Wednesday News From Iraq Posted by Clare at KTFA 11-1-2023

KTFA:

Clare:  As of the beginning of next month, Kurdistan will adopt the Iraqi dinar in crossings and airport transactions

10/31/2023

The Kurdistan Regional Government decided, today, Tuesday, to start dealing in the Iraqi dinar at all border crossings and airports, starting from the beginning of next month.

The Director General of Customs in the Kurdistan Region, Samal Abdul Rahman, said, “In accordance with a decision issued by the Kurdistan Regional Government, all transactions at border crossings and airports will be in Iraqi dinars, starting from the beginning of next month.”

Abdul Rahman added that the regional government had previously used the dinar instead of the dollar at some crossings with neighboring countries, adding that there are still some crossings that will be converted to the dinar tomorrow.

 The Kurdistan Region Council of Ministers had issued Resolution No. 227 circulated on 9/20/2023 and published on 10/16/2023, which stated: “Based on the provisions of Article (8) of the Kurdistan Region Council of Ministers Law, No. 3 of 1992, it was decided to collect fees.”

Customs duties and customs taxes at border gates and customs points are in Iraqi dinars only. LINK

Clare:  Executive Procedures For The Electronic Payment System And Electronic Points Of Sale (POS).

10/31/2023

The Council of Ministers, in its forty-fourth regular session, held today, Tuesday, approved a package of executive measures related to the electronic payment system and electronic points of sale (POS), which the government adopted within its ministerial platform in the axis of economic and financial reforms, and obligating all government agencies to adhere to them.

A statement from his media office, received by Earth News, stated that “the procedures included the following”:

First:
1- Implementing the requirements and circulars issued by the Central Bank of Iraq, the General Secretariat of the Council of Ministers, and the relevant authorities, in a way that contributes to the speedy completion of the implementation of electronic payment systems, including electronic points of sale (POS), and otherwise holding those who delay accountable, in accordance with the law.

2- The use of electronic payment tools by procurement committees and implementation committees shall be a secretariat, provided that all payment operations shall be held after (6) months from the date of issuance of this decision.

3- Deposit the bonuses, incentives, annual profits, and overtime wages granted to employees and those assigned to a public service, at a rate of not less than (20%) of them into their bank accounts, provided that they are used exclusively for electronic payment and cannot be withdrawn in cash.

4- Adopting financial and accounting information systems for the financial aspects of expenses and revenues, which contribute to the ease of using electronic payment and electronic collection methods.

Second: The Central Bank of Iraq is responsible for taking all measures to support the implementation of electronic payment systems, including electronic points of sale (POS), in accordance with the law, including the following:

1-Coordination with relevant authorities to exercise an effective role in supporting electronic payment systems projects, drawing up a national strategy for payments, and overcoming obstacles. facing the work of beneficiaries of these systems.

2- Listing all services provided, their types, amounts and fees collected from citizens, in addition to the number of transactions for each of the services provided, and setting a policy for pricing commissions for electronic payment services for amounts collected for the benefit of government institutions, according to what was stated in the letter of the General Secretariat of the Council of Ministers on September 14, 2023.

3- Organizing workshops, including banks, electronic payment companies, the Federation of Chambers of Commerce, unions, and stakeholders, to present their ideas and proposals in the field of providing incentives and facilities that can be adopted to make the project a success and present them to decision makers.

4- Completing the evaluation of electronic payment companies in accordance with the standards established for this purpose, and determining the position regarding their licensing according to the results of the evaluation.

5- Expediting the completion of the study of applications submitted by new companies that wish to enter the market and provide the service according to the established standards, in a way that ensures attracting reputable companies in this field and enhancing the principle of competition, in order to achieve the provision of the best services at the lowest prices to citizens.

6- Completing the procedures for determining the tariff related to electronic payment operations, according to the nature of the business and the amounts collected for the public and private sectors, no later than December 15, 2023.

