KTFA Members "News and Views" Monday Night 11-8-2021

KTFA:

MilitiaMan:   More ships in an out mean they are trading, but, are they now starting to clear the trades digitially. The AMF has a report out of 33 pages that shows Iraq in the graphs regarding blockchain.. We will have to decipher the report.. The fact they Iraq is included shows progress that the region is about to be or is on  a level playing field. ~ MM

Samson:  Transportation: anchorage of three tankers and a container ship in the southern port of Umm Qasr

11/08/2021 17:27:21

The Ministry of Transport, the General Company for Ports of Iraq, received three oil tankers and a commercial ship with a container load that docked today on the berths of the southern port of Umm Qasr.

The Director General of Ports, Dr. Eng. Farhan Al-Fartousi, said that the southern port of Umm Qasr works to export and import oil derivatives and goods, referring to the directives of the Minister of Transport, Captain Nasser Hussein Bandar Al-Shibli, to increase the volume of handling in our ports and intensify transport operations. 

The Director General added that the berths of the southern port of Umm Qasr received three oil tankers equipped with flankot and other oil derivatives, and a merchant ship loaded with more than (700) containers of multiple purposes and sizes. 

#Inform_Ministry_of_Transport 

port company notification 

November 8, 2021  LINK

MilitiaMan:https://www.amf.org.ae/sites/default/files/research_and_publications/Economic%20Studies/2021/ar/الانعكاسات%20الاقتصادية%20لتقنية%20البلوكتشين%20والاستقرار%20المالي_أكتوبر_..2021.pdf

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Don961:  The Iraqi banking floor is not eligible for Bitcoin trading, and the Central Bank warns against trading.

- 5 Days Ago  Researcher Shatha Khalil*

“Bitcoin” is a decentralized digital currency based on blockchain technology or “Blockchain”, and this system is characterized by a limited number of its currencies and the absence of any manager for it. It is trading at levels as high as $146,000 if established as a safe investment asset.

“Bitcoin is a digital currency, a global payment system that can be compared to other currencies such as the dollar or the euro, but with several basic differences, the most prominent of which is that this currency is a completely electronic currency that only trades online,” and that it is “the first decentralized digital currency – it is A system that works without a central repository or a single manager, meaning that it differs from traditional currencies by not having a central regulatory body behind it as it operates on a peer-to-peer system.”

According to international reports, “the value of bitcoin has risen from 6 cents 11 years ago to nearly $33,000 so far, and the number of bitcoin units is 18,590,169 units, i.e. the market value of bitcoin is $630 billion. The value of bitcoin exceeds international companies such as Visa, Master and Pay.” Paypal, and it occupies the ninth place globally in terms of market value, and international companies have begun to invest in bitcoin, for example, the British Raffer Company, which invested $ 745 million, and other companies have allowed to deal with bitcoin such as PayPal, which makes the demand for it increases.

As for Iraq, the Central Bank expressed its fear of trading in this currency, which has no physical presence and is used for online purchases and supports payment using Bitcoin cards, or it may be converted to traditional currencies at times and therefore it involves several risks that may result from its circulation, especially with regard to electronic piracy And fraud, and despite its lack of popularity inside Iraq, the Central Bank of Iraq warned on its official website against dealing with virtual digital currencies (Bitcoin) because of the great risks, especially with regard to electronic piracy and fraud.

One of the central concerns is also that most of the official websites that sell this currency add Iraq to the ban list, so it is currently being purchased through some trust brokers from outside or inside Iraq, and the Iraqi investor in the coming period may be vulnerable to fraud and fraud by people or websites Fake".

Where the Central issued a circular to subject its dealers to the provisions of the Money Laundering Law No. (39) of 2015, and the relevant laws in this regard.

Bitcoin prices continued to rise to their highest levels since the beginning of last May, by about 55 thousand dollars, and it seems that the sharp rise wave reached all other digital currencies.

Cryptocurrency specialists oppose the decision of the Central Bank of Iraq; Because he did not put an alternative to encrypted digital dealing, since many Iraqis invest and trade in encrypted digital currencies, estimated at millions of dollars through global platforms - according to him - which have crossed governments and borders as a result of modern technology and economic globalization.

The specialists also called on the Central Bank of Iraq to plan to issue a digital currency called “the digital dinar” and not an encrypted digital currency, in order to get rid of the paper-cash bureaucracy, as well as to reduce currency counterfeiting instead of going to punish those trading the digital currency with the crime of money laundering.

Digital currencies are defined as currencies issued by the state through central banks, and they have a different security system than encrypted digital currencies, which are known as “non-state currencies”, issued by companies and individuals, and they are not ready to be obtained except through the mining process through which they are entered New currencies are in circulation, via sophisticated computers that solve very complex mathematical problems.

Major economies such as the United States, China and the European Union soon began studying the issuance of their own digital currencies by central banks, and dealing with them.

The Central Bank of Iraq’s issuance of such a circular or “decision” makes the trader or dealer in the virtual currency illegal in the country due to fears of electronic piracy and fraud, and despite the lack of popularity of it inside Iraq as it is a currency of issuance, or in a more correct sense, currency mining needs advanced computers and electricity Continuous 24 hours and to the use of advanced technology and to continuous updating, and we know the many crises that Iraq is going through, which are accumulated crises and constitute an obstacle to any development. Where digital transactions depend entirely on a sophisticated electronic system subject to the highest standards of cybersecurity, at a time when the Iraqi banking system needs continuous technological update.

Among the companies that are currently trading are international and Iraqi forex companies, but trading is more difficult than storing currency, which needs to study and learn, and then start dealing with forex platforms.

Bitcoin has risen about 200% since last year 2020, buoyed by demand from large investors, who were attracted by the currency in the hope of quick gains, and thanks to expectations that it will become a dominant payment method in the world.

Some specialists in Iraq say that more than 80 governmental and private banks (commercial and Islamic), in addition to branches of foreign banks, have an undeveloped electronic system, at the same level as the world has reached in the banking sector.

And the largest cash flow, which amounts to 80%, is limited to the two government banks, “Al-Rafidain and Al-Rasheed”, who so far deal with paper records in documenting their banking transactions, so how can they deal with digital currencies whose value moved days to reach 50 thousand dollars for one digital currency, and observers confirm.

There is a weakness in some Iraqi banks in terms of non-compliance with international rules and standards, which need development and follow-up due to continuous updating of requirements and development in international standards, but this will not affect the work of the Iraqi banking sector.

The Iraqi economy in general suffers from the negative effects of money laundering crimes and the financing of armed and outlawed groups; The Central Bank of Iraq, according to specialists in Iraqi banking affairs, has sought to take many deterrent measures and implement the relevant laws to combat money laundering crimes that threaten financial stability in Iraq.

Economic Studies Unit

North America office

Rawbet Center for Research and Strategic Studies

LINK

Don961:  The European Central Bank introduces a zero-euro coin bearing the image of the late King Faisal I of Iraq

546 |  8:58 PM   LINK

Ross:  I can just visualize playing poker with these.  "I'll see your Zero and raise you 3 Zeros"  Lol
Now if Iraq would just raise their 3 Zeros

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Samson:  The Arab Monetary Fund issues a study on "The Economic Implications of Blockchain Technology and Financial Stability in Arab Financial Markets"

8th November, 2021

The rise in the global blockchain technology index has a positive impact on the change in the level of stock returns for the Arab financial markets

The study recommends expanding the uses of blockchain technology in electronic payment systems, accelerating the development of legal and regulatory frameworks for the safe use of blockchain technology, qualifying human cadres in this field, and allocating operational budgets for blockchain technology.    

As part of its keenness to develop its research activities in line with the priorities of its member states, the Arab Monetary Fund has issued a study on “The Economic Implications of Blockchain Technology and Financial Stability in Arab Financial Markets.” This study aims to analyze the economic repercussions of blockchain technology on Arab economies, and understand the level of financial stability in Arab financial markets during the period (2016-2021).

The study followed the quantitative approach using regression models with heterogeneous conditional variance to analyze the relationship between the time series of returns for the global blockchain technology index, and the returns of performance indicators of Arab financial markets. The results of the study showed that the rise in the global blockchain technology index has a positive impact on the size of the change in the level of stock returns for the Arab financial markets, with an important statistical significance at the level of 1%. This is due to the fact that the use of blockchain technology effectively contributes to reducing operational costs, improving the level of transparency, increasing the levels of security and reducing risks, and raising the efficiency, accuracy and speed of the operational and financial operations of institutions and companies, and achieving financial inclusion in Arab economies.

The results of the analysis of financial stability in the Arab financial markets also indicate that there is a discrepancy in the pattern of response of the returns of the performance indicators of the Arab financial markets to economic shocks, the degree of their continuity and fading, and the quality of negative and positive information affecting them. This disparity creates a lot of investment opportunities and contributes to the establishment of low-risk and more stable investment portfolios.

According to these results, the study proposes some recommendations, the most important of which are expanding the uses of blockchain technology in electronic payment systems, accelerating the development of legal and regulatory frameworks for the safe use of blockchain technology, working to qualify human cadres in this field, allocating operational budgets for blockchain technology, and supporting educational institutions to adopt programs Blockchain technology in the Arab region, and holding scientific conferences and seminars to raise awareness of the importance of these technologies in order to achieve financial inclusion and improve economic performance and competitiveness.

