KTFA Members "News and Veiws" Sunday PM 11-21-2021

KTFA:

Frank26:  "THE GRADUAL INCREASE IN THE IQD EXCHANGE RATE HAS ALREADY OCCURRED  AND THE CBI EDUCATION EXPLAINED IT TO THE CITIZENS....... YOU ARE NOW GOING TO BE MOVED TO 1000-1 TO BRING IT BACK TO 1-1".......F26

 A financial official determines the possibility of changing the dollar exchange rate in next year's budget

16th November, 2021

The (former) Director of the Financial Supervision Bureau, Salah Nuri, has determined, on Tuesday, the possibility of restoring and considering the previous dollar exchange rate.

Nuri said in an interview with "Mawazine News" that "according to our information, the general budget for the next year is not much different from the budgets of previous years, in terms of financial allocations and disbursement, as they will be followed by the same mechanism, and that the method of preparing it and the financial and spending ceiling is similar."

He added, "There is a possibility to reconsider the dollar exchange rate gradually, and that the return will not be in the same way it was changed," noting that "the exchange rate remains on its status in the 2022 budget." He pointed out, "The rise in the exchange rates of the dollar greatly affected the living situation of citizens, and that the benefit was obtained only for the Ministry of Finance by increasing its financial liquidity and disbursing salaries without the need to borrow."

He pointed out that "the currently approved exchange rate reduced the ability of the Iraqi citizen (the employee) to purchase by 48%, while the fragile classes were the most affected."   LINK

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Samson:  Masrour Barzani: The Kurdistan Region can be a gateway to goodness for all of Iraq

21st November, 2021

The Prime Minister of Kurdistan Regional Government, Masrour Barzani said on Sunday that the region can be a gateway to goodness for all of Iraq.

In a statement to reporters on the sidelines of the Manama Forum, Barzani said, "We always say that the Kurdistan Region can be a gateway to goodness and blessing that will benefit all of Iraq."

He explained that, "in terms of security and economics, the region is in a more advanced stage, and we hope that this step will be a catalyst for the rest of Iraq to advance the economy in the country."   LINK

MilitiaMan:  Sounds like the Region has her act together. The Forum in Dubai was about Advanced Technologies, Artificial Intelligence in Finance, Interest Rates, Foreign Currencies, Mind stability for leaders, Block Chain, etc.. The 600-800 conferee's were there to trigger implementation of it all. Sounds like it was a success... More to come in Forum wise in Bahgdad the 22nd and 23rd from the sounds of it. ~ MM

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Samson:  The Central Bank publishes the controls for declaring funds

21st November, 2021

Today, Sunday, the Central Bank of Iraq published the controls for the declaration of funds

The Central Bank stated in a statement received by "Al-Iqtisad News", that this came "in order to reduce the risks of entering and taking money across the Iraqi borders and exploiting this in money laundering or terrorist financing operations, and based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015, and the provisions of Regulations No. 1 of 2019 (amended to Regulations No. 1 of 2017)

The Central Bank decided to allow the entry and exit of sums less than 10 thousand US dollars or its equivalent in other currencies without declaring them

As well as allowing the entry and exit of amounts exceeding 10 thousand US dollars to 20 thousand US dollars, provided that they are declared with the need to show what supports the purpose of entering and removing these amounts, and in the event that the supporting documents are not available, the traveler submits an undertaking to bring those documents within 30 days from the date of declaration

The Central Bank decided to prevent the entry and exit of amounts exceeding 20 thousand dollars or its equivalent in other currencies. The process of entering or taking out these amounts is through the financial institutions exclusively

It also prevented the entry and exit of sums of more than one million Iraqi dinars, even if it was declared, and the amount is seized and legal measures are taken against him

In the case of gemstones and precious metals, they must be declared if their value exceeds 10,000 dollars, according to the statement

The statement stressed the procedure for "declaring the bearer's negotiable financial instruments or transferring them inside or outside Iraq through a person, mail service, shipping service or any other means, whose value exceeds 10 thousand dollar   LINK

Samson:  The highest among the Gulf countries.. International Monetary: Iraq will achieve economic growth this year

21st November, 2021

The International Monetary Fund expected that Iraq will achieve the highest economic growth among the Gulf countries during the year 2021.

The Fund said in a table seen by / Mawazine News /, that "Iraq is expected to achieve economic growth for the year 2021 that is higher than the rest of the rich Gulf countries." With oil, by 3.6 percent," he added, adding that "the economic growth of the Arab Gulf states and the countries neighboring Iraq will witness unevenness."

And he indicated that "Saudi Arabia is expected to witness an economic growth of 2.8%, Oman to witness an economic growth of 2.5%, Qatar to witness an economic growth of 1.9%, Kuwait to witness an economic growth of 0.9%, and the UAE to witness an economic growth of 2.2%." LINK

KTFA Members "News and Views" Saturday Evening 11-20-2021

KTFA:

Samson:  An international economic alliance warns Iraq and stresses the continuation of the white paper

11/19/2021 17:25:01

  A statement was issued by the Iraq Economic Contact Group of the Group of Seven, the European Union and the World Bank by the end of the Italian and European joint presidency of the group.

And the statement stated that {Euphrates News} received a copy of it: “By the end of the joint presidency between the European Union and Italy, the members of the Economic Contact Group for Iraq express their satisfaction with the continuation of the dialogue with the Government of Iraq, which we congratulate on the side of the Iraqi people, on the parliamentary elections that took place on 10 October 2021.

He added, "The reports of independent observers encourage members of the Economic Contact Group for Iraq, which states that the electoral process has witnessed a remarkable technical and procedural improvement compared to the previous elections in Iraq."

The Iraq Economic Liaison Group called on "all parties to resolve any election-related disputes that may arise peacefully through existing legal channels. The group hopes to quickly form a government that maintains the priority of economic reform, and addresses the structural challenges that Iraq faces." And she pointed out that "despite the current recovery in oil prices, which provides the Iraqi state and its economy with more revenues, the heavy dependence on oil exports is not sustainable in the long term, with the decline in global demand for hydrocarbons."

The coalition indicated that "economic reform, as stated in the government's white paper, is required to ensure diversified and inclusive growth, create sustainable job opportunities for the growing youth group, enable the private sector to thrive and serve the economy, and ensure macroeconomic and financial sustainability in response to external shocks." "These fundamental reforms should be implemented in conjunction with policies in the interest of human capital development, climate change mitigation and adaptation, and provision of basic services," he stressed.

The group called on the leaders of Iraq and the future government to give priority to reforms and to ensure that the reform process is implemented quickly, noting that "the Iraqi government's white paper continues to be an important tool in continuing to achieve these reform goals." The Iraq Economic Contact Group reiterated its commitment to support the Iraqi government in its reform efforts.
 
It is noteworthy that the Iraqi Economic Contact Group, launched by the Group of Seven, the European Union and the World Bank on October 22, 2020 in London, is an international coalition that supports the efforts of the Government of Iraq to advance the implementation of pivotal economic reforms.  LINK

ATFInfinity:   give priority to reforms and to ensure that the reform process is implemented quickly, noting that "the Iraqi government's white paper continues to be an important tool in continuing to achieve these reform goals."the Iraqi Economic Contact Group, launched by the Group of Seven, the European Union and the World Bank on October 22, 2020 in London,

ATPInfinity:  THE HEAT IS ON!!!!!!!!!!!!!!!!!!!!is an international coalition that supports the efforts of the Government of Iraq to advance the implementation of pivotal economic reforms. Thanks SAMSON UPDATE

Tivon:  This is very encouraging. Wouldn't be surprised as to what happens over the next several days brings us to the conclusion of this investment given the urgency being displayed here from these economic juggernauts. Imo.

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Samson:  New international praise for the Iraqi government's reforms

20th November, 2021

The Iraq Economic Contact Group, which includes the seven countries, the European Union and the World Bank, praised the economic reform steps adopted by the Iraqi government in accordance with the White Paper plan.

The group stated, according to a statement by the Ministry of Finance, that "the Iraq Economic Contact Group welcomed the success of the democratic electoral process in Iraq, and expressed his hope for the formation of a new government that would take upon itself the completion of the economic and financial reform program."

ATPInfinity:  FORM NEW GOVERNMENT = COMPLETE REFORM PROGRAMRATE/DATE BEFORE????

