Babylon suspends official working hours for next Thursday
Baghdad – Mil
The Babylon Provincial Council decided on Sunday to suspend official working hours next Thursday.
A statement from the council and response to “Mil” said: “Activating the previous council’s decision to suspend the official working hours on Thursday, 5-12-2024, on the occasion of the martyrdom of the pure friend (Fatima Al-Zahra) (peace be upon her), with the exception of the security and service departments.
Militia Man
We have a couple members that speak fluent Arabic...They come in on occasion and talk to me...or I reach out to them...to see if they can reach out to the tribal people or people that they know that are working on the ground...What I learned was...
He gave an example if you're taking a credit/debit card from a country A to country B and it works, meaning you have the ability to transfer money from one country to another on your card, ...you can swipe your card into an ATM and get money, let's say you're [Iraqi],
if you're in a different country and you can swipe your card and get dinar or convert [Iraqi dinar] to Jordanian dinar or you can go to Saudi Arabia...the United States... Europe, if the card works in those counties, it's going to be reflective of...an exchange rate..
Article: "Trade Bank launches first experimental Visa card."
Quote "...the Visa includes features for use in online shopping as well as for use in purchases..."
When we go online, we're international in the World Wide Web. It sounds like you're going to be able to use a new electronic card across borders. If this is an international card, showtime is about to being. Because once they have experimented, if it works, everybody's going to get one.
Iraqi Integrity Committee blames ex-CBI employee for US sanctions on banks
Shafaq News/ On Sunday, the Iraqi Parliamentary Integrity Committee accused a former Central Bank of Iraq (CBI) employee of being behind the US Federal Reserve sanctions on some banks in the country.
A total of 32 out of 72 banks operating in Iraq have been sanctioned.
Iraqi MP Vian Dakhil, a member of the Integrity Committee, stated that the former CBI employee concealed emails from the Federal Reserve, JPMorgan, and Citibank about banking operations.
“The failure to address these issues resulted in sanctions against some banks…Most affected banks are unaware of the reasons for the sanctions,” she added.
Unusual Situation
Meanwhile, economic expert Mustafa Akram Hantosh told Shafaq News that Dakhil's statements are “closer to reality” than those of the CBI.
He noted that “the collapse of the Iraqi banking system and the sanctions on 32 Iraqi banks without clear charges over the past year and a half is highly unusual, possibly a first-of-its-kind incident in global banking.
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Lack of Solutions
“The worst aspect,” Hantosh highlighted, “is the CBI's failure to provide serious solutions. Instead, the CBI plans to cancel the Fitr platform by the end of 2024 and transfer dollar-related operations to investor-owned banks and foreign ones (Jordanian and Gulf).”
The expert further warned, “If the CBI fails to address issues in Iraq’s banking sector, it could lead to the collapse of the entire system and the loss of nearly 100,000 private banking jobs to Jordan and Gulf countries.”
“Why don’t Iraqi banks secure guarantees to open dollar accounts with correspondent banks (Citibank/JP Morgan) like other countries in the region?” he asked. “Why the cooperation and auditing mechanism with Ernst & Young for non-dollar currency transactions remains undetermined or unannounced?”
MarkZ
[via PDK]
Article: “Parliament is likely to pass Personal Status Law during Sunday’s Session”
This is one of the controversial laws they need to finish up.
This along with the HCL are some of the last changes they wanted for their economic reforms or “White Papers”. In those reforms are Raising the value of the dinar!
CBI halts TikTok transactions in Iraq
Dec. 1, 2024
ERBIL (Kurdistan24) – On Sunday, the Central Bank of Iraq (CBI) issued a decree to all licensed banks and financial institutions to halt all monetary transactions, either deposition or transfers, of TikTok company agents within Iraq.
This is a significant financial development in Iraq as it could obligate the TikTok Company to abide by the Iraqi laws and regulations for monetary transfers.
Iraq, like other regions of the world, has seen a surge in TikTok users. However, there is a growing trend to transfer money to the ‘TikTokers’ and content creators on this social platform.
The Central Bank of Iraq’s decree proves to be a legal effort to regulate all the monetary movements within Iraq and the social media users in Iraq.
