MilitiaMan » March 18th, 2022
I sure would like to see them adopt the reforms and the specialists get with CBI and change the rate.. lol ~ MM
Al-Kazemi’s advisor: The previous budgets went to salaries, and amending the white paper is a necessity
17th March, 2022
Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, noted on Thursday that the previous public budgets consisted of paying salaries instead of services, while stressing the need for an amendment to the “white paper” by the specialists.
This came during a financial and accounting training center set up by the Ministry of Finance entitled (Assessment of fiscal vitality in public budgets), according to a statement issued by the ministry, received by Shafak News Agency.
Saleh said, according to the statement, that “most of the previous budgets were compensatory budgets, that is, distributing salaries instead of free public services, and transferring them to special services such as electricity and water, and this is a failure in preparing public budgets.”
He added that “the ministry’s financial policy came with positive financial results, and modified the Iraqi economy,” noting that “this change should not continue for a long time because it will affect the general members of society.”
The economic advisor praised “the economic reforms presented by the white paper that significantly improved the country’s situation and the conduct of financial matters,” stressing the need to “adopt these reforms and amend this paper by the specialists.” LINK
Samson » March 18th, 2022
Mosul Bank selects CR2 to Accelerate Digital Banking
10th March, 2022
Mosul Bank has selected Irish-based CR2, one of the world’s leading software vendors in the digital banking and payments market, to accelerate its digital banking transformation strategy in the Iraqi market.
This latest win for CR2 will see Mosul Bank offering a more advanced digital banking service to the Iraqi retail and corporate banking market, across both mobile and internet access points. New and existing customers can expect to enjoy a more enhanced digital experience with an engaging UX, digital onboarding, easy payments and an array of banking and personal support services that meets the demands of today’s digital customer.
Built upon CR2’s award winning, highly configurable and flexible platform – BankWorld – Mosul Bank will roll out a range of off-the-shelf functionality and can further drive local innovation with the ability to easily design and launch new products and services to meet local requirements. Offering a market leading digital service will drive digital adoption of their existing base, attract new customers and better serve their expanding corporate/SME customer segment.
Mr. Munaf Salim, Chief Information Officer of Mosul Bank commented:
“Mosul Bank has signed a definitive agreement with CR2 that will help our ambition in becoming the market leader in the Iraqi Banking industry. CR2’s BankWorld platform allows us to carve out a new digital experience in Iraq that has not been seen in this market before.
“The capabilities of CR2’s platform will drive our digital adoption base, reduce the cost of customer onboarding, provide more comprehensive digital services to our retail and corporate customers and overall offer a more enhanced user experience that meets the rising demands of today’s digital customer with digital transformation throughout the financial services sector.“
Chief Executive of CR2, Fintan Byrne added:
“CR2 are very pleased to have been selected by Mosul Bank and are proud to help them lead digital banking transformation in Iraq. We are supporting a growing number of banks across the Middle East region and Iraq, like other countries in the region, represents a market where there is a real sense of urgency for banks to advance their digital offerings to compete and remain relevant in the face of intensifying competition. Succeeding requires innovation, adaptability and selecting a suitable software vendor who shares their vision and ambition.” LINK
India defies sanctions and buys Russian oil
18th March, 2022
India’s state oil company bought 3 million barrels of crude oil from Russia earlier this week to secure its energy needs, resisting Western pressure to avoid such purchases, an Indian government official said.
The United States, Britain and other Western countries are urging India to avoid buying Russian oil and gas, while Indian media reports said that Russia is offering a discount on oil purchases of 20 percent below world record prices .
Such prices have risen in recent weeks, placing a heavy burden on countries such as India, which imports 85 percent of the oil it consumes. Demand is expected to jump 8.2 percent this year to 5.15 million barrels per day as the economy recovers from the devastation caused by the pandemic.
White House press secretary Jennifer Psaki said earlier this week that India’s purchases of Russian oil would not violate US sanctions, but urged India to “think about where it wants to stand when writing the history books.”
In response to a question from reporters about India’s purchase of oil from Russia, Foreign Affairs Ministry spokesman Arindam Bagci said that many European countries are importing Russian oil and gas. “India imports most of its oil needs,” Bagchi said. “We are exploring all possibilities in the global energy market. I don’t think Russia has been a major supplier of oil to India.”
Iraq is India’s largest supplier with a 27 percent share, while the Press Trust of India news agency reported that Saudi Arabia comes in second with about 17 percent, followed by the United Arab Emirates with 13 percent and the United States with 9 percent. LINK
Source: Dinar Recaps
Dallasdude » March 18th, 2022
MM..would love your thoughts on all recent articles that refer to the previous rate..can you really disregard the rate in Dec.2020 before they lowered rate of Dinar..thanks
MilitiaMan » March 18th, 2022
A previous era apparently denotes a start and end time of a significant event. One with more significance, than to another would likely have the most impact and would define an era. The latest devaluation is not disregarded by me at all.
The move was meant for specific purposes and I believe it was approved by the World Bank and the IMF not to mention the GOI or the CBI may have not likely done it.
That move down had significant impacts on both the good and the bad in many ways. It was and is meant to be short lived time frame. In terms of time it will likely be a very short period of time in an over all time frame lasting decades, as opposed to merely a couple years of time the era that they maybe speaking of.
The relatively recent period since they devalued has far less impact than the era that was considered the GLORY DAYS of roughly $3.22.
Those days had a rate that was not under sanctions. Like now for instance, as Chapter 7 has been lifted. Reverting back to program rate of 1190 would put them right back to a program rate and would likely not ever allow them into the international arena.
Going to a REER (Real Effective Exchange Rate) based off not only oil, but, now taxes and tariffs, customs and fees at the ports and borders, reserves, gold, liquid natural gas, tourism, mining, agricultural uses, etc., sure would have far more reality to it in giving the citizens purchase power they rightfully deserve.
With the new digital systems in place like AYSCUDA, the BUNA Platform and the new S2 digital platform they mention today support they are gearing to clear trades in not only local, but, regional and international currencies digitally too.
It will happen when all is ready to interlink.
Add to the being ready we see at the regional level they mention the global flat taxation that is going to be activated. The amounts of monies to be collected at the ports and borders will be staggering imo and will support far more than 1190 or even 1200.
It will likely support an era of the Glory Days.
They told us the worth of the Dinar in 2017 was worth $1.17 based off only oil. Add in the rest and inflation one should easily see that the REER will be a far cry over 1190. That will in the end be when the rate of 1190 or even 1460 is disregarded and rightfully so, by me. imo ~ MM
“Era denotes the start and end time of a significant event, while Period denotes an event that necessarily does not have any specific time frame for that to have happened. That means to say, an era has specific years and dates while a period does not have it.”
Source: Dinar Recaps
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