More News, Rumors and Opinions Thursday PM 8-29-2024
TNT:
Tishwash: Central Bank of Iraq on 'unannounced' visit to America
An informed source revealed, on Thursday, that the Central Bank of Iraq is currently making an unannounced visit to the United States of America, to discuss developments in the Iraqi banking sector.
The source told Shafaq News Agency that a delegation from the Central Bank of Iraq, headed by the Governor of the Central Bank, Ali Al-Alaq, and a number of general managers, have been visiting the United States of America since the 26th of this month, to discuss developments in the banking sector and the restrictions on the use of the dollar imposed on a large number of private banks.
He pointed out that the Central Bank delegation discussed cancelling the platform at the beginning of next year, and relying on correspondent banks, which will increase the imposition of restrictions on Iraqi private banks, and completely eliminate competition in favor of Jordanian banks that have American correspondent banks.
The source noted that the Central Bank is close to signing a contract with Oliver Wyman, the consulting firm for the Iraqi Development Road, to conduct a study on reforming the Iraqi banking sector, in order for it to be approved by the Central Bank in the coming period, and to be considered a roadmap for reforming the private banking sector.
On the other hand, a number of economists were surprised by the lack of announcement of the visit of the Central Bank of Iraq to America, especially since it comes at a very important time. link
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Tishwash: Parliamentary Committee: We intend to amend 10 economic laws to facilitate trade and customs procedures
The Parliamentary Economic Committee announced today, Thursday, the existence of a project to amend about 10 economic laws, explaining that the goal is to enhance trade, facilitate customs and tax procedures, support the public and private sectors, and develop a real map for economic reform.
Committee member Yasser Al-Hussaini said, “There is a new project that includes amendments to approximately 10 economic laws,” indicating that “the proposed amendments came after holding intensive workshops with the Businessmen’s Union and the Iraqi Businessmen’s Council, in addition to representatives from various economic sectors.”
He explained that "these workshops aimed to absorb all visions and requirements from various economic sectors, including commercial and industrial sectors, in order to develop a comprehensive vision that achieves the required reform."
Al-Hussaini pointed out that "the proposed project includes amendments to 10 laws aimed at enhancing trade, facilitating customs and tax procedures, and supporting the public and private sectors."
The MP stressed that "the proposed percentage of amendments is still less than the desired level of comprehensive economic reform."
He explained that "the committee hopes to expand the scope of the amendments to include more economic laws, reflecting the true vision of economic reform, which is not limited to meeting the requirements of the government or the private sector, but aims to develop a comprehensive vision that achieves the interests of all."
He explained that "the law was read for the first time, and the second reading is scheduled to take place after the final vision matures through the ongoing workshops, after which the committee's report will be submitted and the law will be voted on."
He pointed out that "this approach aims to draw a real roadmap for the long-awaited economic reform, and to ensure its compatibility with all the aspirations of the concerned parties, whether at the government or private sector level." link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
8-28-2024 Intel Guru Frank26 [Iraq boots-on-the-ground report] FIREFLY: They tell us no matter what the dinar is stable and it is strong. FRANK: A program rate is not stable or strong...It's completely worthless. It's not strong. It's not stable. What are they telling the citizens? FIREFLY: New changes once they are implemented and take hold it will be a backbone of security for our economy and our banking system. FRANK: That's why Alaq is in New York right now. Security and stability being established for the monetary reform...What are they trying to tell you? That you have a new exchange rate...lower notes coming to you. None of this is going to work at a program rate. It can only work with the new exchange rate to add purchasing power...
Militia Man Iraq has some of the largest deposits of phosphates and sulfur...massive world class gold supply...rare Earths...liquid natural gas and they have...tourism... They all generate income... The Development Road Project...you're going to find taxes and tariffs at the borders. There's going to be a lot of revenue, a lot...Back in Saddam Husain era [the dinar] was around $3.22. It may have been considered a little bit overpriced, should have been more about $2.80...It's at 1310 right now! There's a big difference. Now you have to add all those things I just mentioned. The valuation of a country. That's what they have to do... Sudani wasn't lying when he said the dinar is going to be stronger than the dollar...
Bank Of America Is In Big Trouble
Atlantis Report: 8-28-2024
The banking industry is going through a significant change, and Bank of America is at the center of it. Despite being known for its strength, it is now facing numerous challenges that could shake its foundations.
Bank of America is currently facing different challenges, which have created an uncertain environment for investors, analysts, and consumers who are cautiously observing how the bank will navigate through these difficulties.
Despite its previous success, Bank of America's future remains uncertain, with many challenges that have critical implications for the broader economy and impact on the real estate market.
WARNING: Warren Buffet “No Comment” on BANK Sell-Off and Holding BILLIONS in Cash
Taylor Kenny: 8-29-2024
Berkshire Hathaway tops $1 Trillion Dollar market cap as Warren Buffet sells almost $1 Billion worth of Bank of America shares. He's refusing to speak on it at this time...Does he know something we don't?