More News, Rumors and Opinions Tuesday Afternoon 9-3-2024
TNT:
Tishwash: Proposal to cancel SWIFT and replace it with relations with the international banking network
US Treasury praises Iraq's progress in monitoring transfers and selling dollars
The US Treasury Department praised the remarkable progress made by the Central Bank of Iraq in strengthening control procedures over foreign transfers and cash sales of the dollar, while considering that these steps contribute to strengthening financial and economic stability in the country .
Auditing companies
A statement by the bank received by (Al-Zaman) yesterday said that (a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank, in addition to meetings with a group of companies, including international auditing companies, who praised the major transformations achieved by the Central Bank, represented by the remarkable progress in the procedures for monitoring foreign transfers and cash sales of the dollar currency)
Adding that (this led to improving systems, policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, financing terrorism and financial crimes)
And pointed out that (a meeting will be held between bank officials and its international partners by the end of this year regarding the major transformation in ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, according to the plan developed by this bank, and implemented internationally, which will allow the Central Bank and the Federal Reserve Bank to exercise their supervisory roles Away from the executive procedures
This transformation will have important repercussions on the stability, fluidity and transparency of the country’s foreign trade financing operations,” he continued, adding that “this step will contribute to achieving the required stability in exchange rates, which in turn will lead to enhancing the efficiency of the financial system in Iraq.”
The statement stressed that “the meetings also addressed the mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the necessary requirements for opening their accounts with international correspondent banks, with the aim of enabling them to complete their financial transactions, whether through external transfers in US dollars or other foreign currencies .”
A source had previously revealed an unannounced visit by the Central Bank to the United States of America to discuss developments in the Iraqi banking sector .
Banking sector
The source said in a statement yesterday that (a delegation from the Central Bank, led by Al-Alaq, and a number of general managers, visited the United States of America, since the 26th of last 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)
And he continued that (the Central Bank delegation discussed canceling 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), noting that (the Central Bank is close to signing a contract with Oliver Wyman, the consulting company for the Iraqi Development Road, to conduct a study on reforming the Iraqi banking sector, and in order for it to be approved by the bank as a roadmap for reforming the private banking sector ).
The dollar exchange rate rose slightly in the Baghdad and Erbil stock exchanges. Money exchange office owners said yesterday that “dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 149,200 dinars for every hundred dollars.” They added that “selling prices in exchange offices in the local markets in Baghdad stabilized at a selling price of 150,000 dinars, while the purchase price reached 148,000 dinars for every hundred dollars. As for Erbil, the stock exchange does not trade on official holidays, but the dollar recorded a slight increase there .” link
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Tishwash: More than a trillion dinars in Iraqi customs revenues in half a year
The head of the Iraqi General Customs Authority, Hassan Al-Akeili, revealed on Tuesday that more than one trillion dinars were achieved in revenues during the first half of the current year, indicating that this amount will double by the end of the year.
Al-Akeili told Shafaq News Agency after attending a reception in the House of Representatives, "Today, we attended a reception session in the Parliamentary Finance Committee and reviewed the most important activities of the Customs Authority during the past and current years, most notably the automation project."
He added, "The General Authority of Customs' revenues in 2023 amounted to one trillion and 33 billion dinars, an increase of 28% over the previous year."
He added, "During the first half of this year, the Authority's revenues reached 1.145 trillion dinars, and by the end of the year we will reach the set amount of 2 trillion dinars."
Al-Akeili stressed that, “According to the budget law, the amounts collected from customs are measured annually, and if the amounts achieved by the authority are measured, we are within the acceptable percentage link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man Back in the old days...when Saddam Hussein was around, when their valuations were out [$3.22], they were valuing based off of what? Oil. They didn't have non-oil revenues. Times have changed. They need to renew all of that...They've had plenty of time to do research and analysis to...provide an appraisal for the people that need to know the numbers.
Clare Article: "Prime Minister's Advisor Announces Increase in Non-Oil Revenues Compared to Previous Years" Quote: "Saleh...oil revenues (semi-annual) for the year 2023 amounted to 53.88 trillion dinars, while non-oil revenues amounted to nearly 0.42 trillion dinars (during the six months of the same year 2023)," indicating that "oil revenues in the first half of the year 2024 amounted to 58.80 trillion dinars, while non-oil revenues (at the end of the first half of the year 2024) rose to reach 7.18 trillion dinars"
BEWARE Gold and Silver STACKERS! IMMINENT Market Meltdown Coming - Schectman, Rule, Macleod
HTZ Cap: 9-2-2024
In today's episode three financial experts: Alasdair Macleod, Andy Schectman and Rick Rule shared their insights on the latest developments in the commodities market.
LIVE! The U.S. DOLLAR DEATH CONTINUES AND THE ECONOMY IS IN RAPID DECLINE.
Greg Mannarino: 9-3-2024