KTFA Members “News and Views” Thursday 7-18-2024
KTFA:
Clare: FRANK TOLD US LAST NIGHT THAT WALKINGSTICK SAID, FOR FRANK TO PUSH THAT WE ALL REALLY PAY ATTENTION TO THE TURKMEMISTAN ARTICLE WHICH I HAVE REPOSTED FOR YOU IN POST #23... FOR YOUR CONVENIENCE. ALL THE HIGHLIGHTS WERE DONE BY WALKINGSTICK HIMSELF YEARS AGO.
FROM WALKINGSTICK
BR..... FOR EDUCATIONAL PURPOSES ONLY, NOT INCLUSIVE...AND/ OR MAY NOT BE DEFINING THE EXACT MANNER IN WHICH IRAQ WILL EMPLOY THEIR CURRENCY REFORM...
Turkmenistan ......New Money
FINANCE & DEVELOPMENT, December 2013, Vol. 50, No. 4
Introducing a new currency is a complex process—one that Turkmenistan completed successfully
KTFA:
Clare: FRANK TOLD US LAST NIGHT THAT WALKINGSTICK SAID, FOR FRANK TO PUSH THAT WE ALL REALLY PAY ATTENTION TO THE TURKMEMISTAN ARTICLE WHICH I HAVE REPOSTED FOR YOU IN POST #23... FOR YOUR CONVENIENCE. ALL THE HIGHLIGHTS WERE DONE BY WALKINGSTICK HIMSELF YEARS AGO.
FROM WALKINGSTICK
BR..... FOR EDUCATIONAL PURPOSES ONLY, NOT INCLUSIVE...AND/ OR MAY NOT BE DEFINING THE EXACT MANNER IN WHICH IRAQ WILL EMPLOY THEIR CURRENCY REFORM...
Turkmenistan ......New Money
FINANCE & DEVELOPMENT, December 2013, Vol. 50, No. 4
Introducing a new currency is a complex process—one that Turkmenistan completed successfully
A popular destination for visitors to the IMF’s Washington, D.C., headquarters has long been a 40-foot-long display of each member country’s currency.
Most countries have their own currency, which is an important part of their national identity, though some belong to a monetary union and share a common currency with the union’s members; others use that of another, often larger, country.
On occasion, a country must introduce a new currency. Turkmenistan, the former Soviet republic in central Asia, decided in 2008 to undertake a currency reform.
A major gap between the official exchange rate and the informal or market rate meant that Turkmenistan’s price system had become complex and inefficient. This, in turn, created complexities in accounting and statistical reporting. So the government decided to introduce a new currency before launching market-oriented reforms. Currency reform was regarded as the foundation for further strengthening the macroeconomic framework, particularly monetary transmission: the more the population relies on the local currency rather than U.S. dollars, the more control the government has over macroeconomic policy.
The total and orderly overhaul of Turkmenistan’s currency system in 2008–09 in many respects serves as a model for other countries.
Big decisions
The introduction of a new currency is not undertaken lightly. The motivation could be hyperinflation, exchange rate collapse, massive counterfeiting of the existing currency, or even war. Or it could be an intentional change—for example joining a monetary union, such as the European Monetary Union.
Changing a national currency is a highly political decision. Sometimes the existing currency does not meet the economy’s needs.
The typical economy in need of currency reform is cash based and highly dollarized, with multiple currencies circulating at the same time.
The single most important price in any economy is the price of its currency vis-à-vis other currencies. Countries that assign non-market-based exchange rates for different goods or services—or for imports versus exports—tend to have significant distortions in their economy. Over time, this usually leads to slower growth overall. Eventually, the general public, the business community, and politicians may start pressing for currency reform and the introduction of a new currency.
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.
Introduction of a new currency comprises four phases. First, the necessary preconditions—sound macroeconomic policies and strong financial sector legislation—should ideally be in place or under way. Next, careful preparation is required, setting up the policies and processes behind the reform and drafting a detailed budget for the entire currency reform (including the cost of printing and minting the new cash currency). Then comes production of the new currency, and finally the most challenging phase: implementation.
Setting the stage
A government facing currency reform often has limited ability to pursue macroeconomic policy. If the country is suffering from hyperinflation, its macroeconomic policies to date by definition were unsound. In some cases, a currency reform must be implemented despite a difficult macroeconomic situation. Currency reform alone is unlikely to resolve such problems and will yield its benefits only if underpinned by fiscal and monetary action. But psychologically, introducing a new currency can itself facilitate the stabilization of an economy. It is sometimes combined with exchange rate unification—to eliminate the complications of both an official exchange rate and unofficial market rate.
Turkmenistan was able to achieve favorable macroeconomic conditions before it implemented exchange rate unification and currency redenomination. During 2006–07, the economy was growing more than 11 percent a year, inflation was in single digits, and fiscal and external balances were strong.
A currency reform must be supported by financial sector legislation. Existing legislation—including the law establishing the central bank and regulation of banks and other financial institutions—should be reviewed to ensure consistency with international best practices. A law and regulations on the specific currency reform are also necessary, and other legislation—for example, governing accounting and financial reporting—may require updating. This work can be supported by technical advice from the IMF and other countries’ central banks. Such technical assistance includes initial general guidance as well as detailed recommendations based on currency reforms in other countries.
