The Governor of the Central Bank receives the Turkish Ambassador and representatives of Turkish bank branches in Iraq, 5 OCT

 The Governor of the Central Bank receives the Turkish Ambassador and representatives of Turkish bank branches in Iraq

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received the Ambassador of the Republic of Turkey to Iraq, His Excellency Mr. Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq.

The meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism in euros and implemented within Turkey through its banks. This mechanism, which is being implemented for the first time, will simplify trade coverage operations with high fluidity and speed.

The attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of remittances from merchants and the business sector.

The bank representatives expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company. They also highlighted their efforts in expanding their channels with approved correspondent banks.

His Excellency the Ambassador praised the efforts of the Central Bank in managing the process of transformation in external transfers, and the measures taken by the bank to organize and facilitate transformation operations, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank's management and authorized banks.

Central Bank of Iraq 
Media Office 
October 3, 2024  link

RV UPDATE BY FRANK26, 5 OCT

 Frank26  

The security and stability of the monetary reform of Iraq is at its pinnacle and its is going to protect this new exchange rate and the new lower notes.

Frank26

   Protesters...are Iranian...they infiltrate Iraq because of what's going on.  They want money.  They don't want to lose Iraq so they try to protest and they try to create chaos, they try to slow things down.  They want to retard the process.  It's not working.  I don't think it's going to work...

  Question:  "Can you please share some details about why you stated that those in California will have to know what they are doing [when the time comes to exchange]?"  Because you got a bad government there...

They go with policies that are illogical let alone indecent...Yeah, California taxes are going to be insane.

https://dinarevaluation.blogspot.com/2024/10/rv-update-by-frank26-3-oct.html

MARKZ & WOLVERINE: CONTRACTS ARE GETTING TO GET PAID & BOND SIDE IS UNDE...

Banking Advisor: The Government Is Committed To Opening New Horizons For Partnership With Investors, 5 OCT

 Banking Advisor: The Government Is Committed To Opening New Horizons For Partnership With Investors

 
Economy     1-10-2024, 17:39  Baghdad - IA - Wissam Al-Mulla  Today, Tuesday, the representative of the Prime Minister and his advisor for banking affairs, Saleh Mahood, affirmed the government’s commitment to supporting the Securities Commission and opening new horizons for partnership with investors,
 
calling on the legislative authority to accelerate the issuance of the necessary legislation to meet the requirements of the modern market and enhance the investment environment in Iraq.

Mahood said at the World Investor Day Conference - attended by the Iraqi News Agency (INA) correspondent:
 
“It is a great honor to represent Prime Minister Muhammad Shiaa Al-Sudani in this event organized by the Securities Commission,” indicating that
 
“this conference represents a vital platform for strengthening ties.” between the government and investors and highlights the investment opportunities available in Iraq.” 

He added,  "The world lives today in an era characterized by rapid economic changes, which requires activating the role of the securities sector as a main tool for stimulating economic growth," adding,
 
"The Iraqi government headed by Muhammad Shiaa Al-Sudani is fully aware of the importance of this sector as a lever for growth and attracting local and international investments."". 

 He pointed out that “global experiences have proven that investments are not only an engine for growth, but rather a
 
 means of developing infrastructure,
 creating job opportunities, and
 enhancing transparency and
 efficiency in resource management,” considering that
 
“the Securities Commission is a vital partner in achieving these goals, as it works to regulate markets and enhancing their protection. 

Mahood emphasized "the importance of cooperation between the public and private sectors," stressing that  "the success of investments depends on investment partnerships that contribute to mitigating risks and increasing confidence." 

 He explained, "There is an urgent need to accelerate the issuance of the necessary legislation to modernize the legal system to suit the requirements of the modern market, as
 
there must be clear mechanisms to protect investors and facilitate investment procedures, which contributes to improving the business climate in the country." 

He pointed out, "The importance of strengthening corporate governance, as building a strong governance system is vital to ensuring transparency," stressing: "Investors must feel that their money is protected and that there are effective mechanisms to monitor performance." 

 Mahood called for "focusing on education and awareness, as building human capabilities and developing skills in the financial sector contribute to creating an attractive investment environment," stressing "the importance of establishing training programs and workshops targeting investors, bankers, and government agencies." 

He stressed, "The commitment of the Iraqi government and Prime Minister Muhammad Shiaa Al-Sudani to provide support to the Securities Commission and open new horizons for cooperation and partnership with investors," considering, "This conference is an important step towards building a prosperous and sustainable Iraqi economy."    https://www.ina.iq/218206--.html   

"THE CURRENCY SWAP OUT WILL BE IN NOVEMBER " BY MR. SAMMY BANK VIA FIREFLY, 5 OCT

 Frank26

  [Iraq boots-on-the-ground report]  

FIREFLY:Mr Sammy...from what he's gathering and hearing in the rumor mill the currency swap out will be in November...But it's not official.  He's not speaking for the bank.  

But what he's hearing, he's thinking this is pretty good.

FIREFLY: DELETING ZEROS FROM THE DINAR WAS EXPLAINED ON TV @DINARREVALUA...

Government Advisor: There Is No Concern About Iraq’s Financial Situation And Our Foreign Reserves Are Diverse, 5 OCT

 Government Advisor: There Is No Concern About Iraq’s Financial Situation And Our Foreign Reserves Are Diverse

 
Time: 10/02/2024 14:02:16 Read: 2,834 times  {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, reassured about the country’s financial and economic situation.

Saleh told {Al-Furat News} agency:  “We should not worry about the ongoing fluctuations, whether in monetary gold or the various foreign currencies that make up the country’s foreign reserve portfolio, which varies from major foreign currencies and monetary gold and in accordance with the international standard investment guides that it adopts.

The monetary authority has high-level technical cooperation with multilateral international financial organizations, specifically the International Monetary Fund and the World Bank.”’

 He stated,  “Usually, the Central Bank of Iraq hedges in managing its sovereign investment portfolio with a well-studied and highly sensitive diversification, with standard ratios and precise weights for each foreign currency, in addition to the cash gold from which the foreign reserves are composed.
 
This is within the scope of what is called hedging against the risks of fluctuations in currency and gold exchange rates, which is a policy that expresses efficiency.” Managing the country's investment portfolio according to diversification in various foreign currencies and gold. Saleh explained,
 
“A fall in the market value of gold, for example, must be offset by a rise in the value of the dollar or other foreign currencies through managing the components of the foreign reserves portfolio itself, as
 
diversification is an important pillar of the  hedging policy in managing investments in foreign assets from currency exchange rate fluctuations.” foreign currencies and gold by diversifying the country’s sovereign investment portfolio.” ‘

He pointed out that  "the sovereign investment portfolio avoids what is called in the literature of the accounting policy of central banks (unrealized losses), by immediately realizing (unrealized profits), 

which are the same unrealized profits that correspond to the unrealized losses resulting from the fluctuation of gold or foreign exchange prices at the time." same". 

 He pointed out that  "a good diversification policy, in the assets or holdings of the investment portfolio,
provides sufficient neutrality in      preserving the total market value of the country's foreign asset reserves and     always stabilizing their value."    https://alforatnews.iq/news/مستشار-حكومي-لا-قلق-في-الوضع-المالي-للعراق-واحتياطنا-الأجنبي-متنوع