The power of the "Federal Forces"... Iraq is moving to achieve financial autonomy, 7 AUGUST

 The United States of America still dominates the Iraqi economy through economic agreements concluded by Washington according to what primarily serves its interests, as the American administration seeks to block the way for those trying to rid the country of its control over Iraqi oil sales funds. 

The United States of America continues to impose its influence on Iraq in many vital files, including depositing the funds from the sale of Iraqi oil in the US Federal Bank, amid clear blackmail by passing many files, most notably the dollar bill, which puts great pressure on the government.  

Iraq seeks to get rid of this dominance by depositing the money in the Federal Bank and sending it directly to the Central Bank. 

Speaking about this file, Al-Fatah Alliance member Ali Hussein calls on the government to seek to find alternatives and take the step of liberating the country from the dominance of the dollar and the continuing American sanctions, while stressing that Iraq's move towards lifting the restrictions of the US Federal Bank is a must.  

Hussein said in an interview with the Maalouma Agency, “ It will be a bold step, but it will succeed if the atmosphere is created and contracts are made with alternative international banks,” noting that “it is necessary to bring in companies from international countries.” that do not deal in the US dollar.”  

He continues, “Entering into the Shanghai system and other global organizations will be the first stage of liberation from the dollar,” adding that “the movement to end the dollar’s ​​hegemony over the world, led by major countries, has greatly succeeded.”  

He adds, “Contracting from companies from Eastern countries and bringing them to work inside Iraq will avoid the economic blockade,” pointing out that “the government is required to seek to find alternatives and take the step of liberating the country from the dominance of the dollar and American sanctions."  link

IRAQ BOOTS ON THE GROUND REPORT BY FIREFLY, 7 AUGUST

 Frank26  

 [Iraq boots-on-the-ground report]   

FIREFLY: Iran has been using some of Iraq's banks to get around the sanctions and to profit off of the dollar.   Now the US Treasury is here and stopping it.  

FRANK:  Yeah, they are extremely angry because they lost their sugar daddy.  They lost the CBI auctions...They will figure out other ways to steal... The power of the corrupt political people in your country is being suffocated.  That power is dying.   It is going from those corrupt people back to you Iraqi citizens through a monetary reform that will give you purchasing power...

FIREFLY: They're saying the US Treasury has taken over the Central Bank of Iraq...They have an entire floor at the CBI headquarters.  It is reference to the CBI not getting the banks that were supposed to be sanctioned to cease and comply...The US Treasury is here to oversee and stop any money laundering that was preventing us from having our monetary reform...

 FRANK:  Not the whole building just the second floor...This is ancient history...

DINAR INVESTOR: Patreon Dinar Investor: Forcing CBI Governor Into Retirement

Imposing Guardianship On Zain Iraq Bank Reveals The Extent Of The Deterioration In The Banking Reality, 6 AUGUST

 August 6, 2024 Last updated: August 6, 2024 Independent/- The Central Bank of Iraq placed the “Zain Iraq Islamic Bank” under guardianship, in a step that reflects the improper practices and unsatisfactory performance of the bank’s management, which threatens the independence and integrity of the Iraqi banking system.

 
According to an official document obtained by Al-Independent, the decision of the Board of Directors of the Central Bank, No. 165 of 2024, was issued in accordance with the provisions of Article 59 of the Iraqi Banking Law No. 94 of 2004.
 
Jalal Abdullah Salman was appointed as trustee of the bank, in accordance with the provisions of Article 60 of the same The law, and is granted the powers specified in accordance with this decision. faces
 
The banking reality in Iraq major challenges that negatively affect the stability of the financial system and investor confidence.
 
These challenges include mismanagement of some banks and their lack of transparency and good governance.
 
The recent decision to impose guardianship on  Zain Iraq Islamic Bank reflects the weakness of the supervisory procedures and internal controls in this bank.
 
The Central Bank of Iraq is the body responsible for supervising the banking system and ensuring its stability.
 
However, criticism is growing about the effectiveness of this oversight and its ability to detect and prevent financial abuses in a timely manner.
 
The decision to impose guardianship on the “Zain Iraq Islamic Bank” indicates the delay in supervisory intervention, which raises questions about the feasibility of the preventive measures taken by the Central Bank.

Oversight of banks and the Central Bank must not be limited to them alone, but the
 
Iraqi Council of Representatives must have an effective role in following up and monitoring financial and banking performance.
 
However, the House of Representatives' oversight role appears weak and often ineffective, leaving the door open to further violations and improper practices.
 
The absence of parliamentary oversight contributes to the exacerbation of financial problems and weakens confidence in the Iraqi financial system.
 
In conclusion, the decision to impose guardianship on “Zain Iraq Islamic Bank” reflects the urgent need for radical reforms in the banking system and strengthening financial oversight by the responsible authorities.
 
