Iraq's Banking Revolution: A New Era Begins!

Specialists: Governance And Transparency Are “Important Axes” For Activating Banking Performance, 7 SEPT

 Specialists: Governance And Transparency Are “Important Axes” For Activating Banking Performance

 
Economical 09/04/2024  Baghdad: Hussein Thaghab   Economic specialists believe that governance and transparency are important axes for activating banking performance in the country. Islamic banking expert Sadiq Al-Shammari said on the sidelines of a session of the General Council of Islamic Banks and Institutions, attended by Al-Sabah:
 
The importance of governance as a modern means aims to preserve the financial system.

We stop at governance in Islamic banks, its importance, its mechanisms, and the guiding principles issued by the General Council of Banks and Financial Institutions.  Al-Shammari added to “Al-Sabah” that

“the financial technology revolution and
 
the great development in digital transformation, such as the
     spread of electronic payments,
     artificial intelligence, and
     data analysis,
 
have contributed to facilitating the provision of financial services directly by financial technology institutions,”
 
noting the importance of “banks working to adapt themselves.” With the rapid digital changes, changing work methodology, and creating flexible solutions to serve its customers more effectively.”
 
He called for "adopting a number of initiatives and activities that contribute to the growth and development of Islamic banks and financial institutions, for example the growing interest in cybersecurity and major risks."
 
He pointed to the necessity of issuing the Islamic Economic Encyclopedia, which includes all the Sharia provisions that Islamic banks need to be a reference for fatwa and Sharia oversight bodies in strengthening governance in Islamic banks, as well as conducting more studies and research on governance, especially in the Islamic sector, to deepen its understanding and importance, especially with regard to The role of members of Sharia supervisory boards in enhancing governance in Islamic banks.
 
He stated that the importance of governance is clear from its objectives, which are to
 
     achieve transparency and
     justice and
     grant the right to hold the managements of banks and financial institutions accountable, thus
     achieving protection for all shareholders and shareholders,
     taking into account the interests of business and workers, and
     limiting the exploitation of power for purposes other than the public interest, leading to the
     development of investments and savings,
     maximizing shareholders’ profits, and
     achieving Sustainable development for the development of society, and
 
the presence of an effective system capable of providing trust and combating corruption in Islamic financial institutions, including Islamic banks, will bring them greater success and support the expansion of their operational operations, although
 
this requires supporting what the departments related to governance within financial institutions do.

In turn, Islamic banking expert Mohamed El-Beltagy pointed out the importance of adhering to Sharia controls, the nature of the relationship with depositors, and
 
the multiple financing formulas that are part of the focus of Islamic banking and have become the focus of attention of a wide segment of the world’s societies, leading to the application of the rule of sharing in profits and losses and correcting the money document.
 
Al-Beltagy warned that governance and transparency are important axes in solidifying the performance of the banking system of any country, enhances the development of work joints, and leads to achieving goals according to what was planned.    https://alsabaah.iq/102145-.html   

MILITIAMAN CC HIGHLIGHTS NOTES, 7 SEPT

Highlights

• 🌍 Iraq is focusing on improving its currency payment system and exploring digital solutions.
• 💰 Removing zeros from the currency is linked to enhancing economic stability, not just value.
• 🔍 Central Bank of Iraq collaborates with international firms for compliance and audits.
• 📈 Political and economic stability are crucial for the success of Iraq’s currency reform efforts.
• 🏛️ Iraq is attracting foreign investments, showcasing its improved diplomatic relations.
• 🚀 The upcoming years are pivotal for Iraq as it seeks to enhance its market and currency value.
• 🏖️ Tourism is becoming a significant revenue stream, with Iraq promoting its historical sites.

