More News, Rumors and Opinions Wednesday PM 10-8-2024
TNT:
Tishwash: Trade Bank of Iraq announces measures to support exchange rate stability
The Trade Bank of Iraq (TBI) announced today, Wednesday, that it has taken a series of measures to support the stability of the exchange rate and prevent exploitation by speculators.
The Director of the Tahrir Branch at the Iraqi Bank, Yarub Al-Hashemi, told the Iraqi News Agency (INA): "The bank's management has taken a series of measures to stabilize the exchange rate and prevent manipulation in the market, including increasing working hours in the bank's branches, which has had an impact on the speed of completing merchants' transactions, the smoothness of financial transfers, and eliminating the momentum in this regard."
He added, "There is a series of measures being taken successively that will have a clear impact on controlling the exchange rate, preventing speculators, and limiting the granting of dollars to the beneficiaries exclusively."
Prime Minister Mohammed Shia Al-Sudani directed "intensifying inspection procedures in financial transfer operations and not being lenient or lenient in pursuing speculators who exploit the crises the region is going through; to achieve personal profits and benefits at the expense of the public interest of the country." link
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Tishwash: Rafidain clarifies the Cabinet’s decision to approve the contract with K2 Integrity
Rafidain Bank clarified, today, Wednesday, the decision of the Council of Ministers regarding approval of contracting with the company (K2 Integrity).
A statement by the bank received by "Al-Eqtisad News" stated that "within the banking reform plan adopted by the government of Prime Minister Mohammed Shia Al-Sudani, and for the purpose of developing a framework for governance, policies and procedures related to combating money laundering and terrorist financing in accordance with the requirements of correspondent banks, the Council of Ministers approved the bank's contracting with experts specialized in the field of compliance, combating money laundering and risk management."
The statement added, "This will contribute to strengthening the role of Rafidain Bank in activating international trade and facilitating the procedures for opening accounts with reliable foreign correspondent banks link
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CaliforniaSugar: Not sure if I'm reading into this story with Dinar Goggles, but the timing of this deployment is interesting.
700 National Guard deployed to Kuwait for 1 year
Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Saleh on TV saying digital banking is the next stage for the digital transformation FRANK: Yeah, give us the new exchange rate so it can move...If they weren't about to do that why in the world would they teach you all of this information right now? FIREFLY: Yes...it's a good point. My bank friend even told me that all this information if for us not to miss out on the monetary reform.
Militia Man It's one of those nail biting time-frames for us all because we've all been here and we've been watching this whole investment unfold. It looks like Al-Sudani and his teams have communicated well globally and are going to produce...
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BRICS Decided to Change the World Order: End of the United Nations?
Fastepo: 10-9-2024
Since its creation, the UN has played a crucial role in post-war reconstruction, especially in Europe, and in the process of decolonization during the 1950s and 1960s, reflecting its central role in global governance.
It has also been involved in numerous peacekeeping and conflict resolution efforts globally. Moreover, the UN has been a significant player in promoting human rights, notably through the Universal Declaration of Human Rights in 1948, and addressing global challenges such as climate change, terrorism, and health crises.
The UN's evolution from its original membership of 51 states to nearly every internationally recognized independent country today (totaling 193 members).
Nevertheless, the United Nations (UN) has faced a broad range of criticisms since its establishment, which have centered on various aspects of its structure, functions, and outcomes. Some of the most persistent criticisms include issues of inefficiency, ineffectiveness in conflict resolution, a lack of transparency, and perceived biases.
Critics often point to the UN's bureaucratic inefficiencies, noting that the organization can be slow to respond to crises due to its complex and cumbersome decision-making processes. This is exacerbated by the need for consensus among major powers in the Security Council, where the veto power of the five permanent members can block significant action.
The UN has also been criticized for its ineffectiveness in resolving conflicts. Despite numerous peacekeeping missions, the UN has been seen as unable to prevent or end conflicts decisively, with some missions marred by allegations of misconduct and ineffectiveness.
Examples include failures in Rwanda and the former Yugoslavia during the 1990s, where UN action was deemed inadequate in the face of genocide and widespread violence. Transparency and accountability issues have also plagued the UN, with critics arguing that it operates with a significant lack of openness regarding decision-making and financial expenditures.
This opacity can undermine the credibility of the organization and fuel perceptions of corruption. Moreover, the UN has been accused of having a biased approach to international issues, often influenced by the interests of its most powerful members rather than the principles of universal justice and equality.
This criticism is particularly vocal in relation to the Israeli-Palestinian conflict and other Middle East issues, where the UN's actions—or lack thereof—have been seen as part of a broader geopolitical bias. The Security Council itself is a significant source of contention, as the composition and power dynamics within the council reflect the post-World War II order, not the current global realities.
This structure leads to criticisms of unrepresentative governance and inequitable influence, with calls for reform to include emerging powers and more equitably distribute decision-making authority.