KTFA: Samson: An Iraqi bank begins providing its banking services and solutions in the Saudi market
28th August, 2022
The National Bank of Iraq, affiliated with the Capital Bank Group, announced, on Sunday, the start of providing its banking and financial services in the Saudi market, after completing all procedures related to licensing the opening of its first branch in Riyadh and the start of its banking business in the Saudi market. This step comes within the framework of the expansion strategy of the group, which is currently operating in Jordan, Iraq, Saudi Arabia and the UAE.
The bank said in a statement received by “The Information”, a copy of it, that “the Iraqi National Bank, which obtained the approval of the Saudi Council of Ministers and the Saudi and Iraqi Central Bank to open a branch in Iraq, aims to encourage and facilitate trade between Iraq and Saudi Arabia in light of the increasing growth of exports between the two countries, as it will allow The presence of this branch is an opportunity for the bank to expand the scope of the service provided to its clients from the corporate sector located in Jordan, Iraq, the UAE and Saudi Arabia, by providing commercial services to them directly.”
He added, “This step also aims to help Iraqi companies find opportunities to work with their counterpart companies inside and outside the Kingdom of Saudi Arabia by providing financing and facilities that meet their needs and aspirations.”
The Managing Director of the National Bank of Iraq, Ayman Abu Dhaim, confirmed that “the bank’s conduct of its business in Saudi Arabia will contribute to increasing the volume of trade exchanges between Iraq and Saudi Arabia by building a network of banking relations with major institutions and companies operating in various economic sectors in the Kingdom of Saudi Arabia, which is expected to achieve more.” of progress and growth based on its Vision 2030.”
In turn, the CEO of the National Bank of Iraq / Saudi Branch, Zaid Abunayan, said, “The National Bank of Iraq, by providing all banking services and various banking facilities, will be able to cover the untapped sectors in the Saudi trade market, and the bank will have the opportunity to increase its market share in total commercial transactions. between Saudi Arabia and Iraq by providing services to strategic corporate clients and facilitating their commercial transactions.”
Abunayan added that “the National Bank of Iraq has started providing its banking services in the Saudi market, as bank accounts have been opened for a number of Saudi companies, which allows them to benefit from an integrated set of banking services provided by the Iraqi National Bank to its corporate clients, including receiving remittances. and documentary credits from Iraq, smoothly and quickly.
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MilitiaMan: Looks like show time… imo They imo are not going live at a program rate or they would have already done so. I suspect that visit to Egypt by Kahdimi was a fruitful one.. ~ MM
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Samson: “Waste and smuggling”…the central bank sells Iraq instead of the dollar
27th August, 20221
A great waste of Iraq’s money has reached high levels that cannot be silenced through suspicious deals held between politicians, which cost Iraq millions of dollars annually, with a prior agreement between the concerned authorities, including the Central Bank’s deal with the Ishtar Gate Company, which would have cost 600 million dollars in fine had it not been for the popular pressure that he made Ishtar company waive the amount later.
Many observers wonder about the massive Central Bank’s sale of the dollar, which reached 300 million dollars per day through the currency auction. This figure compared to the size of what Iraq needs daily of the dollar is very exaggerated and does not know the parties that buy these amounts daily, and the only beneficiary of selling the currency with these huge numbers are the private banks that benefit from the buying and selling difference from the Central Bank.
Ishtar Gate
And the representative of the state of law, Thaer al-Jubouri, confirms that there is special care from some officials in choosing bank managers to arrange their financial papers.
Al-Jubouri said in an interview with “The Information” that “the administrative corruption deal of the Central Bank that appeared with the Ishtar Gate Company cannot be tolerated,” stressing that “such deals are agreed upon in advance to achieve personal interests by setting items that waste public money.”
Al-Jubouri continues his speech, that “there are committees from the Office of Financial Supervision, and also the Integrity Committee in Parliament, but they need someone to monitor them after the emergence of many corruption deals in all ministries and government institutions.”
*Discrepancy in numbers*
The Central Bank’s currency auction in its current form serves many banks belonging to influential parties and gives them important profits with which they can face the interruption of financing, especially since the selling differences are large between the bank and private banks.
