“A source in the Middle East says that Sudani just said that the currency transition should be completed by Victory Day Tues. 10 Dec. 2024.
This means that things will be going very soon if it is to be completed by then.”
… “A bank employee said that they had been signing a lot of NDAs, all of the employees were under a gag order and couldn’t talk about (Nesara) and would be transitioning to a wealth management location.
They also said they have completed their training, have a new Delarue Machine and the money comes out in November.”
The Iraqi Trade Bank (TBI) announced on Sunday an increase in the percentage of remittances to 400 remittances, while explaining the procedures for money transfers and combating money laundering.
“After the recent decisions taken by the bank’s management in accordance with the directives of 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 press statement, noting 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.”
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.”
Prime Minister Mohammed Shia Al-Sudani stressed on Sunday the need to strengthen Iraq’s position to be at the forefront of the countries of the region in the technological aspect.
The Prime Minister’s Information Office said in a statement, seen by “Economy News”, that “Prime Minister Mohammed Shia Al-Sudani chaired the second meeting of the Supreme Committee for Artificial Intelligence.”
He added that “Al-Sudani listened, at the beginning of the meeting, to the government plans related to the development of aspects of artificial intelligence for employees, the educational and educational sectors, the agriculture and water resources sector, in addition to reviewing the legislative policy; in order to prepare a draft law regulating the work of artificial intelligence applications.”
He added that “the Sudanese reviewed the details and proposals related to the introduction of computer material and artificial intelligence within the curricula of the Ministry of Education next academic year, stressing the need for each school to have a smart screen and an Internet connection to establish a laboratory for artificial intelligence, stressing the need to strengthen Iraq’s position to be at the forefront of the countries of the region in the technological aspect, with its various capabilities and capabilities in this field.
”
He pointed out that “Al-Sudani agreed to launch an initiative aimed at attracting competencies from abroad in the government and private sectors, from leaders and employees, by training 100 digital leaders as a first stage, and informing them of the latest experiences in this field, under the supervision of international experts, in order to make and implement policies in order to raise the quality of services provided to citizens.”
They're not using the dinar today yet that we know of on the Forex.
But what they're saying is to my understanding is as of the 15th to 18th of October, they're getting ready to use domestic currency to support the exchange rate peg, domestic liquidity management.
I hope you guys understand that...because this is pretty powerful stuff coming from the CBI.
