“You Guys Have No Idea” – Wed. PM KTFA Thoughts, News w/ Tivon 6-15-22

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Samson » June 15th, 2022

The Governor of the Central Bank of Iraq receives the President of the Union of Arab Banks 

15th June, 2022

His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mukhaif, received the President of the Union of Arab Banks, Mr. Wissam Fattouh, at the headquarters of the Central Bank in Baghdad.

The two sides discussed ways to support the Iraqi banking sector, and mechanisms of cooperation in the field of banking services within its Arab regional sphere.  

The meeting took place in the presence of the President of the Association of Iraqi Private Banks.

Central Bank of Iraq
Media Office   June 15, 2022   LINK

Al-Fateh Alliance Confirms .. The 2022 Budget Will Be Passed After The Formation Of The New Government

15th June, 2022

The representative of the Al-Fateh Alliance, Suhaila Al-Sultani, explained that the 2022 budget will be passed after the formation of the new government, pointing out that the country’s situation needs to speed up resolving matters, forming the government and passing the budget.

Al-Sultani said in a press statement, which was monitored by The Independent, that “the general budget for 2022 did not witness parliamentary moves in the past days before the start of the legislative recess for the House of Representatives, as the moves were mostly towards passing the Food Security Law.”

She added that “the entirety of the political parties and the House of Representatives are awaiting the formation of the new government, which, after taking power, will witness presenting the budget in order to read and vote on it under the dome of Parliament.”

Al-Sultani indicated, “The current situation cannot be continued, as the country needs to expedite the formation of the government, at a time when the political process witnessed many changes after the resignation of the Sadrist bloc from the House of Representatives.”   LINK

Parliament: The Silk Road And The Port Of Faw Will Make Iraq A Gateway To Global Investment

14th June, 2022

Tuesday, the representative of Basra Governorate, Rafiq Hashem, considered the completion of the Grand Faw port project and joining the Silk Road project, as two essential pillars in maximizing the national economy by attracting foreign investment to Iraq.

Hashem said in a statement to the “Information Agency”, that “the Great Mina Al-Faw project and the Silk Road are among the basic and central priorities facing the work of the next government because of their positive impact on the economic reality throughout Iraq.”

He added, “The Chinese Silk Road and the Great Port of Faw project will make Iraq a gateway to foreign investments and the focus of attention of the countries of the world.”

Hashem pointed out that “the Al-Faw port project will revive the Iraqi economy through the financial revenues generated from trade exchange between the countries of the East and West.”

Experts consider the great port of Al-Faw, which is located in the Ras Al-Bishah area in the province of Basra, a qualitative leap in its geopolitical importance to link Iraq with the world by restoring the importance of the linking site between East and West.   LINK

Kurdistan returns more than one billion dinars from double salaries to the treasury

15th June, 2022

The Kurdistan Regional Government announced today, Wednesday, the return of more than two billion Iraqi dinars to the region’s budget after reaching a solution to the “double-salary issue”, and while it indicated that it had organized the preparation and salaries of the Peshmerga forces, it confirmed its intention to establish a bank that would be linked to the Central Bank of Iraq.

The spokesman for the Kurdistan Regional Government, Gutiar Adel, said in a press conference held today, in Erbil, and followed by Shafak News Agency, that “the cabinet meeting today, and within the current reform steps, dealt with reaching the presence of about 23 thousand people with double salaries, who receive Two salaries, the situation was resolved and more than one billion Iraqi dinars returned to the budget.”

Adel added, “The files of (1018) martyrs who fell in the battles against ISIS were also transferred to the Ministry of Martyrs, so that their families receive pension salaries, and 19 billion Iraqi dinars have been allocated as tuition fees for the families of the martyrs and political prisoners.”

And the government spokesman added, “The number of Peshmerga forces and their salaries have been organized, as their number has reached 57 thousand after it was 43 thousand people, and we are in the process of building a bank in the name of Nishtiman Bank and it will be linked to the Central Bank of Iraq.”

And yesterday, Tuesday, the Finance Committee of the Parliament of the Kurdistan Region reported that the salaries of thousands of people who receive more than one salary illegally have been cut off.

According to the deputy head of the committee, Hevidar Ahmed, 984 people were registered as martyrs and were receiving the salaries of the martyrs, and they were distributed among the provinces of the region, with 274 people in Erbil, 618 in Sulaymaniyah, and 119 in Dohuk.