The full version of the issue is available at the link   LINK

KTFA Members "News and Views" Sunday Afternoon 11-7-2021

KTFA:

Samson:  Basra University organizes a panel discussion on the project to delete zeros from the Iraqi currency

2nd November, 2021

The Department of Economics at the College of Administration and Economics at the University of Basra organized a panel discussion on the project to remove zeros from the Iraqi currency.

The seminar, which was attended by Prof. Dr. Sami Obaid Al-Tamimi and Prof. Dr. Youssef Abdul Ali Al-Asadi, aims to find out the reasons for the deterioration of the value of the Iraqi dinar. At the beginning of the seventies of the last century, one Iraqi dinar was worth more than three US dollars, and today we are at the end of the year 2021 equivalent to more than 1450 Iraqi dinars.

The discussion panel touched on tracking the value of the Iraqi dinar from 1930 to 2021, and the project to delete zeros from the national currency in terms of pros and cons, and finally submitting a scientific proposal to the Central Bank to implement the process of deleting zeros.  LINK

PompeyPete:   I LOVE THIS.....

“The discussion panel touched on tracking the value of the Iraqi dinar from 1930 to 2021, and the project to delete zeros from the national currency in terms of pros and cons, and finally submitting a scientific proposal to the Central Bank to implement the process of deleting zeros....

WE KNOW THE BRIEF......”aims to find out the reasons for the deterioration of the value of the Iraqi dinar.”......

So why is the CBI interested in this now?   

Ryan1216:  It's "GO" time on raising the exchange rate. The CBI has the road map on implementation. I'm praying this gets done "ASAP"! Great news!

MilitiaMan:  The emphasis is on the last part of the sentence. IMPLEMENT the Project to Delete the Zeros... imo ~ MM

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Al-Kazemi receives Al-Abadi and confirms: We are proceeding with the reform project  LINK

MilitiaMan:  Enough said... Show time.. There is no time like the present. The scholars even say it." TO IMPLEMENT"... Getter done is the proposal.. imo.. The looks of it is per the PM is that we are proceeding with the reform project. Like it or not..  In other, words, thank you for all of your GLOBAL SUPPORT!! Be rest assured your investments in Iraq are safe, stable and secure and we are moving forward with the reform project.. imo ~ MM

The discussion panel touched on tracking the value of the Iraqi dinar from 1930 to 2021, and the project to delete zeros from the national currency in terms of pros and cons, and finally submitting a scientific proposal to the Central Bank to implement the process of deleting zeros.

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Samson:  Iraq buys a quantity of gold and maintains its global rank in possession of the yellow metal

7th November, 2021
The World Gold Council announced on Sunday that Iraq maintained its 39th position globally for the fourth consecutive month and the fifth in the Arab world as the largest gold reserve in the world, indicating that Iraq bought two kilograms of gold in April.

The council said in its latest schedule for the month of November of 2021, which was seen by Shafak News Agency, that "Iraq bought 2 kilograms of gold last April after it sold the same amount in January of 2021." He added, "Iraq maintained its position of 39 globally for the fourth consecutive month out of 100 countries listed in the table as the largest gold reserves, with its gold holdings reaching 96.4 tons, which represents 9% of the rest of its other reserves."

He pointed out that "Iraq also maintained its fifth rank in the Arab world after Saudi Arabia, Libya, Algeria and Lebanon," noting that "the total possession of gold in the five Arab countries amounts to 996.5 tons." He pointed out that "the highest gold reserves in the world, the United States of America came first with a rate of 8,133 thousand tons, followed by 3,259 thousand tons, and then 2,451 thousand tons, while Suriname ranked 100, with 1.5 tons, preceded by Yemen, with 1.6 tons."

It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.  LINK

Samson:  The Prime Minister was subjected to an assassination attempt by a drone

11/07/2021 03:14:35

 The Prime Minister, Commander-in-Chief of the Armed Forces, Mustafa Al-Kazemi, at dawn today, Sunday, was subjected to an attempt at his residence in the Green Zone in the center of the capital, Baghdad.

 The Security Media Cell stated, in a statement that {Euphrates News} received a copy of it, about a "failed assassination attempt against the Prime Minister, the Commander in Chief of the Armed Forces, by a booby-trapped drone that tried to target his residence in the Green Zone in Baghdad."

And she added, "Al-Kazemi was not injured and is in good health, and the security forces are taking the necessary measures in connection with this failed attempt.  LINK

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Samson:   Within 24 hours .. Al-Hakim moves to hold a meeting of the three presidencies and political forces

7th November, 2021

The Wisdom Movement headed by Ammar Al-Hakim revealed, on Sunday, the latter's move to hold a meeting of the three presidencies and political forces to discuss the results of the legislative elections and the attack on Prime Minister Mustafa Al-Kazemi's house, while stressing that the meeting may take place within the next 24 hours.

The leader of the movement, Rahim Al-Aboudi, told Shafak News Agency, "There is a move by the head of the Al-Hikma Movement, Ammar Al-Hakim, to hold a national dialogue that will bring together the three presidencies, the President of the Republic (outgoing) Barham Salih, the (outgoing) Prime Minister Mustafa Al-Kazemi, and the President of the Supreme Judicial Council Faiq Zaidan, in the presence of Leaders of Shiite, Sunni and Kurdish political forces.

He added that "the incident of the attack on the Prime Minister does not concern anyone, but rather the political reality, and it has dimensions that may topple the political and democratic process in Iraq, and therefore there must be a unified dialogue with the participation of all."

And Al-Aboudi said, "The dialogue may take place within the next 24 or 48 hours, because the political situation is unbearable and very dangerous," noting that "there are hands trying to tamper with the political and security reality in the country, mixing papers and dragging Iraq into the abyss."

The leader of the Al-Hikma Movement explained, "The meeting will discuss the repercussions that accompanied the election results, the reactions and the attack on the prime minister's house, amid questions about the presence of a terrorist group behind the attack and the failure of the CERAM system for the American embassy, ​​and whether the operation was carried out by a drone or by missile strikes."

At dawn today, the outgoing Prime Minister, Mustafa Al-Kazemi, survived an assassination attempt by drones that targeted his house in the Green Zone.  LINK

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Samson:  Al-Zubaidi: Al-Kazemi’s Targeting Is Intended To Lead To A Coup And Restore International Guardianship

7th November, 2021

The former Minister of Interior, Baqir Jabr Al-Zubaidi, revealed, on Sunday, the goals of the assassination of Prime Minister Mustafa Al-Kazemi by targeting him with drones, indicating that the aim of the operation was to cause a coup and civil war, and then resort to international intervention.

Al-Zubaidi said in a post on “Facebook” seen by / the information / that “what happened yesterday in the targeting of the prime minister’s house is an escalation that we have warned of over and over again.”

He added, "The aim of such events is to drag Iraq into sedition (coups) and civil war, and then resort to international intervention and return the country to tutelage, which is something we do not accept for our country and people."

Al-Zubaidi pointed out that "the voice of wisdom should be louder than any voice, and everyone should put Iraq's interest above any interest, no matter what the sacrifices."   LINK

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Samson:  A government source: Security tensions are behind the dollar's rise in Iraqi markets

7th November, 2021

Today, Sunday, a government source attributed the rise in dollar prices in the local markets to the security tensions in the capital, Baghdad.

The source said in an interview with Shafaq News Agency, "What the Kifah Stock Exchange is witnessing now is the lack of supply compared to the demand for the dollar."

He added that "the exchange offices are now keeping the dollars, and citizens have resorted to buying dollars for fear of the current unstable conditions," noting that "the central bank's cash sales, which amount to nearly 50 million dollars per day, have no effect on local markets." He expected that "the coming days will witness a further rise in the price of the dollar in the local markets if these security tensions remain."

It is noteworthy that the price of the dollar rose gradually in the Iraqi markets to reach in the main stock exchange 148,200 dinars per 100 dollars.

This comes at a time when Al-Kazemi's house in the fortified Green Zone in the center of the Iraqi capital, Baghdad, was bombed at dawn today by a drone, which resulted in the injury of three members of his protection, and severe material damage to the contents of the house without the first being hurt.

The failed assassination attempt on Al-Kazemi occurred two days after the ignition of the crisis between the demonstrators against the election results, who are supporters of Shiite forces close to Iran, and the security forces charged with protecting the fortified Green Zone, which includes government buildings, and the headquarters of diplomatic missions in the center of the capital, Baghdad, after the protesters decided to storm the area from some Violent clashes erupted at its entrances, resulting in a number of victims and dozens of wounded on both sides.  LINK

MilitiaMan Saturday PM "Significant Indicators" 11-6-2021

KTFA:

Samson: Iraq Begins The First Steps To Join The World Trade Organization

2nd November, 2021

The Federation of Iraqi Chambers of Commerce revealed, on Tuesday, a “road map” to joining the World Trade Organization, calling for the amendment of some important laws in preparation for obtaining membership in the World Trade Organization.

