KTFA Members “News and Views” Thursday 7-11-2024
KTFA:
RE: Wed. Night CC: https://youtu.be/arJ5wta8aHk
Buckeyetree: I appreciated the thought from the UB2B of who now controls the oil, and it is not Iran any longer!! That was a great UB2B.
The report that the IQD shows up on some of the major hotels as currency to use to purchase hotel stays as one guest shared in interview on UB2B was great news. That could be a sign of international recognition. (I am hoping that the Private Bankers in the USA are on the same page in great expectation if the world now knows. No more "it's a scam.")
Also, if I remember correctly, Eddie shared in a recent report that he and other Iraqis felt like they had a fancy car in Iraq, but it had no engine. I might use that metaphor in another similar application. Those new high tech ATM machines are like that fancy car in Iraq, but they do not have the engine to run them yet. Those ATMs are waiting for the new rate and lower notes! The Iraqis and ATMs may not have to wait much longer. IMO!! We hope and pray.
Finally, if I understood correctly from recent articles and reports that the dinar will only be sold at the airport starting on the 14th. Also, that Sudani recently had a meeting with the Exchangers who were about to go on strike, and they suddenly changed their tune and reversed their plans, hopefully happily. Sudani is a mover and shaker in a good way. There could be something maybe significant about the 14th just before WTO on the 18th. IMO!!
IMO, not just soccer, those big screens around the country in Iraq may soon serve a dual purpose. For us, it seems past time.
Many banks here and abroad seem to be on the brink of collapse due to large debt.
IMO, the reinstatement of the IQD may bring liquidity and less debt to some of the banks, a banking stimulus. Good leadership and good reforms in Iraq will bring blessings from a once war torn country. Industrial cities, hospitals, railroad, ATMs, vast resources, miracles. Thanks to Dr. Shabibi, Sudani, and Alak. Most of all, Praise God.
Clare: Iraq stops dealing with the Chinese yuan...and the currency basket is an alternative
7/11/2024
The Parliamentary Finance Committee revealed that Iraq has decided to stop dealing with the Chinese yuan in financial transfer
Committee member Moeen Al-Kazemi said in a press statement that "the US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred."
He believed that "many decisions by the Central Bank are imposed by the US Federal Bank," according to him.
Al-Kazemi pointed out that "Iraq's money, as we know, is placed in the US Federal Bank as a result of the sale of oil at a rate of 3.5 million barrels per day, and this money enters the US Federal Bank and is not transferred to Iraq in cash, but is transferred to Iraq through transfers issued by the Central Bank and the Federal Bank is notified and then the Federal Bank is convinced of this transfer and commercial transaction and on the basis of it releases amounts to the relevant parties exporting to Iraq."
He noted that "many of the Central Bank's procedures are governed by the American will, and this will may be explained for administrative and financial reasons, non-financing of terrorism, and others," believing that "the reasons are political with the aim of pressuring the Iraqi government," according to his expression.
Regarding the impact of canceling dealing in the Chinese currency, Al-Kadhimi pointed out that "the merchant and the Central Bank have multiple options and not to deal only with the dollar, so this suspension is temporary and not permanent."
As for what the Parliamentary Finance Committee will do in this regard, a member of the committee explained, "We will ask the Central Bank to address the issue and for the currency basket to be diverse, so that the options are more for the Central Bank and Iraqi merchants."
It is noteworthy that Iraq has strengthened its assets denominated in yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about $ 12 billion annually.
Iraq has also moved to strengthen its assets in the Emirati dirham and negotiated an increase in its assets denominated in euros to finance trade with the European Union, and Iraq has also begun opening bank accounts in the Indian rupee for a number of Iraqi banks.
Since the beginning of 2023, the Central Bank of Iraq has issued several decisions aimed at maintaining the stability of the general monetary and economic situation and confronting the risks of fluctuations in the exchange rate of the Iraqi dinar against the US dollar, in addition to facilitating import and export operations by opening new horizons with international banks, including Chinese banks.