Samson:  Vietnam : Measures sought to promote development of smart banks

20th November, 2021

A workshop on developing smart banks in the process of industrialisation and modernisation by 2030 took place on Thursday in the framework of the third Industry 4.0 Summit and Expo.

In his opening remarks, deputy head of the Party Central Committee’s Economic Commission Nguyễn Đức Hiển said the Politburo’s Resolution No 52-NQ/TW determines the financial-banking sector as one of the priority sectors in digital transformation.

The Governor of the State Bank of Việt Nam (SBV) issued Decision No 810/QD-NHNN approving a plan for digital transformation of the banking sector by 2025, with a vision to 2030, focusing on developing a digital and smart banking system. 

According to Deputy Governor of the SBV Phạm Tiến Dũng, digital transformation of the banking industry has achieved positive results. The central bank has reviewed and issued legal regulations to meet the digital banking model, digital banking services, innovation activities, application of new technological achievements, data protection, rights and legitimate interests of customers. 

The achievements of the 4th Industrial Revolution have been widely applied to core banking services. Mobile payment has grown rapidly with 90 per cent in quantity and 150 per cent in value.

According to McKinsey's research, many Vietnamese banks have over 90 per cent of transactions on digital channels, and the country is among the regional nations seeing the highest digital adoption rate in the banking industry, creating opportunities for banks.

In addition, a digital payment and digital ecosystem has been established by connecting digital banking services with most other digital services in the economy, providing seamless experiences in all fields and utilities for users in digital services.

Dũng said the plan for digital transformation of the banking industry aims to develop digital banking models, increase utilities and improve the customer experience.

To realise the targets, the central bank will prepare resources for digital transformation and continue to improve the legal framework to facilitate the process.

The central bank will also focus on developing digital infrastructure, connecting and sharing the banking sector’s data with other sectors, developing digital banking models, applying technologies to provide products and services in a safe and convenient manner with low cost, and ensuring safety and cyber security as well as rights and legitimate interests of customers.

Delegates also debated smart bank development in the world and in the region, and the need to switch to a smart banking model, strategies and comprehensive solutions to promote the development of smart banking, and measures to ensure security and safety of information systems.  LINK

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Samson:  Vietnam : Turning the stock market into main medium and long-term capital channel

20th November, 2021

After 25 years of development, the Vietnamese stock market is playing a more important role in attracting capital, supporting the commercial banking system. Therefore the target is to turn the market into the main channel of medium and long-term capital for the economy.

At the seminar “The stock market: Releasing resources for businesses, profitable investment channels and assets" launched by Báo Đầu tư (Investment Newspaper) on November 18, Nguyễn Đức Chi, Deputy Minister of Finance, said that the ministry is working with other ministries to report to the Government and the Prime Minister on the development strategy of the country’s stock market to 2030, with an outlook to 2045. 

The fundamental factors for creating the strategy are based on the country's socio-economic development, the Party's orientations and resolutions, and the Party's guidelines and policies.

The general target is to build and develop the stock market into the main medium and long-term capital channel for the economy, Chi said. The 25 years of development show that the stock market is playing a more crucial role in attracting capital, supporting the commercial banking system.

In the past, before the establishment of the stock market, the short, medium and long-term capital channels were banks’ responsibility. Now the stock market accounts for a larger proportion in the capital channel.

The perspective of market development should refer to synchronous and unified development of the financial market, associated with innovation in the growth model and economic structure and linking with the global market and economy. 

In addition, it has to be developed on the basis of technology and requirements of digital transformation. "The stock market needs to link with the regional stock market, integrate with the international stock market, and apply the right international practices and standards to develop the Vietnamese stock market," Chi added.

The stock market will develop in depth and market quality and liquidity, with the target of reaching at least 85 per cent of GDP (adjusted) by 2025, and 110 per cent of GDP in 2030.

For bonds, it aims for 47 per cent of GDP in 2025 and 58 per cent of GDP in 2030, with a reasonable structure of stocks, corporate bonds and government bonds.

Regarding the derivatives market, the target is achieving a growth rate of 20-30 per cent/year, with the number of investors reaching 5 per cent of the population by 2025 and 8 per cent in 2030.

To organise the market effectively, the Việt Nam Stock Exchange will be established, restructuring the model of parent and subsidiary companies. The Prime Minister and the Ministry of Finance have reached a consensus on preparing for the model of the Việt Nam Stock Exchange to go online as soon as possible. 

In addition, the Việt Nam Securities Depository Center will be reorganised and changed to the Securities Depository and Clearing Corporation, synchronising securities trading and payment technology, and aiming to upgrade the market under MSCI’s and FTSE’s standards before 2025.  LINK

Friday Night KTFA CC "The Three" 11-19-2021

KTFA

Friday Night KTFA CC

FRANK26……11-19-21......THE THREE

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=ZzTBiTJDhT8

" Iraq Financial News" Posted by Samson Wednesday 11-17-2021

KTFA:

Samson:  Demands to revaluate the dinar, the government responds

13th November, 2021

Devaluating the Iraqi dinar in the 2021 budget has stirred the discontent of the public, and economic and financial experts alike. In spite of the warnings from its negative economic and social reverberations, the Iraqi Ministry of Finance ascribes it a breakthrough amid a stifling economic crisis that has struck the country.

Last December, the Central Bank of Iraq (CBI) opted to raise the exchange rate of the U.S. dollar from 1,182 dinars to 1,460 dinars to alleviate the ramifications of the plummeting oil revenues, bringing down the value of the Iraqi national currency and the purchasing power immediately. 

As oil prices gradually climbed beyond the 80 dollars a barrel threshold, citizens and economists voiced demands to revaluate the dinar in next year's budget or mitigate the impact of its devaluation on the community. "The rise is an outcome of a white paper that organizes the process over three to five years.

They deem it a part of the economic reform process for the financial situation and banks," economist Bassem Jamil Antoine told Shafaq News agency, "the state cannot change its currency. Still, real reform that serves the poor classes is essential."

“The currency rate is not as vital as compensation for the poor classes, which constitute the bulk of the population; social welfare, ration card availability, and job development are all critical," he said, "unemployment and poverty rates skyrocketed due to lack of job opportunities in the public sector. On the other hand, the private sector is frozen and unable to function properly."  "The recovery of oil prices must compensate for the people, address the deficit, and provide job opportunities for unemployed youth. This will reinvigorate the market, put an end to corruption, and activate the private sector," he said.

Gradual Revaluation 

Economist Dhurgham Mohamed Ali said that revaluating the dinar shall be contingent upon several factors, "The exchange rate of the dollar should be gradually reduced to 1,300 dinars while keeping an eye on the cash transactions to preclude creating a black market, dollar smuggling, and tighten the control over imports." "The outcomes of the devaluation were detrimental. The inflation rates grew, poverty rates soared, while development rates remained static and foreign currency smuggling exacerbated," Ali added.

Neglecting the private sector

"The government has not contributed to reducing the poverty gap and unemployment after raising the dollar rates that inflicted all the strata of society," trader Amir Mohammed al-Hasani told Shafaq News agency, "Its concern was how to pay the salaries of officials and ministers without considering the negative aspects of the devaluation."

"The government should have combated the widespread corruption in the Iraqi state, revived the private sector by eliminating the obstacles hindering its growth and activating laws that would provide support and protection to this important sector," al-Hasani said. "The rise in the dollar has hurt us as foodstuff prices have risen to more than 30% despite the steady salaries we earn," Hussein al-Khafaji, an employee of the Ministry of Education, told Shafaq News agency. "My salary ends by the middle of the month, forcing me to look for another job to meet the needs of the family," he said, calling on the government to revaluate the dinar.

For its part, a government source told Shafaq News agency that the dollar rates will remain unchanged in the fiscal year 2022. "There is no change or incident that causes the exchange rate to change," the source said, adding, "the Ministry of Finance has confirmed this." "Over the previous nine months, the ministry has constantly followed the indicators of devaluation against the dollar," the Ministry of Finance stated on October 5, 2021.

The exchange rate alteration has contributed to a rise in the Central Bank's foreign reserves to 60 billion dollars in April 2021, up from 54 billion dollars in December 2020.

According to the Finance Ministry, the currency rate shift also helped "reduce the demand for foreign currency, lower the dependence on imports, and enhance local production." "In the context of the crisis, there has been a clear recovery in corporate activity in the last nine months of this year," the Finance Ministry stated. 

According to the ministry, it is working to "reinvest the revenues of the funds achieved to build a target production base outside the oil sector and rely on other sectors, which will contribute to the decline in demand for the dollar as a result of compensating some of the goods produced."

