KTFA Thurs. Night CC: FRANK26…..5-2-24……..SALEH TALKS TO CITIZENS!!!

KTFA

Thursday Evening Conference Call

FRANK26…..5-2-24……..SALEH TALKS TO CITIZENS!!!

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=S5CuOx05AJI

KTFA Wed. Night CC: “FRANK26….5-1-24……CALENDAR GETS SMALLER”

KTFA

Wednesday Night Conference Call

FRANK26….5-1-24……CALENDAR GETS SMALLER

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=gIq1r8hWLKE

KTFA Tues.Night CC: “FRANK26….4-30-24……CONFESSIONS”

KTFA

Tuesday Night Conference Call

FRANK26….4-30-24……CONFESSIONS

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=XGwqCiUE_HE

KTFA Mon. Night CC: “FRANK26…..4-29-24……AGREED SOLUTION”

KTFA

Monday Night Conference Call

FRANK26…..4-29-24……AGREED SOLUTION

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=nXTRITjqHwk

A Fixed or Fixed Exchange System for the Iraqi Dinar

KTFA:

Clare:  A fixed or fixed exchange system for the Iraqi dinar

Mahmoud Dagher  4- 29-2024

First: a fixed system:

 Rentier countries seek to adopt a fixed exchange system (pegged) to a strong foreign currency or several currencies (a basket of currencies) to ensure the stability of foreign transactions, as long as they export one depleted commodity and import many goods and services, and they are called “small open countries.”

 Despite the agreement that the floating currency system is considered the best in terms of relative response to the performance of the external economy and the lack of need for sometimes excessive use of foreign reserves to defend the official value in the peg system, the abundance of reserves and the need for stability in foreign transactions have a major impact on the economy. Overall, rentier countries are likely to adopt a fixed exchange rate system.

Iraq is one of the economies whose monetary authority adopts an openly fixed exchange rate system (De jure) and strives to be realistically fixed (De facto). The Iraqi dinar’s peg is classified as a “soft peg” peg that includes accepting a fluctuation of no more than 2% during the period. The last 6 months of IMF audit and 1% average volatility continuously (ereare,IMF,2021).

When dealing with the dinar exchange rate, a distinction must be made between the fixed exchange rate that affects the market, and the contractual exchange rate between the central bank and the Ministry of Finance when selling its dollars to the central bank (which is proven in the budget for the public revenue account), and the market exchange rate remains the most important because it is dealt with in the markets as a value. Reference.

The official dinar exchange rate went through (roughly) the following stages:

From 2004 – December 2020: Buying: 1190 Selling: 1200

From the end of 2020 - February 2023: Buy: 1460 Sell: 1470

From February 2023 until now: Buying: 1310 Selling: 1320

It is noted that there are 10 points (10 dinars) between purchasing banking and non-banking financial units (exchange companies) and selling them to merchants (transfers/credits) or to individuals (in cash) (noting that there is a change within the ten points for motivational purposes, but it is not extensive)

Therefore, during the years 2020-2023, the monetary authority did not leave the fixed exchange system, but rather moved from one fixed exchange rate to another fixed exchange rate, according to what it saw fit in the interest of the overall economy and well-being.

It is natural that the repeated transfers from one constant to another over a short period of time had an impact on the balance levels of the dinar and the size of the gap between the official and market exchange rates. This was reflected in the shifting of financial positions in favor of those holding the dollar again and again in favor of those holding the dinar

. It even had an impact in changing The financial positions of creditors and debtors at each change, noting that those with dinar salaries and income are most affected by the gaps and fluctuations between the official value and the market value of the dinar, especially since changing the amount of the assessment was reduced (12-20-2020) and then raised (2-7-2023). It has a clear positive impact even on the macroeconomy, in addition to being a deviation from targeting stability by essentially adopting a fixed exchange rate system.

Second: An installed system

 There is no doubt that the dinar exchange rate is determined through the dealings of the banking or non-banking financial units that buy the dollar at a fixed dinar price from the central bank (cash or promotion) with the importing public (merchants) or travelers (cash), that is, whoever determines the market dinar exchange rate ( Then the dollar exchange rate) these units deal with customers, and then following up on what happened since entering the platform at the end of 2022 until now, we find that the dinar’s story took two stages:

- The merchants’ stage: In the beginning, the importing merchants were obtaining dollars (remittances, credits: which are the largest part of daily currency window sales), at a price of 1,320 dinars/dollar, but the merchants set the margins of their imported sales according to the (parallel) cash price, and thus the merchants practiced speculation.

 The margin of the exchange rate gap, rather than the trading margins of their activity. This behavior is consistent with the state of profit allowed by the market and the prevailing nature of control.

This stage witnessed a gap of up to (1320 - 1550), meaning a margin of 230 points and an exchange gap of (approximately 17%).

- Participation stage: After the banking and non-banking financial units that buy the dollar from the Central Bank (1310 dinars/dollar) became certain that the gap between what they sell (1320 dinars/dollar) and what their merchant customers sell for

(1500-1550), began intervening to share the margin with these clients, and by imposing commissions amounting to

(3%-7%) on dollar sales to customers, whether in cash or promotions. Rather, it was transferred to cards and Western Union under the name of commissions.

