Sunday, September 1, 2024

Iraq's Bold Move: Oliver Wyman to Revamp Banking & Infrastructure!

DINAR REVALUATION REPORT Central Bank of Iraq Contracts with Oliver Wyman for Banking Sector Restructuring, 1 SEPT

Central Bank of Iraq Contracts with Oliver Wyman for Banking Sector Restructuring

The Central Bank of Iraq has recently contracted with Oliver Wyman, a global consulting firm, to conduct a comprehensive review of the conditions of Iraqi banks, particularly those banned from dealing in US dollars. 1 This move is aimed at developing practical solutions for the reintegration of these banks into the Iraqi and international banking sector, alongside improving banking procedures in line with international standards. 2

Enhancing Banking Sector Reforms

The partnership with Oliver Wyman comes at a critical time, as the Central Bank seeks to facilitate the establishment of direct banking relations and improve the quality of services provided by banks to better serve the Iraqi economy. The company is scheduled to begin its work soon to address the challenges facing Iraqi banks, especially those under sanctions. 1

Delegation Visit to the United States

In related news, a Central Bank of Iraq delegation, led by Governor Ali Al-Alak, visited the United States to discuss developments in the Iraqi banking sector. 5The talks have included the evolving situation within Iraq's banking industry and the restrictions placed on using the US dollar by numerous private Iraqi banks. Discussions have also touched on the potential elimination of the current currency platform at the start of the next year, with a shift towards relying on correspondent banks, which could impose additional constraints on private Iraqi banks. 5

Collaboration with International Firms

During this visit, the delegation held separate meetings with various companies, such as Visa, Mastercard, and MoneyGram. 2 The meetings focused on enhancing electronic payment systems and stimulating their use in alignment with Iraq's push towards electronic payments, demonstrating the Central Bank's commitment to modernizing the banking sector.

International Auditing Firm's Role

The delegation also discussed the role of an international auditing firm, KPMG, which presented extensive analytical insights on the use of electronic payment cards, supported by recommendations and proposals to enhance their organized use and accommodate the significant increase in citizens' adoption of these cards. 2

Diversifying Currencies in External Transfers

In a separate development, the Central Bank of Iraq announced the start of a new phase in foreign transfer operations, involving 13 Iraqi banks. This initiative, which aims to enhance currency diversity and facilitate international transfer operations, will include dealing in euros, Chinese yuan, Indian rupees, and UAE dirhams. 3

Commitment to Transparency and Security

The Central Bank of Iraq's commitment to achieving the highest levels of transparency and security in all foreign transfer operations is evident in its ongoing efforts to support economic growth and expand international cooperation with global markets. 3

Conclusion

The Central Bank of Iraq's proactive measures in contracting with Oliver Wyman and collaborating with other international firms underscore its dedication to reforming and modernizing the Iraqi banking sector. These initiatives are expected to contribute significantly to the overall economic development of the country by improving banking services and fostering international partnerships.

Oliver Wyman Company and lifting sanctions on banks banned from the dollar , 1 SEPT

Oliver Wyman Company and lifting sanctions on banks banned from the dollar

The Central Bank of Iraq has contracted with Oliver Wyman, a global consulting firm that has the ability to “restructure companies to succeed in difficult times, build a new strategy in banking, and be a leader in risk, strategy, and human resources, helping clients navigate a dynamic environment across four global firms.”

A firm like Oliver Wyman can therefore help sanctioned Iraqi banks understand the sanctions imposed on them, work on strategies to mitigate their impact, and even help remove these sanctions in some cases.

Legally, the firm can help Iraqi banks understand international laws and sanctions applicable to them, identify any legal risks associated with their activity, and then provide recommendations on how to improve banks’ compliance with international sanctions, and develop plans to mitigate risks.

In addition, the firm will help Iraqi banks communicate with international government agencies to learn more about the sanctions imposed on them, or to request “exceptions or mitigations,” by providing training programs for employees in Iraqi banks to develop their skills in the field of sanctions compliance.

From the above, we conclude that Oliver Wyman can play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then submit a recommendation to the Treasury Department and the Federal Reserve that paves the way for lifting the sanctions. link

LATEST FROM WOLVERINE, 1 SEPT

WOLVERINE

Sat. 31 Aug. 2024 Wolverine

“Looks like everything has been lined up for Tues. 3 Sept. The Precatorias was supposed to go today, but now they are going to go on Tues. 3 Sept. It’s going to be a shotgun start. All contracts have been signed. Everything is ready to go. …Tier 1, 2, 3 and 4 banks around the world are fully integrated and ready for distribution. The RV is finally here. God bless. Your friend, Wolverine”

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Fri. 30 Aug. 2024 Wolverine

“I’ve been told that all platforms have been shut down. They are all now getting ready to release payment. Once the Precatorias start all Yellow Dragons Bonds from my platform will cease operations immediately.

We are finally here after 30 years of waiting. We are actually here and ready to cross the finish line. It will be emotional for all of us when it hits us…

Let’s start out with intel.. What I have been told is that the Precatorias is about to start this weekend. It is an old debt/money owed to the people of Brazil, and back in 2017, they went to court on this, and they finally won the case, and they will get the funds released, more than trillions of dollars involved. This is another platform that has associated itself with the RV, globally and this is about to be released on the weekend. The QFS had a hiccup, so it was temporarily delayed.