The head of the Union, Abdul Razzaq Al-Zuhairi, said in an interview seen by "The Information", that Iraq has been seeking for ten yearsto obtain membership in the World Trade Organization through holding intensive meetings with the competent authorities to discuss this file.

Al-Zuhairi summarized Iraq's needs to join this organization with three points. The first includes amending some laws and setting plans that jump the country from 172 to 120, according to the global ranking, and second, the World Bank's indicators for the country must be positive. He added, “As for the third point, it confirms that the country’s budget is approved without some of its paragraphs being challenged by the Federal Court, in addition to the need for its law to include a number of strategic projects,” noting that

“Iraq is characterized by an investment environment, money and a location that qualifies it for economic progress, as well as joining this organization will improve Iraq's image among the countries of the world."

Regarding the union’s membership of the Executive Committee of the Federation of Arab Chambers of Commerce, Al-Zuhairi affirmed that it “will contribute to Iraq’s entry into the Arab economic system after it was absent from it for a long time, pointing out that the step will serve the economy through Arab trade exchange operations and the movement of transport and transit.”

And about the meeting of the Arab Chambers of Commerce, which was hoped to be held in Baghdad this month, the head of the Federation of Iraqi Chambers of Commerce stated that “countries requested a postponement due to the conditions in the region or in Iraq, which gave an indication and a non-positive impression on the country’s economy.” 

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MilitaMan:  This is an interesting read. The "road map" of 10 years to draw is a long one to Join the WTO. One where they'll at some point have to lay it out for all to see.

We can see that they have already had intensive meetings on the topic. We know that they are now "Elected to to head the METROLOGY board of Directors" for the next 3 years..

They are getting a leg up all the way. Having been elected to the top Board of Directors, they are telling us Iraq is coming out of the Chapel in a beautiful white gown, so to speak.

The World Trade Organization will want to take the first dance around her newly digitized ports of call. Metrology is all apart of the process. Units of measurement is not just inches and centimeters. Currency valuation is a measurement between other currencies..

With Iraq having had ten years of negotiations with the WTO, I suspect the one thing holding her back to date, is the new exchange rate. imo !! 

The postponement for by the Arab Chamber of Commerce suggests that is what they are awaiting on, imo. No international rate do not elevate.. lol..

Iraq has been at a program rate for all of those years too. Thus, without having a new exchange rate they'll not ascend. imo 

Lets not forget that there is an economic forum coming to the region this month.. One that is said to be the largest in world. That forum will show case many many things.

There is no doubt show casing a program rate will not be the life of the party.. More likely to be the joke of it.. lol Personally, I see them having the new exchange rate to show case ahead of time.

The World Bank is confirming to us the Iraq's budget is approved. Iraq is qualified for economic progress and by joining the organization they'll have a better image among the countries of the world. So, it is not surprising at this stage of the Economic Reforms that there are significant indicators that Iraq is going global in short order. Very short in my opinion.. 

Take a step back and put the paint brush down.. The view will become far more clear when we consider the digital transformation that is before us.

There is not just one country involved. There are a majority of global countries involved and that have signed onto international taxation of 15% and agreed to flat tax as well per the UST, IMF, etc..

The borders in Iraq are electronic now and will be tracked and apparently will be managed by the UST (audited) from information gleaned from a previous article . The increase in State Revenues from all sources and not just oil will support the move into the WTO and above all they'll have a measurement to the new exchange rate the world is anticipating..

Lets see what the days bring.. Hopefully it will bring a measurement that is similar to a previous and glorious ers, just at the CBI has indicated and can do independently!!!  ~ MM

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Currency Appreciation Definition - Investopedia

https://www.investopedia.com › terms › currency-appre...

The value of a currency is not measured in absolute terms. It is always measured relative to the currency being measured against it. Countries use currency .

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"The Emirates Association of Traders in Financial Markets is preparing to receive delegations and members of traders’ associations and associations concerned with trading in financial markets, to participate in the ACI World Conference and the ICA Conference, which will start on the 17th and continue until 20 November, at the La Perle Theater of the Hilton Hotel in Al Habtoor Village in Dubai, in an event that it described as "the largest economic event in the world".

https://economy--news-net.translate.goog/content.php?id=26708&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=nui

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"natural source was proposed. This led to the creation of the decimal-based metric system in 1795, establishing a set of standards for other types of measurements. Several other countries adopted the metric system between 1795 and 1875; to ensure conformity between the countries, the Bureau International des Poids et Mesures (BIPM) was established by the Metre Convention.[3][4] This has evolved into the International System of Units (SI) as a result of a resolution at the 11th General Conference on Weights and Measures (CGPM) in 1960.[5]  Metrology is divided into three basic overlapping activities.[6][7] The first being the definition of units of measurement, second the realisation of these units of measurement in practice, and last traceability, which is linking measurements made in practice to the reference standards. These overlapping activities are used in varying degrees by the three basic sub-fields of Metrology.[6] The sub-fields are scientific or fundamental metrology, which is concerned with the establishment of units of measurement, Applied, technical or industrial metrology, the application of measurement to manufacturing and other processes in society, and Legal metrology, which covers the regulation and statutory requirements for measuring instruments and the methods of measurement.  In each country, a national measurement system (NMS) exists as a network of laboratories, calibration facilities and accreditation bodies which implement and maintain its metrology infrastructure.[8][9] The NMS affects how measurements are made in a country and their recognition by the international community, which has a wide-ranging impact in its society (including economics, energy, environment, health, manufacturing, industry and consumer confidence).[10][11] The effects of metrology on trade and economy are some of the easiest-observed societal impacts. To facilitate fair trade, there must be an agreed-upon system of measurement.[11]"

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LINK

Border Port Authorities (BPA) emphasizes 4 points to increase state revenues

The authorities added, "The agenda was discussed, which included many important paragraphs, including preventing smuggling and manipulation of public money through fraud or manipulation of customs and tax duties, in addition to protecting the Iraqi consumer by not allowing the entry of materials that harm public health and are prohibited from import."

Furthermore it also indicated four points were emphasized: electronic auditing, data intersection for tax receipts, books of exemptions for goods, matching certificates of origin, invoices, and border sequences, as well as deliberation on other important issues aimed at ensuring the flow of work and increasing state revenues.

Economist: Reducing The Dollar Exchange Rate Is Exclusively in The Hands Of The Governor Of The Central Bank

4th November, 2021

The economic expert, Nabil Jabbar Al-Ali, confirmed, on Thursday, that the decision to change and determine the foreign exchange rate is in the hands of the Governor of the Central Bank exclusively, noting that the bank is responsible for monetary policy.

Al-Ali said, in a statement to "The Information", that "returning the dollar exchange rate to its previous state is the exclusive competence of the Governor of the Central Bank, and there is no government or regulatory authority involved in this."

He added, that the Central Bank is able to take a decision to change the price without restrictions or conditions, as it is independent and is responsible for drawing monetary policies in Iraq.

Al-Ali pointed out that “the government and parliament cannot force the central bank to change the foreign currency exchange rate.”

The economic expert, Younis Al-Kaabi, had confirmed earlier, that the central bank can gradually reduce the price of the dollar.  LINK

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MilitiaMan:  With this preceding the ports data, the Metrology election to the Board of Directors of the Institute of Standardization, the talk of the WTO, etc, suggests there is no political issue at stake. It is a measurement that is at stake. A measurement between the USD and the IQD..

The GOI cannot force the Central Bank to change the foreign currency exchange rate. They can allow for it, but can't force it.. The CBI knows all to well about that. 

We can see by the data there is a change coming.. The private sector activation will require it.. imo ~ MM

"Vietnam News" Posted by Samson Friday 11-5-2021

KTFA: Vietnam News

Samson:  Việt Nam, UK enhance cooperation in digital economy, digital transformation

2nd November, 2021

Vietnamese Minister of Information and Communications Nguyễn Mạnh Hùng and the UK’s Parliamentary Under Secretary of State at the Department for Digital, Culture, Media and Sport Chris Philp signed a Letter of Intent on cooperation in the digital economy and digital transformation on Monday (London time).

The two officials shared strategic orientations, national programmes and projects on the development of the digital economy and digital society of each country, as well as initiatives and policies in support of digital economic development.

They also exchanged opinions on possibilities to expand cooperation and strengthen coordination between management agencies on digital transformation, digital economy, digital business connection, and discussed measures to jointly develop and organise the implementation of initiatives within the framework of the UK-ASEAN Digital Innovation Partnership and the Asia-Pacific Digital Trade Network.

Philp introduced a plan to implement initiatives to expand cooperation in digital economic development with Asia-Pacific and ASEAN, through the UK-ASEAN Digital Innovation Partnership, and a programme to support ASEAN in carrying out digital trade platforms, and standards and architectural frameworks for smart building.

On the same day, Hùng had a working session with representatives from the trade association techUK and the UK-ASEAN Business Council, during which he said cooperation between the two countries’ digital enterprises holds much potential and needs to be expanded.

