KTFA

Samson: Abdul-Mahdi: We have dozens of sources other than oil to promote economic reality

8th November, 2018

The Prime Minister Adel Abdul Mahdi, on Thursday, that oil revenues are not enough for development alone, pointing out that Iraq has dozens of sources to promote the economic reality

Abdul Mahdi, during a meeting with a group of academics and media, that “oil revenues are not enough for development alone,” noting that “Iraq has dozens of sources to promote economic reality

He added that “community initiatives should be taken care of,” adding that he “relies on the private sector in this regard   LINK

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Samson:  Sistani’s office announces the first day of the month of Rabee al-Awal

8th November, 2018

The Office of the Supreme Religious Reference, Mr. Ali Husseini Sistani, Thursday, the first day of the month of spring.

The office said in a brief statement, received / Mawazine News / a copy of it, that “on Friday, 9/11/118 m is the first of the month of Rabi I of 1440 for migration.   LINK

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Samson:  President of the Association of Iraqi Private Banks Wadih al-Hanalal: Governance has become an international demand as important as combating the financing of terrorism

8th November, 2018

The President of the Association of Iraqi Private Banks, Wadih al-Hanalal, stressed thatgovernance has become an international requirement no less important than the requirements of money laundering and combating the financing of terrorism

“Governance has become an international requirement no less important than money laundering and counterterrorism requirements because it will add valuable and important things to private sector companies,” Al-Hantal said at the first session of the Iraqi Institute of Directors conference held in Baghdad

” Governance is a good tool to enable the community to ensure that companies are well managed in a practical and scientific manner that provides general frameworks to protect investors ‘and lenders’ funds and to achieve and maintain a fair and transparent data and information system,” he said. “Governance will enable equal access to data and information While at the same time providing a good tool for judging the performance and accountability of corporate boards

“The concept of corporate governance has many advantages and benefits that can be provided to companies and even countries, whether they are advanced or emerging, including reducing the risks related to financial and administrative corruption and raising the levels of performance of companies and the consequent development and economic progress of the countries to which they belong. Those companies

” Attracting foreign investment and encouraging local capital to invest in national projects , increasing the ability of national companies to compete internationally and opening up new markets for them,” he said, adding that “governance will increase transparency, accuracy and clarity in the financial statements issued by companies and the consequences of The increase in investor confidence and adoption in decision-making and full disclosure of the company’s performance, financial position and key decisions taken by senior management helps shareholders identify the risks of investing in this company    LINK

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BeStill44:  WHAT EXCITING TIMES…..”THE MOTHER OF ALL TIME FRAMES” DOWN TO LAST WEEK AND 1/2…..2ND ARTICLE READY TO SHOW ITSELF ……THIS SHOULD BE A NOV TO REMEMBER…..

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Samson:  Erbil police seize millions of USD, IQD, arrest 100 suspected traders

7th November, 2018 – Updated story from previous posted

Security forces have confiscated many USD and Euro bills and 88 million Iraqi Dinars (IQD) in counterfeit banknotes in Erbil province since the start of 2018, and have arrested 100 suspects for dealing and trading them, the province’s Crime-Prevention units said on Monday.

“I was captured with 13 million Dinars in my possession when attempting to cross a checkpoint,” one of the arrestees told Kurdistan 24 at the Crime-Prevention Department. The stacks of money the police captured were mainly high-value bills.

There are three one million dollar notes among the confiscated bills, in total, adding up to nearly four million USD along with the other 100 USD notes seized from early 2018.

In an interview with Kurdistan 24, Erbil police spokesperson Hogir Aziz offered some tips to identify counterfeit money, chief among them the bill’s thickness. Since the image of a bill is copied onto a piece of paper, its thickness and discoloration can be noted upon close examination.

“When our dear citizens are exchanging money, they should be careful of the nature of the deal they are making” to avoid possible scams, Aziz warned.

The various notes are believed to have been brought to Kurdistan from the southern provinces of Iraq by an individual attempting to liquidate it for tens of thousands of dollars.

Authorities in the Kurdistan Region and Iraq have long warned citizens of people who engage in fraudulent activities, dealing foreign banknotes that are either fake or worthless in the country’s currency exchange markets.

