MilitiaMan » December 16th, 2021
What we have (see below) is the CBI giving license to ISHTAR GATEWAY Co. and the AMF (BUNA PLATFOM), both having similar FINTECH (blockchain) systems in place to do clearing of payments, settlements, collections, etc..
They can use multiple currencies to do so, internally and externally! These things are all relatively new to the ME in multiple currencies on digitized platforms. All of this within the last couple of months.
We have not seen this type of communication at this digital transformation level ever before, imo.. They are using AYSCUDA system at the global level at the borders for similar customs payments and settlements. Thus, setting up the ascension to the WTO, imo.
The E-Government entities behind it that are in support all are in place, as we saw that the CBI, as stating as much in recent weeks, and then the Government confirming even more so in the regional areas of Iraq within the last few days.
The Biometric cards for payments, etc., are also imo issued down to the all citizens 18 years of age or more, to date. The new cards are not only the basic systems we all are aware of. This is a new high tech card system for Iraq that may be the main conduit for interconnectivity for even the HCL payments.
They have the technology to facilitate advanced mechanisms to know thy customer. The cards will have all types of information.
There is evidence now that the citizens are being told about historical small category notes. There is no need for the new small category notes (NSCNs) while the exchange rate is at a program rate of 1460 nor at 1200.
They clearly tell us below there is negative consequences in doing so. They apparently are not going to issue more triple zeros notes to replace that old and or damaged notes, however, that is not completely clear in the translation.
At this stage, imo, they won’t do so, as there will be no need to. There is however, a need for the new international exchange rate that will require the NSCNs.
The article about not changing the exchange rate from 1460 to 1200 nor introducing more denominations, is about the old notes, not the new noted to come. They didn’t show the old small category notes for education just for fun.. They did so to show an example of the Glory Days that provided purchasing power to the citizens.
My understanding is that is an on going process.
Today the CBI is talking about that they can or will change the exchange rate again.. They give us a clue that there is an unknown amount of additional money recovered or realized yet, that may be added to the reserves. Any amounts of additional money or assets may or will support additional value for the new exchange rate, imo.
At the present amount of $64 billion in cash only, is said to be enough to warrant an announcement of a reduction in the exchange rate change to come by the CBI. A reduction in the exchange rate means dropping the three zeros from the exchange rate. That has been the goal since 2003 real close.
Today they are effectively openly talking about it.
In addition to all of this there is payments paid in full to Kuwait. They have clearly met their obligations to fulfill the requirements to be lifted from Chapter VII and is now no longer under it’s provisions, there is a decision to be made to that end.
Which when done, should open the door to Iraq’s freedom to comply with the IMFs Article 8 status for their currency. That imo means the CBI can change the rate once the decision is made. From the sounds of it the USA may have that final say noted below.
The USA has recently sent back their antiquities prior to the Centenary this past week. There is a feel that there is a tit for tat going on. One where even that they stopped bank loans, contracts, interest rate payments, etc., on the 15th.
There was an extension to the USA debt ceiling yesterday and it is expected to be signed today by the POTUS. Many things are converging with extraordinary timing.. Lets see what they do next.. ~ MM
The Arab Monetary Fund announces the signing of a memorandum of understanding with Mastercard to support the growth of cross-border payments in the Arab region and global markets LINK
Enrollment and digital transformation LINK
Ishtar Gate Company and Visa launch the first multi-currency platinum prepaid card in the Middle East and Africa
It is noteworthy that Ishtar Gateway Company for Financial Systems and Services and its trademark (Blue) is an Iraqi company registered in Iraq, holding a license to conduct electronic payment business from the Central Bank of Iraq No. (14) based on the Central Bank of Iraq Law No. (56) of 2004.
The company is licensed to implement and facilitate electronic payment business in all parts of Iraq, and its scope of work includes: issuing prepaid cards through international payment companies, owning and publishing payment points and the ATM network, as well as providing various services to banks and facilitating the process of paying and collecting bills.
