Vietnam and Iraq News Posted at KTFA 4-12-2025

KTFA:

Clare:  Secretary of Treasury Scott Bessent

 @SecScottBessent

During today’s meeting to confirm the start of formal discussions on reciprocal trade with Deputy Prime Minister Ho Duc Phoc of Vietnam, I emphasized the need for continued engagement and quick, demonstrable progress to resolve outstanding issues.

2:04 PM · Apr 10, 2025

https://x.com/SecScottBessent/status/1910393420717170978?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

Henig: Exclusive-Facing Trump Tariffs, Vietnam Eyes Crackdown on Some China Trade

 By Reuters April 10, 2025 U.S. News & World Report

HANOI (Reuters) -In hope of avoiding punishing U.S. tariffs, Vietnam is prepared to crack down on Chinese goods being shipped to the United States via its territory and will tighten controls on sensitive exports to China, according to a person familiar with the matter and a government document seen by Reuters.

The offer, the details of which are reported by Reuters for the first time, came as senior U.S. officials, including the influential White House trade advisor Peter Navarro, raised concerns about Chinese goods being sent to America with "Made in Vietnam" labels that draw lower duties.

Vietnam has for weeks been offering sweeteners that it hoped would persuade the U.S. President Donald Trump's administration to take a benign view of its huge trade surplus with America. Instead, it was hit with a 46% tariff as part of Trump's "Liberation Day" salvo.

While the tariff has been suspended for 90 days, the two countries agreed to start talks after a Vietnamese deputy prime minister met with the U.S. Trade Representative on Wednesday. Export-reliant Vietnam is hoping to get the duties reduced to a range of 22% to 28%, if not lower, according to three people with knowledge of the matter.

One of them said that U.S. officials had signalled that range was likely, during a bilateral meeting in March. Vietnam's trade ministry and the USTR's office did not return a request for comment. In announcing the start of trade talks with the U.S. on Thursday, Vietnam's government said on its official portal it would crack down on "trade fraud."

It did not provide specifics. Since Trump's first term, many multi-national firms have implemented a "China plus one" policy of setting up factories in Vietnam to reduce exposure to Beijing. The Southeast Asian nation is in a tight spot as it tries to preserve trade with the U.S., which is its largest export market and a security partner.

 At the same time, Hanoi does not want to antagonize China, which is a top source of investment as well as a neighbour with which it has clashed over boundaries in the South China Sea. Vietnam's Government Office, a body that coordinates between its ministries, held an emergency meeting with government trade experts on April 3, hours after Trump announced the tariffs.

 The aim was to address Washington's concerns over alleged intellectual property theft and transhipment abuses, according to a person briefed on the meeting. At the meeting, trade ministry and customs officials were told to tighten controls and were given two weeks to devise a plan to clamp down on illicit transhipment.

 The deadline could be extended until late April, the person said, adding that Hanoi wanted to be careful not to provoke China.

 Illicit transhipment refers to one country sending goods to a nation facing lower tariffs from a third country, to which the product is re-exported without having value added to it. Vietnam's Government Office and the customs department did not respond to a request for comment. Many of the goods exported by Vietnam to the West have Chinese-made inputs, and Chinese companies have also established factories in the country to serve U.S. customers.

In many instances, Vietnamese workers process the goods, which are then legally shipped to the U.S. under a "Made in Vietnam" label. Official trade data show Vietnam's exports to the U.S. in recent years have been fuelled by imports from China, with inflows from Beijing closely matching the value and swings of exports to Washington.

U.S. officials have alleged, however, that China uses Vietnam as a conduit to obtain lower tariffs for goods that do not have significant Vietnamese involvement. "China uses Vietnam to tranship to avoid the tariffs," Navarro said on Fox News on April 6, without providing evidence.

 A person familiar with the matter said that in some instances, ships carrying Chinese-made goods dwelled in Vietnamese ports just long enough to obtain documents certifying that the products were made in Vietnam before leaving. Reuters could not immediately establish if Vietnam's offer was enough to address U.S. concerns over abuse of transhipment or if the country could comprehensively tackle the problem. A spokesperson for China's Foreign Ministry said in response to Reuters' question that trade between Beijing and Hanoi "is essentially a win-win situation.

