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DINAR REVALUATION REPORT: International Acclaim for the Central Bank of Iraq: A Model for Strategic Development in Banking, 24 SEPT

 International Acclaim for the Central Bank of Iraq: A Model for Strategic Development in Banking

The Central Bank of Iraq (CBI) has received international praise for its efforts in developing strategies that serve the growth and development of the banking sector. 1 In a significant collaborative move, the International Finance Corporation (IFC), a member of the World Bank Group, and the CBI signed an agreement to enhance sustainable financing in Iraq. This partnership aims to develop environmental and social risk management guidelines for the banking sector and launch a seven-year Sustainable Finance Roadmap and Environmental, Social, and Governance (ESG) Code. 1

Strategic Partnership for Sustainable Finance

The Sustainable Finance Roadmap, which spans 2023 to 2029, outlines the CBI's strategic plan to improve the performance of Iraqi banks in environmental and social risk management, encourage the availability of sustainable banking products, and enhance the competitiveness of the banking sector. The ESG Code sets standards for Iraqi banks to incorporate into their business strategies and investment decisions, addressing ESG risks across the sector. 1

Model for Global Banking Strategies

The CBI is recognized as a model for developing strategies to support the banking sector's development. 2 Fawaz Al-Balbisi, the Regional Director for Saudi Arabia, Lebanon, and Iraq at the IFC, highlighted Iraq's comprehensive approach to governance and environmental and social accountability, positioning the CBI as a leader in the strategic enhancement of the banking sector. 2

Facilitating Private Sector Growth

The CBI has also launched a National Strategy for lending to the private sector, aiming to promote growth by facilitating access to bank credit for small, medium, and large enterprises. 3 The strategy addresses the gap between the private sector's demand for financing and the supply from financial institutions, targeting the real economy with increased financial support and facilities. 3

Challenges and Opportunities

Despite these strides, Iraq faces challenges in enhancing export capacity, diversifying the economy, and modernizing its financial and banking sectors. 4Corruption and the lack of basic services remain widespread in the country. 4

International Praise for the Central Bank of Iraq: A Model for Developing Strategies that Serve the Development of the Banking Sector , 24 SEPT

  International Praise for the Central Bank of Iraq: A Model for Developing Strategies that Serve the Development of the Banking Sector 

9/23/2024  Baghdad

The Regional Director for the Kingdom of Saudi Arabia, Lebanon and Iraq at the International Finance Corporation (IFC), Fawaz Al-Balbeisi, confirmed today, Monday, that Iraq is one of the first countries to adopt a comprehensive approach to governance and environmental and social accountability, noting that the Central Bank of Iraq is a model for developing strategies that serve the development of the banking sector. 

Al-Balbeisi said in a speech during the launch ceremony of the Financial Sustainability Map Project and the Environmental, Social and Corporate Governance Guide for Banks, that “Iraq has provided humanity with justice and law, and it is not surprising that it is one of the first countries to adopt a comprehensive approach to environmental and social governance and accountability,” indicating that “this new achievement comes as a result of the strategic partnership between the International Finance Corporation and the Central Bank of Iraq in cooperation with the Kingdom of the Netherlands and our joint efforts to develop an advanced Iraqi banking sector that contributes to Iraq’s sustainable future.”

He added that “the achievements that we celebrate today are a very important step for the Iraqi banking sector towards establishing sound practices of environmental, social and corporate governance standards that are consistent with international standards and rules, where they are not just a reference framework for celebration, but rather a systematic approach achieved by the banking sector,” noting that “environmental and governance standards have changed the environment and governance of the institution, and are a standard for professional excellence and have become a basic requirement for managing and reducing risks and thus financial sustainability and business prosperity.”

He continued: "Today, this event gains great importance in light of Iraq's confrontation with the challenges led by climate change, which requires approximately $233 billion until 2040 to respond to the development gaps necessary to move towards sustainable economic paths."

He continued, "Environmental, social and corporate governance responsibility is not only a statement of transparency, accountability and fairness, but also essential components of responsible investment strategies committed to sustainable practices and ethical standards in all financing and investment decisions. The Iraqi banking sector represents the provision of the necessary financing to meet its nationally defined goals in Iraq, and all of this highlights the importance of the role of the Central Bank, led by Ali Al-Alaq, in achieving this goal."

