Saturday, January 18, 2025
Friday, January 17, 2025
Central Bank: Closing the electronic platform will not affect the movement of remittances at all, 18 JAN
Central Bank: Closing the electronic platform will not affect the movement of remittances at all
economy | 09:47 - 01/16/2025 Mawazine News – Baghdad The Central Bank of Iraq confirmed that closing the platform will not affect the movement of remittances at all, while noting that transfers through this platform until 12/23/2024 are less than 7 percent of total sales.
A source explained to the official newspaper, which was followed by (Mawazine News), that "the aim of this step is to control financial operations and work within the international scope in the process of foreign transfers and adopt the method of correspondent banks, which contributes to enhancing the stability of the financial sector in light of the current circumstances.
" The Central Bank also indicated that "strengthening the balances of Iraqi banks that have correspondent banks abroad will continue as is," explaining that this does not mean stopping "currency selling" operations, but rather a change in their mechanisms within a method followed all over the world. ‘
He added that the mechanism for strengthening bank balances has changed, as it is now done through the accounts of Iraqi banks with correspondent banks directly, instead of the accounts that were done through the Central Bank, and that this new mechanism is dedicated to meeting the needs of imports and foreign trade of goods, commodities and services, which contributes to supporting the financial and economic stability of Iraq. https://www.mawazin.net/Details.aspx?jimare=258658
STATUS OF THE RV, PART. 4 BY MNT GOAT, 18 JAN
STATUS OF THE RV, PART. 4
Oh, but here is the juicy part we all need to be paying attention to.
Hantoush also suggested the “possibility of transferring the dollar to trading platforms in the stock market, to be sold to those entitled to it through direct transactions instead of sending the dollar exclusively to banks”, “stressing the need to organize these operations by switching to the “Forex” market,” and implementing mechanisms that ensure that funds are not transferred until the goods arrive with the banks’ guarantee.
WOW! WOW! WOW! Did they just suggest using the trading platforms in the stock market i.e FOREX…. You gotta luv it… Music to my ears….
Now let’s take a step back to the White Paper. What does it say? Afterall this is the blueprint of how they are going to get back on FOREX, the end result. Let’s read page 50 of the White Paper below:
Then in the article economic expert Nabil Jabbar Al-Tamimi said: “The transfer platform at the Central Bank of Iraq was a mechanism for conducting financial transfers for merchants and importers through local banks, as the platform supervised these operations.”
He added to Al-Sabah, saying: “The Central Bank has created the necessary conditions for conducting transfers by establishing direct relations between local banks and international banks through major correspondent banks, which means that transfers can be conducted in accordance with international standards without the need for an electronic platform.”
In other words, economic expert Nabil Jabbar Al-Tamimi is saying they are ready for FOREX after implementing all these banking and financial reforms.
The White Paperreforms have been successful. It is time to move to the next stage which is….?
Well folks financial and banking researcher Mustafa Hantoush just pointed out to us what the next stage should be.
Yes, I mean FOREX! Did you hear me I said FOREX!
Seems to me they are at the point of meeting the Obama era requirements and beyond as needed to go to this next stage.
But remember this too, that just as the rules changed from the Bush era to Obama era they will most likely change from Obama era to Trump era in 2025. I do not see the Trump era administration not seeing the necessity for going to FOREX with all the progress of the reforms to move to the next stage. I am sure the US Treasury will agree.
I am told by the CBI contact on Wednesday that they do agree and are giving Iraq a “thumbs up” to move ahead. So they agree too.
IMPORTANT IRAQ NEWS: AL-SUDANI: IRAQ IS AMONG THE MOST ATTRACTIVE COUNTRIES FOR INVESTMENT DURING THE PAST TWO YEARS, 18 JAN
AL-SUDANI: IRAQ IS AMONG THE MOST ATTRACTIVE COUNTRIES FOR INVESTMENT DURING THE PAST TWO YEARS
Prime Minister Mohammed Shia al-Sudani confirmed on Wednesday that Iraq is among the most attractive countries for investment during the past two years,indicating that investment opportunities in Iraq are the most at the level of the countries of the region.
The media office of Prime Minister Mohammed Shia al-Sudani stated in a statement, which was reviewed by “Al-Eqtisad News”, that “Prime Minister Mohammed Shia al-Sudani participated, on the sidelines of his visit to the United Kingdom, in the financial symposium held in London, in the presence of major British financial companies, Iraqi private sector companies, and a number of government officials from both countries.”
