MilitiaMan "Foreign Currency Proceedures in Place Oct. 17th" 10-13-2021

KTFA:

MilitiaMan:  The Cabinet Secretariat approves the mechanisms for lending large projects 

12th October, 2021

The General Secretariat of the Council of Ministers announced, on Tuesday, its approval of mechanisms for lending large projects to more than twenty billion dinars.

A statement of the secretariat, a copy of which was received by Mawazine News, stated that "the General Secretariat of the Council of Ministers has approved the mechanisms for lending large projects to more than twenty billion dinars."

The statement added, "The concerned higher committee approved (the lending of large projects whose loan amount is twenty billion dinars upwards, according to the initiative of the Central Bank)".  LINK

MilitiaMan:  If this article is suggesting they have an approved mechanism (as an example that a Dinar is equal to a Dollar), then they did a good job leaking that out.

They did that on the back of the Sadr horse with one heck of a start out the gate in respect to changing the value of the exchange rate!!

If that is the case I can understand a gradual increase from there with a managed or directed float.. Regardless this is looking very good and timed with urgency.

There are to be procedures in place on the 17th per the CBI for foreign currency exchange.. Being 1:1 at that time may very well be necessary so that the Dinar can begin the journey to being in the ranks with global currencies!!

Imo That is powerful at this present time! – MM

FamilyBusiness:  Thanks MM ...... I'll be praying this 17th is our day.

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Al-Sadr: We will work to raise the level of the Iraqi dinar

11th October, 2021

The Leader of the Sadrist movement, Muqtada al-Sadr, pledged on Monday to end the use of weapons outside the framework of the state and improve the economic, health and educational situation, while stressing that the Sadrist bloc is the largest bloc to form the government.  

Al-Sadr said in a televised speech, which was followed by "Mawazine News", that "all embassies are welcome unless they interfere in Iraqi affairs and form the government," explaining that "any intervention will have a diplomatic response or perhaps a popular response befitting the crime, because Iraq is for Iraqis only."   Al-Sadr added, "We will not allow interference at all, and from now on, weapons must be confined to the hands of the state, and it is forbidden to use them outside this framework, even those who claim resistance."  

Al-Sadr continued, "It is time for the people to live in safety without occupation and militias kidnapping and detracting from the prestige of the state. Iraq is the Iraq of reference, wise men and dignitaries, and we will follow their advice."   Al-Sadr indicated that "from now on, the government and parties will not have control over money and goods, but rather it is for the people, and every corrupt person will be held accountable, whoever he is, and that the people's oil is for the people."

And he pledged, "We will work to raise the Iraqi dinar to be in the ranks of global currencies gradually," pointing out that "age, industry, trade, education and health will have a great effort, and there is no difference between one governorate and another except to the extent of the need and its population census."  

Al-Sadr indicated that "the infidel Ba'ath was removed with the blood of the Iraqis, and we will remove corruption with our blood, and the people will be dignified at home and abroad, and they will be watching over us."   Al-Sadr concluded, "The people should celebrate the largest bloc without armed manifestations and without disturbing others."  LINK

KTFA Members "News and Views" Tuesday PM 10-12-2021

KTFA:

Samson:  Observers: Prime Minister Mustafa Al-Kazemi is the most fortunate to take over the next government

11th October, 2021

Although the High Elections Commission did not announce the preliminary results, observers believe that Al-Kazemi remains one of the most likely consensual candidates, to form the next government.

Observers say that if the Al-Kazemi government had the opportunity, meaning if the challenges and the internal political forces were less severe and reckless, we would have witnessed great achievements that were achieved during his reign, noting that Al-Kazemi succeeded in postponing the internal conflict and not resolving it, that is, the conflict between the state and non-state forces.  LINK

Rdagullana:  Hello, just wondering if anyone has a calculation as to the earliest a new Prime Minister could be voted in by the new Parliament?

TSM:  there was a good article out yesterday that laid out the process.... I will try

10 days for the courts to certify the election results

then President has 15 days to task the oldest member of parliament to hold a session (to name the largest group) I think largest group has 30 days to form a gov't.... if not successful, wash, rinse and repeat

all in all.... IT would be a miracle if they actually got anything done sooner than this.... that puts things pretty close to year end...in spite of what is said...IMO

DCDriver:  Maybe the CBI changes the rate before a Gov is seated so no one can use it as a political soapbox IMO

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Samson:  Legally and constitutionally, it is the Sadrist bloc that will be tasked with forming the government

12th October, 2021

A legal expert, Tariq Harb, confirmed, on Tuesday, that the Sadrist bloc is the most numerous bloc that will be tasked with forming the government in accordance with Article 45 of the Parliament's Elections Law and Article 76 of the Constitution.

Harb said in an interview with "Mawazine News" that "the President of the Republic, who will be elected from Parliament, is obliged to assign the Sadrist bloc alone to the other blocs to nominate the person charged with forming the government, because the electoral results showed the superiority of this bloc over the other blocs and as long as the interpretation of the Federal Supreme Court has been done." Its seizure and identification in Article (45) of the New Parliament Elections Law No. 9 of 2020, which prevented the transition between members and blocs, that transition that caused a previous disturbance in determining the most numerous bloc, as preventing the movement of a member or members from an entire bloc means that the parliamentary blocs are prepared It is fixed and does not change as stated in the final results, and it cannot be increased by the transition that was prohibited by the aforementioned article, and since the Sadrist bloc has the highest number of winners, therefore, it guaranteed the assignment of the President of the Republic to it.

He added, "The transition is different from the coalition, as the first is counted as a member of the bloc to which it is transferred, and the coalition does not add anything to the number of blocs because the coalition remains on the same number of members for the blocs without change, as the bloc remains on its numbers without an increase, so Article 45 of the law The elections prevented the transition and opened the coalition, which does not exceed the number in the bloc, but remains outside the bloc’s number and achieves the benefit of the bloc when voting on the government formation.

What happened in the 2010 elections when Al-Maliki got 89 votes and Allawi got 91 votes, but the transition was open, so a number of members moved Parliament for Maliki made the number of his bloc more than 100 votes, which is more than the number of Allawi's votes, which resulted in his assignment to form a government.

He pointed out, "With this, preventing the transition means closing the door to increasing the members of any bloc than what was stated in the electoral results, and this does not violate the decision of the Supreme Court, which determined the most numerous bloc in the results or in Parliament after the transition, and the second case the law prevented it and kept the first case only."  LINK

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Samson:  Will oil prices rise to the level of $100 a barrel?

12th October, 2021

Oil prices fell today for the first time in 4 days in what analysts described as a respite after weeks of gains, fueled by a rebound in global demand that is contributing to energy shortages in major economies.

Brent crude fell six cents to $83.59 a barrel by 04:40 GMT, after touching a three-week high on Monday. While US crude fell 13 cents to $ 80.39 a barrel, after it also rose by 1.5 percent in the previous session, when it reached its highest level in nearly seven years.

"There is still a lot of momentum behind higher oil prices and the fundamentals are still very favorable.

Would it be a surprise to see oil back in the hundreds digits later this year? Probably not," said Craig Erlam, senior market analyst at OANDA. Energy prices have risen to record levels in the past few weeks, driven by energy shortages in Asia, Europe and the United States. The rise in natural gas prices is also encouraging electricity producers to switch to oil.   LINK

Samson:  Iraq's holdings of US bonds decreased to $19 billion

12th October, 2021

The US Treasury announced, on Tuesday, that Iraq's holdings of US bonds decreased to 19 billion dollars during the month of July.

A table issued by the Treasury, which was reviewed by Mawazine News, indicated that "Iraq's possession of US Treasury bonds for the month of July decreased by 10.1% to reach $19.047 billion, after it was $21.187 billion in the month of June." The table indicated that "these bonds are still higher than the month of December of the year 2020, by 11%, when Iraq's possession of bonds amounted to 17.1 billion dollars."

According to the US Treasury, "Iraqi bonds include long-term guarantees of $8.843 billion and short-term guarantees of $10.204 billion." And she pointed out that "the most countries in possession of US bonds are Japan, at 1.310 trillion dollars, followed by China, at 1.068 trillion dollars, then Britain, at 539 billion dollars."

In the Arab world, Saudi Arabia is at the forefront of the most possessing countries, with a value of 128.1 billion dollars, followed by the UAE with 58 billion dollars, Kuwait third with 46 billion dollars, then Iraq with 19.047 billion dollars, and Qatar fifth with 6.6 billion dollars.   LINK

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Samson:  The collapse of Afghanistan's economy and the disappearance of liquidity

12th October, 2021

Barely a few weeks after the withdrawal of US forces from Afghanistan, the liquidity crisis paralyzed the country's already ailing economy

A lack of funds, a tightening of borders, and growing international isolation have deprived many Afghan employees of their wages and salaries, forcing local businesses to close and banks to limit cash withdrawals. The crisis also threatens to isolate Afghanistan from the outside world, as wireless operators face huge challenges in making their payments to suppliers. More seriously, the food shortage is exacerbating in light of the high prices of the main commodities, which indicates a wider economic and humanitarian crisis

Over the twenty years of the US occupation, the Afghan economy was mainly dependent on international aid and US dollars in circulation, along with the local "Afghani" currency, as dollars are usually used to pay for imported goods and services, and also to make large payments, such as buying a home Or pay a private school premium. According to the estimates of the board member of the Central Bank of Afghanistan, Shah Mehrabi, who is currently in the United States; About a third of deposits in the banking system, and half of all loans, are in US currency. He said, "Dollarization is still prevalent in Afghanistan, and our economy depends on it