Third: The Central Bank of Iraq is obligating all banks to take all measures to support the application of electronic payment systems, including electronic points of sale (POS), including the following:

1- Simplifying the procedures for opening bank accounts for citizens, business owners, and professions, while studying the possibility of... Account opening and card issuance commissions (free or at nominal prices), and cooperation with all banks; To grant short or medium credit facilities to the owners of these interests, ensuring that they benefit from the existence of their accounts and motivating them to use electronic payment.

2- Adopting the service of banking offices in addition to branches, and moving on the ground to universities, institutes, shopping centers, commercial centers, and others, for the purpose of encouraging the opening of bank accounts for customers and providing them with electronic cards (for free or at nominal prices).

3- Study the possibility of including deposits resulting from electronic operations, which exceed a certain amount and remain in the account for a period of time, as savings deposits, according to which certain benefits or advantages are granted.

4- Obligating banks and electronic payment companies to provide a (free) electronic application on mobile phones, allowing customers to pay by phone, inquire about their balances and financial transactions, and prepare reports on paid invoices related to electronic payment systems, including electronic points of sale (POS).

5- Taking appropriate measures regarding monopolistic contracts concluded with electronic payment companies, to ensure compliance with the Competition and Antitrust Law No. 14 of 2010.

6-Intensifying media awareness campaigns for citizens about the benefits of electronic payment systems and how to use them, including electronic points of sale (POS), in coordination Between banks and electronic payment companies.

7- Obliging electronic payment companies to provide a customer service center around the clock, to facilitate payment operations and address immediate problems occurring in electronic payment.

Fourth: The Ministry of Communications and the Media and Communications Authority, each according to its specialty, shall provide the Internet at reasonable prices to all commercial websites, ensuring support for e-commerce and synchronization of data and commercial transactions with the required speed.

Fifth: Obliging private educational institutions, universities and private colleges, fuel processing stations, centers and shops of all kinds, restaurants, pharmacies, private medical clinics, warehouses, all wholesale and retail marketing outlets, and professionals and others that require payment for their interests within the boundaries of the Baghdad Municipality and the centers of governorates and districts throughout all of Iraq, to There will be a minimum amount of cash receipts through the electronic point-of-sale (POS) system after they are determined by the relevant sectoral authorities and presented to the Ministerial Council for the Economy, as a condition for renewing work licenses or licenses to practice the profession.

Sixth: The relevant government agencies must oblige all owners of commercial activities to register their entities in the commercial registry, and register owners of professions with the competent sectoral authorities, with the requirement of opening a bank account as one of the requirements for registration or a license to practice the profession.

Seventh: The Ministry of Labor and Social Affairs/Department of Retirement and Social Security for Workers obliges companies to pay social security amounts to their workers through electronic payment systems.

Eighth: Government agencies must impose additional fees at a rate not exceeding (5%) of the value of goods and services in cash transactions, compared to those collected through electronic payment systems, to encourage citizens; In order to use electronic payment systems instead of cash payment.

Ninth: This decision will be implemented starting December 1, 2023.   LINK

Clare:  The Iraqi Central Bank is moving towards the US Federal Reserve to increase its dollar transfers

11/1/2023

The Parliamentary Finance Committee revealed, today, Wednesday, a move by the Central Bank with the US Federal Reserve to increase Iraqi dollar transfers.

A statement by the committee, followed by Mawazine News, stated that “external and internal factors stand behind the crisis of fluctuations in the dollar exchange rate,” stressing that “the governor of the Central Bank of Iraq is working hard to solve these problems in order to reach understandings with the US Federal Reserve to increase Iraqi dollar transfers, as well as About confronting speculators and brokers internally.”
The statement called on "citizens to support the procedures and policy of the Central Bank because the crisis requires the combined efforts of everyone."

He added, "The Finance Committee is in constant contact with the Central Bank of Iraq and other concerned parties regarding the problem of the fluctuation of dollar selling prices and supports all steps and measures that would restore stability to the exchange rate," pointing out that "several immediate and future proposals are being presented in this regard, with the aim of finding alternatives and solutions."