Ahmed added that 4,189 people were receiving two salaries, and among them were those who were receiving two pension salaries, and among them were also those who were receiving two salaries as employees, indicating that 254 people were receiving salaries as ministerial agents, governors, deputy governors, general managers, governors and district managers, while they were not They have a place to work, pointing out at the same time that nearly 20 billion dinars were spent for the tuition fees of the martyrs’ children.  LINK

Revealed “diabolical methods” of currency smuggling and money laundering in Iraq

06/14/2022 23:46:27

The economic expert, Qusai Safwan, revealed methods he described as “satanic” in currency smuggling and money laundering in Iraq.

Safwan said; For the program {Al-Mastra} broadcast by Al-Furat satellite channel tonight: “There is individual corruption on a moral level, and there are companies that are established to smuggle money. They started investing in real estate to launder money.”

He added, “Some companies change the gender of the goods, inflate prices and contribute to currency smuggling outside Iraq, and the Ministry of Planning should set an import mechanism according to general needs.”

Safwan pointed to “the necessity of coordinating the relationship between the needs of Iraqis, import licenses and the currency sale window, and checking the transaction from the economic annex to reduce the phenomenon of currency smuggling, and to set a list of white companies to deal with, because there are companies established for money laundering.” 

And he stated, “There are companies working on money laundering and employees manipulating customer accounts, and government banking products do not exceed 15%. Financial transactions must be moved by eliminating the corrupt dinar, which in turn will lead to the organization of the currency auction and requires banks to investigate the customers’ money. The banking system is responsible for knowledge”.

Safwan noted, “Billions of stolen money are changed in gender and re-entered into Iraq by international mafias,” adding, “Iraqi banks are strictly under the control of the Central Bank, but it is not responsible for checking bank bills.”

He announced “67 private Islamic and commercial banks in Iraq in which the process of evading responsibility is practiced and they are subject to the authority of the Central Bank of Iraq. As for most of the agricultural initiative’s money, it went to real estate investments,” pointing out “

Regarding the criteria for loans and the interest imposed on them, Safwan explained, “The debt burden is high in the Iraqi environment, as there is 30% of the banks’ liquidity with the Central Bank of Iraq to guarantee deposits, and 70% of the banks’ liquidity is not allowed to be invested due to complications, so the interest on loans rises, and the current inflation rate In Iraq, it reached 8%. LINK

Integrity: We carried out 54 seizures in May

15th June, 2022

The Commission’s Investigation Department disclosed the total of the seizures carried out by its directorates and investigation offices during the month of May, noting that it carried out 54 seizures in Baghdad and the governorates, which resulted in the arrest of 30 suspects.

In a statement received by Mawazine News, the department stated that “the work team of the Commission’s investigation office in Diwaniyah seized an agricultural contract that has not been renewed since 1990, in addition to the failure of the Agricultural Division in the area where the property has an area of 3,952 acres to take legal measures against violators.

Termination of the contract and preventing them from using it without legal basis,” pointing out that “the rent allowances were not collected and several circulars were issued to terminate the contract, but they were not implemented.”

And the department added, “The Nineveh Investigation Directorate seized cases of the seizure of state-owned lands that were cut up and sold in violation of the controls and without obtaining the approval of the concerned authorities,” while it revealed “the non-use of medical devices that the Najaf Health Department purchased from Spain for an amount of (1,140,000,000) billion dinars.” She explained that “the equipment is left behind, despite the training of the cadre in the country of origin.”

And she confirmed that “the work team of the Karbala Investigation Office seized suspicion of fraud in the investment license granted to the Karbala Canning Company and one of the contracting companies,” noting that “the value of wasting public money amounted to (21,185,995,200) billion dinars.”

And she continued, “In Diyala Governorate, (8) transactions were seized in the Directorate of Baqubah Municipality, due to the employees selling them at a price less than the real value,” noting that “the sale process took place in accordance with Law No. (25 of 2013), in addition to the arrest of accused and (16). A file for shops, kiosks and squares that are used by people and whose rents are collected in agreement with employees in the municipality of Baquba, despite its closed markings, on the pretext that there is no desire to rent, contrary to reality. 

And she indicated that “in Kirkuk governorate, suspects were arrested for embezzling an amount of (100,000,000) million dinars from the agricultural bank in Hawija, as well as the priorities of the project to restore the veterinary clinic building in Al-Multaqa district, due to suspicion of corruption.”  LINK

Source: Dinar Recaps


Samson » June 15th, 2022

Diebold Nixdorf deploys new ATMs in Iraq

15th June, 2022

Diebold Nixdorf has announced that Al Qurtas Islamic Bank is the first to deploy its DN Series ATMs in Iraq.

The bank’s ATMs will be monitored by Vynamic View software to detect and prevent downtime, optimize performance and reduce costs for the bank.