From 2022, the Ministry of Information and Communications will consider implementing Việt Nam-UK digital forums, investment promotion programmes and seminars so that businesses can find partners, expand markets and cooperate in projects on digital economy and digital transformation.

Hung is accompanying Prime Minister Phạm Minh Chính on his trip for the 26th United Nations Climate Change Conference of the Parties (COP26) and a working visit to the UK.  LINK

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Samson:  State Bank of Vietnam to study and propose policies on national digital currency

2nd November, 2021

The Prime Minister has assigned the State Bank of Việt Nam (SBV) to study and propose policies on a national digital currency.

In addition, the SBV will issue a mechanism for controlled testing of financial technology (Fintech) activities in the banking sector in order to create a legal framework, meet management requirements, promote innovation and creativity, and deploy new co-operation and business models in payment service provision.  LINK

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The Government officially approved the project to develop non-cash payments in Việt Nam for the 2021-25 period on Thursday.

The overall objective of the project is to create a positive change in non-cash payment in the economy with high growth, and to make the use of non-cash payment methods a habit of people in urban areas and gradually developing in rural and remote areas, and reduce the social costs associated with cash.

In the project, the Government has proposed many solutions, including completing the legal corridor and mechanisms and policies to develop non-cash payments in the 2021-25 period.

Specifically, the Government assigned SBV to co-ordinate with the Ministry of Justice and relevant ministries to review and propose amendments and supplements to a number of payment-related provisions in current legal documents.

Notably, the Government assigned SBV to complete the development and promulgation of a controlled trial mechanism for financial technology (Fintech) activities in the banking sector in order to create a legal framework to meet regulatory requirements, promote innovation, creativity and implementation of new business and co-operation models in payment service provision.

At the same time, the SBV must study and propose mechanisms and policies on national digital currency.

In addition, the Government assigned the Ministry of Information and Communications to co-ordinate with the Ministry of Justice, SBV and relevant ministries and agencies to review and propose amendments and supplements to legal regulations on electronic transactions, cyber security, ensuring safety, data security and user protection in order to support and facilitate the application of technology and innovation and creativity, ensuring security and safety in payment activities.

The Ministry of Finance will study solutions to continue to encourage non-cash payments to contribute to tax management.  LINK

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Samson:  Vietnam : Firms encouraged to prepare workforce for digital economy

29th October, 2021

The Fourth Industrial Revolution is both creating opportunities and posing challenges to developed countries and countries entering the 4.0 revolution, including Việt Nam, from a perspective of readiness, ability integration and adaptation of the workforce.

To prepare the national workforce for the coming digital economy, multilateral cooperation initiatives that keep up with the requirements of the corporate environment, as well as in society generally, are needed.

This information was released at the Multi-stake Holder Forum (MSF) 2021 with the theme “Partnership in preparing a future-ready workforce for an inclusive digital economy in Việt Nam”, held in Hà Nội on Thursday. The forum was jointly organised by the Việt Nam Chamber of Commerce and Industry (VCCI) and the Việt Nam General Confederation of Labour and Samsung, under the technical co-operation of Việt Nam Business Council for Sustainable Development and Institute for Development and Community Health (LIGHT).

Phạm Tấn Công, the VCCI’s chairman said: “The inclusive digital economy enables all employees and businesses to contribute to the growth process and enjoy the results of that growth. This is completely in line with the sustainable development goals set by the Vietnamese Government, most recently the National Action Plan to implement the 2030 Agenda for Sustainable Development in response to the United Nations Sustainable Development Goals.”

Công said that as a national organisation representing employers in Việt Nam, VCCI always worked closely with the stakeholders in developing and promoting harmonious and progressive labour relations at enterprises, as well as solving the problem of a skilled workforce that meets the requirements of businesses and the economy. This included training skills for vulnerable groups such as women and young people. 

This was also achieved through co-organising stakeholders including VCCI, Samsung Vietnam and the Việt Nam General Confederation of Labour for this year's Multi-Stakeholder Forum 2021. The aim was to build harmonious labour relations in the inclusive digital economy, bringing both economic and human values.

Ngô Duy Hiểu, Vice President of the Việt Nam General Confederation of Labour said: "The COVID-19 pandemic has created unprecedented difficulties for the majority of employees and the business community. Resonating with the enormous challenges from the Industrial Revolution 4.0, it has set unprecedented and extremely difficult demands for every single employee in the present and future. Only quickly changing mindsets, catching up on awareness, improving self-efficacy, and finding the fastest approach will help employees have firm foothold in their work and be proactive in life and not be left behind. As a representative organisation of employees in Việt Nam, the Việt Nam Trade Union wishes and believes that all stakeholders will work together in good faith. This will help to define a common vision and come up with effective solutions to improve the adaptability of employees amid rapidly changing socio-economic conditions while industrial relations 4.0 is getting clearer.”

Choi Joo Ho, President of Samsung Việt Nam, said: “The global crisis caused by COVID-19 in the past two years has not only caused difficulties for the world economy but also poses unprecedented challenges to the competitive advantages that Việt Nam has built up in the global supply chain. On the way to overcome and fight against the COVID-19 pandemic, we are more and more aware of the value of health and life, and once again Samsung's business philosophy, 'People first', is inspired and motivated. Through the 2021 multi-stakeholder forum, Samsung hopes to be able to share more of our insights with stakeholders and discuss with them the new opportunities that the Fourth Industrial Revolution has brought for employees, especially the vulnerable, in accessing learning and development opportunities. This will make a positive and useful contribution to the sustainable development of Việt Nam.”

The Multi-Stakeholder Forum (MSF) is an initiative of Samsung Vietnam, which has been held annually in Việt Nam since 2018. The forum aims to connect the knowledge, enthusiasm, resources and energy of all stakeholders, including policymakers, NGOs, civil society, experts, researchers and businesses. Through this annual event, ideas, solutions and initiatives are shared and discussed, from which inspiration for action is spread, contributing to solving Việt Nam’s important social problems effectively.

The forum was attended by more than 300 delegates from government agencies, ministries, sectors, non-governmental organisations, social organisations, associations, businesses, research institutes, international and domestic trade union organisations, and professionals to participate directly at the event and through an online form.   LINK

Samson:  Việt Nam sees public-private partnership as key driver for recovery, growth

30th November, 2021

World Economic Forum (WEF) Founder and Executive Chairman Professor Klaus Schwab and Prime Minister Phạm Minh Chính on October 29 co-chaired the Country Strategy Dialogue on Việt Nam for the first time in an online format with the theme " Public-private partnership: The key driver for comprehensive recovery and sustainable, resilient and innovative growth".

WEF President Borge Brende, Vietnamese ministry and sector leaders, and nearly 70 leaders from top global corporations and enterprises participated in the dialogue.

In his opening remarks, Professor Klaus Schwab emphasised that the Vietnamese Government and the Prime Minister personally worked tirelessly to protect the lives and livelihoods of the Vietnamese people. He expressed his pleasure that Việt Nam had rapidly and drastically implemented the vaccination strategy and that this is a positive signal that the difficulties caused by the pandemic could be overcome, and it would continue to be firmly on the path to becoming the economic locomotive of the region.

Professor Klaus Schwab believed that Vietnam would continue to maintain its impressive development momentum in the coming decades. However, the new context created by the pandemic and the Fourth Industrial Revolution  adaptability and innovation in all aspects. The professor highly appreciated the Prime Minister’s approach through this dialogue with global business leaders. 

Prime Minister Pham Minh Chính then delivered an important speech with a strong policy message affirming Việt Nam's efforts and determination in recovery and socio-economic development, realising the vision, goals and aspirations of developing the country.

The Prime Minister emphasised that this was a time to test the bravery, creativity and adaptability of both the Government and businesses; This was also the time when the Government and businesses need to strengthen the public-private partnership to overcome difficulties together in the spirit of sharing both risks and benefits in harmony.

The Prime Minister said Việt Nam's socio-economic situation recovered in October because the pandemic was basically controlled and the economy gradually opened. In the first 10 months of the year, newly registered FDI capital increased by 11.6 per cent and realised capital reached over US$15 billion; exports increased by 16.6 per cent over the same period in 2020. Compared with September, the number of newly established enterprises in October increased by 111 per cent, registered capital increased by 74 per cent. Especially, total demand recovered strongly, total retail sales of consumer goods and services increased by over 18 per cent. The average consumer price index in 10 months only increased by 1.81 per cent. 

This showed that the current difficulty is only temporary; The potential, advantages, new driving force for long-term development and macro foundation, the major balances of Việt Nam's economy were still outstanding, stable and solid.

The Prime Minister shared about the master plan for economic recovery and development in the coming period, including the master program to open the economy associated with COVID-19 disease prevention and control; programmes on social security and job creation; restoring enterprises, cooperatives and business households; developing infrastructure, unleashing social resources for development investment. The Prime Minister affirmed Việt Nam's determination in accelerating institutional improvement, reducing administrative procedures, and fighting corruption and negative phenomena.

Chính expressed his heartfelt thanks for the cooperation, consensus and support of the whole society and the international community, including foreign investors, in the recent efforts to control the epidemic and recover the socio-economic situation in Việt Nam.