The problem is that the United States and other countries have not yet recognized the Taliban as the legitimate authority in Afghanistan, due to their concerns about the movement's involvement in terrorism and human rights abuses. The country's new rulers were denied access to $9 billion in central bank reserves, after the administration of President Joe Biden froze Afghan assets deposited in American banks in mid-August, followed by a number of other countries. As well; Funding from the World Bank and the International Monetary Fund has been suspended

Capital Control

In order to maintain the few remaining precautions; The Taliban have resorted to imposing capital controls, including preventing Afghans from taking dollars out of the country, and capping cash withdrawals from banks at $200 per week

In Kabul, some residents have resorted to selling their furniture and household items at the flea market in order to get cash. "The liquidity crisis is worsening, and many banks are now unable to pay depositors," said Ahmad Khosrow Zia, the former CEO of the Islamic Bank Melli Afghanistan, the country's oldest bank, and who is currently a professor of economics at a private university in Kabul

Meanwhile, the US is unlikely to release central bank reserves, or allow IMF support. Senator Pat Toomey, the top Republican member of the Banking Committee, argued that doing so "would be a huge mistake." He described the Taliban as a "savage, murderous, and terrorist group linked to Al-Qaeda

The years since the fall of the Taliban in 2001 have seen a flourishing of small and medium enterprises whose role in the Afghan economy is estimated at $20 billion, according to figures from the World Bank and the local Chamber of Commerce. However, these institutions are now on the verge of extinction. "If these institutions collapse, the entire economy of the country will collapse," warned Khanjan Okozai, a high-ranking member of the Chamber of Commerce, noting that several companies had already ceased operations due to lack of liquidity

Halim Gul, a car mechanic in Kabul, says that almost all of his customers now have no money to pay for their cars to be repaired. “The money has completely disappeared," he says. Jawed Mehri, who runs a carpet factory in the northern city of Mazar-i-Sharif, has been forced to stop working temporarily, as he no longer has the money to pay his employees. In his opinion; Restrictions on withdrawals "could help the banks go some time, but it would kill our business, and probably everyone's business

Poverty threatens everyone

A report by the United Nations Development Program last month said that in a worst-case scenario, Afghanistan's gross domestic product could decline by 13.2% in the fiscal year ending in June 2022. That means all of the country's 38 million people, They will slip into poverty, down from 72% in 2020

"The situation is very difficult," said Abdullah Al-Dardari, the resident representative of the United Nations Development Program in Afghanistan, adding that the collapse of the national economy "is not the way things are heading, but rather what is happening

The UN report also warned that food security is "increasingly deteriorating", in light of declining production, high prices and import restrictions. The prices of some basic foodstuffs, such as rice, cooking oil and flour, have risen by as much as 30% since the Taliban seized power, according to data from the Kabul Retailers Association. and so on; The World Health Organization recently warned of the deterioration of the health sector as a result of declining donor funding

For its part, the Taliban did not underestimate the reality of the crisis, as the movement’s spokesman, Bilal Karimi, admitted in an interview with “Bloomberg News” on September 29, that “if public funds and aid continue to be frozen, the country could face an economic crisis of the kind.” worse, leading to the collapse of local businesses that provide jobs.” Karimi admitted that the Taliban had not been able to pay the salaries of government employees since they seized power. “Our finance team at the Ministry of Finance is working day and night,” he said, noting that low-paid employees may get their salaries “soon,” while higher-ranking employees, who are paid in dollars, may be subject to “deductions.” big

After calling him again on Monday, Karimi expected the liquidity crisis to be resolved soon, but he added that "there are still some technical issues outstanding," without providing further details

Finding sources of income

The Taliban had previously declared that the revenue from customs duties was sufficient to cover public sector salaries. But it is not yet clear to what extent the movement can provide income from other sources, such as the exploitation of mineral wealth and tax collection, without having to return to the practice of extortion and kidnappings for ransom, as well as the production and trade of drugs, which were previously practiced in order to be able to Continuing during the American occupation period

A report issued by the United Nations last June, indicated that drugs made from poppy and methamphetamine, "constituted the largest source of income for the Taliban." However, after the movement's seizure of power in August, its spokesman, Zabihullah Mujahid, vowed that the new ruling regime would not turn Afghanistan into a drug-sponsored state. In an interview with reporters, he said, "We assure the citizens and the international community that we will not produce any drugs

In the meantime; Some international organizations and governments have begun to provide aid, in part as they are trying to respond to a massive refugee wave from Afghanistan. Last September, the United Nations announced that a number of countries had pledged $1.2 billion in emergency aid, while the United States granted humanitarian organizations an exemption from sanctions. As for China, which criticized the United States' freezing of Afghan assets, it announced $31 million in emergency aid. however; The impact of such sums will remain limited in a country where foreign aid has accounted for about 75% of public spending over the past years

Bismillah Zukiri, who left his administrative job at the Ministry of Education before the fall of Kabul; He sold his family's property on the street in order to raise money for food, and to finance his trip to neighboring Pakistan. He asked, "What else can we do?" Then he said, "If we don't die of hunger, we will die of fear, anxiety, and frustration with the Taliban regime     LINK

MilitiaMan Saturday PM "There is a Digital Transformation Going on" 10-9-2021

KTFA:

Samson:  Iraq's Govt Interventions Prompt Improvement in Forex Reserves

8th October, 2021

Despite recent tumultuous times and a weakening economy in Iraq, government is said to be implementing reforms that are aimed at reviving its ailing currency.

Forex trading in Iraq

While forex trading in Iraq is still a relatively new concept, it is gradually being embraced by nationals.

Reports on the matter suggest that more and more people in the country are starting to open up to the financial markets and explore alternative investment options.

 Given the widespread interest in forex trading across the globe, it is no surprise that citizens now have more access to trading resources, analytical tools and platforms.

Naturally, before getting involved in forex trading, one needs to do the necessary research on trading currencies and American Dollars; the latter is particularly beneficial because the USD forms part of all major currency pairs and is the basis of the majority of international trading activity.

The steps to follow to get started with forex trading are quite universal, however, in Iraq, there are some additional considerations worth noting. For example, industry insiders advise working with an international broker that is registered with a recognised foreign currency authority.

The other common steps include opening a trading account after selecting a broker; downloading your trading software as some brokers require third-party software; funding your account through linking it to your bank account of choice; and then lastly, making your first trade. It is worth noting, though, that it may take a few days for the funds to reflect in your trading account.

Thereafter, one need only closely monitor the markets and trade using a chosen strategy from the wide selection of strategies that are available and advised by those in the field.

Government intervention and its impact

Known to many is that forex and currencies are heavily impacted by global economic and political conditions, amongst other factors, and the same applies to Iraq and its trading activities. In recent times, the fluctuations in oil prices and the conditions of 2020 exacerbated the country's ailing economy and weakened the Iraqi Dinar in the financial markets. This put pressure on the government to implement certain policies and reforms to give it a fighting chance on the global markets. Over and above the economic policies to steer the country's finances in the right direction, the government also introduced reforms against corruption which, according to reports, are proving to be quite beneficial to the country's foreign reserves.

The measures being taken against the alleged corruption and wastage in the country has given Iraq a fighting chance and, more importantly, has increased investor confidence in Iraq to an extent, although it is still reeling from recent events and global developments.

In early 2021, it was reported that the crackdown on corruption helped to boost the country's forex reserves to approximately $60 billion. Moreover, the crude oil price fluctuations have also had an impact on how the Iraqi Dinar is performing on the global markets, particularly relative to some of the strongest currencies on the markets, such as the USD, CAD, EUR and JPY.

Given that Iraq relies on oil to fund nearly all of its state budget, according to reports, the country remains invested in the demand for it and its pricing, as it could either make or break all the efforts and initiatives that are currently being implemented to strengthen and revive the country's economy and currency.   LINK

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MilitiaMan:  Interesting the way they speak of how the Iraq Dinar is performing with the strongest currencies on the markets, when what is out there suggests they are not performing in the Global markets that we know of from a US perspective anyway..

They may here trade in the near future from what we find from the data form the PM and the White Papers.

This article may have a futuristic component to it. As they told us recently that the CBI has had over the last 9 months kept the program rate of about 1460 IQD / 1 USD stable and the Cadres are aware of that.

In fact, hundreds and hundreds of central banks, finance Ministers, etc, all know that there is a digital transformation going on and yes Iraq is apart of that. In fact, Viet Nam is too imo..

What I think this is about is an educational event and for what to expect in the near future. I final article thread #1266 we see this:

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New instructions for buying and selling foreign currency for the year 2021 and the stability of the dinar exchange rate

 directors and the authorized managers in a specialized workshop in which he explained the objectives of issuing the instructions and the procedures required of banks to implement them as of 10/17/2021, with an emphasis on the need for banks to practice their real work as established in their Law No. 94 of the year 2003 and focus on banking finance and the many banking products that contribute to the transition of banking work from banking to contributing to development

The economic conditions and crises, the financial deficit and the decline in the financial position of the public finances, which led to a change in the exchange rate of the Iraqi dinar for the purpose of overcoming the above crises with the Central Bank taking many measures and initiatives to stimulate the economy and revitalize the economic cycle, which contributed to the passage of nine months after the exchange rate change that the rate of control is controlled Exchange in the trading market for about a month at the target rate of 1470 dinars against the US dollar

Therefore, the new instructions regulate the process of selling foreign currency in the currency window, through which it will be implemented to maintain the stability of the exchange rate, control the movement of foreign currency locally and internationally, and abide by international standards for compliance rules and combating money laundering and terrorist financing"  LINK

https://asiatimes.com/2021/10/time-is-right-for-vietnams-digital-transformation/.

