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US Treasury praises Iraq's progress in monitoring transfers and selling dollars

 

   9/02/2024

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Proposal to cancel SWIFT and replace it with relations with the international banking network

US Treasury praises Iraq's progress in monitoring transfers and selling dollars

 

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 lead to enhancing the efficiency of the financial system in Iraq.” The statement stressed that “the meetings also addressed the 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

DINAR REVALUATON HIGHLIGHTS : " PAYMENTS ARE ROLLING OUT" , 7 SEPT

 Summary

Latest Iraq Dinar updates reveal potential currency revaluation, investment law changes, and discussions with the US Federal Reserve, coupled with a giveaway announcement.

Highlights

• 💰 Currency Payments: Reports suggest payments are rolling out, hinting at possible currency exchange soon.
• 📜 Investment Law Changes: Iraq’s parliament is discussing amendments to the Investment Law, crucial for economic growth.
• 🌍 WTO Compliance: Iraq’s currencies are now compliant with international standards for Forex trading.
• 🔄 Banking Discussions: The Central Bank’s talks with the US Federal Reserve yield positive results for Iraq’s banking market.
• 📈 Credit Rating: Iraq maintains a B-minus rating, signaling economic stability crucial for dinar revaluation.
• 🔍 Due Diligence: Readers are reminded to conduct their own research and consult financial advisors.

Key Insights

• 💵 Payment Rollout: Multiple sources indicate that payments for the currency have begun, which could signal an imminent opportunity for currency exchanges. This could lead to significant market movements in the coming days.
• 📈 Legislative Impact: The ongoing discussions on the Investment Law are essential for Iraq’s economic landscape, as adjustments requested by the WTO could pave the way for increased foreign investment.
• 🌐 Global Standards: Iraq’s alignment with international currency standards is a critical step for its financial future, enhancing confidence among investors and traders.
• 🤝 Central Bank Relations: The positive outcomes from discussions between Iraq’s Central Bank and the US Federal Reserve may stabilize the banking sector, fostering a more robust economic environment.
• 📊 Economic Stability: Iraq’s sustained credit rating reflects its economic resilience, suggesting that a favorable environment for currency revaluation is developing.
• ⚖️ Importance of Research: Emphasizing due diligence is crucial as it empowers readers to make informed financial decisions amidst evolving currency news.

DINAR REVALUATION HIGHLIGTS!!!, 7 SEPT

 

https://youtube.com/shorts/Xu9uIapcy9U?si=e3sA3vY_o6cwvrQ9

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DINAR REVALUATION REPORT: Unification of Financial and Accounting Systems between Erbil and Baghdad, 7 SEPT

 Unification of Financial and Accounting Systems between Erbil and Baghdad

The Kurdistan Regional Government (KRG) and the federal government of Iraq have recently taken a significant step towards unifying their financial and accounting procedures. 1 This move, approved by the Regional Council of Ministers, aims to harmonize the financial systems of Erbil and Baghdad while respecting the constitutional status and powers of the KRG. 1

Background of Financial Discrepancies

Since 2014, the KRG's budget was cut, leading to the development of separate financial systems between Erbil and Baghdad. 1 This situation complicated financial relations and posed challenges for the region's economic stability. The new phase aims to reorganize these relations, which is crucial for both governments. 1

Impact on Retirees

The unification of financial procedures has brought positive changes for retirees in the Kurdistan region. As of the month of the approval, retirees in the region receive pensions equal to those of Iraqi retirees.  1 This alignment of pensions has been welcomed by the KRG, which congratulated retirees on this development. 1

Commitment to Retirees

The Kurdish Prime Minister, Masrour Barzani, has expressed his government's commitment to supporting retirees, acknowledging their contribution to public service. 1 The alignment of pension amounts is a step towards addressing the needs of retirees and ensuring they receive the assistance they deserve. 1