Economist Nabil Al-Ali considers that the discrepancy in the central bank’s dollar sales figures and foreign remittance bills indicates something hidden, pointing out that the economic situation is currently in a recessionary phase. Al-Ali says in an interview with “The Information”, “the volume of imports and remittances does not match the data issued by major countries such as Korea and China,” adding, “The central bank used to sell 180 million dollars a day, but now the sale of dollars has reached 300 million dollars per day, and this is a very alarming figure for Iraqi imports.”
* Currency smuggling
According to observers in the economic and currency exchange field, the Central Bank auction to sell currency in its current form serves many banks affiliated with influential parties and gives them important profits with which they can face the interruption of financing, especially since the selling differences are large between the bank and private banks.
The economic expert, Abdul Rahman Al-Mashhadani, asserts that the private banks are the only beneficiaries of the sale of the Central Bank by smuggling hard currency out of Iraq. Al-Mashhadani added in an interview with “The Information” that “the Central Bank of Iraq’s daily sale of huge numbers of dollars is very suspicious compared to the volume of Iraqi imports,” stressing that “the only beneficiary from selling such numbers, which amounted to 300 million dollars per day, are the private banks that you benefit 20 cents from the dollar and one.”
* Selling Iraq
In this regard, the independent deputy, Basem Khashan, said in an interview with “The Information” that “the next few days we will announce the papers and documents that prove the Central Bank’s violation of all legal and financial matters in the presence of the Financial Supervision Bureau,” adding that “the Central Bank does not sell currency now.” He is working to sell Iraq.” He added, “the documents and files will reveal the local authorities that are working to smuggle currency out of Iraq.” LINK
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MilitiaMan: Looks like the CBI has been sorted from within now.. With the new Digital System they have been apparently able to get the corrupt sorted out. Stopping the AUCTIONS was to be expected. I have a strong feeling things are very much so in our favor.. Working to sell Iraq, as in IQD? We shall see. Stopping the Multi Currency Practice? Again we shall see!! ~ MM
Samson: The Sadrists’ eyes towards federalism.. Thousands of cases are “complete” to dissolve Parliament
28th August, 2022
A source familiar with the movement of al-Hanana, the residence of the leader of the Sadrist movement Muqtada al-Sadr in Najaf governorate, said on Sunday that thousands of cases submitted by the Sadrists to the Federal Court to dissolve the House of Representatives “fulfill the conditions.”
The source told Shafak News Agency, “The Federal Court was looking at the cases submitted to it impartially,” expressing his hope that it “will be far from any political pressure.” And he indicated that “the lawsuits submitted by the Iraqi people, including the Sadrists, are estimated in the thousands,” stressing that “they meet the legal requirements, and we hope that the decision will be to dissolve the Parliament.”
The Sadrist leader said, “There is a very clear perversion of the constitutional oath, by not adhering to the constitutional timings.”
The Federal Court (the highest judicial authority in Iraq) has set the thirtieth of August as the date for deciding on the claim of dissolving Parliament.
On August 10, 2022, al-Sadr had asked the judicial authorities to work on dissolving the Iraqi parliament within a maximum period of the end of this week, urging at the same time the President of the Republic of Iraq, Barham Salih, to set a date for early legislative elections in the country.
Also on the tenth of this August, known as “Minister of Al-Sadr”, the supporters of the Sadrist movement to fill out a form to file a lawsuit against (Presidents of the Republic Barham Salih, Ministers Mustafa Al-Kazemi and Parliament Muhammad Al-Halbousi).
The form included two points, the first of which was to call the defendant (Al-Halbousi) in addition to his job after carrying out the legal requirement and ruling to dissolve the House of Representatives in its current fifth session, and notifying the President of the Republic to set a date for the legislative elections in accordance with the provisions of Article 64 II of the Constitution, while the second paragraph included charging the defendant in addition to all his job Expenses, court fees and attorneys’ fees.
Later, the “Minister of Al-Sadr” issued a new form that included the defendants, in addition to Parliament Speaker Muhammad Al-Halbousi, (Presidents of the Republic Barham Salih and Ministers Mustafa Al-Kazemi).
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MilitiaMan: I don’t see there is any longer any issue here. Dissolution is covered by the constitution. There is a third way option on the table. The UN CHARTER has that covered. I am looking at the implementation and distribution of the EFSL and the Digital Mechanisms that supports the execution of the two.. The data supports the CBI stoppped selling hard currency.. They are imo telling us they are selling Iraq and that imo is they are to be selling their own international currency.. Selling Iraq now.. We shall see.. imo ~ MM
