Integrity hints at the “dominance” of foreign banks on the currency sale window and moves to limit their powers, 26 OCT

 Integrity hints at the “dominance” of foreign banks on the currency sale window and moves to limit their powers

Shafaq News / A member of the Parliamentary Integrity Committee, Vian Dakhli, hinted on Thursday at the “dominance” of branches of foreign banks on the window of buying and buying foreign currency in the Central Bank of Iraq.

“The committee is currently discussing the issue of fiscal and monetary policy in the Central Bank, especially after information indicating the dominance of some branches of foreign banks and Iraqi banks over the Iraqi monetary market and the window for buying and selling foreign currency,” Dakhil told Shafaq News.

She explained that “the Parliamentary Integrity Committee is working on legislating a law limiting the validity of foreign banks, their branches and Iraqi banks with foreign capital,” noting that “this limits the lorrous profits obtained by those banks from Iraq.”

An intronsider pointed out that “there are some foreign banks and foreign capital that acquire money transfers in Iraq, and unfortunately all Iraqi money goes to another country.”

Iraqi experts warn of a “currency leak” out of Iraq due to “corruption” in the country’s currency auction.

The central bank’s administration plans to gradually cancel the dollar auction, until it is completely canceled.

https://www.shafaq.com/ar/سیاسة/النزاهة-تلمح-لـ-هيمنة-مصارف-جنبية-على-نافذة-بيع-العملة-وتتحرك-للحد-من-صلاحياتها

TIDBIT FROM WALKINGSTICK, 26 OCT

 Walkingstick  

Sudani is slowly allowing banks to be relicensed again but he's bringing in these currency exchange centers as well. 

 When he relicenses a bank, he will have full control of that bank.

  When he brings in these money exchange centers/banks he will have full control of them also.  Sudani and the CBI watch every process of the monetary reform... 

They will be giving a percentage to these centers and banks of the volume they will be bringing in.  It is a symbiotic relationship where they will both benefit...

Dinar Revaluation Update: Whales in Zurich & BRICS Summit BY MIKE BARA @DINARREVALUATION

 

Establishment of the “Iraqi Money Changers Syndicate” in Baghdad.. and Al-Taie as its President, 26 OCT

 Establishment of the “Iraqi Money Changers Syndicate” in Baghdad.. and Al-Taie as its President

In a move that is the first of its kind in Iraq, the establishment of the “Iraqi Money Changers Syndicate” was announced today, Wednesday, and the election of Diaa Al-Taie as its president, to lift the injustice against the owners of money exchange offices and companies and secure their rights.

The “Jarida” platform attended the founding conference of the union at the “Mansour Melia” Hotel in central Baghdad, which was held by a group of owners of exchange offices and financial companies, and attended by a number of parliamentarians, including the head of the Parliament’s Investment Committee, Hassan Al-Khafaji, and a member of the Finance Committee, Hussein Mounes, in addition to businessmen.

The election of Diaa Al-Taie as the head of the Iraqi Money Changers Syndicate took place in a clear and fair manner in front of those present, in a step that is the first of its kind to bring together most of the companies and money changers in a syndicate to present ideas, communicate with each other, and crystallize their positions with the Iraqi government.

This is what Al-Taie emphasized, that the establishment step had been under study for some time, and today this idea has matured and crystallized with the establishment of the “Iraqi Money Changers Syndicate.”

The attending representatives, most notably Hassan Al-Khafaji and Hussein Mounes, supported the idea of ​​establishing it in a speech they delivered during the conference, indicating that the parliamentary committees support this legal regulatory path, stressing that this step is important for direct communication through legal paths with the Central Bank of Iraq, Iraqi banks, and those concerned from exchange companies to deal with each other regarding the local market.

The representatives promised to communicate and support this idea, which will open broad horizons between the Iraqi government and the private sector, which includes exchange companies represented by the “Iraqi Exchange Union.”  link

TIDBITS FROM MNT GOAT, 26 OCT

  Mnt Goat

  Article:  "I WANT TO SPREAD AWARENESS ABOUT ELECTRONIC PAYMENT? READY TO USE IT?”

  ...we can interpret these electronic debit cards as yet another move by Iraq to open up to the rest of the world...yet another move out of the sanctioned - mode that Iraq has been in just occurred.

 Thus they are joining the world stage again but bigger and better this time...

 Article:  "I WANT TO SPREAD AWARENESS ABOUT ELECTRONIC PAYMENT? READY TO USE IT ?”  

 ...we read from this article that ONLY now are the banks finally issuing these debit cards that can be used globally, such as in the U.S...

Yes, they are finally being released...

Yes, it is time for them now...the rate is determined at the bank, when the transaction goes through at the bank when the card is used...NO rate on the card...The rate is controlled by the currency exchange or the CBI (official rate) whichever one they are linked to.

FIREFLY: " THEY STRONGLY TALK ABOUT THE CURRENCY FLOTATION AND THE STOP OF THE CURRENCY AUCTIONS"

 

MP: The 2025 budget cannot be passed without sending the final accounts for the past two years, 26 OCT

 MP: The 2025 budget cannot be passed without sending the final accounts for the past two years

The Parliamentary Finance Committee announced the date for the arrival of the 2025 budget tables to the House of Representatives, which will be at the beginning of next year.

In turn, the Ministry of Finance indicated the possibility of collecting 3 trillion dinars per month during the coming period, and that the Finance Committee called on the government to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.

In the same context, member of the Economy, Industry and Trade Committee Yasser Al-Husseini confirmed that it is not possible to approve the 2025 budget without obtaining final accounts for the previous budgets.

Al-Husseini told Iraq Observer that “it is not possible for the Council to approve any measure coming from the government,” noting that “the current government differs from previous governments because one of its most prominent goals is to improve the current economic reality by fighting corruption in any form and under any circumstances. ”

He added that "Parliament is waiting for the final accounts of the 2023 and 2024 budgets to be sent, after which the 2025 budget will be considered for approval," noting that "if a budget is submitted to the House of Representatives without the final accounts, this is considered an aspect of corruption, so the House of Representatives refuses to receive a budget without the final accounts tables for the past two years."

He continued that "the committee is closely following up on how the budget funds are distributed, to ensure that they are used effectively to serve citizens and enhance the national economy, and ways to increase government revenues by developing the tax and customs system will be discussed from time to time." link