So, the price of the dollar moved from (1320 to 1500) and thereabouts, being shared between banking and non-banking financial units and merchants, and it was almost (1320-1400) the share of financial outlets (so 1400 is the cost of purchasing the new dollar instead of 1320.

More than 1,400 are owned by merchants.

Therefore, the natural and legal public is faced with:

- The official price is 1320.

The price for banks is about 1,400 for transfers and credits.

The price for banking companies is slightly higher than 1,400 for cash and transfer.

The price for merchants is between 1400 and 1500.

Therefore, the exchange system became fixed (by cap) (not fixed) and the cost became approximately 1400 dinars / dollar, due to the cap set by the banking and non-banking financial outlets, and in this situation the fixed exchange system was lost (1310-1320).

Therefore, the continuous stabilization has become dependent on the mutual pressure forces between the merchants’ margin of the currency and the margin of the financial outlets of the currency:

Leaving the real margin represented by the added value resulting from financial and commercial activity.

The reflection of this does not stop at the crack in the fixed exchange system adopted by the monetary authority, which is published in the IMF documents through the Fund’s annual (ARERE) report, but rather goes beyond that to the disparity in the exceptional profits achieved by financial outlets compared to others (due to commissions) in a way that approaches monopoly. For the banking market, which is based on the difference in market share, due to the availability of important correspondents for this outlet compared to the other.

Returning to stability has become limited to the efforts of the following:

• Follow up on commissions (Central Bank).

• Follow up with customs for the entry of goods.

• Follow up with the authorities responsible for financial crime (reporting office, economic crime) to follow up on unregistered commissions for fear of their incorrect use.   LINK

KTFA Sun. Night CC: “ FRANK26….4-28-24…..FORGET PARLIAMENT!!”

KTFA

Sunday Night Conference Call

FRANK26….4-28-24…..FORGET PARLIAMENT!!!

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=VN5nyJXUhrg

KTFA Friday Night CC: “FRANK26….4-26-24…..A LOT FROM ALAK”

KTFA

Friday Night Conference Call

FRANK26….4-26-24…..A LOT FROM ALAK

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=sbdMmXb2rx0 

Some “Friday News” Posted by Clare at KTFA 4-26-2024

KTFA:

Clare:  Governmental and private banks will showcase their services tomorrow during Financial Inclusion Week

4/26/2024

Governmental and private banks are preparing to participate tomorrow, Saturday, in Financial Inclusion Week.

The electronic payment systems will review banking services for citizens, including advances and loans, and introduce them to the products offered by these banks in a step to enhance financial inclusion.   LINK

Clare:  Parliament does not know the reason for the delay in sending the 2024 budget schedules: Voting takes time

4/26/2024   Baghdad

The Finance Committee in the Iraqi Parliament confirmed today, Friday (April 26, 2024), that the government was very late in sending the 2024 budget disbursement schedules.

Committee member Jamal Kujar told “Baghdad Today” that “we are very close to entering the middle of the fiscal year, and so far the government has not sent us the 2024 budget spending schedules,” noting that “voting on it requires time by Parliament for the purpose of studying or amending it.”

Koger stated, “We do not know what the reasons were that prompted the government to all this delay in sending the budget schedules, even though it cannot spend any of the amounts, especially for projects and others, until after Parliament votes on those schedules. “

It is noteworthy that the Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed on Sunday (April 21, 2024) that the House of Representatives is awaiting the arrival of the current year’s budget schedules during this month.

Al-Atwani said in a statement received by Baghdad Today, “The Finance Committee is awaiting the arrival of the 2024 budget schedules during this month, in order to discuss them and approve their allocations.” 

On the other hand, Al-Atwani stressed that “Parliamentary Finance is keen to support and encourage the private sector and provide incentives to attract investment companies.”

Last March, Finance Minister Taif Sami announced that the tables had been completed and sent to the Council of Ministers for the purpose of voting on them, according to an official statement.   LINK

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Clare:  From Dammam to Najaf.. Saudi Arabia announces an increase in flights with Iraq

4/26/2024

Saudi Civil Aviation announced that it will operate direct flights to Iraq, starting next June 1.

The Saudi Civil Aviation said in a statement followed by {Al-Furat News} agency, “Based on the national strategy for the aviation sector in the Kingdom, which aims to double the response capacity and reach more than 330 million passengers annually, and more than 250 destinations in the world, and as an extension of the close relations that...

Connecting the Kingdom with the sister Republic of Iraq, we announce the operation of direct flights from the city of Dammam in the Kingdom to the city of Najaf in the Republic of Iraq, in addition to flights to both the cities of Baghdad and Erbil in the Republic of Iraq, starting on Saturday, June 1, 2024.   LINK

**

Clcare: The Association of Private Banks appreciates the efforts of the government and the Central Bank to create understandings with the Treasury, the Federal Bank, and international banks

4/26/2024

The head of the Iraqi Private Banks Association, Wadih Al-Handal, participated in the Arab Economic Security Forum, which was organized by the Union of Arab Banks in Beirut.

