KTFA (Don961, Samson & DeepWoodz)

  In KTFA 

DCDriver: I still don’t understand why the GOI has any say in the exchange rate. Is not that the sole discretion of the CBI?

DeepWoodz: Imo…The CBI takes cues from the Prime minister and the CoM. Frank has said many times that the CBI and GOI must come together to give birth to the MR. Look at the make up of the Supreme Committee for Reform. Kadhimi, Allawi, Governor of Central Bank

Don961:  Oil announces the transfer of a copy of the oil and gas law to the Council of Ministers for approval

02/25/2021 00:11  Baghdad today – Baghdad Today,

Wednesday, the Ministry of Oil announced that it will refer the final version of the draft federal oil and gas law to the Council of Ministers for approval.

Oil Minister Ihsan Abdul-Jabbar Ismail said, in a statement received (Baghdad Today), that “the meeting of the Opinion Committee at the Ministry of Oil, which was held on Wednesday February 24, 2020, included discussion and review of the final version of the Federal Oil and Gas Law,” stressing the “referral This copy is submitted to the Council of Ministers for approval after completion of its review by the concerned authorities in the ministry. ”

He added, “Then the Council of Ministers will review this copy, and in turn refer it to the House of Representatives in order to legislate this law,” noting “the ministry’s keenness to pass a law that contributes to the development of the oil and gas industry, and the optimal investment of the national wealth in Iraq in order to support the national economy.” “.  LINK


Yuri:  This is great news, since a new rate is almost impossible without the HCL…


Don961:  Economist: 80 percent of the monetary mass is distributed among companies and neighboring countries

Baghdad today – Diyala

The economic expert, Rasim al-Akidi, confirmed, Wednesday (February 24, 2021), that more than 95% of Iraqis do not have confidence in banks, while he indicated that 80 percent of the monetary mass is distributed to companies and neighboring countries

Al-Aqidi said in an interview with (Baghdad Today), “The Iraqi state, over many years, has not built trust between citizens and financial institutions, especially banks, because they have dealt on more than one occasion with bank balances as their money, and even citizens’ funds were to stop withdrawing them if a financial crisis was exposed

He added, “The state currently owns only 20% of the monetary mass in the country, while 80% is distributed between markets, companies and neighboring countries, but in general the amount of money hoarded in the homes of Iraqis reaches 40% of the cash mass

Al-Akidi explained, “The state has not adopted modern technologies in the file of financial policies by opening current accounts to pay citizens to put their money in banks

He pointed out that “depositing the largest part of the monetary mass in banks, which is a framework adopted in most countries of the world, especially the developed ones, which keep them away from any crisis that hinders the payment of salaries to their employees, and this is the reason for the recurrent crisis in the mechanisms of paying Iraqi employees’ salaries

The economic expert added, “Increasing the interest on citizens’ deposits in their bank accounts is part of the solution to withdrawing the monetary mass, but the most important thing is to address other negatives, including facilitating the opening of accounts, deposits and withdrawals, conducting instruments and adopting modern technologies that make the citizen feel reassured in dealing with his money as he wishes. Through withdrawal and deposit   LINK

Don961:  What prevents Iraq from issuing an “electronic dinar”?

2021/02/23 18:35  Baghdad Today – Baghdad

Member of the Parliamentary Economic Committee, MP Nada Shaker Jawdat, said, Tuesday, that there is a major reason preventing Iraq from reaching the stage of issuing an electronic dinar to facilitate the trading and buying operations.

In an interview with (Baghdad Today), Jawdat said, “Reaching the stage of issuing an electronic dinar in Iraq, as in other countries, is basically dependent on a real and radical change of the economy in terms of openness to the governance file and the development of banks.”

And she continued, “Iraq has so far been within a backward and very primitive framework compared to the current situation in most countries of the world, including neighboring countries, because the distance between us in the file of banking services is clear and very large,” noting that “the government has movement on the file of governance and bank development, but work It takes a lot of time and effort. ”

And she added that “the delay in the development of the bank’s work in Iraq during the past years has major economic repercussions, especially in the investment file as it is a hindrance to many mechanisms.”