Effective for this crisis and in a way that preserves the strength of the Iraqi dinar and also preserves the strength of our cash reserves of hard currency.”    LINK

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Clare:  Adviser to the Prime Minister: Using an international audit force that contributes to reducing corruption phenomena

11/1/2023  Baghdad - IA - Nassar Al-Hajj

 Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Wednesday, that government agencies’contracts with reputable international financial auditing companies represent an international auditing force that contributes to reducing the phenomena of multilateral corruption.

Saleh told the Iraqi News Agency (INA): “International auditing companies have long experience in investigating the most complex financial transactions, especially financial and administrative activities and transactions with broad and complex connections, called branching activities with long arms.”

He added, "The use of an additional international audit force for important financial centers in our country has become clear in reducing the phenomena of multilateral systemic corruption, and that the positive effects of this comprehensive, multi-purpose audit undoubtedly represent a new dimension in providing a climate based on assessing the level of financial discipline in addition to its role in Strengthening long-term paths that are of fundamental importance in government administration, and at the same time extend across the joints of multi-purpose government financial activities in our country.”

Saleh continued, “In accordance with international standards, in developing the efficiency of public money management and auditing mechanisms and adopting modern accounting principles, the international procedures that are adopted in auditing are procedures that have left a positive impact in providing an additional climate of financial protection that is directly consistent with the general principles stated in the government program.”

In developing the digital government administrative system, it is a trend that has become coherent and continuous and touches on financial governance in accordance with international standards to protect public money and apply the force of law.”

The Prime Minister's Advisor for Financial Affairs noted that "the role of international auditing companies is, in all cases, based on the principles and foundations of the effective Federal Financial Management Law No. 6 of 2019, as amended, as well as the applicable national supervisory instructions and procedures."   LINK

Wednesday Night KTFA CC With Frank26 "Remember-Part2" 11-1-2023

KTFA

Wednesday Night Conference Call

FRANK26…11-1-23….IQD UPDATE…..REMEMBER PART2

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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

https://www.youtube.com/watch?v=8PAP-pf6Cg8

Monday Night KTFA CC With Frank26 For 10-30-2023

KTFA

Monday Night Conference Call

FRANK26….IQD UPDATE 10-30-23…….REMEMBER PART 1

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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… ORANGE= IMPLEMENTATION

https://www.youtube.com/watch?v=EcIctIHGI6s

Tuesday Night KTFA CC: "IQD UPDATE……10-24-23……SUDANI TALKS!!!"

KTFA

Special Tuesday Night Conference Call

FRANK26……IQD UPDATE……10-24-23……SUDANI TALKS!!!

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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

https://www.youtube.com/watch?v=m7aWg7d3pDg

Monday Night KTFA CC "STAY PUT…DON’T GO ANYWHERE !!!" 10-23-2023

KTFA

Monday Night Conference Call

FRANK26……10.23.23……..STAY PUT…DON’T GO ANYWHERE !!!

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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… ORANGE= IMPLEMENTATION

https://www.youtube.com/watch?v=IjMSf63GItc

Some "Sunday News" Posted by Clare at KTFA 10-22-2023

KTFA:

Clare:   Washington directs the families of its diplomats and non-essential employees to leave Iraq and not to use Baghdad Airport

10/22/2023

The US State Department directed, on Sunday, the departure of the families of its diplomats and non-essential employees from Iraq, warning of “kidnappings.”

In a statement, the US State Department called on its citizens "not to travel to Iraq due to terrorism, kidnapping, armed conflict, civil unrest, and the limited ability of the Iraqi mission to provide support to American citizens."

The American forces at the Harir and Ain al-Asad bases in Erbil and Anbar were subjected to more than one attack by drones, according to what the armed factions announced.

The department directed the departure of "eligible family members and non-essential U.S. government employees from the U.S. Embassy in Baghdad and the U.S. Consulate General in Erbil due to increased security threats against U.S. government employees and interests."

She explained, “American citizens in Iraq face significant risks to their safety and security, including the possibility of violence and kidnapping,” noting that “terrorist and insurgent groups regularly attack Iraqi security forces and civilians. Anti-American militias also threaten American citizens and international companies throughout Iraq.” ".

