More News, Rumors and Opinions Thursday PM 3-14-2024
KTFA:
Clare: After hosting the Governor... Parliamentary Finance: We look forward to raising the value of the dinar
March 14, 2024 Baghdad
Today, Thursday, the Parliamentary Finance Committee expressed its aspiration to coordinate with the Central Bank to increase the value of the dinar and control the market.
A statement stated, “The Finance Committee met under the chairmanship of Atwan Al-Atwani, in the presence of its members, with the Governor of the Central Bank, Ali Al-Alaq, to discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”
At the beginning of the hosting, which was held at the committee’s headquarters, the Chairman of the Committee stressed “the importance of following up on the economic file and monetary policy, based on the supervisory side, and finding appropriate solutions to the obstacles facing the work of the Central Bank.”
The Finance Committee expressed “its aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar, and to control the market in order to alleviate the burdens of citizens, and address the deficit.”
For his part, the Governor of the Central Bank reviewed “the economic and monetary aspect, pointing out” the establishment of basic rules in order to monitor the remittance process and analyze monetary operations, praising “the role played by the Finance Committee in following up on the country’s financial and economic movement.”
The committee discussed with the Governor of the Central Bank the approved international standards, future plans to improve the status of banks, the possibility of expanding relations with international banks, drawing up the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank law. LINK
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Clare: The Central Bank announces an understanding with the US Treasury to reconsider sanctions and indicates “illegal trade”
3/14/2024
On Thursday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced an understanding with the US Treasury Department to reconsider the sanctions imposed on Iraqi banks, indicating at the same time “illegal trade” that causes the stability of the dollar exchange rate.
Al-Alaq said during his stay in the Parliamentary Finance Committee, according to a statement received by Shafaq News Agency, that “basic rules have been established in order to monitor the process of external and internal transfers, attributing the instability of the exchange rate to the existence of illegal trade carried out by small merchants and some speculators, which is financed by withdrawing the dollar.” Cash from the market.
He added, "The foreign sanctions imposed on a large number of our local banks have hindered efforts and plans to open relationships and lines of communication with accredited international correspondent banks," pointing to "continuous meetings with the US Treasury, and an understanding was reached to reconsider the sanctions imposed on Iraqi banks, and that Such decisions should not be issued in the future except after discussing and informing the Central Bank of Iraq, as it is responsible for monitoring its activity.”
He explained, “We are currently coordinating with the relevant authorities regarding the implementation of the plan to regulate foreign trade,” noting that “the process of printing the local currency is carried out according to the required financial cover and in a way that balances the foreign and local currency and prevents any financial inflation.” LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 The banks are not saying as much that it's a scam. If you hear someone that says it's a scam it's probably someone at the very front line. But once you get past them we're finding they have JP Morgan representatives at every Chase Bank it seems like. Perfect timing...Not one bank story has been negative in 8 or 9 days or so...The resistance is getting less and less. The force field is no longer at 10, it's probably at 1 or 2.
Mnt Goat Don’t be discouraged, the currency reform and banking process has come a very long way in a short period of time since January 2023 compared to waiting since 2011, when the plan originated with the IMF on how to turn the currency back on. So we went 11 years with not much progress then suddenly a huge jump which tells us something is up. This alone is all telling...If Iraq is to progress, as they say is their goal, they will need a globally recognized and traded currency once again and get it VERY SOON!
DISASTER... THE US ECONOMY IS COMING APART FASTER! JPM WARNING. WAR EXPANDS.
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