WHAT IS A TIER ONE BANK? "Banking regulations known as the Basel Accords require banks to have different types of capital on hand. These liquid and cash assets balance out the risk-weighted assets that banks hold. This increases banks' stability, which increases the stability of the overall financial system. " "Tier 1 capital is the primary funding source of the bank. Typically, it holds nearly all of the bank's accumulated funds. These funds are generated specifically to support banks when losses are absorbed so that regular business functions do not have to be shut down. Under Basel III, the minimum tier 1 capital ratio is 10.5%."
FRANK26:"IT'S NOT IMPORTANT BECAUSE WE HAVE A NEW EXCHANGE RATE"...........F26
Despite the rise in the dollar, Saleh: The parallel market today is not important
7/3/2024
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed the stability of the dollar exchange rate against the dinar, despite its significant rise today, reaching 1,500 dinars.
Saleh told Al Furat News Agency, "The fixed exchange rate system in Iraq is based on the highest international reserves in the history of Iraq and its monetary policy, as foreign currency covers more than 100% of the total currency currently issued." He added, "In light of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level, which has become stable in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports), amounting to 1320 dinars per dollar."
He pointed out that "it is a stable trend for the exchange rate and the stable external value of the dinar revolves around it, which is embodied by the state of stability in the relative prices of goods and services to a large extent, as annual inflation in our country does not exceed 3%." Saleh continued, "Based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, the value of which as liquid foreign assets exceeds $100 billion, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market in short periods due to urgent international or regional political events here and there or in adapting some instructions regulating the monetary market. Stressing that after the decline of the dollarization phenomenon in internal transactions, especially in contracts, obligations and payments within the country since last year and its legal prohibition." He stressed that "the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions practiced by informal markets and at a rate of 10% of the total supply and demand transactions for the currency." He stressed that "the stability of the exchange rate of the dinar to the dollar that the country is witnessing even in the secondary markets above is a real and solid stability, and is derived from the strength of the impact of the price and quantity factors of the monetary and financial policies and their integration in imposing overall price stability in the country and containing inflationary expectations that were caused by the parallel exchange market forces during the past years." He noted that "the irregular secondary market, due to the freedom of external transfer, is affected by the official exchange market rate, whose operations are constantly expanding in favor of dealing with the fixed official exchange rate."
During the visit to Baghdad, the President was informed that initial market access offers for Iraqi goods and services would be distributed soon, in preparation for the third meeting of the Working Group in mid-2024.
The Ministry of Commerce team “will take real steps that will shorten the path to Iraq's accession to the World Trade Organization and ultimately benefit from the advantages that this accession offers,” Minister Al Ghurairi said.
THU
JUL 18 10:00
Iraq Accession Working Group
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TRANSLATION SPANISH:
JAMES MENDEZ:TOOOMMMAAAAAAAAAAA!!!!!
DEL SITIO WEB DE LA OMC:
Durante la visita a Bagdad, se informó al Presidente que las ofertas iniciales de acceso al mercado de bienes y servicios del Iraq se distribuirían pronto, en preparación para la celebración de la tercera reunión del Grupo de Trabajo a mediados de 2024.
El equipo del Ministerio de Comercio “adoptará medidas reales que acortarán el camino hacia la adhesión de Irak a la Organización Mundial del Comercio y, en última instancia, se beneficiarán de las ventajas que ofrece esta adhesión”, indicó el Ministro Al Ghurairi.
The economist, Salah Nouri, pointed the US embargo is one of the most prominent reasons for the disparity of dollar prices in Iraq.
“Another reason that affects the disparity between the market price parallel to the US dollar and the official exchange rate is the US embargo on both {Russia, Iran, Syria},” Nouri said via {Euphrates News}. “Therefore, it is not possible to import goods and goods from them through money transfers through the electronic payment system of the Central Bank of Iraq, but by obtaining the dollar from the parallel market, that is, increasing the demand for it,” Nuri added. price stability In addition, the financial advisor to the Prime Minister, Mazhar Mohammed Saleh, confirmed the stability of the dollar exchange rate against the dinar, despite its rise significantly today, reaching 1500 dinars. Saleh showed {Euphrates News} that the fixed exchange rate system in Iraq is based on an international reserve base that is the highest in Iraq’s history and monetary policy, as the foreign currency covers more than 100% of the total currency currently issued.
In the face of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in the stability of the general level of prices, which has become that general price level stable in its vehicles and trends due to the impact of the current dominant official exchange rate factor on the financing of foreign trade (import) of 1,320 dinars per dollar. Selling prices in the field of banking in local markets recorded with the closure of the main stock exchange in Baghdad, on Thursday, 149,750 Iraqi dinars for $100, while the purchase reached 147,750 dinars for 100 dollars.
GCR👉 Global Currency Reset - The global trend toward using national currencies in trade instead of the US dollar gained significant momentum after Russia was cut off from the Western financial system and had its foreign reserves frozen in 2022. https://www.rt.com/business/600435-sco-national-currencies-putin/
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The FED👉 The Federal Reserve and Federal Deposit Insurance Corporation (FDIC) say the lenders’ so-called “living wills” – which in part detail how banks could safely unwind their derivatives portfolios without requiring government assistance – are inadequate, reports Reuters. https://dailyhodl.com/2024/06/22/jpmorgan-chase-bank-of-america-and-citibank-flagged-for-holding-trillions-of-dollars-in-derivatives-without-proper-contingency-plans/
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RV - The U.S. abandoned the gold standard in 1933. But ninety-one years later, in the midst of an inflation crisis, investors are flocking back to the original. https://schiffgold.com/key-gold-news/golds-natural-scarcity-propels-its-valuation-growth/
