Saturday, August 31, 2024
Weekend News with MarkZ. 08/31/2024
LATEST FROM JON DOWLING, 31 AUGUST
JON DOWLING
So now Iraq is readdressing the issue of the project to delete three zeros. This is good, but it has to happen under a non corrupt proxy government. If it happened now, it wouldn’t be a Godly RV and wouldn’t be worth much. The timing is everything. Be patient folks, it’s all coming together at the right time.
@JonDowling
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DINAR REVALUATION REPORT: Iraqi Banks Expand Foreign Transfer Operations with Multiple Currencies, 31 AUGUST
Iraqi Banks Expand Foreign Transfer Operations with Multiple Currencies
The Central Bank of Iraq has announced a significant development in the country's banking sector, marking the beginning of a new phase in foreign transfer operations.
As of August 30, 2024, a delegation from the Central Bank of Iraq in New York revealed that 13 Iraqi banks will participate in external transfers, utilizing multiple currencies.
This move is designed to enhance the diversity of currencies and facilitate international transfer operations, further integrating Iraq into the global financial landscape.
Key Highlights of the Announcement
- Participating Banks: A total of 13 Iraqi banks have been selected to participate in this new phase of foreign transfer operations.
- Multiple Currencies: The operations will involve transactions in multiple currencies, aiming to reduce reliance on a single currency and promote financial flexibility.
- Global Integration: This development is seen as a crucial step towards enhancing Iraq's integration into the global financial system, making it easier for Iraqi banks to conduct international transactions.
Implications for the Iraqi Economy
The participation of Iraqi banks in external transfers with multiple currencies is expected to have several positive implications for the Iraqi economy:
- Increased Financial Flexibility: By conducting transactions in multiple currencies, Iraqi banks can better manage foreign exchange risks and provide more flexible financial services to their clients.
- Enhanced Global Trade: This move is likely to facilitate international trade for Iraqi businesses, making it easier for them to import goods and services from abroad.
- Attracting Foreign Investment: A more integrated and flexible financial system can attract foreign investors, contributing to economic growth and development in Iraq.
Challenges and Future Directions
While this development is a significant step forward for Iraq's banking sector, there are challenges that need to be addressed:
- Regulatory Framework: Ensuring a robust regulatory framework is in place to oversee these operations and prevent potential risks such as money laundering and terrorist financing.
- Infrastructure Development: Continuous investment in banking infrastructure and technology is necessary to support the growth of international transactions.
- Financial Literacy: Educating the public and businesses about the benefits and risks associated with international transactions in multiple currencies is crucial for the success of this initiative.
Conclusion
The Central Bank of Iraq's announcement regarding the participation of Iraqi banks in external transfers with multiple currencies marks a significant milestone in the country's financial sector development. As Iraq continues to integrate into the global economy, this move is expected to bring about increased financial flexibility, enhanced global trade opportunities, and potentially attract foreign investment. However, addressing the challenges associated with this development will be key to its success.
A SCAM WOULD NOT ALLOW THIS" BY FRANK26, 31 AUGUST
KTFA
FRANK26: "A SCAM WOULD NOT ALLOW THIS"............F26
The Central Bank announces the participation of Iraqi banks in external transfers in multiple currencies
August 30, 2024
The delegation of the Central Bank of Iraq in New York announced the start of the new phase of foreign transfer operations with the participation of (13) Iraqi banks, in an important step aimed at enhancing the diversity of currencies and facilitating international transfer operations.
This announcement came after reaching an agreement on the mechanisms for regulating these operations, as it will include dealing in the euro, Chinese yuan, Indian rupee, and UAE dirham.
The delegation confirmed the definition of the scope of work of the international auditing company E&Y, which will review the transfer operations to ensure their safety and compliance with international standards. This step is a reflection of the Central Bank of Iraq's commitment to achieving the highest levels of transparency and security in all foreign transfer operations, and enhancing confidence in the Iraqi financial system.
This initiative came within the framework of the Central Bank of Iraq's ongoing efforts to support economic growth and expand the horizons of international cooperation with global markets.
Central Bank of Iraq
Media Office
August 30, 2024
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8/30/2024
Baghdad - WAA
The Central Bank of Iraq announced, today, Friday, the participation of 13 Iraqi banks in the external transfer.
A statement by the bank - received by the Iraqi News Agency (INA) - stated that "the delegation of the Central Bank of Iraq announced in New York the start of the new phase of foreign transfer operations with the participation of (13) Iraqi banks, in an important step aimed at enhancing the diversity of currencies and facilitating international transfer operations."
The statement added that "the announcement came after reaching an agreement on the mechanisms for regulating these operations, as it will include dealing in the euro, Chinese yuan, Indian rupee and Emirati dirham."
The delegation confirmed - according to the statement - "determining the scope of work of the international auditing company E&Y, which will review the transfer operations to ensure their safety and compliance with international standards. This step is a reflection of the Central Bank of Iraq's commitment to achieving the highest levels of transparency and security in all foreign transfer operations and enhancing confidence in the Iraqi financial system."
The statement concluded that "this initiative came within the framework of the Central Bank of Iraq's ongoing efforts to support economic growth and expand the horizons of international cooperation with global markets."