Thursday, May 29, 2025
Union Of Arab Banks: We Support Iraqi Banking Institutions Within International Laws
Union Of Arab Banks: We Support Iraqi Banking Institutions Within International Laws
Wednesday, May 28, 2025, | Economic Number of reads: 251 Baghdad / NINA / The Union of Arab Banks affirmed that supporting Iraqi banking institutions is a top priority through developing strategies or facilitating dialogue with international partners, within the framework of applicable international laws and regulations.
Secretary General of the Union of Arab Banks, Wissam Fattouh, said during the Anti-Money Laundering and Combating the Financing of Terrorism Conference, which kicked off today, Wednesday, in the capital, Baghdad, "Combating money laundering and terrorist financing has become, in recent years, a top priority, along with combating corruption, at the heart of the global agenda and has become one of the main indicators of the credibility of financial institutions and their countries before the international community and international banks."
He added, "The Arab region faces complex challenges, some of which result from political and security tensions, and some of which are related to the regulatory and technical level in a number of banking sectors. Matters are further complicated by the strict and inflexible application of digital standards by international bodies towards banks, regardless of the specificities or circumstances of some countries.
"
Fattouh stressed that "the battle for compliance is not just a technical issue, but rather a sovereign, institutional, and economic issue all at once, because failure to comply threatens our relationship with international banks, limits our ability to carry out transfers, imports, and exports, and directly impacts investment flows, aid, and trade cooperation."
He pointed to the urgent need for joint Arab action, particularly strengthening ties of joint cooperation between Iraqi banks operating in a complex political and economic environment, and the Union of Arab Banks.
He emphasized the importance of strategic partnerships to develop Iraqi banking and raise Iraq's voice in international forums, when we are ready to do so.
Fattouh emphasized the importance of working to integrate financial technology into internal control systems, including the use of artificial intelligence in compliance and risk assessment, noting the need to instill a culture of compliance at all levels, from board members to front-line employees.
He added, "The challenges we face today are a call for cooperation, reprioritization, and continuous work on banking reform." https://ninanews.com/Website/News/Details?key=1229559
ARIEL: Iraqi Dinar Insight, Commonsense Rules the Day
Commonsense Rules The Day: Iraqi Dinar Insight
The Memo
Point 1
The memo highlights Iraq’s Finance Ministry aligning with Ernst & Young for global audit compliance and restructuring, alongside support from the World Bank’s Environmental Sector and bilateral creditor agreements with Mauritania and Niger.
It also mentions real-time public sector salary disbursements, currency transfer integrity, and policy modeling via ISPAR (International Standards for Public Accounting and Reporting).
My Take: This section is plausible and reflects Iraq’s ongoing efforts to modernize its financial systems. Ernst & Young has a history of working with Middle Eastern governments on fiscal transparency, and Iraq has been under pressure to comply with global standards since its 2003 reconstruction.
The World Bank’s involvement aligns with its 2020–2024 Country Partnership Framework for Iraq, which emphasizes environmental and economic reforms.
Bilateral creditor agreements with Mauritania and Niger make sense, as Iraq has sought to diversify its financial partnerships within the Global South. Real-time salary disbursements and currency transfer integrity are critical for de-dollarization, a CBI priority since 2020, and ISPAR-like standards are necessary for global market integration. This section feels grounded in Iraq’s economic trajectory, though the specifics (e.g., exact agreements with Mauritania) are hard to verify without public records.
Point 2
The memo emphasizes ESG compliance as a condition for revaluation, noting that the IMF and World Bank require full ESG scoring before rate normalization. It claims ESG ensures capital is deployed sustainably, with Iraq needing to engage ESG-linked institutions (WB/IMF/UNDP) before rate release, to protect green bond credibility and avoid backlash from Western institutions.
My Take: This is a forward-looking claim but not far-fetched. ESG compliance has become a global standard for accessing international capital, especially for resource-dependent nations like Iraq, which faces environmental challenges (e.g., oil pollution, water scarcity). The IMF and World Bank have increasingly tied loans to ESG criteria, as seen in their 2023–2024 programs with Iraq focusing on governance and sustainability.
The mention of green bonds aligns with Iraq’s tentative steps toward sustainable finance, such as its 2021 discussions with the IFC on green projects.
