KTFA – News, Rumors and Opinions Sunday Morning 3-24-2024

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Godson:  Imo.. all I know is First quarter is all most over..

Clare:  Parliament Finance confirms the increase in the size of the 2024 budget.. What are the reasons for delaying its sending?

3/23/2024 Baghdad

Today, Saturday, the Parliamentary Finance Committee confirmed that the size of the federal budget had risen to 207 trillion dinars, explaining the reasons for the delay in the general federal budget schedules reaching the House of Representatives for approval.

Moeen Al-Kazemi, a member of the Parliamentary Finance Committee, commented on the issue by saying that the delay occurred with the Prime Minister’s Office or by the Office of the Council of Advisors.

Al-Kadhimi explained, “The Ministries of Finance and Planning have completed their work regarding the budget schedules, as the amendments were supposed to be sent before the end of 2023.”

He added, “If the amendments are sent, the Finance Committee in the House of Representatives will review them and then present them to the Council for approval.”

He pointed out that “the approved budget is a tripartite budget for the years 2023, 2024 and 2025, and it is natural that amendments will be made to it by the government to some numbers that it deems necessary,” noting that “the amendments led to an increase in the size of the budget from 199 trillion dinars to 207 trillion dinars.” Iraqi”.

The Legal Committee announced earlier today that the financial budget schedules for 2024 will soon reach the House of Representatives.

On March 13, the Ministry of Finance announced the completion of data related to the 2024 budget schedules, the inclusion of texts, and sending them to the Council of Ministers. LINK

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Clare:  Biden to Host Iraqi PM Sudani on April 15, White House Says

 Biden and Sudani will consult on issues including ISIS, Iraqi financial reforms and energy independence, the White House said in a statement.

RMF:  Discussing financial reforms post Ramadan implies no new rate prior ??  Any thought ?

DMcCall:  The reforms are MUCH more than a rate reinstatement! Reforms will deal with international interactions and that requires an international rate ASAP! This process has nothing to do with the White House, or the US as a whole! Iraq is free now and is making decisions for Iraqi citizens and not US citizens…Just my OPINION!

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Henig: Vietnam

Regulatory sandbox to be developed for three fintech solutions only

March 19, 2024 – 07:29

In the latest draft, the regulatory sandbox will be developed for three fintech solutions, including credit scoring, open application programming interface (API) and P2P lending.

HÀ NỘI — The State Bank of Vietnam has submitted to the Government a draft decree on a regulatory sandbox for fintech in which the pilot implementation will be carried out for only three solutions, credit scoring, open application programming interface (API) and P2P lending.

After seven versions of the draft which have been developed since 2023, the latest version reduced the number of fintech solutions for the regulatory sandbox from six to three on limited resources for implementation.

Previously, six solutions were proposed which also included extension of credits on technology platform, technology-based solutions (including blockchain) and other banking support services in line with the sandbox programme.

The central bank said that the regulatory sandbox will be implemented for three solutions to ensure appropriateness to the resources. The implementation of the sandbox will last a maximum of two years.

The central bank will decide the scope of fintech solutions offered sandbox implementation, including but not limited to transactions limits and the number of participants.

The banking industry in recent years has witnessed a strong rise of new technologies application, the central bank said.

In Việt Nam, fintech development was robust with the participation of technology start-ups and non-bank organisations in the banking and finance sector through the provision of solutions to support banking activities without directly providing services to end-users or independently.

The fintech boom has pushed financial and monetary management agencies into difficulties in supervising risks such as money laundering and terrorist financing, in ensuring network security, protecting user data and rights of consumers and investors. The absence of regulatory framework poses challenges in harmonising the promotion of innovation and fair competition with traditional financial institutions, and put fintech companies into limbo.

The absence of regulatory framework also caused a number of problems.

For example, the emerging of P2P lending in Việt Nam recently with the lack of transparency and regulatory framework led to negative phenomena such as predatory lending and disputes.

Many countries have developed regulatory sandbox policies for fintech which will become a base to evaluate feasibility, benefit and risk of the solutions, to develop appropriate responses and decisions, the central bank said. — VNS     LINK

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

Frank26  When this blessing occurs don’t run to the bank.  Don’t trip over yourself and others.  Walk.  Take your time.  Learn.  Look.  Ask questions.  Learn from other’s mistakes.  That’s what a wise person does.  Don’t run to the bank.  Take your time and understand exactly what you’re doing.

Jeff   Article: “The White House announces the date of Sudanese’s visit to Washington”  Three articles tell you that on April 15th Iraq’s prime minister Sudani will come to Washington DC to meet with Joe Biden and US official...Iraq has just officially give you the rate change date in these articles.  No it is not April 15th.  April 15 is not your rate change date… (Kuwait March 24,1991.  Sunday.)    

Salah opening on European banks

Nader:  3-24-2024