of the desired financial and banking reform in Iraq.
"RV UPDATE" BY TEXAS SNAKE, 24 JUNE
TEXAS SNAKE
Texas Snake,
[06/21/2024, 6:30:45 p. m.]:
It's been awhile since I last posted however I only post when the info is confirmed.
Well the WF Banker responsible for 5 states exchange centers has advised that all his trained specialists will be on a one hour call to their assigned positions all this coming weekend and were cautioned this event could very well be activated so they should be aware of their duties for the next several weeks.
First they schedule appointments then they operate the necessary machinery at the various banks to complete the exchanges for US currency.
--
Well one item that was confirmed during the call is that there were hundreds of ATM machines positioned all over the city and loaded with new lower denomination notes. They anticipate this weekend or during the Holy Week celebration.
---
Texas Snake, [06/21/2024, 6:30:46 p. m.]:
It's been awhile since I last posted however I only post when the info is confirmed. Well the WF Banker responsible for 5 states exchange centers has advised that all his trained specialists will be on a one hour call to their assigned positions all this coming weekend and were cautioned this event could very well be activated so they should be aware of their duties for the next several weeks.
First they schedule appointments then they operate the necessary machinery at the various banks to complete the exchanges for US currency.
https://dinarevaluation.blogspot.com/2024/06/rv-update-by-texas-snake-22-june.html
"AS WE SAID, IT'S ALL BACK" BY FRANK26, 24 JUNE
KTFA
FRANK26: "AS WE SAID, IT'S ALL BACK"................F26
The latest from the Swiss banks.. Sudanese advisor: The recovered funds were deposited in the Central Bank
6/21/2024
Baghdad
The Prime Minister's Advisor for Oversight and Integrity, Muayyad Al-Saadi, confirmed today, Friday, that Iraq's recovered funds were deposited in the Central Bank, pointing out the existence of a comprehensive plan to combat corruption and recover smuggled funds.
Al-Saadi said, according to the official agency, that “Prime Minister Muhammad Shiaa Al-Sudani paid great attention and daily follow-up to anti-corruption measures, and worked in different directions,” noting that “teams were formed to receive news and reports about corruption, follow up on them, uncover them, and refer them to the Integrity and Public Prosecution Commission for the purpose of holding them accountable.” Violators will be prosecuted and the money will be recovered.”
He continued, "Among the trends that have been focused on is the periodic evaluation through semi-annual and annual reports through the regulatory agencies that follow up on the procedures of ministries and governorates in the field of combating corruption on a daily basis, as well as the issue of digital transformation and the procedures of the unified storage system for the purpose of controlling, following up and knowing funds." Balances and their movement,” noting that “ all of these measures serve to combat corruption.”
He added, "The Prime Minister provided unlimited support to the Integrity Commission, the Financial Supervision Bureau, and law enforcement agencies, in order to recover funds and fugitive fugitives by providing all facilities," noting, "The procedures resulted in bringing in the fugitive defendants and depositing them with law enforcement agencies for the purpose of issuing special rulings." “With them.”
Al-Saadi pointed out, “There is a fund to recover the former regime’s funds, which operates according to its own law,” stressing that “a lot of money has been recovered, most recently from Swiss banks, where it was deposited in the Central Bank.”
LINK
"RESPONSE TO IBBC VIDEO BELOW" OF FRANK26, 24 JUNE
IRAQI BANKS GO INTERNATIONAL
https://youtube.com/shorts/CLzO9pktH44?si=UTACQZJDH7Yyr0aQ @DINARREVALUATION
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