Wednesday, September 25, 2024
"THE WORLD PRAISES THE CBI BECAUSE THE WORLD UNDERSTANDS WHAT THE CBI TOLD THEM!!!" BY FRANK26, 25 SEPT
KTFA
FRANK26: "THE WORLD PRAISES THE CBI BECAUSE THE WORLD UNDERSTANDS WHAT THE CBI TOLD THEM!!!".........F26
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."
DINAR REVALUATION HIGHLIGHTS!, 25 SEPT
DINAR REVALUATION HIGHLIGHTS!
HERE ARE significant developments concerning the Iraqi Dinar and the potential for its revaluation (RV).
The focus is on ongoing high-level meetings scheduled through the 25th of September, which many believe could lead to crucial announcements regarding the currency.
Key Highlights:
- Reformation Process: Various financial reforms are being addressed to stabilize the dinar, including eliminating the parallel market and solidifying the bank’s role in establishing a realistic exchange rate.
- Deletion of Zeros: There's increasing speculation about the "deletion of zeros" from the dinar, similar to past actions taken by Kuwait. This process aims to modernize the currency and enhance its value.
- Intel Reports: Contributors share optimistic insights indicating that Iraq is making substantial progress toward reinstating the dinar's value while reducing reliance on the US dollar. There are ongoing discussions about the future currency structure and how existing large denominations will transition to smaller notes.
- Economic Diversification: The Prime Minister emphasizes support for investments that aim to diversify Iraq's economy beyond oil, further indicating proactive economic strategies.
- Regional Tensions: WE have concerns related to regional security issues, particularly regarding threats from Iranian-backed militias targeting Israel, which may impact Iraq's stability and economic initiatives.
For more Updates & Insights related the Revaluation of the Iraqi Dinar You can subscribe our channel for ongoing updates: https://www.youtube.com/@DINARREVALUATION
"THE MONETARY REFORM IS THE MAP PROJECT IN ORDER TO SUCCEED." BY FRANK26, 25 SEPT
KTFA
FRANK26: "THE MONETARY REFORM IS THE MAP PROJECT IN ORDER TO SUCCEED.".........F26
Central Bank of Iraq launches Financial Sustainability Map Project
September 23, 2024
The Central Bank of Iraq launched the Financial Sustainability Map Project and the Environmental, Social and Governance Guide for Banks in cooperation with the International Finance Corporation (IFC).
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, said on the sidelines of the launch ceremony: The Central Bank plays an important role in supporting the development, growth and financial stability of Iraqi banks, while ensuring that their environmental, social and governance performance is consistent with international standards.
The Governor stressed that the Central Bank is implementing this guide, which is unique in the Middle East region, praising the role of the International Finance Corporation and the Kingdom of the Netherlands in helping Iraq implement these programs.
In turn, Fawaz Al-Bilbeisi, Director of the International Finance Corporation in the Kingdom of Saudi Arabia, Iraq and Lebanon, said that this partnership represents a milestone in Iraq's strategic approach to sustainable financing, and demonstrates the IFC's commitment to partnering with the Central Bank and the banking sector in Iraq to strengthen the country's financial infrastructure and increase the competitiveness of its banks.
He noted that the Environmental, Social and Governance Regulation will help banks improve their performance.
The first session witnessed the strengthening of the Iraqi banking sector for a sustainable future and investment, which addressed the bank’s journey to prepare a roadmap for financial sustainability, while the second session witnessed the possibility of managing environmental and social risks as a focus for change in the Iraqi banking sector.
Media Office
September 23, 2024
RV UPDATE BY JEFF, 25 SEPT
Jeff
We had five of these articles talking about deleting the zeros...and then one today, so six total within 3 days. Very amazing ...
Removing zeros is getting rid of the large 3-zero notes and replacing them with smaller size currency notes but at an increased value. So when the rate changes the large notes have the same purchase power before the rate change as the smaller notes after the rate changes. They would have to increase the value for the currency, strengthen it, to delete the zeros...
This news is looking really good.