Al-Himas expects the lifting of “sanctions” on Iraqi banks: No violations have been proven, 30 SEPT

 Economy News – Baghdad

The Chairman of the Securities Authority, Faisal Al-Haims, confirmed that foreign auditing companies have not proven any violations on the penalizing Iraqi banks, expecting the lifting of US sanctions, especially after the Prime Minister’s recent visit to New York,

Al-Hims said, in a televised interview, seen by “Economy News”, that “the Iraqi market needs a banking sector with international compliance standards to (live),” stressing that “the authority aims to raise the number of traders in shares by 500%.”

He continued: “We were recently granted the authority to open new branches of the Iraq Stock Exchange, and we agreed to open two new branches in the governorates of Erbil and Sulaymaniyah. We are open and seek to expand the market spread base and we will agree to any request to open a new branch if the legal conditions are met.”

The Chairman of the Securities Authority stressed: “We are working on promotional campaigns to introduce the function and benefits of investing in the Iraq Stock Exchange, and the investment sectors in it as well, although the current efforts need greater momentum, but we seek to develop an effective strategy to raise the number of investors in the Iraqi Stock Exchange to 5 times its current number of more than 40,000 investors, during the next two years.”

He pointed out that “foreign audit companies have not proven any violations against the punishing Iraqi banks, and this is enough to lift the federal sanctions, and we hope that the Prime Minister’s visit to the United States will contribute in this direction.”

He pointed out that “the Iraqi economy depends completely on the financial revenue of oil, and on imports in meeting local need, and it emphasizes the difficulty of living without an effective banking sector, and therefore there is no choice but to create a real banking movement that applies international compliance standards.”

He pointed out that “there is a credit problem in private banks, customers prefer government banks, despite the large difference in the quality and volume of services provided in terms of deposit and borrowing, yet the government banking sector seizes more than 70% of customers.”

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Added 2024/09/30 – 10:19 AM

https://economy-news.net/content.php?id=48162

EXPECTING SOME REALLY POSITIVE NEWS!! BY TEXAS SNAKE, 30 SEPT

TEXAS SNAKE

Expecting some really positive news about certain countries who have already revalued their currencies in the morning, this from multiple sources, We are almost there folks.

SEPT 02

More positive news from in country tonight continuing to suggest we remain on alert for announcing new rates

SEPT 04

Am waiting on additional confirmation similar to what MarkZ reported on his broadcast earlier tonight, very positive for us.  Will share ASAP once received.

DINARLAND UPDATE : IRAQ BOOTS ON THE GROUND REPORT BY FIREFLY @DINARREVA...

RV UPDATE BY FNU LNU, 30 SEPT

 Fnu Lnu 

 I would like to assure the Dinar investor community of a couple of things. There comes a time when common sense and logic must prevail. 

 There will be NO travel necessary to exchange your Dinar for American dollars (USD). You will not have to go to Jordan, Egypt, or Syria. There will be NO $0.10 revaluation. 

It was already at the rate of $3.22 to 1 Dinar when the only resource was oil. Dr. Shabibi, the preeminent expert, stated publicly, that Iraq could sustain an $16 to 1 Dinar rate but let's not get greedy. $4.80 is just about right. 

Stay tuned because I will have a mind bender coming for you next time and it will really make you think.

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Fnu Lnu

   Exchange Centers are off premises bank facilities to prevent excess traffic at bank branches. It is illegal to have different rates at different places. Remember the Law of One Price.

Fnu Lnu 

 I do not buy this "Education Program" nor do I buy the "Adjusting of the Parallel Market". The education is taking too long to be effective and it isn't government's job to adjust black markets. These are stall tactics while they placate the masses.  But why?...

  When you drag out the "Education" as long as the GOI and CBI has been doing, nothing sticks. If it is not in practice, then it is just words from the mouths of bureaucrats. Iraq has had more than enough of that and they do not pay attention.

 They will become educated when it means something to them, like the cost of goods and services, and buying power, and velocity of money. This is all obfuscation and I don't believe a word of it. Logic tells me they are stalling the people.

The $64,000.00 dollar question is why? What's the real plan?

https://dinarevaluation.blogspot.com/2024/09/latest-from-fnu-lnu-19-sept.html

NATO continues.. Blinken on the withdrawal agreement: We are arranging with Baghdad to maintain our partnership, 30 SEPT

 Shafaq News/ US Secretary of State Anthony Blinken revealed on Monday new details regarding the agreement between Baghdad and Washington to end the international coalition’s missions in Iraq, including working on bilateral security arrangements that allow for the preservation of the “security partnership” between all.