Challenges in Relations

Despite the positive developments in financial unification, relations between Erbil and Baghdad have faced complications. The finance ministry of Iraq began paying the salaries of the KRG's civil servants in compliance with a recent court ruling.  3 However, the resignation of a Kurdish judge from the federal court has introduced further complexities. 3

The judge's resignation was in protest of the court's rulings, which he perceived as undermining the principles of the federal system and impacting the rights of the Kurdistan Region. 3 These developments highlight the ongoing challenges in the relationship between Erbil and Baghdad. 3

Conclusion

The unification of financial and accounting procedures between Erbil and Baghdad represents a significant effort to streamline financial relations and harmonize systems. While this move has positive implications for retirees and the region's financial stability, ongoing challenges in the relationship between the two governments remain a concern. The commitment of both the KRG and the federal government to addressing these challenges will be crucial for the success of the unification efforts.

The regional government approves the unification of financial and accounting system procedures between Erbil and Baghdad , 7 SEPT

 The regional government approves the unification of financial and accounting system procedures between Erbil and Baghdad

9/4/2024

The Kurdistan Regional Government approved, on Wednesday, the unification of procedures for financial and accounting systems between the regional government and the federal government, taking into consideration the constitutional specificities of the region and its powers stipulated in the Iraqi constitution.

A statement by the presidency of the regional government, received by Shafaq News Agency, stated that "the regional government held a meeting on Wednesday under the supervision of Prime Minister Masrour Barzani and in the presence of his deputy Qubad Talabani," indicating that "at the beginning of the meeting, Barzani referred in his speech to a number of points such as appointing lecturers on contracts and congratulated them on the occasion of the issuance of a decision to contract with them on internal revenues and hoped that this decision would gain the satisfaction of the lecturers and encourage them to serve the educational and educational process in the Kurdistan Region."

 The statement added that "the regional government congratulated the retirees in the Kurdistan Region on the occasion of unifying the salaries of retirees with their counterparts in the federal government and voting on this in the regional Council of Ministers and approving it," indicating that "at the level of the federal government as well, it was possible to reach an agreement and as of this month, the retirees of the region will receive their salaries that are equal to the salaries of retirees in the federal government."

He added, "Barzani reassures the retirees that he will always support their legitimate demands and that this tired part of the Kurdistan Region, which has sacrificed a large part of its life in public service, deserves all support and assistance."

The statement indicated that "Barzani, at the end of his speech, addressed the electoral campaign for the elections scheduled to begin this month, saying that the political parties are free within the internal regulations and instructions issued by the Independent High Electoral Commission on how to conduct electoral campaigns," adding that he asks them to "do so in a civilized manner and away from belittling and defaming others because everyone is a Kurd and a son of this country and must act responsibly."  

The statement noted that "in the first paragraph of the meeting, the Minister of Parliament Affairs of the Region, Fala Farid, and the Secretary of the Council of Ministers, Amanj Rahim, presented a draft of the Council of Ministers' decision to unify the procedures related to the financial and accounting system between the regional government and the federal government, taking into consideration the specificities of the authorities and constitutional rights of the region." 

The statement explained that "after the dialogues and exchange of views, the Council of Ministers unanimously decided to approve the draft as is in order to unify the procedures related to the financial and accounting systems between the regional government and the federal government, taking into consideration the constitutional specificities of the region and its powers stipulated in the Iraqi constitution." 

He pointed out that "it is clear that after 2014, the region's share of the budget was cut, and there was a complete disconnect with the federal government, which led to the adoption of two different financial and accounting systems by the finance ministries of the two governments. Therefore, in the current new phase between the two governments, it is an important step and will play a role in reorganizing the financial and accounting relations between them and resolving most of the observations of the joint team for financial oversight on revenues and expenditures and the staff of the regional government and unifying financial entitlements and salaries of employees throughout Iraq. This is in the interest of the region's employees and has begun with unifying the salaries of retirees."    