The memo’s focus on avoiding Western backlash is realistic Western institutions often withhold support if ESG standards aren’t met, as seen with other nations like Lebanon. However, Iraq’s c********n and political instability (e.g., Transparency International ranking 154/180 in 2023) make full ESG compliance a steep challenge, which the memo glosses over.
Point 3
Urgency for FX-VU E*******n:
While not detailed in that particular section, the memo’s title and executive summary stress the urgency of “FX-VU unmasking” for the IQD, tying it to the fiscal and ESG prerequisites.
My Take: The urgency makes sense in the context of Iraq’s economic pressures. The IQD has been undervalued for decades due to war, sanctions, and CBI controls, with a black market rate often far higher than the official rate (e.g., 1,570 vs. 1,300 IQD/USD in 2023). A revaluation could stabilize Iraq’s economy, attract foreign investment, and reduce reliance on U.S. dollar reserves ($120B held in New York as of 2023).
The “FX-VU” term, (Visibility Unmasking” not an official banking term, likely refers to a backend system for managing rate visibility, which aligns with how central banks stage revaluations to avoid market shocks.
The urgency could stem from Iraq’s need to capitalize on recent stability gains, such as the UNAMI mission drawdown (set to end by May 2026), signaling greater sovereignty.
Here is where all the angst is coming from. People are under the impression that this document was being presented as something Iraq or CBI put together. This is why it is receiving so much backlash.
This type of mindset is coming from people who are not used to seeing real-researcher actually create a visual analysis of a market who are not blowing smoke up our a** by constantly telling us what is on the bank screens or some private Tier-1 exchanges in Zurich. Your job was to sit down and actually take the time to go over each point. I recommended many people over the years for my followers to listen to.
Dr. Kia Pruitt
Militia-Man
Awake-N-3d
Ron Giles
The Economic Ninja
Chella Smith
Edu Matrix
Currency 365
Nader
Etc.
All of these people will give you the info you need. Everyone else who are just here reacting to everything without a 2nd thought will continue to do just that. Stick with the people who brought you to do the dance. I stand 100% behind this memo. Because it was out together as a educational opinion piece that I agree with. Along with a couple of other credible people. Nobody told you this was something released by some financial institution.
Al-Sudani: Iraq has returned to leading the Arab world, and we held meetings between Iran and three Arab countries.
Al-Sudani: Iraq has returned to leading the Arab world, and we held meetings between Iran and three Arab countries.
Prime Minister Mohammed Shia al-Sudani said that his government held dialogue sessions between Iran and three Arab countries, stressing that the new Iraq will not accept being subservient to anyone.
In an interview with the Egyptian newspaper Al-Ahram, followed by Mail, Al-Sudani said, "We preferred to be a bridge for dialogue, not an arena for settling scores." He explained, "We held meetings between Saudi Arabia, Iran, Jordan, Tehran, Egypt, and Iran."
He added, "We remember Iran for standing with us in the 2014 war against ISIS," noting that "what distinguishes Iraqis is their pride in their country, self-respect, and dignity, which do not allow them to be a prisoner or subservient to anyone."
He continued, "We only want Syria to implement the agreements, maintain a unified and stable Syria, and confront terrorism." He emphasized, "We have closed the gaps through which Iraq's enemies were infiltrating, and we have succeeded in achieving accomplishments on the ground that have restored confidence to the citizen."
He pointed out that "corruption was widespread, and efforts are being made to achieve progress, and citizens feel confident," explaining that "the government's performance has sparked interest among young people and new generations in the importance of participating in the elections."
He continued, "We not only completed the infrastructure, and our efforts were not limited to construction and reconstruction alone, but we also built an information infrastructure," noting that "Iraq has resumed its role in leading the Arab world."
He stated that "the new Iraq does not accept being subservient to anyone," stressing that "Iraq is strong and stable link
Tues. 27 May 2025 Big Call, Bruce: According to an Iraqi contact we have a solid international rate on the Dinar on the Forex in the Middle East
Tues. 27 May 2025 Big Call, Bruce
According to an Iraqi contact we have a solid international rate on the Dinar on the Forex in the Middle East. It will be a managed float on the Forex to get it to the level they want it to (3-4 days).
DOGE payments will start in the first 12 days of June.
Your R&R allowance will be on your account that you can see at the Redemption Center when you go in for your appointment.
SS increases should happen in June. Nesara/Gesara debt relief will occur Thurs. 5 June to Sun. 15 June.