Al-Handal said in his speech, “The forum is being held in complex circumstances and geopolitical changes taking place in the region, and the Arab banking sector has begun to be affected, starting with the State of Iraq,” adding that Iraq is still facing major challenges, at various economic levels, including the deprivation of the Iraqi private banking sector.

 From the use of the dollar, which exceeded half the number of banks operating inside the country, which is a very dangerous indicator, despite the efforts of Iraqi government and private institutions to comply with local and international anti-money laundering and terrorist financing laws, but for the first time we are witnessing a clear targeting of the sector that has begun to affect banking services inside the country, It undermines citizen confidence and hinders the expansion of financial inclusion.

He added that these challenges facing the banking sector reaffirm the prominent role played by the Union of Arab Banks, international organizations and Arab banks in coordinating positions and confronting dangers together, noting that our meeting is taking place. "It represents an opportunity for cooperation and agreement on a work roadmap for the future, as targeting the Iraqi banking sector will not stop within its borders, and may expand at any moment to other countries in light of the regional turmoil."

Al-Handal pointed out that “the Association of Private Banks is working with the Iraqi government, the Central Bank, and some local and international institutions, to save the banking sector, and return banks deprived of dealing in dollars to their activities, but this is not enough, but rather requires continuing cooperation with the Arab and foreign banking sector, because the stage of merging... The Iraqi banking sector with its Arab counterpart must begin quickly, and we are taking great strides in this direction, especially since Prime Minister Muhammad Shia al-Sudani held dialogues in Washington with the American President and other government officials, who announced in a joint statement the possibility of a group of Iraqi banks returning to dealing. in dollars and support the private banking sector.”

Al-Handal appreciated the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury to expand the integration of the Iraqi banking sector into the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual rise in its value.

He pointed out that Iraq is witnessing great development in the transition to electronic government and the adoption of electronic payment, and this is what leads to the growth of the digital economy, especially since there is a trend within the country to increase the number of electronic banks, to keep pace with technological development and increase performance.LINK

Clare: With the participation of the Association of Private Banks, investment opportunities are on the table of a Jordanian-Iraqi economic forum next May

4/26/2024  Baghdad

The activities of the Economic Forum for Financial, Industrial and Commercial Partnerships between Iraq, Jordan and the region will begin on the fifth of next May, organized by the Iraqi Business Council in Amman, amid great official interest and broad participation from the public and private sectors in the two countries and countries in the region.

 According to a statement by the Council, the ministers of industry and electricity from Iraq will participate in the forum, which is organized by the Council in cooperation with the Jordanian and Amman Chambers of Industry, and will be opened at the King Hussein Convention Center in the Dead Sea region, along with ministers from Jordan, business owners, investors, and Arab and foreign companies.

Participating in the forum are also the National Investment Authority in Iraq, the Arab Businessmen Union, the Multilateral Investment Guarantee Agency and the International Finance Corporation of the World Bank Group, the Association of Information and Communications Technology Companies (Intaj), the Association of Iraqi Private Banks, the Jordanian Banks Association, and the Jordanian Corporation for Economic Enterprise Development. (JEDCO), and the Jordanian free and development zones.

 The Council organizes the two-day forum, which includes an exhibition for companies and bilateral meetings with decision-makers from the two countries, on the occasion of the Kingdom’s celebrations of the silver jubilee of His Majesty King Abdullah II assuming his constitutional powers.

 The forum's working sessions focus on the most prominent investment opportunities in Jordan and Iraq, the prospects for commercial and industrial opportunities in the two countries, the vision of economic modernization, investment in Iraq, investment opportunities in the region, in addition to investment opportunities in the Jordanian free and development zones.

 The sessions also focus on the role of the banking sector in providing financial facilities to the industrial, energy, mining, transportation and infrastructure sectors, the role of international institutions in providing financial financing for investment projects, and presenting success stories of Jordanian and Iraqi investment companies.

The Forum seeks to enhance regional integration by building economic interconnection, enhancing cooperation in various sectors, building long-term partnerships, creating sustainable partnerships, deepening mutual understanding between participating countries, and building a common vision for the future of economic prosperity and development in the region.  LINK

KTFA Thurs. Night CC: “FRANK26….4-25-24……A SLEW OF ARTICLES”

KTFA

Thursday Night Conference Call

FRANK26….4-25-24……A SLEW OF ARTICLES

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=KxpCdKLYd_c

KTFA Wed. Night CC: “FRANK26…4-24-24….WELCOME WALKINGSTICK”

KTFA

Wednesday Night Conference Call

“FRANK26…4-24-24….WELCOME WALKINGSTICK”

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=oUUAquKT3DI”

KTFA Tues. Night CC:“FRANK26….4-23-24…..SAT PHONE CALL”

KTFA

Tuesday Night Conference Call

“FRANK26….4-23-24…..SAT PHONE CALL”

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=9H4AbfyqiyI