Frank26, MilitiaMan and Petra: "One Small Piece will Ignite the World" 10-25-2021

KTFA:

Frank26:  "WHY DIDN'T THE CBI ALSO REMOVE THE 1, THE 10, THE 20, AND THE 100, 250 AND 500.....BECAUSE THEY WILL COEXIST WITH THE NSCN's".(new small currency notes) .....F26

The 5 and 10 thousand dinars denominations disappeared from the ATMs

Saturday 23 October 2021

Baghdad: Mustafa Al-Hashemi

Recently, there have been cases that the citizen was not familiar with, since the spread of ATMs throughout Iraq, represented by the disappearance of small and medium groups (from 1000 to 10 thousand dinars), which may bring back to the scene the scene of mistrust between the public and private banks, specifically, because of The latter's failure to provide all cash denominations in its ATMs.

Citizen B says: I (employee) “When I receive a message or a notification on my phone that my salary has been launched, I immediately go to the nearest ATM to withdraw the salary for the purpose of fulfilling my financial obligations that require cash (cash).

i added. To “Al-Sabah” that “the ATMs of the bank to which I settled my salary, are devoid of small and medium cash groups (1000 to 10 thousand dinars), and I do not know the reason, although withdrawing them as liquidity may differentiate among some who complain of the deterioration of their living conditions.”

And he added, "This case brings to mind the issue of citizens' trust in private banks, which has been shaky since the collapse of a number of them in previous years, which calls for a review of the issue of financial inclusion in the smallest details, especially the salary settlement clause."

For his part, the banker Hussein Najm believes that “these cases may occur in some private banks for accounting purposes or to facilitate the payment of the salary in the largest possible categories, and to facilitate filling the exchange with cash from those categories, as it will become lighter when transferred.”

Negm pointed out that "this case can be explained by the fact that banks encourage the public to adopt a saving policy, which has been absent from the family economy scene since the nineties of the last century, or it may be one of the problems or challenges of settlement and the banking system in general."

In turn, the expert in economic affairs, Dr. Hussein Al-Khaqani, said that there is a source of individual financial waste, represented by the electronic payment card holders of employees and retirees. When a notification is received of the release of the salary, the card holder quickly resorts to receiving his salary in cash from the exchange offices minus the commission.

Al-Khaqani added, “Perhaps the most important reason for this is the lack of electronic payment card readers, which are supposed to be available at all official authorities and the private sector, to collect their debts, such as malls, large and small shops, even taxi drivers, stores selling vegetables and fruits, ovens, restaurants, and even traffic departments and the collection of water fees. Electricity, payment of transaction fees and tax collection.

He stressed that “the banking automation process in Iraq is deficient due to the imposition of electronic cash dealings on employees and retirees, in exchange for limiting cash withdrawal points to outlets and ATMs and not providing them in all the aforementioned stores and agencies, which widens the cash gap between citizens and banks.”LINK

FROM MM & PETRA (10/24/21):

The mechanism, which calls for adopting comprehensive solutions represented in circulating the credit card reader to all cash transactions, in a way that encourages dealing with electronic cash. ….

” Al-Naimi explained to “Al-Sabah” that “credit card readers” devices are only available at salary distribution outlets only, while the success of automation requires the dissemination of these devices to all shops, markets, filling stations and every party that deals with “cash”, which would reduce Financial losses, and tangible development on the ground, not just on paper. interbank market For his part, the banker, ….

MilitiaMan:  As I have shown in posts… …. The banking reality in the country needs to activate the interbank market to be a platform that establishes an organized electronic financial market that opens and facilitates the way for foreign investment in Iraq on the one hand, and to increase cooperation between banks and improve their ability to diversify financial services to their customers.

On the other hand, attracting commercial and financial operations available in the market. …. The USA and Japan connection are about implementation..imo ….. The need to activate is the focus ….

Salih today spoke of digital Dinar …. Electronic financial market…. ….

G7 talked of a guideline in regards to digital trade (currency) ….

Salih speaking out about digitization? Lol yep ….. Down to tracking to the penny.. or did he mean Fil? ……

The ust data supports that they are full capable of implementing a digital economy and are expecting it to be about Iraq but not all about Iraq!! Watch..imo … Militia-Man

Petra:  Thanks MM! Just jumped and thought I’d say hi ….PETRA

MilitiaMan:  Let’s think like digitization would think.. ….. It is about communication ...There is going to be a time where a synchronized event takes place ….. One that will have payments, settlements, taxes, fees, customs, futures contracts, etc, all on the same ledger..  Militia-Man

Petra:  Ok….That is correct. All on platforms observable by all parties…and I mean “all!!” …..PETRA

MilitiaMan:  Same stock exchange abilities …. Valued accordingly …. The isx is not NSDAQ ready at 1460 …. Militia-Man

Petra:  Yes, immediate algorithms engaged to level the playing field automatically …PETRA

MilitiaMan:  The PTB have had their work cut out for many years!! Militia-Man

Petra: But will there be countries who aren’t on board? (Rhetorical question) PETRA

MilitiaMan:  Yes but few… Militia-Man

Petra:  This has been in the works, honestly, since Bretton Woods… PETRA

MilitiaMan:  History is coming to the forefront.. Militia-Man

Petra:  The digital part came…when it was developed in order to handle these multi-international transaction! …. One must ask….why was this developed??? Because the problem needed a solution …PETRA

MilitiaMan:  It was apparently a necessity.. which suggests there is a deeper connection to the past than many may ever know or have expected…. Militia-Man

Petra:  Correct…strategic finance principles recognized the global problem 50 years ago with the FIAT system and therefore started us down the road when most of us were kids, or not even born yet.. …. Nixon taking us off the gold standard in the 70’s started this motion down its path…and here we are today…AMAZING what has been developed …. You are on top of those pieces MM.. …. I mean, think of this….from the70’s to today look what has been developed. The integration, automation, standardization, global integration, Fintech to get us to now… PETRA

MilitiaMan:  Interestingly enough, it takes time to know the necessary, yet also know they need room to work through the issues until the time is right. Effectively , there comes a time that if calculated correctly to be a spot on the chart the convergent is made.... Militia-Man

Petra:  A spot in history that will be remembered forever…and we are right in front watching it occur. And now, we are at the stage where implementation has begun formally with the ATM’s redistributing the money supply……know that this one small move will ignite the WORLD!!! .....PETRA

MilitiaMan:  It was tested more than once in the past and more again recently.. ….. A small move? Sure, a simple flick of a match.. lol… Militia-Man

Petra:  Yup…I’m still trying to get my head around the historical perspective and bring it to the present it truly is mind boggling… PETRA

MilitiaMan:  Or let’s suggest a simple move of a decimal place or three.. Militia-Man

Petra:  And we have been waiting for that “flick of a match” that has been in the work since the 70’s…do you realize the HUGE progress that has been accomplished???? Absolutely astounding. ….. Yes, one simple move….and the WORLD changes!!!! And I don’t think I even need to say IMO because it’s history we are watching!! ….PETRA

MilitiaMan:  We know from our past, our friends, family, business, etc, that there have been issues monetary wise. They date back many many generations.. They may be more true than ever thought and cannot be forgotten in totality in fact they need to be reconciled…..Militia-Man

Petra:  Certain “Bonds” have that history MM and they are being reconciled as we speak ….. Historical funds being redistributed to the present…monies that have been put away by time to be re-purposed for other global needs… ….. But that’s another conversation my friend…. PETRA

MilitiaMan:  The fact that there is open and notorious data uh to the largest connected entities on the planet show that change had to come, no choice in the matter and they affirmed it. It is in black and white and it is posted in the forum! …. …. Not to mention the UST website or email thread!..... Militia-Man

Petra:  Yes, and do you find it interesting that most, if not almost all countries in the world have signed on to this??? ….. How long ago have we said MM that this is not just about Iraq? …..PETRA

MilitiaMan:  No, not surprised at all. There comes a time when the tide rises there is a need to lay out the lines.. Get my point? Lol …Militia-Man

Petra:  Ha ha…yup! …PETRA

MilitiaMan:  Cant be strapped down as that can capsize the biggest and even most sophisticated of all platforms if you will.. …. Militia-Man

Petra:  Yes, but, no matter what size the boat (country) the power of the tide lifts all…consistently and equally. But, there will be some “submarines” where their currency due to lack of monetary policy or economic policy…their boats sink! …. Or should I say “sinks their boat.” LOL …PETRA

MilitiaMan:  So, I presume the questions are whirling around as to time and amounts? All I can say to that is they suggest digitization is upon us, so time is short.. As for valuations, that is a tricky topic as valuations depend on so many things. But, let’s just say they did tell us they want to go back to the previous era.. Well an era is a long time ago, not recent history. Glory days comes to mind.. Oil is not $45.. lol …. Militia-Man

Petra:  Agreed Sir! The amounts are set so as to drive the IQD to it’s starting point, which is higher than the USD, and significant enough to draw in the secondary markets …. And then….the SDR steps in! ……PETRA

MilitiaMan:  That my friend is one thing to be focused on. Private sector rules require transparency and pricing.. ….Militia-Man

Petra:  Also known as “The Glory Days!” …. Yes, they do…and the need for transparency is global for all! (Fintech) ……PETRA

MilitiaMan:  The glory days may merely be a focal point to start or were adjusted accordingly to meet present and future cash values … Militia-Man

Petra:  Yes, including all present and potential future valuations for all currencies….. PETRA

MilitiaMan:  At the same time synergistically ….. Militia-Man

Petra:  IMO..Iraq has been ready for 3 months…CBI Governor announced they were completely digital 3 months ago, but, needed to see the testing of the “mechanism” and they did…3 times as we have discussed previously …..PETRA

MilitiaMan:  It is my understanding at this stage there would have had to be a point where they feel everyone is on board and in sync to allow go time…  Militia-Man

Petra:  I believe MM, that we believe we are at that point! Agree?.... PETRA

MilitiaMan:  Yes, they have had testing and yes it was public as noted by the Swiss Euro and then the Euro to Jordanian Dinar clearing …. Militia-Man

Petra:  Iraq has already lit the fuse with the cessation and removal of the 3 zero notes… …. A vacuum has been created and “must” be filled soon or there will be confusion in the minds of the citizens ….PETRA

MilitiaMan:  They talked Dinar digital currency today!! Why? Because it is reality ….. Imo they are further along than most actually get. Imo …. Militia-Man

Petra:  Yes, but the funny thing is, we are so focused on Iraq but other countries, many many countries…have been doing so all along behind the scenes. ….. And, with the agreement with the UST and the other 139+ countries….IMO, are ready!.... PETRA

MilitiaMan:  The amount of data to suggest that what I say about being further along than ever thought can be seen yesterday about the local digital crypto currency that took the street by surprise and was successful and we never heard of it.. …. They are more savvy than given credit.. imo… Militia-Man

Petra:   Oh so true…. PETRA

MilitiaMan:  The money is the focus… imo It fits the need and priorities..……Militia-Man

Petra:  Yes, and soon because the “squeeze” is getting tighter with no cash circulating per se …. PETRA  

"Financial News" Posted by KTFA Members 10-25-2021

KTFA:

Samson:  The Arab Monetary Fund issues a book on "Operational Frameworks for Monetary Policy in the Arab Countries"

25th October, 2021

The Arab Monetary Fund issued a book on "Operational Frameworks for Monetary Policy in the Arab Countries", the contents of which were prepared from the papers of high-ranking officials from Arab central banks and monetary institutions, and were presented during the fourth meeting of the Monetary Policy Working Group in the Arab Countries, jointly with the Bank for International Settlements, held "Remotely" during the period May 31 - June 2, 2021

Themeeting aimed to present global economic and financial developments andtheir repercussions on the banking sector and the management ofmonetary policy in the Arab countries, in addition to discussing anumber of technical issues related to the role of monetary policy inovercoming the repercussions resulting from the Covid-19 pandemic, incoordination with both fiscal and macroprudential policies.

