Iraq And The United Nations Discuss The International Cooperation Mechanism To Recover Smuggled Funds, 22 FEB

 Iraq And The United Nations Discuss The International Cooperation Mechanism To Recover Smuggled Funds

02/21/2025  Mawazine News – Baghdad  The Chairman of the Federal Integrity Commission, Mohammed Ali Al-Lami, discussed with the United Nations today, Friday, the international cooperation mechanism to recover smuggled funds.

The Integrity Commission stated in a statement received by Mawazine News, that "the Chairman of the Integrity Commission, Mohammed Ali Al-Lami, discussed with the Deputy Representative of the Secretary-General of the United Nations, Ghulam Muhammad Ishaq Zai, the international cooperation mechanism to recover smuggled funds."

According to the statement, the Chairman of the Integrity Commission, Mohammed Ali Al-Lami, said during the meeting that "corruption is a cross-border crime that requires international cooperation to reduce it."

For his part, the Deputy Representative of the Secretary-General of the United Nations, Ghulam Muhammad Ishaq Zai, expressed his readiness to "remove the obstacles that prevent Iraq from recovering its smuggled funds."  https://www.mawazin.net/Details.aspx?jimare=259725

TIDBIT FROM MNT GOAT, 22 FEB

 Mnt Goat  

There has to be a breakthrough soon. Iraq cannot continue indefinitely like this. They have set up the banking system for international transactions. 

Everything is actually in place to do business with the rest of the world. The only question is when (not if) will they complete the currency reform as planned.

 Another major step to fully globalizing Iraq is in the article titled 

 “IRAQ MOVES TOWARDS GLOBALIZATION .. .IMPLEMENTATION OF INTERNATIONAL ACCOUNTING STANDARDS BEGINS IN 2026”.   ...in my eyes this is not going to trigger the RV but is certainly a right step in the direction we want. Remember the CBI told us that January is the most optimistic to revalue the dinar with any substantial change in value. 

Why? It is because of the accounting practices and it is MOST convenient to begin a new fiscal year clean with a new rate. Remember we may be already into February but we know they just passed the amendment to the budget law and so they have not yet even opened the 2025 budget. So there still can be a rate change coming...

FIREFLY: They say it's the fastest in the world.!!, @DINARREVALUATION #iraqidinarinvestor

 

New Reform Plans For The Banking Sector In Iraq, 22 FEB

 New Reform Plans For The Banking Sector In Iraq

Time: 2025/02/21 10:51:47 Read: 3,060 times  {Economic: Al Furat News} The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, stressed that achieving a unified vision to study the conditions of banks in Iraq requires the integration of the national banking market within a homogeneous framework aimed at enhancing the stability of the national financial system and developing its performance in the areas of credit, digital payments, and financing economic development.

Saleh said in a special statement to {Al Furat News}, "The first vision focuses on the importance of achieving integration between national banks in a way that enhances their role in supporting the Iraqi economy, pointing out that this requires updating the financial infrastructure and adopting modern technologies to meet the requirements of the era.

The second vision, according to the financial advisor, is related to developing two comprehensive reform plans targeting the public and private banking sectors, with the aim of improving the performance of these institutions in accordance with international standards. He explained that the reform will include improving governance and financial management and enhancing transparency, which will facilitate the involvement of Iraqi banks in the global financial relations network.

Saleh added that the direct goal of banking reform is to enable Iraqi banks to deal more effectively with the outside world, ensuring economic openness and attracting foreign investments, as well as strengthening Iraq's position on the international financial scene.

This trend comes in light of the government’s ongoing efforts to develop the financial sector and enhance its role in achieving sustainable development and supporting the national economy, as banking reform is viewed as an essential step towards achieving these goals.  LINK

TIDBIT FROM FRANK26, 22 FEB

 Frank26 

 Article:  "Expected visit of the Central Bank Governor to Sulaymaniyah"  Are you serious?  You're putting a new banking economic center?  Why?  

You never have in the decades that I can remember.  

Why?  Your rate of your currency is 1310.  You don't need this banking economic center in Erbil.  Why are you doing this?  Because there is a change in the banking structure system of Iraq.

MNT GOAT: They have not yet even opened the 2025 budget, there still can be a rate change coming!!

 

Oil Prices Rise On Expectations Of Higher US Demand, 22 FEB

 Oil Prices Rise On Expectations Of Higher US Demand

Friday 21 February 2025 | Economic Number of readings: 298  Baghdad / NINA / Oil prices continued their gains today, Friday, in early Asian trading, and are heading for a weekly rise amid growing expectations of strong demand in the United States after data showed a decline in gasoline and distillate inventories, and prices received support from concerns about disruption to Russian supplies.

Brent crude futures rose 16 cents, or 0.2 percent, to $76.64 a barrel, and US West Texas Intermediate crude rose 17 cents, or 0.2 percent, to $72.65 a barrel, and the two crudes are heading for weekly gains of about three percent.

The US Energy Information Administration said yesterday that crude oil inventories in the United States rose while gasoline and distillate inventories fell last week after seasonal maintenance at refineries led to a decline in refining operations. / https://ninanews.com/Website/News/Details?key=1187885