The Prime Minister emphasised Việt Nam's six important policy directions, including: Restoring the supply chains, ensuring goods circulation, and safe and smooth production and business activities of enterprises in the new normal; supporting businesses and people to promote production and business in order to restore economic growth and stabilise the society; drastic implementation of large-scale investment programmes.

Especially inter-regional transport infrastructure, energy, green infrastructure, national digital infrastructure projects to create a driving force for the economy; remove difficulties for businesses, including FDI enterprises in Việt Nam; improving the quality and modernising institutions according to international standards is a prerequisite, one of three strategic breakthroughs for the country's development in the next 10 years; The most important factor is human resources in order to best utilise the most important resource, the Vietnamese people, as both the subject and the highest goal of development.

Simultaneously, Vietnam prioritises promoting economic restructuring in association with strongly renovating the growth model, improving productivity, quality, efficiency, and self-reliance of the economy in line with the needs of the changing economy after the COVID-19 pandemic.

On the basis of Vietnam's development orientations, the Prime Minister called on investors to cooperate in implementing the policy of safely restoring production in industrial parks, economic zones, high-tech parks, export processing zones to meet orders, maintain the supply chains; invest in the fields Việt Nam is giving priority and offering many special incentives such as high technology, information technology, supporting industries, smart agriculture, environmental protection, renewable energy; building infrastructure and projects for social security, training high-quality human resources, promoting research and development, innovation, contributing to making Việt Nam one of the centres in the regional and global value chains.

The Prime Minister affirmed that the Vietnamese Government was ready to strengthen dialogue and coordination within the framework of public-private partnership to encourage the response and participation of all businesses and people. The Prime Minister suggested that models such as the Public-Private Partnership Program for Sustainable Agriculture would be replicated in other potential areas of cooperation; The Việt Nam  country strategy dialogue - WEF will become a regular mechanism between the leaders of the Government of Việt Nam  and WEF businesses and experts.

Many regional and global business leaders responded warmly, highly appreciated the Vietnamese Government's decision to safely adapt to the epidemic; recognised Việt Nam's efforts in the campaign of universal vaccination, disease control and support packages for businesses and workers. The foreign business community made many policy recommendations to revive and stimulate the economy, promote FDI, and improve domestic and cross-border goods transport connections.

Large technology corporations suggested policies to promote public-private cooperation to develop digital infrastructure, encourage investment in digital transformation, strategies to take advantage of 4IR technology to respond and for post-pandemic recovery. The business community strongly welcomed the acceleration and implementation of Việt Nam's carbon neutrality commitments to 2050 and related environmental regulations; proposed policies to promote new growth drivers such as green economy, circular economy, etc.

In the field of renewable energy, an enterprise proposed that Việt Nam set up an Energy Forum with the participation of the private sector and the Government to strengthen cooperation in this area. The global business community highly appreciated Việt Nam's potential, aspiration and development goals, shared the determination of the Government and the Prime Minister personally and committed to accompanying Việt Nam on the development road.

Closing the Dialogue, Professor Klaus Schwab once again expressed his belief in the potential and position of Vietnam and said that WEF would continue to give maximum cooperation and support to the Government of Việt Nam.

The country strategy dialogue on Việt Nam is one of the most important events in the program of the WEF in 2021 to support global corporations to expand their investment and business, and anticipate new trends in the context of the recovering global economy.

 For Việt Nam, the dialogue is an opportunity for the Prime Minister to discuss directly with global business leaders to mobilize resources, promote public-private relations to serve the implementation of the Government’s plan for recovery and socio-economic development as well as realising its aspiration and development goals in the medium and long term.  LINK

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Samson:  Trade cooperation provides momentum for Việt Nam-US ties

5th November, 2021

The relations between Việt Nam and the US would continue to grow stably in the future, with economic and trade cooperation the centre and key momentum of bilateral ties, Vietnamese and US officials said.

Deputy Minister of Industry and Trade Đỗ Thắng Hài, also Vice Chairman of the Việt Nam-US Trade and Investment Framework Agreement (TIFA) Council, and Dawn Shackleford, Assistant US Trade Representative (USTR) for the Office of Southeast Asia and the Pacific, shared the view during their working session in Hà Nội on Thursday.

 Hai said Việt Nam always considers the US a leading important partner and hopes the economic and trade ties will develop stably and sustainably, and serve as a pillar of the Việt Nam-US comprehensive relationship. The deputy minister highlighted joint efforts in rolling out an action plan towards harmonious and sustainable trade with strong measures, contributing to building strategic trust between the two nations.

Việt Nam supports fair trade and has no intention to impose any measures that would cause discrimination, place a burden on trade activities, or harm the production and labourers in the US, he said. The Vietnamese Government will continue to cooperate with US partners to address issues of shared concern in a comprehensive manner, thus maintaining stable trade ties, towards harmonious, sustainable and mutually beneficial trade balance, Hải pledged.

As Vice Chairman of the TIFA Council, Hải called on the US to issue objective and fair assessments in line with WTO rules during investigations into trade remedies. He welcomed the US’ recommendations on Việt Nam’s legal framework, which he said helped to create an open business environment and bring benefits to both sides.

For her part, Shackleford highly valued the Ministry of Industry and Trade (MoIT)’s views on fair trade and acknowledged results of substantive, effective policy dialogues between the two countries. She said issues relating to economy, trade and rights of labourers will be priorities under President Joe Biden's administration, and the USTR will continue to hold working programmes with Vietnamese ministries and agencies within the dialogue framework of the TIFA.  LINK

According to the European-American Market Department under the MoIT, Việt Nam’s export value to the US expanded 230 per cent over the past five years, while the US’ exports to the Southeast Asian nation increased more than 175 per cent.

The US has become Việt Nam’s biggest buyer and Việt Nam is also the US’ 10th biggest trade partner.

Statistics from the General Department of Việt Nam Customs show that this year to September, two-way trade reached US$80.6 billion and the figure is expected to hit $100 billion this year. 

KTFA Members "News and Views" Friday 11-5-2021

KTFA:

Iobey777:  Wow!!!  This is HUGE news!!! IMO  The shackles have been removed!!

Samson:  The International Labor Organization removes the name of Iraq from its blacklist

04/11/2021 12:43:37

  The Ministry of Labor and Social Affairs announced, on Thursday, that Iraq had been removed from the black list of practical discrimination by a decision of the International Labor Organization.

The ministry stated in a statement that {Euphrates News} received a copy of it that "the Director-General of the Department of Labor and Vocational Training in the Ministry of Labor and Social Affairs, Raed Jabbar Bahed, held a meeting with the cadres of the Labor Inspection Department," and stressed "the need to activate the role of the inspectors in implementing the effective labor law."

Bahed said that "the department seeks to develop the capabilities of labor inspectors by including them in development courses held by the International Labor Organization," noting that "Iraq was on the black list because of discrimination in work sites, and after taking quick and appropriate measures, Iraq was removed from it." 
The Director-General explained that "the development of the labor inspector will reflect positively on the private sector and that the implementation of the labor law depends on the efforts made by the inspectors, and that the real tasks of the inspector are to check workers' wages, working hours, closings, layoffs, women's rights and combating child labor."   LINK

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BearCinnebar:  KTFA:  Well the country of Zimbabwe is going digital as well under the International Monetary Fund / IMF - and good to know the World Bank is working with them IMO:

Article quote:  "A strong digital foundation is the key to realization of government’s vision for smart government, agriculture, health, trade, commerce, education, transport, and cities, said Mukami Kariuki, World Bank Country Manager, Zimbabwe."

 World Bank:  PRESS RELEASE May 27, 2021

Digital Transformation Core to Boosting Zimbabwe’s Economy, Improving Services
https://www.worldbank.org/en/news/press-release/2021/05/27/digital-transformation-core-to-boosting-zimbabwe-s-economy-improving-services

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Bearcinnebar:  Digital transformation is happening with several countries it seems, right:  IMO

 IMF:  THE DIGITAL FUTURE

https://www.imf.org/external/pubs/ft/fandd/2021/03/pdf/fd0321.pdf

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Bearcinnebar:   We received some information from the "horses' mouth" with a Global Compliant Bank - contact that these currencies are trading with Forex on the inter-bank market now, and then go to the Teller / Window or called Retail side of the banks NEXT for TRAVEL AND EXCHANGE!  Of course they can not be specific.  IMO

 Question is:  Will Zimbabwean Dollars be exchangeable?  Well they do say on the notes:  "Pay to the bearer on demand".  We will see.  Very interesting. 

A dual citizen/US - Africa on Twitter:  Said he reached out to a contact in Africa:  they do not know how the Trillion notes will be handled.  Maybe do not buy those.  The other notes are OK he said.  Well okay.  IMO

Thank you for our studies with KTFA - and we have much work to do with these blessings!

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Samson:  Economist: Reducing The Dollar Exchange Rate Is Exclusively In The Hands Of The Governor Of The Central Bank

4th November, 2021

The economic expert, Nabil Jabbar Al-Ali, confirmed, on Thursday, that the decision to change and determine the foreign exchange rate is in the hands of the Governor of the Central Bank exclusively, noting that the bank is responsible for monetary policy.