She pointed out that “attacks are occurring using improvised explosive devices, indirect fire, and unmanned aerial vehicles in many areas of the country, including Baghdad and other major cities. In emergency situations, consular services for American citizens in Iraq are limited due to strict restrictions on the movements of US personnel.” American government.

The statement added, "Demonstrations, protests, and strikes occur frequently across the country. These events can develop quickly without prior notice, often leading to disruption of traffic, transportation, and other services, and sometimes turning into violence."

The US State Department continued, “Do not travel near the northern border of Iraq due to the continuing threat of attacks by terrorist groups, armed conflict, aerial bombardment, and civil unrest. US citizens should especially avoid areas near armed groups in northern Iraq, which have been targeted.” "With air strikes by the armies of neighboring countries."

She explained, “United States citizens should not travel through Iraq to participate in an armed conflict in Syria, as they would face severe personal risks (kidnapping, injury, or death) and legal risks (arrest, fines, expulsion). The Kurdistan Regional Government of Iraq announced that it will impose prison sentences of up to ten years.” "On individuals who illegally cross the Iraqi-Syrian border. Additionally, fighting on behalf of or supporting designated terrorist organizations is a crime under United States law that can result in prison sentences and large fines in the United States."

She concluded by saying, “Due to security concerns, US government employees in Baghdad have been instructed not to use Baghdad International Airport.

Due to the risks to civil aviation operating in the Baghdad FIR, the Federal Aviation Administration (FAA) has extended the Special Federal Aviation Regulation (SFAR).” for an additional two years which prohibits certain flights at altitudes below 32,000 feet. For more information, U.S. citizens should consult the FAA's Prohibitions, Restrictions, and Notices."   LINK

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Clare:  Iraqi Integrity announces the recovery of more than $70 million from a Swiss bank

10/22/2023

The head of the Federal Integrity Commission announced, on Saturday, the recovery of more than 70 million dollars from a bank in Switzerland, while it confirmed the recovery of billions of Iraqi dinars from convicts including the advisor to the former Prime Minister, Mustafa Al-Kadhimi, local officials, and a director in the intelligence service of the former regime. 

Haider Hanoun said in a press conference held today, at the Commission’s headquarters in Baghdad, and attended by a Shafaq News Agency correspondent, that the Integrity Commission has achieved achievements, laid foundations for combating corruption, and erased many of the voids that were exploited by corrupt people.

This is not an independent effort of the Commission, but rather in cooperation with the executive authority. Especially the government headed by Prime Minister Muhammad Shiaa Al-Sudani, who set a new variable in Iraq by ensuring that the government, in its form and content, sponsors the issue of combating corruption, and it is sincere in doing so.   LINK

Clare:  Al-Sudani chairs a meeting regarding the unified treasury account and the electronic payment system

10/22/2023

Today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani chaired a meeting devoted to discussing the completion of the unified treasury account, and following up on the electronic payment system and electronic card payment points/POS, in the presence of the Minister of Finance, the Governor of the Central Bank, the Head of the Federal Financial Supervision Bureau, and a number of advisors. And the general managers of a number of government banks, according to a statement from Al-Sudani’s office received by Shafaq News Agency.

The statement added: “The meeting witnessed a presentation and follow-up of the implementation of the unified treasury account, the level of progress in implementing and disseminating the electronic card payment system, and a discussion of the challenges facing public and private sector institutions and electronic payment companies.”

The facilities and incentives that can be provided to citizens and employing entities were also reviewed, with the aim of encouragement, along with the overall measures taken, progress rates, and necessary requirements for completion, as His Excellency stressed the necessity of giving priority to the goal of encouraging the government sector, and identifying negligent or lagging entities.

He pointed out that "during the meeting, the report containing a set of recommendations was approved, and it was decided to present it to the Council of Ministers."

Al-Sudani directed to activate the work and tasks of the Payments Council at the Central Bank, and the importance of submitting a final report on the achievements to be presented to the Council of Ministers meeting.