Since the current government's formation, the ministry has adopted plans and mechanisms to reform Iraq's fiscal policy, culminated in adopting the "White Paper", which outlined future economic and financial policy steps to promote domestic production and reduce imports for the country.  LINK

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Samson:  FinTech in Iraq

17th November, 2021

One of the most significant worldwide developments during Covid-19 was the increase in consumer engagement in financial markets, many for the first time especially in Iraq. The coronavirus outbreak has acted as a catalyst for a digital revolution facilitated by financial technology (fintech).

As Iraq recovers from the Covid-19 epidemic, the city's technology industry is booming with enthusiasm in the "new normal" economy, assisting corporations and people in tackling new business models.

In the rest of the world contactless payment has risen significantly, more People are adopting digital payment in their daily lives. Except for Iraq which still lacks the will power of the people to use Bank Cards in the first instance to make payments, this is due to lack of confidence in the financial regulations in Iraq.

The fintech space is not subject to specific legislative and regulatory provisions in Iraq as this is a new and emerging Market.

Fintech Entities are subject to specific complex ambiguous laws and regulations applying to banks, financial institutions, and insurance companies if they carry out such regulated activities.

Entities must seek legal guidance before operating in Iraq to determine any special registration or authorisation requirements, which vary depending on whether the fintech engages in a regulated business such as electronic payment services, which requires a license from the Central Bank of Iraq.

When considering operating in the FinTech Market of Iraq, it's best to consider the below legal Acts and precedents.

Iraqi Banking laws and regulations:

Central Bank of Iraq Regulation (28/2/1994);

Central Bank Law (56/2004);

Banking Law (94/2004);

Financial Investment Companies Regulation (6/2011);

Central Bank of Iraq Regulation (611/14 of 2019)

Central Bank of Iraq Regulation (1/2018) as amended by Regulation 30/12/2019.

Iraqi Technology laws and regulations:

E-signature and E-transactions Law (78/2012); and

Electronic Payment Services System Regulation (3/2014)

Iraqi Technology laws and regulations:

E-signature and E-transactions Law (78/2012); and

Electronic Payment Services System Regulation (3/2014);

Other Iraqi laws and regulations:

Civil Code (40/1951);

Penal Code (111/1969);

Companies Law (21/1997);

Capital Markets Interim Law (74/2004);

Insurance Business Regulation (10/2005);

Consumer Protection Law (1/2010); and

Anti-money Laundering and Counter-Terrorism Financing Law (39/2015).

Iraq has not enacted a specific law to govern the fintech space but there are some legal doctrines which may apply to certain regulated activities carried out by fintech entities, e.g., "The provision of electronic payment services". Based on the Electronic Payment Services System Regulation (3/2014), the providers of electronic payment services must obtain a licence from the Central Bank of Iraq (CBI).

The Supplier

The Central Bank of Iraq should issue a license to the supplier of such services. The license is valid for five consecutive years and can be renewed by the Provider by submitting a written request to the Central Bank of Iraq 90 days before the license expires.

The Supplier must be a legal entity that has the organisational and technical skills to operate the required mechanism, takes all measures to secure and protect electronic transactions, ensures that the Central Bank of Iraq can enter the used system at any time for supervision and control purposes, and has submitted an economic feasibility study to the Central Bank of Iraq.

The Benefactor may designate an agent or agents and authorise them to provide electronic payment services. The Provider must disclose to the Central Bank of Iraq all agent information, including name, address, internal control methods utilized by the agent, description of the services supplied by the agent, and any other information deemed required by the Central Bank of Iraq. The agent's identity will be entered in a public record at the Central Bank of Iraq, and the Provider is required to notify the Central Bank of Iraq of any changes connected to the agent to be corrected in the above-mentioned record. The following duties of the Provider are specified in Article 16 of the Regulation (list of duties are provided in Annex 1).

If the Benefactor offers electronic payment services through mobile phone "App", he is required to

Sign formal agreements with mobile operators and send copies to the CBI.

The payment procedure will take place within Iraq and in local currency which is Iraqi Dinars (IQD).

Account settlement via the instantaneous overall settlement system, or through a guarantor bank in the absence of a settlement bank account.

Responsible authority to enforcing the applicable laws and regulations?

The CBI is responsible for granting licences to institutions that conduct banking operations and to electronic payment service providers.

The Iraq Securities Commission is responsible for supervising the Iraq Stock Exchange and issuing laws relating to investment management activities and investment advice for brokers, banks, and securities companies.

As outlined by the Decision 14/611 of 2019 on governance and institutional management of information and communication technology in the banking industry, the Central Bank of Iraq has taken a favourable stance toward fintech. When interacting with cloud computing service providers, this judgment establishes certain standards that banks, financial institutions, and other licensed institutions must follow. Furthermore, the Electronic Payment Services System Regulation (3/2014) allows non-bank payment service providers to offer electronic payment services subject to a licence from the Central Bank of Iraq.

The Iraqi Central Bank has a negative perception on the use of cryptocurrency. It barred the usage of cryptocurrencies, which are subject to sanctions under the Anti-Money Laundering and Counter-Terrorism Financing Law.

Fintech Industry in Iraq

The fintech business in Iraq will become massive in the upcoming years however it is currently limited to a few sub-sectors.

Online shopping, trading and electronic services, and smartphone applications are some of the "Hot" growing Information system fields that are maturing progressively.

In comparison to other nations in the middle east, Iraq is sluggish to adopt fintech, and overall investment in fintech market and the passage of associated regulations is low. This is attributable to a variety of reasons, including the following:

The significant number of the unbanked population - according to a World Bank Group only 23% of Iraqi households have access to a financial institution's account. However, we do see a change regarding government employees who are now getting paid Via Master Card & bank accounts rather than the old cash payment procedure.

The relative cost of internet and mobile services to income, which limits demand for digital financial services

Due to worries about the security of online payments, Iraqis prefer cash on delivery in e-commerce transactions.

Although the use of mobile and electronic payment systems is growing, it is still not as widespread as it is in other nations in the region. Cash payment up on delivery when ordering goods online and money transfer "hawala" are the most prevalent payment options, with credit cards being used infrequently. Iraq's primary underdeveloped areas are e-commerce (food, real estate, shipping, transportation, and travel services), e-banking, and digital payments.

Managing deposits and cash withdrawals through automated teller machines (ATMs), as well as executing electronic debit and credit payments, are among the electronic payment services authorized in Iraq. These electronic payments are performed using any type of digital communication and information technology, such as a network operator acting as a middleman between the user and the service provider, or any other receiver, via mobile phone transfers.

Electronic payment service providers with an Iraqi license may also facilitate to acquire bank loans that are delivered directly to the user's credit card.

The typical structure of fintech companies

The E-signature and E-transactions Law governs electronic transactions in Iraq. Online and technology enterprises, on the other hand, are not regulated in Iraq. This means that unless they have a physical office address in Iraq, e-commerce sites and mobile applications are not legally deemed enterprises. As a result, most tech start-ups choose to register their firms as "bricks and mortar" businesses in order to gain legal legitimacy.

Fintech services are also supplied by banks that operate under the supervision of the Iraqi Central Bank (CBI).

Regulations

Article 27 of the Electronic Signature & Electronic Transactions Law No. 78 of 2012, which states that the electronic transfers of money should be regulated by a regulation that to be suggested by the Central Bank of Iraq (CBI), the Iraqi Council of Ministers issued Regulation No. 3 of 2014 regarding the Electronic Payment Services of Money (The "Regulation").

This Regulation covers all the electronic payment activities including issuing the electronic payment tools, managing the deposits and cash withdrawals through ATMs and selling points, implementing of electronic payment processes (payable and receivable) that their money be guaranteed by the credit of the services user or by any means of digital communications or information technology, and implementing of electronic payment processes in accordance with the overall settlement system or the clearing mechanism system.