We believe that Vietnam will make a choice that is in line with its own long-term interests and the overall situation of mutually beneficial cooperation between China and Vietnam." CHIPS, SATELLITES AND PLANES Vietnam is also implementing tougher measures on sensitive goods that flow through its territory from the U.S. to China.

 Hanoi intends to tighten controls around the export of dual-use goods like semiconductors, which can be used for both civilian and military purposes, according to a draft decree reviewed by Reuters. The decree, which states it was prepared at the request of the trade ministry, was not dated but it includes an explanatory note dated April 4.

The document said that major trading partners had requested that Hanoi "minimize the possibility of these source technologies being transferred to third countries without the consent of the exporting country."

The U.S. government considers leadership on artificial intelligence as a national priority and Washington has moved to cut off China's access to the most advanced U.S.-made chips. Vietnam now plans to introduce new declaration and approval procedures for the trade of such products, according to the proposal. Hanoi previously said that it discussed controls over exports of dual-use goods with U.S. officials during meetings in March.

Other tech-related gestures directed at the U.S. include Hanoi's approval, under favourable conditions, for the Starlink satellite communication service controlled by Trump's billionaire ally Elon Musk. Musk appeared to confirm Starlink's ambitions in the country when he reposted on April 4 the contents of an earlier Reuters article that detailed the company's plans for the deployment of multiple ground stations.

 Musk's primacy in space is seen as a threat by Beijing, which is rushing to launch satellites into lower-earth orbit. Vietnam, a medium-sized country whose diplomats have a long history of juggling ties with great powers, will host Chinese leader Xi Jinping next week.

Xi's trip is likely to coincide with Vietnam's aviation regulator approving China's COMAC planes, according to two people familiar with the matter. That could open the way for the leasing and purchase by Vietnamese airlines of the Chinese jets, which have so far struggled to find foreign buyers.

 The approval would follow this week's announcements by Vietnamese airlines of agreements on U.S. loans for the purchase of Boeing planes. (Reporting and writing by Francesco Guarascio; Additional reporting by Phuong Nguyen and Khanh Vu in Hanoi and Liz Lee in Beijing; Editing by Katerina Ang) LINK

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Clare:  Asraflak

More than 4,000 ATMs Throughout Iraq

Spend the national campaign to spread the culture of electronic payment in Iraq

Increasing the number of ATMs is an important step to meet the needs of individuals and reduce congestion at vital points.

Its aim is to facilitate access to financial services, reduce waiting times and provide a more flexible and faster experience for users.

https://www.facebook.com/people/Asraflak/61564007723047/

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Clare: 62,000 or more POS devices

Spend the national campaign to spread the culture of electronic payment in Iraq

The numbers are on the rise and the percentage of transactions within the electronic range is increasing, from only 6 thousand devices in 2019 to the number reaching 62 thousand devices.

This increase is due to the urgent need to use electronic payment as a convenient, safe and fast means.

Clare:  Rafidain Bank launches OBDX service after activating anti-money laundering systems

4/11/2025  

Rafidain Bank announced today, Friday, the launch of its online banking service, OBDX (Online Banking Digital Experience), following the activation of anti-money laundering and counter-terrorism financing regulations. This step aims to enhance digital transformation and comply with international standards.

The bank confirmed in a statement received by {Furat News} that "the new service has been successfully implemented with a number of government agencies, and is part of Rafidain's strategy to provide a safe and advanced banking environment that keeps pace with global trends toward financial transparency and good governance." 

He added, "The OBDX service provides an integrated digital banking experience, enabling government agencies to conduct their financial transactions electronically and with the highest levels of security, which contributes to accelerating procedures and reducing reliance on paper transactions." 

The launch of the service coincides with the activation of the AML and GOAML systems, which monitor and analyze transactions to prevent any suspicious or illegal activities, ensuring the bank's full compliance with anti-money laundering and counter-terrorist financing requirements.

The most prominent features of the new service:

Advanced banking security according to international standards.

Comprehensive compliance with local and international laws.

Ease of conducting remote transactions for government agencies.

Improving banking efficiency and reducing paperwork.

