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KTFA
Frank26 » March 25th, 2024
“SALVATION FOR THE BANKS OF IRAQ IS… THE NEW EXCHANGE RATE”……F26
The upcoming meeting between Baghdad and Washington… hopes for quick solutions to save the banking sector from collapse
3/24/2024 Samir Al-Nusair
The White House announced that the anticipated and important visit of Prime Minister Muhammad Shiaa Al-Sudani to the United States of America and the meeting with the American administration has been set for next April 15.
Makes it very important, in this critical and complex stage that Iraq is going through, that the agenda include meetings and negotiations with the leaders of the American administration, the Treasury Department, and the Federal Reserve, to determine the next and clear paths for bilateral economic relations between the two friendly countries, which have broad relations in all fields and the topics of the visit?
We believe that one of the important files that will be included in the discussions and negotiations, with the participation of the Central Bank and the Association of Iraqi Private Banks, is the issue of financial and banking reform, (FINANCIAL MECHANISM BANKING REFORM -F26) protecting the Iraqi banking sector from collapse after the issuance of sanctions and restrictions by depriving 50% of the total private banking sector from dealing in the US dollar, which is the main foreign currency for banking and commercial transactions.
In Iraq and international banking relations for a long time, they must be informed by the American administration and the Ministry of A that continuing to deal with the Iraqi banking system in this exclusionary manner and without explaining the real reasons for the sanctions, which date back to activities of previous years, and that the American officials who issued the sanctions on 28 Iraqi private banks praise the safety of transfers.
Foreign Affairs for the purposes of covering private sector imports in 2023 since the implementation of the electronic platform.
This means that the government and the Central Bank are proceeding in coordination and in great cooperation with the US Treasury and the global financial system in accordance with the banking and financial reform strategy adopted by the government in the governmental curriculum and with high discipline in accordance with international standards for combating money laundering and t*******t financing.
These efforts have actually borne fruit in achieving fruitful economic results after the agreements with the American Bank, the US Federal Reserve and some reputable international banks in 2023 and their approval as correspondent banks for some of our banks, and more than 40 accounts were opened for them in these banks.
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Therefore, we believe that the inputs and outputs of this important visit must convince the American side to reconsider the sanctions imposed, especially since all the sanctioned banks are currently subject to audit by K2 International, and this confirms the good faith of the banks that the reasons for the deprivation of dealing in the US dollar were not serious errors and can be overcome if they exist. With joint cooperation between the two parties.
The importance of restoring activity and protecting the private banking system and ensuring the results of its work through the electronic platform for the year 2023, which has confirmed its safety and transparency, and I believe that not reaching quick solutions to this issue will lead to confusion in the commercial and banking market and will affect ration card supplies, which are the primary food source for a large segment of the population.
The Iraqi people, the weakening of the plans and procedures of the Central Bank and the government in financial and banking reform, the lack of control over the stability of the exchange rate of the Iraqi dinar, and the damage to the national economy, which World Bank reports confirm that the economy moved during the Sudanese government from fragility to recovery.
The continued sponsorship and support of the United States of America for Iraq as a friendly country requires it to protect the Iraqi economy and the banking sector from collapse in these difficult circumstances that Iraq, the regional countries and the world are going through. We hope that the discussions on the banking file in Washington will result in its return to practicing all its local and international banking activities. (THE INTERNATIONAL WORLD WELCOMES THE IRAQI BANKING REFORMS!!! -F26) LINK
“WE TOLD YOU IRAQ’S RESOURCES & FUTURES ARE ASTRONOMICAL!!!”………..F26
Natural resources in Iraq…a huge treasure neglected by an “official decision”!
3/24/2024
Economic researcher, Ziyad Al-Hashimi, confirmed that (mismanagement of natural resources) is one of the major problems that the Iraqi economy suffers from, as unfair government decisions deprived Iraq of huge billion-dollar revenues and global market shares.
Al-Hashemi said in a blog post on the “X” platform, followed by “ Jarida ”, that “(mismanagement of Iraq’s natural resources) and unfair government decisions have deprived Iraq of huge billion-dollar revenues and global market shares, as Iraq is ranked ninth in the world in terms of size.” It has natural resources within its territory, such as oil, natural gas, phosphate, sulfur, and other minerals.
He added, “Estimations indicate that the value of Iraqi natural resources reaches up to 16 trillion dollars, (AND THE VALUE OF THE IRAQI DINAR IS BACKED UP BY THIS!!! -F26) and this puts Iraq in a distinguished position among the countries of the world rich in natural resources, and despite these enormous wealth, there is official Iraqi negligence to invest in expanding exploration, extraction, production and export.” Many of these resources are natural, as the government’s focus is exclusively on oil.”
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He explained, “For example, we find that there is deliberate neglect of the Iraqi phosphate sector (by official decision and for unknown reasons) despite Iraq’s possession of 9% of the global phosphate reserve, and phosphate exports can generate tens of billions of revenues annually for the Iraqi treasury.”
He stressed, “(Mismanagement of natural resources) is one of the major problems that the Iraqi economy suffers from, and it does not appear that there are any official Iraqi efforts to overcome the mistakes that caused billions in losses for this country and its economy, and until the Iraqi government wakes up from its slumber and begins to work diligently and effectively.” Iraq will continue to lose opportunities, shares, and money to other countries, which have greatly benefited from the absence of Iraq and its exports of natural resources from the global market. LINK
Source: Dinar Recaps
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Clare » March 25th, 2024
The Prime Minister’s Advisor announces the decline in the effects of the parallel market and the decline in its activity
3/24/2024 Baghdad – INA – Nassar Al-Hajj
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, announced today, Sunday, the decline in the effects of the parallel market and the decline in its activity, while revealing the reasons for the decline in the exchange rate of the dollar against the dinar, and the importance of monetary policy and its imposition of a climate of stability at the general level.
Saleh said to the Iraqi News Agency (INA): “Economic policy played a major role in imposing a climate of stability in the general level of dollar exchange rates,” indicating that “the state of superiority of the official exchange market in financing Iraq’s foreign trade caused a decline in the effects of the parallel market and a decline in its i*****l activities.” Legal“.
He pointed out that “the decline in parallel market rates in favor of the official exchange rate is a tangible success in the cohesion of the country’s economic policy in its three aspects: financial, monetary and commercial,” pointing out that “the work and high coordination of policies led to providing an incubator of stability embodied in relative price calm and the containment of seasonal price fluctuations.” “For materials in high demand, specifically the provision of basic goods related to consumption and daily living for citizens.”
He noted “the importance of using the customs policy, which was represented by (reducing customs tariffs and diversifying imports without quantitative limits for basic and necessary goods) as part of the performance of the financial policy in providing price stability and ensuring the supply of materials, food and essential goods, and production supplies at the official exchange rate and in accordance with the requirements of the national economy.” In addition to the high stability in bank financing for foreign trade for the private sector, which began to adopt the stable official exchange rates of 1,320 dinars per dollar in a wide and more flexible manner through the regularity and stability of financing operations.
He pointed out that “the demand for foreign currency for the purposes of financing the country’s foreign trade, on the part of the private sector, is today backed by large foreign currency reserves, which are the highest in the country’s history, reaching nearly 111 billion dollars today.”
He continued, “These high foreign currency reserves reflect the country’s annual trade efficiency of more than 16 months of import at least in light of the global standard for the commercial efficiency of foreign reserves, which is set at only about three months, and that the ability of these reserves to cover the exported currency is considered complete coverage in foreign exchange, which is an indicator of stability.” Contains any existing or anticipated adverse price fluctuations. LINK
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Source: Dinar Recaps
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