Zwipe, Areeba pilot Biometric Payment Cards in Iraq
23rd November, 2021
Norwegian biometric authentication firm Zwipe is partnering with Areeba to pilot biometric payment cards based on Zwipe Pay ONE in Lebanon and Iraq.
According to a press release from Zwipe, these pilots reflect a strong and growing demand from issuers and processors across the region for next-generation contactless payment cards.
In these pilots, the biometric payment cards will be built on the Zwipe Pay ONE platform and delivered by Inkript, one of the leading EMV Card Manufacturers in the Middle East, which already provides cards to areeba and many issuers in the region. LIN
Al-Kazemi’s financial advisor reveals an economic constitution
Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Saleh, stressed the importance of the white paper and its reflection on the economic reality in the country, noting that the paper is closer to an economic constitution..
Saleh said in a statement to the official agency that he followed him NRT Arabia, today (*December* 15) that “the White Paper is a dual reform project that seeks to achieve the country’s financial sustainability with the ability to be economically sustainable in an integrated manner.””.
He added, “The importance of this paper, which works in the long term, has established in the short period an ideology that was confused in the economic society.”
He explained, “The white paper requires patience, determination and will to build the country’s future in stability and development, and it is closer to an economic constitution.”
Saleh added, “The paper achieved something clear last year from adopting a road map towards the broader reform path, and this is what we can expect to adopt in maintaining and consolidating Iraq’s economic future without retreat.”
He pointed out that “the white paper is an indicator of the progress of the economy and the consolidation of the economic life of Iraq, and it is the economic constitution on which any upcoming government curriculum will inevitably be based.”.
Saleh concluded: “We evaluate the successes and failures of implementing the white paper in its first year, in order to amend the course or delete or add important procedural issues to optimize the implementation of the reform paper” link
“Economic constitutionalism can provide a set of constitutional economic commands for the social economic actions. It is a path that allows the state to intervene in the economy. Under the structure of economic constitutionalism, liberty and intervention can be balanced.”
Kurdistan Democratic Party: The party closest to us is committed to implementing Article 140 and the Oil and Gas Law
Barwari called on the federal government to “protect the regions and borders of the region, which is the duty of the state and not the duty of Mr. al-Sadr. the provisions of the constitution regarding Article 140, the oil and gas law, and others. LINK
The Central Bank announces the preparation of a study of the currency structure project and warns against changing the exchange rate
14/12/2021 ……… Baghdad – Mawazine News
The Central Bank of Iraq announced, today, Tuesday, that it had prepared a draft currency structure study, while determining the negative effects when the dollar was re-exchanged to 1200 dinars. The bank said, according to the official agency, that “the central bank has completed the preparation of a study of the currency structure project,” noting that “the timing of the implementation of the project depends on the bank’s policy and the political and economic conditions of the country.”
He added, “The bank has no intention of issuing new denominations of the currency,” noting that “continuing to provide new banknotes to compensate for the damaged banknotes.” And about the negative effects caused by re-exchange of the dollar to 1200 dinars in the event that the next House of Representatives issues a decision to do so, the bank stressed that “this will affect negatively and will lead to the exchange rate in the parallel (local) market getting out of control, and consequently sharp fluctuations in the exchange rate that lead to to harm the interests of citizens and projects,” noting that “this will cause a destabilization of confidence in the stability of the financial system in Iraq, and such a decision will lead to the exit of local investment and production projects from competition, thus exacerbating the unemployment crisis as a result of those projects stopping work.”
Economist: The Monetary Reserve Achieved By The Central Bank Should Be Faced With A Reduction In The Exchange Rate
The economic expert Wissam Al-Tamimi said, on Thursday, that the cash reserve achieved by the Central Bank exceeded 64 billion dollars, making it imperative for the government to reduce the dollar exchange rate a year after the decision to raise it by 23 percent.
“The cash reserve achieved by the Central Bank should be faced with a decrease in the exchange rate in the local market, especially since poverty rates have risen according to the statistics of the Ministry of Planning, which needs a quick treatment to remedy what the citizen may resort to to achieve a living, especially that the total prices the purchasing power of the citizen as well as the owners of the markets has increased and decreased, and therefore, continuing with this approach will lead the country to a dangerous slide.”