MilitiaMan:  From the data we can see that there is a convergence and a preparation for an event to take place. An event that is suggested to be if such importance that is can make or break the country's efforts to initiate, revive and strengthen the country's economy and currency.

 The latter is key and one to focus on. The citizens will need to approve of it. The PM suggests that tomorrow there is a wedding of sorts and it will bring dignity..

An internationally accepted currency brought out by the CBI may just do that.

We know from the White Papers put out that Iraq is ready now and will be cleared through the Digital Platform " BUNA" owned by the AMF. So I expect that will be similarly true with the FOREX, we shall see. imo..

All is very good. The UST, G7, G20, WB, IMF, Cetral Banks meet on the 12th -15th.. They are going to be going over "Economic Inclusive Recovery's", keep that in mind.. ~ MM

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Is the Iraqi dinar internationally traded?

The currency is only traded in Iraq, so it can only be purchased by U.S. customers through a handful of dealers around the U.S?

"Legitimate forex trading in the USD/IQD currency pair is virtually nonexistent. Major banks don't offer Iraqi dinars for trade. Iraqi dinars are only available for purchase or sale through select money exchangers, who may or may not be legally registered." 

"Iraq Election News, Closures and more " From KTFA 10-7-2021

KTFA:

Samson:  Iraq suspends official working hours for two days

7th October, 2021

The General Secretariat of the Council of Ministers announces the suspension of official working hours on Sunday and Monday

Based on the approval of the Prime Minister, Commander-in-Chief of the Armed Forces, Mr. Mustafa Al-Kazemi, it was decided the following:

Disruption of official working hours, on Sunday and Monday, corresponding to the tenth and eleventh of October this year, 2021; To coincide with the date of the elections, and to make way for the Independent High Electoral Commission; To complete the logistical procedures for the voting process, provided that coordination takes place between ministries and security, service, and health departments, and between the parties concerned with the voting process, to support the electoral process.  LINK

Samson:  The Iraqi Stock Exchange stops trading for one day

7th October, 2021

The Iraqi Stock Exchange (the Stock Exchange) announced on Thursday that it will not organize a trading session next Sunday

And the market said in a statement seen by "Al-Iqtisad News", on the occasion of organizing the parliamentary elections in Iraq on Sunday, October 10, 2021, the market will not organize the stock trading session for this day

He added, "The sessions will be organized as of Monday 11/10/2021, according to their official timings

LINK

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Samson:  The Aviation Authority reveals the closing hours of the airports in preparation for the elections

10/07/2021 16:13:26

 The Civil Aviation Authority revealed the closing hour of the airports, according to government directives, in preparation for the polling day in the early parliamentary elections that start tomorrow for special voting.

The spokesman for the authority, Jihad Al-Diwan, told {Euphrates News} that "Iraq's airports, including the Kurdistan region, will be closed at exactly six o'clock in the evening on Saturday, the ninth of this October." "The authority informed all national carriers and airlines of the directive," he added. The Diwan indicated that "the opening of the airports will resume at six o'clock in the morning on Monday, October 11." Parliamentary elections will start tomorrow for special voting, while general voting will take place next Sunday.

The Security Committee for the elections had decided earlier, in preparation for the elections, to close the border crossings on October 9 and open on the 11th of the month, close the airports on the 9th and open on the 11th of the same month, close the entrances to the governorates and prevent the movement of people and vehicles on the 9th and until the 11th of the same month Banning the movement of motorcycles, “Al-Souta and Taktuk” and carrying wheels of more than 2 tons from October 10 to the next day, closing all shops, restaurants and malls from October 10 to 11, and arresting violators.

Banning all human gatherings in all its forms from the 7th to the 13th of next month, and arresting violators.    LINK

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Samson:  Starting from tomorrow (today) .. Transferring the functions of the federal government to a "business conductor"

10/06/2021 19:49:21

 The legal expert, Ali Al-Tamimi, announced the transfer of the tasks of the federal government to a "caretaker", starting tomorrow (today), Thursday.

  Al-Tamimi told Al-Furat News that "the government will turn by tomorrow (today) into a daily caretaker government according to the Iraqi constitution." He added, "The executive authority as a whole has no right to conclude international deals and agreements, which is what is called by constitutional jurisprudence {walking public utilities} such as paying salaries or simple contracting to run the affairs of ministries."

Al-Tamimi explained, "With the election date, its constitutional and legal position ends, due to the end of parliamentary oversight, and oversight is from the administrative judiciary only, and this is called the "narrow scope" of law enforcement."

Wednesday, Parliament Speaker Muhammad al-Halbousi terminated the membership of parliament members, including the presidency, based on the parliament’s decision to dissolve itself on October 7 (tomorrow), 3 days before the early parliamentary elections.  The Parliamentary Legal Committee had announced that “Parliament does not need to hold a session to dissolve itself, but tomorrow it will dissolve automatically, provided that elections are held on time, and if something happens to prevent the holding of elections, Parliament will return to carrying out its tasks and completing its constitutional term.”

 The special voting process for the security forces is scheduled to start next Friday, October 10, 2021; Then followed by the general vote on Saturday 11 October, in which all voters in Iraq participate.

The Iraqi government is making intensive preparations for the success of the upcoming electoral event, on the tenth of next October, amid Arab and international attention, through hundreds of observers who represent their organizations and countries. The Prime Minister and Commander-in-Chief of the Armed Forces, Mustafa Al-Kazemi, called on the security forces to activate the security and intelligence efforts, and to prevent any party from influencing the voters.

Al-Kazemi announced his refusal to exploit the security forces from any political party, and any form of exploitation will be severely held accountable, and the forces must abide by complete impartiality, and it is strictly forbidden to block roads in any electoral district, with the intention of influencing voters in favor of any political party, in addition to preventing the establishment of the officers exercise any influence on the soldiers and ranks when they cast their votes, in favor of any political party..

He stressed the cooperation with the Independent High Electoral Commission and with international supervisors, and facilitating their tasks, and that all abuses will be recorded, and will be submitted to the Electoral Commission to deal with it legally, regardless of its source.

The Independent High Electoral Commission announced its readiness to hold legislative elections on October 10. 
 
For its part, the Joint Operations Command informed, on Saturday, the security forces to prevent the use of weapons by any person, whether he was a candidate or a non-candidate, while pointing out that he will be subjected to the punishment of arrest.

The Baghdad Operations Command also announced the tightening of security measures around the electoral centers and the commission's warehouses.LINK

Samson:  Starting today, the House of Representatives is dissolved and the government turns into a caretaker

10/07/2021 08:53:52

 The government headed by Mustafa Al-Kazemi turned, starting today, into a caretaker, while the House of Representatives was considered dissolved.

Last April, the parliament voted to dissolve itself on October 7 (today, Thursday), in preparation for holding early elections three days later, October 10. Legal expert Tariq Harb told Al-Furat News, "The parliament's role has actually ended, as evidenced by its inability to hold any session for more than a month," noting, "as for the legal aspect, Parliament ends its session on the seventh of this month," and indicated that "before the special voting date For the security forces, the parliament’s role ends according to its law.”

Harb stressed that "there is no constitutional vacuum today, but the government turns into a caretaker government by virtue of the dissolution of the House of Representatives, and the dissolution of the parliament results in the end of the parliamentary capacity. At the end of the official working hours of the day, parliament members turn into ordinary citizens."

With the Electoral Commission retrieved biometric cards not received. The spokesman said Assistant media UNHCR spokesperson Nebras Abu Sawda in a press statement that "the registration centers began packages all Albaaomitrih cards is received and sent to election offices in the provinces and then to the national office."

She pointed out that "there are no statistics for these cards yet."  She added that "there is a decision by the Board of Commissioners to return these cards to the national office before the polling day with records of receipt and delivery, and they cannot be outside the control of the national office before or during the polling day."

She indicated that "these cards are long-term and there is no date for their expiry date, and therefore it is possible to distribute them at any time," expecting that "these cards will be redistributed after the end of the electoral process and the reopening of registration centers." LIN

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Clare:  FROM FRANK.....

KTFA Members "Tuesday News" 10-5-2021

KTFA:

Samson:  Petrofac fined £77m for paying bribes in Iraq

5th October, 2021

The British oil services group, Petrofac, announced that it had received a fine of 77 million pounds for paying bribes in Iraq and other countries in an investigation of corruption that lasted for more than 4 years

The company said in a statement on its website seen by "Economy News", that "Southwark Crown Court imposed a total fine of 77 million pounds (approximately 104.6 million US dollars) in relation to seven historical contracts for crimes of failure to prevent former Petrofac employees from submitting or making payments to agents in connection with projects awarded between 2012 and 2015, in the countries of Iraq, Saudi Arabia and the United Arab Emirates contrary to Section 7 of the UK Bribery Act 2010

The penalty consists of the following elements: a forfeiture order of £22.8 million payable by 3 January 2022; A fine of £47.2 million payable on February 14, 2022, and Serious Fraud Office costs of £7 million due on February 14, 2022

This draws a line under an unfortunate period in our history," said company president Rene Midori. "We have taken responsibility, corrected and learned from past mistakes," noting that "the extensive work we've done since the start of the SFO investigation means Petrofac today has a compliance and governance system in place." Comprehensive that meets or exceeds international best practices

British oil services group Petrofac said on September 25 that it would plead guilty to seven counts of bribery to secure projects in Iraq, Saudi Arabia and the United Arab Emirates between 2012 and 2015, describing it as a "very unfortunate period   LINK

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Samson:  Arrest and summons orders against dozens of Iraqi officials

5th October, 2021

On Tuesday, the Federal Integrity Commission issued arrest and recruitment orders issued and executed against high-ranking people during the month of August, indicating that the total of these orders amounted to 55 orders.

