FRANK26: "SUDANI BRAGS ABOUT HIS NEW MONETARY REFORM!!!"......F26
Prime Minister: The government has made great strides in the financial and banking reform file
9/24/2024
Baghdad
Prime Minister Mohammed Shia al-Sudani confirmed today, Tuesday, that the government has made great strides in the financial and banking reform file.
The Prime Minister's Media Office stated in a statement received by "Al-Eqtisad News" that "Prime Minister Mohammed Shia Al-Sudani received the US Deputy Secretary of the Treasury, Wally Adeyemo, and a number of officials in the Ministry of Treasury." He added that "the meeting discussed bilateral economic relations between the two countries in various vital sectors, reviewed the government's efforts and plans for economic and financial reform, the move towards diversifying sources of Iraqi output, enhancing development targets, and practical measures implemented in the field of combating money laundering."
The Prime Minister stressed that "the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform," noting that "less than 5% remains to be completed by the end of this year, after which the transition to the correspondent banking system will take place, in accordance with the government's approach and commitment to raising the capabilities of Iraqi banks, in line with international standards and meeting the needs of the thriving investment environment in Iraq."
For his part, Adeyemo praised "the progress that Iraq is witnessing in the field of economic and banking reforms that were achieved in record time, and the state of economic growth that reached a total of about 6%, which enhances the government's efforts in development, expressing readiness to cooperate and work within a bilateral partnership that serves the interests of economic development."
Article: "The government forms a higher committee to adapt Iraq banks to International financial requirements" What does that mean? It means the Iraq dinar is going to float internationally in international markets.
But it's at a program rate?
No it's not.
But it has sanctions on the country?
No it doesn't. Wells Fargo says it's on the OFAC list,
that it's on the 'bad currency' list?
No it's not...That going international requires a new exchange rate. Yes it does.
FRANK26: "THE KEY TO THE MONETARY REFORM IS SECURITY & STABILITY FROM THE CBI AUCTIONS & IRAN!!!"...........F26
Iraq presents to US Treasury date for abandoning currency auction
9/24/2024
Economy
The Prime Minister informed Mohammed Shia Al-Sudani, US Treasury Department, keeps only 5% of remittances Foreign It is not done through the electronic platform, and it will be completed by the end of this year, then the transition to correspondent banks.
He said The office Al-Sudani's media, in a statement received by Sumaria News, said that Al-Sudani received, yesterday evening, Monday (Baghdad time), the US Deputy Secretary of the Treasury, Wally Adeyemo, and a number of officials in the Treasury Department. The meeting witnessed a discussion of bilateral economic relations between the two countries in various vital sectors, a review of the government's efforts and plans for economic and financial reform, the move towards diversifying the sources of Iraqi output, enhancing development targets, and practical measures applied in the field of combating money laundering.
Al-Sudani stressed that "the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform, and less than 5% remains to be completed by the end of this year, after which the transition to the correspondent banking system will take place, in accordance with the government's approach and its commitment to raising the capabilities of Iraqi banks, in line with the standards."Global It meets the needs of the thriving investment environment in Iraq For his part, Adeyemo praised the “progress being witnessed by Iraq In the field of economic and banking reforms that were achieved in record time, and the state of economic growth that reached a total of about 6%, which enhances the government's efforts in development, expressing readiness to cooperate and work within a bilateral partnership that serves the interests of economic development," according to the statement.
Member Question: ...VND, IYO, will IT be higher than $.47?
MARKZ: Most rumors put the rate somewhere around $2.25 to $3 or so…. But we don’t know that answer for certain.
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“Iraq Plans Currency Redenomination amid economic challenges” they are talking openly about redenomination…deleting the zeros or make them unnecessary and remove them…and we are seeing this over and over again. Kuwait used the exact same language..
Question: Can you talk about the rate changes bankers were seeing...?
MarkZ: Most of what my bankers saw... they think is a little low. Could be a place holder rate or a test rate or in-country rate…but they are once again starting to see rates that are close to what we expect.
Shafaq News/ The international coalition officially announced on Friday the end of its mission in Iraq within 12 months, in a joint statement with Iraq, indicating that the announcement of the timetable for the end of the military mission of the international coalition after the defeat of ISIS in Iraq.
This official announcement comes as a confirmation of what was published by Shafaq News Agency last Saturday, where a senior Iraqi officer revealed that the international coalition forces had begun special procedures in preparation for withdrawing from the capital, Baghdad.
The senior officer explained to Shafaq News Agency that these measures include sites in the Green Zone and joint operations, within a context that is expected to actually end in the middle of next year, with the move to an alternative site in the Kurdistan Region according to initial information.
The officer indicated that the actual evacuation will take place in the middle of next year 2025 or shortly before, and it is scheduled to take place from the Green Zone and joint operations sites.
In a statement by the governments of the United States and Iraq, seen by Shafaq News Agency, it said: “Iraq and the United States of America are linked by a strategic relationship, and as a result of consultations and discussions with the leadership of the international coalition to defeat ISIS and friendly member states, and intensive discussions within the US-Iraq Supreme Military Committee, which worked diligently and professionally in intensive meetings over the past nine months.”
He continued: “After studying and evaluating the military and security situation in Iraq and the region, it announces the conclusion of the coalition’s military mission in Iraq over the next twelve months, and no later than the end of September 2025, and the transition to bilateral security partnerships in a way that supports Iraqi forces and maintains pressure on ISIS.”
The statement pointed out that “Iraq is a key member of the coalition, and to prevent the return of the terrorist organization ISIS from northeastern Syria, and in accordance with field conditions and consultations between Iraq, the United States, and coalition members, the coalition’s military mission operating in Syria from a specific platform in the Supreme Military Committee will continue until September 2026.”
He explained that “the Supreme Military Authority is committed to formulating the necessary procedures to achieve what is mentioned in the above paragraphs, and the timing and mechanisms for implementing them, including procedures to ensure the physical protection of coalition advisors present in Iraq during the crisis period, in accordance with the Iraqi constitution and laws.
Practical steps have begun to implement these obligations.”
He pointed out that “Iraq thanks the coalition for the support and assistance it provided to the Iraqi security forces to confront this common threat and secure the defeat of ISIS on the ground in Iraq. At the forefront of these countries was the United States of America, which stood with Iraq in difficult circumstances. The coalition appreciates the role of Iraq and the great sacrifices made by all Iraqi security forces in fighting this terrorist organization that posed a threat to the entire world, and stresses the need to continue all efforts to ensure that the threat from this terrorist organization does not return in any form.”
“We look forward to strengthening relations between Iraq and the United States, as both countries seek to enhance security assistance and cooperation based on mutual respect, consistent with the U.S.-Iraq Strategic Framework Agreement and the Iraqi Constitution, and to advance an enduring bilateral partnership consistent with the U.S.-Iraq Joint Statement issued during Prime Minister Mohammed Shia al-Sudani’s visit to Washington, D.C., on April 15-16, 2024, and the U.S.-Iraq Joint Statement following the Second Iraq-Israel Joint Security Cooperation Dialogue held in Washington, D.C., on July 22-23, 2024,” he continued.
He explained that “this historic shift marks a decade since the formation of the coalition military mission in Iraq, and Iraq continues to work with the United States and other members of the coalition to establish bilateral security relationships where appropriate.”
He concluded by saying: “In the context of enhancing the safe and orderly conclusion of the international coalition’s military mission, the Government of Iraq affirms its commitment, in line with its international obligations, to protect international advisers present in Iraq at the invitation of the Iraqi government.”