Rafidain Bank continues to provide innovative digital services that contribute to the development of the Iraqi banking sector and enhance customer confidence in the national banking institution.  LINK

Frank26 “News and Views” Thursday 4-10-2025

KTFA:

Frank26:  "SO WILL A NEW EXCHANGE RATE BECAUSE 1310 WILL DESTROY IRAQ'S ECONOMY!!!"....F26

 The President of the American Chamber of Commerce: The Treasury Department will play a role in developing the Iraqi economy.

4/9/2025

The Vice President of the U.S. Chamber of Commerce, Steve Lutes, confirmed on Wednesday that the Treasury Department will play a role in developing the Iraqi economy. Meanwhile, the head of the Iraqi Economic Council stated that the country is much better off economically today than in previous years.

"Our visit to Iraq is the largest visit by businessmen from various sectors from the United States of America," Lotus said during a press conference attended by a Shafaq News Agency correspondent.

He added, " Iraqi Prime Minister Mohammed Shia al-Sudani is working to establish partnerships between Iraqi and American companies to develop Iraq's industrial and economic sectors."

He continued, "The US Treasury and the US Chamber of Commerce represent the joint efforts of Iraq and America to develop the economy and to have a joint role between us."

For his part, Ibrahim al-Baghdadi, head of the Iraqi Economic Council, emphasized during the conference that "the recent years following liberation have unfortunately witnessed a significant decline in education in Iraq. However, I hope that it will develop again with the presence of the American University, to save education, and this is considered a lifeline for Iraq."

He stressed that " we cannot forget the role of the United States in liberating Iraq from dictatorship, and that the United States is the world's leading nation in various fields and is the one who has the credit for Iraq after its liberation."

He pointed out that " the visit of the American delegation, consisting of more than 100 individuals and more than 60 American companies, is evidence of the progress made in relations to develop the Iraqi economy," adding that "two days ago, we launched the Private Sector Development Council, headed by Prime Minister Mohammed Shia al-Sudani, the First Vice President, the Minister of Planning, and the Second Vice President."

He explained that "Iraq today is better than it was decades ago, and we welcome any company that wants to work in Iraq to develop the Iraqi industry and economy."   LINK

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Frank26:  "KTFA FAMILY PLEASE NOTICE... NOT TRILLIONS , BUT BILLIONS !!!"......F26

US Embassy: We signed billions of dollars in agreements with Sudani.

4/9/2025  Baghdad -

The US Embassy in Baghdad confirmed on Wednesday that it had signed multibillion-dollar agreements with Iraqi Prime Minister Mohammed Shia al-Sudani, through American companies, to meet Iraq's energy needs.

The embassy stated in a post on the “X” platform, which was monitored by the 964 network :

Proud that American companies GE Vernova and UGT Renewables signed multibillion-dollar agreements with the Prime Minister @Prime Minister's Media Office to meet Iraq's energy needs. The United States' leadership in the energy sector drives global progress.  LINK

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Frank26:  "KTFA FAMILY TAKE NOTE... TARIFFS ALSO DEAL WITH CURRENCY MANIPULATION !!!".....F26

Donald J. Trump  @realDonaldTrump

 Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.

Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs

And that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!

https://truthsocial.com/@realDonaldTrump/posts/114309144289505174

Frank26:  "BANKING REFORM IS THE MONETARY REFORM FOR AN EXCHANGE RATE".....F26

Al-Nusairi confirms that the comprehensive banking reform project announced by the Central Bank will yield promising results.

4/9/2025- Baghdad

Economic and banking advisor Samir Al-Nusairi confirmed that the banking reform project announced by the Central Bank is consistent with the methodology included and adopted in the government program and the Central Bank's third strategy for the years 2023 and 202

. It will yield promising results in cooperation with global consulting firms Ernst & Young, K2, and Oliver Wyman to build a transparent information base for comprehensive reform, starting with the banking sector as the first essential link in the economy. Without a sound, solid, and modern banking sector, a strong and robust national economy cannot be built.