The meeting also included a special session on the implications of digital currencies issued by central banks on monetary policy

The meeting was attended by high-level officials on monetary policy from 15 Arab central banks and monetary authority, 12 international central banks including the US Federal Reserve, the European Central Bank, and the German Central Bank, in addition to a number of senior officials from Arab financial institutions. The meeting is modeled after the BIS's monetary policy working groups in Asia, Latin America and Central Europe

During the meeting, papers on the operational frameworks of monetary policy in thirteen Arab countries were presented and discussed

 The book is available through this link    LINK

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Don961:  Generalization of the credit card reader on cash transactions

Monday 25 October 2021

Baghdad: Mustafa Al-Hashemi

The Central Bank adopted new mechanisms in the payments system several years ago, but this system did not achieve the ambitions due to the existence of a financial gap between smart card holders, caused by the incomplete automation process, which led to the continued dependence of citizens on cash withdrawals with financial losses distributed among the owners of ports and exchanges. The mechanism, which calls for adopting comprehensive solutions represented in circulating the credit card reader to all cash transactions, in a way that encourages dealing with electronic cash.

According to the Central Bank, one of the most important achievements in the payment systems in the Payments Department is the start of work to assess the readiness of the Iraqi payment system, in line with the international standards {PFMIs} of the World Bank to upgrade payment and settlement systems in the country, within the agreement with the World Bank, which deals with payment systems electronics in Iraq.

The achievements were also represented in reforming the mechanism for paying the salaries of employees of institutions and state departments by localizing their salaries to bank accounts, including allocations and benefits, to an electronic system, as well as enhancing the role of payment systems in financial inclusion through digital services provided by banks and electronic payment service providers. An important dimension in the strategy of the Central Bank, automating work through the use of electronic payment tools and encouraging the use of financial and banking services provided by banks and electronic payment service providers.

 The reality of automation and the citizen

The specialist in banking affairs, Adel Al-Nuaimi, stated that, “The smart card system is a global system in which countries work to limit the circulation of cash and encourage their citizens to deal with the electronic payments system in an integrated system, unlike what exists inside Iraq, as it is an imperfect process.”

Al-Naimi explained to “Al-Sabah” that “credit card readers” devices are only available at salary distribution outlets only, while the success of automation requires the dissemination of these devices to all shops, markets, filling stations and every party that deals with “cash”, which would reduce Financial losses, and tangible development on the ground, not just on paper.

interbank market

For his part, the banker, Taha Ammar, said: {The payment system in Iraq needs to review and standardize the ATM reading of all smart cards, not as is the case now that each bank has its own ATM}.

Ammar added to {Al-Sabah}: {The banking reality in the country needs to activate the interbank market to be a platform that establishes an organized electronic financial market that opens and facilitates the way for foreign investment in Iraq on the one hand, and to increase cooperation between banks and improve their ability to diversify financial services to their customers. On the other hand, attracting commercial and financial operations available in the market. link

Mark:   REMEMBER WALKINGSTICK AND (EUROPE) THE FINAL COUNTDOWN ON 10/20 AND REPOSTED 10/21

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Samson:  The Turkish lira continues to collapse to unprecedented levels

25th October, 2021

Turkish lira continued to decline today, Monday, to an unprecedented low level of 9.80 against the dollar, after President Recep Tayyip Erdogan said at the weekend that he had ordered the expulsion of ambassadors of the United States and 9 other Western countries.

The lira was last recorded at 9.7150, and it was in a range between 9.7225 and 9.7600.

Bankers attributed the drop in early trading to Erdogan's comments on Saturday.

The lira, which has fallen 24 percent since the beginning of the year, ended Friday at 9.5950 to the dollar.  LINK

Samson:  Digital transformation in the central bank and the banking sector

25th October, 2021 by Samir Al-Nusairi

With determination and high confidence in the ability of the Iraqi financial and technical cadres to overcome the challenges of the technical gap that Iraq suffered due to the repercussions of the siege, wars and instability during the information revolution period

The Central Bank, banks and specialized technical companies were able to overcome the challenges that stand in the way of the digital transformation of the banking sector and stand in the right direction in the darkest economic and security conditions that our country has experienced during the past years and draw a sound road map to catch up with the technical developments in the countries of the world

The observer of the situation in Iraq during the years (2016-2021) notes the extent of belief in the Iraqi capabilities and competencies to bring about change and bridge the technical gap between us and the developed world. This is evident in the important achievements that have been achieved, as follows

1 - The methodology adopted by the Central Bank and implemented by banks and electronic payment companies always focuses on working under a sound legislative, regulatory and legal umbrella, as well as strengthening the concepts of governance and global standards with regard to information technology and financial technologies

2‐ Issuance of the electronic money payment system No. 3 of 2014 and the establishment of the National Payments Council, governance controls, institutional management of information and communications technology, and legal regulations and instructions that regulate the work of banks and electronic payment service providers

3- The central bank plays a pivotal role in establishing advanced infrastructure, pursuing the latest global technologies, and developing the bank’s financial and banking systems, payment systems, and advanced communication networks according to the latest technologies

4‐ The central bank, banks, and electronic payment companies own advanced payment systems as well as retail payment structures, and the national exchange was one of its most important parts. Up to 12 million credit cards were issued and approximately 1,300 ATMs were distributed  and more than 5,000 points of sale

5- Granting work licenses to many electronic payment service providers (card issuers, collectors, mobile payment companies’ operations, bill presenters and payment gateways through various channels)

6- Extensive interest in implementing the first objective of the first strategy of the Bank (2019-2020) and second (2021-2023) which is to achieve monetary and financial stability and enhance digital transformation in the banking sector through a sound financial system with interest in achieving financial inclusion and reducing risks, as well as adopting a localization project Employee salaries, which increased from 11% to 23%, and expected to achieve the target percentage in 2023

 It is clear from the above achievements that the Central Bank, the banking sector and electronic payment companies have overcome the challenges of the technical gap due to the blockade, occupation and terrorism, and it is moving today at a steady pace to achieve digital transformation in the comprehensive financial and banking sector towards achieving financial stability and moving from the cash society to the cashless society, which is also one of the objectives of the curriculum Government reform in the white paper for the transition to the digital economy

Future plans for digital transformation

 1- Enhancing research and development activities for the manufacture of new banking products that are spread across governorates, districts, districts, and small cities

2- Improving the performance of banks through new inputs based on modern technologies, as well as the development of patterns and policies that adopt modern banking techniques that the countries of the developed world preceded us to

3- Capacity building and qualification of digital transformation leaders and human resources in the field of modern banking sciences, technology and innovation with the aim of achieving sustainable development goals

4- Develop plans and programs that aim to transform society into a society that deals with criticism, into a non-cash society and into an information society, so that plans and strategies for economic and social development are produced while working to achieve sustainable development goals

5- Preparing national policies and strategies consistent with the plans of the monetary authority in management, supervision and control, and in coordination with information and communication technology   LINK

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Samson:  The UAE hosts a global economic conference with the participation of international leaders

25th October, 2021

The Emirates Association of Securities Dealers will host the ACI Global Conference and the ICA Conference, from 17-20 November, at the La Perle Theater of the Hilton Hotel in Al Habtoor Village, with the participation of more than 800 people from around the world, including the Prime Minister Ireland, amid measures that provide for the application of physical distancing and health services, to ensure the safety of all participants in light of the measures to recover from Covid 19

The two conferences will be attended by a group of official and legal personalities, international political leaders, central bank governors and CEOs, senior economists and senior bankers from around the world, specialists and workers in the field of trading in global financial markets and sales representing foreign currencies, interest rate products, stocks, and fixed income, goods and others

The conference will review a number of important and main themes presented by John Bruton, the former Irish Prime Minister, who helped transform the Irish economy into the “Celtic Tiger” one of the fastest growing economies in the world, and David Mead, who works as a lecturer and researcher in international business and strategy with the University of Ulster

Also participating will be speaker Matthew Griffin, described as "the advisor behind advisors", Young Kurzweil, founder and CEO of the World Futures Forum and the 311 Institute, and Terence Murray, founder of Hack Future Lab, bestselling author, and one of the world's most in-demand thinkers who inspire leaders. To thrive in an age of turmoil

The President of the Association, Muhammad Al-Hashemi, stressed that the UAE’s hosting of the 59th Annual International Conference for Traders in the Financial Markets and the 45th Annual Arab Conference is an important step in light of the repercussions that accompanied Covid 19, and its impact on the global economy, especially the stock markets that witnessed a decline during the pandemic and the health ban. Pointing out that the two conferences include a package of main axes and issues that shed light on the features of the economic sectors, the strength and solidity of stock markets in the face of crises, and their ability to provide the economy with radical solutions that contribute to its growth

He added that the association has become one of the strong arms of the economic sectors, due to its ability to anticipate the future, develop solutions and proactive plans, as well as its position, which has attracted a large number of partners and sponsors for this conference, including the Central Bank, the Dubai International Financial Center, the Dubai Tourism Department, and Aviation. UAE, and sponsors include Emirates NBD, Dubai Islamic Bank, YDS Security, Refinitiv, Murex, Finastra, GfI, TPICAP group and Dxm

In turn, Ohood Al Ali, a member of the board of directors of the association, explained that the Emirate of Dubai has demonstrated during the pandemic its rightful place on the map of the global economy, due to the flexibility of its economic legislation, and the provision of a safe economic environment full of investment opportunities, noting that the Emirates Association of Traders in Financial Markets, is keen to Supporting economic momentum and movement, by hosting an elite group of international figures who influence the economic reality in this important conference

Main axes

On its first day, the conference sheds light on the future outlook of the economy in transition, through a package of axes that include life after Covid 19, and how economic, technological and demographic trends have been threatened, in addition to shaping the global investment landscape in the coming years through the analysis of participating economic experts

The first axis of the conference begins under the title "Global Economic Trends": what can be expected during the next four years and an assessment of the current legislative environment, as this axis includes a number of issues and questions about the future features of the economy, including starting to think about economic policies, and whether investors expect fundamentally different economic priorities from the United States over the next four years

The axis also includes questions about the extent to which the new administration's priorities affect key business decisions and financial market expectations, and where should policy makers focus their energies to achieve the strongest results in the short term? Are investors satisfied with structurally low interest rates, and how will we move to a tighter policy path? cash

The first axis and the development of favorable solutions will be attended by Khadija Haqqi, Chief Economist and Head of Research at Emirates NBD, Charles-Henri Monschau, Head of Information at Syz Bank in Switzerland, and Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, the conference will also witness other topics presented by prominent and influential figures including John Bruton, former Prime Minister of Ireland, and Matthew Griffin, CEO of World Futures Forum and 311 Institute   LINK

MilitiaMan Sunday Night "A Flip of the Switch May be All that is Needed" 10-24-2021

KTFA:

MilitiaMan:  Now Iraq is clearly telling us they have digital currency and it will be tracked to the penny. I find this article (See Below) to be very timely and to be expected. They took out the 1,000 - 10,000 notes and in the past we witnessed them destroying 25k notes in a filmed interview on the matter

By them taking out the notes, they'll need to have replacements, hence, the need for an adjustment to the new digitized currency is looking to be needed more now than ever before.