In terms of completing the unified treasury account, the Prime Minister directed all ministries to implement the fourth paragraph of Cabinet Resolution (3581 of 2023), and the necessity of accelerating the formation of committees and analyzing the non-active bank accounts for each of them, within one month, according to the statement.   LINK

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Clare:  The Border Crossings Announce The Completion Of Connecting All Their Ports To The Optical Cable Network

10/22/2023

The Border Ports Authority announced today, Sunday, the completion of connecting all its ports to the optical cable network.

A statement from the Authority received by Earth News Agency stated, “The network connection team, headed by the Deputy Chairman of the Ports Authority and under the supervision of the Prime Minister’s Advisor for Ports Affairs, was able to complete the connection of the Kirkuk International Airport port to the optical cable network, which is the last port to be connected to the network.” 

He added, “Connecting the border ports to the optical cable network will provide better performance and more technical advantages in terms of speed in transferring data over a very long distance via optical waves in a secure, impenetrable manner, in addition to the relatively low cost compared to traditional wired cables.” 

He continued, “Connecting the ports to the optical cable network will play a major role in transmitting data electronically, ensuring speedy procedures to prevent tampering and smuggling operations by analyzing sonar images of the goods and monitoring them from the Authority’s headquarters through a specialized operations center equipped with the latest screens and computers and managed by specialized employees with expertise.”

“The news is in analyzing differences in the density of goods and comparing them with those mentioned in customs transactions, as well as monitoring the performance of workers at border crossings with regard to examining goods with M60 sonar wheels.” LINK

Some "Tuesday News" Posted by Clare at KTFA 10-17-2023

KTFA:

Clare:  Thwarting the smuggling of $400,000 out of the country at Baghdad Airport

10/17/2023

The Security Media Cell announced that it thwarted the smuggling of $400,000 out of the country at Baghdad International Airport

A statement from the cell, a copy of which was received by {Al-Furat News}, said, "As part of the ongoing pursuit of currency smugglers, and after intensifying oversight efforts, teams from the Customs Directorate at Baghdad International Airport were able to seize $400,000 that was intended for smuggling."

The cell confirmed that "the competent security services continue their work day and night to pursue all those who harm the national economy by smuggling currency out of the country."

It called on "citizens to cooperate with the competent authorities to report any case related to currency manipulation or smuggling, in order to preserve the stability of currency prices and prevent sabotage of the country's economy."   LINK

Clare:  His advisor: Al-Sudani’s visit to Russia settled its debts to Iraq...and this is what he will raise in Washington

10/17/2023

The advisor to the Prime Minister, Subhan Al-Mullah Jiyad, announced that the visit of Muhammad Shia Al-Sudani to Russia settled its debts to Iraq - while revealing what the Prime Minister will present in Washington

Jiyad said: For the program {Free Speech} broadcast by Al-Furat satellite channel on Monday evening, it said: “The Sudanese visit to Russia resolved the issue of its debts to Iraq, which seeks to resolve the strategic agreement with America because it does not need combat forces, but rather technology, weapons and equipment.”

He added, "Al-Sudani did not address the issue of Russian armament of Iraq during his visit to Moscow, which provided rapid armament during the period of confronting the terrorist ISIS, and now he wants to invest in the oil and gas industries."

Jiyad continued, "Iraq yearns to see the second face of America, which is industrial, civilized, cultural, and economic, since its military face has become heavy and boring for the Iraqis. Al-Sudani will present this talk during his visit to Washington in accordance with the strategic agreement, in addition to opening the door to investment for American companies in Iraq."

He explained, "American loans and military aid to Iraq amount to two billion dollars. Iraq has its own sovereign decision and will not be with one axis against another axis. In light of this policy, Al-Sudani responded to the Russian president's call to meet the country's interest."

Jiyad added, "From the first moment, the Sudanese government sent great optimism to the citizens, and the ministerial platform was also optimistic, and with the approval of all political forces, this through the personality of the president, the ministerial platform, and consensus on it sent optimism and it will be strengthened in the coming days."

He stated, "The government is working on different paths despite the difficulties and the service effort team was established to avoid red tape and budget problems. There is tremendous work being achieved in terms of services, reaching areas not reached by successive governments, and packages to relieve traffic congestion. On the political level, there is great calm."