Al-Nusairi pointed out that among the important initial results achieved is the commencement of the completion of the actual implementation of the plans drawn up during 2025 and 2026 for comprehensive reform, which are summarized in enhancing financial inclusion and achieving stimulating and sustainable returns for shareholders and investors, and the government and the Central Bank leading projects aimed at modernizing the private banking sector and meeting the needs of the transition to a rapidly growing national economy, creating a fair competitive environment in the banking market, and raising the level of private banks’ ability to confront risks and protect depositors and creditors, thus restoring confidence in the banking sector in general, as well as expanding digital transformation procedures, expanding and diversifying banking services and products, and complying with international standards.

Al-Nusairi pointed out that the above objectives, which were discussed yesterday at the Banking Reform Conference, are established as primary and secondary objectives in the Central Bank's third strategy for the years 2024-2026, and that work is being done on them with a steady, systematic approach, and that the objectives will be achieved in cooperation with Oliver and Wyman at an accelerated pace in the years 2025 and 2026.

It is clear that the Central Bank, in cooperation with relevant authorities, will focus on the following: sharing with the private banking sector detailed criteria and timelines for implementing the reform process, activating support channels, and holding workshops to provide technical assistance.

The Central Bank of Iraq is fully committed to achieving this transformation by working closely with all relevant stakeholders to pave the way for a strong, resilient, modern, and inclusive financial and banking system.   LINK

FRANK27….4-8-25….PEACE?

KTFA

Tuesday Night conference Call

FRANK27….4-8-25….PEACE?

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

Frank has stated he will no longer do public videos on the Iraqi dinar UNLESS it is Important, Prudent or Necessary.  

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=TD7orkbVl0A

Some “Iraq News” Posted by Clare at KTFA 4-7-2025

KTFA:

Clare:  Nechirvan Barzani arrives in Abu Dhabi on an official visit

4/7/2025

The President of the Kurdistan Region, Nechirvan Barzani, arrived in Abu Dhabi, UAE, on Monday, on an official visit.

Nechirvan Barzani headed to the United Arab Emirates this morning on an official visit, where he will meet with President Sheikh Mohammed bin Zayed Al Nahyan .

According to a statement issued by the Kurdistan Region's Presidency and received by Shafaq News Agency, the two presidents will discuss cooperation relations between the UAE, Iraq, and the Kurdistan Region, in addition to the latest developments in the region and a number of issues of common interest. LINK

Clare:  Al-Sudani announces a 128% increase in customs revenues and a 22% increase in tax revenues.

4/7/2025

Iraqi Prime Minister Mohammed Shia al-Sudani announced on Monday that customs revenues increased by about 128% and tax revenues by about 22%, higher than previous years. He also expressed the government's readiness to support all local and international entities, institutions, and companies to develop the banking sector and achieve financial stability.

This came during his sponsorship of the Iraqi Banking Sector Reform Conference, where Al-Sudani commended the efforts that contributed to the conference, commending the visions and ideas for developing the Iraqi banking sector, and the pursuit of sustainable development and strengthening Iraq's economic standing regionally and internationally.

Al-Sudani also praised the efforts of the Central Bank, banks, and teams from international and local consulting firms, according to a statement issued by his media office and received by Shafak News Agency.

Al-Sudani noted that the government assumed responsibility during a complex economic climate that required measures to ensure growth. He reviewed key achievements in the financial and economic sectors, stating that the three-year budget allowed for the development of a long-term financial plan to secure resources for vital sectors, including improvements to the tax and customs systems and maximization of non-oil revenues.

He added that customs revenues increased by 128%, and tax revenues by 22%, noting the launch of ambitious projects to reform the government banking system and enhance its service delivery capabilities.

Al-Sudani explained that the government had issued decisions to restructure the Rafidain, Rashid, Industrial, and Agricultural banks in cooperation with an international consulting firm. The government also strengthened the electronic payment infrastructure and established partnerships with financial technology companies.

He explained that financial inclusion has exceeded 40%, compared to 10% two years ago, with the updating of e-commerce and payments laws and the organization of awareness campaigns on digital payments.

He pointed to the support for small and medium-sized enterprises, which contributes to job creation, stressing that banking reforms constitute a fundamental pillar of the government's program, including a partnership with the Central Bank on strategic reforms aimed at keeping pace with international developments and expanding banking partnerships.