Zurich, I was told that this week all will get released. The codes are there so they can all get released. Not much to say as all is ready.

My sources said the Philippines have started, not sure of the payments, the process? But they said the engine has started. East to west. Hopefully that is true. This is from various sources saying things are coming out from Asia to the West.

All the private platforms deals are being paid this week as well, by the new week – this is coming from Zurich as well…. Starting by the new week – Monday is Labor Day in the USA, so we are looking from Tuesday onwards

When the Precatorias gets released, the Yellow Dragons from my platform sales cease immediately. If you are interested in those bonds before they close the doors. This came through last night so I wanted to let you know.

I got a letter from an official in the Brazil and they are part of the RV process: “We close the week with the following report: the auditors of the World Bank and Peter Wong’s Platforms who arrived in Brazil on 08/27/2024 are packed and ready to return to the U.S.

Since Monday 09/02/2024 is a holiday in the USA (Labor Day), there is no way to have banking hours on the Reno Platform (Nevada/USA), so it was defined in the meeting within the BACEN on the date of 08/29/2024 that the global START will take place on 09/03/2024 (next Tuesday), when then Brazil 2, the USA and the other countries that will make up this project that covers 47 countries (and their respective Central Banks), after several exhaustive tests and adjustments, will finally be able to synchronize and proceed simultaneously with the release and settlement of the financial operations of which they are part.

I emphasize that in Brazil the released and approved operations to be paid are LTN and T*A, (like farmer’s claims) which were unified within the same platform).

I also learned that the deadline for distributing the amounts in the payrolls of the Managers that will be received will begin on 4th of September and extended until 9/13/2024. “

https://dinarevaluation.blogspot.com/2024/08/they-are-all-now-getting-ready-to.html

IQD Update-#iraqidinar #iraqidinarexchangerate-Transformation-Foreign Tr...

"LOOK AT THE MASSIVE LINEUP OF SPECIALISTS OF FINANCIAL MATTERS ALL TALKING ABOUT IRAQ'S... SCAM... NOT!!!" BY FRANK26, 1 SEPT

KTFA

FRANK26: "LOOK AT THE MASSIVE LINEUP OF SPECIALISTS OF FINANCIAL MATTERS ALL TALKING ABOUT IRAQ'S... SCAM... NOT!!!".....F26

Central Bank announces results of New York meetings

8/30/2024

Baghdad - WAA

The Central Bank of Iraq announced, today, Friday, the results of the visit of the delegation headed by the Governor of the Central Bank, Ali Mohsen Al-Alaq, to the United States of America, which lasted from August 26 to 29, 2024.

The Central Bank of Iraq confirmed in a statement received by the Iraqi News Agency (INA) that "a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank, in addition to meetings with a group of companies (Visa, Mastercard and MoneyGram) as well as banks (Citi Bank and JP Morgan) as well as international auditing firms (KPMG, E&Y, K2i and Oliver Wyman)."

He added that "the participants in the meetings praised the major transformations achieved by the Central Bank of Iraq, which represent an unprecedented achievement at the country level, as the bank has achieved remarkable progress in monitoring procedures for foreign transfers and cash sales of the US dollar, which has led to improving systems, policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, terrorist financing and financial crimes."

He announced, "A meeting will be held between officials of the Central Bank of Iraq and its international partners by the end of this year regarding the major shift in ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, according to the plan set by this bank, and implemented internationally, which will allow the Central Bank of Iraq and the Federal Reserve Bank to exercise their supervisory roles away from executive procedures, as this shift will have important repercussions on the stability, fluidity and transparency of the country's foreign trade financing operations," noting that "it aims to achieve the required stability in exchange rates, which in turn will lead to enhancing the efficiency of the financial system in Iraq."

He pointed out that "the meetings in New York City also addressed the mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the necessary requirements to open their accounts with international correspondent banks; with the aim of enabling them to complete their financial transactions, whether through external transfers in US dollars or other foreign currencies."

LINK

INTEL FROM A REDEMPTION CENTER CONTACT BY MARKZ, 1 SEPT

MarkZ

[via PDK] I did get an update this morning from a redemption center contact.

They very much still expect to be called into work this weekend. Their chain of command said to expect to work before Tuesday. This is excellent news.

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MarkZ

[via PDK] “Iraq’s Prime Minister Mohammad Shia Al Sudani chaired a meeting of the high committee for tax reform”

So when they reviewed it they found there was a 22 % growth in tax revenues. This means the economic reforms they are working on are working . This one is really big news.

The chatter out of Iraq stays fantastic …we keep hearing stories about lower denominations in the streets but, people who are physically there say no - not yet…but that they are physically prepared for them...There has been a grinding juggernaut of progress in Iraq. Things do continue to move.

The silence in the news is eerie…It definitely feels like the calm before the storm...I’m still praying August is our month. Most of what I am being told right now is to expect it anywhere from last Monday until September 4th- somewhere in there to see us actually with appointments…we will see...I think the quiet is purposeful.

https://dinarevaluation.blogspot.com/2024/08/latest-from-markz-31-august.html