In my view they must be in a hurry now.. Lets see what they do next. I suspect that with them having experience in digital currency, as noted by the recent article, a flip of the switch may all that be needed .. lol ~ MM

Al-Kazemi's advisor comments on a report on "digital currencies" and warns against one of them

24th October, 2021

Adviser to the Iraqi Prime Minister for Financial Affairs Mazhar Muhammad Salih revealed on Sunday that there are two types of "digital currencies" globally, referring to the "official" of one of them.

Shafak News Agency, through its report, published yesterday, Saturday, provided details of a new "digital currency" that entered the regions of western Iraq, the price of which reached more than 24,000 thousand US dollars, amid an unprecedented turnout of the population.    

Saleh told Shafaq News Agency, "There are two types of digital currencies, one of which is called cryptocurrency," noting that "it is a system outside the control of central banks and financial markets, and it is traded through its subscribers and founders, so that there is a commodity exchange and coverage of transactions outside the control of international financial supervision."

He added that these cryptocurrencies are considered "illegal, in some countries because of economic freedom, as some accept them and others reject them." He warned that "these currencies are closer to hierarchical companies that give big money, and then collapse after that because they do not have an economic basis, but rather are financial speculation," explaining that "it is like a bubble and its risks are many."

Regarding "official digital currencies", Saleh stated, "The other world is heading to global digital currencies issued by global central banks, which are sought to be established by 3 global central banks, including the European Central Bank (the euro), the United States (the dollar) and China for its currency (the yuan)."

He pointed out that "these digital currencies are important because they will reduce the cost of transactions because the free cash in circulation has a problem such as movement and storage, and therefore this cash will be a number controlled by the central bank."

He added, "This type of digital currency will have a high level of transparency, as the central bank will be able to know the dinar that comes out from where, and goes to where, meaning that it has the ability to monitor financial behavior up to a penny." He pointed out that "these digital currencies at the same time will lose the privacy of transactions with their secrets, which is a kind of domination and human control, which is the closest thing known to the globalization of the digital financial system."

He stressed that "this globalization is considered dangerous because it will control not only companies, but even the individual, and it is part of the subjugation of the countries that deal in this currency, and the movements of people will all be known despite its transparency, but it is mandatory, as it is digital to preserve people's rights, except it will be under financial supervision by central banks."

Shafak News Agency, earlier, investigated a "digital currency" that entered the Anbar Governorate in western Iraq, and spread widely amid the people's desire to invest in it, amid religious fatwas that declared its sanctity and warnings from specialists.

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Al-Kazemi’s advisor comments on a report on “digital currencies” and warns against one of them  LINK

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LINK

G7 countries agree common principles on digital commerce

21st October, 2021

Britain announced today, Friday, after a meeting of trade ministers in the Group of Seven countries, that the countries of the wealthy bloc agreed on a set of principles governing the use of cross-border data and digital trade.

Britain explained that the G7 countries oppose digital protectionism and authoritarianism, "and today we have adopted the principles of G7 digital trade, which will guide the G7's approach to digital trade," according to the Middle East News Agency.

The agreement lays a middle ground between the heavily regulated data protection systems of European countries and the more open approach of the United States.

She added that the principles cover open digital markets, cross-border information flows, and protections for workers, consumers and businesses.

 It also covers digital trade systems and fair and inclusive global governance.

"We must address undue obstacles to transcontinental data flows as we continue to address privacy, data protection, and protection of intellectual property rights," said a document accompanying the meeting.

"This agreement is a real breakthrough that came as a result of hard diplomatic effort," said a British official familiar with the deal.  

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U.S. Department of the Treasury

Office of Public Affairs

 Press Release:             FOR IMMEDIATE RELEASE

October 13, 2021

 Contact:                      Alexandra LaManna; 

 READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with G7 Finance Ministers and Central Bank Governors

 WASHINGTON – Secretary of the Treasury Janet L. Yellen participated in an in-person meeting of the G7 Finance Ministers and Central Bank Governors today. G7 Finance Ministers applauded the historic deal between 136-nations that will reshape the international tax system and equip the global economy to meet the needs of the 21st century.

Along with her counterparts, Secretary Yellen endorsed the G7 Public Policy Principles for Retail Central Bank Digital Currencies (link) and the G7 issued an accompanying statement on digital payments (link). She also expressed her strong support for efforts to channel Special Drawing Rights (SDRs) to further support vulnerable economies, including the rapid establishment of a new trust fund at the IMF to support economic transitions related to pandemic preparedness and climate change. G7 Finance Ministers also discussed the macroeconomic implications of climate change and the importance of resilient global supply chains.

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U.S. Department of the Treasury

Office of Public Affairs

 Press Release:             FOR IMMEDIATE RELEASE

October 21, 2021

 Contact:                      Treasury Public Affairs;

FATF Works to Strengthen Financial Transparency, Combat Misuse of Virtual Assets 

FATF Approves Public Consultation of Revisions to Beneficial Ownership Standards and Updated Guidance on Virtual Assets 

WASHINGTON — The Financial Action Task Force (FATF) concluded its October plenary today, the sixth session since the start of the ongoing COVID-19 pandemic. With hybrid participation both virtually and in-person in Paris, FATF advanced its core work on virtual assets, beneficial ownership transparency, and illicit finance risks.

“The United States welcomes the significant work by the FATF to enhance beneficial ownership transparency and provide clear standards and guidance for the virtual asset industry,” said Secretary of the Treasury Janet L. Yellen. “The FATF’s work will continue to strengthen global action against illicit finance.”

Virtual Assets Guidance

The FATF approved for publication an updated version of its Guidance on a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers. The guidance is intended to help jurisdictions and the private sector to implement the FATF’s standards on the virtual assets sector, which were revised in 2018. The FATF’s Virtual Assets Contact Group, the body that undertook this revision and which is co-chaired by the United States and Japan, will now focus its efforts to promote implementation of the standards.

Proposed Changes to Beneficial Ownership Standards

The FATF agreed to publish for public consultation proposed revisions to Recommendation 24, which sets the FATF standard regarding beneficial ownership transparency for legal persons. These proposed revisions are intended to improve the quality of beneficial ownership information available to law enforcement and other authorities in a timely manner, facilitate international cooperation, and improve transparency around public procurement to combat corruption. The U.S. strongly supports these enhancements to Recommendation 24 to increase beneficial ownership transparency.

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LINK

Iraq requests removing its name from the high-risk countries

The mission of the Republic of Iraq to the European Union announced today, Wednesday, that Iraq has met all the FATF criteria for removing its name from the list of high-risk countries.

 The 5 and (to) 10 thousand dinars denominations disappeared from the ATMs

Saturday 23 October 2021

Baghdad: Mustafa Al-Hashemi

Recently, there have been cases that the citizen was not familiar with, since the spread of ATMs throughout Iraq, represented by the disappearance of small and medium groups (from 1000 to 10 thousand dinars), which may bring back to the scene the scene of mistrust between the public and private banks, specifically, because of The latter's failure to provide all cash denominations in its ATMs.

Citizen B says: I (employee) “When I receive a message or a notification on my phone that my salary has been launched, I immediately go to the nearest ATM to withdraw the salary for the purpose of fulfilling my financial obligations that require cash (cash).

i added. To “Al-Sabah” that “the ATMs of the bank to which I settled my salary, are devoid of small and medium cash groups (1000 to 10 thousand dinars), and I do not know the reason, although withdrawing them as liquidity may differentiate among some who complain of the deterioration of their living conditions.”

 MilitiaMan:   The information on the digital transformation that is upon is everywhere. The amount of top level work completed now is main stream and straight from the highest in Finance in the world. They are openly talking about Retail Digital Currencies, digital cross border payments, etc..

With them even showing that the 1,000 - 10,000 notes are disappeared from the ATMs is very telling.

With the UST telling us the G-20 have 136 countries in agreement on digital International Taxation and a flat tax, the cross boarder data and digital trade noted by the G-7 today, it is not surprising that they would be adjusting for the NSCNs to replace those the 1,000 - 10,000s.

The need for them will diminish with a new international exchange rate applied. It doesn't take long to replenish ATMS. The goal is not to worry the citizens, the goal is to make them happy with the new purchase power that the new smaller notes will bring.

Notice they use the words INCLUSIVE GLOBAL GOVERNANCE!!! That is because the digital transformation is approved and on stage for all to see.. IMO there is nothing to stop it now.. Lets see what they show us next.. ~ MM

" It also covers digital trade systems and fair and inclusive global governance."

****************

Frometad:  Thank you very much for your analysis MM. Always appreciated.  

MilitiaMan:  Your very welcome.. There is reason to be excited! We have been talking about the digital transformation for some time now.

Today, even Salih has things to say about it. The evidence is quite clear they have every intention to be digitized, down to their currency.

 It is no secret anymore that the world is going to be operating at a far more advance pace then many ever thought could take place now, or, effectively ever. Yet, the UST, G-7, G-20, etc, are showing us that is not the case and with 136+ countries being on board with it too.

So, what can we expect going forward? Global interconnectivity.

We have been told by the CBI / AMF that they have successfully cleared the Euro with the Jordanian Dinar (JOD).

My understanding is that success story was not the only story to be successful, there were and will be more. The communication system will require the cross border payments to be transparent, fast and secure. And it is.

So, now we just have to watch and see how long they can last with out 1,000 - 10,000 k notes, let alone 25k notes. 

Fairly sure they told us they have been paying citizens electronically and as recent as this past week, so if everyone that gets electronic payments now will be ready for the switch over to having less cash on hand. I'll be looking to have a little more.. lol ~ MM

MilitiaMan: "Digital Transformation is on Stage for All to See" 10-23-2021

KTFA:

MilitiaMan:  The information on the digital transformation that is upon is everywhere. The amount of top level work completed now is main stream and straight from the highest in Finance in the world. They are openly talking about Retail Digital Currencies, digital cross border payments, etc..

With them even showing that the 1,000 - 10,000 notes are disappeared from the ATMs is very telling.

With the UST telling us the G-20 have 136 countries in agreement on digital International Taxation and a flat tax, the coss boarder data and digital trade noted by the G-7 today, it is not surprising that they would be adjusting for the NSCNs to replace those the 1,000 - 10,000s.

