KTFA
“WALKINGSTICK TOLD ME… SUDANI MEETS WITH HIS BUSINESSMEN!!!”…………F26
Al-Sudani: Iraq is witnessing a new reality today in the private sector
4/19/2024
Prime Minister Muhammad Shiaa Al-Sudani met today, Friday, with an elite group of Iraqi businessmen residing in the American state of Michigan, as part of his official visit to the United States.
The businessmen reviewed their companies’ specializations and businesses, and expressed their willingness to be in Iraq to pursue and participate in investment opportunities available in various sectors and contribute to building their country.
Al-Sudani stressed, during the meeting, that Iraq is witnessing a new reality today with regard to the private sector, explaining a series of practical steps taken by the government and the facilities it granted to the private sector. He also pointed out what has been accomplished at the level of financial and banking reform, which has increased the percentage of contracts that comply with the standards. The global rate reached 80% according to reports of international institutions.
He touched on the government’s important projects in the field of the pharmaceutical industry and the housing sector, pointing to the start of establishing new residential cities, which include the construction of tens of thousands of housing units, the job opportunities they provide for young people, and the revitalization of the construction sector and dozens of related professions.
The Prime Minister urged Iraqi businessmen to seize the available investment opportunities and bring production lines to laboratories and factories in various specializations, noting that Iraq’s budget for the three years included, for the first time, providing sovereign guarantees to the private sector, in addition to establishing the Iraq Fund for Development, which will work with this. The sector is implementing vital and important projects, which contribute to moving the wheel of the economy and implementing the government’s vision for sustainable development and a strong and prosperous Iraq. LINK
“THE GOV STAYED BEHIND TO DEAL WITH THE MONETARY REFORM PROOF”…….F26
The Governor of the Central Bank of Iraq speaks to Al-Hurra about restructuring the country’s banks
Alhurra – Washington April 20, 2024
The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed in an interview with Al-Hurra TV that Iraq has begun the process of “restructuring Iraqi banks” and has a broad plan to “reform the banks” by attracting strategic partners to modernize the Iraqi government banking system.
Al-Alaq confirmed that “investigations are continuing regarding the work of the violating Iraqi banks,” noting the formation of a committee with the US Treasury Department and the Federal Reserve “to correct the violations of the sanctioned banks.”
Advertisement
______________________________________________________
The full interview will be broadcast as part of the Iraqi program, on the Al-Hurra Iraq channel, Sunday, at 11:00 pm Baghdad time. (THE GOV OF THE CBI IS GOING TO MAKE AN ANNOUNCEMENT TO THE IRAQI CITIZENS -F26)
Al-Alaq pointed out that “an American company has been assigned to audit the work of these banks,” and its results will be presented to the Iraqi government and the American side to take a decision on it.
In late 2022, the Iraqi banking sector adopted the SWIFT electronic transfer system with the aim of providing better control over the use of the dollar, ensuring compliance with US sanctions on Tehran, and also in order to limit the prosperity of the informal economy.
The financial standards that were adopted encouraged the emergence of a parallel market for currencies, attracting those seeking to obtain the dollar outside official channels.
The governor expressed his support for fair competition between private and government banks to diversify revenue sources, but he explained that citizens prefer to deal with government banks.
Al-Alaq stated that the Iraqi government delegation visiting Washington agreed to discuss the file of Iraqi banks punished by the US Treasury and deprived of dealing in dollars in Iraq, adding that the visit indicates his country’s connection to the United States financially and economically.
To ensure compliance with American standards regarding money laundering and sanctions on Iran, about 20 Iraqi banks were prevented from making dollar transfers, but they still operate in Iraq using the dinar.
Advertisement
______________________________________________________
The banking sector in Iraq has adopted an electronic platform, the aim of which is to monitor the uses of the dollar and tighten control over a thriving informal economy, while tax evasion attracts some importers and traders.
Al-Alaq spoke about Iraqi funds in the Federal Reserve, pointing out that Iraq invests its money from inside and outside the United States, noting that Baghdad’s financial relationship with Washington is “close” and characterized by “continuous coordination and understanding,” stressing Iraq’s openness and compliance with the rules of financial institutions in the world.
The governor stressed that the Central Bank closely monitors suspicious financial fraud operations and always warns against them, and pointed out that there are precise steps to prevent citizens from falling v----m to financial fraud.
Regarding the government’s economic priority, Al-Alaq said that reducing foreign debt is the first goal of his government, as it was able to reduce debt to reach 9 billion dollars. While the internal debt constitutes a value of 70 trillion Iraqi dinars, he also explained that the central bank was able to reduce the inflation rate from 7.5 percent to about 3.8 percent despite what he described as challenges.
Al-Alaq stressed that “the Iraqi government is focusing on the economy, services and infrastructure,” stressing the need for Iraq to arrange its financial policies in a manner consistent with international financial standards to diversify sources of income.
