Clare: The launch of the first banking conference of the Central Bank of Iraq in Erbil
10/21/2023
Erbil – INA – Evan Nasser
The first banking conference of the Central Bank of Iraq began today, Saturday, in Erbil Governorate.
The correspondent of the Iraqi News Agency (INA) said: “The work of the first banking conference of the Central Bank of Iraq began in Erbil, under the slogan (the banking sector, growth opportunities and the future of international companies), in the presence of the Governor of the Central Bank, Ali Al-Alaq.”
Our correspondent added, “The conference was attended by the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, the Second Deputy Speaker of the House of Representatives, Shakhwan Abdullah, and a large number of political, economic and business figures.” LINK
Clare: The Governor of the Central Bank sets criteria to achieve exchange rate stability
10/21/2023
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, the progress of several measures to move to the digital economy in direct coordination with Prime Minister Muhammad Shiaa Al-Sudani, while pointing to standards that maintain the stability of the exchange rate.
Al-Alaq said, in his speech during the first banking conference of the Central Bank of Iraq, that “the conference is being held within the framework of continuing efforts to strengthen the banking sector to achieve a stable, safe and effective financial system in light of the rapid changes, developments and challenges that the world is witnessing in the transformations of the structure, financial systems and work rules and the accompanying changes.” Significant progress in the use of financial technologies.”
He added, “Following developments to arrange priorities in the infrastructure of financial systems and business rules is the strategic goal to employ this experience in the right and safe directions and to study the risks associated with it.”
He continued, “This is done through: consolidating the compliance rules stipulated in the Anti-Money Laundering and Combating the Financing of Terrorism Law No. 39 of 2015, and applying international practices and standards in a way that preserves the integrity of the financial system from local and international risks and procedures, and in a way that ensures the transparency and safety of financial operations, as well as the transition… From cash economy to digital economy.
He pointed out that “these rules are what preserve the integrity of the financial system, and even protect Iraq from serious risks,” noting that there is “a close relationship between the application of these standards and the smooth flow of transfer operations and maintaining the stability of the exchange rate.”
He noted that “the phenomenon of the monetary economy constitutes a major obstacle to the optimal employment of cash and the development and stimulation of the economy, and a major challenge to achieving the objectives of monetary policy in achieving monetary stability. It also weakens control and oversight of the movement of funds and increases the risks of financial crimes and illicit practices.”
He stressed that “many measures are being worked on regarding the transition to the digital economy, in direct and continuous coordination between the government represented by Prime Minister Muhammad Shiaa Al-Sudani personally, the Central Bank, and the relevant authorities.”
This Saturday morning, the first banking conference of the Central Bank of Iraq began in Erbil Governorate. LINK
************
Courtesy of Dinar Guru https://www.dinarguru.com/
Militia Man Iraqi-Saudi coordination council has played a major role with their bilateral relations. Iraq is doing a good job. If you’ve noticed in the news, Iraq is a mediator. It’s almost like the Switzerland of the Middle East. Kudos to Al-Sudani…
10-21-2023
Intel Guru Frank26 The goal is to get to 1 to 1 for what reason? To add purchasing power. There is the key, to add purchasing power to the currency of Iraq. I didn’t say the Iraqi citizens are going to get rich. I said to add purchasing power to buy good and services with their currency…
Stability Rate IQD Iraq News
Nader: 10-21-2023
Jim Willie: Gold, Silver To Rise To Forefront As Treasuries Break Down
Arcadia Economics: 10-21-2023
For years, Jim Willie has warned about an exodus out of the US bond market, and at the rate yields have soared over the past month, we may be seeing the beginning stages of such an event. Yes, there are inflation concerns and nervousness around further potential Federal Reserve interest rate hikes.
But the accelerating deficits and debt-loads, in addition to the new supply that’s scheduled to come online in the coming months and years, have entered us into a new era of awareness that Washington has hit a problem.
So in today’s show Jim Willie talks more about the issues in the treasury market, how he sees gold and silver playing a bigger role going forward, and some potential issues he is anticipating regarding the COMEX.
He also digs into the dynamics in Japan, where the Yen-Dollar exchange rate is pushing up against the 150 level, and how that’s interconnected with the US dollar and treasury markets.
It’s another information packed call with Jim, and to find out what he had to say, click to watch the video now!