The need for them will diminish with a new international exchange rate applied. It doesn't take long to replenish ATMS. The goal is not to worry the citizens, the goal is to make them happy with the new purchase power that the new smaller notes will bring.

Notice they use the words INCLUSIVE GLOBAL GOVERNANCE!!! That is because the digital transformation is approved and on stage for all to see.. IMO there is nothing to stop it now.. Lets see what they show us next.. ~ MM

" It also covers digital trade systems and fair and inclusive global governance."

G7 countries agree common principles on digital commerce

21st October, 2021

Britain announced today, Friday, after a meeting of trade ministers in the Group of Seven countries, that the countries of the wealthy bloc agreed on a set of principles governing the use of cross-border data and digital trade.

Britain explained that the G7 countries oppose digital protectionism and authoritarianism, "and today we have adopted the principles of G7 digital trade, which will guide the G7's approach to digital trade," according to the Middle East News Agency.

The agreement lays a middle ground between the heavily regulated data protection systems of European countries and the more open approach of the United States.

She added that the principles cover open digital markets, cross-border information flows, and protections for workers, consumers and businesses. It also covers digital trade systems and fair and inclusive global governance.

"We must address undue obstacles to transcontinental data flows as we continue to address privacy, data protection, and protection of intellectual property rights," said a document accompanying the meeting.

"This agreement is a real breakthrough that came as a result of hard diplomatic effort," said a British official familiar with the deal.  LINK

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U.S. Department of the Treasury

Office of Public Affairs

 Press Release:             FOR IMMEDIATE RELEASE

October 13, 2021

 Contact:                      Alexandra LaManna; Press@Treasury.gov

READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with G7 Finance Ministers and Central Bank Governors

 WASHINGTON – Secretary of the Treasury Janet L. Yellen participated in an in-person meeting of the G7 Finance Ministers and Central Bank Governors today. G7 Finance Ministers applauded the historic deal between 136-nations that will reshape the international tax system and equip the global economy to meet the needs of the 21st century.

Along with her counterparts, Secretary Yellen endorsed the G7 Public Policy Principles for Retail Central Bank Digital Currencies (link) and the G7 issued an accompanying statement on digital payments (link). She also expressed her strong support for efforts to channel Special Drawing Rights (SDRs) to further support vulnerable economies, including the rapid establishment of a new trust fund at the IMF to support economic transitions related to pandemic preparedness and climate change. G7 Finance Ministers also discussed the macroeconomic implications of climate change and the importance of resilient global supply chains.

*****************

U.S. Department of the Treasury

Office of Public Affairs

 Press Release:             FOR IMMEDIATE RELEASE

October 21, 2021

 Contact:                      Treasury Public Affairs; Press@Treasury.gov 

FATF Works to Strengthen Financial Transparency, Combat Misuse of Virtual Assets 

FATF Approves Public Consultation of Revisions to Beneficial Ownership Standards and Updated Guidance on Virtual Assets 

WASHINGTON — The Financial Action Task Force (FATF) concluded its October plenary today, the sixth session since the start of the ongoing COVID-19 pandemic. With hybrid participation both virtually and in-person in Paris, FATF advanced its core work on virtual assets, beneficial ownership transparency, and illicit finance risks.

“The United States welcomes the significant work by the FATF to enhance beneficial ownership transparency and provide clear standards and guidance for the virtual asset industry,” said Secretary of the Treasury Janet L. Yellen. “The FATF’s work will continue to strengthen global action against illicit finance.”

Virtual Assets Guidance

The FATF approved for publication an updated version of its Guidance on a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers. The guidance is intended to help jurisdictions and the private sector to implement the FATF’s standards on the virtual assets sector, which were revised in 2018. The FATF’s Virtual Assets Contact Group, the body that undertook this revision and which is co-chaired by the United States and Japan, will now focus its efforts to promote implementation of the standards.

Proposed Changes to Beneficial Ownership Standards

The FATF agreed to publish for public consultation proposed revisions to Recommendation 24, which sets the FATF standard regarding beneficial ownership transparency for legal persons. These proposed revisions are intended to improve the quality of beneficial ownership information available to law enforcement and other authorities in a timely manner, facilitate international cooperation, and improve transparency around public procurement to combat corruption. The U.S. strongly supports these enhancements to Recommendation 24 to increase beneficial ownership transparency.

LINK

Iraq requests removing its name from the high-risk countries

The mission of the Republic of Iraq to the European Union announced today, Wednesday, that Iraq has met all the FATF criteria for removing its name from the list of high-risk countries.

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The 5 and (to) 10 thousand dinars denominations disappeared from the ATMs

Saturday 23 October 2021

Baghdad: Mustafa Al-Hashemi

Recently, there have been cases that the citizen was not familiar with, since the spread of ATMs throughout Iraq, represented by the disappearance of small and medium groups (from 1000 to 10 thousand dinars), which may bring back to the scene the scene of mistrust between the public and private banks, specifically, because of The latter's failure to provide all cash denominations in its ATMs.

Citizen B says: I (employee) “When I receive a message or a notification on my phone that my salary has been launched, I immediately go to the nearest ATM to withdraw the salary for the purpose of fulfilling my financial obligations that require cash (cash).

i added. To “Al-Sabah” that “the ATMs of the bank to which I settled my salary, are devoid of small and medium cash groups (1000 to 10 thousand dinars), and I do not know the reason, although withdrawing them as liquidity may differentiate among some who complain of the deterioration of their living conditions.”

Frank26 and KTFA Members Thursday PM 10-21-2021

KTFA:

Frank26:  "WE TOLD YOU IT WOULD BE $100 PER BARREL".......F26

The Minister of Oil sets the price of a barrel in the budget and expects crude to reach $100

20th October, 2021

On Wednesday, Oil Minister Ihsan Abdul-Jabbar set the price of a barrel in the 2022 budget, while he expected crude to reach $100

The Minister of Oil said during a workshop held today at Al-Rasheed Hotel and followed by “Economy News”, that “the central government will fix the price of a barrel of oil in the 2022 budget between 55 to 60 dollars,” noting that “this will help to make changes and a significant improvement in the performance of the national economy and overcome the financial deficit.” in the general budget

Abdul-Jabbar expected, "The price of a barrel of crude oil will reach $100, in the first quarter of next year, affected by the decline in the US and global strategic stocks and the recovery of the global economy from the repercussions of Covid 19

He announced that "Schlumbinger will start a project to drill 96 oil wells in the West Qurna 1 field, which is the largest of its kind in the country's history," noting that "the project will add 80,000 barrels per day after its completion to the total production of the Basra Oil Company, which is affiliated with the National Oil Company

He added, "Schlumbinger, which is executing for ExxonMobil, the main operator of the West Qurna 1 field, by using modern technology in drilling operations in West Qurna 1, helps all parties in the Ministry of Oil and licensing companies to reduce the costs of production per barrel and improve productivity

The Minister of Oil expressed his optimism about “a great development in the oil industry, especially since it has entered a new positive phase that competes with companies producing alternative solar energy and green and blue nitrogen fuels,” noting that “giant companies have spent billions of dollars on establishing infrastructures to manufacture modern equipment and devices.” Batteries and other materials used in the alternative energy industry

For his part, Vice-President of Schlumberger Saad Al-Damen said that "preparations are underway to launch drilling operations in the largest extractive project, which will be implemented according to the latest technology that will work in the project and the preparation and installation of the information system and software rules for its management in the Basra Oil Company   LINK

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Frank26:   "NOT AT A PROGRAM RATE"..........F26

Expo 2020 Dubai is an opportunity to boost investment in Iraq

Wednesday 20 October 2021  Baghdad: morning 

 Assurances of the role of Expo 2020 Dubai in enhancing the reality of investment in Iraq, through the portal of openness to the world, where the wide participation of major international companies that represent a sober effort around the world. 

Iraqi Foreign Minister Fouad Hussein inaugurated the Iraq pavilion at Expo 2020 Dubai, in the presence of Deputy Central Bank Governor Ihsan Al-Yasiri, Chairman of the Investment Authority Suha Al-Najjar, President of the Association of Private Banks Wadih Al-Handal, and UAE Minister of State Khalifa Shaheen Al-Marar.

Deputy Governor of the Central Bank, Ihsan al-Yasiri, pointed out that “Iraq’s presence in this forum represents an important step for rapprochement with the active international labor market that possesses all the ingredients for achieving success in performance, and is an important opportunity to communicate with the best global expertise that can be employed to serve Iraq and its economy.” In turn, the head of the Iraqi Private Banks Association, Wadih Al-Handal, said: {The Dubai Expo 2020 is an important and promising opportunity to open the door for investment in Iraq.}

Al-Handal added that {the Iraqi pavilion in the exhibition will show its visitors the civilization, heritage and great successes that Iraqis have achieved over the past and current years}, noting that {the Central Bank and the Association of Private Banks provided financial support through the Tamkeen Fund to establish the ward}.   link

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Samson:  The Saudi-Iraqi Coordination Council discusses ways to develop banking and financial relations

21st October, 2021

The Saudi Central Bank hosted on Wednesday, October 20, 2021 AD, the meeting of the Financial and Banking Committee of the Saudi-Iraq Coordination Council.

 The Saudi Central Bank stated, in a statement, that the meeting reviewed a number of issues of common interest, and ways to develop banking and financial relations in the two countries.

In the context of developing direct cooperation between the two central banks and activating banking relations, and the desire of the Iraqi side to benefit from the experiences of the Saudi Central Bank, the bank held a meeting with the Iraqi delegation, during which discussions and opinions were exchanged in a number of areas within the tasks and responsibilities of the central banks.

The Saudi Central Bank pointed out that the discussions aim to enhance the stability and strength of financial institutions, in addition to discussing the latest developments in the financial sector. This includes digital banks.

The Saudi side in the meeting, according to a statement from the Saudi Central Bank, was headed by the Deputy Governor of the Saudi Central Bank, Ayman bin Muhammad Al-Siyari, while the Iraqi side was headed by the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif.  LINK

Samson:  Oil continues to rise as US inventories fall

21st October, 2021

Oil prices rose to extend the gains made in the previous session, with the continued decline in oil and fuel stocks in the United States

Brent crude futures rose 17 cents, or 0.2 percent, to $85.99 a barrel, after increasing 0.9 percent the previous day and US West Texas Intermediate crude futures for November, which expired on Wednesday, rose 91 cents, or 1.1 percent, at the settlement, after touching the highest level since October 2018. December contracts also rose 37 cents, or 0.4 percent, to $83.79 a barrel

The US Energy Information Administration said that crude stocks in the United States fell by 431,000 barrels in the week ending October 15 to 426.5 million barrels, compared to expectations of analysts polled by Reuters for an increase of 1.9 million barrels

The government agency added that crude stocks at the delivery center in Cushing, Oklahoma, fell to their lowest level since October 2018, indicating a tight market that may take some time to reduce and it said that gasoline stocks fell 5.4 million barrels last week to 217.7 million barrels, their lowest level since November 2019

Oil markets hit multi-year highs this week on the back of the global coal and gas crisis, which led to a shift to diesel and fuel oil for electricity generation   LINK

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Samson:  Iraq is the third largest oil exporter to China during the past month

21st October, 2021

The Chinese Customs Administration showed, on Thursday, that Iraq came in third place as the largest exporter of oil to China during the month of September of the year 2021.

