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

"ALAQ IS IN NEW YORK FOR THE SUCCESS OF THE MONETARY REFORM" BY FRANK26, 2 SEPT

 KTFA

FRANK26: "ALAQ IS IN NEW YORK FOR THE SUCCESS OF THE MONETARY REFORM"........F26

Central Bank meets with electronic payment companies and contracts with an international auditing firm in New York

8/31/2024

 

 Baghdad
 

The Central Bank of Iraq confirmed on Saturday that its governor, Ali Mohsen Al-Alaq, met with a number of electronic payment companies and signed a contract with an international auditing firm in New York.

The Central Bank said in a statement, seen by "Economy News", that the Central Bank delegation "headed by the Governor of the Central Bank Ali Mohsen Al-Alaq to the United States of America, discussed the use of electronic payment cards and ways to regulate and stimulate their use in line with Iraq's move towards electronic payment."

Al-Ban added that this came "during separate meetings with a group of companies such as (Visa, Mastercard and MoneyGram), as the international auditing firm (KPMG) presented an extensive analytical presentation of the uses of these cards, reinforced with recommendations and proposals to enhance organized use and accommodate the significant increase in citizens' use of these cards."

The statement stressed that the parties praised "during the negotiations the important steps to enhance the banking sector reforms, the most important of which is the contract that the delegation of the Central Bank of Iraq concluded with the company (Oliver Wyman) to conduct a comprehensive review of the conditions of Iraqi banks, especially banks prohibited from dealing in the US dollar, as the company will work to develop practical solutions to reintegrate these banks into the Iraqi and international banking sector, in addition to improving the level of banks' procedures in line with international standards, as this initiative aims to facilitate the process of establishing direct banking relations, and improve the quality and type of services provided by banks to serve the Iraqi economy, as the company is scheduled to start its work in the coming period."

LINK

LATEST BY CLARE, 3 SEPT

  Clare 

  Article: "Oliver Wyman Company and lifting sanctions on banks banned from the dollar "  Quote:  "A firm like Oliver Wyman can therefore help sanctioned Iraqi banks understand the sanctions imposed on them, work on strategies to mitigate their impact, and even help remove these sanctions in some cases."

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Clare 

 Article: ”The Central Bank announces the participation of Iraqi banks in external transfers in multiple currencies"  

Quote: "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"

 Article: " "Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency"

 Quote: "Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions...Explained that the three zeros added price and monetary inflation to the currency, starting with the Iran-Iraq war...generated inflation in the value of the currency.  

He pointed out that when prices rise, we need larger denominations of money to maintain the equivalence between price and money. For example, due to price inflation, 25 Iraqi dinars have become 25,000 dinars.  Saleh pointed out the importance of reducing the calculations that have reached trillions in recent years..."  

Article Continues "...adding that the process of raising three zeros does not only mean the value of the currency, but also the calculations and statistics...Removing three zeros from the currency, globally, requires two conditions: political stability and economic stability. 

When these two factors are available, countries resort to removing zeros from their currency, adding that the value is fixed and not affected. Rather, it is a relative change....The project to remove three zeros we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies.

https://dinarevaluation.blogspot.com/2024/09/latest-by-clare-2-sept.html

LATEST BY CLARE, 2 SEPT

  Clare 

 Article: ”The Central Bank announces the participation of Iraqi banks in external transfers in multiple currencies"  

Quote: "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"

 Article: " "Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency"

 Quote: "Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions...Explained that the three zeros added price and monetary inflation to the currency, starting with the Iran-Iraq war...generated inflation in the value of the currency.  

He pointed out that when prices rise, we need larger denominations of money to maintain the equivalence between price and money. For example, due to price inflation, 25 Iraqi dinars have become 25,000 dinars.  Saleh pointed out the importance of reducing the calculations that have reached trillions in recent years..."  

Article Continues "...adding that the process of raising three zeros does not only mean the value of the currency, but also the calculations and statistics...Removing three zeros from the currency, globally, requires two conditions: political stability and economic stability. 