Please click here to download this article in pdf format.  LINK

Samson:  The Central Bank of Iraq celebrates its seventy-fourth anniversary

17th November, 2021

The Central Bank of Iraq celebrated the 74th anniversary of its founding and the completion of concrete works for the new Central Bank building in Baghdad

The ceremony was attended by the former central bank governors Ali Al-Alaq, Abdul Basit Turki, the head of the National Investment Commission, Dr. Suha Al-Najjar, the head of the Iraqi Private Banks Association, Wadih Al-Handal, and a number of heads of bank boards

The Governor of the Central Bank, Mustafa Ghaleb, said during his speech at the ceremony, that we celebrate today the anniversary of the founding of the Central Bank of Iraq, which was established in the year 1947 AD and is considered one of the oldest and most pioneering institutions in the region, which has been established for seventy-four years, during which great national efforts joined forces in serving the Iraqi national economy from through commitment to a monetary policy based on national and moral responsibility, in coordination and continuous cooperation with the relevant state institutions despite all challenges

He added that he is the best witness to the great effort of the Central Bank of Iraq, those development initiatives that it launched in the sectors of housing, industry, trade and agriculture, which brought about a turning point in the lives of millions and created job opportunities for many of the unemployed and victims of the exceptional conditions that our country went through

He explained that the founding anniversary coincided with the completion of concrete works for the new Central Bank building, which is the largest building in Iraq designed by an Iraqi woman who rose to the throne of global architectural design and created unique architectural masterpieces in several countries, and our building will be another masterpiece recorded for this woman and a national pride for us and everyone who worked in this the project is for all Iraqis

He pointed out that it is not possible to talk about this great achievement without going back to the origin of the story and the details of the event, as the first step was a decision by the Governor of the Central Bank at the time, Dr. Their choice was to go to the architect Zaha Hadid, who set out with her amazing design to plan the most beautiful and wonderful architectural and engineering arts, and then this building was born, and our Azerbaijani friends and those with them from our Turkish friends and those who helped them from other nationalities began to work with the determination of the Iraqis, connecting night and day to mix their experiences and efforts in this place

He pointed out that the successive departments of the Bank have been keen since then to complete the phases of this project to be in the most beautiful form, as the height of the building reaches 173 meters and the construction area is 100,000 square meters, in which three thousand tons of iron have been placed, and its life is one hundred years, and it works with more than 1500 people from inside and outside Iraq

And between Ghaleb, the material and human resources have combined to make a unique achievement in our dear Baghdad, and a promising transition has been established in the architectural culture and an invitation to invest in our beloved Iraq.

The functions of the building will be like its boldness and its effects in imparting beauty to the public taste of the community. It is considered one of the landmarks of value and significance that humanity inherited to its ancestors and be proud It has generations after us as we are proud of today, and in conclusion, I extend my thanks and gratitude on behalf of myself and all the Central Bank employees and those working in this project to all those present who shared the joy with us on these two occasions

For his part, the former Central Bank Governor, Dr. Sinan Al-Shabibi, confirmed in his message to the celebration, that this wonderful edifice, which I had the honor to present and adopt, is an authentic Iraqi edifice, an idea and a design. And she told me that she would fulfill her desire to leave an imprint for her in her mother country, Iraq

Finally, I would like to extend my thanks and appreciation for the efforts made and made by the current Central Bank administration, headed by the Governor of the Central Bank of Iraq, to ​​complete this great project   LINK

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Samson:  The Arab Monetary Fund, in cooperation with the German Central Bank, organizes a course on Banking Supervision in the Framework of Basel III

17th November, 2021

This morning, the "Bank Supervision within the Basel III Framework" course, organized by the Institute for Training and Capacity Building at the Arab Monetary Fund, in cooperation with the German Central Bank, was inaugurated during the period from  November 16-18, 2021,  through the remote training method adopted by the Fund in continuation of its training activity.  

Banks play a key role in economic activity, which leads to raising economic growth rates. This role, despite its importance, entails risks arising from the nature of the bank's work itself, at the level of the banking sector, or at the level of the economy as a whole. Because of the interdependence that exists between banks, financial institutions and the business sector in general, any crisis that the bank is exposed to can turn into a severe financial and economic crisis that may afflict national economies and extend its impact to the global economy, as happened in the global financial crisis in 2008.

This basic role of banks in the economy on the one hand, and the degrees of risks they are exposed to on the other hand, makes the control and supervision of banks one of the most important roles entrusted to central banks and monetary institutions, as they strive to monitor the activities of banks and set controls that enhance the safety of their activities without restricting them and limiting their ability to carry out its various activities to drive economic growth. 

Therefore, the supervisory authorities in the countries have obliged the banks operating in them to abide by international standards, especially the Basel standards, to protect the banks, and consequently, the financial sector and the economy from serious risks.

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

Ladies and gentlemen,

I am pleased to welcome you to the opening of the remote training course on  "Bank Supervision in the Framework of Basel III"  organized by the Institute for Training and Capacity Building at the Arab Monetary Fund in cooperation with the German Central Bank.

Ladies and gentlemen,

Banks play a key role in economic activity, as they aim to accumulate savings, provide loans to investors and settle payments between different economic entities, which leads to raising economic growth rates, thus increasing employment rates and achieving welfare for the community. This role, despite its importance, entails risks arising from the nature of the bank’s work itself, as it attracts funds with short terms and directs them to long-term projects.

 It is also based on high degrees of financial leverage, which makes it sensitive to changes that occur at the level of the bank’s activity, or at the level of the sector banking, or at the level of the economy as a whole. Because of the interdependence that exists between banks, financial institutions and the business sector in general, any crisis that the bank is exposed to can turn into a severe financial and economic crisis that may afflict national economies and extend its impact to the global economy, as happened in the global financial crisis in 2008.

Ladies and gentlemen,

This basic role of banks in the economy on the one hand, and the degrees of risks they are exposed to on the other hand, makes the control and supervision of banks one of the most important roles entrusted to central banks and monetary institutions, as they strive to monitor the activities of banks and set controls that enhance the safety of their activities without restricting them and limiting their ability to carry out its various activities to drive economic growth. Therefore, the supervisory authorities in the countries have obliged the banks operating in them to abide by international standards, especially the Basel standards, to protect the banks, and consequently, the financial sector and the economy from serious risks.

Ladies and gentlemen,

In light of these developments, Basel III focused on reforms related to the capital and liquidity standard to make the capital able to absorb any losses as soon as they occur through the mandatory formation of a reserve to protect capital during crises, and the allocation of additional capital in exchange for commercial operations, and the concept of strengthening reserves was introduced. In the capital to counter cyclical fluctuations, and to make provisions for expected risks during the economic boom and recovery periods.

Ladies and gentlemen,

The reforms introduced by Basel III requirements emphasized strengthening the issue of liquidity management and emphasized that it is no less important than other capital requirements. By setting special ceilings on financial leverage ratios.

Ladies and gentlemen,

The holding of your session comes within the framework of the efforts of the Arab Monetary Fund to enhance the capabilities of the supervisory and supervisory authorities in the Arab countries to keep pace with the best practical practices for monitoring the banking sector, and the most important amendments related to calculating risks according to the standard method and how to manage them. The course focuses on the practical aspects, which ensures its effectiveness and achievement of its desired goals, as it focuses on the following main topics:

Market risks in banks and methods of managing them.

Credit risk in banks and methods of its measurement and management.

Operational risk and its management.

Internal capital adequacy assessment.

The supervisory review and evaluation process.

In conclusion, I would like to commend the constructive, fruitful and continuous cooperation with the Bundesbank, hoping and looking forward to the continuity of cooperation.

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

Peace, mercy and blessings of God.  LINK

KTFA Monday Night CC "More & More Education -It Simply Continues To Flow"

KTFA Monday Night CC

11-15-21...MORE & MORE EDUCATION...IT SIMPLY CONTINUES TO FLOW

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

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

Article mentioned:  Finance announces achieving one trillion dinars from the sale of construction bonds within 45 days

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=VlS95F-2ajE

MilitiaMan Sunday PM "Digital Payments Are Imminent" 11-14-2021

KTFA:

MilitiaMan:  So it says, Iraq is likely that they will pay the last part of the compensation plan to Kuwait in the last quarter of this year.

Well we are in the last quarter and have been for a couple weeks now. Notice they tell us "previously" that the payment will end in the first quarter of 2022..

Well, they moved it up to this last quarter and it has the potential to even have been paid by now or shortly here to come.

 Do to the relatively minimal amount owed, it would not surprise me at this stage if the amount needed to be sorted for to have the Chapter VII designation lifted, they would find the money. If that meant taking it from proceeds or clawed back monies they have outstanding that far exceed the amount necessary. imo ~ My take is this is not an issue.. imo.

