US Treasury Praises Iraq's Progress In Monitoring Transfers And Selling Dollars, 3 SEPT

 September 1, 2024   Proposal to cancel SWIFT and replace it with relations with the international banking network

Baghdad - Qusay Munther   New York - Morsi Abu Touq  The US Treasury Department praised the remarkable progress made by the Central Bank of Iraq in strengthening control procedures over foreign transfers and cash sales of the dollar, while considering that these steps contribute to strengthening financial and economic stability in the country.

Auditing Companies

A statement by the bank received by (Al-Zaman) yesterday said that (a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank,

in addition to meetings with a group of companies, including international auditing companies, who praised the major transformations achieved by the Central Bank, represented by the remarkable progress in the procedures for monitoring foreign transfers and cash sales of the dollar currency),

adding that (this led to improving systems, policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, financing terrorism and financial crimes),

and pointed out that (a meeting will be held between bank officials and its international partners by the end of this year regarding the major transformation in ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, according to the plan developed by this bank,

and implemented internationally, which will allow the Central Bank and the Federal Reserve Bank to exercise their supervisory roles Away from the executive procedures, this transformation will have important repercussions on the stability, fluidity and transparency of the country’s foreign trade financing operations,” he continued, adding that “this step will contribute to achieving the required stability in exchange rates, which in turn will enhance the efficiency of the financial system in Iraq.

” The statement stressed that “the meetings also addressed mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the necessary requirements for opening their accounts with international correspondent banks, with the aim of enabling them to complete their financial transactions, whether through external transfers in US dollars or other foreign currencies.”

A source had previously revealed an unannounced visit by the Central Bank to the United States of America to discuss developments in the Iraqi banking sector.

Banking Sector

The source said in a statement yesterday that (a delegation from the Central Bank, led by Al-Alaq, and a number of general managers, visited the United States of America, since the 26th of last month, to discuss developments in the banking sector and the restrictions on the use of the dollar imposed on a large number of private banks),

and he continued that (the Central Bank delegation discussed canceling the platform at the beginning of next year, and relying on correspondent banks, which will increase the imposition of restrictions on Iraqi private banks, and completely eliminate competition in favor of Jordanian banks that have American correspondent banks),

noting that (the Central Bank is close to signing a contract with Oliver Wyman, the consulting company for the Iraqi Development Road, to conduct a study on reforming the Iraqi banking sector, and in order for it to be approved by the bank as a roadmap for reforming the private banking sector).

The dollar exchange rate rose slightly in the Baghdad and Erbil stock exchanges. Money exchange office owners said yesterday that “dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 149,200 dinars for every hundred dollars.

” They added that “selling prices in exchange offices in the local markets in Baghdad stabilized at a selling price of 150,000 dinars, while the purchase price reached 148,000 dinars for every hundred dollars. As for Erbil, the stock exchange does not trade on official holidays, but the dollar recorded a slight increase there.”   LINK

MELANIE HINDS: " IRAQI DINAR RATES & DATES" CC NOTES, 3 SEPT

 Started off with the CBI sold 279 million in the auctions, the forex auctions.

Of course they're continuing to de dollarize.

There were iraqi pension authority confirms Shafak.

They began making payments to their pensioners and that is huge news.

How are they affording to do that?

There's a couple articles about that.

And then the CBI announces the outcome of the key us visit with Shafak news.

Guys, I broke that this morning.

All the details were in there.

But basically what happened is they had a great meeting and what they decided did was this.

CBI confirmed that the delegation held a series of intensive meetings in New York, including discussions with the US Treasury Department and the Federal Reserve.

The delegation also met with representatives from major companies like Visa, Mastercard and MoneyGram.

That's all about their digital banking system that I've been telling you about for a couple years now.

That is the answer to their security and stability.

The delegation also met with representatives from major companies as well as financial institutions such as Citibank, JP Morgan.

I've always said JP Morgan is going to be the number one that's handling all these centers and the ATM's and new banks in the REIT, that region.

And international auditing firms, including KPMG, Eny, K 21 I and Oliver Wyman.

I think they're putting out another request for proposal for.

After the raid is announced.

So that was a top level meeting.

Again, I read the entire article on this morning's and I did go through painstakingly detail and put the timestamps in this afternoon.

So if you want to go back and revisit just the timestamps and listen to the details, it's up already on the live stream.

They also said there was a misleading campaigns.

They're gonna go after anybody, any news agency.

That's misleading the people.

