STATUS OF THE RECENT VISIT OF IRAQ TO UNITED STATES BY GOLDILOCKS, 1 SEPT

 GOLDILOCKS

Iraq just visited the United States on August 26 to 29, 2024. It was a high level negotiating team that met with JP Morgan, the US Treasury, Federal Reserve Bank, visa, mastercard, moneygram, Citibank, as well as International auditing firms such as KPMG, E&Y, K2i and Oliver Wyman.

One of the values of a meaning such as this includes trade facilitation. International auditing standards help to facilitate trade and support economic growth. Every international negotiator knows how to factor currency rates into agreements with their foreign business partners.

Part of the discussion dealt with moving from an electronic platform to a virtual bank whereby a Direct Banking relationship can occur. Direct banks, also known as branch-less or virtual banks, offer their services online, through mobile apps, email, and other electronic means.

Another portion of the conversation moved towards International engagement through International correspondent banking such as the Swift system provides. A network of international correspondent banks is a complex system of financial institutions that work together to facilitate global transactions.  

Yes, this requires a stable exchange rate that can be used between countries in trade and foreign currency exchange. These determinations are a part of supply and demand ratios factored in through trade.

The people invited to this meeting was no accident. It was a negotiating team ready for action. It was a meeting to discuss "the requirements necessary to open their accounts with international correspondent banks." This transition is expected to occur by the end of this year.

This moves Iraq from a supervisory role with the United States to a more independent nation with their own rules and regulations to guide their financial agreements around the world. Yes, this is the information have been looking for for long time. 

Watch the water. 

© Goldilocks

https://cbi.iq/news/view/2660

https://www.negotiations.com/articles/international-transactions/

Iraq's Investment Law: Big Changes Ahead!

@DINARREVALUATION

 

DINAR REVALUATION REPORT: Iraq's Parliamentary Economy Committee Discusses Amending the Investment Law, 1 SEPT

 Iraq's Parliamentary Economy Committee Discusses Amending the Investment Law

In September 2024, Iraq's Parliamentary Economy Committee convened to deliberate on amendments to the country's Investment Law. 1 The discussions centered around the need to enhance the law to attract more foreign direct investment (FDI) and bolster the private sector, which has remained weak. 1

Background on Iraq's Investment Law

The current Investment Law, No. (13) of 2006, was enacted to create a more favorable environment for investments in Iraq. 6 It established the National Commission for Investment, responsible for formulating national investment policies and granting investment licenses. 6 However, the law has faced criticisms for not being fully effective in stimulating investment, primarily due to bureaucratic hurdles and security concerns. 1

Proposed Amendments and Objectives

The proposed amendments aim to address the shortcomings of the existing law and to create a more investor-friendly environment.

 Key objectives include: Simplifying the investment licensing process to attract more FDI. 

Strengthening the role of the National Commission for Investment to better support investors.

 Providing clearer guidelines on land use and ownership for foreign investors. 

Establishing a dispute resolution mechanism to address investor concerns.

Challenges and Opportunities

Iraq's economy, heavily reliant on oil revenues, has been seeking diversification and modernization of its financial and banking sectors. 1 The proposed amendments to the Investment Law are seen as a critical step in this direction.

However, the country's political dynamics, corruption issues, and lack of basic services remain significant challenges. 1

Stakeholder Perspectives

Government: The new government, under Prime Minister Mohammed Shia’ al-Sudani. 1 is optimistic about the potential of the amended law to attract FDI and boost the economy. 

Investors: Foreign investors have shown interest but remain cautious due to security concerns and the slow pace of reform. 3 

Civil Society:There are concerns among civil society groups about the transparency and accountability of investment deals, particularly in the upstream oil industry. 3

Parliamentary Economy Committee Discusses Amending the "Investment Law", 1 SEPT

  Parliamentary Economy Committee Discusses Amending the "Investment Law"

The Iraqi legislative arena is currently witnessing intensive discussions about the fourth amendment to Investment Law No. 13 of 2006, as amended, in light of the significant expansion of investment activity in the country in recent years.

These discussions come within the framework of efforts aimed at improving the investment environment and addressing the gaps in the current law.

In a press interview followed by “Economy News”, member of the Economic Committee, Diaa Al-Hindi, confirmed that the proposed amendment is “important and necessary” due to the many problems that the current law suffers from, explaining that “the current law requires fundamental amendments in several aspects, including the mechanism for selecting heads of bodies and members of the board of directors in bodies, in addition to the conditions for granting and withdrawing investment licenses, additional extensions, and grievance procedures.”

Al-Hindi pointed out that the amendment seeks to address those issues that the current law did not adequately address, which negatively affects the investment climate in Iraq.   link

" I WAS JUST ADVISED TO BE ON ALERT FOR THE NEXT 24-48 HOURS" BY TEXAS SNAKE, 1 SEPT

 TEXAS SNAKE

• Fri. 30 Aug. 2024 Texas Snake
•  “I was just advised to be on alert for the next 24-48 hours as news we expect was about to be released.”

