NADER FROM MID EAST CC HIGHLIGHTS NOTES, 2 DEC

 NADER FROM MID EAST CC HIGHLIGHTS NOTES

Summary

The Iraqi Integrity Committee accused a former Central Bank employee of causing US sanctions on 32 banks, highlighting serious issues in the banking sector.

Highlights

• 🏦 Former CBI employee implicated in US sanctions against Iraqi banks.
• 📉 32 out of 72 banks in Iraq faced sanctions, raising concerns.
• 📊 Economic expert suggests banking system collapse is imminent.
• ❌ CBI’s lack of serious solutions criticized; plans to cancel the fitter platform by 2024.
• 🔒 Call for Iraqi banks to secure dollar account guarantees like regional counterparts.
• 🔍 Unresolved auditing mechanisms with Ernst & Young for non-dollar transactions.
• ⚠️ Potential loss of 100,000 banking jobs to neighboring countries if issues are not addressed.

Key Insights

• 📉 Implications of Sanctions: The accusations against the former CBI employee reveal systemic issues in Iraq’s banking sector that could undermine financial stability.
• 💼 Job Loss Fears: The potential loss of 100,000 banking jobs signifies a looming economic crisis, threatening livelihoods and regional stability.
• 🔄 CBI’s Inaction: The CBI’s plan to cancel the fitter platform without viable alternatives raises concerns about the future of dollar-related operations.
• 🌍 Unprecedented Situation: The sanctions on a significant number of banks without clear charges indicate a rare and troubling trend in the global banking landscape.
• 🔗 Need for Guarantees: The failure of Iraqi banks to secure guarantees from correspondent banks highlights a critical gap compared to other regional banks, risking their competitiveness.
• 📋 Lack of Transparency: The unresolved auditing mechanisms with Ernst & Young point to a lack of transparency and accountability in Iraq’s banking operations.
• ⚠️ Warning from Experts: Economic experts are sounding alarms about the potential collapse of the banking system if urgent reforms and solutions are not implemented.

🔥WOOOOOOOOOOOOOOOOOOOW🔥 Trump's Bold Move: Iraqi Officials' Billions Seized! @DINARREVALUATION #iqd

 

JULIAN ASSANGE: Dinar $4.21, VND $2.47, Bolivar $.83, ZIM $.30 @DINARREVALUATION #iraqidinar

 

Iraqi Oil Ministry Optimistic About Restarting Kurdistan Oil Exports, 2 DEC

Iraqi Oil Ministry Optimistic About Restarting Kurdistan Oil Exports

ERBIL — The Finance Committee of the Iraqi Council of Representatives met with officials from the Iraqi Oil Ministry, and Iraqi officials have expressed optimism about agreements between the Iraqi federal government and the Kurdistan Region regarding the resumption of oil exports to Turkey, which have been halted for over a year.

On Sunday, the Finance Committee of the Iraqi Parliament met with the Deputy Secretary of the Ministry of Oil for Extraction Affairs, the Director General of the Oil Marketing Company (SOMO), the Director General of the Economic Department, and the Director of the Legal Department. They discussed the importance of amending the budget for oil exports and addressing production costs.

According to a statement from the Iraqi Parliament, the Deputy Oil Minister discussed the issue of oil exports between the federal government and the Kurdistan Regional Government, as well as the mechanisms for determining operational and production costs. He stressed the need to reach an agreement that serves the public interest.

The head of the Finance Committee then emphasized the importance of the meeting for any changes in oil prices and the need to amend the clause on oil exports in the budget, taking into account the mechanisms of oil extraction in different fields.

The Finance Committee also raised several questions about production costs, increasing payments, and how to amend the budget to ensure fairness in the distribution of wealth.

On November 26, Shakhawan Abdullah, Deputy Speaker of the Iraqi Parliament, stated that the cost of oil production in the Kurdistan Region had been amended and agreed upon between Baghdad and Erbil.

"We have received the amended draft, and after the vote in Parliament, there will be no obstacles," Abdullah explained.

"So far, no political party has raised concerns about the cost of oil production, because the prime minister said at the meeting of the state coalition: 'It was very important for them to pass the project. It will benefit Iraq,'" he added.

Oil exports from the Kurdistan Region through the Iraq-Turkey pipeline have been halted since March 2023, following a ruling by a Paris-based arbitration court in favor of Baghdad against Ankara. The court ruled that Ankara had breached a 1973 pipeline agreement by allowing Erbil to begin independent oil exports in 2014.

Earlier this month, the Kurdistan Region's Natural Resources Minister stated that the halt in oil exports had cost both Iraq and the Region nearly $21 billion.

"THE DOLLAR HAD DISAPPEARED IN IRAQ" CONFIRMATION OF MAJEED, 2 DEC

 MAJEED

6:12 PM here in the Middle East

@snwse21

confirmed by asking a friend in the currency exchange company next to him “ we received a letter to give the salaries to the beneficiaries…. Yet no money was sent so far” I believe they will pay them after midnight

-----

ABU SNWE

Adding to this, an hour ago I was talking to one of my Iraqi followers He told me that the dollar had disappeared.

We now have high prices No one sells the dollar. This means There are two possibilities and no third The first possibility The second possibility  

We wait and see.

JULIAN ASSANGE: Global Currency Reset: Zimbabwe Dollar, Iraqi Dinar, and Vietnamese Dong

 

IDB Joins KRG’s ‘MyAccount Project’, 2 DEC

 IDB Joins KRG’s ‘MyAccount Project’

ERBIL — The International Development Bank (IDB) announced on Saturday that it has started processing the salaries of Kurdistan Regional Government (KRG) employees under the “My Account” project, a government initiative aimed at modernizing banking and promoting economic development in the Region.

In a statement, the IDB said it operates 33 branches across Iraq, including two in Erbil and one each in Sulaymaniyah and Duhok. The bank also provides ATM services covering all Kurdistan Region provinces, offering employees access to a range of banking services.

“Our services include personal loans, small enterprise financing, and internationally accepted bank cards at official Central Bank of Iraq rates. We also provide various digital banking services, such as mobile applications,” an IDB representative said.

The “My Account” project, launched by the KRG’s Ninth Cabinet, aims to integrate advanced banking systems into public services and support the region’s transition to e-governance. Participating banks include World Bank, RT Bank, Bank of Baghdad, Islamic Bank of Iraq, National Bank of Iraq, TBI, BBAC Bank, and IDB.

The KRG ministry of finance reported that nearly 700,000 employees have registered for the program, gaining access to financial services provided by the partner banks.

The initiative is part of broader efforts to modernize the banking sector in the Kurdistan Region and streamline government services, ensuring employees have easy and secure access to their salaries and banking options.