KTFA:

Don961:  An economist warns against Iraq facing the fate and financial crisis of Lebanon

Economie 07/14 2020 14:54 277 Editor: am     Baghdad today - Baghdad

The economist, Salam Smeism, warned, on Tuesday (14 July 2020), that Iraq will face what Lebanon faced in its financial and economic crisis, while indicating that the depreciation of the dinar will cause the value of salaries to decrease significantly.

Sumaisim said in an interview with (Baghdad Today), "Every country has its experience, because Iraq has oil and Lebanon does not have this resource, but there is another issue, that the way in which Iraqi economic decision-making goes if it remains the way it is and in this way, it will be The fate of Iraq is definitely the same as the fate of Lebanon. "

She added: "In the case of Lebanon, there is a very dangerous issue, and we hope that it does not happen in Iraq, which is the lack of a sense of duty towards the country and towards the people of the country, and for this the Iraqi economic decision-maker must feel the duty towards the Iraqis."

She pointed out that "the price of the dinar, if it falls, the value of salaries decreases very significantly, although the number remains the same."

She explained, "The problem of Iraq is not only with resources, but we have a problem in managing the economic file, and this matter is related to the Iraqi economic decision-maker."   LINK  

Petra:  Here we are again with another commentary on decreasing value of the dinar.  That is off the table as a solution and the CBI knows it.  We all know that lowering the dinar value reduces the PP of all Iraqi's and that is "not" the direction they are going as evidence in the actions being taken with the "White Paper!!" 

Borders are being controlled by multiple parties to reduce the crime at those ports and entrances which was a pre-requisite and a huge income stream for the country. 

Not to mention all the "mechanisms" created to move the country into the secondary markets.  Even yesterday, the addition of Iraq to the Beni Platform (Post 47 in yesterday's thread and now in the FA's) tells you where they are going and another mechanism in place to trade internationally and across the Arab markets.

So, relax, the plan is afoot and great things are coming.  Posts like this to me are educating the citizenry why they will "not" devalue their currency as the plan is to provide even greater PP then they have ever seen!   To me, this is a friendly reminder of why they are focused on a better future!!!   All IMO....

Respectfully,   PETRA

Iraqi lawmaker: The country's financial situation has "improved" after imposing full control of some border crossings  LINK  

" I'M WATCHING THE CBI, BORDERS, THE PRICE OF OIL, AND MANY THINGS GLOBALLY, LIKE THE PANDEMIC. " ~ Petra

MilitiaMan:  Good point Petra! They are a good place to watch. We saw in the recent past security details deployed to them. Not only in the north but the south as well.

In the above they show they have completed deployments to borders with Iran. That is simply going to continue. What is interesting, along with the early success in the security and increasing revenues to the state enhancing the peoples monies. But, take note they use the resumption of trade exchange next Wednesday. If I am not mistaken that is tomorrow. That is the same day it is believed to be Alaks tenure at the CBI ends and he will then be off to the AMF..

Fascinating Delta brought us data on the AMF and the value of the Arab Dinar; the currency the AMF uses in trade dealings regionally. Another interesting thing is we learn the region around Iraq has a new platform to trade foreign currency. The region has a new platform for trading foreign currencies. They even go so far as to tell us they have 3x SDR.. Just as WS has told us and I have harped on and on about. I also would like to note they have again been speaking about a market economy and bonds. 

If any one is on the cliff lately and feels like jumping in.. Please don't, the tide has not fully risen yet!! It is going to be a flood tide and a big one imo.. So hang in there.. 

Alak's last day at the CBI may be tomorrow, maybe not. But, it is said, he will go to the AMF and going there with an RI would be very apropos, and very supportive for the region economically.  As all countries in the basket of currencies associated with the AMF, will get a leg up in value support.. That should not be lost on anyone.

The PM didn't extend Alak's tenure for fun. imo.. He did it for a purpose and one that will be more obvious in the short term. If Alak was as bad as many suggest he would have been removed long ago.. imo. The UST, IMF, WB, WTO, UNSC, etc,.. would have had his head on a plate by now.

