AN ECONOMIST LIKELY TO EASE THE SANCTIONS IMPOSED ON IRAQI BANKS
Today, Friday, economic affairs researcher Safwan Qusay suggested easing the sanctions imposed on Iraqi banks and making them financial only.
Qusay told Al Mada, “The Central Bank has contracted with an international company (K2) for the purpose of auditing banks that have restricted access to the dollar in previous periods, so that these banks can learn how to comply with international requirements.”
He added, “Everyone is keen on the process of stopping the use of Iraqi banks for the purpose of money laundering. The private Iraqi banks are not the owners of corrupt money, but rather there are those who acquire the Iraqi dinar illegally and are trying to use the banks for the purpose of money laundering and smuggling hard currency.”
Qusay continued, “As for the restricted banks, they will be rehabilitated through merger, mitigation of these penalties, or making them financial penalties during the coming periods.”
Things are in positive motion folks hang in there, NDA's are the issue at present for status of our benefits to be realized but it is days not months
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TEXAS SNAKE
More positive steps forward today but the NDA's are really reducing our info, but we are closer.
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TEXAS SNAKE
Texas Snake, [07/20/2024, 7:09:56 p. m.]:
I am very much looking forward to a phone call at the end of our church Bible study class in the morning based upon all the issues I have had presented to me today, hopefully the banker will finally have a window with a specific date.
Texas Snake, [07/20/2024, 9:08:21 p. m.]:
Text just recv'd from banker indicating the anticipated message may come in a little later in the day but he would advise ASAP after he gets it.
Everyone please remember our Sunday is there Monday
Texas Snake, [07/21/2024, 10:04:04 p. m.]:
Well folks the bankers message at 10:12 this morning was that all things seem to be coming together but at present he had no final commitment, he just text me that he anticipates further word in the next day or two. Will keep you informed as I receive further details.
Texas Snake, [07/22/2024, 9:02:02 p. m.]:
The banker is traveling back to Texas on Wednesday and is hopeful for a Thursday announcement with appointment scheduling to follow thru the weekend, we shall see
Texas Snake, [08/02/2024, 7:38:01 p. m.]:
Well folks never have suggested dates or rates but I am really looking forward to this weekend. GOD Bless everyone
Texas Snake, [08/02/2024, 9:47:57 p. m.]:
Well folks things are looking better and better for us, say your prayers and praise our abilities to truly make a difference.......
Texas Snake, [08/03/2024, 7:12:43 p. m.]:
It is presently 3:10 AM in Bagdad Monday morning and additional info is coming forward over and above what was shared on the Conf Call I was included in last night. Still very encouraged about tomorrow in US as well as this coming week.
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TEXAS SNAKE
Well folks never have suggested dates or rates but I am really looking forward to this weekend. GOD Bless everyone
I am waiting on a CC but you are welcome to add ypur views
TEXAS SNAKE
Texas Snake, [07/31/2024, 8:12:51 p. m.]:
While I was advised about this time yesterday that an announcement at midnight EDT we would be advised the RV would begin, this info could not be confirmed so I didn't share. As usual no such announcement was forthcoming.
All I can say folks all provisions for RV exchanges are completed relative to those trained to complete the exchanges and we continue to move forward.
WILL BANKING REFORMS SOLVE OR DEEPEN IRAQ’S ECONOMIC CRISIS?
Will reforming the banking system change the fate of the Iraqi economy?
The financial advisor to the Iraqi Prime Minister, Dr. Mazhar Mohammed Salih, confirmed that reforming the banking system is one of the most important priorities of the government’s program, given its significant positive impact on various aspects of the Iraqi economy.
Saleh explained in his statements to “Al-Sabah”
that the government’s vision for economic reform focuses largely on improving the banking system, noting that the first steps of this reform have begun through Rafidain Bank.
Saleh explained that the government banking sector currently dominates more than 85% of the banking system’s assets in Iraq, noting that banking operations and activities of this sector represent almost the same percentage of the total deposits and bank credit in the country. This dominance reflects the size of the government banking sector’s great influence on the banking system as a whole.
In conclusion, Saleh stressed that the government is committed to implementing further banking reforms to improve economic performance and enhance financial stability in Iraq, a necessary step to support economic growth and achieve sustainable development.
FIREFLY:Bank friend saying all of this [US Treasury involved with Iraqi banks] would not be happening right now. All this would not cause our rate to be changing. It would be staying at 1310. Or if we were lopping none of this would be necessary.
It is insane that we are seeing this because a change to the rate is coming. The auctions are down to one bank and it was only around 7 million. You cannot run a country off of that. The auctions are being shut down.
FRANK: That's beautiful news.
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..
(Mnt Goat: If you care to remember I told you that one of the factors in moving ahead with success of the currency reform as part of the banking reforms, was that the CBI and the GOI must work together and promised to work together. But this article is telling us three reasons why this is not now happening. This situation MUST change. The US Treasury in now parked in the CBI building and is not going anywhere until the dollar sales is controlled and the parallel rate matches (or is very close to) the dinar rate. I certainly hope they can fight this corruption. We should expect blow-back from the corrupt as they have had it way too good in stealing money all these years. Remember where the money is going and so expect the Iranian backed militias to act up and get crazy in the process. Yes, they will be bombings in retaliation. This is why these militia must be dealt with too. Iran cannot forcefully set policy for Iraq under gun point. But they are now and have been! ☹ This must change.)
Professor of International Economics, Nawar Al-Saadi, revealed today, Monday (August 5, 2024), that there are political motives behind the Central Bank’s ignoring of some decisions of Prime Minister Mohammed Shia Al-Sudani.
He explained that “the Central Bank of Iraq faces a set of obstacles that directly affect its ability to implement the Prime Minister’s directives.
1.The first is the great international pressure coming from the US Federal Reserve, which imposes sanctions on some Iraqi banks and places strict restrictions on the movement of the dollar. These pressures make it difficult for the Central Bank to take effective steps to manage the exchange rate independently.
2.The second is that the bank suffers from internal structural problems such as corruption and mismanagement, especially with regard to selling the dollar. These challenges make it difficult for the government to achieve its economic goals regarding the stability of the exchange rate, and increase the complexity of the Iraqi economic scene in general.”
Al-Saadi stressed that “these problems make it difficult to implement monetary policies effectively, as financial resources are used for illegal purposes or are wasted due to corruption.
3.Third, the influence of some banks owned by parties with great political and security influence plays a role in complicating matters, and these banks may be resistant to the changes imposed by the Central Bank, which limits the bank’s ability to impose the measures required to achieve financial and monetary stability.”
The professor of international economics continued, “There are political motives behind the Central Bank’s disregard for some of Al-Sudani’s decisions, and given the overlap between politics and economics in Iraq, this situation has become a syndrome in the Iraqi regime from after 2003 until now, as there is an influence from political interests that play a role in determining economic policies.”
(So now you hear once again why the US Treasury has set up shop inside the CBI and thus also these same reasons are why the currency reform is held up, at least for now. But remember this move by the US Treasury was to that they could move to the next step of the currency reform. So it is a very positive thing for us investors. Get it? The glass is half full… lol..lol..lol.. 😊)