Central Bank of Iraq meeting today
The meeting, led by the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, and representatives from the Innovation Center at the Dubai International Financial Center, focused on fostering cooperation in various areas:
1.Innovation and Entrepreneurship: Promoting collaboration in financial technology, artificial intelligence, and advanced infrastructure.
2.Banking Systems and Payments: Supporting innovation in banking and electronic payment solutions, and creating opportunities for startups to access Iraqi, regional, and global markets.
3.Capacity Building: Developing training programs to enhance Iraqi expertise in global financial technology trends and regulatory cooperation.
4.Strengthening Partnerships: Encouraging collaboration between financial institutions, startups, investors, universities, and other institutions to support entrepreneurship.
http://5.Vision for Digital Transformation: Committing to building a digital economic system and comprehensive financial structure based on technology and innovation.
sounds like CBI is ready to go
After the Prime Minister confirmed during his meeting with the representatives of Ernest Young Company the importance of developing the work of the government banking sector to enhance the confidence of citizens and local and foreign investors in the government banking sector in particular and the economy in general, the restructuring of Rafidain Bank is the first economic reforms in the banking sector towards restructuring Iraqi government banks such as rational, agricultural and industrial, in an effort to make them play a financiallytic role for growth and stability.
Rafidain Bank has witnessed accumulated internal problems inherited from the previous system and the subsequent governments after the change, which appear around banking, credit and administrative policies that affected the bank’s credit capacity and the size of its banking stability and its operational and financial efficiency, as Rafidain Bank still suffers from many fundamental problems at the heart of banking, namely:
The balance sheet of Rafidain Bank suffers from the debts arising from its debts as a result of issuing letters of guarantee and fixing credits in favor of government departments and companies, which, with the accumulated interest, exceeded their normal limits.
Low credit capacity of the bank.
Limited ability to keep up with the developments in the banking industry.
The decline of the bank’s ability to meet its obligations in accordance with profitability indicators, capital solvency indicators, the ratio of equity to total assets and the rate of equity to total deposits, which indicates the weakness of the bank’s activity in meeting its fiduciary duties.
Hardened banking legislation and non-building of development policies for banking services through advanced banking techniques.
Hence, the restructuring is expected to improve its performance in what it is working to rehabilitate to be able to increase its efficiency in managing its balance sheet and improve its ability to achieve profitability indicators, capital solvency and resource employment indicators. Through the redesign of the bank’s organizational structure, the creation of new departments and the integration of the existing with new ones, which can result in the development of the bank’s tools and objectives in order to improve the performance of the bank’s structure in the regulatory and control infrastructure, the rules of solvency, liquidity and its lending policy and the formulation of its relations with other banks on the one hand and government units and others on the other hand.
Therefore, it is possible at the theoretical level after the restructuring process, the bank’s performance will improve, increase its productivity in the short and long terms and raise its financial and operational efficiency, as reducing the cost of banking operations and directing the process of participation in decision-making towards what is in line with banking decentralization. The new structure is expected to aim to avoid credit bankruptcy by limiting the accumulation of inefficient balances and avoiding a credit crunch.
But in fact, we see that the restructuring process faces several challenges, the most important of which are the difficulty of attracting and attracting the required sufficient capital, the low savings rates, the weakness of the capital market, the high cost of modern technology and the development of related systems, and the high cost of training workers in the banking sector.
Therefore, a restructuring program should be directed to secure two strategic requirements:
The first requirement: revolves around the goal of restructuring the operating side in order to achieve its financial stability. The goal is to restructure the aspects of money in a way that works to restore the bank’s ability to comply with the minimum capital adequacy and other hedging requirements.
The second requirement: It includes two objectives, the first is concerned with restructuring the bank in accordance with an accurate and clear plan for the short, medium and long term in the institutional and operational aspects, to ensure the bank’s harmony with the conditions of the market and customer service and in accordance with the hedging requirements contained in the Banks Law and the Central Bank of Iraq Law, and the requirements of compliance and competition. The second is to amend the laws, regulations and instructions that regulate the work of Iraqi banks to qualify them to work in light of modern banking standards and indicators to join the market requirements and to promote the prospects and requirements of growth and stability to serve the banking reform process.
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Mod: HAPPY SATURDAY! GOOD MORNING TO ALL! CBD MATT AND LUCAS KICK OFF THE FIRST 45 MINS AND MARK GIVES THE NEWS UPDATE AT 10:30 AM
Member: Today is Pearl Harbor Day...
Member: Good Morning! Is this going to be a magical weekend!
Member: Raining on west coast today. Hope it starts raining money in the Middle East today. lol
MZ: Still very quiet on the Historical bond side.
Member: I totally believe they will go the same time we do……shotgun start. Poor bond holders have been cried “wolf” far too much.
MZ: A number of my contacts from Iraq that very much believe we will cross the finish line in the next 3 days.
MZ: We have seen tremendous HCL movement in Iraq. There are many rumors that it has already passed. But I can tell you it was not in the Gazette this morning. But the mood is very upbeat in Iraq. There are a number of folks looking at the next 3 days and we are hopeful and praying.
