Saturday, August 31, 2024
DINAR REVALUATION REPORT: PURPOSE OF THE CONTRACT BETWEEN CBI & AUDITING FIRM IN NY, 1 SEPT
Purpose of the Contract
Central Bank of Iraq Contracts International Auditing Firm in New York
The Central Bank of Iraq (CBI) has contracted with an international auditing company, Oliver Wyman, based in New York, to undertake a comprehensive review of the conditions of Iraqi banks. This initiative, led by CBI Governor Ali Al-Alak, who is currently in New York, specifically targets banks that have been banned from dealing in US dollars.
The primary goal of engaging Oliver Wyman is to develop practical solutions for the reintegration of these banks into the Iraqi and international banking sectors. The company will also focus on improving banking procedures in line with international standards.
Enhancing Banking Relations
This initiative aims to facilitate the process of establishing direct banking relations and improve the quality of services provided by banks to support the Iraqi economy. Oliver Wyman is scheduled to start its operations in the coming period.
Diversifying International Transfers
In a related development, the CBI delegation in New York announced the commencement of a new phase in international transfer operations involving 13 Iraqi banks. The initiative is aimed at diversifying currencies and facilitating global transfers, which will now include the Euro, Chinese Yuan, Indian Rupee, and UAE Dirham.
The international auditing firm E&Y has also been engaged to review these transfer operations to ensure compliance with international standards. This move underscores CBI's commitment to maintaining high levels of transparency and security in foreign transfer operations.
Ongoing Efforts for Economic Growth
These initiatives are part of the Central Bank's ongoing efforts to support economic growth and expand international cooperation with global markets. The CBI is currently conducting an unannounced visit to the United States to discuss developments in Iraq's banking sector.
The Central Bank of Iraq contracts with an international auditing company in New York, 1 SEPT
Shafaq News / The Central Bank of Iraq announced on Saturday that his delegation headed by Governor Ali Al-Alak, who is currently visiting New York, concluded a contract with Oliver Wyman to conduct a comprehensive review of the situation of Iraqi banks, especially banks prohibited from dealing in the US dollar currency.
A statement issued by the Central Bank of Iraq explained that the company will work to develop practical solutions for the reintegration of these banks within the Iraqi and international banking sector, in addition to improving the level of banks’ procedures in accordance with international standards.
The statement added that this initiative aims to facilitate the process of establishing direct banking relations, and improve the quality and quality of services provided by banks to serve the Iraqi economy, as the company is scheduled to start its business during the next few years.
https://www.shafaq.com/ar/اقتصـاد/البنك-المركزي-العراقي-يتعاقد-شركة-تدقيق-دولية-في-نيويورك
"IF THE DINAR EXCHANGE RATE IS EVER TO RISE IN VALUE.." BY ENORRSTE, 31 AUGUST
Enorrste
If the dinar exchange rate is ever to rise in value, it will be based on the economic success and growth of Iraq's own economy.
There are no shortcuts.
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EnorrsteThey already have 132 tons of gold. Now they’re coming in with another 50 tons per year. They’re planning on making this the strongest currency in the world. There’s no question in my mind. They already have the strongest currency in the world because they’ve got 110 billion in cash in reserves…they’re over 100% coverage of their full money supply. No other country has that strong of a currency… they’re not messing around. They want to have the strongest currency in the world.
https://dinarevaluation.blogspot.com/2023/08/dinarland-update-from-dinarchronicles-8.html
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Enorrste
…Opening a dinar denominated checking or banking account at Chase for instance as a possibility. If it’s denominated in dinar and the dinar goes up, then you’re already home free, convert dollars right to your bank. You get rid of that whole problem of taking 10 million dinar down to downtown Los Angeles and going up 15 stories into some building and hoping you don’t get rousted before you get there.
https://dinarevaluation.blogspot.com/2023/07/dinarland-update-31-july.html
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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