There is a part of this that is kind of going to be misleading about this happening or not happening.

They're not going to tell you when it is.

And then, let's see, teachers might strike over there.

There's some stuff I didn't really focus on that the Kurdistan oil production increases despite the pipeline.

I went through all the details.

He said once was no longer.

I went through and read most of those details.

I guess Saddam Hussein's palace that was in the Kurdistan regional area is.

They're going to make it into like a monument or something.

Now, this happened in the chat again.

You can go watch the live stream.

This was probably about 50 minutes in.

Check the time stamp to be sure, because I went through in painstaking detail.

And this was by the time I was out on the porch, I was split between.

I started in the morning in the house and out on the porch.

So I continued with intel.

When I got out here, this was after, towards the end.

So our contacts over there, secret agent Mann said, please tell Kat Kondo that in the future, Iraq will sell oil in dinar.

It has been said that it will sell for 26 dinars.

But that was over twelve years ago by Doctor Shabibi.

I expect it to be about 45 dinars a barrel.

If you want to do the numbers, do it and comment down below.

It's a good little test for you when.

And at that rate, after trading currencies, it could sell for about $90.

So a little math problem for you.

Back in the day, at 26 dinars, at 322 was the second set of books that everyone talked about.

You configure the rate for oil by this matrix, Sergeant Scott, if you want to talk about that, we'll talk about that live at five.

I don't have time to go into all those details.

They now, they say they will need 90 dinars per barrel divided by a base of 322.

As an example, you will get a speculative rate for the exchange.

So how about one of you geniuses out there go ahead and do that and put it down below so that we can all see it?

That would be a great contribution.

And then watch the sucker rates are coming.

The sucker rates are coming.

Have you ever read who moved my cheese?

You never go for the first rate, right?

NDA IN CURRENCY EXCHANGE

"ONLY A HANDFUL OF BANKS IN IRAQ WILL SURVIVE THIS AUDIT FOR THE SUCCESS OF THE MONETARY REFORM" BY FRANK26, 3 SEPT

 KTFA

FRANK26: "ONLY A HANDFUL OF BANKS IN IRAQ WILL SURVIVE THIS AUDIT FOR THE SUCCESS OF THE MONETARY REFORM"..............F26

Oliver Wyman Company and lifting sanctions on banks banned from the dollar 

9/1/2024

 

Ali Daadoush

   

 

---

The Central Bank of Iraq has contracted with Oliver Wyman, a global consulting firm that has the ability to “restructure companies to succeed in difficult times, build a new strategy in banking, and be a leader in risk, strategy, and human resources, helping clients navigate a dynamic environment across four global firms.”

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.  

Legally, the firm can help Iraqi banks understand international laws and sanctions applicable to them,  identify any legal risks associated with their activity, and then provide recommendations on how to improve banks’ compliance with international sanctions, and develop plans to mitigate risks. In addition, the firm will help Iraqi banks communicate with international government agencies to learn more about the sanctions imposed on them, or to request “exceptions or mitigations,” by providing training programs for employees in Iraqi banks to develop their skills in the field of sanctions compliance.

From the above, we conclude that Oliver Wyman can play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then submit a recommendation to the Treasury Department and the Federal Reserve that paves the way for lifting the sanctions.

LINK

MILITIAMAN CONFERENCE CALL NOTES, 3 SEPT

 MILITIAMAN CONFERENCE CALL

02/09/2024, 19:20:29

5:36

Hey, everyone, before I get started, I just want to remind you that if you like my content, hit that like button, subscribe to my channel and then join the militiaman and crew Patreon community by clicking the link in the caption.

Hey, good afternoon, everybody.

Militiaman and crew is here and we have the wonderful Wally who's finally made an appearance.

And I think he wants something.

I'm not sure if he wants me to keep talking or singing or dancing, but anyway, he wants me to let him go.

Yeah, now that Wally's probably going to be in the background, everybody just let him play.

There's a new article out that talks about the Al Rafidane implementation of the comprehensive banking system in 40 branches.

We saw this yesterday, but they wanted to make sure everybody was reminded about that today.

So Rafidane bank announced Saturday that the implementation of the comprehensive banking system in 40 branches.

And basically that's all it really estates is that they're just a friendly reminder that they're ready for Showtime.

The next article we were going to talk about, it says that for the first time, Iraq was chosen to chair the group of 77 in China at the United nations.

Interestingly enough, there's like 134 different countries, but there's the largest meeting ever for a group this large getting together, which is a total of about 77 countries.

