Economist: Direct Banking Investment Is Prohibited By Order Of The Central Bank
Economy Central Bank of Iraq Investment law 2024-06-30 02:32 Shafaq News/ Economic expert Mustafa Akram Hantoush explained on Sunday that the Central Bank of Iraq is adopting a “strict” central policy in its dealings with the banking sector, which limits the ability of banks to engage in direct investment and financing economic projects.
Hantoush told Shafaq News Agency that this policy makes it difficult for the banking system and investors to invest their capital in new projects without obtaining special approvals from the Central Bank.
Hantoush added that the current procedures followed by the Central Bank prevent banks from entering the fields of direct investment, which hinders the realization of a vital role for the banking sector in moving the wheel of the national economy. He explained that
the banking system, in light of these procedures, does not have sufficient capacity to play an effective investment role in line with normal banking rules, but rather the investment decision becomes subject to the directions and approvals of the Central Bank.
Hantoush stressed that this approach lacks the concept of "financial liberalization" for banks, which would provide the banking sector the opportunity to enter the Iraqi market directly and support investment opportunities, while adhering to banking and legal controls.
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Coffee with MarkZ and Bob Lock. 07/01/2024
Member: Gooooood mornin patriots it's very important n exciting times. keep your head on a Swivel and stay calm
Member: Welcome to July
Member: hope everyone had an awesome weekend.
Member: Hope Mark has some RV news today.
MZ: there are some things out of Iraq that should make us feel good today.
MZ: “The President of Iraq approves the 2024 budget schedules”
Rashid approves a number of laws including the 2024 budget tables. My contacts over there are saying they got the budget tables posted in the Gazette…but did not get a new rate.
MZ: They let us know that they figured the budget of 2024 on an average price of a barrel of oil at $80 USD. This is progress.
MZ: What I am hearing from Iraq directly is that the process of deleting the zeros is moving forward. When they talk about the deletion of zeros…..the plan is to increase the value then delete the 3 zero higher denomination bills from circulation….and release the lower denominations.
Member: (From dinar Guru) Mnt Goat: I...asked [my CBI contact] how the rate of the dinar would be determined in the future...I was...told that“you know and I know that the rate of the dinar is now being artificially suppressed”...I was told that Iraq is in a much better situation now prior to the 1990 embargo and so why not have an international rate again with at least a rate equivalent to the late 1980’s prior to the invasion...
MZ: Makes sense to me. We all know it is being suppressed.
Member: Has sthere been any chatter about the US applying to join BRICS?
MZ: No- not the US….But lots of chatter about Turkey ….and them explaining why they are pursuing membership with BRICS.
MZ: “Why does a NATO member want to join BRICS?” Turkey wants their say in the emerging world. The way the G7 and G20 is set up now…Turkey has very little say in things. If you were an asset rich country –why would you want to be part of that G20 system? So turkey is looking forward to moving to a group with a more diverse economic system
MZ: “Japan to launch new bank notes on July 3rd.” This is the first design change in 20 years Seems there are a number of nations doing this. Is it because of counterfeiting? Very cool looking…If you move them the picture is 3D.
MZ: Many countries are doing this. Is this in preparation for something? This would be a grat way to reset the system. If the US decides to release a “new design “ of currency. Then all the illicit dollars out there running around the world cannot come back. Suddenly all the cash sent off in planes to Iran…or billions in bales sitting in caves or warehouses or safe rooms or buried in barrels in Central and South America from the cocaine or meth trade….will be worthless. It cancels the dollars held by terrorists, human trafficking….ect….
MZ: With so many countries doing this….we were always told all nations would release new bills when the reset and release Nesara/Gesara. So this is another good sign.
MZ: “US banks dumping exposure to $2,500,000,000,000 market before inevitable losses hammer balance sheets report- June 30, 2024” Small and medium banks are trying to dump all their commercial exposure. Record foreclosures about to happen on commercial properties. This is a ticking time bomb.
Membr: Are you hearing anything new on Zim rates.
MZ: I am hearing instead of $30 or $50 million on a $100T note…it could go as high as $50-$60 per $100T note. That made me feel good.