Al-Sudani concluded by affirming the government's readiness to support all stakeholders, achieving tangible results in developing the banking sector and expanding its projects.

The Central Bank of Iraq announced reform plans on Monday aimed at modernizing the Iraqi private banking sector and building a robust, modern, and resilient banking sector that will drive economic growth and enhance financial inclusion.  LINK

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Clare:  Al-Alaq: Digital currencies will contribute to reshaping the traditional banking system.

4/7/2025

 Central Bank Governor Ali Al-Alaq confirmed on Monday that digital currencies will contribute to reshaping the traditional banking system.

 In a speech at the Iraqi Banking Sector Reform Conference, Al-Alaq said, "The Central Bank aims to achieve a developed economy," stressing that "investment in research and development in the field of artificial intelligence must be increased."

He added that "digital currencies could reshape the traditional banking system," noting that "the Central Bank has announced its readiness to implement a plan to reform the banking sector."   LINK

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Clare: Parliamentary Finance Committee: Launching the banking reform plan is the beginning of economic reform.

4/7/2025 - Baghdad

 Parliamentary Finance Committee Chairman Atwan al-Atwani affirmed on Monday that the launch of the banking reform plan is the beginning of reforming the Iraqi economy.

 In a speech at the Iraqi Banking Sector Reform Conference, attended by an Al-Eqtisad News correspondent, Al-Atwani said, "Developing the banking sector is a fundamental pillar for developing the Iraqi economy beyond oil revenues."

 The head of the Finance Committee called for "diversifying revenue sources to cover the financial deficit."

He pointed out that "the reform and development process must be accompanied by engagement with international banks to regulate foreign remittances."

He stressed that "unofficial border crossings cause a waste of public money."   LINK

Clare:  Launching a private banking reform plan in partnership with Iraqi and international institutions.

4/7/2025 - Baghdad

The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the launch of a comprehensive plan to reform private banks, in partnership with local and international institutions. He emphasized that the next phase will witness a qualitative shift in the nature of banking services, based on innovation and digital transformation.

During the Iraqi Banking Sector Reform Conference, which was attended by an Al-Eqtisad News correspondent , Al-Alaq said that Iraqi banks have made significant strides in developing their banking services, but they are required to further embrace modern technology. He emphasized that artificial intelligence must be at the core of future investments in the banking sector.

He added: "The world is witnessing a broad transformation in the financial structure and banking systems, which requires traditional banks to keep pace with this radical change by offering innovative services that meet customer aspirations amidst the tremendous technological acceleration."

The Central Bank Governor indicated that digital currencies will play a vital role in accelerating payment and money transfer transactions, requiring banks to develop their digital infrastructure.

He also noted that central bank digital currencies (CBDCs) could reshape the global banking landscape, adding: “Successful banks of the future will be those that embrace digital transformation tools and integrate artificial intelligence into their daily operations.  LINK

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Clare:  The Central Bank of Iraq sets regulations for the international use of bank cards. Document

4/7/2025

 The Central Bank of Iraq issued a new circular containing regulations for the use of bank cards (credit, debit, and prepaid) outside Iraq. This circular aims to strengthen oversight of international transactions and ensure the safety of future growth in international settlement payments.

The circular, dated Monday, April 7, 2025, and received by Shafaq News Agency, stated that the new cards will be activated for use outside Iraq 30 days after their issuance date. The relevant authorities will later be provided with lists of relevant merchant categories (MCC Codes) within the specified controls.

The Central Bank confirmed the suspension of these rules effective April 20, 2020, with the possibility of reviewing them periodically to support the sustainable growth of international settlement payments. 

He also noted that the current limits on international transactions involving prepaid cards, whether issued by banks or payment service companies, will remain in effect.

On the other hand, the circular clarified that travelers will continue to receive their foreign currency (dollars) at the official Central Bank rate, in accordance with the procedures adopted within the current e-governance system.

The bank confirmed in its circular that the new limits aim to regulate the use of payment cards issued by Iraqi banks, including debit and credit cards, according to the following categories:

Retirees: $10,000 per month or equivalent.

Travel: $20,000 per month or equivalent, including airfare, hotel reservations, and car rentals.

Treatment outside Iraq: $50,000 per month or equivalent.