The Commission's Investigation Department stated in a statement received by NRT Arabic, a copy of it, (October 5, 2021), that "the judicial authorities issued (55) arrest warrants and summonses for those with higher degrees; against the background of cases and files that the Commission investigated and referred them to the judiciary during the month of August. Referring to the issuance of (9) arrest warrants, and (46) recruitment orders for the period (1-31/8/2021). 

The statement added, "The arrest and recruitment orders included (7) members of the House of Representatives, as well as a former minister and a former minister, and (3) former deputy ministers, and those orders also included (4) former governors and (5) "former" governors. And (9) current general managers, (9) former and former general managers, and (14) members of the provincial councils. 

The authority had announced in its mid-term report for the current year the number of arrest warrants issued based on its investigations, confirming the issuance of (858) arrest warrants, while the number of recruitment orders during the same period reached (3208).   LINK

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Samson:  Kurdistan Integrity refers 100 corruption files to the judiciary within 6 months

5th October, 2021

The Integrity Commission of Kurdistan Region announced today, Tuesday, that it had registered 650 complaints during the first six months of this knowledge related to corruption files.

The authority said in a statement received by Shafak News Agency, that the first six months of this year, 650 complaints were registered with the authority regarding corruption files, indicating that "100 files were referred to the judiciary."

The statement indicated that "there is high-level coordination between the Integrity Commission in the Kurdistan Region and the Federal Integrity Commission," explaining that "all files are scheduled to be announced at the end of the year, to be documented by the Federal Integrity."

He added, "There are fears for the future of Iraq and the Kurdistan Region due to the increase in corruption files," stressing that "this requires joint cooperation between the two parties to eliminate this phenomenon."

The statement stressed that "the past days witnessed a meeting in Baghdad between the two bodies, and the corruption files in the country were discussed," noting that "it was reported that nearly $300 billion was lost as a result of rampant corruption in the country."  LINK

Samson:  Nechirvan Barzani: Opponents of the application of Article 140 of the Constitution are against the will of 80% of Iraqis

5th October, 2021

The President of Kurdistan Region, Nechirvan Barzani considered on Tuesday that those opposed to the application of Article 140 of the Constitution are against the will of 80 percent of Iraqis who voted for the country's permanent constitution in 2005.

Barzani, the deputy head of the Kurdistan Democratic Party, said at an electoral festival for the people of Kirkuk in Erbil, "Oh, Kirkuk people, your lands are subject to Arabization, and being Kurdish and Kirkuk is very difficult." He addressed the people of Kirkuk by saying: We are all with you, and we are of mind, thought and feelings. We are all Kirkuk, adding that Kirkuk's wealth should be used to provide job opportunities, and to reconstruct Kirkuk, not to be a subject of greed, and to change the demography of the province.

He added that our war was on the national identity of Kirkuk and its historical geography, as well as the rest of the areas cut off from the Kurdistan region, and we were never against any component, indicating that our demands were not for Kirkuk's oil, but rather our demands on the identity of Kirkuk.

The head of the region said: We do not want to wage a national war against the people of Kirkuk at all. On the contrary to all the previous regimes that followed the rule of Iraq, we want to provide services and establish stability, security, and achieve true coexistence among the components that live in this province, stressing that " We do not want, through the fighting, to resolve the fate of Kirkuk, but through Article 140 of the constitution, and this is a legitimate and natural right because the Iraqi people, in 2005, voted on this article.”

Barzani renewed his demand for the application of this constitutional article, saying: Those who oppose its application are against peace, against the constitution, against Iraq's stability, and against coexistence, adding that "those opposed to its application are against the free will of 80 percent of the Iraqi people who voted for the constitution."

Kirkuk is one of the disputed areas between Erbil and Baghdad covered by Article 140 of the Constitution, and was under joint authority between the Kurdistan Region and the Federal Government before the independence referendum that the region held in September of 2017.

Article 140 provides for the removal of demographic policies conducted by Saddam Hussein's regime in the disputed areas in favor of the Arabs at the expense of the Kurds, and then census the population before the last step, which is to hold a referendum according to which the population determines whether they wish to join the Kurdistan Region or remain under the administration of Baghdad.

It was scheduled to complete the implementation stages of the article until the end of 2007, but security and political problems prevented that. The Federal Supreme Court ruled in 2019 that Article (140) of the Constitution of the Republic of Iraq should remain in force, stressing that this will continue until its requirements are implemented and the objective of its legislation is achieved.  LINK

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Don961:  Banking reform and fiscal stimulus

Tuesday 05 October 2021

Samir Al-Nusairi Several months ago, the government issued the white paper, which is the roadmap for the desired macroeconomic reform for the coming years.

The white paper, on pages 56 and 57, identified the main objectives of banking sector reform in the medium and long term, between 3-5 years. In fact, it is an accurate diagnosis of the problems that have already been diagnosed by the Central Bank and the World Bank.

It has already developed urgent and strategic solutions and mechanisms for it, as is evident in the Central Bank’s strategy (2016-2020) and strategic banking projects for the years (2019-2023).

The paper focused on the basic objectives of private banking reform.

In turn, we identify proposals for a number of urgent measures and solutions for banking reform to Come:

First - take decisions on financial policy to restore balance between government banks and private banks in terms of capital, activity and tasks, and focus on starting to restructure the Rafidain and Rasheed Banks, according to what was stated in agreement with the World Bank since several years.

Secondly - Through an analytical view of the reality of the Iraqi economy and the challenges facing the fiscal and monetary policies, in particular stimulating and revitalizing the economy with bank financing requires clarity of financial policies and coordination with monetary policy in stimulating Economy.

Third, taking immediate measures to redistribute the banking density of private banks in proportion to the actual need of the Iraqi economy and towards stopping the granting of new licenses to establish new banks and start rehabilitating troubled banks, and studying the economic feasibility of continuing to work or merging them according to the merger guide issued by the Central Bank in 2019.

Fourth - that the nature of the activities of banks depends on the nature of the activities of other economic sectors, and as long as economic activity is concentrated in trade (imports), the activity of banks remains focused on external transfer, and this means that the problem of the currency window is not in the supply of the dollar from the central bank, but rather the reason is the demand for the dollar .. Therefore, unless other sectors (industry, agriculture, tourism and others) move, we cannot expect diversification of banking activity.

Fifthly, it is necessary to provide a legal environment and extend the rule of law in order to eliminate the phenomenon of default in the payment of loans, as the non-performing debts reached up to (5 trillion dinars), 70% of which are government bank debts and 30% are the debts of private banks, which constitute a large percentage of the total monetary credit granted.

Sixth – Activating the implementation of the decisions of the Council of Ministers and the Economic Affairs Committee in the Council of Ministers, which were previously directed to support the banking sector, in particular private banks by opening accounts for ministries and government departments, accepting certified instruments and opening documentary credits to the government in the amount of 50 million dollars without going through the Ministry of Finance and the Iraqi Trade Bank and decisions Others related to borrowing for investment projects, collecting taxes and customs fees, and settling salaries.

Seventh- Considering the cases of bad debts owed by customers in private banks are urgent cases and excellent debts, similar to the debts governmental.

Eighth – Working to provide conditions and take measures to help private banks obtain the internationally approved credit rating, and then strengthen international banking relations with correspondent banks.   LINK

Frank26 "Eddie's Report" Tuesday PM 10-5-2021

KTFA:

Frank26: EDDIE'S REPORT:

TV says today the Arab payment system has linked with the Islamic banking and now can interact with payments but thing on tv talking about how important the raise of the exchange rate has been to the economy last 9 months saying it has built up reserves and stopped money laundering saying it has been a strength for the gov since raising it devaluing it Dec of last year...

Then talked about the struggles of the citizens due to high exchange rate and then more should be done to help citizens talking about how success of many major changes of financial exchanges helps with all levels of presented at beginning of calendar year saying best for true economic values and true result of the effect of done ....

Then went on talking about how many major changes around the world at beginning of year and the success talks about makes financial and economic sense to be performed at beginning of calendar year all this by the finance minister talking about the past 9 months rate then talking about things need to be done to help citizens but then talking about best time is at beginning of calendar year in his opinion.

Now Saleh on tv talking about need to lower dollar exchange rate saying they have reached maximum efficiency at current rate and to make projects work they need the exchange rate to flavor a stronger dinar value……saying Iraq must have plans in place and get this done.

FRANK REPLIED:

All they are doing is preparing you Eddie for the announcement of your new currency and your new exchange rate by injecting ideas into your mind into your daily lives that you are about to see a new monetary reform for your currency because of the success that the CBI and Kazemi have had working together to eliminate terrorism that used to rape your currency through Iran.

What Saleh is trying to tell you is that you now have what is called in the financial world the REER !!! (Real Effective Exchange Rate)

He is expressing to you that you need this true value for your currency in order for everything to work and yes he mentions it for next year at the beginning, but that is not logical the monetary reform will come long before the economic reform just like we have told you everything else I now repeat to you everything that Walkingstick and I’ve told you...

And why is that Eddie... because the two we told you to pay attention to are now telling you exactly and repeating exactly our words praise God!

I wouldn’t worry too much about the beginning of next year because that’s just his opinion and he’s just a Minister of Finance, trust me in my very strong opinion... Mustafa has a date before next year.

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Frank26:  "FROM THE MOUTH OF THE AUTHORITY...KAZEMI AND MUSTAFA GHALEB!!!"...F26

After The Oil Price Hike, Alia Nassif Calls For A Reduction In The Dollar Exchange Rate

28th September, 2021

Representative Alia Nassif called on the Ministry of Finance to reduce the exchange rate of the dollar after the price of a barrel of oil exceeded eighty dollars, indicating that it is not fair for the poor to pay the price of economic crises, whether they are caused by corruption or the lack of appropriate plans to deal with crises.