He pointed out that "with the development of the banking, financial and operational sector's capabilities over the past years, this achievement is complementary to other initiatives led by the Central Bank, the latest of which was the launch of the national strategy last May."

He pointed out that "the Central Bank is a model in developing strategies that serve the development of the banking sector in a way that reflects positively on the external view of the banking system and makes it a tributary that enhances sustainable development in Iraq," expressing his "thanks to the government of the Kingdom of the Netherlands for their support in reaching this achievement and to the Central Bank team and the International Finance Corporation whose tireless work enabled us to reach this achievement."  LINK

LATEST FROM MARKZ, 24 SEPT

 MarkZ  

 [via PDK]   In Iraq: Pay attention to this one. “Al Alaq –We are constantly reviewing the deletion of dinar zeros and there are no restrictions on the balances in America” 

 That part “No restrictions” is telling us that Iraq is in charge of its own money. In this article when you do a deep dive in it -

 they are doing exactly what they did in Kuwait with the terminology and phrasing and telling us it’s time to remove those zeros.

 In Kuwait they greatly increased the value…they had to turn them in for lower denomination notes or deposit them in banks….

 Question:  So we have to exchange our 25k notes for lower denoms before we exchange?  

MarkZ:   No…That is how it worked in Kuwait.

The chatter is good and the news out of Iraq is steller. Lots of meeting going on between now and the 25th. I very much believe that the month of September is still very much in play.

CBI ANNOUNCED THE IQD RV!!!! @DINARREVALUATION

Prime Minister meets Kenyan President in New York, 24 SEPT

 Prime Minister meets Kenyan President in New York

9/22/2024  Baghdad

Prime Minister Mohammed Shia Al-Sudani stressed the need to enhance mutual diplomatic representation between Iraq and Kenya.

The Prime Minister's media office stated in a statement received by Mawazine News that "Prime Minister Mohammed Shia Al-Sudani received at his residence in New York, today, Sunday, the President of the Republic of Kenya, William Ruto, on the sidelines of his participation in the 79th session of the United Nations General Assembly.

 During the meeting, they discussed bilateral relations between the two countries, supporting their frameworks in many fields, ways to consolidate joint cooperation, and everything that would enhance the interests of their peoples. The two sides also discussed the file of Kenyan workers in Iraq."

The Prime Minister referred to "the foundations of the relationship between Iraq and Kenya, which date back decades," stressing "the need to enhance mutual diplomatic representation and develop the level of fruitful economic partnership."

For his part, the Kenyan President praised "Iraq's pivotal role in the region and its efforts to enhance security and stability in it. He also expressed his country's desire to build the best relations between the two friendly countries in the economic and trade fields."

At the end of the meeting, the two sides exchanged official invitations to visit both countries, in order to develop bilateral relations at various levels and fields.  LINK

LATEST FROM NADER FROM MID EAST, 24 SEPT

 Nader From The Mid East  

[Follow up to Nader's 3 weeks to exchange large notes to small notes post from 9-22-2024 below] 

The only problem we all have here in America, Canada, Australia, England or wherever, you have to find a way to exchange that big bills to smaller bills.  I'm talking about Iraq dinars, you change the 25,000 to 500s.  This how is going to be.  They're going to have the 1s, 5s, 10s, 25s, 100s, 250s and 500s.  That's what they going to have...If you have 25,000 [note] it's going to be 25,000 dinar.

RV UPDATE BY NADER FROM MID EAST: " THEY'RE GOING TO REMOVE THE 3 ZEROS SOON", 23 SEPT

Nader  From The Mid East  

 They're going to remove the 3 zeros soon... In 1990 Kuwait did the same thing...If you go back in that time and you find the article, you can read it, it's the same article come out, the big bills are going to be the same than the small bills...25,000 dinars they're going to count like 25.  

What they did was the opposite, the whole opposite, the 25,000 become 25,000.  They stayed 25,000.  

When you go change your money [Iraqi dinars] this is what's going to having...You'll have three weeks to find a way to exchange your money to small category dinar.  Once you change your money to small categories you guys safe.  That's how it's going to work..

https://dinarevaluation.blogspot.com/2024/09/rv-update-by-nader-from-mid-east-theyre.html