The administration said in its statistics, which was followed by / Mawazine News, that "Iraq came third as the largest exporter of oil China during the month of September, amounting to 5.837 million metric tons of crude oil, equivalent to 30.800 million barrels per month, equivalent to 1.026 thousand barrels per day, down by 24.6% from last August, in which exports amounted to 1.318 million barrels per day, but these exports rose by 20.4% from September of last year.

Chinese customs added that Saudi Arabia maintained its classification as the largest supplier of crude to China for the tenth consecutive month in the month of September, even as shipments decreased by 1.2% compared to last August, as these exports reached 7.96 million metric tons, or 1.88 million barrels. Per day

She pointed out that "Russia came second, with exports amounting to 6.14 million tons, or 1.45 million barrels per day, Oman came fourth, with exports amounting to 973,000 barrels per day, while Angola came fifth, with exports amounting to 730 thousand barrels per day."   LINK

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Samson:  The Turkish lira collapses to a historical level after a decision by the Central

21st October, 2021

The Turkish currency fell against the dollar today, Thursday, to historical levels after the Turkish Central Bank decided to reduce the main interest rate, which is a basic demand of Turkish President Recep Tayyip Erdogan.

According to the "Bloomberg" agency, the dollar exchange rate rose to 9.4206 lira, an increase of 2.19%, and this is the first time that the Turkish currency recorded this level. The lira lost 20% of its value this year, and half of this decline came since the beginning of last month, when the central bank began giving easing signals, despite the rise in inflation to about 20%.

On the 15th of this month, President Recep Tayyip Erdogan dismissed three policy makers at the Central Bank, deepening the lira's decline.

The Russian "Novosti" agency reported, earlier today, Thursday, that the Turkish Central Bank reduced the main interest rate from 18% to 16% annually.

President Recep Tayyip Erdogan has repeatedly called on the central bank to ease monetary policy, and analysts believe that his intervention has eroded the credibility of monetary policy in the past few years.   LINK

KTFA Members "News and Views" Wednesday 10-20-2021

KTFA:

19 Iraqi banks get a rating from international agencies

20th October, 2021

The Central Bank of Iraq announced, on Wednesday, that 19 private Iraqi banks obtained a classification from international agencies

The bank said in a statement received by "Al-Iqtisad News", that in the framework of the efforts made by the Central Bank of Iraq to develop the Iraqi banking sector and keep it in line with international standards, 19 licensed banks in Iraq obtained a classification from accredited international rating agencies: (Capital Intelligence - Fitch - Moody's Standard & Poors)

He added, "These banks will receive several banking facilities, which reflects the development of the performance of the banking sector in Iraq and the solvency of banks and is evidence of their compliance with local and international standards

It is worth mentioning that the Central Bank seeks to increase the ability of Iraqi banks to expand their network of relations with international banks and enhance the confidence of citizens and investors in them, especially after their success in obtaining such ratings  LINK

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Don961:  The Central Bank organizes workshops for digital transformation in the business sector

Tuesday 19 October 2021

Morning: Nafeh Al-Naji

The Central Bank of Iraq, with the participation of the Association of Private Banks, is intensifying their efforts aimed at implementing training programs for large sectors of Iraqi youth on the new specializations required in the labor market in order to qualify them to lead the transition to the digital economy. 

Economists agree that digital transformation will establish a new economy in Iraq that keeps pace with global developments, but this depends on the active participation of all institutions looking to develop and improve their services and facilitate their access to beneficiaries.

 E-Marketing

The financial affairs specialist, Shirwan Mustafa, explained that "the effective and effective use of communication networks in the field of electronic marketing works to encourage and consolidate the idea of ​​marketing local products strongly through these networks," adding, "What we are doing is part of a large program to create a training environment for young people to invest These are opportunities that fit their hopes and aspirations in the era of the information revolution.”

Academics believe that the digital transformation of the Iraqi economy requires long-term economic reforms that cover the pillars of the digital economy, such as ensuring access to an ideal, efficient and high-speed Internet service, improving the delivery of digital government services, and improving secure access to data. 

 digital transformation

Academic Saud Jayed says, “The first step in the Iraqi digital transformation should be through the provision of electronic payment services and means in full, including all Iraqis,” adding: “The Iraqi economy currently appears to be lagging behind its peers in neighboring countries, due to the absence of modern technologies that The whole world is currently pursuing it, but this does not mean that we have the necessary capabilities and resources in digital transformation, and most banks have recently expanded the method of electronic payment and providing loans after it was done according to a cumbersome mechanism for customers.”

 Work Governance

As for the lecturer at the Faculty of Administration and Economics, Dr. Muhammad Samir Dheereb, he said to (Al-Sabah) “We must have clear laws regulating the work of dealings with companies that provide us with telecommunications and Internet services before we begin to govern the banking business and turn it into a fully digital field.”

 He continued, “The world of banking is in dire need. to modern digital technologies, but this requires huge efforts and capabilities at the highest level in providing the appropriate infrastructure, as well as ensuring cyber security, lest hackers and fraudsters penetrate those digital networks and banks sites.}.

It is known that the digital economy occupies an advanced position in the priorities of decision-makers in various countries of the world, for its important role in increasing economic growth and improving competitiveness in markets by improving access to information, characteristics and requirements of markets in order to achieve comprehensive development.   LINK

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Samson: After the rise in oil, an expert reveals the possibility of reducing the dollar exchange rate with this mechanism

20th October, 2021

The economic expert, Nabil Al-Marsoumi, revealed, on Wednesday, the possibility of restoring the dollar exchange rate to its previous era, by a certain mechanism.

Al-Marsoumi told Mawazine News, "The current budgets in Iraq have inflated, and the 2021 budget differs from its predecessors," noting that "the actual spending of the country exceeds 110 trillion dinars. Therefore, in light of current prices, if the exchange rate is restored, debts of up to 120 trillion dinars will accumulate."

He added, "It is possible for the state to gradually improve the Iraqi dinar exchange rate because the shock method adopted in changing the exchange rate was not appropriate."

Al-Marsoumi stressed, “The rise was at a high rate and at an inappropriate time, at a time when poverty indicators rose due to the Corona virus, and there was an uproar and shock in the markets.”   LINK

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Tivon:  IMO: There is that word "mechanism" again. Are we not familiar with what this means? Surely they repeated this mantra enough for you to become accustomed to the eventual outcome if this mechanism were to be implemented.

I mean wasn't this the reason the Master/Visa card issuance was delayed to retirees and employees because this mechanism was not in place?

 I do not know the nature of a gradual in release or increase means as I assume out of the gate that the Dinar will come out on the Forex at 1:1 and slowly rise from that value to higher digits. Because I highly doubt that they would gradually increase the rate on global trade markets coming out the gate at only 10-20 cent as this would cause imbalances in their markets in terms of fair trade value against other currencies.

 I do not like how this economic expert is presenting this option as if they have other viable means to bring purchasing power to Iraq. They are at the bottom of the pit.

 How can you say possible and not mandatory that it is imperative that you increase your currency so you can survive that next year onwards? Is it not obvious that this has to be done immediately?

Does he not know that this is what was promised by Al-khazemi (PM) prior to October 10th elections? The new digital payment system is what is needed for the credit cards to work alongside the paper money as they withdraw them from the market.

I don't know how else to address the pending emergence of a new rate with all its variables as to how it can happen.

Are they waiting for an economic crash by way of Evergrande default on the 23rd? Which will have worldwide implications.

What major event needs to happen in order to bring about this reinstatement? WW3? Economic Crash? Food Shortages?

I mean a National Emergency would surely put the fire under Iraq if they were faced with possible conflict from Iran. I guess I am just ranting at this point but the point remains someone is causing problems in the roll out. Any guess as to who or what anyone? Or is this apart of the strategy? 

Samson:  Iraq and Iran agree to exchange convicts and return corruption money

20th October, 2021

Justice Minister Abdul Sattar Mohammad signed in Tehran with his Iranian counterpart, Amin Hossein Rahimi, today, Wednesday, a joint statement on expanding legal and judicial relations between the two countries.

The statement was prepared and signed in four paragraphs on the principle of good faith and the need to strengthen mutual relations between the two countries, according to the official IRNA news agency.

The main themes of the statement revolve around the following topics:

1- Holding continuous and periodic talks within the framework of a joint legal committee, with an emphasis on the implementation of legal and judicial agreements between the two countries.

2- The exchange of experiences in the field of human rights, anti-corruption and children’s rights, and “

3- The exchange of convicts between the two countries and the removal of obstacles in this field”.

4- Drafting an agreement to return corrupt financial assets.

It is reported that Justice Minister Abdul Sattar Muhammad arrived in Tehran two days ago at the invitation of his Iranian counterpart Amin Hossein Rahimi, and his visit will last for four days.  LINK

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Samson:  The Minister of Oil sets the price of a barrel in the budget and expects crude to reach $100

20th October, 2021

On Wednesday, Oil Minister Ihsan Abdul-Jabbar set the price of a barrel in the 2022 budget, while he expected crude to reach $100   LINK

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Samson:  Oil Minister: Fixing the oil price in next year's budget at $60

10/20/2021 13:40:17

 Oil Minister Ihsan Abdul-Jabbar announced that the price of oil in the next year's budget 2022 will be fixed at $60 per barrel instead of $50.

Abdul-Jabbar expected oil prices to reach $100 per barrel in the first and second quarters of 2022, with global stockpiles dropping to their lowest levels, Reuters reported.

On the sidelines of his recent participation in the Russian Energy Week conference in Moscow, he said that the market must be balanced during the second half of this year, explaining that the fair price of oil is $85 per barrel.  LINK

Iobey777:  I seem to recall FRANK talking (a long time ago) that the price of oil would be $100/brl  at the time of the RI! Perhaps, that may be when we see the highest rate of the dinar? It could happen that we see them start the float ( which I believe they have according to articles) and then in early 2022, we reach the height of the scale! Just my thoughts...

"Some Tuesday News" Posted by Samson at KTFA 10-19-2021

KTFA:

Samson:  PM Financial Advisor : High oil prices surplus will cover three important aspects

18th October, 2021

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed on Monday, that the financial surplus from the increase in oil prices will cover three important aspects, including filling the expected deficit in the current year's budget.

“The financial surpluses achieved from the increase in oil prices and their reaching $75 per barrel, will cover at least three aspects," said Salih in a statement to the Iraqi News Agency (INA).

He noted that "the first aspect is covering the planned deficit in the general budget for the year 2021, which amounts to 29 Trillion dinars.

As for the second aspect, it is related to covering the real additional deficit gap of less than 10 trillion dinars, which is caused by the failure to estimate non-oil revenues, which only achieve 40% of their estimated or planned estimates in the budget, which unfortunately causes pressure on the planned annual spending and its ceilings, which are caused by  the country's financial collection institutions are underdeveloped.”