In a crisis situation, the government has little, if any, control over the circulation of different currencies. For that reason, the economy tends to be highly dollarized—that is, many transactions are made with a foreign currency, often the U.S. dollar.
Moving forward, the government should favor a currency regime that supports open trade and free markets—one that allows international competition and is not overly protectionist.
The central bank is the arm of the state responsible for introducing a new currency, but it is not necessarily in a position to do so.
It may lack staff with relevant experience, or sufficient branches throughout the country from which to operate, or even the funds necessary to finance a reform. Strengthening the institutional capacity of the central bank and ensuring it has the resources needed are critical preconditions for currency reform.
Private banks also play a key role in currency reform. But the banking sector may be weak or, in some cases, virtually nonexistent. In some parts of the world, informal funds transfer systems such as hawala and hundi are more vibrant or have nationwide networks that surpass those of banks. In such cases, collaboration between the central bank and these payment system operators is critical to the success of the reform.
The central bank must assess the extent to which counterfeit banknotes circulate. Together with the ministry of finance and the commercial banks, it should formulate a strategy to avoid an increase in counterfeit currency during the critical implementation stages of the currency reform.
The central bank should prepare a budget for the entire currency reform early on and revise it as necessary over time. The IMF can offer technical advice on preparing such a budget.
Introducing a new national currency is a highly complex project, which requires a well-functioning accounting system. Throughout the various stages, tested systems must be in place for independent auditors to safeguard the integrity of the currency reform, by ensuring correct reporting and accounting of the currency exchange. Failure in this area is not only costly but also potentially devastating to the currency reform’s reputation.
Important as all these preparations are, the success of a currency reform depends just as much on a successful public education campaign. The central bank needs to coordinate this campaign with other agencies, financial sector representatives, merchants, and the general public. A delicate balance must be struck between providing sufficient public information and the need for confidentiality to avoid releasing clues to counterfeiters that could be used to undermine the integrity of the new currency.
The information campaign should encourage people to deposit their cash currency in accounts at banks. The campaign must make it clear that once the currency reform is initiated, account holders can withdraw their money in the form of new banknotes.
A second important point for the public education campaign is timely information on the stages of the currency reform to discourage a run on banks with temporary liquidity problems.
In Turkmenistan, the central bank conducted a proactive public communications strategy that began early in the currency reform.
The terms of the redenomination were carefully defined and announced in advance. An awareness campaign was carried out throughout the country. Booklets, illustrating the new banknotes to be distributed, were published in national and local newspapers along with explanatory articles. In addition, pocket-size cards comparing the denomination of old and new manat were distributed to the public. And the Central Bank of Turkmenistan set up a phone hotline to answer questions from businesses and the public.
Lights, camera, action
A new currency’s name is a psychologically important decision for the government. One option is to emphasize continuity with the old currency by retaining the old name or adding “new” to it. Alternatively, the government may choose to underscore a break with the past by giving a completely new name to the currency to mark the start of a new monetary era.
In Turkmenistan, the government decided to keep the name “manat” for the redenominated currency. However, in line with an international convention among countries and central banks, the International Standards Organization changed the three-digit ISO 4217 code from TMM for the pre-2007 manat to TMT for the new Turkmen manat.
The banknote printer and the minter of coins should be selected competitively and in the international market. Even if domestic producers are available, they should be required to compete for the contract. It is not uncommon, by the way, for various banknote denominations to be produced by different international firms.
Turkmenistan’s banknotes were printed by the British firm De La Rue, and the coins were minted by another U.K. company, the Royal Mint. De La Rue is now testing production of the banknotes from paper produced with local raw materials—Turkmen cotton, renowned since ancient times for its high quality.
Decisions on the artistic design of banknotes are almost always complex and time consuming. The design must be integrated with necessary security features: the higher the denomination, the more advanced security features are required. These often include watermarks, security threads, see-through registers, and hidden numerals. Decisions also need to be made on the size of banknotes—a uniform size as for U.S. banknotes or a different size for each denomination as for euro banknotes. Finally, the color scheme should be determined—again, uniform colors, like U.S. banknotes, or clearly different colors as for most other banknotes.
Hyperinflation and exchange rate collapse slash the value of a national currency, forcing the issuance of banknotes in ever higher denominations. In Yugoslavia in 1993, a banknote reached 500 billion dinars, and Zimbabwe’s highest banknote issued was 100,000 trillion Zimbabwe dollars in 2008. In such situations, a redenomination of the currency is not only appropriate but also necessary. Redenominating a currency means administratively changing its face value. In itself, a redenomination makes no one richer or poorer. Technically most redenominations of currencies are undertaken by using factors of 10, 100, or 1,000 and simply moving the decimal point a certain number of steps to the left to establish a new value. Such a change is simple to explain to the general public and easy for companies to implement. It also represents a clear way of monitoring whether price gouging is taking place.