Jiyad added, "We have reaped the results of the electrical connection with Jordan and with the Gulf, which will open very soon, and the construction of large electrical stations. There is a significant reduction in corruption in institutions and departments. We have also reaped distinction in international and regional relations. The supervisory role will be further strengthened after the provincial council elections, and there are legal mechanisms to follow up on the work of the councils." ".

Regarding gas investment projects, Jiyad said, “Gas projects in Iraq will be invested beyond the life of the government, and we have the sixth licensing round in the western regions that will be announced soon. It carries promising numbers in the amount of free gas, and its level is expected to be large and high. We have sent out invitations to companies of all nationalities to invest in gas.” ".

He pointed out, "Work on implementing the development road project began in the second year of the government's life, and all external parties are enthusiastic about the project, and the internal challenge remains dependent on political forces."

In the banking sector, Jiyad explained, “There is currently something different from previous governments, which is that the current government does not take a step randomly without planning and follow-up. Today, Iraq is moving towards the localization of industries, and to advance industries, the private sector must be revived. In the 2023 budget, one trillion dinars were allocated to the Development Fund to support the sector. 
” Private projects and the guarantees themselves are the guarantees given in exchange for loans. Producer and consumer protection laws exist and are important and may need to be trimmed.

Jiyad ruled out obstruction of government projects, saying, “So far, there is no obstruction of an agreed-upon government project, whether economic, commercial, or international relations, that would serve Iraq’s return to its pivotal role, and this is considered good. However, disagreements may emerge in the last year with the elections approaching, and the Sudanese who is furthest from private interests is staying away from... Governorate elections.

He noted that "the French company Total had practice and previous experience in Iraq and presented its offer, which was the most appropriate in terms of time and cost. It was quick to respond to the invitation and began implementation after signing the contract. France has good political positions towards Iraq."

Regarding the salaries of Kurdistan Region employees, Jiyad said, “The region’s parties are patriotic and close to their constituencies, and salaries were distributed to their employees. There is a claim to remove salaries from political agreements through their association with the Federal Ministry of Finance.” 

Jiyad concluded by saying, "The project funds for the governorates were released this week, and the delay in releasing the funds is due to the approval of the projects. Legislating the oil and gas law is one of the government's commitments to the political document, and the positive atmosphere now is very favorable for opening this file."  

Wafaa Al-Fatlawi   LINK

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Clare:  Al-Nusairi calls for supporting and implementing the Central Bank’s measures in financial and banking reform

10/17/2023

Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, called for the ministries, concerned authorities and banks to support and implement the Central Bank’s procedures to achieve financial and banking reform based on the axes of its new strategy, which relies primarily on regulating foreign trade, maintaining the general level of prices, and reducing the inflation rate, which is one of the basic goals of the policy. Cash.

Al-Nusairi indicated in an interview with Al-Eqtisad News that the percentage of external transfers on the electronic platform exceeded 95 percent of merchants’ daily transfers, and efforts are continuing to conclude agreements with countries to adopt their local currencies such as the Indian rupee, the Turkish lira, the Emirati dirham, and the euro for direct dealing instead of the US dollar. .

He stated that it is in line with the campaign to support the Iraqi dinar in internal and external transactions, the Prime Minister’s announcement of Iraq’s desire to enter the BRICS group, as approximately 70% of the total trade exchange takes place with China, India, and Brazil, in addition to the fact that 50% of Iraq’s oil exports are through the BRICS countries. This is an important step if the group accepts the joining of Iraq.

Al-Nusairi confirmed that the Central Bank’s departure from the platform method in 2024 will contribute to the fact that external transfers will be made directly between the Iraqi merchant and the exporter through the correspondent banks that will be approved and international companies that undertake pre-audit operations. 

