Clare
Article: "Central Bank announces details of its meetings with the Treasury and the Federal Reserve"
Quote: "...Iraq depend largely on the trust of international correspondent banks in the Iraqi banking sector,
we emphasize the need to ensure that the official channels of this bank are adopted to know the latest news and not to transmit incorrect news such as some Iraqi banks being subject to international sanctions and others."
A government consultant stressed the importance of governance of gold trading to support the current account for the balance of payments.
“The adoption of advanced industrial protection policies will reflect positively on the quality of the national gold product and the stability of its prices,” the financial and economic adviser to the prime minister, Mazhar Mohamed Saleh, told {Al-Furat News}.
He pointed out that “this step will enhance the protection of one of the most important pillars of the national and family economy, with a direct and positive impact on the current account of the balance of payments.”
Saleh explained that “regulating the import and re-export of non-manufactured gold will contribute to achieving added value for the national economy,” stressing “the importance of close supervision from the competent authorities to ensure that the movement of gold is limited within the framework of economically organized trade, with a high return and good governance.”
The Industrial Coordination Council approved in its meeting on Sunday the localization of the precious metals industry, gold and jewelry, in addition to cosmetic products, with the directive to provide all the necessary facilities for those wishing to establish their own factories, and decided to monitor the quantities of gold exported abroad, through controls that determine the remanufactured quantities, and submit documents to the Central Bank that secure the value of the outgoing quantity, and return the amount after completing its manufacture to the country, under the supervision of the Central Bank.
Ragheed
STATUS OF THE RV , PART . 4
😊Still today in the next article titled “TRUMP MUST FINISH THE JOB IN IRAQ”dated February 16, 2025, By Yassin Fawaz I quote from the article “we find that for almost two decades, Iraq was at the center of U.S. foreign policy, absorbing huge sums and costing thousands of American lives.
Now, just a few years later, it risks fading into geopolitical obscurity—forgotten by the U.S. public and by policymakers as well. That would be a mistake”.
Donald Trump built his brand on disrupting the status quo, whether in politics or foreign affairs. His first term saw major shifts in the Middle East, from the assassination of Iran’s Qassem Soleimani to the Abraham Accords between Israel and several Gulf and other Arab states.
Now, he begins his second term with a clear inclination to shake things up again. In that context, Iraq should be front and center. The government in Baghdad must be held accountable for harboring and legitimizing Iran-backed militias, the very forces that have destabilized the region for years. But remember it was the US Obama administration who let the militia into Iraq in the first place.
Under the Obama administration all US troops were pulled out to meet a campaign promise and helped Obama get elected for a second term, careless of the consequences to Iraq. Yes, this gap of US forces has to be filled and the Iranian militias have filled it. We witnessed all the rocket bombings and harassment of US forces since in Iraq.
The cause is all amounted to bad US policy towards Iraq. I can go on and on with more but what’s the point. You get my point already, I hope. Could all this bullshit be holding up the RV. You think?
FOUNDATION WARNS OF ‘PARALLEL BANKING SYSTEM’ AND ‘SHADOW ECONOMY’ IN IRAQ
The “Iraq Al-Mustaqbal” Foundation for Economic Studies and Consultations warned, on Saturday, of the danger of the parallel banking system, which constitutes about 84% of the “informal” economy in the country, considering this system to “limit the ability of official bodies to monitor the movement of funds.”
The head of the institution, Manar Al-Obaidi, said in a statement published today, a copy of which was received by Shafaq News Agency, that “in the Iraqi economy, the parallel banking system stands out as one of the major challenges that directly affects the stability of the financial system.”
He explained that “this system consists of a group of financial institutions that operate outside the official framework and without supervision from regulatory authorities, but nevertheless play an influential role in the economic scene.”
Al-Obaidi also pointed out that “these institutions have emerged gradually over the past twenty years, starting from simple financial activities until they developed into entities that provide services similar to official banks, such as: lending, credit facilities, receiving deposits, and transferring money internally and externally,” adding that “among these institutions we find salary distribution outlets, exchange shops, consumer associations, and even some non-profit organizations.”
He added, “These institutions were able to achieve widespread popularity for several reasons. The first is the absence of effective oversight, which made work procedures easier compared to official banks, which attracted many customers looking for flexible and fast alternatives. The second and more important reason is the great demand from owners of small and medium enterprises.”
The head of the institution noted that “in Iraq, this type of project constitutes about 84% of the informal economy, and they are projects that are not officially registered, which deprives them of access to traditional banking services and pushes them to resort to these parallel financial institutions.