The first step in the Turkmen currency reform was to unify the exchange rate. In the past, because of a shortage of foreign exchange, there had been a dual exchange rate system made up of an official rate pegged at 5,200 manat per U.S. dollar and an informal parallel market rate of about 23,000 manat per U.S. dollar.
Later, the government devalued the official rate to 6,250 manat per dollar and introduced a commercial rate of 20,000 manat per dollar at which banks could trade freely with the public. The two markets were successfully unified on May 1, 2008—at the rate of 14,250 manat per dollar, a level consistent with the country’s strong external position.
Currency exchanges were located wherever customers might want to exchange dollars for manat, offering easy and official access at close to the informal rate, thus killing off demand for the informal market.
At the beginning of June 2008, the Turkmen government issued new foreign exchange regulations under which the Central Bank of Turkmenistan began providing banks and authorized currency changers ready access to foreign exchange, which in turn became available to the market-oriented private sector. Previously the central bank had been propping up the official, unrealistically low, exchange rate by restricting access to dollars. The provision of sufficient foreign exchange to an extensive network of exchange bureaus across the country eliminated the black market rate.
While unifying the exchange rate is important, the authorities must also modernize the national currency for a currency reform to be comprehensive. In Turkmenistan, the modernization entailed issuing a new family of banknotes that were smaller in size than the unnecessarily large old banknotes.
It also included the reintroduction of coins. The Turkmen economy had been cash oriented for a long time, and the U.S. dollar was extremely popular. The weakness of the manat to the dollar, which required thousands of manat in an exchange conversion, was deemed unacceptable. One way to correct this was to redenominate the national currency.
After the successful exchange rate unification, the authorities moved forward with the introduction of the new manat, revaluing the currency by a factor of 1 to 5,000. The pegged exchange rate of 14,250 manat per dollar resulted in an exchange rate of 2.85 new Turkmen manat to the dollar.
A presidential decree issued August 27, 2008, announced the introduction of the redenominated manat on January 1, 2009.
Even without redenomination, the denomination structure of a new cash currency is worth considering. Usually, lower denominations are eliminated and higher denominations added. There is generally a shift into coins from denominations that were previously issued in banknotes. Cultural and sociological preferences must be considered. For example, in some countries, such as Somalia and South Sudan, coins are not popular. In other countries, such as Germany, people want access to very high-denomination banknotes. A rule of thumb often applied in developing economies is to set the highest denomination of the national currency no lower than the equivalent of 20 dollars.
Money in hand
Turkmenistan issued six new banknote denominations on January 1, 2009: 1, 5, 10, 20, 50, and 100 new manat. This was a major expansion of the upper denominations—the previously highest denomination, 10,000 old manat, now corresponded to a mere 2 new manat. The six newly issued banknotes each differed in size and were all shorter and narrower than previous banknotes. The design of the front of the banknotes presented prominent historic Turkmen personalities. The reverse side, as in the past, portrayed new key buildings and monuments of modern Ashgabat, the Turkmen capital.
In parallel, new coins were issued in the following denominations: 1, 2, 5, 10, 20, and 50 tenge; and the following year, two more coins were circulated with 1 manat and 2 manat denominations. This represented a de facto reintroduction of coins after high inflation and intense exchange rate pressure had rendered the previously issued coins valueless.
Once the design and denominations of a new currency are selected, the central bank must decide how much to produce, based on research on the demand for money in general and on various cash currency denominations in particular. Data on past orders of banknotes and coins should give reasonable estimates, which must be assessed in light of recent changes in public demand for the currency compared with other currencies. Technical advice is available from international banknote printing firms such as De La Rue and Giesecke &Devrient, and for coin denominations from mints such as the Royal Mint.
The next phase of currency reform is the conversion from old cash currency to new. The authorities must decide—at first privately—when the currency exchange will begin, when it will end, and whether or not to cap, in absolute terms, the amount to be exchanged.
Then, decisions on the announcement of and publicity for the currency exchange must be made. Other essential decisions include the conversion rate and how financial assets, resident/nonresident accounts, and existing currency contracts will be treated in the currency exchange.
In addition to the guidance of the central bank and the ministry of finance, the views of the ministries of justice, commerce, and defense; the police force; the chamber of commerce; bank representatives and representatives of the informal payment system (if it plays an important role in the country); the general public; nongovernmental organizations; and key media outlets should be considered.
The key stakeholders, under the leadership of the central bank, should develop a detailed plan for distribution of the new currency. They must identify exchange points (places where the public can exchange the old money for new and where cash currency can be stored temporarily); establish facilities for more permanent storage of currency, such as vaults and strongboxes; and address various logistic issues, including exchange point staffing.
In its plan for the currency reform, the central bank must decide how to handle the soon obsolete cash currency. Old banknotes that have been exchanged for new currency should be immediately invalidated via ink markings or holes drilled in the currency.
After a second counting, the then invalidated banknotes should be destroyed by shredding or burning. Routines should also be established for the collection and transportation of old coins, which may be sold by the central bank for scrap metal and ultimately melted down.
