TEXAS SNAKE
The Iraqi Bank for Trade clarifies the procedures of money transfers and combating money laundering
Economy News – Baghdad
The Iraqi Bank for Trade (TBA) announced on Saturday that the percentage of remittances increased to 400 transfers, while clarifying the procedures of money transfers and combating money laundering.
“After the recent decisions taken by the bank’s management as directed by the Prime Minister to open a deposit center, additional branches were opened and working hours were increased from 7 am to 3 pm,” the bank’s media adviser Aqeel Al-Shuwaili said in a televised interview, followed by “Econonomy News”, pointing out that “these decisions contributed significantly to reducing the momentum.”
He added that “the percentage of transfers increased from 250 to more than 400 various transfers daily within the Iraqi Bank for Trade in all branches, which can be increased,” noting that “we have branches that are still under construction that will be opened soon and there are employees with experience, and their number will be increased.”
For her part, the head of the remittances department at the Iraqi Commercial Bank, Ruqa Abdul Rahman, stressed that “the role of the bank is important and effective in determining remittances through the Central Bank’s platform based on the directives of the Prime Minister,” adding that “the bank receives daily requests for the implementation of between 400 to 500 transfers, and remittances that do not meet the conditions are rejected from the documents, because the transfer passes several steps until the final stage of implementation in the remittances section is reached, or the invoice is missing or copies of the identities or documents belonging to the customer himself.”
She continued: “Companies are required to have an account in the Trade Bank (TPE) with the submission of invoices with new dates, the address and information of the person or company to which the transfer is being transferred, benefiting from the final amount, and must be between the transfer applicant and the final beneficiary, in addition to other documents of the identity and papers of the company itself certified and complete.
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She pointed out that “the problem occurs in the case of the merchant wants the transfer quickly, and it is in place with several procedures until it reaches the final stage, and its papers may be incomplete or the branch lifts them and stands at a certain point in the system, and this causes a delay in the transfer, so we emphasize customers to complete the papers of invoices and information before the execution of the transfer, and sometimes the correspondent bank asks for the depositor of the amounts so that there is correspondence between us and him until the conviction is made, and most of the rejecters have a lack of documents and the conditions are not met for the transfer.”
She continued: “When transfers are submitted to the branch, the anti-money laundering department enters and the audit is submitted to the second auditing company, which takes its time, and when it returns to us in it, it is approved, and the audit is carried out again to go to the branch to do the necessary procedure, after which it is submitted to the transfer department and the transfer is carried out between 5 to 7 days,” noting that “the Iraqi Bank for Trade is sober and a wide network of correspondents so that it made customers come to the bank through the Central Bank platform to benefit from the exchange rate approved by the Central Bank and the senior management working on establishing new branches that attract good cadres and increase the percentage of work and remittances.”
In this regard, the head of the Money Laundering and Terrorist Financing Department, Dina Ahmed Farhan, explained that “the most important thing in the transfer is the customer and when he writes a transfer for a certain amount from the application company with the complete papers and the amount, these lists are submitted with the application to the Central Bank platform for approval and attach with it the requirements of the audit company and the requirements of the international company that sends the transfer, in addition to the identities and passports of shareholders, institutions, the negotiating manager and agent.”
She continued: “The account opening form contains family information, name, residence, phone number, monthly forecasts, account transaction amount and private business information to know the customer what he is doing, to know if their names are available to know if they are included in the local and international ban lists and the bank’s list.”
She explained, “There are certain percentages to know if the project can be managed first, audited and reviewed, the primaries to go to the platform, and an agreement comes that turns to Excel, then goes to (K2), an international auditing company in America to check even the beneficiary who is sent company information, papers, email, phone number and address. Sometimes this company cancels many requests because they are unconvincing companies, and they have special sites and metrics that many companies are audited and about 20 companies have been prevented from dealing with them in China, and we have many companies and traders whose papers are seized before they enter the platform.”
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Added 2024/11/02 – 4:10 PM
GOLDILOCKS
"Monetary policy rate and reactivation of securities based on the monetary policy orientations to enhance access to targeted inflation rates."
A "monetary policy rate" refers to the interest rate set by a central bank to influence borrowing costs across the economy, essentially acting as a benchmark for other interest rates, while "reactivation of securities" means a central bank buying back government bonds from the market to inject liquidity and stimulate economic activity, often used as a tool within monetary policy to lower interest rates and encourage borrowing.
Reactivation of securities refers to the process of reactivating a dormant trading account or a security clearance. Examples of securities include:
* Stocks
* Bonds
* Notes (loans)
* Debentures (a debt instrument used to raise capital)
* Limited partnership interests
* Oil and gas interests
These monetary policy changes will enable the Iraqi Dinar to strengthen its own currency, and the underlying security assets above will support the Iraqi Dinar exchange rate. This (exchange rate) is expected to be revealed upon WTO acceptance.
The reactivation of these accounts utilizing the Iraqi Dinar (instead of the dollar) will increase demand and price pressures on the Iraqi Dinar.
