Saturday, August 31, 2024
CBI launches new phase of international transfers, 31 AUGUST
CBI launches new phase of international transfers
2024-08-30 14:38
Shafaq News/ The Iraqi Central Bank (CBI) delegation in New York has announced the commencement of a new phase in international transfer operations, involving 13 Iraqi banks.
According to a statement by the bank, this initiative is aimed at diversifying currencies and facilitating global transfers. The statement highlighted that this development follows an agreement on mechanisms to regulate these transactions, which will now include the use of the Euro, Chinese Yuan, Indian Rupee, and UAE Dirham.
The delegation also outlined the role of the international auditing firm E&Y, which will review these transfer operations to ensure compliance with international standards. This move reflects CBI's commitment to maintaining high levels of transparency and security in all foreign transfer operations, thereby bolstering confidence in Iraq's financial system.
This initiative is part of the Central Bank's ongoing efforts to support economic growth and expand international cooperation with global markets, as per the statement.
A knowledgeable source revealed on Thursday that CBI is currently conducting an unannounced visit to the United States to discuss developments in Iraq's banking sector.
According to the source, a delegation led by Central Bank Governor Ali Al-Alaq and several general managers has been in the US since August 26 to discuss recent banking developments and the restrictions on the use of the dollar imposed on many private Iraqi banks.
The discussions also touched on the potential cancellation of the platform early next year, which would shift reliance on correspondent banks, further restricting Iraqi private banks and potentially favoring Jordanian banks with American correspondents.
The source added that CBI is close to signing a contract with the consulting firm Oliver Wyman to conduct a study on reforming Iraq's banking sector, which will serve as a roadmap for future reforms.
Meanwhile, some economists have expressed surprise at the lack of public disclosure regarding the visit, particularly given its significance during this critical period.
EconomyBreakingUSDelegationIraqi Central BankInternational Transfers
ARIEL : Important Update For IQD Holders: A General Overview, 31 AUGUST
ARIEL
Important Update For IQD Holders: A General Overview
DINAR REVALUATION REPORT: Parliamentary Committee Blames Kurdistan for Oil and Gas Law Stalemate, 31 AUGUST
Parliamentary Committee Blames Kurdistan for Oil and Gas Law Stalemate
In a recent turn of events, the Parliamentary Oil and Gas Committee has levied strong accusations against the Kurdistan Regional Government (KRG), holding them accountable for the ongoing impasse in the approval of the crucial Oil and Gas Law.
Background of the Dispute
The Kurdistan Region has long been grappling with several challenges, including budget shortfalls and an economic crisis exacerbated by a dispute over oil revenues with federal Iraqi authorities. In March 2023, a critical oil pipeline was shut down, leading to a significant loss of revenue for the KRG and a crisis of confidence among international investors.
Current Situation and Allegations
Member of the Parliamentary Oil and Gas Committee, Alaa Al-Haidari, has criticized the KRG for its role in the deadlock surrounding the Oil and Gas Law. The law is seen as a critical step towards resolving the conflict over oil production and revenue sharing between Baghdad and Erbil.
Steps Taken to Resolve the Dispute
In an attempt to address the issue, delegates from the KRG and Invest Kurdistan have been actively seeking to attract foreign investment, emphasizing the region's potential as a premier investment destination in the Middle East. Moreover, officials from Baghdad and Erbil have met to discuss the drafting of the Oil and Gas Law, aiming to find a solution to the dispute.
Implications of the Dispute
The dispute has led to the suspension of northern Iraqi oil exports via Turkey since March 2023, affecting more than 450,000 barrels per day of oil that would typically be exported to the Mediterranean.
Moving Forward
The federal Iraqi government has taken steps to pressure the KRG, including an ultimatum to reduce crude oil output to the minimum required for local refineries. The new Iraqi budget law also strengthens Baghdad's hand over the Kurdistan region's oil sector, potentially complicating plans to revive shuttered crude production.
Conclusion
The ongoing standoff over the Oil and Gas Law highlights the complex relationship between the federal government and the KRG.
