Source: Al-Sudani directs financial reforms, halting capital increases for US-sanctioned banks, 27 SEPT

 Shafaq News/ Iraqi Prime Minister Mohammed Shia Al-Sudani issued directives related to financial and banking reforms, including a halt on capital increases for banks subject to US sanctions, a government source revealed on Thursday. 

The source told Shafaq News Agency, "Al-Sudani, before leaving for New York, held a series of meetings with banks and the Central Bank of Iraq (CBI), where the discussions detailed the CBI's plan to rehabilitate private banks through contracting with an international consulting firm."

The PM emphasized the importance of the development plan for private banks, to be implemented by Oliver Wyman company, ensuring clarity in terms of timelines, distribution of responsibilities, and the issuance of progress reports.

Al-Sudadi’s directives included accelerating the implementation of the Economic Ministerial Council recommendations to support Iraqi banks, notably by postponing capital increases for banks restricted from dollar transactions by the US Treasury.

The source also indicated that “Al-Sudani instructed the preparation of a study to activate the local card project and encouraged Iraqi ministries and institutions to increase their dealings with licensed Iraqi banks for various banking services and to open accounts with them.”

On Monday, Al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and several officials from the Treasury Department, where Adeyemo reaffirmed support for the CBI and PM's reform agenda aimed at improving the country's economic landscape. 

The PM emphasized that the government has made significant progress in financial and banking reforms, completing 95% of banking transfers through the electronic platform, with the remaining 5% to be finalized by the end of 2024.

">In turn, Adeyemo expressed readiness for cooperation and partnership to advance economic development.

Coffee with MarkZ and Mr. Cottrell. 09/27/2024

RV UPDATE BY RAYREN98, 27 SEPT

  RayRen98   

UH OH!! BANK SCREENS WENT BLANK TODAY ACCORDING TO SOME REPORTS...

WHAT COULD CAUSE THAT TO HAPPEN NOW, TODAY, AT THIS PHASE OF THE PROJECT?"  

 I'M BEING TOLD WHEN THE RATES RETURN TO THE SCREENS...IT'S COWABUNGA TIME (DEFINITION OF COWABUNGA TO EXPRESS THE LIGHT OR SATISFACTION).  

BANKS ARE EXPECTING TO BE " FULLY STAFFED" ON FRIDAY.....HMMMMMMMM WONDER WHAT'S UP?

NADER FROM MID EAST: Hurricanes passing by I have nothing to do besides this

Iraq opens doors to US oil partnerships, aiming for gas self-sufficiency by 2028, 27 SEPT

 Shafaq News/ On Thursday, Iraqi Prime Minister Mohammed Shia Al-Sudani expressed the country's readiness to partner with American companies in the oil industry.

This declaration was made during a dialogue session in New York, hosted by the American Chamber of Commerce and Al-Monitor, attended by investors, business leaders, representatives from American companies, and the Iraq-US Business Council.

During the session, Al-Sudani highlighted the government's initiation of several rapid projects, including a significant agreement with Total aimed at increasing oil production and utilizing associated gas at approximately 600 million standard cubic feet. He noted, “We have launched supplements for the fifth and sixth licensing rounds, which have resulted in contracts for oil production and gas investment.”

Al-Sudani projected that Iraq would achieve self-sufficiency in gas by 2028, alongside the activation of oil derivative projects, such as the strategic Karbala refinery, which has a production capacity of 140,000 barrels per day. He also mentioned the rehabilitation of the Baiji refinery, which was completely destroyed during the battles to liberate the area, stating, “This refinery has a production capacity of 150,000 barrels per day.” 

Furthermore, the Prime Minister announced, “We have ended petroleum derivatives imports and will stop importing gasoline at the beginning of next year after completing the FCC project in Basra.” He emphasized Iraq's vision to transform 40% of exported oil into downstream industries, which he believes will provide greater benefits than selling crude oil.

Turning to the banking sector, Al-Sudani remarked that development cannot be achieved without “a solid banking system” adhering to international standards. He noted that “95% of financial transfers in Iraqi trade are conducted through trusted banks.” He confirmed the currency sale window will close at the end of 2024 and highlighted that “the Anti-Money Laundering Office at the Central Bank is functioning effectively.”

Al-Sudani stated, “The government has contracted Ernst & Young to reform the state banking sector, boosting citizens' trust in banks and expanding financial inclusion.”

He affirmed the independence of the Central Bank, asserting, “It enjoys full independence and exercises its authority with complete professionalism,” and expressed plans to establish a new bank using the latest technologies.

Finally, Al-Sudani extended an invitation to all companies engaged in electronic payments to operate in Iraq, assuring them of all necessary facilitation. 

“We have developed a plan to improve infrastructure with allocations of up to $83 billion,” he concluded.

RV UPDATE: " THE CBI /IRAQ ARE NO LONGER UNDER THE UMBRELLA OF THE US TREASURY", BY WALKINGSTICK, 27 SEPT

  Walkingstick  

 They [Iraq/CBI] are no longer under the umbrella for the US Treasury nor are they under any sanctions.  

That's nice! 

--

Walkingstick 

  I strongly believe we need Alaq to finish what he's doing [In New York and Washington], come back...to Baghdad and bring the REER - Real Effective Exchange Rate to Iraq. 

 We believe this is the next step because of what Sudani told the Iraqi citizens. 

 IMO the commercials are the next thing that they're going to show them.  IMO the commercials are already produced...They will be released to the public. When Sudani said the monetary reform is coming to an end...that's a big hint...That's what we in intel call a big clue. 

Walkingstick 

 All the executive levels of the banks in Iraq are going to sit down with the governor of the CBI Alaq and receive instructions on the new currency next week.  

Walkingstick  

  They got stability and security. Sudani has been bragging about it...Lift the three zeros has to do with the value, then not with the value, back and forth, back and forth, it has to do with the value and then, no it doesn't have to do with the value.  The articles are contradicting. 

 They are lies.  They are misleading with a purpose.  

 Walkingstick  

Article: "Two conditions to achieve it .. Al-Sudani's advisor rules out removing 3 zeros from the currency"

  These articles, this misleading, is intentional right now...Contradicting statements are found throughout all of these statements, all of these articles...The 25 note has to become a 25k note? 

 There isn't even a 25 note...When did Iraq last have a 25 note?  Never.

--

 Walkingstick  

[Iraqi bank friend Aki update] 

Question:  You're asking us why we are not talking to you about these [lower note] commercials.  Can you tell us more about them? 

 AKI:  Yes, they are coming out.  This is the media campaign we told you about.  It's getting faster and faster and louder and louder.  

The purpose is to show the citizens the new lower notes and more information. 

 These commercials are coming out at any time now...Nothing is in the way to block this next step.  It is a massive media campaign.  

[[Iraqi bank friend Aki update]

New York is to remove the red tape that the United Nations is still holding on the banks of Iraq that are not participating in the monetary reform.  

These sanctioned banks may stay sanctioned or be shut down completely. 

 It really doesn't matter to the monetary reform process but this is something that is needed to be done.

https://dinarevaluation.blogspot.com/2024/08/lower-notes-yes-they-are-coming-out-by.html

Iraq's Central Bank Tightens Dollar Supervision!