In line with common international practices, the Turkmen central bank allowed the two sets of banknotes to be circulated during 2009. By 2010, all banks were expected to exchange the old currency for new manat. And after that, the old currency was demonetized and retained only numismatic value.
The IMF’s currency display was recently dismantled to allow for repairs to the building. If and when the display is restored and updated, there will be several new currencies for visitors to view, including the new Turkmen manat. ■
Clare: Al-Sudani receives a call from Mohammed bin Salman
7/17/2024
Prime Minister Mohammed Shia Al-Sudani received a phone call on Wednesday evening from the Crown Prince of the Kingdom of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud.
A statement from Al-Sudani's office stated that during the call, bilateral relations between the two countries and ways to develop and grow them in various fields were discussed, in addition to discussing the latest developments in the region.
The call also addressed a number of issues of common interest, especially in the political, economic and developmental aspects, which will lead to achieving integration and mutual benefit between the two countries. LINK
Paulette: Interesting timing considering Sadia Arabia just educated its citizens that Iraq plans to "delete the zeros" through the Sadia Arabia Argaam financial Services video.....
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Alicia2015: A change in Iraq's monetary value appears to be immanent. This is a speculative investment, so the question is will it meet our expectations or not.
Nobody knows for certain, but logic seems to point in the direction of "yes it will be". Regardless, I'm glad something is finally happening and looking forward to the completion of this part of our journey. IMO
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Clare: Selling commemorative coins to collectors
July 18, 2024
The Central Bank of Iraq announces the sale of currently circulating and withdrawn banknotes and commemorative coins for collectors
♦ Application form for purchasing commemorative coins and their prices .. For more click here LINK
FRANK26….7-17-24…NOT A LOP!!!
KTFA
Wednesday Night conference Call
FRANK26….7-17-24…NOT A LOP!!!
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
KTFA
Wednesday Night conference Call
FRANK26….7-17-24…NOT A LOP!!!
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
FRANK26….7-16-24……3…2….1….LIFT OFF !!!
KTFA
Tuesday Night conference Call
FRANK26….7-16-24……3…2….1….LIFT OFF !!!
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#
KTFA
Tuesday Night conference Call
FRANK26….7-16-24……3…2….1….LIFT OFF !!!
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#
FRANK26….7-15-24……IT’S AN RI !!!
KTFA
Monday Night Conference Call
FRANK26….7-15-24……IT’S AN RI !!!
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
KTFA
Monday Night Conference Call
FRANK26….7-15-24……IT’S AN RI !!!
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
FRANK26…..7-12-24……QUESTIONS
KTFA
Friday Night Conference Call
FRANK26…..7-12-24……QUESTIONS
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#
KTFA
Friday Night Conference Call
FRANK26…..7-12-24……QUESTIONS
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#
Some “Iraq News” Posted by Clare at KTFA 7-12-2024
KTFA:
Clare: Framework MP: Efforts to nominate one name for the position of Parliament Speaker
7/12/2024
A representative of the Coordination Framework revealed efforts to nominate one name for the position of Speaker of the House of Representatives, which has been vacant for 8 months.
Baqir al-Saadi told Al Furat News Agency, "Currently, there are no developments regarding holding a session or an agreement to elect a new speaker of the House of Representatives." He added, "But there are efforts for political agreements soon to nominate one name for the position, and it will be within a month from now."
KTFA:
Clare: Framework MP: Efforts to nominate one name for the position of Parliament Speaker
7/12/2024
A representative of the Coordination Framework revealed efforts to nominate one name for the position of Speaker of the House of Representatives, which has been vacant for 8 months.
Baqir al-Saadi told Al Furat News Agency, "Currently, there are no developments regarding holding a session or an agreement to elect a new speaker of the House of Representatives."
He added, "But there are efforts for political agreements soon to nominate one name for the position, and it will be within a month from now."
It is worth noting that the House of Representatives has failed twice to elect a new speaker, as its session held on May 18 witnessed fierce competition between MPs Salem al-Issawi and Mahmoud al-Mashhadani, with the former receiving 158 votes while the latter received 137 votes.
From that session, the parliament was unable to elect a speaker, and the position remained vacant.
Raghad LINK
Clare: Marketing 600,000 FTTH fiber optic lines in Iraq
7/12/2024 Baghdad
The Ministry of Communications announced today, Friday, the development of a plan and schedule with the companies contracting with it, in coordination with the Baghdad Municipality and the governorates, to deliver and implement fiber optic lines (FTTH) in all regions and governorates, while indicating the marketing of 600,000 fiber optic lines.
The Director General of the General Company for Communications and Information Technology at the Ministry of Communications, Ali Yassin, said: “The Ministry of Communications, represented by the General Company for Communications and Information Technology, has implemented more than 3 million FTTH fiber optic lines, and 600,000 lines of them have been marketed so far,” noting that “the ministry has developed a plan for the transfer of the rest of the governorates and a schedule with the companies contracted with it for the purpose of implementing and completing the rest of the governorates of Iraq.”