Sara Ahmad, chief executive officer at Al Qurtas Islamic Bank, said:

“We are proud to be the first financial institution in Iraq to deploy the new ATM technology and look forward to providing innovative services to our customers.”

Habib Hanna, managing director, Middle East, at Diebold Nixdorf said:

“We are thrilled that Al Qurtas Islmaic Bank chose to install DN Series as its first ATMs.”

The project services and implementation are being provided by Offtec Iraq.  LINK

BearCinnebar » June 15th, 2022

IMO.  Just as we have been told with the KTFA Call and Walkingstick, the ATM machine articles are now here:  Amazing new technology:

https://www.dieboldnixdorf.com/en-us/banking/portfolio/dn-series/

Samson » June 15th, 2022

Al Qurtas Islamic Bank taps Diebold Nixdorf to deploy ATMs in Iraq

13th June, 2022

Al Qurtas Islamic Bank has selected US-based technology company Diebold Nixdorf to deploy DN Series ATMs in Iraq.

Al Qurtas Islamic Bank, which is among the fastest-growing banks in Iraq, will leverage DN Series ATM’s scalable design, consistent software and common components to achieve this feat, Diebold Nixdorf said.

As part of the partnership, Vynamic View software will be used to monitor the Iraqi bank’s ATMs to detect and prevent downtime, optimise performance and cut costs for the lender.

Diebold Nixdorf noted that the ATMs are equipped with security features to offer protection against traditional and new physical, data and cyber threats.

Additionally, it features a 19-inch touch display, check deposit module and cash recycling features, enabling ATMs to accept, validate, store, and recirculate cash.

Al Qurtas Islamic Bank CEO Sara Ahmad said: “We are proud to be the first financial institution in Iraq to deploy the new ATM technology and look forward to providing innovative services to our customers.

“The new devices are already getting our customers’ attention, and in our next phase, the ATM’s integrated cash recycling capabilities will enable us to optimize cash handling and provide our customers with innovative technology that improves their banking experience.”   

Diebold Nixdorf managing director for Middle East Habib Hanna said: “We are thrilled that Al Qurtas Islmaic Bank chose to install DN Series as its first ATMs. They can now provide many additional services to achieve customer satisfaction and continue to be a leader in the region.”

In May 2021, First Citizens National Bank chose Diebold Nixdorf for cloud-enabled self-service options in its branches.    LINK

DeepWoodz » June 15th, 2022

imo   Can I getta yeehaw! Thank you Frank very much! And wouldn’t you know that Diebold is out of North Canton, Ohio?! Haha I’ve seen that name on equipment personally. 

PS….I really like this. 

and in our next phase, the ATM’s integrated cash recycling capabilities”

Out with the old, in with the…..wait
In with the old, and out with the new!

Tivon » June 15th, 2022

Lol, I swear someone in Iraq government is reading these forums. I thought this was cleared up yesterday.(See articles below)   8 more days until it becomes law by default right friends? Anyway guys look at the ATM article. Why are you getting this now? We all listened to Frank’s call. We all are privy to the Gazette publication. They want to address the urgent needs of the public. Citizens Entitlements? Does this fall under the urgent category? Seems to be the case since they are deploying the ATMs.

What are those contracts addressing? Gas, fuel, and energy, right? Which should include the HCL/Oil & Gas sector. I mean they are hiring in the Ministry of Oil correct? They did say the FSL stabilizes All Contracts & Procedures right? How do they plan on improving their standard of living without purchasing power?

Why even roll out the ATMs if citizens will have no reason to use them if their standard of living would not be addressed in the FSL.

I am just running these questions by you all to check the temperature of the room.  If you read my post all the way up until this point you understand where we are at. Because didn’t Nouri Jassim state  that the exchange rate of the Iraqi dinar against the dollar should be 100 thousand Iraqi dinars for 100 US dollars, and thought this was fairness to the Iraqi citizen, to give them something of interest, vitality and well-being, because they suffered  from instability and psychological, social and economic discomfort.

 The International Monetary Fund, the World Bank, the World Food Program of the United Nations and the World Trade Organization  sounded the alarm and issued warnings of food shortages and called on the international community for urgent financing measures, and Iraq promised to Countries most at risk.

Again, how else would they address this issue? The House of Representatives assessed the criticality of the financial situation and the need to provide the necessary funding to address basic expenses and aspects that directly affect the livelihood of the citizen and the food basket, support for strategic storage and the poor classes, in addition to paying the dues of farmers and farmers in order to support the local product and reduce dependence on imports and support development projects In all governorates, providing job opportunities, revitalizing the economy, and finding ways to quickly address the proposal by presenting the emergency support law for food security and development.

