KTFA – More News, Rumors and Opinions Monday PM 4-22-2024

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Clare:  Two Gulf ministers arrive in Baghdad to sign the development road agreement with Erdogan

4/22/2024

The Qatari Minister of Transportation, Jassim bin Saif Al-Sulaiti, and the Emirati Minister of Energy and Infrastructure, Suhail Al-Mazrouei, arrived in the capital, Baghdad.

The two Gulf ministers will participate in the signing ceremony of a quadripartite agreement between Iraq, Turkey, Qatar and the UAE on the path to development.

Erdogan arrived this morning in the capital, Baghdad, and was received by Prime Minister Muhammad Shiaa Al-Sudani at Baghdad International Airport.

The visit will last one day and will witness discussion of water, economic and security files, the development road project, developments in the situation in the region, and the signing of a bilateral strategic framework agreement aimed at expanding the partnership in the economic and trade fields, exchanging experiences, and confronting common environmental and regional challenges.   LINK

Clare: The Iraqi Central Governor reveals the plan to reform the banking system and talks about “sanctions” 

4/22/2024 – Baghdad

Today, Monday, the Governor of the Central Bank of Iraq presented a plan to reform the banking sector in Iraq, and while he touched on the issue of sanctions on Iraqi banks, he stressed that these measures did not threaten the Iraqi economy.

The Governor of the Central Bank, Ali Al-Alaq, said in a televised interview followed by “Al-Iqtisad News” that “the current Iraqi government is very focused on the economic dimension and renaissance, and the expansion of infrastructure and services,” indicating that “this matter requires the presence of an active and effective financial sector that can To accompany, activate, organize and finance, so this file goes hand in hand with the government’s plan within the framework of economic reform.”

He added, “Iraq has a very large financial relationship with the United States of America, given that the oil resources that form the basis of the Iraqi state’s budget come from the export of oil via the dollar, and this is what is agreed upon globally,” pointing out that “the first stop for Iraqi funds is in the Federal Reserve.” The central bank then deals with these funds by investing them in various areas inside the United States and abroad in central banks of other countries.”

The Governor of the Central Bank continued, “There is diversity in the nature of these reserves, such as geographical and qualitative diversity in these investments, which are in the form of bonds, gold, goods, and others.”

Regarding the issue of financial reform in Iraq, Al-Alaq explained, “Iraq has a multi-faceted program in this framework, as the first aspect is harmony, adaptation, the adoption of international standards in financial transactions, and the application of compliance rules and laws related to combating money laundering and terrorist financing,” stressing that “there is interest.” Dollin is very focused on ensuring that transactions are free of any violations, violations, or suspicious issues.”

He continues by saying: “Given that the financial relationship with the United States of America is broad and large, the Iraqi financial system must be protected, as well as the system in America, and any money laundering or terrorist financing operations must be prevented from entering through it,” noting that “there is continuous coordination and common understanding, throughout the years.” The past in order to achieve this goal, which includes the presence of broad plans and programs, relying on international consultations and contracting with major offices specialized in this field, with which the Central Bank is organizing these matters in order to achieve the great goal, which gives positive messages to financial institutions all over the world.

As for the second matter, he stated, “This matter revolves around reforming the banking sector itself, and many details revolve around it with plans being worked on, starting with government banks such as Al-Rashid, Al-Rafidain, Al-Sina’i and Agricultural, which constitute 80% of the Iraqi banking sector,” adding by saying: “If we want to think about the reform process, we have to start from the largest part, as it was agreed in direct coordination with the Prime Minister, the government, and the Central Bank to reform these banks, through a large plan that is now underway in contract with one of the large international companies, which includes restructuring.”

He continued his speech, saying, “There is a great focus on targeting the structure to advance these banks by introducing strategic partners from outside Iraq, who have accumulated experience in this field,” stressing that “there are clear desires from some internationally accredited banks to participate in this field, and we are still awaiting a study.” The company in charge of this matter in order to attract investors from inside Iraq, as it will be like public joint-stock companies that absorb capital from within the country, in addition to the necessity of having a strategic partner to modernize government bank departments in a way that reaches the advanced level.”