Key Insights

• 🔗 Digital Transformation: Iraq’s shift towards electronic and digital payment systems indicates a modernization effort that can improve financial efficiency. This aligns with global trends where countries are embracing technology in banking. 🌐
• ⚖️ Economic Stability: The removal of zeros from the currency is not merely about increasing value but is essential for simplifying financial transactions and enhancing economic reporting. This reflects a deeper understanding of modern economic management. 📊
• 🔒 International Compliance: The Central Bank’s agreement with Ernst & Young for audits emphasizes Iraq’s commitment to transparency and international banking standards, which is vital for rebuilding trust with foreign investors. 🔍
• 🌱 Investment Climate: Iraq’s diplomatic efforts to attract foreign investments are crucial for economic recovery and growth, particularly in the wake of political stability. This could lead to an influx of capital and development projects. 💼
• 🏛️ Cultural Tourism: Iraq’s rich history and sites are becoming increasingly attractive to tourists, which can diversify its economy away from oil dependency and create new revenue streams. This shift could be instrumental in fostering economic resilience. 🏰
• 📅 Future Prospects: The next few years are critical for Iraq’s economic transformation, as it aligns its policies with international standards and seeks to elevate its currency’s status on the global stage. ⏳
• ⚠️ Counterfeit Risks: The focus on counterfeiting during currency reforms underscores the importance of maintaining integrity in the financial system, as any lapses could undermine public confidence and hinder economic progress. 🚫

🚨 Breaking News: U.S. Greenlights Iraq's International Status! 💵

DINAR REVALUATION REPORT: Iraqi Central Bank and US Federal Reserve Discussions Achieve Advanced Results, 7 SEPT

Iraqi Central Bank and US Federal Reserve Discussions Achieve Advanced Results

Discussions between the Central Bank of Iraq (CBI) and the US Federal Reserve have reached advanced stages, marking a significant milestone in bilateral financial relations. 4 The CBI recently announced the outcomes of a high-level delegation visit to the United States, led by Governor Ali Mohsen Al-Alaq, from August 26 to 29, 2024. 1 The delegation engaged in extensive meetings in New York with key US financial institutions, including the US Treasury, the Federal Reserve, and major players such as Visa, Mastercard, MoneyGram, Citi Bank, JP Morgan, and international auditing firms like KPMG, Ernst & Young, K2i, and Oliver Wyman.

Advancements in Foreign Transfer Monitoring and Cash Sales of US Dollars

The meetings highlighted the CBI's significant progress in monitoring foreign transfers and cash sales of US dollars, aligning its systems and policies with international standards. These efforts have bolstered transparency in foreign trade financing and strengthened defenses against money laundering, terrorism financing, and other financial crimes. 1

Transition to Direct Banking Relationships

Among the notable outcomes was the CBI's announcement of plans to shift from the current electronic platform for foreign transfers to direct banking relationships between Iraqi banks and international correspondent banks by the end of 2024. 1 This move, developed in consultation with global partners, aims to enhance the stability, transparency, and efficiency of Iraq's foreign trade financing, contributing to a more stable exchange rate and a stronger financial system.

Expanding Correspondent Banking Network

Discussions in New York also focused on expanding Iraq's network of correspondent banks and preparing Iraqi banks to meet the requirements for opening accounts with international banks, facilitating transactions in both US dollars and other foreign currencies. 1

Regulated Dollar Transactions Rising

In a related development, Iraq has significantly increased overseas dollar transactions through the official global SWIFT system, as part of reforms to combat money laundering and ensure compliance with international sanctions. 5The Central Bank's Deputy Governor Ammar Khalaf reported that transactions through the Central Bank electronic platform have considerably increased, reaching around $200 million per day, consistent with Iraq's economic size. 5

Conclusion

The advanced results of the discussions between the CBI and the US Federal Reserve underscore Iraq's commitment to financial reforms and international cooperation. These developments are anticipated to contribute to a more robust and transparent financial system, improving Iraq's economic stability and international trade.