And Iraq was chosen to chair the group for the first time.

So they take over the presidency of that for this particular year, I guess it says Iraq will provide all the elements for success for this presidency, which is the first for Iraq since the establishment of the group, as Iraq was one of the founding countries 60 years ago.

And they, you know, after 60 years they get a tap on the shoulder to have the presidency all at a time when they're about ready to go hit the international stage.

I think what better way to do it is to be involved with that many countries at once and possibly to celebrate their new sovereignty.

Let's see what they have to say.

It says at the end of the meeting, the resolution was unanimous.

So this meeting they just had.

It says at the end of the meeting, the resolution was unanimously adopted to support the Republic of Iraq to assume the presidency of the group of 77.

And China as the member states, offered congratulations to Iraq and expressed their readiness to support it in its tasks during this important presidency.

So they obviously have an interest in what Iraq's about ready to do and that is to go international.

As far as the tea leaves, I read will suggest anyway.

So let's see how far that goes.

That's coming up, I guess.

There is the, there's going to be supposedly again, distribution of iraqi retirees salaries tomorrow on Sunday.

Why do I bring this up again?

Because we've heard it time and time again.

Maybe there's going to be something different this coming Sunday, which is tomorrow.

A responsible source, so they don't tell you who, but they say at least the person's responsible, says on Saturday the distribution of retirees salaries throughout Iraq, except for the Kurdistan region will be tomorrow on Sunday.

And then the salaries of the civilian and military retirees for the month of September will be distributed tomorrow after the funding is completed by the concerned authorities.

So they're waiting for funding.

So that means funding is the final stage of clearing money to be spent.

I think I got that right.

So anyway, they're not getting until after it's funded.

And they will probably, I'm hoping they're not going to fund these salaries at 1310 to the dinar.

Hopefully we'll find out tomorrow if that's the case or nothing.

Tomorrow is the 1 September.

So let's see what happens.

I think it looks promising.

However, everybody is kind of on pins and needles these days because they're showcasing Iraq like in no other ways.

All these different big names that are involved in helping Iraq do the things that she's been doing and finishing is just truly amazing.

Some of the biggest names in the world that are working with Iraq, as you'll see.

So it says here, after the success of the recent negotiations in Washington, an expert identifies indicators of a decline in the demand of the dollar.

Financial economic researcher Ala Jaloub al Fahad confirmed today, which is Saturday, August 31, that the central bank succeeded in during the recent negotiations in Washington in diversifying the basket of commercial currencies, indicating that this will lead to a significant decrease in the demand for the dollar.

It says that this meeting with discussions the central bank of Iraq during the past hours sounds like it's today.

And the US Federal Reserve and US treasury which lasted for three days.

So they're saying, okay, they've given you the information today, but the time that they had spent lasted for three days.

It says 13 iraqi banks entered into direct foreign correspondence remittances correspondence remittances and diversified the currency basket.

So if you guys think about it.

Iraq's Big Move: US Gas Investment Talks!

"NONE OF THESE ACTIONS IN IRAQ BELONG TO A PROGRAM RATE" BY FRANK26, 3 SEPT

 KTFA

FRANK26: "NONE OF THESE ACTIONS IN IRAQ BELONG TO A PROGRAM RATE"............F26

Oil Minister: I expect gas reserves to increase to more than 200 trillion cubic feet

9/1/2024

 

 Baghdad
 

Oil Minister Hayan Abdul Ghani confirmed on Sunday that the gas reserves achieved in Iraq amount to 128 trillion cubic feet and it is expected that these quantities will increase to more than 200 trillion cubic feet through these areas spread in the western region, which, by investing in them, will achieve self-sufficiency in gas and perhaps Iraq will turn into a country exporting gas to the countries of the world.  

Abdul Ghani said in a televised interview followed by "Al-Eqtisad News" that the ministry took the initiative to drill an exploratory well in one of the promising areas, which is the Al-Anz area, and according to studies it contains a large gas reserve that produces less than 1,000 cubic meters of gas per day, indicating that there was a fifth supplementary and sixth licensing round that includes 29 oil fields and a gas exploration area located in western Iraq.

He added that the exploratory gas patch is spread in the western region of Iraq. This patch is approximately 8 to 9 patches that include large quantities of gas that are expected to be offered to specialized companies for investment.

 Abdul Ghani pointed out that we are about to go to the United States of America to present these exploration areas to specialized American companies with the aim of investing in these areas and sites.

LINK