General uses outside Iraq: $5,000 per month or equivalent.

He added that the maximum limit for using merchant bank cards outside Iraq will be $20,000 per month or its equivalent.

He also indicated that the new cards (debit, credit, and prepaid) for international use will be activated 30 days after their issuance date, with these rules to be implemented starting April 8, 2025, and to be reviewed periodically to support the growth of international payments.

The bank explained that it will later provide the relevant authorities with the merchant category codes (MCC codes) associated with these regulations, while the current ceilings for prepaid cards issued by banks or payment service providers will remain in effect.

The Central Bank sent a copy of the circular to a number of entities, including the Banking Supervision Department, the Non-Banking Financial Institutions Supervision Directorate, government and private banks, branches of foreign banks operating in Iraq, and electronic payment service companies, urging them to adhere to the aforementioned regulations.

1744019864709_Using Cards Internationally. LINK

FRANK26….4-4-25….WHAT’S THE TEMPERATURE IN THE MIDDLE EAST

KTFA

Friday Night Conference Call

FRANK26….4-4-25….WHAT’S THE TEMPERATURE IN 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=yc4NLAxzYVg

Some “Iraq News” Posted by Clare at KTFA 4-2-2025

KTFA:

Clare:  Mazhar Muhammad Salih: The urban renaissance continues thanks to the three-year budget.

4/2/2025

The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed that the financial and legal flexibility provided by the budget law (the three-year budget), in accordance with the amended Financial Management Law No. 6 of 2019, has enabled the executive authority to implement its government service program without interruption, which has contributed to achieving a continuous urban renaissance in all governorates of the country.

 Saleh explained to Al Furat News Agency that "the 2025 financial tables, which will soon be submitted to the House of Representatives in accordance with Article 77/Second of the Triennial Budget Law, will include some important adjustments in spending, revenue sources, and deficit management, especially after the House of Representatives approved, in early February, the amendment to Article 12 of the law, related to the mechanisms for calculating the extraction of Kurdistan Region oil in the areas of production and transportation."

He pointed out that "the financial track is proceeding smoothly and with a high level of governance, transparency, and financial integrity, through coordination between the legislative and executive authorities."

From.. Raghad   LINK

Clare:  Iraq's foreign reserves rise to a record high

4/2/2025

 The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Wednesday that foreign reserves are at their highest historical levels, helping to achieve economic balance and stability for the country. He also indicated that reserves still cover more than 100% of the currency in circulation.

Saleh said in a press statement: “The slight decline in the Central Bank’s reserves, estimated at 1% of the country’s total foreign reserves, is linked to two factors: First, the increased level of foreign currency reinforcements provided by the Iraqi banking system to its correspondents abroad for the purposes of financing trade and external transfers, which led to a significant decline in the dollar exchange rate against the dinar in the parallel market and an increase in the value of the dinar in that parallel market.”

He explained that "control over domestic liquidity levels has become high, significant, and influential in light of the increasing external value of the dinar, which continues to indicate a decline in the effectiveness of the parallel or secondary market in the country. There has also been a very clear decline in growth rates in the general price level and a very high level of price stability, unlike anything the country has ever witnessed before."

 He added, "The other issue depends on the degree of growth in the amounts in which the public finances exchange monthly oil revenues in foreign currency for the dinar for the benefit of total spending (which is the basis of foreign reserves) and converting them into Iraqi dinars," noting that "this is also linked to the degree of discipline and control of public expenditures on the one hand, and thus the slowdown in the liquidation of government foreign currency proceeds into domestic liquidity that can be spent on the other hand through the general budget." 

He pointed out that "taking into account the risks of fluctuations in average export oil prices of about $70 or less per barrel in energy markets, which occurred in recent months, this means that the compatibility between the level of replenishment of foreign reserves (through collecting them through cash issuance), which may have become slower and less rapid on the part of public finance, and external transfers in foreign currency for the benefit of financing private sector trade on the part of the monetary authority, which is still at a relatively high pace, is what caused this deficiency or slight decline in foreign reserves."

Saleh continued, "Foreign reserves remain at their highest historical levels, achieving economic balance and stability for the country. The function of foreign reserves remains to defend price stability. However, it is also wise for the Central Bank of Iraq to closely monitor the movements of the current account of the balance of payments to maintain the stability of foreign reserves and monitor their growth safely." 