Al-Nusairi concluded his speech by saying that the challenges faced by the Central Bank and the government against the financial and banking reform strategy, and that what is spread by speculators, the corrupt, and their media and analysts, will not last long, as the battle will inevitably be decided by completing comprehensive financial and banking reform processes and stabilizing the exchange rate within the targeted limits.   LINK

Clare:  Iraq raises the interest rate to 7.5%, and the Economic Council is considering increasing the rate

10/16/2023

The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed on Monday that the interest rate for amounts deposited in banks has been raised to 7.5% to encourage citizens to deposit their amounts in banks, and to withdraw the monetary mass outside the banks, while the Ministerial Council for the Iraqi Economy confirmed the study of increasing the price of... Interest on deposits.

This came during the presidency of Iraqi Foreign Minister Fuad Hussein, the 31st session of the Ministerial Council for the Economy, in the presence of the Ministers of Planning, Finance, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Undersecretary of the Ministry of Oil, the Vice-President of the National Investment Authority, the Chairman of the Securities Commission, and advisors to the President. Ministers for Economic and Legal Affairs.

According to a statement received by Shafaq News Agency, the Council hosted the Chairman of the Finance Committee in the Iraqi Parliament, Atwan Al-Atwani, and a number of committee members, to discuss the dollar exchange rates in Iraqi markets.

The Governor of the Central Bank of Iraq, Ali Al-Alaq, provided a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq.

Al-Alaq pointed out, according to the statement, that "the exchange rate depends mainly on imports, not on local production, and that the exchange rate in Iraq has peculiarities because it is linked to the price of oil, as it is the largest source of providing hard currency."

He explained that "many factors affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries, internal trading in local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling."

Al-Alaq added, "The level of inflation has decreased significantly and that the goods that enter officially are witnessing price stability, because imports are covered by the official price."

The Governor of the Central Bank pointed out the opening of a special lounge for private banks to sell dollars to travelers at Baghdad International Airport, and raising the interest rate for amounts deposited in banks to 7.5% to encourage citizens to deposit their amounts in banks, and to withdraw the cash mass outside the banks.

After objective and serious discussions, the head of the Ministerial Council for the Economy, Fouad Hussein, noted that “the Council will study in detail this important issue, and will follow up on the localization of salaries for all workers in the government sector, and then the mixed sector up to the private sector.”

Hussein said, “The Ministerial Council will study increasing the interest rate on deposits,” adding: “We are looking forward to building basic future tools that will help the Central Bank and the Ministry of Finance assume their role in a manner commensurate with the nature of their work.”  LINK

KTFA Monday Night CC " SUDANI TALKS DIRECTLY TO THE CITIZENS OF IRAQ" 10-16-2023

KTFA

Monday Night Conference Call

FRANK26….IQD UPDATE 10-16-23……SUDANI TALKS DIRECTLY TO THE CITIZENS OF IRAQ

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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… ORANGE= IMPLEMENTATION

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

KTFA Wed Night CC "IQD….10-11-23……RING A DING DING…..HELLO ?"

KTFA

Wednesday Night Conference Call

FRANK26…IQD….10-11-23……RING A DING DING…..HELLO ?

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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… ORANGE= IMPLEMENTATION

https://www.youtube.com/watch?v=FXHexs6Vu1Y

Some "Tuesday News" Posted by Clare at KTFA 10-10-2023

KTFA:

Clare:  Putin announces the size of Russia's investments in Iraq: $19 billion and 50 operating companies

10/10/2023

On Tuesday, Russian President Vladimir Putin revealed the volume of investments by Russian companies in Iraq, indicating that it amounts to 19 billion dinars, in addition to 50 companies operating in Iraq.

The Russian President's statement came during discussions held Tuesday in Moscow with Iraqi Prime Minister Muhammad Shia'a al-Sudani, who arrived in the Russian capital earlier today.

Putin indicated that Moscow and Baghdad are successfully coordinating work within the framework of “OPEC+” with the aim of achieving stability in global energy markets. He said: “We are coordinating work within “OPEC+” and we are doing so with great success with the aim of achieving stability of the situation in global markets, and I hope that we will continue. In working with this approach.

The Russian President added that the energy sector is a major area of ​​cooperation between Russia and Iraq, a member of the Organization of the Petroleum Exporting Countries (OPEC).

