Frank26
[Banks] know better than to keep lying to you...
They're not going to admit anything but they're not going to lie to you anymore and say it's a scam because that was a flat out lie...
The atmosphere in the banks [has changed], stop telling them it's a scam...
Economy News – Baghdad
The Prime Minister’s Advisor for Financial Affairs, Mazhar Mohammed Saleh, confirmed on Saturday that increasing Iraq’s share of international currency is a step towards facing economic challenges and the stability of the dinar, while pointing out that it is a tool against exchange rate fluctuations, inflation problems and enhancing investor confidence in the Iraqi economy.
Saleh told the official agency, followed by “Economy News”, that “Iraq keeps a reserve of gold within its foreign reserves, which is part of the official reserves of the Central Bank of Iraq, as cash gold is a means of supporting the value of the Iraqi dinar and achieving the desired economic stability.”
He added: “When inflation rises and the value of foreign currencies decreases, the price of gold usually rises, so gold is a hedge tool against inflation or currency depreciation, and is also a pattern of long-term investment and contributes to diversifying the country’s sovereign investment portfolio, because it is a stable asset compared to currency volatility.”
He continued: “Our country keeps about 150 tons of gold and constitutes a percentage of the country’s foreign currency reserves, as this reserve is managed according to the guidance evidence issued by international multilateral financial organizations, and it represents a hedging tool and a safe and suitable haven as an important part of the national currency cover.”
He pointed out that “the monetary authority in our country has sought in recent years to increase its gold reserves, in order to face economic challenges and ensure the stability of the Iraqi dinar.”
He pointed out that “gold remains a protective tool against fluctuations in exchange rates and inflation problems, and also contributes to strengthening investor confidence in the Iraqi economy.”
Earlier, the Council of Ministers approved an increase in Iraq’s share in the International Monetary Fund equivalent to (831.900000) SDR, or the equivalent of (1.45025127) trillion dinars, according to the exchange rate on October 8, 2024, provided that the amount of increase in the allocations for 2025 is guaranteed, and that the proposed increase will lead to an increase in Iraq’s share in the International Monetary Fund by 50% of the previous quota, and to increase Iraq’s voting power.
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Added 2024/10/19 – 11:26 AM
Al-Sudani chairs a meeting to follow up on efforts to develop the work of the government banking sector
Prime Minister Mohammed Shia Al-Sudani chaired a meeting to follow up on efforts to develop the work of the government banking sector, in the presence of representatives of Ernst & Young Auditing and Financial Consulting.
Prime Minister Mohammed Shia Al-Sudani chaired a meeting on Thursday on efforts to develop the work of the government banking sector, in the presence of representatives of Ernst & Young for Auditing and Financial Consulting.
A statement issued by Al-Sudani's media office stated that during the meeting, a package of recommendations was presented by the company to proceed with the reform of Rafidain Bank, which included the new legal status of Rafidain Bank, its capital, its work strategy, and the new consultant who will work with the bank to meet the global requirements for modern banking.
The statement explained that these recommendations will be submitted to the Ministerial Council for the Economy, which will then submit them to the Council of Ministers for approval.
The statement quoted Al-Sudani as saying that the issue of restructuring Rafidain Bank is the first step in the government’s banking reforms, which have been given special attention to follow up on all reports related to it, submitted by the relevant authorities, especially the committee concerned with the restructuring process.
The Prime Minister stressed the importance of the banking sector reform project, which began with Rafidain Bank, pointing out the work to provide a bank with specifications and standards through which problems can be overcome and confidence can be given to citizens, in addition to enhancing cooperation with local and foreign investors. limkn
EXCERPTS FROM MARKZ
MZ: This is shocking to me this morning -Watching gold and silver
Member: I'm ready to see silver break above $33.225 and then it's off to the races IMO
Member: Brics summit will go a long way to see what happens about the RV…Starts on Monday next week
Member: I heard Chase and BOA are close to bankruptcy
Member: That banking info was shared by Jeff Rahm at Fearless Floyd in the last 2 days. BOA, Chase & Duesche Bank collapse/merger
Member: Chase is sure opening a lot of branches for being close to bankruptcy
MZ: BOA is certainly behaving like a bank on the ropes. But are they on the ropes? We don’t know for certain. I argue all banks are on the ropes because of derivatives.
Member: I haven’t heard that shotgun yet . Praying to get it soon!
Member: Remember we are privileged to be invited to be Involved. This is major in Iraq and they have no concern for us investors! Stay positive, keep working, and change your mindset to abundant and service.
Member: Enjoy your day and stay positive.
Texas Snake Banker will call me Sunday morning to confirm on Sunday morning but at this point in time, he has all his exchange specialis...