Nassif said today: “The price of a barrel of oil has exceeded eighty dollars, while the dollar exchange rate is still burdening the Iraqi citizen who pays the price of financial corruption and the absence of appropriate plans to confront economic crises such as the crisis of the previous drop in oil prices and the country’s dependence on oil revenues only,” indicating: The working class is the most affected by the rise in the exchange rate of the dollar, because its purchasing power is now unable to cope with the rise in the prices of food commodities and basic materials.”

She stressed "the necessity for the Ministry of Finance to reduce the exchange rate of the dollar against the dinar and return it as it was in the past, because there is no need to continue with the high exchange rate and to avoid its negative repercussions on all groups of the people."  LINK

Iraq comments on the rise in oil to $ 80 and its reflection on the 2022 budget

09/28/2021 20:38:56

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, commented on Tuesday on the rise in oil to $ 80 and its impact on the federal budget for the fiscal year 2022.

  Saleh told Al-Furat News that "if this price continues for 12 months within the current expenditure ceiling for 2022 and is the same for the current year, the budget will be in balance and there is no need to borrow or the budget will be in deficit, but on condition that the withdrawals are fixed." 

He explained, "Expenditures are out of control and will remain constants. Expenditures will be 129 trillion dinars, as specified in the budget, and there is a deficit, but the price of a barrel is 80 dollars per barrel or slightly less with oil exports of more than 3 million and 400 thousand barrels. This alone is sufficient to make the 2022 budget in There is no need for you to resolve a deficit and finance a deficit."

"By the settlement, a hypothetical deficit is set to hedge in anticipation of the instability of oil at $80," Saleh added.  He continued, "Oil is a strategic commodity with big variables, and no one knows or guesses prices, but it is in an upward trend and the reason is that there is a breakthrough in the global economy and the level of vaccinations has become high, and economies are beginning to open up to energy, travel movement is increasing, and the demand for derivatives is increasing demand for crude oil."

Saleh pointed out, "There are no bets that will last forever, and in the last decade we have witnessed a dangerous drop in the price of oil from $147 to $13 a barrel." And between "the oil countries have reservations, and it is legitimate, rational, and required not to fall into a big problem, and I believe that the 2022 budget, even if it comes with a hypothetical deficit, will tend to hedge, but if the barrel price continues to 80 dollars and the export of the same quantities of oil or more, Iraq may export."

Saleh continued, "Then the budget will be in balance, but on condition that all expenditures are met. Sometimes they are placed, but not implemented in investment and even operational budgets sometimes, and consideration must be given to the efficiency of the exchange."

The economic advisor to the Prime Minister concluded, "I believe that this number is excellent and should be used in operating the stalled investment projects and increasing employment in the Iraqi economy, which will reduce the manifestations of poverty and increase the welfare of society."

The price of Basra Light crude rose, on Tuesday, to record more than 77 dollars, with the rise in global oil prices. Basra crude, exported to Asia, rose 1.08, or 1.47%, to $77.74, while Basra Heavy crude also rose by $1.35, or 1.90%, to $72.35. All OPEC crude prices rose, as the price of Saudi Arabian Light crude reached $77.44 per barrel, while the price of Iran Heavy Blend reached $74.03,

The UAE Murban Blend reached $77.13 per barrel, and the Algerian Sahran Blend reached $78.94, while the Nigerian Bonny Light recorded $78.22, and Girasole Angolan $78.77. Global oil prices rose as a result of the scarcity of supply and the increase in demand for it, at a time when Brent crude recorded more than $80.  LINK

MilitiaMan Monday Night "There Are No Coincidences" 10-4-2021

KTFA:

Samson:  Iraqi banks acquire 99% of government bonds

4th October, 2021

On Monday, a government source said that most of the bonds offered by the government are bought by banks through their cash reserves with the Central Bank of Iraq, while citizens are satisfied with only one percent of those bonds

From time to time, the Central Bank issues bonds in favor of the Ministry of Finance, for the purpose of financing some public expenditures, as it recently issued construction bonds in denominations of 500 thousand dinars and one million dinars

The source said, "The banks use the compulsory cash reserve at the bank, which ranges between 35-40% of its capital of 250 billion dinars, for the purpose of purchasing the bonds offered by the government through the central bank

The source added, "99% of these bonds are bought by banks and one percent is bought by the citizen," noting that "buying bonds by banks achieves great profits for them through the high interest offered, and the amounts that banks buy for these bonds are frozen with the bank as a reserve. You will drive it by buying these bonds

The source noted, "The government issues bonds from time to time due to its lack of financial liquidity to finance public expenditures," noting that "the government owes the Central Bank more than 21 trillion dinars as a result of borrowing funds during the last period to cover employee salaries and other expenses    LINK

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August 05, 2021

Federal Reserve Board announces the individual capital requirements for all large banks, effective on October 1

For release at 4:30 p.m. EDT

Following its stress test earlier this year, the Federal Reserve Board on Thursday announced the individual capital requirements for all large banks, effective on October 1. Those capital requirements ensure that the large banks tested will hold roughly $1 trillion in high-quality capital—enough to survive a severe recession and still be able to lend to households and businesses.

Large bank capital requirements are in part determined by the Board's stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The below table shows the total common equity tier 1, or CET1, capital requirements for each bank, which is made up of several components, including:

Minimum capital requirement, which is the same for each firm and is 4.5 percent;

The stress capital buffer, or SCB, requirement, which is determined from the stress test results, and is at least 2.5 percent; and

If applicable, a capital surcharge for global systemically important banks, or G-SIBs, which is at least 1.0 percent.

The Board also affirmed the stress test results for one bank that requested reconsideration, HSBC North America Holdings Inc. The reconsideration process involved an independent group—separate from the stress testing group—that analyzed and evaluated the results. While affirming HSBC's stress test results for this cycle, the Board also directed the staff to conduct a closer examination of issues raised in the reconsideration process to inform continuing improvements in its stress testing methodology for next year's stress tests.

https://www.federalreserve.gov/newsevents/pressreleases/bcreg20210805a.htm

MilitiaMan:  From the looks of these Bonds at 250 billion dinars has a striking similarity to the UST requirement for banks to have quality assets. Imagine if this is similar and timed accordingly.

If an international calculation is applied to a new exchange rate like that of the AMFs recent valuations of approximately 3xSDR... One would see just how striking that maybe..

IMO. There are no coincidences imo... ~ MM

KTFA Members "Monday News" 10-4-2021

KTFA

Samson:  Brent crude jumps above $81 a barrel

10/04/2021 17:08:22

 The price of Brent crude jumped, today, Monday, above $ 81 for the first time in nearly three years.

Reuters reported that oil jumped more than 2% at levels of $81.60 a barrel, after OPEC + stuck to the current production policy.    LINK

Don961:   Proposals to end the contradiction between financial engineering and the white paper

Monday 04 October 2021 Baghdad: Haider Falih Al-Rubaie 

 The economic expert, Tariq Al-Ansari, urged to take a set of measures that would “end the contradiction” between the applications of financial engineering and the terms of the reform white paper, calling for the need to exploit oil revenues in activities that contribute to economic diversification, and work to reform the monetary system and determine the exchange rate in a way that does not affect In the fragile classes, as well as the trend towards creating a kind of integration between the public and private sectors.

financial engineering 

Al-Ansari said that the term financial engineering is based on intelligence and innovation in managing public money, investments, assets, revenues, debts, expenditures, tax reform, and the use of mathematical techniques to provide solutions to financial problems and develop appropriate strategies to address these problems.

The economic expert pointed out that {the white paper launched by the government aims for a sober and honest administration, with an efficient and high-performance economic system} noting that {despite the balanced diagnosis of the economic and financial problem of Iraq, the country is still suffering greatly as a result of corruption and high unemployment rates, In addition to the significant economic risks that the process of almost total dependence on oil wealth poses, which negatively affected the performance of the government and its institutions.

private sector

 Al-Ansari personified a set of contradictions in the economic structure, indicating that {the monetary policy has a monetary surplus, but the level of credits provided to the private sector is very weak, while the financial policy is witnessing a clear rise in expenditures and privileges that is not commensurate with the volume of oil and other revenues, as well as the policy

The investment that is still considered shy} indicating that these points are clear contradictions between the applications of financial engineering and the white paper.

suggestions and solutions

With the aim of eliminating these contradictions, Al-Ansari proposed a set of solutions that would bridge the large gap between financial engineering and the terms and applications of the white paper, putting at the forefront of those solutions “the trend towards achieving economic reform and improving the investment environment, working to restructure monetary and financial policy, and providing a safe environment.” To innovate national competencies, as well as to take strict measures to combat corruption and tax evasion.

Al-Ansari also called for the necessity of “utilizing oil revenues for investment purposes in activities that contribute to economic diversification, and actively striving towards reforming the monetary system and setting the exchange rate in a way that does not affect the weak and poor classes, and creating a kind of integration between the public and private sectors and exploiting their economic potential.” .