Resolving this dispute is crucial for the economic stability and development of the Kurdistan Region, as well as for the broader Iraqi economy.
Both parties are urged to prioritize dialogue and cooperation to find a mutually beneficial solution.
Parliamentary Committee Holds Kurdistan Responsible for Obstructing the Approval of the Oil and Gas Law, 31 AUGUST
Parliamentary Committee Holds Kurdistan Responsible for Obstructing the Approval of the Oil and Gas Law
Member of the Parliamentary Oil and Gas Committee, Alaa Al-Haidari, strongly criticized the Kurdistan Regional Government, holding it responsible for obstructing the approval of the Oil and Gas Law.
Al-Haidari said in an interview followed by “Al-Eqtisad News” that “there is difficulty in passing the law due to the lack of a political agreement and the regional government’s failure to implement the concluded agreements.”
Al-Haidari pointed out that “several meetings were held in the presence of officials in the Ministry of Oil and government advisors, with the aim of reaching an agreement on the law, but those efforts have not borne fruit so far.”
He added, "The Oil and Gas Law is one of the laws that has been stalled in the House of Representatives, as it has remained on the shelves for more than five parliamentary sessions."
Al-Haidari explained that “the government program included voting on the law in the House of Representatives, and if approved, it will contribute to ending the controversy between the region and the center, and provide fair direction for wealth within the framework of the constitution.”
Al-Haidari concluded his statement by stressing that “the approval of the law will ensure the fair regulation of oil exports and oil and non-oil revenues, which will spare the country further problems and obstacles between the region and the center.” link
" THEY ARE ALL NOW GETTING READY TO RELEASE PAYMENT" BY WOLVERINE, 31 AIGUST
Fri. 30 Aug. 2024 Wolverine
“I’ve been told that all platforms have been shut down. They are all now getting ready to release payment. Once the Precatorias start all Yellow Dragons Bonds from my platform will cease operations immediately.
- We are finally here after 30 years of waiting. We are actually here and ready to cross the finish line. It will be emotional for all of us when it hits us…
- Let’s start out with intel.. What I have been told is that the Precatorias is about to start this weekend. It is an old debt/money owed to the people of Brazil, and back in 2017, they went to court on this, and they finally won the case, and they will get the funds released, more than trillions of dollars involved. This is another platform that has associated itself with the RV, globally and this is about to be released on the weekend. The QFS had a hiccup, so it was temporarily delayed.
- Zurich, I was told that this week all will get released. The codes are there so they can all get released. Not much to say as all is ready.
- My sources said the Philippines have started, not sure of the payments, the process? But they said the engine has started. East to west. Hopefully that is true. This is from various sources saying things are coming out from Asia to the West.
- All the private platforms deals are being paid this week as well, by the new week – this is coming from Zurich as well…. Starting by the new week – Monday is Labor Day in the USA, so we are looking from Tuesday onwards
- When the Precatorias gets released, the Yellow Dragons from my platform sales cease immediately. If you are interested in those bonds before they close the doors. This came through last night so I wanted to let you know.
- I got a letter from an official in the Brazil and they are part of the RV process: “We close the week with the following report: the auditors of the World Bank and Peter Wong’s Platforms who arrived in Brazil on 08/27/2024 are packed and ready to return to the U.S.
- Since Monday 09/02/2024 is a holiday in the USA (Labor Day), there is no way to have banking hours on the Reno Platform (Nevada/USA), so it was defined in the meeting within the BACEN on the date of 08/29/2024 that the global START will take place on 09/03/2024 (next Tuesday), when then Brazil 2, the USA and the other countries that will make up this project that covers 47 countries (and their respective Central Banks), after several exhaustive tests and adjustments, will finally be able to synchronize and proceed simultaneously with the release and settlement of the financial operations of which they are part.
- I emphasize that in Brazil the released and approved operations to be paid are LTN and T*A, (like farmer’s claims) which were unified within the same platform).
- I also learned that the deadline for distributing the amounts in the payrolls of the Managers that will be received will begin on 4th of September and extended until 9/13/2024. “