Wednesday, August 21, 2024
Measures to Eliminate Corruption in the Central Bank of Iraq by DINAR REVALUATION , 21 AUGUST
Measures to Eliminate Corruption in the Central Bank of Iraq
The Central Bank of Iraq faces significant challenges due to corruption and conflict of interest, which have compromised its sovereignty and effectiveness. In light of these issues, Prime Minister Mohammed Shia Al-Sudani is urged to implement seven key measures to address the roots of corruption within the institution.
The Need for Urgent Action
Corruption in the Central Bank has a detrimental impact on Iraq's economy and the welfare of its citizens. It undermines trust in government institutions, hinders investment, and impedes the mobilization of domestic resources. The situation calls for decisive and immediate action to restore integrity and transparency.
Seven Measures to Combat Corruption
1. Strengthening Internal Oversight
Establish an independent oversight body within the Central Bank to monitor financial transactions and ensure compliance with anti-corruption policies.
2. Transparency in Appointments
Implement a transparent and merit-based system for appointments to key positions within the Central Bank, eliminating the influence of political affiliations and ensuring the selection of qualified personnel.
3. Enhanced Accountability Mechanisms
Create stronger accountability mechanisms, including regular financial audits by independent external auditors and the publication of audit reports to increase transparency.
4. Whistleblower Protection
Introduce robust whistleblower protection policies to encourage the reporting of corrupt practices without fear of retaliation.
5. International Collaboration
Engage with international anti-corruption bodies and courts to seek assistance in investigating and prosecuting cases of corruption.
6. Education and Training
Provide regular training for Central Bank employees on anti-corruption laws and ethical standards to foster a culture of integrity.
7. Public Engagement and Transparency
Increase public engagement by regularly updating the public on the Central Bank's anti-corruption efforts and making information accessible on the bank's website.
Implementing these measures will require strong political will and commitment from all levels of government. It is crucial that Prime Minister Al-Sudani leads by example, demonstrating a zero-tolerance approach to corruption and ensuring that these measures are fully enforced.
SOURCES:Our MONTHLY Recap Headlines:The “digital transformation! You think its important? , PART. 2, BY MNT GOAT, 21 AUGUST
PART.2
- 😊 IRAQI BANKING SYSTEM.. A SIGNIFICANT INCREASE IN THE NUMBER OF BANK ACCOUNTS AND THE VOLUME OF DEPOSITS FOR CITIZENS The accession of the Iraqi Deposit Insurance Corporation (ICDI) to the International Association of Deposit Insurers was a decisive step in improving confidence in the banking system. When citizens and investors trust the banking system, they are more willing to deposit their money in banks.
Mnt Goat: Oops they did it again…. “Increase bank assets, get those stashes of currency into the banks.
- 😊 The banking system in Iraq is gradually regaining citizens’ confidence with the increase in the number of bank accounts in the country.
Mnt Goat: Oops they did it again…. “Increase bank assets, get those stashes of currency into the banks.
- “There is no accurate figure for the amount of money looted in Iraq after 2003, but all indications indicate that it is hundreds of billions of dollars, some of which was smuggled abroad and some of which was turned into support for building economic wings for parties, forces and companies .”
Mnt Goat:: And they told us they were concerned about a few million to print the newer lower denominations as a con for doing the Project to Delete the Zeros. Are you kidding me?
- 😊 Economic expert, Abdul Rahman Al-Shaikhli, “EXPECTS IRAQ’S GOLD RESERVES TO RISE OVER THE NEXT TWO MONTHS.”
Mnt Goat: Oops getting ready to do it again…
- 😊 THE US FEDERAL RESERVE ADOPTS A NEW STRATEGY TOWARDS IRAQ.. “the dollar is threatened with rising to unprecedented levels”
- 😊 EXTENSION PUTS 7 MEASURES BEFORE THE SUDANESE TO ELIMINATE THE “ROOTS OF CORRUPTION” IN THE CENTRAL BANK Member of the Political Bureau of the Imtidad Movement, Masoud Al-Rajhi, confirmed today, Saturday, “that the Central Bank has lost its sovereign decision due to the presence of two factors that hinder its work: conflict of interest and corruption, calling on Prime Minister Mohammed Shia Al-Sudani to take 7 measures to eliminate the roots of corruption in a serious and inevitable manner.”
- EXPANDING THE ELECTRONIC PAYMENT BASE IS AN IMPORTANT FINANCIAL TRANSFER. The global smart card company “Ki” described the expansion of the electronic payment base in the country as moving to an important stage in financial transactions.
Mnt Goat: Oops they did it again… The “digital transformation! You think its important?