According to the statement, al-Sudani pointed out during the symposium “the importance of this visit, which represents a new era in the relationship between the two friendly countries,” indicating that “Iraq has concluded a strategic agreement with the United Kingdom, in addition to agreements and memoranda of understanding between ministries and relevant authorities, and others signed by the private sector with British companies, stressing the need to translate these understandings into practical, useful, fruitful and implementable formulas.”
Al-Sudani spoke about the stable situation in Iraq, which has become a promising country for development, investment and work in all fields, pointing out that it has achieved real reforms based on reliance on the private sector.
He explained that most of the economic reforms came with proposals from the private sector to facilitate the business environment and provide the best ways to work.
Al-Sudani said during the financial symposium that “reforming the financial and banking sector was a priority,” stressing “taking a series of steps to restructure government banks and contract with Ernst & Young, and the Central Bank contracting with Oliver Wyman.”
Al-Sudani added: “We have cooperation with the US Treasury, and today all transfers are made through correspondent banks and with reliable steps,” indicating: “We have provided sovereign guarantees to the private sector to reduce risks in productive projects in the country.”
The Prime Minister pointed out that “the Iraq Development Fund works as a new idea for the state in embracing and empowering the private sector,” noting that “the investment law in Iraq is the best in the region, as it enables investors to freely transfer profits and capital.”
He continued, saying: “Investment opportunities in Iraq are the most among the countries of the region, and Iraq is among the most attractive countries for investment during the past two years,” indicating: “We have noticed a desire among international companies to expand investment in Iraq and open new projects,” referring to “the need for an Iraqi and foreign banking sector capable of absorbing these operations and covering investment activity.”
He stressed that “Iraq needs insurance companies, and this sector must be strengthened through innovation, expanding digital insurance, and risk analysis,” explaining: “We are working to transfer expertise and knowledge to Iraqi cadres and enhance their capabilities in global investment methods.”
He concluded by saying: “The Iraq Investment Forum will be held next April, and we invite you to visit Iraq and take a closer look at the available opportunities.”
STATUS OF THE RV, PART. 3 BY MNT GOAT, 18 JAN
STATUS OF THE RV, PART. 3
The Central Bank of Iraq confirmed that closing the platform will not affect the movement of remittances at all, as remittances through this platform until 12/23/2024 represent less than 7 percent of total sales, according to a source in the bank.
The source explained to Al-Sabah that “the aim of this step is to control financial operations and work within the international scope in the process of foreign transfers and adopt the method of correspondent banks, which contributes to enhancing the stability of the financial sector in light of the current circumstances.”
Yes, Ali Al-Alaq does know what he is doing…. lol..lol..lol.. But what are these “current circumstances that are being referred to here in this article? I will tell you what they are – they are the circumstances are not having the dinar on the currency markets already, get it. Dr Shabibi wanted to go directly to FOREX and not have to go through all these other steps since we witnessed from Jan 2023.
The Central Bank also indicated that the strengthening of the balances of Iraqi banks that have correspondent banks abroad will continue as is, explaining that this does not mean stopping the “currency sale” operations, but rather a change in their mechanisms within a method followed all over the world .
He added that the “mechanism for strengthening bank balances has changed, as it is now done directly through the accounts of Iraqi banks with correspondent banks, instead of the accounts that were done through the Central Bank”, and that this new mechanism is dedicated to meeting the needs of imports and foreign trade of goods, commodities and services, which “contributes to supporting the financial and economic stability of Iraq”. Did they say the word “stability”? Didn’t the CBI tell us years ago they needed stability and security to conduct the Project to Delete the Zeros? Sounds to me they have it now. We also now know more of what the CBI meant by the use of that term Stability. It has become very clear to us now.
In the article financial and banking researcher Mustafa Hantoush pointed out that the Central Bank has strengthened the dollar accounts of Iraqi banks in foreign correspondent banks, which has “reduced the direct intervention of the Central Bank and allowed a greater role for foreign banks in auditing commercial operations.”
Hantoush also pointed out that “if the Central Bank wanted to reduce the gap in the dollar, it should open the door to competition between banks and rely on a basket of currencies to expand the options available in the market”, calling for amending the criteria for evaluating local banks and raising their financial capabilities, which would contribute to achieving stability and increasing competitiveness, and thus stabilizing the dollar price. Can you see now why reducing the gap in the rate between the parallel market and the CBI official rate is so important and vital to the next step? This objective is not going to change. It has to be done. They must stabilize the dollar price to the official CBI price.
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