KTFA
FRANK26: "TARGETS".........F26
Geographical distribution of companies
November 19, 2024
Geographical distribution of exchange companies for all categories (A, B) ... For more,
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Tuesday, November 19, 2024
"TARGETS" BY FRANK26, 20 NOV
Geographical distribution of exchange companies for all categories (A, B) ... For more,
TIDBITS FROM MARKZ, 20 NOV
MarkZ
[via PDK]
Question: rates on the dong seem lower than previously estimated, Do you think VND will be .39 for us?
I still think rates will be higher than .39 cents…Just think we spent about $50 bucks for a million dong…. If it RVs at .39 cents that is a ROI of $390,000.00 per 1 million dong…who is going to complain about that? Turning $50 bucks into $390 thousand... I am still hearing a rate of low $2+.
‘MyAccount’ team welcomes Iraqi PM’s banking decision, plans to add three private banks, 20 nov
‘MyAccount’ team welcomes Iraqi PM’s banking decision, plans to add three private banks
KurdistanMyAccountKurdistan Region Banking SystemIraqi PMMohammed Shia al-Sudani
Nov. 19, 2024
ERBIL (Kurdistan24) – The ‘My Account’ project team welcomed Iraqi Prime Minister Mohammed Shia al-Sudani’s decision to support private banks in salary banking initiatives, announcing plans to integrate three additional private banks into the system.
In a statement to Kurdistan24 on Tuesday, the project team emphasized that the Iraqi Prime Minister’s decision “serves the interests of all citizens and paves the way for complete economic growth in Iraq and the Kurdistan Region.”
The team confirmed they are operating in accordance with Central Bank regulations and the Federal Court’s latest clarifications, noting that “all Central Bank-authorized banks, whether government or private, undergo continuous auditing and maintain connections with other international banks, enabling them to generate economic growth.”
Following this development, the team announced plans to expedite the integration of three additional private banks into the project, alongside existing government and private banking partners, to enhance service delivery to citizens.
The team urged salary recipients to complete their banking forms through the ‘My Account’ system before year-end, citing alignment with the Federal Court’s July 2024 clarification.
The ‘My Account’ project represents a significant step in Iraq’s banking modernization efforts, aimed at transitioning government salary payments from cash to electronic banking systems. This initiative is part of broader economic reforms to modernize Iraq’s financial infrastructure and reduce cash-based transactions.
The addition of new private banks to the system reflects growing confidence in the private banking sector and efforts to expand banking services across Iraq and the Kurdistan Region. The project aligns with international banking standards and aims to increase financial inclusion while reducing administrative costs associated with cash salary distributions.
TIDBIT FROM REINALDO JC, 20 NOV
REINALDO JC
Iraq
Well, well, well look at this from the CBI…(imo)This may be a great opportunity/excuse by the Iraq Gov’t to have curfew to lock everyone up indoors while the lower notes gets distributed to compliant banks & exchange companies across Iraq?
The future of international trade transactions in US dollars in Iraq, 19 NOV
The future of international trade transactions in US dollars in Iraq
The US dollar is the first global currency for foreign trade transactions between the countries of the world, which constitutes 80% of the volume of international financial transactions and represents about 60% of the currencies of international reserves. The dollar is the only currency that absorbs large financial transactions in the oil, energy sector and international oil trading, up to 100 million barrels in addition to other commodities and other currencies constitute within (20%-25%).
The dollar plays a key role in the control of the US economy over the global economy in multiple fields, and many countries tried to get rid of the dominance of the US dollar in previous periods but could not. Therefore, the BRICS group was established, whose member countries, China, Brazil, India and South Africa, are trying to limit the control of the dollar in international trade and banking transactions, and the number of countries in it is now within 9 countries.
After several countries, including Arab countries such as Egypt, Saudi Arabia and the United Arab Emirates, in addition to Ethiopia and Iran, organized in 2024, one of its main objectives is to limit the dominance of the dollar over the global trade movement and cooperation between the tax and customs authorities of the group countries and to reach the development of a new currency to be used among the group countries.
Iraq, with the aim of reorganizing the financing of foreign trade, began to conclude agreements with central banks with which Iraq has a wide trade exchange in agreement with sober correspondent banks in China, India, the UAE and Turkey to deal with the Chinese yuan, the Indian rupee, the UAE dirham and the Turkish lira to achieve two objectives. The first is to enable our banks to agree with correspondent banks in these countries and other countries to deal with them directly after canceling the electronic platform, and the second is to introduce new foreign currencies for commercial and banking transactions other than the US dollar to enable banks that do not have American correspondent banks to continue their foreign transfers with those alternative countries according to special agreements with their central banks.
This can help control the reduction of the wide domestic demand for the US dollar, create a state of balance in the monetary market and maintain the purchasing power of the local currency, which is the Iraqi dinar, and this method is now applicable, in addition to the existence of dealings in the US dollar as well.
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