MZ: In the Islamic world they tend to tell you about things….after it is finished. So HCL could be done….just not announced
MZ: Vietnams Trade surplus has strengthened and they will be pushed to increase the value of their currency.
Their currency just isn’t strong enough which allows them an unfair advantage in international trade.
MZ: “Vietnams soaring US trade surplus stokes new fears of Trump’s tariffs” Will they scale back in trade of will they “raise the value” of the dong in comparison with the dollar? Leveling the playing field. They are actively talking about raising the value of their currency.
Member: is there a chance of the Iraq Gazette doing a “special edition”
MZ: They could. They have in the past when there have been big laws settled ect…..
Member: What is the significance of the 10th and the RV?
Member: That is Victory Day in Iraq . Sudani supposedly wanted the monetary reforms done by then
Member: "Victory Day" is next Tuesday, the end of ISIS back in 2017
MZ: “Iraq participates in a ministerial meeting of the gas exporting countries forum” Why is this important? They are now joining countries that exports gas. This is a whole new market that has the potential to be as big as their oil industry. This helps them increase the value of their currency.
MZ: “ An expert identifies the damages of not submitting the final account of the budget” they have laws stating they have to do a proper budget. Unlike here in the Us where we have not had a budget since 2007.
Member: Come on Iraq….Just do it.
Member: Rumor has it. NESARA will be announced on the 8th. U.S. debt click said. REEVALUATE YOUR THINKING
Member: If something happen with the rv between now and Monday morning… will you come on?
Member: Mark has always said he will come back on and tell us instantly when the RV happens….no matter what time or what day it is.
Member: I feel we are close to the end, have never seen so much come together as in all the yrs I’ve been in this RV.
Member: I hope everyone has a Wonderful weekend!
Member: Remember Saturday nights are supposed to be the best time to reset currencies….Praying this is the one we are waiting for!! God bless us every one.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
Al-Baldawi: Al-Sudani asked Parliament to proceed with amending the region’s budget
Deputy Chairman of the Parliamentary making plans Committee, MP Mohammed Al-Baldawi, showed on Saturday that high Minister Mohammed Shia Al-Sudani asked the house of Representatives to continue with amending the paragraph related to the region.
Al-Baldawi stated in a statement to “The session website hosting the high Minister addressed the amendments to the 2025 budget, as Al-Sudani requested Parliament to amend Article 12 C of the Triennial budget law that Parliament voted on ultimate yr.”
He delivered, “the object is related to the area and is summarized in forming specialized committees for the motive of calculating the oil exported from the location and deducting it from its share designated in the next budget.”
He talked about that “the Parliamentary Committee will talk the possibility of reconsidering the calculation of the fee of a barrel of oil and the exchange rate of the greenback within the next price range.”
The residence of Representatives hosted prime Minister Mohammed Shia al-Sudani at his request, where many documents have been discussed, most substantially the traits in Syria and amending the price range regulation for subsequent 12 months, further to different political subjects.
Today, the House of Representatives is holding its regular session No. (20), which was postponed from last Thursday, according to the schedule of the media department, which included voting on a number of important laws, including “the intelligence and passport laws and amending the budget.”
The Council was scheduled to hold its session last Thursday, before it was postponed until today. The session agenda at the time included:
First: Voting on the draft law of the National Intelligence Service by the Security and Defense Committee, which includes 36 articles.
Second: Voting on the proposed law amending the first draft of Passport Law No. 32 of 2015 by the Security and Defense Committee, which consists of 5 articles.
Third: Report and discussion of the second reading of the draft law amending the first amendment to the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023, 2024, 2025) No. 13 of 2023 by the Finance Committee.
Fourth: Report and discussion of the second reading of the draft law amending the fifth amendment to Civil Aviation Law No. 148 of 1974 by the Transport and Communications Committee.
Voting was also added on the draft Personal Status Law No. 188 of 1959, Articles (2, 10), as well as voting on the draft law to return properties to their owners covered by some decisions of the Revolutionary Command Council (dissolved), consisting of 5 articles, and voting on the second amendment law to the General Amnesty Law.
In the same context, the general amnesty law is still a subject of controversy within the halls of the House of Representatives, as the disagreement over some of its paragraphs has caused the vote on it to be postponed again.
Member of the Security and Defense Committee, Ali Al-Bandawi, told Al-Sabah that the controversy over deleting or amending some paragraphs was a major reason for not moving forward with its approval, indicating that it was postponed several times because it is one of the controversial laws that cause divisions among the political forces.
He pointed out that there is political consensus to pass the law on the condition that it does not include criminals who shed the blood of innocents, or those involved in stealing public money, but is limited to releasing innocent people who are serving unjustified sentences, noting that in essence, everyone agrees on the importance of releasing innocent people from prisons, but disagreements over certain details in the law prevent reaching a final formula.
https://alsabaah.iq/106864-.html
