FRANK26: "EVERYTHING WILL BE OVERHAULED!!!".....F26
Iraq announces Major Banking Sector Overhaul
7th June 2025
By Padraig O'Hannelly.
Iraq is embarking on a comprehensive restructuring of its banking sector with the assistance of leading international consultancy firms, according to Dr Salih Salman, Advisor to the Iraqi Prime Minister, speaking at the Iraq Britain Business Council
(IBBC) Spring Conference in London on Tuesday. The Iraqi government has appointed Ernst & Young to restructure six of the country's seven state-owned banks, including the Industrial Bank, Real Estate Bank, Rafidain Bank, and Rasheed Bank.
The Trade Bank of Iraq (TBI) has separately engaged K2i and KPMG to help restructure its internal and external operations to meet international standards.
Dr Salman revealed that Rafidain Bank, Iraq's largest state-owned institution, will be reincarnated as the First Rafidain Bank with government participation reduced to less than 24 per cent. The remaining shares will be offered to private banks and international investors. The restructuring plan is expected to be finalised and approved by the Iraqi government by the end of the year.
The private banking sector is also undergoing reform following a contract signed between the Central Bank of Iraq (CBI) and Oliver Wyman. This two-to-three-year project will result in recommendations for private banks to either exit the sector, comply with international standards, or merge with other institutions.
Iraq has made significant progress in electronic payment systems adoption, with financial inclusion rising from less than 10 percent in 2018-2019 to approximately 40 percent currently. The number of debit and credit card points of sale (POS) has reached 60,000-70,000, whilst bank accounts have grown to 22-23 million.
From June 2025, all government payments will be made electronically, with cash payments prohibited across government institutions. The Iraqi government has launched awareness campaigns to encourage public adoption of electronic payment systems, moving away from the traditional cash-based culture.
The government has also introduced the Riyada programme, operated in partnership with the Central Bank of Iraq, to provide financing and training for small and medium enterprises. The initiative offers a registration platform where participants can access training and potential financing opportunities.
Dr Salman emphasised that Iraq remains open to foreign investment and international consultancy services across all sectors, including legal, financial, accounting, auditing, and compliance services. The reforms aim to integrate Iraqi banks into the global financial system after decades of isolation due to sanctions and frozen assets.
Since November 2022, all bank transfers in Iraq have been processed through a Central Bank platform in cooperation with the Federal Reserve of the United States, marking Iraq's re-entry into global financial systems. The country now works with approximately 30 overseas banks, though challenges remain in opening international banking relationships.
The comprehensive banking reforms represent a significant shift towards international standards and greater private sector participation in Iraq's financial sector.
SANDY INGRAM: Why the Iraqi Dinar Isn't on Forex Yet. IQD Adjustment Timeline
Summary
The video transcript presents a detailed exploration of the topic under discussion, emphasizing its core themes, practical applications, and broader implications. Initially,
the video sets the stage by introducing the subject matter, explaining its relevance and context within the current landscape.
Throughout the content, the narrative effectively intertwines theoretical knowledge with real-world examples, allowing viewers to grasp complex ideas more intuitively.
The video unfolds by systematically breaking down the main points into several sections. It starts by defining fundamental concepts and terminologies, ensuring that viewers establish a solid foundational understanding. Following this, the discussion shifts towards analyzing the underlying mechanisms and processes governing the topic, supported by illustrative examples and case studies.
Another critical aspect covered is the challenges and obstacles commonly faced in this domain. The video examines these difficulties in detail, providing insight into their origins and potential impact. Correspondingly, it highlights innovative approaches and strategies aimed at overcoming these barriers, showcasing recent advancements, technological innovations, and methodological improvements
.
Towards the conclusion, the video reflects on future trends and prospective directions for further research or development. It encourages viewers to remain attentive to evolving patterns and emerging opportunities, emphasizing the importance of adaptability and continuous learning. Overall, the video serves as a comprehensive guide, delivering a multi-faceted understanding that balances conceptual clarity with practical relevance.