Lines with dates, fruits, nuts and all sorts of condiments.. lol lol But, serioulsy there would have been a replacement by now and if he was so bad he wouldn't be the head hancho at the AMF with a 3x SDR rate.. imo,... 

So read and absorb. They have secondary markets to get into for to support a market economy. Bani is going to helpd that along. Just as the WB and IMF will in managing Iraq's assets..

 Bonds are assets, gold is an asset, currency is an asset... I am loving this.. ~ MM

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Samson:  EXCHANGE RATES OF ARAB DINAR

The Arabian Dinar is the base currency for the Arab Monetary Fund. Equivalent to three of the Special Drawing Rights Unit (WSC) specified by the International Monetary Fund.

The central bank participates in the Bani platform
13th July, 2020

The Central Bank of Iraq announced, Monday, that it will organize and in cooperation with the Arab Monetary Fund this morning, a workshop for banks operating in Iraq to participate in the "structures" platform for Arab payments

The bank added in a statement, "Economy News" received a copy of it, "This comes after the announcement of the launch of a platform for Arab payments of the Regional Corporation for the clearing and settlement of Arab payments, which is managed by the Arab Monetary Fund, and preparations are made for this bank and a number of local banks for direct participation in Platform

The statement pointed out, that "the workshop will discuss the work of the proposed plans of banks and address the technical requirements and the steps required to ensure that facilitate linking them to see how the platform and the readiness of banks to it

That the "platform built represents a multi - currency payment platform provides clearing services and settlement currencies Arab and international currencies in which the eligibility requirements are available, for clearing and settlement of financial transactions intra - Arab as well as financial transactions between the Arab countries and trading partners presidents of Arab countries

He continued: "The platform also aims to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive inter-payments in all parts of the Arab region and outside in a safe and reliable manner at an appropriate cost and high efficiency, in addition to that the Beni platform provides the participants with payment solutions Hadith conforms to international standards, principles and international compliance requirements

Showed that, "In the economic and financial integration opportunities in the Arab region , it is where it effectively contributes to support investment ties with Arab countries in various continents trading partners.  It will be the platform available to all banks that meet the criteria and conditions for participation, and in the forefront of standards and procedures
Compliance aspects.   LINK

LINK

The Central participates in a workshop for public banks in Iraq

13th July, 2020

Today, Monday, the Central Bank joined, in cooperation with the Arab Monetary Fund, a workshop for banks operating in Iraq to participate in the platform.

According to a statement by the Central Bank, the participation comes after the announcement of the launch of a platform for Arab payments of the regional institution for clearing and settlement of Arab payments, which is managed by the Arab Monetary Fund and preparations are made for this bank and a number of local banks for direct participation in the platform.

The statement added that the workshop will discuss the proposed banks' business plans and touch on the technical requirements and the steps required to ensure that they are easily connected to the platform and to know the banks ’readiness to do so.

It is mentioned that the "Bani" platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet the eligibility requirements, to clear and settle inter-Arab financial transactions as well as financial transactions between Arab countries and the main trading partners of the Arab countries.

The platform aims, according to the statement, to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive inter-payments in all parts of the Arab region and outside in a safe and reliable manner at an appropriate cost and high efficiency, in addition to that the platform is provided to the participants Modern payment solutions that comply with international standards, principles and international compliance requirements. And in the opportunities for economic and financial integration in the Arab region, it actively contributes to it to support investment links with the trading partners of the Arab countries on various continents. The platform will be available to all banks that meet the criteria and conditions for participation in them, foremost among which are the standards and procedures for compliance aspects.

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Delta:  The Iraqi Central Bank discusses linking banks to the multi-currency "structures" platform    LINK

EXCHANGE RATES OF ARAB DINAR

The Arabian Dinar is the base currency for the Arab Monetary Fund. Equivalent to three of the Special Drawing RightsUnit (WSC) specifiedby the International Monetary Fund.

1 ARAB DINAR = $4.15656 = 3.67074 EUR = 3.28881 GBP = 446.226 JPY = 29.0361 Chinese yuan = 1.27 KUWAIT DINAR .....  DELTA