Yassin added, "Coordination has been made with the Baghdad Municipality to facilitate the work of companies contracting with the General Company for Communications and Information Technology to implement and extend cables for FTTH technology, as well as coordination with the governorates to facilitate the task of companies contracting with the General Company for Communications and Information Technology and to set controls and standards for implementation."
He pointed out that "the areas where the lines have been completed, including those on the Karkh side (Al-Saydiya, Al-Jami'a neighborhood, and Al-Adl) and on the Rusafa side (Zayona, and Palestine Street), are all equipped with FTTH service, as are the governorates such as Karbala and Najaf."
He pointed out that "the advantages of the lines are improving the quality of service provided to citizens at competitive prices, especially since most citizens complain about poor Wi-Fi service."
Therefore, FTTH service on optical cable will save them from that.” LINK
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7/11/2024 Baghdad - WAA
Minister of Transport Razzaq Muhaibis Al-Saadawi announced today, Thursday, the signing of a contract with Oliver Wyman Consulting Company to provide consulting services for the Development Road Project, noting that the completion rate of the initial designs for the railway track for the project reached 80 percent and the expressway 75 percent.
Al-Saadawi said in a statement received by the Iraqi News Agency (INA): "Under the patronage of Prime Minister Mohammed Shia al-Sudani, we supervised today the contracting with Oliver Wyman Company to provide consulting services for the Development Road Project," indicating that "signing the contract reflects the government's seriousness in proceeding with the implementation of the strategic development road project."
He added that "the consulting company will help the ministry in marketing the project and supervising investment opportunities in it," noting that "the contract signed on behalf of the ministry by the Director General of Iraqi Railways, Younis Khalid Jawad, and on behalf of the consulting company by Pedro Oliveira, General Manager of Oliver Wyman Company, is the first of its kind in Iraq, in terms of providing financial and economic consulting services for strategic government projects."
He pointed out that "this contract will give international importance to the development road, which enjoys the care and attention of the Prime Minister," noting that "the completion rate of the initial designs for the railway track has reached 80 percent, while the completion rate of the expressway designs has reached 75 percent, and 92 percent of the soil investigations for the project."
Thecontract signing ceremony was attended by the Prime Minister's Advisor for Investment Affairs, Mohamed El-Naggar, and a number of officials in the ministry, according to the statement. LINK
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Clare: ICC Opens Office in Iraq: This is What We Are Working on
7/12/2024 Economy News - Follow-up
The Paris-based International Chamber of Commerce (ICC) has announced the expansion of its global presence through the official launch of the chamber’s new headquarters in Iraq from the French capital, thus enhancing the spread of the chamber’s network of offices worldwide.
According to the official website of the International Chamber of Commerce, which was founded in 1919 in the French capital, it has a network of offices in more than 170 countries, and represents more than 45 million business companies.
The website stated that the official launch of the International Chamber of Commerce in Iraq was celebrated at the global headquarters of the Chamber in Paris, which will work to enhance the mission of the International Chamber of Commerce in Iraq, and strengthen the voice of Iraqi businessmen and chambers all over the world.
The report indicated that the International Chamber of Commerce of Iraq will constitute an addition to the total number of international chambers of commerce, reaching 92 around the world.
He added that a delegation from the International Chamber of Commerce of Iraq joined the official celebration in Paris, which was followed by a celebration at the Iraqi embassy in the French capital.
“The context in which companies operate today is one of geo-economic and geopolitical tensions that are causing instability, uncertainty and new challenges in Iraq and beyond,” ICC Secretary General John W. H. Denton was quoted as saying in the report. “Bringing our mission to Iraq will deliver real value to Iraqi companies and the real economies in which they operate.”
According to the report, the ICC Iraq will support the ICC’s institutional goals of promoting peace, prosperity and opportunities for all through local committees on arbitration, alternative dispute resolution, digital economy, intellectual property, trade and investment.
The report pointed out that the founding members of the International Chamber of Commerce of Iraq are Abdul Razzaq Al-Zuhairi, who holds the position of honorary president of the International Chamber of Commerce of Iraq and president of the Federation of Iraqi Chambers of Commerce, in addition to the president of the International Chamber of Commerce of Iraq, Mohsen Al-Hamid, who also heads the “Asriya Group”, along with Ahmed Al-Yasiri, Secretary-General of the International Chamber of Commerce of Iraq, who is also an advisor on international organizations.
The report concluded by pointing out that the members of the International Chamber of Commerce of Iraq, through their headquarters in Iraq, help formulate the policies of the International Chamber of Commerce and alert governments to what interests international business. LINK
Clare: Baghdad to Washington: The need to find a quick and fair solution to Iranian funds frozen in Iraq
7/12/2024
Iraq called on the United States to "find a quick and fair solution to the Iranian funds frozen in Iraq."
Foreign Minister Fuad Hussein met in Washington with US Under Secretary of State for Political and Management Affairs John Bass, and during the meeting stressed "the need to find a quick and fair solution to the issue of Iranian funds frozen in Iraq."
Hussein expressed his "concern about the situation in Gaza and the spread of the conflict to southern Lebanon."
He stressed "the importance of supporting the financial and banking sector in Iraq, with a focus on the challenges related to the use of the dollar in financial transactions."