It requires joint cooperation between the Central Bank, banks, and the House of Representatives to ensure the stability and safety of the financial system in Iraq.  https://mustaqila.com/مصرف-زين-العراق/  

The Governor Of The Central Bank Chairs The Meeting Of The Supervisory Committee On The Restructuring Process Of Rafidain Bank

 August 05, 2024   The supervisory committee for the restructuring process of Rafidain Bank met under the chairmanship of His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, and in the presence of the committee members from the Ministry of Finance and the advisors of the Prime Minister and the advanced staff at the Central Bank of Iraq, as well as the presence of the international consulting company (Ernst & Young). Ernst & Young).

 The progress of work on the plan adopted by the government was reviewed in coordination with the Central Bank within the framework of the expanded program to reform the banking sector, improve its performance and services, and achieve financial stability.

 The attendees discussed the process of organizing the administrative, financial and technical structure of Rafidain Bank, to move towards the best global banking practices.

  It is worth noting that the aforementioned committee holds a monthly meeting under the chairmanship of the Prime Minister to provide a presentation on the steps taken and to monitor the progress of the process and provide guidance regarding it.

Central Bank of Iraq    information Office     August 5, 2024  https://cbi.iq/news/view/2631    

" The Oil and Gas Law is actually farther ahead than the news has been telling us" BY MNT GOAT, 6 AUGUST

PARLIAMENT RETURNS THE OIL AND GAS LAW TO THE GOVERNMENT: IT MUST ADD PARAGRAPHS THAT KEEP PACE WITH GLOBAL DEVELOPMENTS

The Parliamentary Oil and Gas Committee has returned the draft oil and gas law to the government and is awaiting its return to the House of Representatives, after amending paragraphs in it and reaching political consensus on it.

Committee member, Dhurgham Al-Maliki, said in a press statement that “the oil and gas law is currently outside the halls of the House of Representatives after it was returned to the government,” noting that “the committee is studying the law in detail to achieve the political agreement.”

He explained that “ the government must work on amending and adding new paragraphs to the law that keep pace with the tremendous development in the global oil field and then send it to the House of Representatives,” explaining that “political differences still exist and that is why it was not voted on.”

(WOW! This is excellent news. This article shows us the Oil and Gas Law is actually farther ahead than the news has been telling us. It actually did reach parliament and the readings were conducted so far. Will they vote on it and pass it once these changes are made and it returns to parliament? Can they get a political consensus finally after 19 years of stalling?)

Iraqi Dinar Guru News Highlights (8/6/24)

A Financial Expert Diagnoses A “Fatal Error” In The Iraqi Banking System - Urgent, 6 AUGUST

 Economy | Today, 10:00 | Baghdad today – Baghdad  Today, Tuesday (August 6, 2024), financial expert Saleh Al-Banker confirmed that  Iraq is among the top countries in the Middle East in terms of hoarding money, while he diagnosed a grave error in the Iraqi banking system.

The banker said in an interview with “Baghdad Today” that  “the accumulations that have been continuing for many years have led citizens to lose confidence in banks and resort to hoarding money in homes,” noting that  “their percentage reaches 70% of financial flows, and   these are large numbers that indicate that we are among The countries with the highest amount of money in the Middle East.  He added, "Hoarding money in the financial concept is a grave mistake.

It will confuse the financial process and reduce the government's ability to provide cash to pay salaries," explaining that "resorting to electronic payment is a step in the right direction,  but the most important thing is withdrawing cash, and there are several ways." 

The banker pointed out that “the recent offering of treasury bonds is a correct decision,  but the media propaganda to create a culture of safe investment on the street is very weak, and this is what creates low rates for dealing with them, even though the interest rates are attractive.”

 He stressed  "the necessity of seeking to expand the circle of withdrawing liquidity from homes and  creating a movement of money that contributes to increasing the recovery of investment and granting government loans, especially with requests that are five times greater than the amount of funds allocated for loans in any sector, especially housing."

It is noteworthy that the Parliamentary Finance Committee commented on Saturday (July 13, 2024) on the impossibility of lifting US sanctions on some Iraqi banks.

 Committee member Moin Al-Kazemi said in an interview with “Baghdad Al-Youm” that  “there is no weakness in Iraq’s foreign policy and there is no defect in the Iraqi banking system that makes the United States of America not lift the sanctions on Iraqi banks.” 

Al-Kadhimi stated,  “There is a clear intention by the United States of America to continue these sanctions despite the clear development in the banking system and the restriction of foreign transactions through the electronic platform in the Central Bank, but Washington is using this file as a political file towards Iraq.” 

He added,  "The Iraqi government is working with everything it has to lift the sanctions on the banks, especially since those sanctions negatively affected the banking sector and contributed significantly to the dollar crisis."  

https://baghdadtoday.news/254943-خبير-مالي-يشخص-خطأً-فادحاً-في-النظام-المصرفي-العراقي-عاجل.htm l