In August, an Iraqi man lost the equivalent of USD 8,400 in the city of Karbala by accepting the counterfeit foreign currency. The man said an individual with a khalijiaccent, commonly associated with Gulf countries, scammed him.

The fraudster was in possession of “60 banknotes” and told the man from Karbala that “the value of each note was IQD 200,000, nearly USD 168, which he wanted to change to Iraqi currency as soon as possible,” according to the statement.    LINK

Samson:  Central Bank suspends licensing of electronic payment companies

8th November, 2018

The Iraqi Central Bank, on Thursday, to stop granting licenses for electronic payment companies for one year.

“The board of directors of this bank decided in its session No. 1575 on November 4, to stop the promotion of new applications for the granting of licenses to electronic payment companies until December 31, 2019,” the bank said in a brief statement.

The central bank did not elaborate on the reasons for the decision.
Do they presently have sufficient authorized entities to conduct authorized “electronic payments”?

Without that sort of assurance how can Iraq be positioned to enter the International markets with an international tradeable currency without an adequate number of institutions authorized to perform that obviously critical function? Most currency trading and international payments today are effected by electronic transfer.

Without more information or explanation I found this news article a bit alarming.

Can someone please provide some insight into what the purpose would be of not issuing any new licenses for electronic payments until December of 2019???

This seems to be the announcement (without explanation) of a policy that might be considered to be just the opposite of what might be expected for a country apparently emerging from international sanctions and stone age banking practices!    LINK

MilitiaMan:  I read this at first glance, they have the amount of licenses then need, they know their history and may also know those in place can handle what is coming and know they can be trusted.. imo Btw, as for assurances they recently speak of insurance and that is also assurance per shariah practices. Insurance west, Assurance east.. imo. The securities commission article Delta brought us the other day talks about what Iosco has to say on the matter. ”

“The global standard setter for securities markets regulation” ~ MM

http://www.iosco.org/library/p…..OPD170.pdf

MilitiaMan:  This next one tells the story about why they would not need more licenses. They need to have already those in place that are qualified, competent and that they know the rules already and will not need new participants muddying the waters during a very complex issue of payments and settlements, that many of us can’t even comprehend.

They recently had last month meetings from the BIS, AMF, IMF etc, that were even for the high delegations to understand the Iraq currency, their Trainers trained the Trainers for those in place now and for what is to come. So them not taking licenses now out for over a year, imo? A very good thing.. ~ MM

http://www.iosco.org/library/p…..OPD525.pdf

Samson:  OIL EXPORTS BETWEEN THE KURDISTAN REGION AND IRAN STOP, OTHER COMMERCIAL TRADE CONTINUES

8th November, 2018

ERBIL (Kurdistan 24) – Customs officials at the Parwezkhan border crossing on Monday announced the import and export of oil derivatives between the Kurdistan Region and Iran had stopped, hours after the new round of US sanctions came into effect. “Economic sanctions taken against the Islamic Republic have halted the trade of oil derivatives from Kurdistan to Iran,” the media and public relations director of the Parwezkhan border gate, Aram Sayahan, told local media.

The second set of US sanctions targeting Iran’s energy, financial, and shipping sectors took effect Monday, November 5. “Sanctions have not affected the import and export of foodstuffs and other commercial exchanges, which have not been interrupted. We have received no official order stating otherwise so far,” Sayakhan explained.

Late on Monday, US officials clarified a confusion that had emerged about whether Iraq will receive a waiver from the new US sanctions that Washington imposed on Iran. As a State Department official explained to Kurdistan 24, “A waiver was granted” to Iraq that will allow it “to continue to pay for electricity imports from Iran.”

Eight countries received sanctions waivers: China, India, Greece, Italy, Taiwan, Japan, Turkey, and South Korea. According to Secretary of State, Mike Pompeo, Iraq was not among the countries receiving a waiver, despite earlier reports that it would.

Kurdish authorities had earlier said that they would abide by decisions of the Iraqi federal government in regard to the Iran sanctions. “The Kurdistan Region is part of Iraq,” Safeen Dizayee, Spokesperson for the Kurdistan Regional Government (KRG), told Kurdistan 24.

“Whatever the federal government of Iraq decides, the Kurdistan Regional Government will implement,” Dizayee said.   LINK