"The third aspect goes towards supporting faltering projects whose operation is intended to continue, and for which many business contractors demand an adjustment in implementation costs (spare parts) due to the exchange rate change before the initial contract or other changes in the operating costs of ongoing projects," he added, explaining that "the disposal of financial surpluses, is not easy due to the large number of restrictions and obligations within the general budget itself, including postponing the payment of many expenses that are payable and were not spent in previous years.”

Salih pointed out that "there are dozens of laws that carry financial burdens that the public finances are unable to implement the resulting increases, even according to the hypothesis of achieving an annual average price of a barrel of oil of $75 compared to the price fixed in the federal general budget for the year 2021 of $45 a barrel.”

On the regard of the possibility to adjust the exchange rate of the dollar to the Iraqi dinar, Salih said, “Adjusting the exchange rate is one of the actions of monetary policy in achieving stability, targeting inflation and limiting the rise according to the effective Central Bank law.” 

He went on noting that “this is a matter that takes into account monetary balance considerations, two restrictions, the first that the coverage in foreign currency reaches the local liquidity, which has increased significantly, due to financing the deficit in government expenditures, that led to the expansion of the monetary base, or what is sometimes called in the literature the (domestic) cash reserve, and if the foreign reserves outweigh the (domestic) cash reserve in a way that does not threaten the country's foreign reserve wealth or its depletion and maintains its stability, accumulation and general stability in prices.”

“The second limitation is that the effects of the adjustment in the exchange rate should be fully consistent with the objectives of the country's fiscal policy and its level of stability, meaning that it should not threaten the sustainability of the budget or cause sudden stumbles in public revenues due to changing monetary values ​​​​and entering into failures (compensatory value deficit) in the general budget itself due to the volatility of monetary policy," he said, explaining that "this requires always high and accurate coordination within the country's supreme economic policy operations.”  LINK

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Samson:  Al-Kazemi’s advisor talks about changing the exchange rate: The surplus of high oil prices will cover three axes    LINK

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Samson:  Oil expert: High oil prices will achieve financial abundance and end the need
to borrow

10/18/2021 23:51:26

 The oil expert, Hamza Al-Jawahiri, said that the rise in oil prices to exceed $85 per barrel has good positive effects on the state treasury.

Al-Jawahiri told {Euphrates News}: "This increase will cover the hypothetical deficit in the financial budget, and there will be no need to borrow because there is financial abundance."

And he indicated, "The state's policy is to dispose of the financial abundance, and there are several proposals, such as placing it in development funds for industry or agriculture," explaining that "the fund is an integrated bank that employs these funds according to programs or studies and is granted to citizens and is returned with profits."

Al-Jawahiri considered, "This method is the best way to take advantage of that financial abundance."

The Oil Ministry considered the price hike to more than $80 a "positive indicator, but that requires stability for a long time."

The ministry’s spokesman, Assem Jihad, said: “Iraq aims to achieve the highest financial revenues by adhering to the OPEC Plus agreement,” noting that “the price of Iraqi oil and the producing countries depend (the monthly price) for the exported oil and is not subject to daily changes.” He pointed out that "the challenges of the global oil market are still present due to the lack of control over the Corona virus and the new strains."  LINK

Samson:  China and the integration of global markets

19th October, 2021

Achieving integration in global markets can be achieved through reciprocal trade relations between countries of the world that cover the needs of markets in various parts of the world

And when the conversation goes to trade, attention turns to the most important factory in the world and has a footprint in most but all world markets, and this stems from the capacity and size of manufacturing capabilities, up to the type required in each country, and this made the Chinese manufacturing machine consistent with all the requests that it receives through Market ambassadors (traders)

There is no doubt that any Chinese decision that limits dealing with world markets or undermines exports in relative terms, will carry many negatives on various countries, especially rentier ones, and put governments in an embarrassing position, requiring the search for new markets whose products may not fit with local communities. and the income levels of its members, and here China's decision will have alarming consequences for the markets in rentier countries

The solutions for the rentier countries remain limited and require efforts to achieve import flexibility from several markets, although there is no alternative market for China, but the necessities lead to such solutions

Also, the rentier countries and their markets, when they receive news that working days are reduced for the manufacturing sector, this leads to a serious audit, as this means an inevitable rise in prices in light of the financial crises experienced by all countries of the world due to Covid-19, and coincides with a rise in freight shipping prices. By 400%

Which means an increase in the costs of goods reaching the various markets of the world and the consumer will feel it when he is in the retail markets, and this in any case will affect the family economy, as global markets fear the coming days and expect a significant increase in the prices of various goods, due to the rise in raw materials around the world, as global stock exchanges indicated a rise of 20% for various raw materials, which means the reality of the state of international markets will be different from it before Corona invaded the countries of the world

And the world is facing new facts that change the shape of the global economy and put it in front of new paths required by international transactions. Iraq is part of the international trade system and with a large size, as it imports nearly 90% of the needs of local markets to cover the requirements of 40 million people who represent the population of Iraq, which requires re- Consider the shape of trade policies, and how the impact of local markets can be reduced by developments in global markets

Here comes the role of the Iraqi market ambassadors (merchants) in studying the new developments in the reality of industrialization in the world and within China in particular, in order to get out with the least losses as a result of the new reality that the world may witness   LINK

******************

Samson:  Poland: Europe is on the brink of a major energy crisis that could turn into a shock

19th October, 2021

Polish Prime Minister Mateusz Morawiecki has said that Europe is on the brink of a major energy crisis, which in a few weeks could turn into a shock.

The statement came during a speech by the Polish Prime Minister today, Tuesday, at the European Parliament in Strasbourg, where an issue related to the Polish constitution and its response to EU laws is also being discussed.

"Today we are on the brink of a huge gas and energy crisis," the Polish prime minister said. "The rapid rise in prices, caused in particular by the deliberate actions of Russian companies, already puts many companies in Europe before the option of restricting production or passing on the price increase to consumers," he added.

He pointed out that the crisis may rock Europe in the coming weeks, as many companies can go bankrupt, and millions of families will plunge into poverty due to the uncontrolled rise in fuel prices across Europe. He warned that "the domino effect must be taken into account. One crisis can lead to new shocks in a cascade."

Gas markets in Europe are currently under pressure, with declining stocks and rising demand, which led to a jump in blue fuel prices.

Earlier this month, gas prices recorded unprecedented historical levels, as prices rose to the level of 1937 dollars per thousand cubic meters.  LINK

Frank26: "Eddie's Report From Iraq" 10-19-2021

KTFA:

Frank26:  INCOMING:

FROM EDDIE:
Tv shows Iraq at Dubai international expo trying drum up business and investment then at expo EU signed agreements for more investment to get Iraq started in the international game . Looks like Iraq lining up business for investors all over the world tv commercials showing Iraq as a secure environment showing reconstruction of cities especially Mosul advertising for companies to come into Iraq and invest….

Tv loaded with commercials today showing Iraq as up and coming country showing new banks new businesses coming showing all good things about Iraq we seeing new commercials for banks…. Remember you told us to look for the commercials Mr. Frank well Arab league fund and IMF starting changing rate policy study and guideline big event going on it’s on tv about changing exchange rate policy…..

It’s all over our television every channel and these are new commercials we have never seen before talking to us about the exchange rate just like you said they would this is amazing…. Says it’s a course on exchange rate policy…. It’s hard to believe what we are hearing but I guess once again you were right…..
Demonstrations by losers at entrance to green zone set up tents…..

FRANK:
Like we told you Eddie the CBI will have commercials and as you can see that has now started also we told you the commercials will educate you on why you have a new exchange rate and a new small category note to match that NEW exchange rate and as you can see that has started.
Honestly we expected all of this is to have started on Sunday the 17th going into Monday

But it looks like they started today instead once again my friend everything that we have told you is now in front of you and that’s why your bank friend told you stop worrying about the laws those are for the international investors your monetary reform is ready and soon to be given to you Iraqi citizens and once again like we told you Iranian influence has been removed and all of this is because of Donald Trump...

You are about to become a leader for your country Eddie just like I told you.
I plan to come back on Nov 1, and I pray that this will be over by then if not we will continue to gather this wonderful information and share it with our family at KTFA.

Keep me posted because of these commercials I believe the information for you on the monetary reform it’s going to come up even faster now….. Eddie says yes please and will keep sending says today’s commercials are all new never seen before….. I hope you don’t mind if I say it just one more time I told you so lol….

EDDIE: Yes you did Mr. Frank and they’re telling us even more than you told us…. All those pictures you sent us Mr. Frank it is now real we are more modern than any other country and our banks will soon give us a modern currency with a modern exchange rate this is all so hard to believe but we are so grateful…..

FRANK: You take care Eddie keep sending because it’s going to come out really fast now, love you… END….. PS ……… FREAKEN TOLD YOU SO !!!!!!!! LOL……FRANK26 

Frank26:  "THE COMMERCIALS WE TOLD YOU ABOUT!!!".......F26

The Arab Monetary Fund, in cooperation with The International Monetary Fund's Center for Economics and Finance in the Middle East, organizes a course on "Exchange Rate Policy"

19th October, 2021

Abu Dhabi - United Arab Emirates

This morning, the " Exchange Rate Policy" course, organized by the Institute for Training and Capacity Building at the Arab Monetary Fund, in cooperation with the International Monetary Fund's Center for Economics and Finance in the Middle East, was inaugurated during the period  18-28 October 2021,  through the distance training method that the Fund adopted as a continuation of its training activity. 

Achieving economic and financial stability is one of the most important economic goals in all countries, so macroeconomic policies are unique in large areas, especially those policies that aim to achieve stability.

The course also highlights the differentiation of macroeconomic policies associated with different exchange rate regimes, the choice of the exchange rate regime, and the most important challenges facing exchange rate policy in developing and emerging market economies.

On this occasion, the speech of His Excellency Dr. Abdulrahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, stated:

Dear sisters and E Lakhoua

It gives me great pleasure to welcome you to the inauguration of the "Exchange Rate Policy" course,  which is being held by the Institute for Training and Capacity Building at the Arab Monetary Fund in cooperation with the International Monetary Fund's Center for Economics and Finance in the Middle East, hoping that you will seize the opportunity and benefit from the topics of the course. 

Ladies and gentlemen,

Achieving economic and financial stability is one of the most important economic goals in all countries, so macroeconomic policies are unique in large areas, especially those policies that aim to achieve stability. The course also highlights the differentiation of macroeconomic policies associated with different exchange rate regimes, the choice of the exchange rate regime, and the most important challenges facing exchange rate policy in developing and emerging market economies.

Ladies and gentlemen,

The exchange rate policy is one of the most important policies adopted by countries to maintain the stability of macroeconomic variables, the most important of which is inflation, which is considered one of the obstacles in achieving economic growth. appropriate exchange. A fixed exchange rate policy helps curb inflation, and a flexible exchange rate policy helps absorb external shocks. The results of adopting such economic policies were clear during the many economic crises that afflicted the world's economies during the past two decades, which contributed to alleviating the negative effects of those crises.