“Ten years ago, the United States assembled a global coalition of 87 countries to counter ISIS, and together we have made significant progress,” Blinken said in a speech at the ministerial meeting of the Global Coalition to Defeat ISIS.

The US Secretary of State stressed the need for the coalition to enhance security and stability, including in Iraq and Syria, and prevent extremists such as ISIS from exploiting the conflict in the region to their advantage.

“At today’s meeting, the United States and Iraq — along with our other coalition partners — will discuss our plans for the gradual transition of Operation Inherent Resolve, which will conclude in Iraq by September 2025. During this period, the United States will work with Baghdad on bilateral security arrangements that will allow us to maintain and build our security partnership and cooperation,” he added.

“Our Iraqi partners will take greater responsibility to ensure that ISIS cannot retake territory within the country’s borders, and we are deeply grateful to Iraq and the Iraqi Security Forces for all the sacrifices they have made in this effort, and for their steadfast leadership in the fight against ISIS,” Blinken continued.

As we move into this new phase of cooperation, the US Secretary of State expressed his hope to continue working with partners in the international coalition, including the NATO mission in Iraq, which intends to continue its security relationship with Baghdad.

In another matter, Blinken revealed the United States’ intention to contribute $168 million to the annual stabilization pledge campaign implemented by the international coalition in Iraq and Syria, so that this assistance will enable the implementation of critical mine clearance operations, the restoration of basic services such as water and electricity, investment in education, and the promotion of economic opportunities.

https://www.shafaq.com/ar/%D8%B3%DB%8C%D8%A7%D8%B3%D8%A9/%D8%A7%D9%84%D9%86%D8%A7%D8%AA%D9%88-%D9%85%D8%B3%D8%AA%D9%85%D8%B1-%D8%A8%D9%84%D9%8A%D9%86%D9%83%D9%86-%D8%B9%D9%86-%D8%A7%D8%AA%D9%81%D8%A7%D9%82-%D8%A7%D9%84%D8%A7%D9%86%D8%B3%D8%AD%D8%A7%D8%A8-%D9%86%D8%B1%D8%AA%D8%A8-%D9%85%D8%B9-%D8%A8%D8%BA%D8%AF%D8%A7%D8%AF-%D9%84%D9%84%D8%AD%D9%81%D8%A7%D8%B8-%D8%B9%D9%84%D9%89-%D8%B4%D8%B1%D8%A7%D9%83%D8%AA%D9%86%D8%A7

DINARLAND UPDATE: RECENT UPDATES FROM BRUCE @DINARREVALUATION

An expert reveals the reason for the fragility of the Iraqi market: Countries want imports to remain, 30 sept

  An expert reveals the reason for the fragility of the Iraqi market: Countries want imports to remain

 Today, Monday (September 30, 2024), economic expert Nasser Al-Kanani revealed the reason for the fragility of the Iraqi local market and its inability to confront any external problems.

Al-Kanani said in an interview with Baghdad Today, "The Iraqi local market is fragile and cannot face any external problems, as it depends only on foreign imports, and does not depend on local national production, and therefore the market is greatly affected by any external problems, and cannot face any of those problems, and therefore the Iraqi government must work seriously to restore local production so that the local market is strong and not affected by any regional or international problems and crises."

He added, "The Iraqi local market is considered one of the most important markets for many countries in the region and the world, to sell their materials in it, and it is not unlikely that there are countries working to keep the Iraqi market fragile and dependent on imports, instead of national production, and for this reason, throughout the past years, we have not seen any control of local products over the market."

Last March, the Central Bank of Iraq announced that “there is no return to the previous price of the dollar, and the price will not be reduced under any circumstances,” stressing that there is no intention to raise the price above 145,000 for every 100 dollars, which is the official Iraqi exchange rate.

The prices of basic foodstuffs doubled after the government devalued the dinar, and prices increased again, before rising again due to the rise in the price of the dollar .

The prices of some food items in Iraq have increased by between 25 and 75 percent, as the price of one kilogram of sugar rose from 1,000 dinars to 1,300 dinars in retail markets, a bottle of cooking oil from 1,500 to 3,000, and grains from 500-750 to 1,000-1,500 dinars  link