By end of year, Iraq will be removed from the electronic platform which is the oil account (see Securities list above) controlled by the Federal Reserve for which Iraq receives their oil revenues approved by the U.S. https://cbi.iq/news/view/2660
A dormant trading account is an account that has not had any trades made for a period of time. The agency that originally granted the clearance can reinstate it, or a different agency can accept and reciprocally grant it such as we are seeing in new Digital Networks coming into play on the QFS.
© Goldilocks
https://cbi.iq/news/view/2703
https://www.negotiations.com/articles/international-transactions/
https://www.investopedia.com/terms/i/inflation_targeting.asp
Association of Banks: Reducing the rate of inflation helped stabilize commodity prices
Economy News – Baghdad
The Association of Private Banks confirmed on Saturday that the government’s success in reducing inflation to 3.8% helped stabilize commodity prices.
Ali Tariq, Executive Director of the Association of Private Banks, said in a statement reported by the official news agency, and seen by “Economy News”, that “the Association of Private Banks and the Central Bank of Iraq held a seminar entitled (The statistical cycle in the drawing of monetary policy),” noting that “the use of statistical data and information is a methodology taken by the Central Bank of Iraq, especially in the recent period in making decisions, whether at the level of monetary policy or decisions that affect the economy in general.”
He added that “the aim of the symposium is to clarify the economic, financial and banking data to the public by specialists; to view the data published on the Central Bank of Iraq website; to clarify the progress and imbalances with regard to the financial sector or monetary policy.”
Tariq stressed that “one of the important indicators is related to the banking sector, the size of deposits, the size of the money mass and the distribution of deposits between the public and private banking sectors, in addition to the impact of credit and loans and on GDP,” explaining that “on the other hand, as economic indicators, the most important of which were inflation rates, which decreased significantly in the recent period to reach 3.8 percent,” pointing out that “this is considered an excellent rate that maintains the stability of commodity prices and therefore the increase in prices less on the citizen.”
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Added 2024/11/02 – 7:42 PM
In an article titled “AL-SUDANI SUMMARIZES HIS GOVERNMENT’S ACHIEVEMENTS TWO YEARS AFTER ITS FORMATION “ the highlights of the speech of Prime Minister Mohammed Shia Al-Sudani during today’s cabinet session on Tuesday, October 29, 2024, on the occasion of the second anniversary of the formation of the government. You can go read the long list of all the work accomplished. I have to add that in the two decades of following this RV saga, I have never seen such a progressive prime minister. He is hitting all the reforms we should and are expecting.
Oh.. but there are more and the one want -the currency reform. He has told the population many times already to expect it and its coming soon. Below is a video of his speak in the cabinet room.
I recorded it and turned on the closed captions so you can read along, as they speak in Arabic.
The next bit of news is also VERY interesting. Please see article titled “THE FUTURE OF RELATIONS WITH WASHINGTON: IRAQ WANTS PARTNERSHIP, NOT HEGEMONY”. I can remember the first time Iraq used this term hegemony. I asked myself what the hell does that word hegemony mean? So, I thought of many of you, and you might feel the same way. I giggle now every time I see it articles. But I will say the word does a very precise meaning of what the U.S. has been up to with Iraq and how Iraq is still being held captive.
Define Hegemony: is the political, economic, and military predominance of one state over other states, either regional or global.
Can you understand now what the people of Iraq are saying?
They want their freedom back, they want their country back. This they were promised when the US forces came into their country. They want freedom in all aspects, especially financial freedom. What do I mean by financial freedom? We all know that the US is intentionally suppressing the dinar and finding every excuse not to allow the reinstatement in the past. But Iraq was still under Chapter VII sanctions back then, so I gave it some merit. But now? Now since December 2022 these sanctions are over. Even the UN had decreed the DFI funds to be handed back to Iraq. That was over a year ago, yet the fund still exists in US banks. The U.S. wants to keep control over Iraq as long as they can. They are using this money as power and leverage. They are still not allowing Iraq to sell oil in other currencies. Remember the “petro-dinar”? All the articles on it. It will happen but this won’t be the entire story only a part of it. The US needs its military bases is Iraq. Well folks…this has been a struggle for Iraq, but Iraq will win the battle. Why not negotiate for these bases. But their negotiating power is diminished by the power of the US over the DFI fund. Get it? So, it is a sad situation be held hostage (hegemony) by a foreign entity so powerful!
In summary Iraq is waiting to see the results of the US election, however, remember they still will need the assurances from the US Treasury and Feds on the process and that they will follow through to the end of it once the Project to Delete the Zeros is started. They believe there will be a great pressure from the new administration after the election to end the baloney. My CBI contact actually told me to tell you to PRAY that the right people win the U.S. elections. Enough said… Once started it would be very hard to turn back. So, I know you are anxious just like me and mein hubby. But we just have to PRAY and PRAY some more for these people of Iraq and that nothing messes up this process. Will you pray with me for the US elections? Will you pray with me for the Iraqi people?
Thurs. 14 Nov. 2024 Wolverine President Trump will make an announcement to the Banks tomorrow Fri. 15 Nov. 2024. WF will then send emails...