Article quote: Alaq says... "When we reach the point where everyone is headed towards using the official and fundamental channels in the transfer process then we find no room for there to be two prices for the dollar."
That's when he'll make his move. If he's not ready now, when will he be?
I don't know. That's his call. It's on him to know the marketplace.
When is the safest time to do it?
He's saying over the passage of time it gets shorter and shorter because the people are using the system properly. Once he changes the exchange rate I think that market, the two prices, go away like that, *snap*.
Al-Sudani's Advisor Announces US Treasury Support Mechanisms For Iraq
Posted on2024-11-11 by sotaliraq
The Prime Minister's Advisor, Mazhar Muhammad Salih, announced the mechanisms of the US Treasury's support for Iraq since 2003, while pointing to the continuation of consultations with the US Treasury regarding combating money laundering.
Saleh said in a statement to the official media: “The cooperation and coordination between Iraq and the US Treasury extends back to the first years since the change of the former regime,” indicating that “the Treasury played an important supporting role in supporting the Paris Club agreement in 2004 concerned with writing off Iraq’s debts called pre-1990 debts, and the presence of Treasury representatives in the Paris Club agreement secretariat helped ensure the writing off of 80% or more of the former regime’s debts.”
“The US Treasury succeeded in supporting infrastructure financing in Iraq through the conference held in the Spanish capital, Madrid, on October 23-24, 2003.
Its primary goal was to mobilize financial support for the reconstruction of Iraq after the US-led invasion in 2003. Seventy countries and international organizations participated in the conference,”
he added, explaining that “the conference was able to collect pledges amounting to about $33 billion, but a large part of these amounts was in the form of loans or technical support, and not all of it was direct financial aid.”
He explained that “the US Treasury contributed to establishing the Iraqi payments system in 2006 through a direct technical agreement with the Central Bank of Iraq to establish a wholesale payments system between the Central Bank on the one hand and the banks and the government in transferring funds and settling them electronically on the other hand, in addition to entering the era of settling bank checks electronically as well, which are matters in financial technology that are being introduced for the first time in our country,”
noting that “from the history of the important assistance provided by the Treasury, it has played an important role in replacing the local, fast-forgery edition of the dinar that was issued during the nineties siege in the largest campaign that Iraq witnessed between late 2003 and early 2004 with the international edition of the dinar, according to the highest international technical specifications.”
He stressed that “since the signing of the Strategic Framework Agreement in 2008 until today, there have been continuous consultations between representatives of the financial and monetary authorities in our country and the treasury to cooperate in combating money laundering and the proceeds of crime and terrorism in a manner that achieves governance and compliance for our financial and banking system as well as its optimal integration into the global financial and economic climate.” LINK
“The RV has started. Thank you God. Everyone’s saying that byTues.12 Nov.we should have a shotgun start.
Everything is going at once. The bankers had a meeting and said that Zurich has already started. The codes were locked in a couple of days ago.
RememberTues. 12 Nov.is when we expect things to roll.” …Hi guys. I’m praying thatthis is our weekas according to all my sourcesthis is our week.
This has been so stressful for me as I can imagined for all of you as well. Tomorrow there is going to be meetings for quite a lot of private contracts as they expect to receive the GO sign by tomorrow
Mon. 11 Nov.
The Precatorias are also ready to gothis weekjust as many other platforms. I’ve been told that not to expect things to happen straight away for everyone as it is a process as it might take up to10 daysfor the process to finish. As for the 4B group we should also receive the GO sign as well.
Notifications should hit your email bytomorrow Mon. 11 Nov.Please keep an eye on your emails. Please God let it happen. Just remember first of all I’m only a messenger as I have no control of this as the same goes to the owners of the platforms as they have no control of it .
It’s a military operation. I like to inform you that if anyone is creating fraud and taking advantage of people that the Alliance is watching all of this and there will be consequences.
I like to say that I will never surrender as I cannot abandoned you as too many of our patriots are suffering. I’m sure by the grace of God that thisis our week. Also pray for our patriots in Spain as there are hundreds of people missing in Valencia due to the flooding as so many people have lost their homes and love ones. God bless Wolverine”
Central Bank of Iraq announces progress in dollar control procedures
The Central Bank of Iraq announced progress in monitoring foreign transfers and cash dollar sales and providing protection for the banking and financial sector from the risks of money laundering, following the ongoing discussions of the Central Bank of Iraq with the Federal Reserve and the US Treasury Department.
The bank's governor, Ali Al-Alaq, said in statements to Al-Hurra website that "the ongoing quarterly meetings with the Federal Reserve and the US Treasury Department within the framework of organizing operations and coordination between the two sides, which have close relations, led to an agreement on procedures and formulas that are consistent with best practices and international standards, the latest of which was the plan related to organizing foreign transfer operations by rebuilding them according to new standards and methods."
Al-Alaq revealed that Iraq has achieved 95% progress in terms of monitoring procedures for foreign transfers and cash dollar sales, and providing protection for the banking and financial sector from the risks of money laundering operations.
In July 2023, the US Treasury imposed sanctions on 14 banks, and months before that, similar sanctions were imposed on 4 other Iraqi banks after they were accused of money laundering.
The Iraqi government, through the Central Bank of Iraq, has been continuing its negotiations for about two years with the US Treasury Department to lift sanctions on these banks, all of which are private banks.
Jamal Kocher, a member of the Iraqi Parliamentary Finance Committee, confirms that the majority of the sanctioned banks are private banks that represent fronts for political parties with which the United States has stopped dealing.
Koger explained to Alhurra that “the US Treasury imposed sanctions on these Iraqi banks for their involvement in practices that fall under money laundering, money smuggling, and suspicious transactions. In return, the owners of these banks are pressuring the government to lift the sanctions on them, but I do not think that the United States will yield to these pressures. On the contrary, it is adamant about its position, and I do not think that without changing the behavior of these banks, America will abandon these sanctions and their imposition.”
Koger points out that the American pressures on the Central Bank of Iraq will not be eased unless there are changes in the behavior of these banks, calling on these banks to fully implement the conditions required by the US Federal Reserve in terms of transparency, clarity, and commitment to US sanctions on some countries. He said, “Any bank that deviates from these obligations will be subject to US sanctions, and measures will be taken against it.”
The number of banks in Iraq is about 79 banks, 8 of which are government banks, and one digital bank, while the banking sector suffers from a weakness in providing modern and advanced banking services.
For about two years, the Iraqi government has been seeking to digitize financial services, correct and rectify financial policy, enhance financial inclusion, keep pace with technological development, and restructure the banking sector in the country, which has not yet shaken off the dust of the political, economic, and security crises that have plagued it for decades. link
MZ: I think we are just waiting for an announcement …I think they are on a fast track to completion…..Maybe that why we get silence and a brick wall from contacts.
Member: Is there any chance we go this week or do we have to wait until Dec 10th
Member: It’s possible the PTB are waiting until Jan 1 or after the inauguration Jan 20th.
MZ: I hate to think we will be waiting that long. I am not hearing that most of my contacts.
