Mnt Goat
a HUGE change or transformation has occurred...a transformation of Iraq like no other they have ever experienced. It has come on the heels of being released from Chapter VII. ...
I am in close contact with the CBI committee that is responsible for rolling out the Project to Delete the Zeros.
I get weekly statuses that are telling us that Iraq is only moving ahead and not backwards. I am told it won’t be long.
KTFA
FRANK26: "ASK FRANK26... LOL."............F26
12/19/2024
Baghdad
Economic expert Alaa Al-Fahd revealed today, Thursday (December 19, 2024), the Central Bank of Iraq’s goal of expanding external transfer channels for local banks.
Al-Fahd said in an interview with Baghdad Today, "Within the Central Bank's policy and its continuous attempts to control foreign transfers to finance trade, especially in dollars, there is a continuous effort to expand the basket of foreign currencies used in imports, especially with countries with which we have import dealings, the transfer is in the currencies of the countries, and there was an agreement on this with the Turkish side, as well as the Emirates, China, and today with Jordan and Saudi Arabia."
He explained that "this step reduces the demand for the dollar to finance foreign trade, as most of the demand for the dollar is to finance foreign trade, and with the expansion of the currency basket, the pressure in the parallel (black) market on the dollar decreases, and this reduces the exchange rate in the local market."
He added, "This step will also allow many banks to deal with many countries according to the currencies of those countries, and this will enhance a major role in developing the work of banks in terms of experience, and its main goal is to control the dollar exchange rate and work to reduce it."
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: Mr Sammy says when the auctions close we will be using the lower notes because they will be needed with added value. It will have to be out by then. So we wait for the end of the auctions.
FRANK: It boils down to one thing. In order for you to get those lower notes is for the auctions to close...Mr. Sammy your boss is obligated to raise the value of your currency.
EXCERPTS FROM MARKZ
Member: I just want to inform everyone here that I have gotten paid. I am in Tier 3
MZ: We hope this is accurate. I have heard from others in tier 3 claiming they have gotten paid…and other individuals saying they have received some or a partial payment. I am hopeful it is indeed moving.
Member: If tier 3 is going than they must have a rate?!?
MZ: “The President of the Republic , the under secretary of the Minister of Finance discuss the 2025 budget “They are also telling up here that they expect a rate change before Jan. 1st. There is a lot of information hitting right now in Iraq. All the news is supporting a rate change before the end of the year.
Member: The Korean Won dropped 50% today.
MZ: We are seeing some crazy stuff in the currency world right now.
MZ: Now to the rumors. It started with a conversation with a IRS contact….then moved into vetting this from other government contacts……it appears they have been notified that they have to update their emergency contacts by the close of day Friday.
MZ: From the bond side- they are telling me they very much expect their 1% by Christmas. I believe things are heating up.
MZ: the whole market froze today- like a deer in a headlight. Powell did his best to implode everything today with his indecision.
Specialists Suggest Restructuring Some Banks Similar To Government Ones
Economical 12/19/2024 Al-Sabah: Hussein Falih Experts and specialists in financial and banking affairs stressed the need to redouble efforts aimed at restoring customers’ confidence in banks, stressing that
this step would absorb the accumulated cash mass and increase the volume of deposits,
calling at the same time for the restructuring of some private banks similar to government ones.
Financial advisor Abdul Rahman Al-Sheikhli told Al-Sabah:
The Iraqi banking system was suffering from many problems, especially before 2003 as a result of the lack of private banks,
but after 2003 work expanded to establish many banks, but
most of them did not keep pace with international systems and standards, so it was You suffer from a lot of problems. Al-Sheikhly added that
restructuring
during the last year and a half, specifically after the imposition of US Federal sanctions on some banks, all of them began seeking to restore their status in a manner consistent with international standards, stressing the
necessity of restructuring some banks in order to be supported by
international standards. The financial advisor pointed out the
Hoarding money
necessity of restoring trust between the banking institution and the customer, as
it was lost a long time ago,
which prompted citizens to hoard their money outside banking channels for the purpose of preserving its timely disposal, because
some private banks due to
circumstances beyond their control,
mismanagement, and
other matters.
It kept the citizen away from the banks. The spokesman pointed out
Electronic systems
the necessity of
moving completely towards automation and the
use of modern electronic devices in a manner commensurate with the large size and responsibility undertaken by banking institutions, stressing that
in the recent period these banks have begun to change their work towards electronic systems according to the government’s directions. Al-Sheikhli explained that the
Sound system
Prime Minister recently focused on a very important aspect, which is
restructuring government banks, first, and
then private banks, where
government banks began, especially in the Rafidain Bank, and the
completion rate for this project reached the range of 74 to 75 percent, and
what remains is only less than 25 percent and perhaps It will be completed soon, so
we will have a wonderful model of a very sound banking system that we can adopt and emulate in other banking institutions.
Serious steps
For his part, the expert in financial and banking affairs, Mustafa Akram, said in an interview with “Al-Sabah”: The government has begun serious steps to rehabilitate and develop the Iraqi banking system, as most banks, especially private ones, suffer from backwardness as a result of monetary policies, indicating that the government has focused on
automating the work of banks and introducing a
system Electronic payment in order to develop the Iraqi banking system.
Digital transformation
It is noteworthy that the Association of Private Banks recently announced an increase in deposits in the banking sector during the last two years, while indicating the government’s great interest in the recent period regarding digital transformation in general and the shift towards an electronic payment system, and that “during the last two years deposits in the banking sector increased,
Nearly 75 percent of the monetary mass is outside the banking system and requires a great effort to motivate citizens, companies, and institutions to use the banking system more, which is what is currently happening, but this type of work needs to be accelerated to control financial operations in Iraq. https://alsabaah.iq/107455-.html
PMF Militia Leaves Iraq & CBI Prepares Infrastructure – Signals for Iraqi Dinar Holders Introduction Recent developments in Iraq show a ...