The economic expert stressed the importance of returning the looted and stolen funds, improving the ration card with more than seven items, revitalizing the domestic and gross product, and raising the level of social welfare and retired salaries by no less than {500 thousand dinars} per month, or equivalent to 23% of the damage rate as a result of raising the exchange rate. .    link

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Samson:  Iraq implements its economic agreements with Egypt

4th October, 2021

The Iraqi ambassador to Egypt, Ahmed Nayef Al-Dulaimi, announced the start of activating the agreements between Iraq and Egypt, within the Supreme Committee and the outcomes of the summits held in both countries

Al-Dulaimi said in a statement reported by the official "Al-Sabah" newspaper and seen by "Al-Iqtisad News", that "the most important projects of these agreements are the electrical connection, land transport, the industrial zone, and reconstruction in exchange for oil." Sobriety and high quality

He added that "Iraq is not short on experience or competence, but the extent of the destruction that occurred in it requires solidarity and cooperation from the sisterly Egypt

Al-Dulaimi indicated that "there is effective coordination in the field of security, defense and political fields," noting that "there are new (Iraqi-Egyptian) summits in Cairo and Baghdad, in addition to several visits between them by their senior officials  LINK

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Samson:  With the participation of more than 23 countries... Commerce is preparing for the launch of the Babel International Fair for Industries

4th October, 2021

The company announced to the public for the Iraqi fairs and commercial services at the Ministry of Commerce, on Monday, that the current month of October will witness the launch of the first Babylon International Exhibition for Industries and National Production, with the participation of more than 23 countries.

General Director of the General Company for Exhibitions Sarmad Taha Saeed said, in a statement received by Mawazine News, that "the exhibition will be in conjunction with the launch of the activities of the Babel International Festival for the period from 28/10 to 11/1, which is organized by Dana Exhibitions and Conferences Organization Ltd. and under the supervision of Ministry of Industry and Minerals".

Saeed pointed out that "the exhibition comes within the framework of the (white paper) previously approved by the esteemed Council of Ministers for economic stimulus and consolidation of stability in the provinces of the Middle Euphrates."

 He added that "the exhibition will be attended by a large number of ministries and bodies not associated with a ministry, led by the Ministry of Industry and Minerals in all its formations. The ministries of Finance, Planning, Higher Education, Scientific Research, Oil, Construction, Housing, Municipalities and Public Works, in addition to the Ministry of Tourism, Culture and Antiquities, the Ministry of Agriculture, the Ministry of Water Resources and a number of other Universities and private colleges, which contributes to activating the bonds of academic and economic work to serve Iraq.

Saeed pointed out that "the exhibition and the accompanying events, whose activities are launched according to the highest standards of total quality and international standards, and with a high level of professionalism and professionalism for the organizing body (Dana Exhibitions and Conferences), which is a qualitative leap in the industry of exhibitions and conferences in the Middle Euphrates region in particular and Iraq in general."

Noting that "the exhibition and festival activities will witness the presence and participation of representatives of more than 20 Arab and foreign countries in a great national wedding hosted by Babylon's history, civilization and heritage."   LINK

Samson:  Disruption of official working hours in Najaf next Wednesday

4th October, 2021

The Governor of Najaf, Louay Al-Yasiri, announced on Monday the suspension of official working hours in the province, next Wednesday

The media office of the governor of Najaf stated, in a statement, that al-Yasiri decided to “give a local holiday in Najaf governorate for Wednesday only, corresponding to 10/6/2021, on the occasion of the anniversary of the Prophet’s martyrdom, and for the purpose of providing the best services to visitors coming to the governorate and the sons of Najaf    LINK

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Samson:  Al-Kazemi announces the submission of a project to consider October 3 a national holiday

2nd October, 2021

On Saturday, Prime Minister Mustafa Al-Kazemi announced the submission of a project to consider October 3 a national holiday.

Al-Kazemi said in a tweet on "Twitter", "In an effort to perpetuate the unifying national identity, we presented a project to consider October 3 as a national holiday, which is Independence Day." Iraq joining as founder of The League of Nations".

He added that "the depth and authenticity of our people is the meaning that Iraqis will express through wide participation in the elections, and the choice of those who believe in the Iraqi national identity."

LINK

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Samson:  The rise in oil prices between corruption and demands to reduce the price of the dollar

4th October, 2021

About 80 dollars is what the price of a barrel of oil has become, which opened the door to questions about the fate of the surplus funds, which amounted to billions of dollars outside the budget accounts, which were approved at a price of forty-five dollars per barrel.

Economists indicated that this money will open new doors for corruption by categorizing it in new ways through which it closes the loopholes that are raised against it, which prompted them to demand the regulatory and integrity authorities to investigate these funds until they are added to a new draft in the budget and voted on by the next parliament.

While others believe that the rise in the price of a barrel of oil is enough to reduce the exchange rate of the dollar, which has become the heaviest burden on the daily life of the citizen.  LINK

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Samson:  Al-Rubaie: Dozens Of Files Were Opened To Retrieve The Money Smuggled Abroad, Iraq

3rd October, 2021

Head of the Al-Nahrain Network to Support Integrity and Transparency, Muhammad Rahim Al-Rubaie, member of the UN Convention Against Corruption Coalition, confirmed that countries will cooperate with Iraq to extradite people accused of looting Iraq's money and smuggling it abroad.

Al-Rubaie said, in a statement to the newspaper “Al-Sabah”, which was followed by the independent: “The looted funds conference, which was held in Baghdad last month, achieved great results, including clarification of the mechanisms and formal procedures necessary for cooperation between Arab countries to recover money and people, according to what is stipulated in Chapter Five of the agreement and the recovery of assets, money and people.” 

He added, "The cooperation of these countries will be very fast, especially Jordan, Lebanon and the UAE, because there are large funds for the Iraqis in them, and there are dozens of files to recover the smuggled money, which Iraq opened to recover it from these countries."

Al-Rubaie stressed, “Iraq should expedite the opening of a sovereign fund to manage the looted funds after returning them, and the task of this money is to contribute to building infrastructure projects and providing what the governorates need away from budget issues in order to save the country in two important sectors, health and education.”

He explained, "There will be a major role for civil society after the elections to implement the provisions of the United Nations Convention through monitoring, accountability and advocacy campaigns to contribute to changing Iraq's rank on the Corruption Perceptions Index, which is issued annually by Transparency International."

He continued, "The looted money conference came out with satisfactory and significant effective results that contributed to Arab international cooperation in a large way with Iraq," noting that "this cooperation angered some political parties inside, as they live on looting public money."   LINK

MilitiaMan Sunday PM "Prayers Are About To Be Answered" 10-3-2021

KTFA:

Samson:  Disclosure of the date for the distribution of retired salaries

10/03/2021 10:25:48

  An informed source announced the date of the commencement and disbursement of distributing the salaries of retirees.

The source told {Euphrates News} that "the direct distribution of pensioners' salaries will start tomorrow evening, Monday."
And he indicated that "the exchange will be completed next Tuesday."   LINK

MilitiaMan:    Interesting they are speaking about direct distribution in an "Epidemiological" way in regard to a financial way of speaking.. imo ~ MM

MilitiaMan:  By definition, epidemiology is the study (scientific, systematic, and data-driven) of the distribution (frequency, pattern) and determinants (causes, risk factors) of health-related states and events (not just diseases) in specified populations (neighborhood, school, city, state, country, global).
https://academic.oup.com/jpubhealth/article/36/1/13/1573211  

PattyCakes77:  I pray this means something. Another week begins praying that this is the week all this is over.

MilitiaMan:  I believe your prayers are going to be or are answered.

 The evidence is farily clear as I see it. This data with links supports that the digital transformation of the globe is underway and Iraq is clearly a part of the process.

The reports out from the BUNA and the BIS are key documents with instructions and definitions of the digital transformation we are witnessing and it's progress is amazing and picking up speed.

They published the article (see below) 09/29/2021 same day as the BIS 50 page report came out. The BUNA Glossary is 197 pages. They didn't do all this without timing things accordingly. imo

They did these things while markets are closed.

Notice they mention Payment and financial infrastructure  around opening hours? I sure did.

Monday evening and exchange on Tuesday?

Fascinating markets align today too, pre markets open? We shall see.. imo ~ MM

There is also news out today that supports Iraq is acting like they are Article 8 compliant.

So the expectations  of a rate change soon is highly likely, imo.

 To be digitized is to be internationally accepted which will also require new smaller notes so the citizens can get more purchase power and also not lose money not having the smaller notes.

 imo We are in a very progressive spot. One that suggests it is not all about Iraq but, is about Iraq. ~ MM

https://www.amf.org.ae/en/publication/financial-technology-glossary-second-edition

https://www.bis.org/publ/othp41.pdf

"The Arab Monetary Fund organizes the twenty-third "remotely" periodic meeting of the Arab Committee for Payment and Settlement Systems

2021-09-30
Wednesday and Thursday 29-30 September 2021

The committee discusses:

Recent trends in the field of payment systems and financial infrastructure in light of the work of the Group of Twenty

A renewed view on the role of central banks in developing payment and settlement systems

Understand the risks associated with stablecoins and cross-border payments and contain them

Prospects and future of automated clearinghouses and their role in the era of rapid payments

Enhancing the role of payment-accepting intermediaries in commercial payment gateways and digital wallets

Current trends regarding the banking sector's use of (ISO20022) messages internationally, and the developments of "SWIFT" message models

Opportunities and risks of technology companies in financial services in the Arab region

Today, Wednesday, September 29, 2021, the twenty-third periodic meeting of the Arab Committee for Payment and Settlement Systems, which is being held “remotely” in light of the Corona pandemic crisis, will open. The meeting will be attended by the directors of the payment and settlement systems and financial infrastructure departments of the Arab central banks and monetary institutions.

The committee meeting will also be attended by representatives of regional institutions, including: the General Secretariat of the Cooperation Council for the Arab States of the Gulf, the Secretariat of the Financial Action Group for the Middle East and North Africa, the Union of Arab Securities Authorities, and the Union of Arab Banks.