Al-Ali said, in a statement to "The Information", that "returning the dollar exchange rate to its previous state is the exclusive competence of the Governor of the Central Bank, and there is no government or regulatory authority involved in this."

He added, that the Central Bank is able to take a decision to change the price without restrictions or conditions, as it is independent and is responsible for drawing monetary policies in Iraq.

Al-Ali pointed out that “the government and parliament cannot force the central bank to change the foreign currency exchange rate.”

The economic expert, Younis Al-Kaabi, had confirmed earlier, that the central bank can gradually reduce the price of the dollar.  LINK

Samson:  Al-Kadhimi's advisor recommends converting Kuwait's compensation to savings and investment

5th November, 2021

The Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, recommended, today, Friday, that the deducted financial flows of Kuwait’s compensation be converted to savings and investment.
 
Salih said in a statement to the Iraqi News Agency (INA): "The fund that has been going outside the national economic cycle in the form of war compensation since 1996, and amounted to $52.4 billion, will turn its deducted annual flows to serve the interest of the national economy, especially in achieving a financial space in  the resources of Iraq, with an average of no less than two billion dollars annually, according to the current oil prices, to contribute enhancing Iraq’s financial sustainability”.

He added: "I find it necessary to maintain the path of the transformation of the corresponding amounts of compensation to be savings that flow into the national economic cycle, especially the trend towards financing income-generating investment projects, which is a positive cumulative development process that contributes to promote growth in GDP at accelerated rates, after the war compensations constituted a negative deduction and a drain on the national income cycle and over the past three decades, as Iraq paid a high direct price to war compensation and the costs of inspection teams, and indirect costs represented in the destruction of Iraq’s infrastructure due to the operations of the previous Gulf War, reckless war conflicts and disruption of economic growth opportunities that all formed the costs and burdens may be ten times more than the compensation amounts mentioned.”
 
Salih concluded that "The shift from the political economy of the war that Iraq fought between the years of 1990-2003 towards the political economy of peace means a shift towards development, progress, stability and building prosperity in a new Iraqi era."
 
Earlier, The Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, had confirmed that Iraq would end Kuwait's compensation file in early 2022, while revealing the size of the financial compensation paid by Iraq during the past three decades.  LINK

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Samson:  Iraq Begins The First Steps To Join The World Trade Organization

2nd November, 2021

The Federation of Iraqi Chambers of Commerce revealed, on Tuesday, a “road map” to joining the World Trade Organization, calling for the amendment of some important laws in preparation for obtaining membership in the World Trade Organization.

The head of the Union, Abdul Razzaq Al-Zuhairi, said in an interview seen by "The Information", that Iraq has been seeking for ten years to obtain membership in the World Trade Organization through holding intensive meetings with the competent authorities to discuss this file.

Al-Zuhairi summarized Iraq's needs to join this organization with three points. The first includes amending some laws and setting plans that jump the country from 172 to 120, according to the global ranking, and second, the World Bank's indicators for the country must be positive.

He added, “As for the third point, it confirms that the country’s budget is approved without some of its paragraphs being challenged by the Federal Court, in addition to the need for its law to include a number of strategic projects,” noting that “Iraq is characterized by an investment environment, money and a location that qualifies it for economic progress, as well as joining this organization will improve Iraq's image among the countries of the world."

Regarding the union’s membership of the Executive Committee of the Federation of Arab Chambers of Commerce, Al-Zuhairi affirmed that it “will contribute to Iraq’s entry into the Arab economic system after it was absent from it for a long time, pointing out that the step will serve the economy through Arab trade exchange operations and the movement of transport and transit.”

And about the meeting of the Arab Chambers of Commerce, which was hoped to be held in Baghdad this month, the head of the Federation of Iraqi Chambers of Commerce stated that “countries requested a postponement due to the conditions in the region or in Iraq, which gave an indication and a non-positive impression on the country’s economy.”   LINK

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Samson:  Expert: Demand For Oil Will Rise, And The Price Of A Barrel May Exceed $100

4th November, 2021

The economic expert, Ihsan Al-Kinani, said, on Thursday, that the price of a barrel of oil may exceed the $100 barrier during the next year, pointing out that global indicators confirm a significant increase in demand for oil.

Al-Kinani said in a statement to "The Information", that "the major international companies confirmed the increase in demand for oil and fuel in general, especially after the return of factories and commercial competition again after the closure caused by the Corona pandemic."

He added that "the British Oil Company (BP) has made it clear in one of its reports that the daily demand for oil has exceeded 100 million barrels, and this demand is likely to increase with the return of global air traffic to its normal level."

Al-Kinani said, "Oil prices will likely increase and cross the $100 threshold during the next year, especially some dollars suffering from a lack of fuel with the return of life to normal, the restart of its factories and the emergence of other competitors in the commercial and industrial fields in various countries."   LINK

Thursday Night KTFA CC with Frank26 "Only The CBI Governor" 11-4-2021

KTFA

Thursday Night KTFA CC

11-4-21….ONLY THE CBI GOVERNOR

THIS VIDEO IS ALL IN FRANK'S OPINION

Frank’s team is Walkingstick, Petra, MilitiaMan and Eddie in Iraq

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=ZGpvC9xbJxQ

MilitiaMan "The Reset Is Coming" Thursday 11-4-2021

KTFA:

Samson:  The world's largest trade agreement enters into force

4th November, 2021

The Secretariat of the Association of Southeast Asian Nations (ASEAN) announced that the Regional Comprehensive Economic Partnership Agreement, the world's largest trade agreement to date, will enter into force on January 1, 2022.

The secretariat said in an announcement issued yesterday, Wednesday, that it had received instruments of ratification of the agreement from 6 ASEAN member countries, namely Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam, in addition to 4 non-ASEAN signatory countries, namely Australia, China, Japan and New Zealand.

"The rapid ratification by the signatories is a true reflection of our strong commitment to a fair and open multilateral trading system for the benefit of the peoples of the region and the world," said ASEAN Secretary General Dato' Lim Guk Hui.

The Secretary-General stressed that the implementation of the agreement will provide a huge boost to economic recovery efforts in the post-Coronavirus era.

The agreement signed in November last year is a huge trade deal between the 10 ASEAN member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, as well as China, Japan, South Korea, Australia and New Zealand.

The procedures require the ratification of at least 6 ASEAN countries and 3 of the other 5 non-members for the agreement to enter into force.

Once in effect, tariffs on up to 90 percent of goods traded between its signatories will be eliminated over the next 20 years.  LINK

Eaburns:  NOT ON A PROGRAM RATE

MilitiaMan:  I have been talking about this very thing.. POST CORRONA VIRUS... The UST has been using this same language.. The MASK of COVID-19 is about to come off.. imo.. The RESET is coming.

The IMF is talking about the need for Central Banks to raise interest rates. Raising interest rates now would crush many countries as they cannot afford to, yet. ESPECIALLY THE USA and CHINA!!

They need to adjust to the new system that the DIGITAL TRANSFORMATION has instore for us.  Take note that Iraq has a new digital system in place now. We saw proof of that Sunday 10/31/2021.. Iraq is not waiting until next year. Rate comes before activation.

The same day 10/31/2021 the CBI stated that digital payments are imminent! Thus, the they intend to change the exchange rate, imo.

Today they tell us the have been removed Iraq from the "Follow Up" area, in respect to money laundering operations (AML)  and they signed a contract with the IMF.. In other words, they just may finally have the green light to light up those digital payments and not with a program rate..

We shall see. imo There is nothing stopping the CBI now.. It is their baby, not the GOIs.. eos.. imo ~ MM

It is not all about Iraq, it is far bigger than that (see below). So for those that suggest 2022 era for a rate change may be short sited, because the thought that it is only about Iraq is not considering the Digital Transformation that is upon us now, not later.. There are no "trends to reduce the national currency.. Exactly.. They intend to go back to the previous era!! imo ~ MM

P.S. BINANCE PLATFORM has stopped trading cryptos in many countries. Thinking out side the box.. The digitial transformation is not going away anytime soon.. lol imo ~ MM

LINK

A global platform for the cryptocurrency exchange stops its operations in Iraq and several countries

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IMF

https://www.imf.org/ar/Publications/REO/MECA/Issues/2021/10/14/regional-economic-outlook-october

"Any additional support should be targeted precisely at the eligible, and central banks may have to raise interest rates if inflationary expectations start to build. Improving policy frameworks will be necessary to reduce policy trade-offs. Preparing for a new phase by investing in transformative recovery will be critical to the region's future".

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A tribute to the Central Bank's measures against money laundering

Banking and financial expert, Rajaa Bandar, praised the government’s efforts to confront money laundering crimes, praising the role played by the Central Bank to avoid the banking sector in particular and the Iraqi economy in general, the negative effects of money laundering and terrorist financing crimes, which led to Iraq’s exit from the “follow-up area.” .

national strategy

Al-Bandar said, "The Central Bank has a major role in deterring money laundering operations, as it issued the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015, establishing the Anti-Money Laundering and Terrorist Financing Office and granting it complete independence and the power to receive reports and refer them to the judiciary, and to issue instructions rules Customer Due Diligence for Financial Institutions (Banks and Non-Bank Financial Institutions) No. 1 of 2017 and the issuance of the 2016 Terrorist Funds Freezing Committee Regulations.