The Central Bank of Iraq announced in a statement that it had decided, as of January, “to limit all commercial and other transactions to the Iraqi dinar instead of the dollar” inside the country.
While the dollar can be naturally withdrawn in cash from previously existing deposits in hard currency, starting in 2024, it will become necessary to withdraw every money transfer from abroad in dinars exclusively and according to the official exchange rate.
Al-Allaq heads the Iraqi delegation participating in the 2024 spring meetings of the International Monetary Fund and the World Bank Group, which will be held in Washington, D.C., until April 20.
Regarding Iraq’s relationship with the World Bank and the International Monetary Fund, the governor confirmed that it is strong – as Iraq needs their efforts, coordination and consultation, revealing that Iraq is addressing the International Monetary Fund for the purpose of cooperation and providing technical support, indicating that the Fund welcomes this cooperation.
He said that a delegation from the International Monetary Fund will visit Iraq soon to start this program. LINK
Advertisement
______________________________________________________
Source: Dinar Recaps
=======================================
Clare » April 21st, 2024
CEO of JPMorgan Chase expresses Support for Iraq
21st April 2024 By John Lee.
Prime Minister Mohammed Shia al-Sudani received Mr. Jamie Dimon, the CEO of JPMorgan Chase, and his accompanying delegation on Wednesday, during his visit to the Washington DC.
During the meeting, they discussed the government’s efforts in implementing financial and banking reforms, aiming to revitalize the economic situation and achieve development.
They also discussed the government’s measures to develop the state-owned banking sector by contracting with leading international consulting firms specialized in banking reform. Additionally, they talked about encouraging private banks to open accounts with foreign banks to act as correspondent banks, as part of a plan to phase out the electronic platform by the end of the current year.
Prime Minister al-Sudani emphasized that no developmental sector can progress without reformative steps in the banking sector. He also stressed the necessity of continuing dialogue with the US Treasury, the Federal Reserve, the International Monetary Fund (IMF), and other international financial institutions.
Mr. Dimon praised the efforts of the Iraqi government in activating, developing, and rehabilitating both state-owned and private banks. He expressed his support for the activities of the Iraq Development Fund and readiness to provide expertise, assistance, training, and cooperation.
(Source: Media Office of the Prime Minister) LINK
During Erdogan’s visit…a quadripartite agreement between Iraq, Turkey, Qatar and the Emirates on the path to development
4/21/2024
Government spokesman Bassem Al-Awadi announced that it is hoped to sign a quadripartite agreement between Iraq, Turkey, Qatar and the Emirates on the path to development.
Al-Awadi said in a press statement, “The visit of Turkish President Recep Tayyip Erdogan to Baghdad tomorrow will witness a very big starting point in Iraqi-Turkish relations.”
Advertisement
______________________________________________________
He stated that “the visit will witness the signing of two strategic agreements and more than 20 memorandums of understanding.”
He pointed out that “the visit will witness the signing of a strategic agreement on the water file that will include many points and items.”
Al-Awadi pointed to “an agreement between Iraq and Turkey to develop a joint approach to confront security challenges.”
He noted that “the water issues for Iraq and security for Turkey are crucial issues.” LINK
Parliamentary Oil: Signs of resolving the oil dispute with Türkiye are present in Erdogan’s visit
4/21/2024
A member of the Parliamentary Oil and Gas Committee, Durgham Al-Maliki, confirmed that there are signs of resolving the oil dispute with Turkey during the visit of Turkish President Recep Tayyip Erdogan.
Al-Maliki said {to Al-Furat News}, “It is certain that Erdogan’s visit to Iraq brings many understandings between the Iraqi government and the Turkish side, to the possibility of discussing the issue of exporting the region’s oil through Turkish territory and reaching solutions with the Deputy Prime Minister for Energy Affairs and the Prime Minister.”
Al-Maliki added, “The beginnings of resolving the dispute exist because it is one of the most important outstanding issues, in addition to a number of other matters, as he will have proposals for solutions up his sleeve.”
Turkish Foreign Minister Hakan Fidan stated that President Recep Tayyip Erdogan will sign, during his visit to Baghdad tomorrow, Monday, a strategic framework agreement that will become a roadmap for bilateral relations.
Fidan told reporters: “Preparations have been completed, and preliminary understandings have been reached to sign more than 20 agreements during President Erdogan’s visit to Iraq, and it is planned to sign a strategic framework agreement, which will form a road map for bilateral relations.”
Erdogan is scheduled to visit Iraq tomorrow, Monday, for the first time in 12 years.
From: Raghad Dahham LINK
Advertisement
______________________________________________________
______________________________________________________
If you wish to contact the author of a post, you can send us an email at voyagesoflight@gmail.com and we’ll forward your request to the author (if available). If you have any questions about a post or the website, you may also forward your questions and concerns to the same email address.
______________________________________________________
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © Dinar Chronicles