He stressed that "these foreign reserves still cover more than 100% of the currency in circulation and enjoy a high commercial efficiency of more than 15 months of imports, compared to the global standard of three months." He added that "the monetary authority is the only competent entity responsible for managing the country's monetary policy at the domestic and external levels, with a high degree of consensus in terms of balance and transparency to
achieve and maintain economic stability."   LINK

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Clare: The performance of the Iraqi banking sector during the year: decline in some indicators and growth in others.

4/2/2025- Baghdad

The Iraqi banking sector witnessed significant changes in its financial indicators over the past year, according to published data. These data reflect the performance of commercial banks, cash flows, dollar purchases and sales, and the policies of the Central Bank.

Commercial banks: decline in some assets and growth in private deposits

Data showed a 0.92% decline in commercial bank assets, falling from KWD 205.25 trillion at the end of 2023 to KWD 203.36 trillion at the end of 2024. Current deposits also declined by 9.38%, while private deposits increased by 10.63%, indicating increased consumer confidence in private banks compared to traditional current deposits.

Dollar movements: Central bank purchases drop sharply

The Central Bank's dollar purchases recorded a significant decline of 61.97%, falling from $8.35 billion to $3.18 billion. In contrast, cash dollar sales saw a slight decline of 0.92%, reflecting a decline in demand for hard currency in local markets.

Cash: A decrease in the money supply and a decline in the issued currency reserves

The issued currency decreased by 1.36%, while cash outside banks decreased by 10.26% to 130.35 trillion dinars, compared to 145.26 trillion dinars the previous year. The ratio of required reserves to issued currency also decreased from 143.14% to 129.64%, indicating a decrease in cash liquidity available in the market.

Central Bank: Increase in loans and decrease in gold reserves

Loans granted to small and medium enterprises (SMEs) saw a significant increase of 47.02%, reflecting a trend toward supporting economic development through project financing. Meanwhile, gold reserves fell by 8.69% to 189.90 trillion dinars, compared to 207.96 trillion dinars last year.

Inflation and exchange rate: a significant decline

The inflation rate fell by 35.56%, from 4.50% to 2.90%, reflecting improved price stability. The exchange rate on the parallel market also declined by 1.32%, indicating relative stability in the value of the dinar against the dollar.  LINK

Clare:  The Director General of Rafidain Bank identifies the importance of the AML system in enhancing financial transparency.

The Director General of Rafidain Bank, Dr. Ali Al-Fatlawi, highlighted the importance of the AML system in enhancing financial transparency, while pointing out that the bank has taken important strategic steps in the field of combating money laundering and terrorist financing.

The Director General of Rafidain Bank, Dr. Ali Karim Hussein, said that in light of the escalating challenges associated with financial crimes at the global level, anti-money laundering (AML) systems have become a top priority for financial institutions and governments.

As a cornerstone in protecting the integrity of financial markets and promoting economic stability, he stated, "With countries committed to implementing strict international standards in this area, Rafidain Bank stands out as a leading Iraqi financial institution that has adopted the latest monitoring and compliance systems, strengthening Iraq's position in the global financial system."

Regarding the importance of the anti-money laundering system and its role in financial stability, Al-Fatlawi explained that "money laundering poses a direct threat to economic systems, as it enables illegal activities to integrate into the financial system, leading to monetary instability and weakening economic policies."

He added, "For this reason, financial institutions implement strict measures to ensure compliance with international standards, such as the Financial Action Task Force (FATF) recommendations, which establish a comprehensive framework to combat these financial crimes."

He pointed out that "the Anti-Money Laundering (AML) system aims to prevent, analyze, and detect suspicious financial activities through mechanisms that include:

- Know Your Customer (KYC) verification to ensure knowledge of the true sources of funds;
- Monitoring financial transactions to detect any unusual activity;
- Immediate reporting of suspicious transactions to regulatory authorities;
- Using modern technology in financial analysis to enhance the efficiency of detecting illegal activities."