Member: I always thought of Zim as the “wild card” to RV……but any rate will be wonderful .
Member: so no bank or bond news today?
Member: Usually Monday morning s are slow for that. Reno is still asleep and Banks are in meetings…….maybe something tonight?
Member: mark, called Wells Fargo and asked if they were doing the Dinar exchange and they said yes. I asked for a phone number or address and they said they could not tell me if I didn't have a code.
Member: Is it a coincidence that the UK elections are being held on 4 July? Many don't get it, due to trades holidays
Member: This is definitely happening! I feel very certain. Just a question of when
Member: Just remember Kim Clement's prophecy.. when America is at her lowest and Strange July.. Strange July. Pray.
MZ: Slowly, Slowly, SUDDENLY
Member: I wish each of your dreams and aspirations realized in the next few days
Bob Lock and StacieZ join the stream today. Please listen to the replay for their information and opinions.
Shafaq News/ On Monday, the Iraqi President, Abdul Latif Jamal Rashid, denounced the statements of the Republican Representative in the US Congress, Mike Waltz, towards the Head of the Iraqi Supreme Judicial Council, Judge Faiq Zaidan.
Rashid said in a statement, "The statements (of Waltz) do not only affect the person of the President of the Supreme Judicial Council but also the independence of the Iraqi judiciary, which is a fundamental pillar of the state."
"The Iraqi judicial system is considered one of the most solid independent judicial systems in the region. It is the guarantor of justice, supports the rule of law, and guarantees the legitimate rights of citizens to a free and dignified life. The security and political stability that Iraq is witnessing is clear evidence of that," he pointed out.
He further stated that "the repetition of such irresponsible statements may affect the nature of bilateral relations between Iraq and the United States."
Republican Representative Mike Waltz, a member of the Armed Services and Foreign Affairs Committees in the House of Representatives, intends to submit an amendment to a draft law that would consider the Supreme Judicial Council and its president "as assets controlled by Iran," according to a report published by the Washington Free Beacon website.
"Faiq Zidan, President of the Iraqi Supreme Judicial Council, is at the center of Iran's plot to turn Iraq into a client state. The first step in dismantling the Ayatollah's network of control is to clearly name who is doing his bidding," Waltz posted on X.
Acting Speaker of the Iraqi Parliament Mohsen Al-Mandalawi denounced Waltz's proposed amendment to a law that includes a clause concerning Zidan. Al-Mandalawi labeled the proposal a "serious precedent."
Al-Mandalawi called on Iraq's Ministry of Foreign Affairs to take diplomatic action, conveying Iraq's unanimous rejection of such "insulting interventions" purportedly driven by foreign influence through a US congressman.
In turn, the Iraqi Ministry of Foreign Affairs affirmed on Saturday its rejection of the statements of US Representative Mike Waltz against the head of the Supreme Judicial Council, noting that they represent "blatant interference in Iraqi affairs."
S&P Global Ratings announced it is joining Singapore’s Project Guardian which explores tokenization, mainly on public blockchain. The initiative includes 18 financial institutions and regulators, including the Monetary Authority of Singapore (MAS), the UK’s FCA, Switzerland’s FINMA and Japan’s FSA. The stated goal of MAS is to free up liquidity, create investment opportunities and improve the efficiency of financial markets.
The three Guardian themes are FX, fixed income and asset management. S&P Global will participate in the fixed income workstream. It aims to develop “analytic frameworks, assessments and benchmarks” for digital assets. It was one of the first to take on a DeFi client in 2022, providing a rating for Compound Prime, an affiliate of Compound Labs. Late last year it published stablecoin ratings.
“Recent innovations in digital bonds and tokenized treasuries have highlighted the potential of digitalization to transform capital markets. We aim to bring our risk perspective and insights to this forum to support robust risk mitigation as this technology is applied in financial markets,” said Andrew O’Neill, Digital Assets Analytical Lead, S&P Global Ratings.
At least eight of the participants are running trials linked to fixed income, including Citi, DBS, JP Morgan, SBI, SGX, Standard Chartered, T Rowe Price and UBS.