Ladies and gentlemen,

It is known that the influx of capital significantly in the presence of an effective monetary policy enables countries to avoid the consequences of these flows represented by the rise in real exchange rates, thus reducing the competitiveness of these countries' exports. Although these flows contribute to an increase in the volume of reserves, the accumulation of reserves may entail costs represented in interest payments on government bonds that are used to absorb the liquidity left by these flows. Therefore, it is necessary for countries to have controls to deal with capital flows, especially short-term, as these funds are often quick to exit.

Ladies and gentlemen,

Your course is rich in topics related to many important topics, as the different types of exchange rate strategies and arrangements and their compatibility with the existing economic policy will be reviewed. The course will focus on the following main themes:

Basics of analyzing different exchange rate systems.

How to read international currency market indicators and exchange rates.

Assessing the adequacy of foreign exchange reserves using traditional and new indicators.

The relationship between exchange rate policy and macroeconomic policies.

Basic parameters for the transition from a fixed to a flexible exchange rate.

Establishment of early warning systems for currency crises. 

Ladies and gentlemen,

In conclusion, I would like to thank the distinguished experts who presented the course materials, and to commend the fruitful cooperation that exists between the Arab Monetary Fund and the International Monetary Fund.

I wish you a successful session and may God protect you wherever you are.

Peace, mercy and blessings of God.

LINK

KTFA Members "News and Veiws" Tuesday PM 10-19-2021

KTFA:

Edna:  So now what?...honestly, i don't know anymore. I honestly don't...*deep sigh*....smh.  

Suzie:  you're not alone Edna, a lot of are wondering.....

DeepWoodz:  f I’ve learned anything at all about dinar and Iraqs monetary reform, and if it’s true or false, I’ve learned it right here.

From Walkingstick, Frank, Delta, MM, Petra.

Sometimes the articles themselves & sometimes others will catch something in the articles that make you wanna go hmmm, but not really. 

There are things like the elections, the hcl, and parliament that have nothing to do with the monetary reforms of the CBI. Although they are all important to the citizens and the country at large. 

The 2021 budget and now the upcoming 2022 as we’ve learned have the new rate in them.

Otherwise, they wouldn’t be a secret still. 

DeepWoodz:  Then you have the second set of books Frank has taught. It exists because the new rate that will boost the US/Iraq economies is a secret. 

From FA (final article)  613….

Firstly:

1- Supervising the implementation of the reform program and the projects it consists of, according to the plans and timetables approved by the Supreme Committee for Reform, including adding, deleting or amending new projects.

…..you can see they have a scheduled plan.

It’s not going to be some random act when the rate changes for the world to see. 

No need to guess at it. It’s happening right before your eyes

******************

Samson:  The Arab Monetary Fund, in cooperation with The International Monetary Fund's Center for Economics and Finance in the Middle East, organizes a course on "Exchange Rate Policy"

19th October, 2021  Abu Dhabi - United Arab Emirates

This morning, the " Exchange Rate Policy" course, organized by the Institute for Training and Capacity Building at the Arab Monetary Fund, in cooperation with the International Monetary Fund's Center for Economics and Finance in the Middle East, was inaugurated during the period  18-28 October 2021,  through the distance training method that the Fund adopted as a continuation of its training activity. 

Achieving economic and financial stability is one of the most important economic goals in all countries, so macroeconomic policies are unique in large areas, especially those policies that aim to achieve stability.

 The course also highlights the differentiation of macroeconomic policies associated with different exchange rate regimes, the choice of the exchange rate regime, and the most important challenges facing exchange rate policy in developing and emerging market economies.

On this occasion, the speech of His Excellency Dr. Abdulrahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, stated:

Dear sisters and E Lakhoua

It gives me great pleasure to welcome you to the inauguration of the "Exchange Rate Policy" course,  which is being held by the Institute for Training and Capacity Building at the Arab Monetary Fund in cooperation with the International Monetary Fund's Center for Economics and Finance in the Middle East, hoping that you will seize the opportunity and benefit from the topics of the course. 

Ladies and gentlemen,

Achieving economic and financial stability is one of the most important economic goals in all countries, so macroeconomic policies are unique in large areas, especially those policies that aim to achieve stability. The course also highlights the differentiation of macroeconomic policies associated with different exchange rate regimes, the choice of the exchange rate regime, and the most important challenges facing exchange rate policy in developing and emerging market economies.

Ladies and gentlemen,

The exchange rate policy is one of the most important policies adopted by countries to maintain the stability of macroeconomic variables, the most important of which is inflation, which is considered one of the obstacles in achieving economic growth.

appropriate exchange.

 A fixed exchange rate policy helps curb inflation, and a flexible exchange rate policy helps absorb external shocks. The results of adopting such economic policies were clear during the many economic crises that afflicted the world's economies during the past two decades, which contributed to alleviating the negative effects of those crises.

Ladies and gentlemen,

It is known that the influx of capital significantly in the presence of an effective monetary policy enables countries to avoid the consequences of these flows represented by the rise in real exchange rates, thus reducing the competitiveness of these countries' exports.

 Although these flows contribute to an increase in the volume of reserves, the accumulation of reserves may entail costs represented in interest payments on government bonds that are used to absorb the liquidity left by these flows. Therefore, it is necessary for countries to have controls to deal with capital flows, especially short-term, as these funds are often quick to exit.

Ladies and gentlemen,

Your course is rich in topics related to many important topics, as the different types of exchange rate strategies and arrangements and their compatibility with the existing economic policy will be reviewed. The course will focus on the following main themes:

Basics of analyzing different exchange rate systems.

How to read international currency market indicators and exchange rates.

Assessing the adequacy of foreign exchange reserves using traditional and new indicators.

The relationship between exchange rate policy and macroeconomic policies.

Basic parameters for the transition from a fixed to a flexible exchange rate.

Establishment of early warning systems for currency crises. 

Ladies and gentlemen,

In conclusion, I would like to thank the distinguished experts who presented the course materials, and to commend the fruitful cooperation that exists between the Arab Monetary Fund and the International Monetary Fund.

I wish you a successful session and may God protect you wherever you are.

Peace, mercy and blessings of God.   LINK

************

Samson:  The Arab Monetary Fund organizes a (remotely) course on "Modern Financial Technologies and Enhancing Their Applications in the Financial and Banking Sector"

18th October, 2021

The training course on "Modern Financial Techniques and Enhancing Their Applications in the Financial and Banking Sector", organized by the Training and Capacity Building Institute at the Arab Monetary Fund in coordination with the Economic Department, was inaugurated today, during the period  17-21 October 2021, through the remote training method adopted by the Fund in continuation of its training activity.

The acceleration of the entry of modern technologies into economic and financial activity, and what is known as the digital revolution in recent times, has led to unprecedented transformations in the financial and banking industry, corporate finance, financial markets, the insurance sector, payment and settlement systems, and investment activities in financial markets, in addition to what was followed by the coronavirus pandemic.

The importance of digital transformation, as modern financial technologies have contributed to the continuity of services provided by the public and private sectors.

Therefore, the importance of strengthening the digital infrastructure of the financial sector, encouraging digital financial transformation, enhancing the inclusiveness of digital financial services, and finding development and investment opportunities in the areas of financial technology locally, to enhance the competitive capabilities of the local private sector.

On this occasion, the speech of His Excellency Dr. Abdulrahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund stated:

Ladies and gentlemen,

It gives me great pleasure to welcome you to the inauguration of a course on “Modern Financial Technologies and Enhancing Their Applications in the Financial and Banking Sector” organized by the Institute for Training and Capacity Building in cooperation with the Economic Department of the Arab Monetary Fund within the framework of the activities of the regional initiative to enhance financial inclusion in the Arab region for the year 2021, hoping the course should contribute to enriching and deepening your experiences.

Ladies and gentlemen,

The acceleration of the entry of modern technologies into economic and financial activity, and what is known as the digital revolution in recent times, has led to unprecedented transformations in the financial and banking industry, corporate finance, financial markets, the insurance sector, payment and settlement systems, and investment activities in financial markets, in addition to what was followed by the coronavirus pandemic. The importance of digital transformation, as modern financial technologies have contributed to the continuity of services provided by the public and private sectors.

Therefore, the importance of strengthening the digital infrastructure of the financial sector, encouraging digital financial transformation, enhancing the inclusiveness of digital financial services, and finding development and investment opportunities in the areas of financial technology locally, to enhance the competitive capabilities of the local private sector.

Ladies and gentlemen,

Available statistics show the great opportunities inherent in the development of digital services, as about 85 percent of adults in the Arab region have a mobile phone, 48 percent of those who have a mobile phone can access the electronic network at the same time, and about 33 percent have sent or received Digital payments, compared to about 44 percent globally, and these statistics are witnessing a steady increase to highlight the opportunities available to accelerate the digital financial transformation in the Arab countries. The digital financial services industry is growing in the Arab region. 

As for the sectors most prevalent for the use of modern financial technologies in our Arab countries, payments and transfers occupy the largest share of the fields of modern financial technologies in the Arab countries, at 44 percent of the solutions provided by modern financial technology companies, these solutions include digital wallets for mobile phones and portals Payment via the international network of information.

Dear Sisters and Brothers

As a result of the use of modern technologies, the financial industry faces several challenges, the most prominent of which is that the products and solutions of modern financial technologies, or the regulatory and supervisory solutions provided by financial technology companies, are not subject to specific laws or regulators. Moreover, this industry is accelerating, and the current regulations and legislation cannot keep pace with it, which places burdens on the supervisory and supervisory authorities, especially in some sectors of the modern financial technology industry such as smart contracts and automation consultancy, in addition to providing these services across continents under different legislative systems.

Ladies and gentlemen,

Based on the above, the course will focus on a number of topics, including:

How to build an incubating environment for modern financial technologies and build national strategies for modern financial technologies and digital financial transformation.  

Distributed registry and blockchain technologies, and strategies for their activation in the Arab countries.

Digital Financial Services Consumer Protection Frameworks.

Uses of modern financial technologies in the financial sector, capital markets and Islamic finance.

Uses of artificial intelligence and machine learning in the financial sector.

Digital identity technologies and electronic KYC rules.

Regulatory and supervisory techniques.

Cyber ​​security safety.

Big data.

Ladies and gentlemen,

 In conclusion, I would like to extend my thanks and gratitude to the colleagues at the Arab Monetary Fund for presenting the course materials, and I urge you to take advantage of this occasion to benefit from the experiences of the various Arab countries, thus maximizing the benefit of the course

I wish you a successful session and may God protect you wherever you are

 Peace, mercy and blessings of God   LINK

"Tidbits From TNT" Saturday Morning 10-16-2021

TNT:

Tishwash:  Integrity Reveals The Amount Of Iraqi Funds Recovered Until The End Of 2020

Today, Friday, The Integrity Commission Revealed The Total Funds Recovered From Inside And Outside Iraq Until The End Of Last Year.