He pointed out that “the existence of an official banking system and a parallel one represents a great danger to the Iraqi economy, as it enhances the phenomenon of the shadow economy and limits the ability of official bodies to monitor the movement of funds,” considering that “this gap opens the door to many illegal practices such as tax evasion and money laundering.”
Al-Obaidi pointed out that “to deal with this situation, it is necessary to adopt firm solutions aimed at closing the gap between the two systems,” indicating that “this can be achieved by:
1.preventing unauthorized banking activities, and;
2.working to encourage small and medium enterprises to join the formal sector by providing attractive incentives.
He continued by saying that: (solutions to the problem of the parallel market)
1.legal frameworks can be put in place to regulate the work of informal financial institutions and place them under the supervision of the central bank to ensure a minimum level of oversight.
2.In the most serious cases, the optimal solution may be to completely close unlicensed institutions and link all banking operations to formal institutions.
Al-Obaidi continued, saying, “The Iraqi experience has shown that the shadow economy may exceed the size of the official economy, which poses a major challenge to the relevant authorities in most cases,” stressing that “previous attempts to control it have failed due to its ability to adapt to new circumstances and maneuver any regulatory measures.”
The head of the “Iraq Al-Mustaqbal” Foundation concluded that “for this reason, dealing with this challenge requires a balanced strategy that combines firmness in applying laws and flexibility in providing legal paths for these institutions to integrate into the formal economy, while ensuring the protection of the economy from potential risks.”
(if you have been following my blog all along you know all about the parallel market and it is one of the challenges facing the CBI. You also know why they need the monetary reforms. This black market is holdup and is preventing the CBI from getting permission to reinstate the dinar. This issue must be remedied. I like this article because it gives solutions but sill it does not fully show the mechanism to get to the solution. I suspect this will be forth coming. We already witnessed one mechanism as part of the solution by president Trumpand that was to cut off the CASH dollars. The black market operates on CASH.)
STATUS OF THE RV, PART. 4
😊Check out the article titled “REGIONAL OIL: THE PATH TO RESUMING EXPORTS AND ITS NEXT STAGES: NEW HOPES ON THE ROAD TO ECONOMIC RECOVERY”.
He pointed out that “the beginning will not be less than 250 thousand barrels exported daily, and it is possible that within a month or two, exports will return to 400 thousand barrels, and this is a new resource to raise the public treasury, especially since this oil can be marketed to European markets without any obstacles.”
I wanted to conclude my commentary today on a very serious note. This information is about the past US influence over Iraq. If you add up all the issues we have been reading about we can CLEARLY now see that the US has been obstructing progress in Iraq.
Oh… they pretend they are helping, but if we take the time to watch and pay attention, and stick to the FACTS we can CLEARLY see this is NOT the case.
☹ For instance, why would the US be influential in putting in place these currency auctions procedures in the first place, then only to find out later about the corruption a decade ago, yet do nothing to change the process?
Why use paper cash and peg Iraq to the US dollar when everyone wants US dollars and now you just made it soo easy to smuggle money and launder money out of Iraq? Could this be their real intent in doing this in the first place?
Why did they allow so many billions, Iraq says trillions, of dollars to flow outside of Iraq mainly to Iran with bribes to Iranian backed Iraqi politicians and US politicians.
With all the exposure DOGE is finding in the US can you wonder why Iraq is also affected? Do you see now the tie in to the US with Iraq and the corruption that is holding up the RV?
☹ Also, this electric grid issue really gets my proverbial goat. So, the US knows Iraq will need 24/7 electricity in all provinces to help make the electronic payment process Pint of Sale (POS) in society (and the use of the ATMs) successful. Yet we find out just recently the reason why Iraq still, after 20 years, does not have this electric grid back up and running.
Please go read article titled “POLITICIAN ACCUSES AMERICA OF OBSTRUCTING THE CONSTRUCTION OF POWER STATIONS IN IRAQ”. This corruption is absolutely sickening! Today, Saturday, the leader of the Sovereignty Alliance, Majeed Al-Dulaimi, accused America of being involved in obstructing projects to establish power plants in Iraq to end the electricity crisis for political reasons.
He added that “the central government has received attractive offers from international investment companies specialized in establishing power plants in Iraq, but America is placing obstacles in the way of these countries under the pretext of terrorist threats,” Next we see a conspiracy to block the Dr Shabibi plan to reinstate in January 2013. Then in 2014 the Obama administration to allow ISIS infiltration into Iraq which then they also allowed Iranian backed militia into Iraq.
PMF Militia Leaves Iraq & CBI Prepares Infrastructure – Signals for Iraqi Dinar Holders Introduction Recent developments in Iraq show a ...