This is the sole purpose why they created the EFSL.  (Emergency Food Security Law)

Again, I ask you all how can they do this without giving the citizens purchasing power? Which needs a rate correct? Does the recent news of the ATMs have anything to do with this? IMO 

Parliamentary legal sets the date for the entry into force of “food security” and clarifies about the confirmation of contracts

15th June, 2022

The Parliamentary Legal Committee confirmed, today, Wednesday, that the Food Security Law addresses emergency issues, while noting that the implementation of the paragraphs of contracts and daily procedure is entrusted to the executive authority. 

The head of the Legal Committee, Muhammad Anouz, told the Iraqi News Agency (INA), that “Paragraph 315 contracts and the daily procedure are established within the Food Security Law, and the implementation process is entrusted to the executive authority.”

He added, “The number of contracts is large, and the amounts allocated in the law may be insufficient, as happened in the 2021 budget, which did not include everyone,” noting that “the Food Security Law will address urgent and not permanent issues, but the budget law will address all matters.” 

He pointed out, “The implementation of the Food Security Law will be after the approval of the President of the Republic and its publication in the Official Gazette,” noting that “the funds are supposed to be released to the authorities that have been set on schedules within the law after publication in the Official Gazette.” 

He pointed out that “there are important issues that do not bear the delay in disbursing money, such as the payment of electricity debts, the ration card, and other aspects related to contracts and lecturers,” explaining that “every executive employee should realize the importance of these issues related to the citizen and prepare as long as there is sufficient time to know the implementation mechanisms and the instructions that it should be issued in this regard.” 

Yesterday, Tuesday, Prime Minister Mustafa Al-Kazemi directed all ministries and agencies not associated with a ministry to expedite the preparation of an inventory of the names of contractors who have contract service of no less than two years in preparation for their confirmation, while the Council of Ministers issued decisions regarding contracts and daily procedure.

A statement issued by the Prime Minister’s Media Office, received by the Iraqi News Agency (INA), said, “Al-Kazemi stipulated in the above directive to ensure the availability of the necessary financial allocations without requesting additional financial allocations, in fairness to the segment of contracts and daily procedure, and for the purpose of improving their standard of living and calculating their services.”

The Council of Ministers approved calculating the daily wage service for daily wage earners in accordance with the provisions of Article (5) of Labor Law No. (37) for the year 2015, which authorized the calculation of the worker’s service for the purposes of determining salary and retirement in the event that it is fixed on the permanent owner, provided that pension contributions are met, in coordination with the Ministry of Finance, and the Federal Public Service Council.

The Council affirmed the suspension of appointment as a contract or daily wage in a way that does not contradict the law of emergency support for food security and development, which the House of Representatives recently voted on.

Parliamentary Legal: The number of contracts is large, and the emergency support amounts may be insufficient  LINK

Source: Dinar Recaps


Samson » June 15th, 2022

Agency: America Is Beginning To Realize The Size Of The Losses Due To Sanctions Against Russia

15th June, 2022

“Bloomberg” agency said that the United States, contrary to its initial enthusiasm, is now beginning to realize the extent of the losses it has caused itself through sanctions against Russia.

The agency quoted unidentified sources as saying that the imposition of severe sanctions on Moscow and the decision of many companies to leave the Russian market, at first, made the White House euphoric, and now I realize that this situation is hitting the US economy, adding that there is growing concern about the consequences for America itself.

According to the same sources, at first the US administration was impressed by the size of the West’s support for the sanctions course, and how companies left the Russian market one after another, which increased pressure on Russia, but now American officials in Washington are gradually beginning to notice that supply chains are disrupting, and that insurance on grain supplies has become impossible.

As a result, the negative impact of the departure of Western companies has become evident on many economic aspects.  LINK

Tivon » June 15th, 2022

You guys have no idea what was announced yesterday that will cause an historic event to occur in the coming days. I told you all I wrote that list for a reason. Everything on it will happen in succession. Two have already been marked off.

China Evergrande will be removed from the Stock Market tomorrow at an price index of zero. Yes, you read that correct. Stocks, crashed. Crypto crashed. Real Estate? Well that’s up next.

 Once Evergrande is removed will cause housing market to go into free fall. EVERGRANDE being delisted from Stock Market Thursday. Owns 90% of China’s Housing Market. Will cause Global Housing Market Crash.

I told you all the crash got you into this mess. It will be a crash that will get you out. We are moving into a new system where the constitution will be emphasized to impose American sovereignty on all things. IMO

Source: Dinar Recaps

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