 The statement noted that "in the second paragraph, the Secretary of the Council of Ministers presented the results of the joint meeting between the technical delegation of the Ministry of Finance and Economy in the region and the Federal Ministry of Finance at the end of last week in Baghdad, as well as the results of the latest work of the joint team between the Financial Supervision Bureaus in the region and Baghdad. It was a summary of the recommendations, technical observations and serious steps taken by the ministries and institutions of the region that had previously taken the necessary measures regarding the recommendations and observations of the joint audit and review of revenues and expenditures and the delay in payment of salaries, in addition to the financial amount spent by the Federal Ministry of Finance on salaries for the months of July and August."

The statement added that "the Council of Ministers has instructed the ministries to continue coordination with the federal government and the joint financial oversight team from both sides, complete biometric registration, issue job numbers for all employees on salaries, and expedite the activation of the electronic payment system," stressing that "in return, the federal Ministry of Finance must send the salaries for July and August 2024 as soon as possible so that the Kurdistan Regional Government can pay the salaries for August as soon as possible, in a manner equivalent to employees who receive salaries in other parts of Iraq, if the region's employees are now entitled to the August salary." 

The Council of Ministers also discussed preparations for the special meeting of the Federal Ministerial Economic Council, which is scheduled to be held in Erbil these days, on the pending issues between the two ministries. The Council of Ministers warmly welcomed the meeting held in Erbil, while the Kurdistan Regional Government considers this meeting an important opportunity to meet the relevant ministers in both the Kurdistan Regional Government and the Federal Government closely to discuss the pending issues between the two sides seriously in all fields and sectors. 

The statement pointed out that "the Council of Ministers has assigned the Secretary of the Council of Ministers, the Head of the Coordination and Monitoring Office, and relevant authorities to make the necessary preparations in coordination with the Kurdistan Regional Government's representation in Baghdad and the Secretariat of the Federal Economic Council, and to direct the ministers to prepare their issues according to their characteristics and submit balanced proposals and recommendations that take into account the powers stipulated in the Iraqi Constitution in order to solve the issues radically and provide greater space for cooperation between the two governments and improve the living conditions of citizens throughout Iraq, including the Kurdistan Region."  LINK

"IRAQ SHOWS PROMISING DEVELOPMENTS FOR THE DINAR" BY PIMPY, 7 SEPT

Summary

 Iraq shows promising developments for the Dinar, including potential payments, legislative changes, and international compliance as insights emerge.

Highlights

• 💰 Payments reportedly starting for groups.
• 📜 Discussions on amending the Iraq Investment Law ongoing.
• 🌍 Iraq’s currencies compliant with international standards.
• 🔄 Central Bank and US Federal Reserve discussions yield positive results.
• 📈 Iraq maintains stable credit rating from S&P.
• 🚫 No plans to remove three zeros from currency.
• ⏳ Only 5% of banking reforms remain to be completed.

Key Insights

• 💵 The initiation of payments could signal an upcoming opportunity for currency exchange, indicating positive movement in the Dinar’s value.
• 📊 The amendments to the Investment Law are crucial for attracting foreign investment, supporting Iraq’s economic growth.
• 🌐 Compliance with international currency standards suggests Iraq is preparing for global market participation, enhancing investor confidence.
• 🔗 The collaboration between the Central Bank and the US Federal Reserve suggests strategic steps toward a more stable monetary policy in Iraq.
• 📉 The stable credit rating from S&P reflects Iraq’s financial resilience, potentially boosting confidence in the Dinar’s valuation.
• ❌ The decision not to remove zeros from the currency may maintain the current structure while allowing for potential exchange rate adjustments.
• 🔄 Completion of banking reforms is imminent, indicating that Iraq is on the verge of significant economic transformation.

Parliamentary Moves to Oust Central Bank Governor: What's Happening?

 

https://youtu.be/WN33Gct6d80

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