Iranian officials say Iraq owes between $9 billion and $11 billion for gas and electricity from Iran. LINK
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Clare: New "secrets" regarding the "theft of the century".. Iraq recovers 20 wanted persons involved in it
7/12/2024 Baghdad
The Director General of the Recovery Department at the Integrity Commission, Ayman Al-Baydani, revealed the qualitative leap witnessed by the Integrity Commission in recovering and pursuing funds and wanted persons, in addition to their files that were submitted to the judiciary.
Al-Baydani said, in an interview followed by "Al-Eqtisad News", that "more than 20 wanted persons involved in the theft of the century case were arrested and their files were sent to the judicial authorities and the matter is in the process of being recovered," indicating that "the authority is in the process of coordinating with the Ministry of Justice and the Legal Department to file lawsuits to recover those funds."
He explained that "in terms of funds, the Integrity Commission was able to track funds abroad and at home, uncover them, and place a seizure notice on them," noting that "the Integrity Commission has a history of achieving recovery numbers that rise to international levels in the modern Iraqi experience, such as the year 2023, the history of the Integrity Commission in recovering nearly 18 wanted persons in various cases, most notably the theft of the century."
Al-Baydani pointed out that "the money inside is not forgotten, we have tracked it down, exposed it and it is now in the process of being recovered to the state treasury." LINK
FRANK26…..7-11-24……NEW CURRENCY
KTFA
Thursday Night Conference Call
FRANK26…..7-11-24……NEW CURRENCY
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#
KTFA
Thursday Night Conference Call
FRANK26…..7-11-24……NEW CURRENCY
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#
KTFA Members “News and Views” Thursday 7-11-2024
KTFA:
RE: Wed. Night CC: https://youtu.be/arJ5wta8aHk
Buckeyetree: I appreciated the thought from the UB2B of who now controls the oil, and it is not Iran any longer!! That was a great UB2B.
The report that the IQD shows up on some of the major hotels as currency to use to purchase hotel stays as one guest shared in interview on UB2B was great news. That could be a sign of international recognition. (I am hoping that the Private Bankers in the USA are on the same page in great expectation if the world now knows. No more "it's a scam.")
Also, if I remember correctly, Eddie shared in a recent report that he and other Iraqis felt like they had a fancy car in Iraq, but it had no engine. I might use that metaphor in another similar application. Those new high tech ATM machines are like that fancy car in Iraq, but they do not have the engine to run them yet. Those ATMs are waiting for the new rate and lower notes! The Iraqis and ATMs may not have to wait much longer. IMO!! We hope and pray.
KTFA:
RE: Wed. Night CC: https://youtu.be/arJ5wta8aHk
Buckeyetree: I appreciated the thought from the UB2B of who now controls the oil, and it is not Iran any longer!! That was a great UB2B.
The report that the IQD shows up on some of the major hotels as currency to use to purchase hotel stays as one guest shared in interview on UB2B was great news. That could be a sign of international recognition. (I am hoping that the Private Bankers in the USA are on the same page in great expectation if the world now knows. No more "it's a scam.")
Also, if I remember correctly, Eddie shared in a recent report that he and other Iraqis felt like they had a fancy car in Iraq, but it had no engine. I might use that metaphor in another similar application. Those new high tech ATM machines are like that fancy car in Iraq, but they do not have the engine to run them yet. Those ATMs are waiting for the new rate and lower notes! The Iraqis and ATMs may not have to wait much longer. IMO!! We hope and pray.
Finally, if I understood correctly from recent articles and reports that the dinar will only be sold at the airport starting on the 14th. Also, that Sudani recently had a meeting with the Exchangers who were about to go on strike, and they suddenly changed their tune and reversed their plans, hopefully happily. Sudani is a mover and shaker in a good way. There could be something maybe significant about the 14th just before WTO on the 18th. IMO!!
IMO, not just soccer, those big screens around the country in Iraq may soon serve a dual purpose. For us, it seems past time.
Many banks here and abroad seem to be on the brink of collapse due to large debt.
IMO, the reinstatement of the IQD may bring liquidity and less debt to some of the banks, a banking stimulus. Good leadership and good reforms in Iraq will bring blessings from a once war torn country. Industrial cities, hospitals, railroad, ATMs, vast resources, miracles. Thanks to Dr. Shabibi, Sudani, and Alak. Most of all, Praise God.
Clare: Iraq stops dealing with the Chinese yuan...and the currency basket is an alternative
7/11/2024
The Parliamentary Finance Committee revealed that Iraq has decided to stop dealing with the Chinese yuan in financial transfer
Committee member Moeen Al-Kazemi said in a press statement that "the US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred."
He believed that "many decisions by the Central Bank are imposed by the US Federal Bank," according to him.
Al-Kazemi pointed out that "Iraq's money, as we know, is placed in the US Federal Bank as a result of the sale of oil at a rate of 3.5 million barrels per day, and this money enters the US Federal Bank and is not transferred to Iraq in cash, but is transferred to Iraq through transfers issued by the Central Bank and the Federal Bank is notified and then the Federal Bank is convinced of this transfer and commercial transaction and on the basis of it releases amounts to the relevant parties exporting to Iraq."