She indicated that “there are major problems present in the Iraqi scene, including the lack of confidence of a large percentage of citizens in banks, including the civil society, and the existence of a culture of hoarding money in homes for many, which calls for building trust and changing many concepts that push citizens to save their money in banks and resort to modern mechanisms in circulation.” Money. ”

She indicated that “the backwardness of the banking reality is what prevents the birth of the electronic dinar, because the latter is an advanced and advanced framework for which there must be a base that responds to all its activities.”  Al-Rafidain Bank called earlier, to leave the sukuk system before the issuance of the electronic dinar, stressing the importance of the latter in increasing the monetary mass included in the banking system.

The bank’s media office said in a statement that “the bank’s general manager, Khawla Talib Jabbar, emphasized during her participation in an economic symposium the importance of electronic money and its effect on increasing the monetary mass entering the banking system,” indicating that it “contributes to creating deposits outside of bank records and helps to follow up. And monitor the movement of these deposits. ”

Jabbar added that “the electronic system helps eliminate corruption and fraud, speeds up collection and payment, provides services that satisfy citizens and increases the level of culture in society,” calling on the media to “support the banking business in Iraq and not distort the reputation of banks because this would undermine confidence between the public and banks.” ”

. Jabbar stressed “the necessity of leaving the sukuk system before issuing the electronic dinar, with her emphasis on increasing public awareness of electronic payment systems.”

  The Central Bank of Iraq announced, at an earlier time, its readiness to implement the electronic payment system and launch the electronic dinar in a way that contributes to increasing dealing with banks and reducing the problems of cash handling.   LINK


Samson:  In Iraq … a gang forging $ 100 currency was arrested and a woman was overthrown who stole 90 million dinars

25th February, 2021

The Asayish Security Directorate in Shahrazur district in the Kurdistan Region announced on Thursday the arrest of three suspects who printed 100 US dollars currency, and that they counterfeited an amount of $ 5,600.

The directorate said in a statement today, that it is within the framework of a security campaign for its forces and on the date 2-17-2021, and after receiving a notification from who sold his motorcycle to another, it became clear later that the sums received from the latter were false.

The statement indicated that immediately the Asayish forces in Shahrazur, with the help of the Asayish forces, began to open an official investigation, and in accordance with Article 281 of the Penal Code, the Asayish forces in Shahrazor, with the help of the Asayish forces, began to open an official investigation, and in accordance with Article 281 of the Penal Code, they managed to arrest the main suspect who counterfeit the US $ 100 currency, indicating that he forged 5,600 dollars An American and then he dealt with it.

The statement continued, and after conducting an investigation with him, it became clear that the printing was carried out with another person, so that the Asayish forces arrested three suspects in the operation, namely, S.A.F., (GKH) and (G.B.A.H), noting that the investigations Still going with them.

For its part, the Karbala governorate police reported that a woman had been arrested for stealing 90 million Iraqi dinars from a house. The police said in a statement that the detachments of the Anti-Crime Department of the Karbala Police Command and facilities managed, through a distinguished security effort, within only 24 hours, to arrest a woman for stealing an amount of 90 million Iraqi dinars from a house in the Yarmouk neighborhood.

According to the statement, the detachments of the Anti-Crime Division seized the amount with the accused before transferring it outside the governorate.   LINK


Samson:  Al-Kazemi” Confirms The Welcome Of All Egyptian Companies Present On The Land Of Iraq

25th February, 2021
At the end of his visit to Iraq, Counselor Mohamed Abdel Wahab, CEO of the Egyptian General Authority for Investment and Free Zones, met Mustafa Al-Kazemi, Prime Minister of the Republic of Iraq, in the presence of a number of Iraqi ministers and officials, and Egypt’s ambassador to Iraq.