The Bank also issued a national strategy to combat money laundering, as well as acceding and ratifying the International Convention for the Suppression of Terrorism, and concluding international cooperation agreements for the exchange of information and legal assistance regarding the recovery of terrorist funds, in implementation of the decision National Security Council.
international cooperation

The banking expert explained that among the important measures that the Central Bank has taken with the aim of defeating money laundering operations, is the signing of a contract with the International Monetary Fund, the legal department to provide technical support with regard to anti-money laundering legislation and procedures, as well as concluding bilateral memoranda of cooperation with the units. counterparts in other countries and with Iraqi institutions related to combating money laundering and terrorist financing.

Bandar indicated that the procedures also included "keeping pace with the technical development in the field of combating money laundering in accordance with internationally approved standards and lists, as well as training the cadres of the banking system to obtain accredited professional certificates in combating money laundering and terrorist financing (CAMS) issued by the Association of Certified Money Laundering Specialists. and Terrorism Financing (ACMES).

Follow-up area

The banking expert indicated that these important government steps, and as a result of the great progress made by the Central Bank and the Anti-Money Laundering Office in improving and addressing deficiencies, and for fulfilling all its obligations towards the directions of the International Financial Action Task Force (FATF), the group officially announced that Iraq had left the “follow-up area.” According to the report of the International Financial Action Task Force on the Middle East
(MENA FATF)

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FA # 1287

"We believe that the Finance Committee is unable to reduce the dollar exchange rate to what it was, considering that the Central Bank is an independent body in its monetary policy and fits the government's directions in what it presented in the white paper"

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LINK

Enrollment and digital transformation

31st October, 2021 by Qasim Al-Gharawi

Successful global experiences in the field of financial digitization are based on the existence of comprehensive national visions for digital transformation according to a gradual framework that supports this transformation.

Digital enrollment is an integrated digital financial system that enhances financial independence and freedom from traditional financial systems.

The Central Bank of Iraq announced the launch of the digital enrollment service, which is the first of its kind in Iraq.

This system is working to transform Iraq into a country less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial transactions within banks operating in Iraq.

Digitizing public finances enables governments to increase tax revenues, combat tax evasion, and help raise the efficiency and transparency of public procurement systems.

 This service is considered a “modern and different trend due to its many advantages, including conducting financial operations in a modern digital electronic way, which shortens time and geographical distances and lifts traditional barriers in the Iraqi banking sector.

Therefore, we must work and emphasize the need for an integrated vision of digital transformation in light of the rapid technological changes and developments in the world, on one side, and on the other hand, it is an attempt to control corruption and tax evasion.  

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Central: Launching a strategy that advances the reality of electronic payment

Sunday 31 October 2021  Baghdad: morning 

 Economists and specialists unanimously agreed on solidifying the banking system in Iraq to be an effective supporter of the economic development process, and at the same time the Central Bank confirmed the imminent launch of a payment strategy, in addition to the stability of the current exchange rate of the Iraqi dinar against the dollar. 

This came on the sidelines of the "Miri" conference, which was organized by the Middle East Research Foundation, and dealt in its economic detail the role of the financial sector in achieving development and standing up to the challenges it faces. President of the Middle East Foundation d. Dlawer Aladdin said: {Iraq is important to the countries of the region and contributes to achieving balance, which requires maintaining its stability}, indicating {the importance of benefiting from the experiences that despite the epidemic managed to achieve success in its economic sectors.} 

As for the Deputy Governor of the Central Bank of Iraq d. Ammar Hamad Khalaf indicated that the Central Bank is heading to launch a strategy for payments aimed at upgrading payment mechanisms to global and shifting from cash to electronic payment in cooperation with specialized international organizations, pointing out that “the citizen is interacting with this trend after the base of beneficiaries expanded from the settlement of salaries, for employees and retirees.

Khalaf said, "There are no trends to change the exchange rate and reduce the value of the national currency, and changing the exchange rate during close periods destroys the economy and has significant negative effects."

And he indicated that "since 2015, the Central Bank has provided lending initiatives to reach the real beneficiaries, and during the two years it has loaned 2,000 citizens to purchase housing units."

 the lending process

As for the head of the Association of Private Banks in Iraq, Wadih Al-Handal, he addressed the reality of the Iraqi economy, describing it as rentierism, and depositing 90% of revenues in government banks, pointing out that “banks cannot lend half of their capital.”

He pointed out that the initiatives of the Central Bank activated the lending process to the beneficiaries of the society groups, especially the youth,” noting that “the youth have orientations that serve the country through pioneering projects that have a positive impact on the economy and can benefit from successful experiences.”

He focused on the “detailed training and its role in refining young talents in various disciplines, in addition to paying attention to education, developing its tools and curricula, and consolidating all its pillars, as well as instilling the spirit of performance as a team to achieve success in the job".

 liquidity management

The money specialist, Hamila Abdul-Sattar Kurdi, confirmed that “the banking system operates according to the instructions of the Central Bank of Iraq and faces a number of challenges, foremost of which is the lack of public confidence in the banking system, as strengthening the public’s relationship with banks is an important step to raise the capabilities of banks.”

She pointed out that "communicating with the global financial sector represents an important step and creating an advanced banking sector capable of providing the best services to the audience of beneficiaries, pointing to the importance of advancing the reality of financial liquidity management in Iraq".

And she cautioned that «creating a database of the public of borrowers is necessary and enhances the financial services provided to the public».  link

https://www.scmp.com/business/companies/article/3154882/hong-kong-china-thailand-and-uae-explore-new-uses-mbridge

A multi-country central bank digital currency project involving mainland China, Hong Kong, Thailand and the United Arab Emirates is looking at various options to expand its use, including capital market transactions, which could cut the settlement time for securities traded between them to a matter of seconds, top officials said.

The possible uses for the “mBridge” digital currency platform is being expanded to 15, which now involves 22 private sector participants, top central bank officials from the participating states said during Hong Kong FinTech Week on Thursday.

The project’s original scope involved building a common platform to help cut settlement time and costs associated with cross-border payments. Currently most currency transactions are settled on a “T+2” basis, or two days after a trade is concluded. But blockchain technology has enabled near real-time settlement by reducing the layers of middlemen involved in processing the transaction.

The prototype has achieved good traction due to the strong political commitment from the four central banks, said Colin Pou, executive director of financial infrastructure at the Hong Kong Monetary Authority. “Also, blockchain provides the right technological tool to tackle issues that we could not handle in the past,” he said.

Apart from settling capital market transactions such as corporate bond issuance, the other potential applications include cross-border fund transfers linked to insurance transactions, e-commerce and wealth management products, according to the Bank of International Settlement Innovation Hub Centre in Hong Kong, which is providing support for the mBridge project.

The project is designed to target the pain points of the traditional correspondent bank arrangement, whereby processing fees for cross-border fund transfer for retail users can on average amount to as much as 7 per cent of a transaction’s value, according to the World Bank. With mBridge, that cost can cut by up to half, according to a report released by these four central banks in September.

Maintaining a high level of user privacy will also be a priority, according to Mu Changchun, director general of the People’s Bank of China’s (PBOC) digital currency institute.

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LINK

Iraq receives the largest tanker of oil derivatives in its ports

31st October, 2021

The Ministry of Transport / the General Company for Ports of Iraq announced, on Sunday, the entry of the largest tanker for oil derivatives in the port of Khor Al-Zubair in Basra Governorate. 

In a statement received by Mawazine News, the company's general manager, Dr. Eng. Farhan Al-Fartousi, said that the supertanker (STI SUPREME) entered the port of Khor Al Zubair, and it is considered one of the largest tankers that dock in the port, with a length of 250 meters and a draft of 9 meters. 

He added, that the strategy pursued by the Higher Ports Administration and under the directives of the Minister of Transport, Captain Nasser Al-Shibli, has set the broad outlines for a wide navigational and commercial movement and attracts the most important maritime transport companies and lines, stressing that the entry of large ships into Iraq's ports reflects the reassurance of the shipping companies to sail in the channels and sea lanes. In terms of depths, guidance, docking and take-off operations. 

Tuesday Night KTFA CC "CBI Gov Still Talking to Citizens" 11-2-2021

KTFA

Tuesday Night Video with Frank26

“CBI GOV STILL TALKING TO CITIZENS”

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Petra, MilitiaMan and Eddie in Iraq

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=Sr-srDWZ2R0

Monday Night KTFA CC "Welcome to the other Side" 11-1-2021

KTFA

Monday Night KTFA CC with Frank26

FRANK26…..11-1-21 WELCOME TO THE OTHER SIDE

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Petra, MilitiaMan and Eddie in Iraq

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

Frank is wearing orange and black tonight

https://www.youtube.com/watch?v=Xf2io48_iJk

KTFA Members "News and Views" Sunday PM 10-31-2021

KTFA:

Samson:  The Sadrist movement reveals a trend regarding the dollar exchange rate

28th October, 2021

The Sadrist movement, led by Muqtada al-Sadr, confirmed Thursday, its quest during the next stage to change the exchange rate of the dollar against the Iraqi dinar.