Among the decisions of the Central Bank of Iraq is to enhance the balances of Iraqi banks that have accounts with Chinese banks in Chinese yuan, as dealing in yuan directly without the mediation of the US dollar contributes to facilitating and accelerating financial transactions, and will reduce import costs and protect against the risks of fluctuating exchange rates within Iraq. LINK
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Clare: A representative of the framework: The 2024 budget will be returned to the House of Representatives and the reason is revealed
7/11/2024
Baqir Al Saadi, a representative of the Coordination Framework, confirmed today, Thursday, that the 2024 budget will be returned to Parliament if it resumes its work.
Al-Saadi told Al-Furat News Agency, "The 2024 budget tables will be returned to the House of Representatives to make minor amendments to them."
He added, "The matter will be completed once Parliament begins its work."
From.. Raghad LINK
Ryan1216: I don’t understand how the budget can be sent back to Parliament when the President signed and sent it to the Gazette for publishing.
Clare: THE AMENDMENTS NEVER GOT PUBLISHED IN THE GAZETTE YET... imo
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Clare: International Chamber of Commerce launches new office in Iraq
7/11/2024
The International Chamber of Commerce (ICC), headquartered in Paris, announced the expansion of its global presence with the official launch of a new office in Iraq.
ICC, founded in 1919 in Paris, has a network of offices in more than 170 countries, representing over 45 million businesses.
The ICC reported that the official launch of the ICC office in Iraq took place at the organization's global headquarters in Paris. The new office is expected to "advance the ICC's mission in Iraq and strengthen the voice of Iraqi businesspeople and chambers globally."
The report noted that ICC Iraq will add to the total number of ICC offices, bringing the count to 92 worldwide.
A delegation from ICC Iraq attended the official launch celebration in Paris, followed by a celebration at the Iraqi Embassy in the French capital.
ICC Secretary General John W.H. Denton was quoted as saying, "The context in which businesses operate today is marked by geo-economic and geo-political tensions giving rise to instability, uncertainty and new challenges in Iraq and beyond. Bringing our mission to Iraq will deliver real value for Iraqi business and the real economies in which they operate."
According to the report, "ICC Iraq will support ICC's institutional objectives for business to foster peace, prosperity, and opportunity for all through local commissions on arbitration and ADR, digital economy, intellectual property, and trade and investment."
The report highlighted that "ICC Iraq's founding members are Abdulrazaq Al-Zuheere, who serves as ICC Iraq Honorary Chair and President of the Federation of Iraqi Chambers of Commerce (FICC), Mohsin Al Hamed, Chair of ICC Iraq and Al-Asriya Group, and Ahmed Alyasiri, ICC Iraq Secretary General and International Organisation Consultant at FICC."
The report concluded by noting that ICC Iraq members, through their office in Iraq, will help shape ICC policies and alert governments to issues of interest to international business. LINK
Clare: Activity Transactions on the FITR Platform
July 10, 2024
TRANSLATION:
Republic of Iraq
Central Bank of Iraq
Directorate of Supervision of Non-Banking Financial Institutions
Exchange Companies Control
Section, Audit and Inspection Division
Issue: 2/22/22 Date: 7/10/2022
Exchange companies / categories (A, B) and mediation companies in buying and selling foreign currencies, category C Activities transactions on the FITR platform /e
Kind regards....Later, with our circulars numbered 20/3/33 and 35 dated 2/4 and 7/3/2024, and regarding your inquiries about the possibility of uploading data after completing each of the company's activities.
We would like to inform you that your companies can register activity transactions, buying and selling foreign currency outside the window, internal money transfers sent and received, external money transfers sent and received, available to the exchange companies Finti A, B via the companies (Western Union, Money Gram) on the FITR platform above by uploading documents. The data is at the end of the working day, with the exception of dollar sales transactions to traveling citizens, which require real-time recording with respect.
