Frank26
[Iraq boots-on-the-ground report]
FIREFLY: CBI governor Alaq on television saying our foreign reserves at 140% above our current issued currency.
FRANK: Based on those words, can you just imagine the potential of your next exchange rate?!
Tuesday, November 5, 2024
Iraq sets July 2025 deadline to end cash payments, digitize payroll, 5 NOV
Iraq sets July 2025 deadline to end cash payments, digitize payroll
Shafaq News/ Prime Minister Mohammed Shia Al-Sudani directed, on Monday, that salaries for private sector employees be processed through bank accounts, similar to the system for government employees, as part of a push to phase out cash payments across government institutions by July next year.
According to a statement issued by Al-Sudani’s media office, “In line with the government’s financial and economic reform plan, which is one of its top priorities, Al-Sudani has directed the implementation of several steps to enhance and develop electronic payment systems and services: Work towards the domiciliation of salaries for private sector employees, similar to the public sector, by tasking the Ministry of Labor and Social Affairs and the Central Bank of Iraq to collaborate with select private sector institutions to establish an appropriate mechanism for this purpose.”
“All ministries and government institutions shall transition from cash payments to electronic payment for payment collections and related transactions. Each ministry or government institution must submit a comprehensive plan for this transition by December 31, 2024, with full implementation to commence by July 1, 2025,” as per the statement.
TIDBIT FROM MARKZ, 5 NOV
MarkZ
“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 Bank for Trade clarifies the procedures of money transfers and combating money laundering, 4 NOV
The Iraqi Bank for Trade clarifies the procedures of money transfers and combating money laundering
Economy News – Baghdad
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.”
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Added 2024/11/03 – 11:25 AM
https://economy-news.net/content.php?id=49426
TIDBIT FROM FRANK26, 5 NOV
Frank26
Question: "Are they waiting to see the results of the elections?"
No. Nobody gives a ka ka about our elections. They're only worried about themselves.
There's nothing our government can do to influence anybody because we have no government, we have no leadership, we have no decision makers.
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