The leader of the movement, Riyadh Al-Masoudi, said, in a statement that followed (Al-Oula News), that "the Sadrist movement will work through the Sadrist Parliamentary bloc as well as the new Iraqi government to change the exchange rate of the dollar against the Iraqi dinar, as raising the exchange rate has a great impact on citizens, especially those with limited incomes. The fact that this rise affected the rise in food prices and other things in the Iraqi markets.”

And he indicated that "the rise in oil prices in the global market will be enough to provide financial abundance, instead of resorting to raising the exchange rate of the dollar, this is the economic solution, which Mustafa Al-Kazemi's government worked on," adding: "We will work to find other solutions other than him in a way that does not harm."

The Iraqi people, we are with the people in their aspirations and we will do everything that is in the interest of the people economically.”  LINK

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Samson:  Al-Hamidi: Reducing The Price Of The Dollar Is Related To The Economic Plan Of The Next Government

31st October, 2021

The Former Deputy of the Al-Fateh Alliance, Mithaq Al-Hamidi, indicated on Sunday that the decision to reduce the price of the dollar will be in the court of the next Government.

Al-Hamidi said in a statement followed by “Al-Ahd News” that “reducing the price of the dollar is related to the economic plan that the new government will come up with and oil prices, which if they remain at their current rates, it will be normal to reduce it.”

She added, "if oil prices fall with the increase in the fiscal deficit in the next budget, with the accumulated debts on Iraq, the dollar prices will remain at the same current rates."   LINK

Ryan1216:  Great! We just need the lip service (talk) fully backed by the action now. Hurry up!  

Clare:  YES... WE ALL WANT THEM TO HURRY UP!!! LOL  BUT THEY ARE DOING IT! imo

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Samson:  A government comment on the change in the dollar exchange rate after the rise in oil

31st October, 2021

Mazhar Muhammad Salih, the financial and economic advisor to Prime Minister Mustafa Al-Kazemi, commented today, Sunday, on the possibility of changing the dollar exchange rate against the Iraqi dinar, after the rise in oil prices.

Salih said, "Adjusting the dinar exchange rate in light of the improvement in oil revenues needs several requirements that the government must take. This requires the foreign currency to cover the local liquidity, and the superiority of foreign reserves over the cash reserve should not threaten the wealth of Iraq's foreign reserves." Shafak News.

He added that "foreign reserves should cover at least a number of import months, including at least 6 months, especially in the case of Iraq, which depends heavily on openness to foreign markets. If these factors are available, the issue of changing the exchange rate of the dollar against the Iraqi dinar can be studied."

It is noteworthy that the Iraqi government reduced the value of the Iraqi dinar against the US dollar in the Federal Budget Law for the year 2021, as the exchange rate of the dollar reached 1450 dinars to the dollar, after its price was 1200 dinars to the dollar.  LINK

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Samson:  Cabinet : Several countries have expressed their desire to invest in Iraq

29th October, 2021

The General Secretariat of the Council of Ministers confirmed today, Friday, that many countries have expressed their desire to invest in Iraq, while indicating that the government calls for bypassing bureaucracy and attracting investors.

A spokesman for the Cabinet Secretariat, Haider Majid, told the Iraqi News Agency (INA), that "the government encourages investment and calls for bypassing bureaucracy and attracting investors."

Majid added, "The government confirmed more than once, through the visits made by the Prime Minister and the ministerial delegation accompanying him to Arab and European countries, and during his reception of Arab and foreign officials in Iraq, that the doors of Iraq are open for investment, participation and active contribution to the reconstruction of Iraq in all sectors." 

He stressed, "There are many countries that have expressed their desire to invest in Iraq, in addition to the continuous and repeated assurances by the Secretary-General of the Council of Ministers to the ambassadors of Arab and foreign countries during his reception of them, that the doors of Iraq are open to them and that the land of Iraq is fertile for investment."  LINK

Samson:  Expect heavy resistance to oil prices before it reaches $90

30th October, 2021

 The oil expert, Hamza Al-Jawahiri, expected, on Saturday, a strong resistance to oil prices before one barrel reached $90.

  Al-Jawahiri told Al-Furat News, "Oil prices are global, and we expect oil prices to meet stiff resistance before they reach $90 per barrel."  He explained the decline in Basra crude and the variation in oil prices, to "the very large stock of speculators who are waiting for prices to rise as much as possible." Al-Jawahiri indicated, "It is in the interest of Iraq and the oil countries to deplete these oil reserves so that prices and natural production return to their level."

The price of Basra Light Crude declined to record a weekly loss, the first in two months, as the prices of oil raw materials fluctuated during the past week as a result of the shortage in demand and after the rise in gas and coal prices, which made oil prices less expensive on the one hand, and the rise in US crude stocks, and the economies of countries affected by the virus. Corona on the other hand.

Although Basra crude rose in its last session before closing Friday by 27 cents to reach $83.84, it achieved a weekly loss of 75 cents, or the equivalent of 0.89%. Brent crude also rose in its last session by 6 cents to reach $84.38, but it achieved a weekly loss of $1.15, or 1.34% in a week. The US West Texas Intermediate crude was also settled, up 76 cents, to reach $83.57 a barrel, but it also achieved a weekly loss of 19 cents, or 0.23%.   LINK

MilitiaMan: "Launch of the New Digital System" Sunday 10-31-2021

KTFA:

MilitiaMan:  We can see (see article below)  from this they have launched the new system.

The Central Bank has ANNOUNCED that they integrated the new digital system.

The system is to make way for a cashless society. Not a no cash society. Therefore, the implications suggest they'll be changing the exchange rate to reflect an internationally accepted rate that will be or is now digitized.

That will imo require Article 8 compliance and New Small Category Notes to facilitate trade down to the street vendors. 

There will be new digital equipment necessary to facilitate the new systems, new equipment in place now.

They ANNOUNCED they launched the new system... They also are now and have been talking about the change of the exchange rate..

 The GOI is to approve of an exchange rate change and they clearly seem to be. The job of lifting the exchange of the Dinar to the Dollar is the CBIs job... I like what we see here and the timing couldn't be better.. imo ~ MM

Samson:  Enrollment and digital transformation

31st October, 2021 by Qasim Al-Gharawi

Successful global experiences in the field of financial digitization are based on the existence of comprehensive national visions for digital transformation according to a gradual framework that supports this transformation.

Digital enrollment is an integrated digital financial system that enhances financial independence and freedom from traditional financial systems.

The Central Bank of Iraq announced the launch of the digital enrollment service, which is the first of its kind in Iraq.

This system is working to transform Iraq into a country less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial transactions within banks operating in Iraq.

Digitizing public finances enables governments to increase tax revenues, combat tax evasion, and help raise the efficiency and transparency of public procurement systems.

 This service is considered a “modern and different trend due to its many advantages, including conducting financial operations in a modern digital electronic way, which shortens time and geographical distances and lifts traditional barriers in the Iraqi banking sector.

Therefore, we must work and emphasize the need for an integrated vision of digital transformation in light of the rapid technological changes and developments in the world, on one side, and on the other hand, it is an attempt to control corruption and tax evasion.  LINK

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Samson:  Mazhar Saleh : The rise in oil prices revives investment... and the financial surplus to reduce unemployment

28th October, 2021

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said on Thursday that the rise in oil prices will reflect positively on the investment side, especially in the framework of Iraqi-Chinese cooperation.

Salih told Al-Masala that the Iraqi-Chinese cooperation framework agreement will be fed monthly with national resources, amounting to three million barrels out of the total monthly quantities exported to China, amounting to 25 million barrels of crude oil, according to the prevailing international oil prices.

In the opinion of the economic and financial advisor, there is a possibility to benefit from the surplus price of a barrel by containing the unemployment crisis in the country.

Saleh told Al-Masala that the surplus price of a barrel of oil in the budget should be taken advantage of, and after closing the financial deficit to investment projects, because of their paramount importance in containing the unemployment crisis in the country, employing manpower, and revitalizing this sector.

He added: The percentage of the surplus is transferred to investment projects and to enable the stalled projects, which amount to 6000 stalled projects, which vanished after huge sums of money were spent on them. He pointed out that restarting the projects under the current dollar exchange rate and changing global costs would be an additional cost to the state.

According to official data, unemployment rates in Iraq have risen to unprecedented levels in three decades, despite the country's huge oil wealth.    LINK

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MilitiaMan:  This is part of the security they need to support the value of the DINAR..

They are mentioning that to restart the projects at the current dollar exchange rate would be an additonal cost to the state. Hence, support again for the new exchange rate to be implemented now and not later. 

Which is supported by the CBI ANNOUNCING they launched a new digital system today.. (see article above)

One that is the first of it's kind.. That launch will require a level playing field and you can bet that is going to happen whether anyone likes it or not.

The digital international taxation has been approved and the UST even said so yesterday.  It sure looks like there is a go time and it looks like today could surely be a turning point.

Lets see what the days bring..~ MM