Mr. Dr. Ammar Hamad Khalaf
Deputy Governor Agency
7/10/2024
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7/11/2024 Baghdad - WAA - Fatima Rahma
The Financial Supervision Bureau announced today, Thursday, that it has taken measures to develop and improve the accounting and auditing professions in Iraq. While it referred to the issuance of the internal control guide binding on all government agencies, it confirmed the preparation of a draft of the updated unified accounting system in accordance with international standards.
The Deputy Chairman of the Financial Supervision Bureau, Qaisar Al-Saadi, told the Iraqi News Agency (INA): "The Federal Financial Supervision Bureau seeks to achieve its objectives specified by its founding law, including developing the accounting and auditing professions in Iraq."
He explained that "one of the most prominent steps taken by the Bureau is issuing reports evaluating the internal control systems in ministries, entities not affiliated with a ministry, and governorates," indicating that "the aim of this is to raise the level of performance of these formations, enhance efforts to combat financial and administrative corruption, improve institutional performance, and work on the principle of preventive control to reduce this phenomenon."
He pointed out that "the Bureau issued the Internal Control Guide, which was circulated to all government agencies for mandatory adoption starting from 7/1/2024," noting that "this guide aims to help these agencies accomplish their work in a way that ensures tight control and oversight over financial transactions and the preservation of public money."
He added, "The Court has completed preparing a draft of the updated unified accounting system in accordance with international standards. This draft has been circulated to government agencies, unions and universities for the purpose of expressing their opinions and making appropriate amendments in preparation for its actual implementation in the near future."
He added: "The Bureau also contributed to holding the first session of the Audit and Accounting Standards Board in the Republic of Iraq for the year 2024 after an interruption of more than four years, during which the audit and accounting issues were discussed and appropriate decisions were taken regarding them, which contributes to developing the work of the profession in Iraq."
He pointed out that "these steps come within the framework of the Bureau's commitment to developing and improving the accounting and auditing professions in Iraq in line with international standards and contributing to enhancing integrity and transparency in government institutions."
He added, "The Bureau relies in its work on the international standards issued by the International Organization of Supreme Audit Institutions ( INTOSAI ). The Bureau is also a prominent member of the organization and has many contributions, including participation as a member of (5) working groups, attendance at seminars between INTOSAI and the United Nations, and cooperation with the INTOSAI Development Initiative in its various programs, in addition to the Bureau assuming the chairmanship of the Strategic Planning Committee in the organization."
Al-Saadi explained that “the Court cooperates with international and local organizations and similar oversight bodies such as the Dutch Court of Audit in the field of performance evaluation and peer review, the Court of Auditors in Morocco in the field of judicial oversight, and the Polish Oversight Body in the field of risk-based auditing, as well as the German Cooperation Agency ( GIZ ), the Korea International Cooperation Agency ( KOICA ), the Japan International Cooperation Agency ( Jika ), and the Indian Technical and Economic Cooperation Program ( ITEC ).”
He pointed out to the "multiple activities with oversight bodies in Arab and Islamic countries such as the General Auditing Bureau in the Kingdom of Saudi Arabia, the Audit Bureau in the State of Qatar, the Turkish Court of Accounts, the Supreme Audit Court in the Islamic Republic of Iran, the Accounting Council in the Algerian Republic, and many others," noting that "these standards and evidence contribute, along with international cooperation, to enhancing the effectiveness and efficiency of the Bureau in carrying out its oversight work in a way that ensures transparency and integrity in government institutions."
He stressed the "commitment of the Federal Audit Bureau to enhance transparency and integrity in all state institutions by working in accordance with international standards and effective cooperation with regulatory bodies and international organizations,"
Stressing "continuing efforts to develop the accounting and auditing professions and providing technical and accounting support to ensure optimal performance and preservation of public funds, in addition to giving great importance to supporting the role of youth in building the future by enhancing their capabilities to be real partners in combating corruption and evaluating government performance in order to achieve the desired goals." LINK