Government Advisor: The Discussions Between The Iraqi Central Bank And The US Federal Reserve Achieved Advanced Results, 7 SEPT

 Government Advisor: The Discussions Between The Iraqi Central Bank And The US Federal Reserve Achieved Advanced Results

 
Economy   4-09-2024  Baghdad - INA - Amna Al-Salami   Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Wednesday, that the 

renewed understanding with the US Federal Reserve will allow the monetary authority to restore an internal banking market, while he indicated that the
 
results of the discussions between the Central Bank and the Federal Reserve are good and consistent with business rules, and pointed out that
 
it will allow the implementation of a precise path between... Iraqi and international banks.  Saleh said to the Iraqi News Agency (INA):

“We notice from the statement of the Central Bank of Iraq that there is optimism about the results of his delegation’s discussions with the Federal Reserve in the United States of America in particular and consultations with the parties of the main banking system in the United States, specifically (the large international banks concerned with banking operations). international cross-market ), and that
 
an advanced model of understandings has been achieved at this stage.”  He added,
 
"This came to document the path of steps and banking mechanisms adopted in external transfer, especially related to
 
     financing foreign trade for the benefit of the Iraqi market, and to
     ensure a degree of streamlines and high flexibility in the scope of external transfer operations and
 
through the active role that will be played by global correspondent banking entities that have high standards in terms of strong compliance." Disclosure and Governance.  He added,
 
"Such correspondent banking entities  around the world will undoubtedly be a counterpart to the 13 private commercial banks referred to in the statement of discussions issued by the Central Bank of Iraq, which dealt with the results of the discussions between the monetary authorities of both Iraq and the United States of America."  He stressed,
 
"This matter will allow the implementation of a clear and precise path in accelerating payments and settlements between Iraqi banks and global correspondent banks, as well as the final beneficiary in the trade financing cycle in the international trade and exchange areas that Iraq deals with by paying in different reserve currencies," noting that
 
"In addition to the dollar as a payment and settlement currency, other global currencies such as the euro, the British pound, and the Chinese yuan will take over the task, as well as important stable currencies such as the Emirati dirham and the Indian rupee, and the
 
basis of this coordination with the monetary authorities in the United States comes from the source of the country’s basic reserves  before going. To diversify into other international currencies is the United States dollar itself, verified from oil receipts deposited in the petrodollar currency at the Federal Reserve Bank.”  

He stated,   “Based on the above, such a renewed understanding, in accordance with the road map, will provide the monetary authority in our country with a clearly defined and highly flexible plan to rebuild the internal banking market and on solid reform foundations that are consistent with the standard work rules adopted in international banking, especially in the issue of Building external banking relationships and safely moving funds across the global financial and banking systems.”
 
https://www.ina.iq/216201--.html   

LATEST FROM MARKZ, 7 SEPT

MARKZ

MZ: Actually some lovely news came overnight last night….Will give you a warm and fuzzy feeling

 MZ: Some Nesara contacts that I have not heard from in quite awhile have suddenly come alive….Not just my contacts…but others as well……and they are suddenly very excited……they say Nesara could happen as early as mid month……They believe this is it!!!

MZ: Crossing my fingers and hopin it is accurate. But hearing a lot of chatter that makes me feel good.

MZ: Redemption contacts do not think they have to work this weekend though. They are still a little salty about being on call last weekend and them messing with vacations ect…..

MZ: Iraq was quiet overnight…but there was lots of news over the last 2 days.

Member: What happens if Nesara goes first?

MZ: This is my opinion……I have been told that the first thing to happen with Nesara is a formal cancellation of fractionalized institutional debt. Then I expect it will go on from there with the rest.

Member: Will they release the RV on weekends or week days?

MZ: I am told its easier to release it on a weekend- Saturday night to Sunday morning …but anytime is fair game.

Member: What is your gut feeling for RV Mark?

MZ: You guys will give me hell whether it’s right or wrong….nobody knows the timing…….but my gut feeling is between the 11th and 15th……just a guess……

MZ: They will not tell you where to go ahead of time for security reasons. They want to keep it as private as they can. But I was told 90% of Americans will have an exchange location within 50 miles of their house….If you are in remote rural areas ….you may have further to go…..not sure about other countries.

MZ: They are the same things…..The redeeming banks/redemption centers…are bank locations with trained staff and equipment to handle our exchanges.