Definitely a welcoming event no doubt..  ~ MM 

Samson:  International experts announce a new amount for the remainder of Iraq's compensation to Kuwait

14th November, 2021

The International Experts Committee announced today, Sunday, an amount different from what was announced recently from the remaining compensation from Iraq to Kuwait, explaining that the remaining amount of those compensation is 476 million dollars, while it is likely that the full compensation will be paid in the last quarter of this year.

The Compensation Committee had previously indicated on its website on October 31, 2021, that the remaining amount to be paid from these compensations amounted to 324 629 million US dollars.

The financial advisor to the Iraqi government, Mazhar Muhammad Salih, said in a previous statement to Shafaq News Agency, that the remaining compensation from Kuwait is 600 million dollars, after paying compensation for the third quarter of the current year 2021, and that these compensations will end in the first quarter of 2022. 

The Committee of International Experts said, in a statement received by Shafaq News Agency, that "after paying the third quarter payment for the year 2021, the amounts of deductions paid to the Compensation Fund for Oil Exports and deposited for the next stage amounted to 153 million dollars," noting that "the amount required to be deducted from Iraqi exports. Oil and gas is $476 million.

And the committee added, “With the continuation of the level of global oil prices at what it is now, and if the relevant Iraqi authorities and the ministries of finance and oil and the Central Bank completed payment in return for the in-kind payments to the oil companies that have service contracts, and the Kurdistan Region contributed to the consequences of its oil exports for the past period, the amount of compensation will be finally paid in the last quarter of this year.

The head of the Financial Experts Committee, Abdul Basit Turki Saeed, had called on the Security Council, in his speech before the Compensation Board of the United Nations at its 88th session, held at the United Nations headquarters in Geneva, that the compensation file include a clause that protects Iraq from any future claims for the Kuwait war and that Iraq be expelled completely from the provisions of Chapter VII of the Charter of the United Nations and canceling the consequences of all decisions on Iraq as soon as it pays the amount of compensation.

Iraq must deposit 5 percent of its export revenues from sales of oil, its products and gas, before reducing it to 3 percent in 2018 in a UN fund established under the name of the United Nations Compensation Fund.

In 1991, a UN Compensation Committee was formed, obligating Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others, who incurred losses resulting directly from the invasion and occupation of Kuwait.  LINK

Zeeman:  iraq oweing 475 million left to kuwait and could be paid in full is a very big deal

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The Iraqi government justifies the reasons for adopting a new exchange rate for the dollar

14th November, 2021

Today, Sunday, the Iraqi Ministry of Finance clarified the reasons for adopting a new exchange rate for the US dollar against the local currency, noting that this came to supplement national production, protect the central bank's reserves and support the budget.

In a statement received by Shafaq News Agency, the Ministry of Finance said that, during the past three years, it has borne the burden of a stifling financial crisis that threatened the state's ability to fulfill its obligations that were already burdened by a large legacy represented by the inflation rate of public spending and the rise in the wage bill, which threatened to secure the salaries of its employees, in light of the low Sharp global oil prices and a dangerous health situation due to the consequences of the Corona pandemic on the national economy and its repercussions on the economic reality and the social fabric.

The Ministry of Finance indicated that the general budget continues between the need for a wise public financial management with its obligations to ensure the protection of the weakest and most needy groups, pointing to the support of the international community for the policies of the Ministry of Finance, as the International Monetary Fund and the World Bank approved public financial management under difficult circumstances. Extremely.

In a previous statement, the Iraqi Ministry of Finance issued, on the fifth of last October, a clarification regarding the exchange rate of the US dollar, noting that changing it worked to "stop the fall of the reserve currency and enhance import capabilities."

The indicators showed, according to the financial statement, a clear improvement in commercial activity in the past nine months of the current year 2021 in light of the crisis of the spread of the COVID-19 virus, and it also helped to stop the penetration of the Iraqi market and flood it with cheap goods that curb attempts to upgrade local production.

It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.

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LINK

Announcing a gradual recovery. Finance issues an important statement on the Iraqi economy and the dollar exchange rate

11/14/2021 12:03:57

  The Ministry of Finance justified its adoption by raising the exchange rate of the dollar "to supplement national production, protect the reserves of the Central Bank of Iraq and support the budget."

And she said in a lengthy statement that the agency {Euphrates News} received a copy of it: “The Ministry of Finance has borne the burdens of a stifling financial crisis during the past three years that threatened the state’s ability to fulfill its obligations that were already burdened by the burdens of a large legacy represented by the inflation of the public spending rate and the rise in the wage bill, which threatened the insurance of salaries of its employees, in light of a sharp drop in world oil prices and a dangerous health situation due to the consequences of the Corona pandemic (𝗰 𝗰 𝗰 table𝗱-19) on the national economy and its repercussions on the economic reality and the social fabric, the Ministry of Finance continues to balance the need for prudent public financial management with its obligations to ensure the protection of the most vulnerable and the neediest.

She indicated the support of the international community for the policies of the Ministry of Finance, and the International Monetary Fund and the World Bank approved the management of public finances under very difficult circumstances, and the World Bank issued its semi-annual report on the Iraqi economy, which the Ministry reissues below for the benefit of the honorable public.

The Iraqi Economy (Reality and Prospects)

Economic growth has begun to recover gradually following the downturn caused by the Corona pandemic last year, in part due to the increase in non-oil activity. It is expected that the improvement in the global oil market conditions will boost economic growth in the medium term and turn financial and external balances into surpluses from 2021, to reverse the recent rise in debt. 

The main downside risks are due to potential epidemiological developments, fluctuations in oil prices, setbacks in the security situation, and impeding the implementation of economic reform.

Main conditions and challenges

Iraq is one of the most oil-dependent countries in the world. Over the past decade, oil revenues accounted for more than 99% of its exports, 85% of the government budget, and 42% of GDP, an excessive dependence on oil that exposes the country to macroeconomic fluctuations.

The Corona pandemic had a significant impact on Iraq’s GDP in 2020, which shrank by 15.7%, and budget revenues shrank by 9% to reach 32% of GDP, which led to a sharp decline in public spending and investments.

As of January 2021, the unemployment rate increased by more than 10% than it was before the pandemic, which was 12.7%.

Concerns related to food security persisted despite the recent increase in families receiving social benefits from the government, primarily the salaries of the social protection network and food rations from the ration card system, as well as the efforts made to provide vaccines to treat the Corona epidemic.

While the economic conditions in Iraq are gradually improving with the recovery of international oil markets, this recovery is also fraught with major risks posed by structural constraints, including public investment management constraints that have affected the delivery of public services, and the slow repayment of overdue debt, especially those related to wages. The public and state-owned banks and the Central Bank of Iraq bear the burden of sovereign debt. Not to mention the fragility of the political situation, the weak health care system, and endemic corruption that continues to foment unrest across the country.

The white paper is a comprehensive framework for addressing dependence on oil and structural problems, and represents a medium-term strategic framework for comprehensive economic reform decisions.

Recent Developments

The economy is gradually recovering from its double shock in 2020 represented by (the drop in oil prices and the outbreak of the Corona pandemic), as the statistics indicate the GDP by 0.9% for the first half of 2021, and the growth of the non-oil economy by more than 21% in the first half of the year 2021, and this is due to the strong performance in the service sectors after easing measures to prevent the emerging corona virus, after the spread of the vaccination campaign and the decrease in infections. This recovery reduced lagging in the oil sector, by 10% in the first half of 2021, as Iraq adjusted its share in OPEC early in the year. Since then, OPEC has gradually increased the production share of member states, which was reflected in an increase in GDP. The general and core inflation rate in Iraq in the period from January to July 2021 reached 5.2% and 6.2%.

The financial statements for the first half of 2021 show significant gains in budget revenues (42% increase) as the average export price increased by at least $64 per barrel. These budget gains were also multiplied by the financial effects of last year's devaluation. 

In addition, the reforms of the General Customs Authority and the General Tax Authority contained in the 2021 budget law have begun to bear fruit, as sovereign revenues increased by 53% than they were previously. Which contributed to reducing the public budget deficit.

Externally, the current account deficit also turned into a surplus of 4.7% of GDP in the first quarter of 2021, which contributed to the rise in the total official reserves of the Central Bank of Iraq by about 5 billion US dollars to reach 58.5 billion US dollars in the first quarter of 2021 compared to $54 billion at the end of 2020.