He continued, "These practices not only enhance the transparency of financial markets, but also contribute to raising countries' financial ratings and improving the business and investment environment," stressing that "there is significant support from the Anti-Money Laundering Office, and absolutely, through the development of the AML system."

He explained that "Rafidain Bank, as a banking institution with a major market share in Iraq, continues its pioneering role in developing the local banking structure in accordance with the latest international standards." He emphasized that "in recent years, the bank has taken important strategic steps in the field of combating money laundering and terrorist financing, reflecting its firm commitment to enhancing financial transparency and achieving full regulatory compliance."

Regarding the launch of the Daily Financial Transactions Monitoring (AML) system, he emphasized that "in a qualitative step, Rafidain Bank announced the launch of an advanced system to monitor daily banking transactions across its branches, making it the first Iraqi bank to adopt this supervisory approach in accordance with the latest global banking technologies."

He noted that "this project was implemented in partnership with specialized international institutions, as it aims to analyze and track all financial transactions in real time, contributing to enhancing the level of banking security and combating any illegal attempts at money laundering."

He explained that "the system included, in its first phase, six major branches of regulatory importance, including Al-Waziriya, Al-Muheet, Al-Rafie, Al-Dura Oil Complex, Zurbatiya, and Safwan, with the system to be gradually expanded to the remaining branches. This system is characterized by its ability to:

- Identify suspicious financial activities immediately, enabling rapid response;
- Analyze big data and its intersection with international sanctions lists, ensuring full compliance with regulatory standards;
- Improve financial audit efficiency by transitioning from paper-based operations to smart digital systems.

He pointed out that "this initiative confirms that Rafidain Bank is adopting a proactive approach to combating financial crimes, which strengthens its position as a trusted banking institution within Iraq, regionally, and internationally."

Regarding the economic and regional repercussions of adopting AML systems in Iraq, Al-Fatlawi explained, "Rafidain Bank's commitment to best practices in combating money laundering leads to strategic outcomes that extend beyond the bank itself to encompass the Iraqi economy as a whole.

Advanced banking systems that adopt advanced AML technologies enable:

- Achieving financial stability by preventing illicit money flows, which may negatively impact liquidity and price fluctuations.
- Strengthening international banking relations, as compliance with global standards enhances opportunities to establish partnerships with foreign correspondent banks, facilitating the smooth flow of money transfers and foreign investments.
- Stimulating foreign direct investment, as international investors seek safe financial environments free from regulatory risks.
- Improving Iraq's global financial reputation, which contributes to raising the rating of the Iraqi banking system with international financial institutions."

He continued, "Rafidain Bank is at the forefront of banking transformation, as the progress it has made in implementing anti-money laundering systems reflects its commitment to international standards and its keenness to protect the Iraqi banking sector."

He indicated that "by employing advanced financial technology, strict adherence to transparency, and integration with international regulatory systems, the bank continues its role as a pivotal financial institution in supporting financial integrity and economic stability."

 He went on to say, "As the digital transformation in the Iraqi banking sector continues, Rafidain Bank's experience represents a successful model of how to achieve a balance between regulatory compliance and technological development, paving the way for a more transparent and reliable banking future, both locally and internationally."

https://www.rafidain-bank.gov.iq/verify/index.php?url=/?article=142

FRANK26….4-1-25…….TV TALKING

KTFA

Tuesday Night Conference Call

FRANK26….4-1-25…….TV TALKING

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=JozVCyNZ_Wg

FRANK26….3-28-25…..AFLAC

KTFA

Friday Night Conference Call

FRANK26….3-28-25…..AFLAC

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=MFZ-3JWp7D0

Frank26: PART 2 OF NOT FOR 1310 ……3-25-25

KTFA

Tuesday Night Conference Call Part 2

Frank26:  PART 2 OF NOT FOR 1310 ……3-25-25

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=ZRVhLm27Lyg

FRANK26….3-25-25…..NOT FOR 1310

KTFA

Tuesday Night conference Call

FRANK26….3-25-25…..NOT FOR 1310

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=F5GETrMS7_w

FRANK26…3-21-25……..I GOT A FEELING

 KTFA

Friday Night Conference Call

FRANK26…3-21-25……..I GOT A FEELING

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=oSzWstRbQ_4