Sunday, November 3, 2024
Parliamentary Finance to NINA: Approval of 2025 general budget schedules after legislative recess, 3 NOV
Parliamentary Finance to NINA: Approval of 2025 general budget schedules after legislative recess
Baghdad / NINA / The Parliamentary Finance Committee revealed the date for approving the schedules of the Federal General Budget Law for the new year 2025.
Committee member, MP Moeen Al-Kazemi, stated in a statement to the National Iraqi News Agency / NINA /, that "the Council of Representatives will enter the legislative recess on the ninth of this month, and there is a trend to extend the work of the sessions for only one month, after which the schedules of the General Budget Law 2025 will be approved."
He added, "After settling the issue of electing the Speaker of Parliament, the conditions are now ready and favorable for approving the four laws: the draft amendment to the General Amnesty Law, the proposed Personal Status Law, the draft law on military service and retirement for the Mujahideen of the Popular Mobilization Forces, and the draft law to return the properties covered by the decisions of the dissolved Revolutionary Command Council to their owners."
He continued, "There is an expected ministerial change, and this places the parliamentary committees before an important and great responsibility to activate their role in following up on the work of the government. It also requires more understanding and harmony in the State Administration Coalition to approve the change of some ministers." / End
RV UPDATE BY TEXAS SNAKE, 3 NOV
TEXAS SNAKE
- Sat. 2 Nov. 2024 Texas Snake
- Word via a banker from the higher ups is that an announcement will be made shortly after Tues. results is that in addition to the President, many changes will be following shortly. We will be getting the 800 numbers and begin scheduling appointments toward the end of the week, with those appointments (general public?) to be made around Tues. 12 Nov. 2024.
The Iraqi Bank for Trade clarifies the procedures of money transfers and combating money laundering, 3 OCT
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
TIDBIT FROM GOLDILOCKS ,3 NOV
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
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