A future vision:

The prospects for the Iraqi economy have improved with the recovery in global oil markets, but the spread of new coronavirus variables and climate change challenges pose new risk factors. The economy is expected to gradually recover on the back of higher oil prices and an increase in OPEC production quotas that are due to be phased out in 2022. Oil GDP will be the main driver of growth in the medium term. It is expected that the non-oil GDP will improve, but it will remain with an average growth of less than 3% between the years 2021-2023 due to the mutated generations of the Corona pandemic, in addition to the challenges facing the Iraqi economy, foremost of which is the lack of water and electric power, which affects agriculture and industry.

The high indicators of the poverty line, which were linked to a direct relationship with the rise of the Corona pandemic, in addition to some of the social turmoil facing Iraq for years, require appropriate planning to achieve effective social goals.

MilitiaMan:  There is a lot more going on in this one than just the devaluation. The devaluation was a necessary evil if you will to fix the crisis they were in.

The IMF, World Bank, CBI, etc., all had a hand in the process to get Iraq out of shocks and crisis's. The hard part was it was at the expense of the citizens and more so to the poor for the last 9 months real close.  The explain all that.

They also tell us there has been significant improvement and that effectively now is not the time to be impeding the economic reforms. 

The reforms they are talking about are comprehensive reforms that are to be activated.

The reforms are multi-faceted. The include things such as; the digital transformation, the implementation of the e-government, e-commerce, e-payments and e-settlements, digital clearing of digital currencies, etc..

They are all at the phase of activation and apparently some of the items are in motion now, as noted by the increase in revenues at the General Customs and Tax Authority. They increased by 53%. I'll bet those that had a hand in grafting cash, no longer can. Imo. 

The main thing is there comes a time when the hard part is over. What we are witnessing now is they are effectively saying, now is the time for the comprehensive reforms kick in. 

Don't impede them. In other words, stay the course and move forward into the international realm of trade and on a level playing field. The Customs and Tax Authority is showing us they are playing on that field. It is now likely more automated and ready for digital interconnectivity.  By the successes they speak of reeks of them saying it is time to fly the coup. 

The Economic Forum is to be starting in a few days in the UAE. From 11/17/2021 - 11/20/2021 and it is to be on many financial issues..

A key one that is mentioned is an agenda item about Foreign Currency. Iraq is to be internationally accepted and not at a program rate. The digital transformation will require it.

The Digital Dinar will require it. Just as the IMF and AMF, too. imo. Will they go prior to? Don't know. Will they wait and go prior to the CBI and Saudi Arabia bank branches open around the 11/19/2021? I don't know.. But, the study we have suggests there is something a foot.. lol imo 

Lastly, the CBI told us on 10/31/2021 they have a new digital system in place that is one of the first kind in respect to the Digital Transformation the Globe is experiencing.

The CBI told us that digital payments were to be  imminent. Well, the CTI Supreme Super Oil Tanker arrived that same day. It was filled with Iraq oil heading now to China, full.

That oil will or would have to be paid for at some time. Things that make international trade very interesting. When and at what terms? Another, I don't know.. But, I am sure upwards of 2 million barrels is not cheap.. imo We shall see... ~ MM

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https://economy-news.net/content.php?id=26664

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

MilitiaMan and KTFA Members Saturday Night 11-13-2021

KTFA:

Samson:  Including Iraq.. The reserves of the first five Arab countries of gold exceed 1,000 tons

13th November, 2021

The World Gold Council announced on Saturday that the possession of the yellow metal in the first five Arab countries, including Iraq, as reserves amounted to more than 1,000 tons for the third quarter of 2021.

The council said in its latest schedule for the month of November 2021, which was seen by Shafak News Agency, that "the gold reserves of Saudi Arabia, Lebanon, Algeria, Libya and Iraq rose to reach 1005.5 tons in the third quarter of this year, compared to the second quarter of it, which amounted to 996.5 tons." 

And he indicated that "Saudi Arabia's possession of gold amounted to 323.1 tons, while Lebanon's possession of gold amounted to 286.8 tons, Algeria 173.6 tons, Libya 116.6 tons, and Iraq's gold reserves amounted to 96.4 tons."

He pointed out that "the reserves of the first five countries in the world were America, Germany, Italy, France and Russia amounted to 18,672 thousand tons, and the United States of America came in the first place with 8133 thousand tons, followed by Germany with 3,259 thousand tons, then Italy came 2451 thousand tons, and France 2436 thousand tons, Russia came fifth with 2,292,000 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

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Samson:  Officially.. the completion of the concrete structure of the Central Bank building and becomes the highest in Iraq

12/11/2021 22:50:00

 The executing company has fully and officially completed the concrete structure of the Central Bank of Iraq tower.

The main casting has been completely lifted from all parts of the tower, followed by the implementation of the steel structure that will form the curved and undulating crown that adorns the top of the 173-meter-high building.

The tower, located in the Jadriya area in Baghdad and opposite the Tigris River, was designed by the Iraqi international engineer, Zaha Hadid, and its concrete structure will be fully completed before the end of this year 2021.

It is noteworthy that on June 13, the tower of the new building of the Central Bank officially became the tallest building in Baghdad even before the completion of its concrete structure, so that after its completion it would be the tallest building in all of Iraq.  LINK

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Don961:  Action to recover $2.2 billion in smuggled money

Sunday 14 November 2021 Baghdad: Tariq Al-Araji

 The Integrity Commission is seeking to recover more than two billion dollars of smuggled Iraqi funds, in which court rulings have been issued, as well as 14 real estate and 5 stakes in various companies. 

The Director-General of the Recovery Department in the Integrity Commission, Dr. Moataz Faisal Al-Abbasi, told Al-Sabah: "The Commission has a database that classifies funds according to the functions and competencies of the Recovery Department under its federal law on corruption funds, and it is necessary to refer to the recovery mechanism, which begins with issuing the decision. Judicial proceedings involving damage to public money, and when it is proven that the convict or the wanted person has money in another country, it requests its seizure pursuant to a request for legal assistance.

He continued, "Those funds that were filed in lawsuits to recover them amounted to (17.7) million dollars, while the authority was able to seize funds in various countries amounting to (4.17) million dollars, and work is underway to recover them, in addition to the seizure of (14)". real estate and (5) stakes in different companies," he explained, explaining that "the sums of which judicial rulings have been issued and are being worked on, amounted to approximately two billion and two hundred million dollars."

He explained that "the smuggled assets are divided into before 2003 and after that date, and the recovery department and the Iraq Fund for Recovery Fund are concerned with recovering them," and indicated that "the financial assets dating back to before 2003 generally include money belonging to people or front companies that were put in order to circumvent the sanctions." International, financing the former regime for security purposes, and financing external activities and using them to entice and intimidate, such as protecting the regime and trying to implement its own policies outside Iraq.

He pointed out that "these assets, whether they are money, real estate, or various assets, are within the jurisdiction and work of the Iraq Funds Recovery Fund, and they are funds classified by the law establishing the Fund as illegal funds, and relates to the time period before (2003), while the recovery department is concerned with smuggled funds. As a result of corruption, for which judicial rulings were issued after the establishment of the Integrity Commission and granting it this jurisdiction.”   LINK

Under the heading "Requirements and steps to join the Buna Platform"

12th November, 2021

The Arab Monetary Fund is holding an interactive workshop to review the process of preparation and preparation for participation in the "Bunna" platform for Arab payments

The workshop will host more than 200 participants from representatives of central banks and Arab, regional and international financial and banking institutions

Today, Thursday, November 11, 2021, the Arab Monetary Fund will hold a "remote" workshop to review the stages of joining the "Bunna" platform for Arab payments, affiliated with the Regional Institution for Clearing and Settlement of Arab Payments owned by the Fund, starting from registration and signing through to with technical equipment and training, all the way to full membership in the "Buna" network of participating banks and financial institutions

In the workshop, a team from the team working on the “Bunna” platform for Arab payments will talk about all the steps related to the process of joining “Bunna”, and the attendees share their experiences and expertise in supporting and assisting banks and financial institutions participating in the “Bunna” platform for Arab payments to join the “Bunna” system. The implementation of cross-border payments in the listed Arab and international currencies

The speakers will provide an integrated explanation that includes the steps that those wishing to join the “Bunna” platform should follow to complete the integration process easily and conveniently within a short period of time, and take advantage of the readiness and capabilities of the “Bunna” system to secure interconnection and communication between all banks and financial institutions operating in the Arab region and abroad

More than 200 participants representing central banks, financial and banking institutions, payment service providers and financial services from the Arab region and abroad will participate in the workshop, to get acquainted with these important and vital topics about the Buna Arab Payments platform

On this occasion, Mr. Mahdi Manea, CEO of the Regional Institution for Arab Payments Clearing and Settlement (Bunni Platform for Arab Payments), said: “Bunni’s ability to provide a flexible and advanced path to complete the process of joining its payments system and thus persevere in building and expanding its network of participating institutions, constitutes a key element in the implementation of its plans aimed at establishing a wide presence at the regional and international levels

Mana added : “The momentum we are witnessing in the growth and expansion of our network of participating entities is not only evidence of the success of our system and the level of acceptance it enjoys, but it also motivates us to improve and benefit from the lessons we learn daily through our interaction with users of this system.