At the outset of the meeting, the Iraqi Prime Minister, Mustafa Al-Kazemi, stressed the strength and durability of Iraqi-Egyptian relations, and Egypt’s pivotal role at the regional and international levels, under the leadership of President Abdel Fattah El-Sisi, President of the Republic, appreciating President Sisi’s full support for Iraq in various fields of concern Joint.

In this context, Al-Kazemi indicated that the Iraqi side welcomed all Egyptian companies present on the land of Iraq, and the keenness to provide all support that facilitates the implementation of their projects, and praised the successes achieved by the Arab Republic of Egypt in preserving its position as the largest recipient of foreign direct investments in the African continent.

During the meeting, the President of the Investment Authority conveyed to the Iraqi Prime Minister the greetings of Dr. Mustafa Madbouly, the Prime Minister of Egypt, and his wishes for Iraq for continued progress and prosperity. Abdul-Wahhab also extended his sincere thanks and appreciation to the Iraqi side, for what he had seen of the welcome and warm reception on the part of the brothers in Iraq.

Abdul-Wahab explained the results of the joint work between the General Authority for Investment and Free Zones and the Iraqi National Investment Authority, with the aim of maximizing mutual benefit from the experiences of the two countries and achieving the maximum possible benefit from their cooperation, reviewing in this regard the results of field visits that took place to a number of areas in the Iraqi capital, in order to implement A number of projects in Iraq, especially in the field of establishing and developing industrial cities and education.

Counselor Muhammad Abd al-Wahhab assured the Iraqi side of the keenness to activate the mechanisms of cooperation with Iraq in all economic aspects, and the importance of concerted efforts of the two countries to establish successful partnerships between representatives of the private sector from the two countries, exploit the productive potential, double investment rates, and increase the added value of natural wealth, in order to achieve the interests The two brotherly peoples shared, provides more jobs.

The head of the Investment Authority indicated that Egyptian companies are keen to study the investment opportunities available in the Iraqi market, especially in light of the reliable expertise that many of these companies have, which can be transferred to Iraqi cadres, as well as confirming the investment authority’s keenness to provide all support to interested Iraqi investors. The various investment opportunities in Egypt, and inviting them to visit Egypt to explore the serious investment incentives and promising opportunities that Egypt offers in economic sectors that have high competitive advantages.

Abdel-Wahab expressed the start of implementation steps to provide a training program for a number of the Iraqi National Investment Authority in Egypt, including exchanging experiences in procedures and services for investor service centers, and promoting and attracting foreign direct investment. He also stressed the need for joint work to identify the available investment opportunities in the Iraqi governorates. The various different aspects, in order to be circulated to Egyptian companies interested in implementing projects for them in Iraq.

The meeting also touched on reviewing the most important cooperation mechanisms through the implementation of development projects by Egyptian companies in brotherly Iraq, in a way that contributes to doubling cooperation between the two countries and increasing national income.


Clare:  Entire Federal Reserve payment system CRASHES

By   T. Grant Benson   February 24, 2021

The United States Federal Reserve wire systems went down completely Wednesday, making it impossible for banks and other financial institutions to transfer money.

The issue was resolved a little more than an hour after the outage occurred.

The fed claimed the disruption was due to an ‘operational error.’

‘Our technical teams have determined that the cause is a Federal Reserve operational error. We will provide updates via service status as more information becomes available,’ the Fed said in a brief statement. Later adding, the Fed “will communicate remediation efforts to our customers when available.”

“The issue impacting Central Bank applications has been resolved and users may resume normal access,” an updated alert said. “The cause is a Federal Reserve operational error. We will provide updates via service status as more information becomes available. We acknowledge that payment deadlines are impacted and will communicate remediation efforts to our customers when available.”

According to CNBC, some of the services down are Account Services, Central Bank, Check 21, Check Adjustments, FedACH, FedCash, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities, National Settlement.