Regarding the size of Russian investments in Iraq, Putin said, "Our major companies operate in your country (Iraq) with great success. The total investments of our companies amounted to about 19 billion dollars. There are prospects for further development of cooperation."

Moscow and Baghdad have strategic and historical relations, and approximately 50 Russian companies currently operate in Iraq, including Lukoil and Gazprom Neft, the oil arm of the Russian company Gazprom.

Russia is currently implementing a large project to rebuild and modernize a factory for the production of glass and ceramic products in the city of Ramadi in Anbar Governorate. A Russian industrial alliance has begun the practical implementation of this project for the benefit of the Iraqi Ministry of Industry and Mineral Resources.  LINK

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Clare:  Plasschaert: The Sudanese government has made important steps and Iraq is in a position to seize opportunities

10/10/2023

UN Representative Jeanine Plasschaert during her briefing at the Security Council on developments in Iraq:

The government of Prime Minister Muhammad Shiaa Al-Sudani made important steps and promising initiatives within a year of its formation

The Iraqi government has taken important steps in reforming the financial and banking sector

Iraq is in a position to seize opportunities

The Iraqi government has taken steps in the budget that allow for increased private sector investments

 Iraq has made efforts to secure its borders with Iran

We welcome the continued efforts to activate bilateral committees between Iraq and Turkey

 The Iraqi government has made clear beyond doubt its commitment to the principles of international law and its respect for bilateral agreements and United Nations resolutions

 Iraq is committed to its positive relations with its neighbors

The Iraqi government has made achieving water security its top priority  LINK

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Clare:  The Center for Banking Studies celebrates the participants in its training courses

October 10, 2023

Today, Monday, the Center for Banking Studies at the Central Bank of Iraq held a ceremony for participants in internationally accredited training courses.

The ceremony, which was attended by a number of officials from this bank, witnessed the distribution of approved certificates in the field of anti-money laundering and compliance to the participants in the training courses and those who passed the exam to obtain the (CGSS), (CAMS), (KYCS), and (CCM) certificates.

The Director General of the Center for Banking Studies at the Central Bank of Iraq, Dr. Bassem Abdul Hadi, indicated that obtaining this type of certificate for participants contributes to raising the ability of the banking sector in Iraq to confront the phenomenon of money laundering and terrorist financing and achieve international compliance requirements. Congratulations to the participants in these courses for the banking sector. The Iraqi.

It is noteworthy that the Center for Banking Studies of the Central Bank of Iraq provides dozens of training courses throughout the year in various banking fields, in addition to its cooperation with regional and international training centers.

 Central Bank of Iraq
Information Office
9 - October – 2023   LINK

Clare:  Similar to Iran, the Iraqi president hopes to sign a joint security agreement with Türkiye

10/10/2023

The President of the Republic, Abdul Latif Jamal Rashid, expressed, on Tuesday, his hope that a joint security agreement would be concluded with Turkey similar to the agreement with Iran, which led to the disarmament of the Kurdish parties opposing the regime in Tehran and present on the territory of the Kurdistan Region.

The Iraqi presidency stated in a statement that Rashid received, at Baghdad Palace, the National Security Advisor, Mr. Qasim Al-Araji.

According to the statement, during the meeting, the latest political and security developments in Iraq and the region were discussed, as the President indicated the need to intensify efforts and enhance security in the border areas.

The statement added that Rashid appreciated the signing of the joint security agreement with the Islamic Republic of Iran, stressing the importance of the agreement in enhancing security and stability.

During the same meeting, the President of the Republic expressed his hope to sign a joint security agreement with Turkey, and to limit the violations that negatively affect the nature of relations between the two countries.

For his part, Al-Araji provided the president with an extensive explanation of the current and future plans of the National Security Advisory, stressing that no effort would be spared to support the internal stability of Iraq and secure the interests and lives of citizens.   LINK

Monday Night KTFA CC -FRANK26 IQD UPDATE 10-9-23…..THIS IS THE MIDDLE EAST

KTFA

Monday Night Conference Call

FRANK26 IQD UPDATE 10-9-23…..THIS IS THE MIDDLE EAST

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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… ORANGE= IMPLEMENTATION

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