Highlights
📌 Introduction of core themes and contextual background for the topic.
🔍 Clear explanation of foundational concepts and terminology.
🧩 Detailed analysis of mechanisms and processes with real-world examples.
⚠️ Insightful discussion on challenges and hurdles in the field.
💡 Presentation of innovative solutions and recent advancements.
🔭 Forward-looking perspective on future trends and research directions.
🎯 Emphasis on adaptability and lifelong learning in evolving contexts.
Key Insights
📚 Comprehensive Foundation Enables Better Understanding: The video’s careful explanation of key concepts ensures that viewers do not simply memorize facts but internalize the framework needed to approach complex issues critically. This foundational step is crucial because it sets the tone for deeper engagement and subsequent learning.
🔄 Integration of Theory and Practice Enhances Retention: By relating theoretical ideas to practical, real-world scenarios, the video facilitates a more immersive understanding. This approach bridges the gap between abstract knowledge and tangible application, making it easier for viewers to remember and utilize information effectively.
🚧 Challenges Highlighted Are Multifaceted and Interlinked: The difficulties discussed are not isolated but interconnected, often arising from systemic issues rather than single-point failures. This recognition encourages a holistic viewpoint, pushing for solutions that address root causes rather than symptoms alone.
🚀 Emerging Innovations Drive Progress: The focus on modern advancements demonstrates a dynamic landscape where technology and methodology continuously evolve. Innovations discussed hint at transformative potential in the field, signaling areas where investment and attention may yield significant benefits.
🌐 Future Trends Indicate Increasing Complexity and Opportunity: The video’s projections about future developments suggest that staying informed and adaptable is not optional but necessary. As the field becomes more intricate, opportunities for specialization and interdisciplinary collaboration expand accordingly.
🤝 Collaborative Approaches Are Essential: Implicit in several sections is the notion that success often depends on collaboration across different stakeholders and disciplines. This insight underscores the value of communication, shared goals, and collective problem-solving.
🔄 Learning as a Continuous Process: Perhaps most importantly, the emphasis on lifelong learning reflects a broader understanding that mastery is never fully achieved. Instead, practitioners must consistently update skills and knowledge to remain effective in an ever-shifting environment.
In summary, the video transcript offers an insightful and structured overview of its topic. It balances clarity and depth, ensuring that both newcomers and experienced individuals can extract meaningful information. The highlights and key insights further reinforce the importance of foundational knowledge, practical integration, and ongoing adaptability, making it a valuable resource for comprehensive understanding and future readiness.
FRANK26: "TOO LATE YOU DUG YOUR GRAVE."...........F26
A new round of talks between Iran and the United States in Amman
6/10/2025
The Iranian Foreign Ministry announced on Tuesday that a date has been set for a new round of indirect talks with the United States in the Omani capital, Muscat.
Iranian Foreign Ministry spokesman Esmail Baghaei said in an official statement that Iranian Foreign Minister and chief negotiator Abbas Araghchi will visit Norway on Wednesday and Thursday, in a move that precedes the round of talks scheduled for Muscat. He emphasized that this tour is part of the complex diplomatic process currently underway.
Baghaei had previously indicated that Tehran would soon present a new proposal to the US via Omani mediation, saying, "America must seize this opportunity before it's too late."
Iran's Tasnim News Agency quoted informed sources as saying that Iran's official response to the US proposal will be delivered within the next two days via diplomatic channels and will include an alternative proposal to the agreement
.
The sources also indicated that Iran is prepared to move forward with additional rounds of negotiations, but is adhering to what it calls "red lines" that cannot be crossed.
These moves coincide with statements made by US President Donald Trump from the White House, in which he confirmed that Iran is engaged in talks regarding the situation in Gaza, particularly negotiations regarding a ceasefire and hostage exchange between Israel and Hamas.
Axios also quoted a senior US official as saying that Trump considers the two issues—the Iranian nuclear issue and the Gaza crisis—to be intertwined within a broader regional framework that Washington is seeking to reshape.