The meeting will also be attended by experts from a number of global central banks and international institutions, such as: the World Bank Group, the International Monetary Fund, the Bank for International Settlements, the International Committee on Payment Systems and Financial Infrastructure, the European Central Bank, the Bank of France, the Italian Central Bank, and the German Federal Supervisory Authority Banking, the Bank of England, the Eurocleor Foundation, the Swift Association, the German Agency for Development, and the Bill and Melinda Gates Foundation.

The committee aims to contribute to the development of payment and settlement systems in the Arab countries, and to enhance coordination, cooperation and exchange of experiences and expertise in this regard between central banks and Arab monetary institutions.

 Within the framework of its role as a technical secretariat for the Board of Governors of Arab Central Banks and Monetary Institutions, the Arab Monetary Fund assumes the secretariat of the Committee. His duties in this regard are based on preparing the agenda, contributing to the preparation of studies and reports issued by the committee, and following up on its recommendations.

In its two-day meeting, the committee will address a number of important topics, most notably recent trends in the field of payment systems and financial infrastructure in light of the work of the Group of Twenty. Payment and financial infrastructure around opening hours, access and connectivity requirements. Committee members will also be able to view the latest developments in the services of the “Bunna” platform for Arab payments of the Regional Corporation for the Clearing and Settlement of Arab Payments, and discuss the role of central banks and Arab monetary institutions in encouraging the use of innovative services provided by the platform to the financial and banking sector in Arab countries.

The committee will also discuss a set of topics related to the risks associated with stable currencies and cross-border payments, and the risks and opportunities of large companies for technologies in financial services in the Arab region, in addition to discussing the renewed view on the role of central banks in developing payment and settlement systems, and current trends regarding the banking sector’s use of messages ( ISO20022) internationally, and developments in SWIFT messaging models. The topics of the meeting will also address the future of automated clearinghouses and their role in the era of rapid payments, commercial payment gateways and digital wallets, and the requirements for implementing the Legal Entity Identifier (LEI) in payments.

Finally, the committee will discuss participation in the international survey on payment systems and processes in which cooperation with the World Bank takes place, and discuss the possibility of issuing a regional report using the results of the survey.

On this occasion, His Excellency the Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, praised the continuous development of the topics and issues discussed by the committee and their importance for Arab countries in enhancing the safety and efficiency of financial transactions and the flow of payments and transfers.

His Excellency expressed his happiness with the wide participation of the relevant regional and international institutions, which enhances the importance of the committee as a platform for dialogue and exchange of experiences and expertise in the issues of financial infrastructure systems.

His Excellency stressed the need to pay attention to the issues of digital payments and instant payments, and that the committee should be proactive and proactive in enhancing knowledge to support the efforts of Arab countries in this regard.

His Excellency praised the great support and encouragement given by their Excellencies, governors of Arab central banks and monetary institutions, to the "Bunni" platform for Arab payments, and the great opportunities that the platform offers to develop the payment and settlement system in the Arab region and enhance regional financial integration and linkage with the global financial system, looking forward to support And the committee members’ contribution to introducing the platform and expanding the platform’s network of participating banks."

https://iraqakhbar.com/3317263

"The minister said in a press conference held today on the sidelines of the opening ceremony, that this oil project is one of the most important projects and within international standards, modern regulations and safety conditions attractive to all oil tankers."

MilitiaMan "If This Doesn't Make One Smile, Nothing Will!" 10-2-2021

KTFA:

MilitiaMan:  Adviser to the Prime Minister clarifies the bonds of {construction} and their objectives

10/1/2021 15:13:07

  The financial and economic advisor to the Prime Minister, Mutahar Muhammad Salih, clarified the {construction} bonds launched by the Ministry of Finance today, Friday.

"The issuance of construction bonds supports public finances by borrowing from the public's financial surpluses," Saleh told {Euphrates News}. And that "this step will be either putting these funds into the investment budget or reconstruction and strengthening the capital of government banks, especially the real estate and housing banks, to raise the lending capacity of citizens."

He stressed that the decision "supports the renaissance of construction, which is the process of recycling savings and converting them into investments, which is a positive step that supports citizens and moves stagnant funds."

The Ministry of Finance / Public Debt Department announced today, in cooperation with the Central Bank of Iraq, the issuance of construction bonds tradable in the stock market, with the guarantee of the Ministry of Finance. And Finance published the categories of bonds offered for trading, which are {a bond of 500 thousand dinars with an annual interest of 6% for two years, and a bond of a category of one million dinars with an interest of 7% for a period of 4 years}.

The ministry pointed out that "the public wishing to purchase can submit their requests through authorized banks," calling "all investors and citizens to take advantage of this investment opportunity, because of its returns in favor of the borrower (the investor) and for the entire national economy." She pointed out that "the process of trading these bonds comes in accordance with the plans and mechanisms of the financial sustainability process and its improvement, in addition to the positive economic effects of raising the levels of economic activities for various sectors and enhancing the provision of broad development opportunities and within the framework of implementing the paragraphs of comprehensive financial and economic reform plans within the adoptions of the white paper, and in implementation of programs Developing fiscal and monetary policy in Iraq.   LINK

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MilitiaMan:  There is loads of talk about monetary policy lately. There is a focus on Bonds to jump start the private sector. The theme is to create opportunity to reduce the money supply on the street by using bonds with interest decent interest rates attached for time, as an instrument or incentive to entice citizens and investor money into the bonds which reduce the money supply.

Reducing the money supply creates value by a supply and demand basis. The opposite is true too, when increasing the money supply reduces value, as noted in the last devaluation.

We have an article that talks about foreign currency exchange and timing.

They use a term in respect to the underlying and historical context of the health of the economic situations in Iraq and neighboring countries with respect to currency exchange rates.

When the war effort in 2003 was underway the IQD devalued and created a contagion in the region to the neighboring country currencies, that are still infected today.

I find where the use of epidemiological models are used not only in health and medical related terms but to finance models, as well. Hence, I'll show where that is true with the present circumstances we have before us, see below. imo ~ MM.

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"In order for the economic analyzes to be accurate and not extreme of the reality of monetary stability in Iraq and the effects of the expected economic, epidemiological and expected shocks on the exchange rate of the Iraqi dinar". 

"We do not forget here how the dollar devoured the local currencies of neighboring and regional countries, which suffered from a circumstance similar to that of Iraq, such as Iran, Turkey, Lebanon and Syria, where their local currency collapsed in very large proportions. While the Iraqi dinar exchange rate stabilized within the target rate of the Central Bank, despite the speculation in the market.

LINK

https://academic.oup.com/jpubhealth/article/36/1/13/1573211

MilitiaMan:  Lets keep in mind now that there is a new system called "BUNA" owned by the Arab Monetary Fund that is to be used for International, regional and local currencies with cross border settlements and payments digitally.

 Once the IQD is cleared Internationally it will be fully Article 8 compliant with the IMF and International Standards. That will require a Real Effective Exchange Rate (REER). 

The Bonds for reconstruction  to enhance the Private Sector to support Iraq away from just oil revenues will require it too. Imo.  There is data that supports yesterday that the Bonds will trade on the ISX.

 It is my understanding that the ISX was closed yesterday and won't open until Monday, next. Regardless, there is an effort to trade bonds in the very short term that will require international exposure and standards to apply. ~ MM

"The Ministry of Finance / Public Debt Department, in cooperation with the Central Bank of Iraq, announced today, Friday, the issuance of construction bonds tradable in the stock market, with the guarantee of the Ministry of Finance."

The ministry called on all investors and citizens to "take advantage of this investment opportunity, because of its returns for the benefit of the borrower (the investor) and for the entire national economy," noting that "the process of trading these bonds comes in accordance with the plans and mechanisms of the financial sustainability process and its improvement, in addition to the positive economic effects represented in By raising the levels of economic activities for various sectors and enhancing the availability of broad development opportunities. 

LINK

MilitiaMan:  They go on an in depth about the Bonds and what it means directly and supports the above aforementioned reasoning in the below, as follows. ~ MM : 

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Updated cash sterilization is a process by which monetary authorities ensure that foreign exchange flows from abroad do not affect the monetary basis, as the monetary basis is one of the components of the overall money supply.

Many countries are trying to influence the value of their local currency in the foreign exchange market, through the operations of buying and selling that currency against the foreign currency. If the monetary authority sells the local currency, which was not in circulation before, this measure will expand the local monetary base (increase), and the same is true if the monetary authority buys more of its local currency, and does not enter that currency into circulation, the effect here will be deflationary (declining) on ​​a monetary basis.

In Iraq, the circulating monetary sterilization is the window for selling foreign currency by withdrawing the Iraqi dinar from the market in exchange for providing the market with foreign currency, which is (the dollar). As for the new monetary policy mechanism, which is the updated monetary sterilization by offering national bonds with the first two issues in the amount of (500,000) Dinar with annual interest (6%) for two years, and the second issue in the amount of (1,000,000) dinars and annual interest (7%) for four years, for the purpose of withdrawing liquidity from the public through banks and at the same time called building bonds.

Public requests are submitted through all banks, and then the bank pays these requests to the Central Bank of Iraq, for the purpose of providing the bank with the required bonds. During the other banking operations carried out by the banks, in addition to the fact that the banks did not focus only on the foreign currency sale window, but rather moved the other goals undertaken by the banks.

 In my opinion, it is called (the updated monetary sterilization), as the Central Bank of Iraq continues to achieve its development goals towards a sustainable economy, as well as being the only lung of the Iraqi economy in all crises, starting from 2015 until now.