We are confident that the element of cooperation is an essential factor for achieving growth in the payments and financial sector in the Arab region, and contributing to increasing the efficiency of cross-border payment activities at the international level

It is worth noting that the "Buna" platform constitutes an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies, aiming to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive inter-payments throughout the Arab region and abroad in a safe, reliable, affordable and highly effective manner. 

Buna offers participants state-of-the-art payment solutions that comply with international standards and principles and international compliance requirements. 

"Buna" contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with trading partners in various continents. It is noteworthy that participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost of which are the standards and procedures for compliance aspects  

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MilitiaMan:  The AMF pulled this article.. I don't have a working link... But it was from today..

The articles above and below are a key indicator that the BUNA platform is well tested and proven to be effective and has acceptance in the region and globally.

 The USA is fully involved and we know that JPMC is involved with the digital dollar and Iraq is to have a Digital Dinar.

Just as up to and or over 136 countries are to also possibly to be cleared, as noted directly by the UST. Interesting that they placed the article out on a Friday and then yanked it.. Always a purpose for this sort of thing and it is not the first time either.. imo ~ MM 

https://www.amf.org.ae/ar/content/تحت-عنوان-%25C2%25A0متطلبات-وخطوات-الإنضمام-لمنصة-بُنى

MilitiaMan Cont….. “He said that: “The momentum we are currently witnessing in the growth and expansion of our network of participants, It's not just proof of the success of our system and the level of acceptance it has, and of the kind of acceptance that it has. It is also a motive for us to improve and to learn from the lessons we learn daily through our interaction with the users of this system.

 We are confident that the cooperation component is a key factor for growth in the area of payments and the financial sector in the Arab region, and we are also convinced that the cooperation component is a factor that is essential for growth in the area of payments and in the financial sector, and that the financial sector is a major factor in the region, and that the international community is a major factor in the process of being able to achieve growth in the area of payments and in the region, and that the United States is a major factor in the region.

Contributing to the efficiency of transboundary payment activities at the international level.” It should be noted that the Building Platform is an integrated and specialized system in providing clearing and settlement services in Arab currencies and international currencies, The aim of the empowerment of financial and banking institutions in the Arab region and beyond, including central and commercial banks, From the safe, reliable, appropriate and effective dispatch and receipt of interaction payments throughout the Arab region.

 “Built” to participants offers modern momentum solutions consistent with international standards and principles and requirements of compliance. “Built” contributes to the promotion of economic and financial integration in the Arab region and to support investment links with trading partners on various continents. It states that participation in the rostrum is available to all banks and financial institutions that meet the criteria and conditions for participation in it, Most notably, the standards and procedures for compliance aspects.

He said that: “The momentum we are currently witnessing in the growth and expansion of our network of participants, It's not just proof of the success of our system and the level of acceptance it has, and of the kind of acceptance that it has. It is also a motive for us to improve and to learn from the lessons we learn daily through our interaction with the users of this system.

We are confident that the cooperation component is a key factor for growth in the area of payments and the financial sector in the Arab region, and we are also convinced that the cooperation component is a factor that is essential for growth in the area of payments and in the financial sector, and that the financial sector is a major factor in the region, and that the international community is a major factor in the process of being able to achieve growth in the area of payments and in the region, and that the United States is a major factor in the region.

Contributing to the efficiency of transboundary payment activities at the international level.” It should be noted that the Building Platform is an integrated and specialized system in providing clearing and settlement services in Arab currencies and international currencies, The aim of the empowerment of financial and banking institutions in the Arab region and beyond, including central and commercial banks, From the safe, reliable, appropriate and effective dispatch and receipt of interaction payments throughout the Arab region. “Built” to participants offers modern momentum solutions consistent with international standards and principles and requirements of compliance. “Built” contributes to the promotion of economic and financial integration in the Arab region and to support investment links with trading partners on various continents. It states that participation in the rostrum is available to all banks and financial institutions that meet the criteria and conditions for participation in it, Most notably, the standards and procedures for compliance aspects.”

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FOR IMMEDIATE RELEASE

October 13, 2021

 Contact:                      Alexandra LaManna; Press@Treasury.gov

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

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

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

KTFA Thursday Night CC "CBI Education is Loud" 11-11-2021

Thursday Night KTFA CC

11-11-21…….CBI EDUCATION IS LOUD

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=5F8DERBOrnU

KTFA Members "News and Views" Wednesday 11-10-2021

KTFA:

Samson:  Al-Zubaidi Talks About The Imminent Overthrow Of Major Corruption Heads, "No One Expected That They Would Fall"

10th November, 2021

The former Minister of Interior, Baqir Jabr Al-Zubaidi, revealed, on Wednesday, the imminent overthrow of a corruption network related to the oil sector, indicating that this network will topple large heads that no one expected that it would fall.

Al-Zubaidi said in a post on his page on the social networking site "Facebook", which was seen by "the information", that "the most optimistic thing is the information that we receive, which speaks of the imminent submission of the corruption network that afflicted our oil sector to justice, which will topple large heads that no one expected it to be." You will fall.”

He added, "All indicators point to a political and economic breakthrough," stressing that "oil prices will continue to rise, which means that there is no need for external borrowing, provided that the oil file is managed wisely and the catastrophic gaps left by the notorious oil licensing rounds and the corruption that has prevailed over the years are addressed."

The latter in the oil sector, which means the ability to restore the exchange rate of the dollar against the dinar to what it was.”

On the other hand, Al-Zubaidi explained, “The military and political victories in Yemen and Syria reveal that the balance of power does not depend on oil money and the weapons of the developed great powers, but rather depends on the true belief in the just cause and its defense.”   LINK

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Samson:  London is looking with the Bank of England to issue a digital currency

9th November, 2021

The British Ministry of Finance announced that it will launch discussions next year with the Bank of England about issuing a digital currency.

The Bank of England said: "No decision has yet been taken to introduce a digital currency issued by the UK's central bank."

He added, "The earliest date for launching a digital currency is the second half of the current decade."

LINK

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Samson:  America warns of a new danger forming in China

10th November, 2021

The Federal Reserve has warned that the potential repercussions of problems in China's real estate sector could reach and harm the US financial system.

The debt-laden Chinese company Evergrande has caused panic among global investors since the summer of this year, as it has been trying to avoid defaulting on its debt.

Meanwhile, other Chinese developers have struggled to repay their debts, raising fears of broader spillovers in the world's second-largest economy, of which a quarter is made up of real estate.

The Federal Reserve said in its latest financial stability report that real estate pressures in China may affect the Chinese financial system, with potential repercussions for the United States, according to CNBC.

The report pointed to the size of China's economy, its financial system and the global trade links associated with it, and how these factors could be a reason for transmitting the negative repercussions of any turmoil in the country.

The report touched on the financial conditions of the United States, where stock prices have reached historic levels and risks have arisen from the accelerated growth of stablecoins, which are digital currencies linked to a fixed value such as the US dollar.

The post America warns of a new danger forming in China appeared first on the independent press agency.  LINK

Frank26:  "I TOLD YOU SO!!!"........F26

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

MilitiaMan "It Is Time For Implementation" Tuesday 11-9-2021

KTFA:

Samson:  Iraq is close to achieving a comprehensive electronic transformation

9th November, 2021

Secretary-General of the Council of Ministers, Hamid Naim Al-Ghazi, affirmed, on Tuesday, that the government's orientation is towards achieving comprehensive digital transformation.

Al-Ghazi said in a statement, "He reviewed the report on the progress of work in the National Data Center Department, and the most prominent service systems launched by the department since last September through the (Ur) portal for e-government services."