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TEXAS SNAKE

• Tues. 27 Aug. 2024 Texas Snake: “I can confirm Farm Claim payments as well.  There is positive movement.”

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 TEXAS SNAKE

Will read all your posts and hopefully the banker will have something positive I can share with y'all tomorrow.

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TEXAS SNAKE

Nothing to share just wanted to let you folks I was still around

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 TEXAS SNAKE

Well folks everything remains very positive for our anticipated event so continue to pray this event in for the sake of the world's economy as well as each of us participants.  GOD Bless each member.

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TEXAS SNAKE

Banker indicates many positive items are pointing to Thursday, we shall see.

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TEXAS SNAKE

AUGUST 03

 love this room now, Leaves TS to be free to speak, admins never jump in cause issues and people have continued to come in and all seem to keep to the subject, truly the room has become what we all wanted it to be.

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.

You are correct it will be Monday when the banker calls me in the morning.

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AUGUST 06

Well foiks truly wish I had something to report but with all the NDA;s being issued it is much harder to obtain anything of value.

AUGUST 07

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

AUGUST 09

Texas Snake, [08/09/2024, 9:13:08 p. m.]:

While due to the many NDA's that those who have provided info to me has resulted in the limited info I can share we are still in a positive situation to realize our objective.  Wish I could share more of the particulars but cannot risk their safety.

Gonna be an early night forme as I need tp prepare a men's breakfast for our church in the morning but will open for a bit for you folks to share anything you may have.

LATEST REPORTS OF TEXAS SNAKE: 

RV UPDATE BY TEXAS SNAKE, 4 AUGUST

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-texas-snake-4-august_01843290374.html 

RV UPDATE BY TEXAS SNAKE, 2 AUGUST

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-texas-snake-2-august.html 

"WE ARE CLOSER EACH DAY" BY TEXAS SNAKE, 1 AUGUST

https://dinarevaluation.blogspot.com/2024/08/we-are-closer-each-day-by-texas-snake-1.html

Iraq's Bold Move: Oliver Wyman to Revamp Banking & Infrastructure!

DINAR REVALUATION REPORT Central Bank of Iraq Contracts with Oliver Wyman for Banking Sector Restructuring, 1 SEPT

 Central Bank of Iraq Contracts with Oliver Wyman for Banking Sector Restructuring

The Central Bank of Iraq has recently contracted with Oliver Wyman, a global consulting firm, to conduct a comprehensive review of the conditions of Iraqi banks, particularly those banned from dealing in US dollars. 1 This move is aimed at developing practical solutions for the reintegration of these banks into the Iraqi and international banking sector, alongside improving banking procedures in line with international standards. 2

Enhancing Banking Sector Reforms

The partnership with Oliver Wyman comes at a critical time, as the Central Bank seeks to facilitate the establishment of direct banking relations and improve the quality of services provided by banks to better serve the Iraqi economy. The company is scheduled to begin its work soon to address the challenges facing Iraqi banks, especially those under sanctions. 1

Delegation Visit to the United States

In related news, a Central Bank of Iraq delegation, led by Governor Ali Al-Alak, visited the United States to discuss developments in the Iraqi banking sector. 5The talks have included the evolving situation within Iraq's banking industry and the restrictions placed on using the US dollar by numerous private Iraqi banks. Discussions have also touched on the potential elimination of the current currency platform at the start of the next year, with a shift towards relying on correspondent banks, which could impose additional constraints on private Iraqi banks.  5

Collaboration with International Firms

During this visit, the delegation held separate meetings with various companies, such as Visa, Mastercard, and MoneyGram. 2 The meetings focused on enhancing electronic payment systems and stimulating their use in alignment with Iraq's push towards electronic payments, demonstrating the Central Bank's commitment to modernizing the banking sector.

International Auditing Firm's Role

The delegation also discussed the role of an international auditing firm, KPMG, which presented extensive analytical insights on the use of electronic payment cards, supported by recommendations and proposals to enhance their organized use and accommodate the significant increase in citizens' adoption of these cards. 2

Diversifying Currencies in External Transfers

In a separate development, the Central Bank of Iraq announced the start of a new phase in foreign transfer operations, involving 13 Iraqi banks. This initiative, which aims to enhance currency diversity and facilitate international transfer operations, will include dealing in euros, Chinese yuan, Indian rupees, and UAE dirhams.  3

Commitment to Transparency and Security

The Central Bank of Iraq's commitment to achieving the highest levels of transparency and security in all foreign transfer operations is evident in its ongoing efforts to support economic growth and expand international cooperation with global markets. 3

Conclusion

The Central Bank of Iraq's proactive measures in contracting with Oliver Wyman and collaborating with other international firms underscore its dedication to reforming and modernizing the Iraqi banking sector. These initiatives are expected to contribute significantly to the overall economic development of the country by improving banking services and fostering international partnerships.