In conclusion, the Ministry of Finance should direct its government banks (Al-Rafidain, Al-Rasheed, Al-Iraqi Trade) to support this method carried out by the Central Bank towards achieving development goals, as well as reducing the financial deficit, based on the Federal General Budget Law of the Republic of Iraq No. (23) of 2021 / Article II - Deficit / Paragraph 2 - A - 2, which authorized the issuance of national bonds to the public, in support of the budget, and we should not forget that there are national bonds issued in 2021 with an amount of (8.5) trillion Iraqi dinars, which is part of the sources of financing the planned deficit in the 2021 budget.  LINK

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MilitiaMan:  Now lets take a look at the Digital Clearing side of things to come from a regional and global perspective. The BUNA owned by the AMF has recently not only cleared major currencies they are now to a lesser extent clearing smaller local and European currencies in digitized cross border payments with the likes of Italy (EUR) and Jordan's (JOD) respective currency issues. 

 The interesting thing about this link below it doesn't show the whole story. There were many major global entities in the room if you will.

 In fact they only allowed us to see who for a very short period of time. This link is still found, but, what is posted below it has been pulled off their AMF website.. Interesting of in of it self, but, the line up I will post below it..

It is profound imo and supports we are going to see a big move soon. I am not sure why something so important is no longer available, but, one can clearly see below I didn't make it up.. lol WOW!!! imo ~ MM

Banca D'Italia and Arpcso announce Buna-Tips experiment delivering successful cross-border, cross-currency, cross-system instant payments. 

LINK

The Arab Monetary Fund organizes the twenty-third "remotely" periodic meeting of the Arab Committee for Payment and Settlement Systems

2021-09-30
Wednesday and Thursday 29-30 September 2021

The committee discusses:

Recent trends in the field of payment systems and financial infrastructure in light of the work of the Group of Twenty

A renewed view on the role of central banks in developing payment and settlement systems

Understand the risks associated with stablecoins and cross-border payments and contain them

Prospects and future of automated clearinghouses and their role in the era of rapid payments

Enhancing the role of payment-accepting intermediaries in commercial payment gateways and digital wallets

Current trends regarding the banking sector's use of (ISO20022) messages internationally, and the developments of "SWIFT" message models

Opportunities and risks of technology companies in financial services in the Arab region

Today, Wednesday, September 29, 2021, the twenty-third periodic meeting of the Arab Committee for Payment and Settlement Systems, which is being held “remotely” in light of the Corona pandemic crisis, will open. The meeting will be attended by the directors of the payment and settlement systems and financial infrastructure departments of the Arab central banks and monetary institutions.

 The committee meeting will also be attended by representatives of regional institutions, including: the General Secretariat of the Cooperation Council for the Arab States of the Gulf, the Secretariat of the Financial Action Group for the Middle East and North Africa, the Union of Arab Securities Authorities, and the Union of Arab Banks. The meeting will also be attended by experts from a number of global central banks and international institutions, such as: the World Bank Group, the International Monetary Fund, the Bank for International Settlements, the International Committee on Payment Systems and Financial Infrastructure, the European Central Bank, the Bank of France, the Italian Central Bank, and the German Federal Supervisory Authority Banking, the Bank of England, the Eurocleor Foundation, the Swift Association, the German Agency for Development, and the Bill and Melinda Gates Foundation.

The committee aims to contribute to the development of payment and settlement systems in the Arab countries, and to enhance coordination, cooperation and exchange of experiences and expertise in this regard between central banks and Arab monetary institutions. Within the framework of its role as a technical secretariat for the Board of Governors of Arab Central Banks and Monetary Institutions, the Arab Monetary Fund assumes the secretariat of the Committee. His duties in this regard are based on preparing the agenda, contributing to the preparation of studies and reports issued by the committee, and following up on its recommendations.

In its two-day meeting, the committee will address a number of important topics, most notably recent trends in the field of payment systems and financial infrastructure in light of the work of the Group of Twenty. Payment and financial infrastructure around opening hours, access and connectivity requirements.

Committee members will also be able to view the latest developments in the services of the “Bunna” platform for Arab payments of the Regional Corporation for the Clearing and Settlement of Arab Payments, and discuss the role of central banks and Arab monetary institutions in encouraging the use of innovative services provided by the platform to the financial and banking sector in Arab countries.

The committee will also discuss a set of topics related to the risks associated with stable currencies and cross-border payments, and the risks and opportunities of large companies for technologies in financial services in the Arab region, in addition to discussing the renewed view on the role of central banks in developing payment and settlement systems, and current trends regarding the banking sector’s use of messages ( ISO20022) internationally, and developments in SWIFT messaging models. The topics of the meeting will also address the future of automated clearinghouses and their role in the era of rapid payments, commercial payment gateways and digital wallets, and the requirements for implementing the Legal Entity Identifier (LEI) in payments.

Finally, the committee will discuss participation in the international survey on payment systems and processes in which cooperation with the World Bank takes place, and discuss the possibility of issuing a regional report using the results of the survey.

On this occasion, His Excellency the Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, praised the continuous development of the topics and issues discussed by the committee and their importance for Arab countries in enhancing the safety and efficiency of financial transactions and the flow of payments and transfers.

His Excellency expressed his happiness with the wide participation of the relevant regional and international institutions, which enhances the importance of the committee as a platform for dialogue and exchange of experiences and expertise in the issues of financial infrastructure systems. His Excellency stressed the need to pay attention to the issues of digital payments and instant payments, and that the committee should be proactive and proactive in enhancing knowledge to support the efforts of Arab countries in this regard.

His Excellency praised the great support and encouragement given by their Excellencies, governors of Arab central banks and monetary institutions, to the "Bunni" platform for Arab payments, and the great opportunities that the platform offers to develop the payment and settlement system in the Arab region and enhance regional financial integration and linkage with the global financial system, looking forward to support And the committee members’ contribution to introducing the platform and expanding the platform’s network of participating banks.

MilitiaMan:  If that doesn't make one smile nothing will.. lol

Frank26 Friday Night "Possible New Instructions " 10-1-2021

KTFA:

Clare:  FRANK WANTS THIS BROUGHT HERE FOR YOU ALL TO SEE:

Frank26:  "POSSIBLY NEW INSTRUCTIONS FOR A NEW CURRENCY AND A NEW RATE!!!"........F26

New instructions for buying and selling foreign currency for the year 2021 and the stability of the dinar exchange rate

30th September, 2021

Central banks in the countries of the world mainly aim to achieve economic stability by achieving stability in the monetary system and the financial system through their programs and strategies that aim to maintain stability in the exchange of their local currencies against other foreign currencies and to build sufficient foreign cash reserves to cover their local currency in circulation

In accordance with special international standards issued by the International Monetary Fund, banks are also evaluated based on other criteria related to facing crises, challenges, economic, political and security shocks, natural and epidemic disasters in their countries, controlling stable rates of inflation and interest rates, and applying internationally established regulations and rules for combating money laundering and terrorist financing

Therefore, the Central Bank of Iraq issued last week new instructions to banks and exchange companies and mediation in the sale and purchase of licensed foreign currencies. And externally, which leads to controlling and maintaining the stability of the exchange rate and compliance with the requirements of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2021

The Governor discussed what was mentioned in the instructions with the heads of the boards of directors and the authorized managers in a specialized workshop in which he explained the objectives of issuing the instructions and the procedures required of banks to implement them as of 10/17/2021, with an emphasis on the need for banks to practice their real work as established in their Law No. 94 of the year 20034 and focus on banking finance and the many banking products that contribute to the transition of banking work from banking to contributing to development

The economic conditions and crises, the financial deficit and the decline in the financial position of the public finances, which led to a change in the exchange rate of the Iraqi dinar for the purpose of overcoming the above crises with the Central Bank taking many measures and initiatives to stimulate the economy and revitalize the economic cycle, which contributed to the passage of nine months after the exchange rate change that the rate of control is controlled Exchange in the trading market for about a month at the target rate of 1470 dinars against the US dollar

Therefore, the new instructions regulate the process of selling foreign currency in the currency window, through which it will be implemented to maintain the stability of the exchange rate, control the movement of foreign currency locally and internationally, and abide by international standards for compliance rules and combating money laundering and terrorist financing

We do not forget here how the dollar devoured the local currencies of neighboring and regional countries, which suffered from a circumstance similar to that of Iraq, such as Iran, Turkey, Lebanon and Syria, where their local currency collapsed in very large proportions. While the Iraqi dinar exchange rate stabilized within the target rate of the Central Bank, despite the speculation in the market

In order for the economic analyzes to be accurate and not extreme of the reality of monetary stability in Iraq and the effects of the expected economic, epidemiological and expected shocks on the exchange rate of the Iraqi dinar

In order not to take the expectations of media intimidation and create a state of fear in the public and in the banking sector. I assert through an insightful economic and analytical view of the state of the monetary trading market and from a neutral and transparent point of view, we note that the steps, procedures and balanced financing initiatives of the Central Bank and the availability of foreign cash reserves at the rate and at the rate that its sufficiency is determined to cover the monetary mass in circulation and to cover imports, as the foreign cash reserve is fully secured and Iraq ranks fourth in the Arab world. The Central Bank will make exceptional efforts in accordance with the monetary policy applications and to maintain the stability of the target rates of exchange rates   LINK

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Popeye7:  Since the fiscal year for the US is Oct 1st through the 30 of Sept. in seems to me that the date should be anytime...

Many are discerning the 17th of Oct... But I read the article as saying it has to be done by the 17th of Oct by the banks concerning the new procedures for the banks...

It would give them a few weeks to get used to the new rate, and currency or NSCN... God bless, and thank for the article Frank... Just to add a little more to this, and again IMO, it would seem that having this occur before Sunday Oct. 10th elections that this would certainly help Kazemi's reelection chances by having it occur a week before voters go to the polls... That way it is fresh in their minds...

Anyway, my 2 cents... God bless,