He pointed out, “Government banks were very late due to the circumstances that the country went through, and it is necessary to keep pace with the process of major changes,” explaining that “the detailed study of this project will be presented in the eighth month, and then there will be clarity about the road map and the next steps so that appropriate measures can be taken.” “In this regard.”

Al-Alaq stated, “This is one of the things that was discussed during the meeting with the US Treasury, and it was very welcomed by all parties, not just in the United States, as it is an existing and ongoing question by the parties of international institutions.”

Regarding the US sanctions on Iraqi banks, he added: “We have a close relationship with the US Federal Bank, and what happened was the emergence of a list of bank names, where the issue was not imposing sanctions on these banks, or including them in the sanctions list, but rather depriving them of dealing in dollars only.” Pointing out that “the Central Bank took a serious look at the merits of the issue and how to take future measures, and this is part of the dialogue that took place, whether it was in the presence of the Prime Minister with the US Treasury, or even during the meetings held by the Central Bank with the US Federal Reserve.”

He noted, “Violations in the banking sector exist, and may occur, and this is the work of the Central Bank constantly, as we have a committee specialized in fines and penalties, which receives inspectors’ reports, and imposes these fines on an ongoing basis in accordance with the Money Laundering and Anti-Terrorism Law.”

Regarding the repercussions of this suspension on the Iraqi economy, Al-Alaq stated, “This suspension certainly has negative effects, but it will not threaten the Iraqi economy, especially since external transfer operations and the exchange rate continue normally.”

As for the fictitious companies that sell the dollar, the Governor of the Central Bank stated, “These phenomena exist in other countries as well, and due to technical developments and dealing through websites, they are an opportunity for fraud at the same time, and the Central Bank has a careful follow-up of these matters and they are reported in the judiciary.” Considering the use of these means to trap others, we warn against them.”

Al-Alaq touched on government debts, explaining: “The current government focused on the external debt, which amounts to a minimum of $9 billion to multiple parties, which is the lowest over the past years due to continuous repayments. As for the domestic debt, it has reached approximately 70 trillion dinars.”   LINK

Suzie:  He’s planning to reform the banking system(s)??  Forgive my total ignorance but I thought this was ALL done and we’re awaiting the release of a new exchange rate?? 

DeepWoodz:  ”The detailed study”….Im not sure how to take this. Standing on this side of the rate change makes me naturally want to say something negative, but I have to consider all the facts. 

Iraq did not JUST NOW begin their banking reforms. They also did not JUST NOW begin to do a study of their monetary reform, exchange rate, or otherwise. Let’s face it, I’m pretty sure there has never been anything like what Iraq is going through right now. There are no experts that have actually done this exact thing before. It really is a monumental task that will have a global impact. 

Im as ready as anyone to cash in and I wish it were that simple. Truth is though, it is happening. We are so far down this road now there is no turning back. 

DPadd44:  IMO I think this message from Alak is not new. IMO it was recorded earlier just my MO. In reality this has been the most exciting year ever. IMO our blessing is close. we just need to trust God. It will happen IMO. As Frank has stated many times BE PREPARED !!!!

Courtesy of Dinar Guru:  https://www.dinarguru.com/

Militia Man   Al-Sudani has rocked it.  They showcased this country like they’ve never done before.  We’ve never seen this.  Anybody that’s been in this investment since 2003 has never witnessed what we’re witnessing today…If they were going to come out at 1310 dinar to try to do all the things they’re doing right now the world would be just like they were in Kuwait – crickets.  This is powerful.  Wonderful.  

Nader From The Mid East  ‘Everybody’s like, hey  Nader you’re there for the announcement?‘  There’s no announcement.  There’s not big screens…They’re going to come out with a new exchange rate maybe a little smaller for now yes...You see they talking about changing the exchange rate again.  Yeah, they’re going to do it soon.  We’ll see what it is.  It could be 1000.  Remember we said 1000 and then they eliminate the three zeros…You’re going to have to be patient.

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LIVE! AN ECONOMIC NIGHTMARE IS RAPIDLY UNFOLDING… AND THIS IS JUST THE START OF IT.

Greg Mannarino:  4-22-2024