“There are many question marks on the government, especially since there is a great financial abundance achieved from oil revenues and the high exchange rate, at a time when no final accounts have been conducted so that everyone can know the recovered or realized funds for the current year.”
Economist: What The Central Bank Has Achieved In Terms Of Monetary Reserves Requires The Government To Reduce The Exchange Rate
Dr. Jawad Al-Hindawi263 2021-12-13
Dr.. Jawad Al-Hindawi *|| The Iraqi Ministry of Finance paid the last amount of Kuwait war compensation, which amounted to 45 million dollars. Iraq has paid, from 1996 until the first week of 2021, an amount of 52.4 billion US dollars in compensation.
This is what Dr. Mazhar Muhammad Salih, the financial advisor to the Prime Minister, wrote in an article for him, published by the Iraqi Economists Network, on 12/11/2021, and under the title: Iraq’s End of Kuwait War Compensations…p. 1).
Forcibly, Iraq has fulfilled all its legal, political and financial obligations imposed on it by the resolutions of the Security Council and the United Nations, following the previous regime’s invasion of Kuwait.
Iraq under duress accepted Security Council Resolution No. 687 of 1991 to form a border demarcation committee between Iraq and Kuwait, and Iraq’s permanent representative to the United Nations read a message, in which he stated: Just as we accepted Resolution 687 of 1991, despite our objection to it and our rejection of its contents, we will cooperate with you and name our representative in the demarcation committee, even if you did not take into account the aforementioned opinions and observations.
And we do that because of the persistence of circumstances that compel us to accept.” Iraq did not make public its declaration in writing of its coerced acceptance except for Resolution No. 687 of 1991, which delineates the border between Iraq and Kuwait, due to its awareness and knowledge that the Security Council has exceeded the limits of its powers and authority stipulated in the Charter of the United Nations, and not One of his powers is to demarcate the borders between two countries, and it was possible for Iraq, after its exit from Chapter VII, to file a case before the International Court of Justice in The Hague, for the purpose of canceling the results and consequences of the border demarcation committee between Iraq and Kuwait, on the pretext of Iraq’s dissatisfaction and that its approval at that time to demarcate the border She was under duress.
Now, after Iraq has ended all its financial obligations towards Kuwait, the Security Council must issue a decision to completely remove Iraq from the provisions of Chapter VII and to end the work of all financial and banking committees and institutions that exercise the role of guardianship over oil revenues and freedom of import and to conduct financial and monetary transactions.
And that the resolution clearly states that Iraq has fulfilled all its obligations and that it is no longer under the provisions of Chapter VII.
I refer here to what Mr. Abdul Basit Turki, Chairman of the Committee of Financial Experts in Iraq, emphasized in an interview conducted by Al-Sharq al-Awsat newspaper on 12/9/2021, that the Security Council should issue a resolution to remove Iraq from Chapter VII, and that this resolution stipulates the protection of Iraq From any other compensation claims, whether for individuals or institutions. Will America agree to remove Iraq from Chapter VII, in accordance with a resolution issued clearly by the Security Council, as stipulated in the Charter of the United Nations?
That is, just as Iraq was placed under Chapter VII and according to an explicit and clear decision, its exit from the provisions of Chapter VII must be according to a clear and explicit decision as well. We certainly hope so, but we have doubts about the US position that wants (perhaps) for Iraq to continue free from Chapter VII sanctions, but it remains subject to some financial, monetary and political restrictions.
Especially since Resolution No. 660 issued on 2/8/1990 condemned Iraq for its occupation of Kuwait, and also stated that Iraq constitutes a threat to world peace and security. Perhaps America will invoke the phrase “Iraq’s threat to world peace and security” and claim that the situation of Iraq still poses a threat to world peace and security to completely impede its exit from Chapter VII, and to continue exercising the role of guardianship and interference under the cover of the UN resolution. Former Ambassador / Head of the Arab-European Center for Policies and Capacity Strengthening / Brussels. On 12/13/202
Source: Dinar Recaps
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