When these two factors are available, countries resort to removing zeros from their currency, adding that the value is fixed and not affected. Rather, it is a relative change....The project to remove three zeros we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies.

'Everybody Should Be Excited!'🚩Redemption Center on Stand By?🤔Dinar RV U...

DINAR REVALUATION REPORT: Al-Sudani's Statement on ISIS Threat to Iraq, 2 SEPT

 Al-Sudani's Statement on ISIS Threat to Iraq

In a recent statement, Iraqi Prime Minister Mohammed Shia al-Sudani reassured NATO and the US ambassador that the remnants of ISIS no longer pose a significant threat to the Iraqi state as of September 2024. 1 This declaration comes amidst ongoing efforts to maintain stability in the post-ISIS era, where Iraq's leaders are attempting to balance their relationships with their two most powerful allies, the United States and Iran. 1

Iraq's Post-ISIS Era: Balancing Alliances

Since the U.S. invasion in 2003, Iraq has been a critical battleground for U.S.-Iran competition and, at times, indirect cooperation. 1 The country's strategic location and Iran's support for Iraqi paramilitary groups have positioned Tehran with significant leverage relative to other theatres. Iraq became a key flashpoint for U.S.-Iran tensions during the "maximum pressure" era, marked by direct and indirect confrontations involving attacks by Iran-backed paramilitary groups on U.S. and allied interests.  1

To ensure the fragile stability achieved post-ISIS, Iraqi leaders are navigating a delicate path between their two influential allies, the U.S. and Iran. 1 This involves balancing military and financial aid from the U.S. with the complex dynamics of Iran's influence in Iraq's security and intelligence sectors. 1

The War against ISIS: Global and Regional Dynamics

The war against ISIS has been a global effort, involving multiple regions and a diverse set of belligerents. 2 In Iraq, the conflict has seen involvement from the Iraqi Security Forces (ISOF), the United States, Iran, and Russia, among others. 2The situation in Iraq is part of a broader military landscape that includes the Syrian Civil War, the Second Libyan Civil War, and other regional conflicts. 2

As of September 2024, Al-Sudani's statement reflects a crucial phase in Iraq's post-ISIS recovery. The country has made significant strides in eliminating the physical presence of ISIS, but the ongoing challenge is to address the root causes that allowed the group to flourish. 1

Closing

Al-Sudani's assurance to NATO and the US ambassador highlights Iraq's progress in overcoming the ISIS threat. However, the complex geopolitical landscape and the need for continued vigilance against potential resurgence underscore the ongoing challenges faced by the Iraqi government and its allies in maintaining peace and stability in the region. 1

Al-Sudani to NATO and the US ambassador: The terrorist remnants of ISIS no longer pose a threat to the Iraqi state, 2 SEPT

 Baghdad – Mil

Prime Minister Mohammed Shia Al-Sudani, on Sunday, during his meeting with the leader of the international coalition mission to fight ISIS in Iraq, Kevin Leahy, in the presence of the US Ambassador to Iraq Elina Romanoski, stressed that the terrorist remnants of ISIS no longer pose a danger to the Iraqi state.

The Sudanese media office said, in a statement to “Mil”, that “the prime minister received the leader of the international coalition mission to fight ISIS in Iraq, General Kevin Leahy, in the presence of the American ambassador to Iraq.”

He added that “the meeting discussed the course of the technical dialogue between the two sides to end the mission of the international coalition in Iraq, and transfer the mission to the framework of bilateral relations between Iraq and the countries participating in the coalition, in addition to continuing cooperation in the field of training, expertise and information with the Iraqi security forces.”

The statement continued that “the Sudanese stressed that the terrorist remnants of ISIS no longer pose a threat to the Iraqi state, and its elements have turned into chasing groups in remote areas for the purpose of concealment, as our armed forces continue their military operations in tracking down any traces or burrows of these terrorists.”

https://miliq.news/political/34993–.html