- ...TO BE CONTINUED
US Federal Reserve's New Strategy Towards Iraq: Addressing the Dollar Value in August 2024 BY DINAR REVALUATION, 21 AUGUST
US Federal Reserve's New Strategy Towards Iraq: Addressing the Dollar Value in August 2024
In August 2024, the US Federal Reserve embarked on a new strategy aimed at stabilizing the dollar value in Iraq, a move that comes amidst concerns over the greenback's unprecedented rise. The strategy is multifaceted, focusing on both the regulatory and economic fronts to ensure that the dollar's role in the Iraqi economy remains stable and beneficial.
The Dollar's Impact on Iraq's Economy
The US dollar plays a significant role in Iraq's economy, with the country's foreign currency reserves exceeding $100 billion as of 2024. However, the booming currency black market and the smuggling of dollars to countries and entities facing US sanctions, particularly Iran, have led to increased demand for foreign currencies, threatening to destabilize the dollar's value.
The US Federal Reserve's Response
To address these issues, the US Federal Reserve, in collaboration with the Iraqi Central Bank, has taken several measures. These include the implementation of the international financial messaging system known as SWIFT, which helps in tackling money laundering and ensuring compliance with international sanctions. By regulating dollar transactions through this system, the Fed aims to increase transparency and reduce illicit activities.
Increasing Regulated Dollar Transactions
Since the adoption of SWIFT in 2023, the volume of regulated dollar transactions has significantly increased. Transactions through the Central Bank electronic platform have grown from 200 million per day by August 2024. This increase not only reflects the size of Iraq's economy but also indicates a growing adherence to international regulations among Iraqi banks and traders.
Impact on the Black Market
While the official exchange rate is fixed at 1,320 dinars to the dollar, the black market rate has been much higher, at around 1,470 dinars to the dollar. The new strategy has led to a decrease in rejections of dollar transactions by the US Federal Reserve, as banks and traders have come to better understand international requirements.
Conclusion
The US Federal Reserve's new strategy towards Iraq, implemented in August 2024, has the potential to significantly impact the stabilization of the dollar value in the country. By regulating dollar transactions through SWIFT, the Fed, in tandem with the Iraqi Central Bank, aims to reduce illicit activities and stabilize the dollar's value in the Iraqi market. This approach not only addresses the immediate concerns of a rising dollar but also sets the foundation for a more transparent and regulated financial relationship between the two nations.
SOURCES:
https://www.usip.org/publications/2024/04/baghdad-ready-new-chapter-us-iraq-relations
https://www.newyorkfed.org/press
https://www.voanews.com/a/iraq-central-bank-says-regulated-dollar-transactions-rising-/7542206.html
Our MONTHLY Recap Headlines, PART. 1, BY MNT GOAT, 21 AUGUST
Our MONTHLY Recap Headlines:
- The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed today, Monday, “that the banking reform and development strategy is the main pillar for reforming the comprehensive national economy.”
Mnt Goat: Oops they did it again… How many times must they tell us this. Do you believe it yet?
- Al-Nusairi pointed out that “the measures currently taken by the Central Bank with the support of the government to launch its new third strategy for reforming and developing the banking sector for the years 2024-2026 according to seven main objectives, 24 sub-objectives and 75 initiatives to implement the objectives focusing on:
achieving monetary and financial stability,
strengthening the banking sector,
enhancing digital transformation,
activating electronic payment,
enhancing financial inclusion,
maintaining a sound financial system,
developing the organizational structure and human resources,
strengthening the internal and external relations of the Central Bank,
and the banking sector’s compliance with international standards.”
Mnt Goat: Oops they did it again… How many times in the news must they tell us the importance of electronic payments and the digital transformation? But are they where they need to be yet in order to pull the trigger on the Project to Delete the Zeros. In todays news they give us an answer.
- Al-Nusairi pointed out that “a national strategy for bank lending in Iraq for the years 2024-2029 was launched.
- 😊 ECONOMIST: THE IRAQI BANKING SECTOR HAS ACHIEVED SIGNIFICANT GROWTH Al-Obaidi said despite all the challenges and shocks the banking sector faced during this period, it was able to achieve growth in many areas, specifically in financial inclusion, as well as an increase in bank assets and maintaining the volume of deposits
Mnt Goat: Oops they did it again… Here it is “increase bank assets, get those stashes of currency into the banks. How will they do this?
- THE ROLE OF THE IRAQ STOCK EXCHANGE IN SUPPORTING MONETARY POLICY IN IRAQ Lawyer and banking expert Saif Al-Halfi, “The world is now moving with rapid steps racing with the wind in the role of stocks supporting monetary policies”. “we can look at the Iraqi Stock Exchange as a tool supporting monetary policy and influencing the state of the rentier economy.”
- Mnt Goat: Oops they did it again… they told us the importance of the stock exchange (ISX) in the monetary reform. Get it yet?
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