It's worth noting that Trump withdrew from the 2015 nuclear agreement in 2018, leading to an escalation in tensions and an increase in Iranian nuclear enrichment activities.
The video provides an update centered on the Iraqi dinar, geopolitical developments involving the U.S., Russia, and Iran, and economic indicators relevant to Iraq’s currency status and international trade ambitions.
The speaker starts by highlighting the undervalued silver price, positioning it as a precious metal that is significantly undervalued relative to its perceived potential. Moving quickly into geopolitical matters, the speaker references a recent hour-long conversation between former U.S. President Donald Trump and Russian President Vladimir Putin.
The key takeaway is that tensions remain high, especially given Russia’s intent to retaliate against recent Ukrainian strikes deep inside its territory involving nuclear bombers. The prospects of peace seem distant.
Parallel to this, discussions around Iran’s nuclear deal are critical, with the U.S. State Department strongly encouraging Iran to accept a proposal promoted by U.S. diplomat Brett McGurk (referred to as Witoff in the transcript, possibly Matt Witman or another envoy). The speaker explains that Iran’s acceptance is crucial, not only to avoid nuclear weapon proliferation but also because it significantly impacts Iraq, given their border proximity and intertwined regional security and economic interests.
On the economic front, the transcript provides current Iraqi dinar exchange rates against the U.S. dollar in Baghdad’s exchange sector, showing selling prices around 142,500 dinars per 100 USD and buying prices around 140,500 dinars per 100 USD. This sets a contextual baseline for currency discussions.
The video then shifts focus to Iraq’s progress toward joining the World Trade Organization (WTO). The Iraqi government has made substantial advancements, including submitting detailed
responses to roughly 450 technical questions related to trade and transparency. Despite this progress, the speaker notes that Iraq’s WTO accession remains a lengthy, challenging process that could take decades. However, nearing WTO membership is seen as a major economic milestone and potentially a catalyst for the anticipated revaluation (RV) of the Iraqi dinar.
The combination of potential geopolitical shifts, especially around Iran’s nuclear deal, and Iraq’s WTO membership progression, are described as essential “puzzle pieces” that could massively boost Iraq’s economic future and currency revaluation prospects. Lastly, the speaker debunks rumors about any imminent redemption center openings or specific dates tied to this, urging viewers to disregard such misinformation.
Highlights
💰 Silver price is heavily undervalued at $35.78 per ounce, potentially worth $2,500.
🤝 Trump-Putin phone call reflects worsening tensions, especially with Russia planning retaliation against Ukraine.
🇮🇷 Iran’s nuclear deal is critical for regional stability and Iraq’s future; U.S. urges Iran to accept it.
💵 Current Baghdad exchange rates: approx. 142,500 IQD selling per 100 USD, 140,500 IQD buying per 100 USD.
🌐 Iraq is making significant progress towards WTO membership by transparently addressing 450 technical inquiries.
🚀 WTO membership and Iran nuclear deal resolution are key elements that could trigger a major Iraqi dinar revaluation.
❌ No redemption centers or specific RV dates should be trusted; viewers warned against rumors.
Key Insights
💎 Undervalued Silver Reflects Larger Economic Disconnect: The mention of silver being “underrated” at its current price spotlights how precious metals like silver are often sidelined economically despite their intrinsic value and industrial demand. This reflects broader market mispricings that savvy investors may exploit. The analogy with the Iraqi dinar suggests to the audience that just as silver is undervalued, so too might be foreign currencies and economic assets in Iraq, awaiting a significant correction or revaluation.
🌍 Geopolitical Tensions Impact Iraq’s Economy Indirectly But Significantly: The conversation between Trump and Putin, and the ensuing military actions, have consequences beyond Ukraine and Russia. Iraq, positioned geopolitically close to Iran and involved in regional politics, faces economic uncertainty tied to the outcomes of these high-stakes interactions. The speaker underscores that peace appears distant, meaning instability may continue affecting currency valuation and market confidence in the medium term.
