KTFA (Delta)

Samson: US Secretary of State welcomes the end of a “caliphate”

24th March, 2019

US Secretary of State Mike Pompeo on Saturday welcomed the elimination of a “caliphate”, calling for a “concerted effort” to end the threat of terrorism.

“The land that was once controlled by a sympathetic organization in Iraq and Syria has been liberated,” Pompeo said in a tweet on Twitter. “We congratulate the US Army, the Syrian Democratic Forces and the Alliance for this amazing success.”  “There is still a lot of work to be done to ensure a complete and complete elimination of the threat of terrorism of Islamic extremism,” he said.

On Saturday, Syrian forces announced the total elimination of the “caliphate”.  The jihadist organization announced in 2014 the establishment of a state “Islamic Caliphate” on large areas controlled in Syria and Iraq, the size of Britain.   LINK

DELTA:  FAMILY THIS IS HOW IRAQI GET THEIR SALARY THROUGH MASTER CARD IN IRAQ…COPY………..FROM 03/21/19

Iobey777:  Just like we have been told!! Iraq is moving up in the International world!!!

Sausy:  So is that a good salary? And do they get their receipt in English? …..just curious

Desire:  Not sure if those numbers equate a good salary but thinking the citizens must go into the bank an open an account to accept the new currency. Imo

BlaqueBeauty:  Love the money sign and the word exchange on the sticker holding up the receipt

JJonesmx:  It’s 7 years since I started coming regularly to Iraq. Once upon a time I needed a VIP escort from Baghdad airport. Today I just grabbed a taxi to my hotel. Nightlife’s been booming for a while; now the checkpoints are disappearing & the blast walls coming down #postconflict pic.twitter.com/nqFgHNvjXq

— Eleanor Robson (@Eleanor_Robson) March 23, 2019

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Iggy:  Understanding exchange rates

An appreciation in the exchange rate is beneficial if it is caused by the economy becoming more productive and competitive. However, if there is an appreciation due to speculation, then it could be harmful as exporters will not be able to compete.

https://www.economicshelp.org/blog/749/economics/understanding-exchange-rate/

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Iggy:  i believe we have seen them all…Smile

Why Do Exchange Rates Change?

While there’s a lot of debate amongst economists (surprise, surprise) about what causes exchange rates to change, there is a consensus that the following six factors are important:
Inflation rates: generally, countries with lower inflation rates have higher-valued currencies
Interest rates: higher interest rates often mean that investors get a better return in one country than another, and so sometimes push the value of a country’s currency up compared to low interest countries

Current account deficits: a current account deficit means that a country is spending more on foreign trade (via imports) than it is earning (via exports), and so it will need to borrow from other countries to finance its deficit – and generally this means the value of its currency will decline

Level of public debt: if a country is running very large budget deficits, and borrowing to cover this cost, you will often see high inflation, which in turn will often mean a lower currency valuation.

Terms of trade: the terms of trade means the difference in the price of exports to the price of importants – a positive terms of trade means the prices a country gets for its exports is higher than the price it pays for its imports.

Generally, the stronger the terms of trade, the stronger the currency, which has definitely been affecting the Aussie dollar in recent years

Stability and economic growth: finally, the level of political stability, and whether an economy is growing at all, matter to investors. Stable, growing countries are lower risk, and therefore tend to have stronger currency valuations.

https://www.ratecity.com.au/foreign-exchange/news/why-do-exchange-rates-change

Samson:  The IFSB Organises Workshop on Banking Standards in Iraq

24th March, 2019

The Islamic Financial Services Board (IFSB) is organising a Facilitating the Implementation of the IFSB Standards (FIS) Workshop in Baghdad, Iraq on 1 – 3 April 2019.

This Workshop is hosted by the Central Bank of Iraq (CBL).

The 3-day Workshop will focus on the following IFSB Standards:

IFSB-15 : Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (IIFS);

GN-3 :Guidance Note on the Practice of Smoothing the Profit Payout to Investment Account Holders;

GN-4:Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS; and

GN-6 :Guidance Note on Quantitative Measures for Liquidity Risk Management

Overall, the Workshop aims to:

Enhance the participants’ understanding of the respective Standards and Guiding Principles;

Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and

Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

The FIS Workshops are a part of the IFSB’s support to its members based on the Strategic Key Result Area 2 (SKRA 2) on the Facilitating the Implementation of Prudential Standards and Capacity Development under the IFSB’s Strategic Performance Plan (SPP) 2016-2018”, to assist member organisations in adopting and implementing the IFSB Standards.   LINK

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A bit of info I found below on this Board …..

Who are IFSB ? – The Islamic Financial Services Board (IFSB) is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors.

The IFSB also conducts research and coordinates initiatives on industry related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders.

Samson:  Association of Private Banks Holds the “Comprehensive Program for New Bankers”

24th March, 2019

The Association of Iraqi Private Banks held Sunday the “Comprehensive Program for New Bankers” in cooperation with the Joint Development and Consultancy Group and the Central Bank of Iraq

“Working in the private sector requires the development of skills, and the development of skills leads to the acquisition of experience that qualifies you for jobs,” said Ahmed Al Hashemi, director of administration and training at the Association of Private Banks, on the sidelines of the session

He added that “the banking sector, an evolving sector needs people with new skills and excellent,” noting that the course will be distributed in three axes, the first related to the internal banking operations and the second in foreign banking operations and the third discusses the topics of banking essential

Hashemi stressed that “the most important banking topics that will be discussed are combating money laundering in banks and accounting of banks as well as the ethics of the banking profession   LINK