He stressed that "the current government trend stresses the need to expedite the completion of the e-government project, and the expansion of the electronic services provided, to achieve comprehensive digital transformation, provided that the project's results are realistic and touchable by the citizen, by facilitating the procedures for obtaining an integrated government service."

For its part, the team of the National Data Center Department reviewed: "The most prominent achievements and plans that the department is working on, including the completion of ten systems, applications and electronic services in cooperation with the beneficiary government institutions within the electronic platform (Ur), which included the (Rabeni) application, and the (immunodeficiency examination for foreign arrivals) systems. University degrees, and the Cabinet agenda), as well as developing the new website for the General Secretariat of the Cabinet, and hosting the website of the Ministry of Youth and Sports.

And the team indicated that "the future plans that they set with specific timings to launch new projects within its work platform for the coming period, were represented by systems (biology examination, death certificates, water and electricity services, delivering electricity to citizens, empowering generations, examining the wounded, real estate, digging wells, and registration in schools), as well as allocating the phone number (5599) to provide guidance services to citizens, to inquire about the mechanisms for using the systems on the electronic platform.   LINK

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MilitiaMan:  The amount of digital transformation that has been underway now for years is coming to a phase that will require all facets of Financial Inclusion and not only just for Iraq.

The IMF, the World Bank and Bank of international Settlements have it in their forefront. That is because there is a digital money revolution that is on going.

 It will require Global synchronization and quickly. The revolution is only picking up speed as technological advances are immense and so very progressive and will not stop growing.

There has to have been and there will be more education on digital transformation for all peoples to glean, as time goes forward.

We know the financial inclusion goals for the world from the aforementioned global players have been outlined over the years, shows us the money revolution is in full swing and nothing is going to stop it.

It is complex, multi faceted and riddled with challenges be sure. That is just how advances are in past history. An ebb and flow with an emphasis on flow is noticed.. 

The process of the digital transformation for and of Iraq has been underway for years now. They have had international support from the major players and will be on going in the future, as managers and partners in the digitized path Iraq is headed on.

Aside from the important e-government aspect, there is e-finance, e-payments, e-commerce, e-payments, and yes, e-dinar is on the horizon.

We have heard about Central Bank Digital Currencies down to retail the level. That is your average household level.

As the landscape of the digital world has picked up speed, there has had to be those ebb and flows along the way. The project to delete the zeros from the currency has experienced them we all should know quite well.

The project to delete the zeros from the exchange rate of the Iraq Dinar (IQD) is not new and has been on the table for many years of the Central Bank of Iraq (CBI). The project has had to evolve along with the education process for the citizens , as they are part of a very culturally sensitive country.

Currency is very sensitive in that regard. Many obstacles have been in the path of success to actually deleting the three zeros from their exchange rate. There needs to be security and stability for the process to be successful.

For the most part that has been the case and will continue to be. A balance is needed between the political side and banking side of the process. Having had the recent attempt in the Prime Ministers life is not a balanced approach.

The global out reach shows that there is a consensus for security and stability and the PM himself having survived assured the country that he was moving forward with reforms.

The reforms are Economic and Monetary. The monetary part of this is from the CBI. It is there job to see to the money in all aspects. Thereby, they will decide when the right time to adjust their exchange rate, again. Just as they did in December 2020. That change was for purposes that were to get them to where we are to day.

It was at a cost to the citizens and we can see they shared the lions portion of the pain from it. That was known by the CBI at the time they did it. They also knew the end goal would make up for it in purchasing power of the IQD. The pros and cons were hammered out over the last couple years and they show that the afore was and is to be the case. 

There are many examples that project to delete the zeros is not something that is to be studied now, as it already has been studied and the study supports that it is time for implementation.

The pros and cons have been bantered around of recent and for years. Let the dust settle and the CBI should be good to go.. The scholars didn't just start the process, they have finished the study, whereby, "finally submitting the scientific proposal to implement the process of deleting the zero's. 

 imo They are in a position now or very soon will be in one with the digital transformation to adjust to a new digitized system.

The AMF shows that Iraq is geared to clear payments digitally through the BUNA platform.  Lets see what they do next..

They say there is a need to expedite the e-government projects and reforms imo, therefore, we should expect them to do so and quickly now.. imo ~ MM

https://blogs.imf.org/2021/07/29/making-the-digital-money-revolution-work-for-all/
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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.

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Dr. Mazhar Salih, Economic Adviser to Prime Minister Mustafa Al-Kazemi, said on Wednesday, June 23, 2021 that his statement about the project to delete zeros represents a purely economic point of view that included a technical explanation of the issue of the history of the multiplication of zeros in the Iraqi currency during the siege. the past.

"He concluded by saying, "The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities. and cash payments in Iraq."

link

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The economic expert and financial advisor to the Prime Minister, Dr. Mazhar Saleh,
He continued: Defending stability on this price is through the policy of continuous intervention and sacrifice of a side of the central bank’s foreign currency reserves to ensure that inflation remains within the goal of the one-decimal place in order to achieve stability and stability in the standard of living. 

And Saleh considered that this is consistent with the monetary policy objectives in achieving stability in the general level of prices and preserving the purchasing power of the monetary income, which is denominated in the Iraqi dinar.

 The Deputy Governor of the Central Bank of Iraq had said that "one of the demands of the World Bank during the negotiations to raise the exchange rate of the dollar is to reform the public financial departments, which are taxes, customs, levies and financing part of the financial savings achieved for the benefit of the vulnerable classes."
In the context of urgent solutions, the ration card items must be improved to reduce the damage caused by adjusting the exchange rate, according to economic experts.  

LINK

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Iraq: the government is compelled to "delete the zeros" from the dinar currency ... more than "3 scenarios" are expected that will affect salaries and living

2020-09-30 Yes Iraq - Baghdad

The economic expert, Salam Sumaisem, revealed that the government is now obliged to reduce the value of the Iraqi dinar against the dollar in order to obtain larger quantities of Iraqi money against the dollar without printing more and thus preserve the currency from collapsing.

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LINK

Sunday, June 20, 2021 7:05 PM

Baghdad / National News Center

Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set two conditions for deleting 3 zeros from the currency, stressing that the option to delete is proposed as part of the strategies for reforming the currency and cash payments system in Iraq.

Saleh told the official agency and followed by the "National News Center", "The Central Bank of Iraq has developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system,

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link

FINANCE & DEVELOPMENT, December 2013, Vol. 50, No. 4

Introducing a new currency is a complex process—one that Turkmenistan completed successfully

Currency reforms are typically complex and risky: global experience confirms that a successful outcome is never guaranteed. The main ingredient in the successful introduction of a new currency is a strong commitment by the central bank together with the government to take the steps needed to ensure that the new currency is perceived as stable by companies, the general public, and the international community.

http://www.imf.org/external/pu.....nnberg.htm

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Expert: There are pros and cons

In turn, economist Safwan Qusay says in an interview with (Baghdad Today), "There is no urgent need to issue a new paper currency with a denomination of 100,000 Iraqi dinars or more, and the proposal to delete the zeros requires a bank effort and withdraw the circulating currency"

On the other hand, he added, "the level of circulation of the Iraqi dinar is very easy, therefore printing a large currency in denominations of 100 thousand Iraqi dinars or more will facilitate the process of large financial exchange," indicating that "the responsibility and task of issuing these categories of currencies rests with the Central Bank"

He continued, "The process of issuing money needs financial cover in hard currency or gold, in addition to the market’s need for time to absorb the level of devaluation of the local dinar that the government has recently undertaken

Qusay pointed out that "the step of deleting zeros from the currency raises the level of confidence in the dinar and reduces the burden of transferring cash as well as calculations, but conducting it now may confuse the market because it needs to withdraw the dinar from traders 

Al-Kazemi cited during a speech at the Iraqi Cabinet session held last Saturday, in several countries, including South Korea and Singapore, when they had previously taken "difficult decisions" in order to reform the economy

LINK

and inject a new currency"

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In statements monitored by Yass Iraq, Burehi said, “Up to now, there is no information confirming or indicating the cause of raising the price of the dinar against the US dollar, and we cannot talk about it, and no one has the right to address the issue because it is exclusively related to the central bank.” "The exchange rate has reasons and obligations that are decided exclusively by the Central Bank."

link

Monday Night KTFA CC "Welcome To The Other Side Continues" 11-8-2021

KTFA

Monday Night KTFA CC

11-8-21…….WELCOME TO THE OTHER SIDE CONTINUES…

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=AHgch7vI7P0