He noted that "many of the Central Bank's procedures are governed by the American will, and this will may be explained for administrative and financial reasons, non-financing of terrorism, and others," believing that "the reasons are political with the aim of pressuring the Iraqi government," according to his expression.
Regarding the impact of canceling dealing in the Chinese currency, Al-Kadhimi pointed out that "the merchant and the Central Bank have multiple options and not to deal only with the dollar, so this suspension is temporary and not permanent."
As for what the Parliamentary Finance Committee will do in this regard, a member of the committee explained, "We will ask the Central Bank to address the issue and for the currency basket to be diverse, so that the options are more for the Central Bank and Iraqi merchants."
It is noteworthy that Iraq has strengthened its assets denominated in yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about $ 12 billion annually.
Iraq has also moved to strengthen its assets in the Emirati dirham and negotiated an increase in its assets denominated in euros to finance trade with the European Union, and Iraq has also begun opening bank accounts in the Indian rupee for a number of Iraqi banks.
Since the beginning of 2023, the Central Bank of Iraq has issued several decisions aimed at maintaining the stability of the general monetary and economic situation and confronting the risks of fluctuations in the exchange rate of the Iraqi dinar against the US dollar, in addition to facilitating import and export operations by opening new horizons with international banks, including Chinese banks.
Among the decisions of the Central Bank of Iraq is to enhance the balances of Iraqi banks that have accounts with Chinese banks in Chinese yuan, as dealing in yuan directly without the mediation of the US dollar contributes to facilitating and accelerating financial transactions, and will reduce import costs and protect against the risks of fluctuating exchange rates within Iraq. LINK
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Clare: A representative of the framework: The 2024 budget will be returned to the House of Representatives and the reason is revealed
7/11/2024
Baqir Al Saadi, a representative of the Coordination Framework, confirmed today, Thursday, that the 2024 budget will be returned to Parliament if it resumes its work.
Al-Saadi told Al-Furat News Agency, "The 2024 budget tables will be returned to the House of Representatives to make minor amendments to them."
He added, "The matter will be completed once Parliament begins its work."
From.. Raghad LINK
Ryan1216: I don’t understand how the budget can be sent back to Parliament when the President signed and sent it to the Gazette for publishing.
Clare: THE AMENDMENTS NEVER GOT PUBLISHED IN THE GAZETTE YET... imo
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Clare: International Chamber of Commerce launches new office in Iraq
7/11/2024
The International Chamber of Commerce (ICC), headquartered in Paris, announced the expansion of its global presence with the official launch of a new office in Iraq.
ICC, founded in 1919 in Paris, has a network of offices in more than 170 countries, representing over 45 million businesses.
The ICC reported that the official launch of the ICC office in Iraq took place at the organization's global headquarters in Paris. The new office is expected to "advance the ICC's mission in Iraq and strengthen the voice of Iraqi businesspeople and chambers globally."
The report noted that ICC Iraq will add to the total number of ICC offices, bringing the count to 92 worldwide.
A delegation from ICC Iraq attended the official launch celebration in Paris, followed by a celebration at the Iraqi Embassy in the French capital.
ICC Secretary General John W.H. Denton was quoted as saying, "The context in which businesses operate today is marked by geo-economic and geo-political tensions giving rise to instability, uncertainty and new challenges in Iraq and beyond. Bringing our mission to Iraq will deliver real value for Iraqi business and the real economies in which they operate."
According to the report, "ICC Iraq will support ICC's institutional objectives for business to foster peace, prosperity, and opportunity for all through local commissions on arbitration and ADR, digital economy, intellectual property, and trade and investment."
The report highlighted that "ICC Iraq's founding members are Abdulrazaq Al-Zuheere, who serves as ICC Iraq Honorary Chair and President of the Federation of Iraqi Chambers of Commerce (FICC), Mohsin Al Hamed, Chair of ICC Iraq and Al-Asriya Group, and Ahmed Alyasiri, ICC Iraq Secretary General and International Organisation Consultant at FICC."
The report concluded by noting that ICC Iraq members, through their office in Iraq, will help shape ICC policies and alert governments to issues of interest to international business. LINK
Clare: Activity Transactions on the FITR Platform
July 10, 2024
TRANSLATION:
Republic of Iraq
Central Bank of Iraq
Directorate of Supervision of Non-Banking Financial Institutions
Exchange Companies Control
Section, Audit and Inspection Division
Issue: 2/22/22 Date: 7/10/2022
Exchange companies / categories (A, B) and mediation companies in buying and selling foreign currencies, category C Activities transactions on the FITR platform /e
Kind regards....Later, with our circulars numbered 20/3/33 and 35 dated 2/4 and 7/3/2024, and regarding your inquiries about the possibility of uploading data after completing each of the company's activities.