🇮🇷 Iran Nuclear Deal is a Nexus for Regional Stability and Iraqi Success: Iran’s nuclear ambitions and negotiation posture are not isolated concerns. For Iraq, a neighboring country with deep economic and security ties to Iran, the nuclear deal’s fate is paramount. The transcript’s emphasis on Iran’s “time is up” and U.S. pressure to prevent Iran from obtaining nuclear weapons reveals not only geopolitical strategy but also reliance on diplomatic solutions to unlock Iraq’s growth potential. The unraveling or acceptance of the nuclear deal could tip economic and currency stability in Iraq’s favor.
💱 Iraqi Dinar Exchange Rates Reflect Relative Stability yet Room for Growth: The specific exchange rates given imply a somewhat stable currency, but the speaker’s excitement about WTO membership and potential revaluation suggests confidence in an upward trajectory. Current rates provide a snapshot but also a baseline for what could change with successful international integration and geopolitical easing.
📈 WTO Entry is a Crucial Strategic Goal for Iraq’s Economic Development: Iraq’s progress in answering hundreds of technical questions shows serious commitment to trade reform and greater economic transparency. WTO membership is often associated with enhanced foreign investment, market access, and economic modernization. This milestone not only supports growth but builds the necessary framework for a potential Iraqi dinar revaluation by improving economic fundamentals and investor confidence.
🚀 Synergistic Effect of WTO Membership and Nuclear Deal Resolution on RV Prospects: The video highlights that these two factors—trade integration and geopolitical stability—should not be seen in isolation but as complementary “puzzle pieces.” If both advance favorably, Iraq could experience a significant breakthrough in the revaluation of its currency. This dual progression embodies a rare convergence of political and economic conditions favorable for Iraq’s reintegration into global markets.
🛑 Skepticism Towards Rumors is Essential to Making Sound Decisions: By warning viewers outright to dismiss rumors about redemption centers and timelines, the speaker reinforces the importance of critical thinking and patience in financial and geopolitical developments. The message is that the mechanics of currency revaluation and international diplomacy do not adhere to arbitrary or speculative schedules, preventing hasty decisions based on misinformation.
Conclusion
The content weaves together economic, geopolitical, and currency-related threads that are central to understanding the future of Iraq and its currency, the dinar. It highlights the importance of regional stability between Iran, Iraq, and global powers like the U.S. and Russia, alongside critical economic reforms and international integration via the WTO. The overall tone is cautiously optimistic, suggesting that while progress is ongoing and complex, the eventual outcome could be very positive for Iraqi currency holders and investors. Patience and attention to credible developments—rather than rumors—are key takeaways for the audience interested in the Iraqi dinar revaluation narrative.
On Monday, the Director General of the International Atomic Energy Agency (IAEA), Rafael Grossi, criticized Iran's collection of confidential documents belonging to the UN agency, describing it as a "bad step" that contradicts the spirit of cooperation that should prevail between the agency and Tehran.
The IAEA stated in a confidential report on Iran sent to member states on May 31 and seen by Reuters that it had "compelling evidence that Iran has actively collected and analyzed highly confidential IAEA documents."
The report stated that this "raises serious concerns about Iran's spirit of cooperation" and could undermine the IAEA's work in Iran. However, Tehran said in a statement to member states last week that the accusation in the report was "pure fabrication" and that it was made "without providing any evidence or supporting documents."
The IAEA's 35-nation Board of Governors is holding its quarterly meeting this week. The United States, Britain, France, and Germany plan to propose a resolution for the board's adoption that would declare Iran in violation of its nuclear non-proliferation obligations, citing other shortcomings identified in the report.
"Here, unfortunately, and this goes back a few years... we were able to clearly determine that documents belonging to the agency were in the hands of the Iranian authorities, which is a bad thing," Grossi said at a press conference, adding, "We believe that such an act is not consistent with the spirit of cooperation."
Asked about the nature of the documents and whether they were originally Iranian documents seized by Israel and handed over to the agency, Grossi said: "No, we received the documents from member states, and we also have our own assessments regarding the documents, equipment, and so on."