The Director-General Of The Restitution Department At The Commission, Moataz Al-Absi, Said In A Press Statement That Al-Ahed News Followed, "The Total Amount Of Money Recovered From Inside And Outside Iraq, As Well As The Money Sentenced To Be Recovered And Seized Amounted To (1,417,900,842) Dollars, (33,582,725) Euros, And (2,329,521) One Pound Sterling, (951,428,263,286) Iraqi Dinars, (720,529) Jordanian Dinars, And (3,652) Swiss Francs, In Addition To The Seizure Of (14) Fourteen Real Estate, And (5) Stakes In Various Companies.

Al-Abbasi Added, "The Authority's Recovery Department Was Able To Recover Approximately $17,700,000, While It Was Able To Seize Funds In Other Countries Estimated At $4,170,000, Which Is Expected To Be Recovered Soon," Pointing Out That "The Department Is Seeking To Recover A Total Of $2,200,000,000." It Represents The Funds That Were Issued Judicial Decisions To Recover From The Iraqi Courts.  link

************

Tishwash:  During 2022... Iraq is promised a financial balance caused by oil prices

On Saturday, the Institute of International Finance expected that Iraq needs a price of 64 dollars per barrel of oil during the next year to achieve financial balance .

The institute stated in a report that "all oil-producing countries will witness a decrease in the oil price to achieve parity or financial balance in the budgets of the oil-exporting countries and without a significant deficit," noting that this is due to "the rise in oil and gas production in these countries in exchange for limited government spending cuts. " .

According to the report, the oil price in Iraq - the second largest oil producer in OPEC - will be at $62 a barrel in 2022, down from $63 a barrel this year .

In the rest of the oil and gas producing countries, Qatar’s budget will witness a financial break-even point at $44 a barrel next year, down from $52 a barrel in 2021 .

Bahrain, which is described as the smallest oil producer in the Gulf - will also witness a financial parity, at $ 76 a barrel in 2022, compared to $ 82 a barrel in 2021 .

In contrast, the fiscal breakeven point in the budget of Saudi Arabia - the largest oil exporter in the world - will drop to $67 per barrel in 2022, compared to $75 per barrel in 2021 .

The Institute of Finance also expected that the UAE - the third largest oil producer in OPEC - would benefit from the drop in the financial breakeven in the oil price to $ 64 a barrel next year, compared to $ 69 a barrel this year .

The fiscal parity of Kuwait's budget - an OPEC member state - will also drop to $61 a barrel in 2022, compared to $65 a barrel this year .

The financial balance of the Sultanate of Oman - the largest oil producer in the Middle East outside of OPEC - will also decline during the next year to $ 67 a barrel in 2022, compared to $ 74 a barrel in 2021

link

************

Tishwash:  Replace damaged coins with new ones

Paper currencies are exposed to damage quickly, especially those of small denominations, due to their frequent circulation and use by children in direct transactions between different shops and markets, in light of the weak education by the Central Bank to replace damaged currencies in the bank, which created an outlet for the weak-minded of Taking a percentage of the money in exchange for replacing the damaged ones with new ones, sometimes up to 50% of its value.

 Citizen Ammar Basem says that “the shops and markets spread throughout Iraq do not accept dealing with damaged cash denominations, and they try as much as possible to get rid of them by returning them to the citizen or refusing to take them from him, even though it is a valid and non-false currency.”

Bassem added to “Al-Sabah” that the children who destroy the most small denomination paper currency are children, sometimes they put it in their mouths or tear it up, intentionally or unintentionally, especially if it is damaged from the ground up.

Ali al-Bahadli (the owner of markets) says, unknowingly, large numbers of small cash denominations (1000), (500) and (250) dinars accumulate in me, because I left my young son to run the shop during my absence, so the people take advantage of walking their damaged coins on my son, Which compels me to incur an unnecessary loss.”

Al-Bahadli added to Al-Sabah, “A person comes to me from time to time, who collects damaged currencies from the shops and directly replaces them with new ones, in return for a commission that sometimes reaches half its value.”

And he indicated that "this loss should be borne by me because of the culture of inadmissibility of citizens in trading, even though they are currencies officially issued by the Central Bank and are not counterfeit."

In this regard, the expert in economic affairs, Dr. Hussein Al-Khaqani, explained that “the Central Bank is the only authority that is able to issue and print currency notes according to the law.”

Al-Khaqani commented on the condition of the damaged banknotes and the reason for their non-acceptance or rejection by the public, saying: “The reason is due to the refusal of a number of banks to receive such currencies from merchants and shop owners. General refusal to deal with damaged currencies.

And Al-Khaqani stated that “the central bank should urge all banks to accept dealing in these currencies as they are official and not counterfeit, in addition to the fact that banks have the ability to sort out and isolate the damaged ones, and that their acceptance by banks means acceptance of trading in them among the public.” 

He pointed out that "the ideal solution to this problem is to impose (credit card) or (Visa and MasterCard) cards on shops, markets, filling stations and all parties that deal with cash, as it was imposed on retirees and employees." He stated that "the real application of banking automation realistically reduces the size of the cash block, and thus encourages the public to trade digital currencies when buying or selling, thus reducing their financial losses in small units."  link

Mot:  ~~~ ur so full of it!! --- No Way did YOu Do That!! ~~~

Mot:  Can't Make Them All Happy Ya know!! ~~~

Frank26 and Eddie's Report "Incoming" Thursday 10-14-2021

KTFA:

The Second Central Bank Strategy (2021‐2023) An Approach to Monetary and Financial Reform

13th October, 2021 by Samir Al-Nusairi

The Central Bank of Iraq launched its second strategy for the years (2021-2023) in conjunction with the economic and financial reform strategy adopted by the government in the white paper. The new strategy has drawn a roadmap with clear objectives and policies for the next three years in a special, complex and risky economic and financial situation

And the challenges at the level of internal and external economic and financial relations. What concerns us as specialists in economic, financial and banking affairs is what are the new mechanisms and policies adopted by the Central Bank in monetary policy and banking reform in accordance with the approach of fundamental change desired for the national economy contained in the white paper and the second strategy, which constitutes the banking sector The first and basic in the economy and the implementer of monetary policy applications

The strategy of the Central Bank set the main objectives at 15 objectives and the subsidiary objectives by 75 objectives and charted the way for banking reform in accordance with the following strategic objectives

1- Supporting and achieving monetary and financial stability

 2- Enhancing and strengthening the banking sector and financial institutions

3- Enhancing digital transformation in the central bank and the banking sector

4- Developing the organizational structure and human resources of the Central Bank

5- Activating and integrating the internal and external relations of the Central Bank

Since these strategic goals have been set for a period of three years to achieve the main and subsidiary goals, which emphasize the protection of the financial system, the strengthening of financial inclusion, the management of monetary and financial stability, the development of control and supervision, the development of regulation in the banking sector, and the completion of the development of the monetary structure in the Central Bank and its branches in accordance with work frameworks and techniques authorized in central banks, developing human resources, developing banking operations, strengthening the bank's internal and external relations, and representing it locally and internationally. 

By analyzing the mechanisms and points of action to achieve the above goals, we note that the strategy identified the planning team, the implementation team, the implementation mechanisms and responsibility, as well as clear priorities for achieving reform. Certainly, these priorities were diagnosed in light of the challenges they face

Monetary policy and the banking sector due to the suffocating economic and financial crisis that Iraq has suffered for subjective and objective reasons, which can be diagnosed as follows

* Work to achieve the objectives of monetary policy, the most important of which is the stability of the exchange rate, the preservation of the purchasing power of the Iraqi dinar, the inflation rate, and the building of a foreign cash reserve

* Work to restore the confidence of citizens and customers in the Iraqi banking sector

* Work to increase the percentage of savings for the monetary mass in circulation in banks to the percentage of hoarding outside banks, where the percentage of savings in the banking sector does not exceed 20%, and the percentage of hoarding is up to 80%. Increasing the percentage of financial inclusion and the delivery of banking services to the widest spread of geographical area at the level of governorates and districts aspects and the increase in banking density in this direction

* The need to complete the structural and technical foundations of proactive control

* Activate and reconsider the development of work mechanisms in the Deposit Insurance Company

 * Reconsidering the laws of the legislative environment that regulate banking work

* Reviewing and evaluating the results of banks' business and re-classifying them by accredited international companies. And to identify weak banks that need the intervention of the Central Bank of Iraq to rehabilitate them, restore their activity and protect them from bankruptcy

* Demanding government support in accordance with previous decisions and instructions issued by the Council of Ministers, the Economic Affairs Committee and the Ministerial Council for Economy

* Strengthening and activating the central bank's lending and financing initiatives for small, medium, housing and large projects, in a way that contributes to stimulating the economy, revitalizing the economic cycle and diversifying the resources of the public budget

* Developing the organizational, technical, and administrative structure of the Central Bank of Iraq and government and private banks, while emphasizing the principles of governance and determining the owners’ intervention in the banks’ executive departments

Therefore, and for the purpose of applying the banking reform approach, according to what was stated in the strategy, according to an insight into the priorities and challenges that the Iraqi banking sector suffers from, the Central Bank made exceptional efforts during this year 2021, and many goals were achieved from the main and subsidiary goals, and it is trying to complete the achievement of all goals in 2023, which is the last year of the strategy

Therefore, the strategy of the Central Bank has proven that it established, planned and identified advanced steps on the road to the systematic application of the desired banking reform  LINK

Frank26:   FROM EDDIE......

INCOMING:

Eddie:  Tv today showed CBI rep saying they now are in the second phase of strategy for economic and financial reforms in accordance with the white papers for years 2021 to 2023

They went on to talk about all the parts the CBI banks are and will do for the white papers then after that showed that this new parliament will have the most women seated ever as a record 97 women will be part of the 329 member parliament….

Kazemi on tv saying there are no losers but all winners from the elections and their will be no deviation from the legal elections and Iraq will not stand for any injustice and results are final and all are winners the Iranian back party that lost is trying cause a lot of issues but are not because sadr bloc took their seats !.....

 Wow mr frank Sadr back on tv saying the peoples oil is for the people and we will improve the dinar to be in the ranks of the international currencies gradually and activate the role of clams to support the stability of Iraq this in his interview he saying this again….

 Look look mr frank Saying Iraq’s people should be rich it’s in their constitution that the oil money belongs partly with the citizens it’s their right to have shares of the oil revenues….

 This Friday the CBI and finance minister and Kazemi all are scheduled for meetings at the main office of Kazemi this being expressed on the news and what this could be about…..

Frank26:  Eddie remember what I told you about Friday….

Eddie:  Yes sir we do also Tv saying the white papers reforms are being pushed and now we see the government activating what is needed to comply…..

Frank26:  Eddie Improve your currency to international levels …no kidding… and he says that Iraqi citizens are about to be rich… no kidding …Like we need to hear it from him lol but you will soon hear it from Kazemi and the governor of your CBI ….by the way look at the auctions today they are at a phenomenally low level for a phenomenal reason……

Eddie:  He did it again Mr. Frank look He said rv saying from finance minister Iraq needs to adjust dollar exchange rate as the price of oil exceeds 80 a barrel…..

 Hey He say lower lower exchange rate so that means dinar go up….

 Frank26:  smile……… I know….END…..FRANK26