We would like to inform you that your companies can register activity transactions, buying and selling foreign currency outside the window, internal money transfers sent and received, external money transfers sent and received, available to the exchange companies Finti A, B via the companies (Western Union, Money Gram) on the FITR platform above by uploading documents. The data is at the end of the working day, with the exception of dollar sales transactions to traveling citizens, which require real-time recording with respect.
Mr. Dr. Ammar Hamad Khalaf
Deputy Governor Agency
7/10/2024
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7/11/2024 Baghdad - WAA - Fatima Rahma
The Financial Supervision Bureau announced today, Thursday, that it has taken measures to develop and improve the accounting and auditing professions in Iraq. While it referred to the issuance of the internal control guide binding on all government agencies, it confirmed the preparation of a draft of the updated unified accounting system in accordance with international standards.
The Deputy Chairman of the Financial Supervision Bureau, Qaisar Al-Saadi, told the Iraqi News Agency (INA): "The Federal Financial Supervision Bureau seeks to achieve its objectives specified by its founding law, including developing the accounting and auditing professions in Iraq."
He explained that "one of the most prominent steps taken by the Bureau is issuing reports evaluating the internal control systems in ministries, entities not affiliated with a ministry, and governorates," indicating that "the aim of this is to raise the level of performance of these formations, enhance efforts to combat financial and administrative corruption, improve institutional performance, and work on the principle of preventive control to reduce this phenomenon."
He pointed out that "the Bureau issued the Internal Control Guide, which was circulated to all government agencies for mandatory adoption starting from 7/1/2024," noting that "this guide aims to help these agencies accomplish their work in a way that ensures tight control and oversight over financial transactions and the preservation of public money."
He added, "The Court has completed preparing a draft of the updated unified accounting system in accordance with international standards. This draft has been circulated to government agencies, unions and universities for the purpose of expressing their opinions and making appropriate amendments in preparation for its actual implementation in the near future."
He added: "The Bureau also contributed to holding the first session of the Audit and Accounting Standards Board in the Republic of Iraq for the year 2024 after an interruption of more than four years, during which the audit and accounting issues were discussed and appropriate decisions were taken regarding them, which contributes to developing the work of the profession in Iraq."
He pointed out that "these steps come within the framework of the Bureau's commitment to developing and improving the accounting and auditing professions in Iraq in line with international standards and contributing to enhancing integrity and transparency in government institutions."
He added, "The Bureau relies in its work on the international standards issued by the International Organization of Supreme Audit Institutions ( INTOSAI ). The Bureau is also a prominent member of the organization and has many contributions, including participation as a member of (5) working groups, attendance at seminars between INTOSAI and the United Nations, and cooperation with the INTOSAI Development Initiative in its various programs, in addition to the Bureau assuming the chairmanship of the Strategic Planning Committee in the organization."
Al-Saadi explained that “the Court cooperates with international and local organizations and similar oversight bodies such as the Dutch Court of Audit in the field of performance evaluation and peer review, the Court of Auditors in Morocco in the field of judicial oversight, and the Polish Oversight Body in the field of risk-based auditing, as well as the German Cooperation Agency ( GIZ ), the Korea International Cooperation Agency ( KOICA ), the Japan International Cooperation Agency ( Jika ), and the Indian Technical and Economic Cooperation Program ( ITEC ).”
He pointed out to the "multiple activities with oversight bodies in Arab and Islamic countries such as the General Auditing Bureau in the Kingdom of Saudi Arabia, the Audit Bureau in the State of Qatar, the Turkish Court of Accounts, the Supreme Audit Court in the Islamic Republic of Iran, the Accounting Council in the Algerian Republic, and many others," noting that "these standards and evidence contribute, along with international cooperation, to enhancing the effectiveness and efficiency of the Bureau in carrying out its oversight work in a way that ensures transparency and integrity in government institutions."
He stressed the "commitment of the Federal Audit Bureau to enhance transparency and integrity in all state institutions by working in accordance with international standards and effective cooperation with regulatory bodies and international organizations,"
Stressing "continuing efforts to develop the accounting and auditing professions and providing technical and accounting support to ensure optimal performance and preservation of public funds, in addition to giving great importance to supporting the role of youth in building the future by enhancing their capabilities to be real partners in combating corruption and evaluating government performance in order to achieve the desired goals." LINK
FRANK26….7-10-24…..INTERNATIONAL !!!
KTFA
Wednesday Night Conference Call
FRANK26….7-10-24…..INTERNATIONAL !!!
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#
KTFA
Wednesday Night Conference Call
FRANK26….7-10-24…..INTERNATIONAL !!!
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#
FRANK26…..7-8-24…….SUDANI SAYS IT AGAIN !!!
KTFA
Monday Night Conference Call
FRANK26…..7-8-24…….SUDANI SAYS IT AGAIN !!!
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#
KTFA
Monday Night Conference Call
FRANK26…..7-8-24…….SUDANI SAYS IT AGAIN !!!
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#
FRANK26…..7-7-24…….ALMOST WHITE
KTFA
Sunday Night Conference Call
FRANK26…..7-7-24…….ALMOST WHITE
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#
KTFA
Sunday Night Conference Call
FRANK26…..7-7-24…….ALMOST WHITE
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#