DELTA: VERY HUGE ……………..NO WAY JOSE WITHOUT ARTICLE VIII………
Frank26: HEY DELTA …….WE TOLD THEM SO !!!!!!!!!!!!!!!!!!!!!!!!!!
Samson: The opening of the first Iraqi bank in Saudi Arabia and cooperation includes security and intelligence
19th April, 2019
He announced that the Iraqi bank will begin operations officially in the middle of next month, and will be a point of contact in remittances and financing of Saudi and Iraqi companies in both countries. LINK
Mark: IMO THEY ARE ART 8 AND ARE OPERATIONAL AS OF YESTERDAY AS THIS WOULD BE THE MIDDLE OF THE MONTH. IF NOT THEN WHY CUT THE RIBBON ? IMO !!!!!
Iggy: imo…it would seems so…i would think we will soon see a press release from the IMF stating iraq accepted article 8…
Samson: Basra is disrupting the official working day next Sunday
19th April, 2019
The Basra provincial council decided on Friday to disrupt the official working day of next Sunday, on the occasion of the birth of Imam Muhammad ibn al-Hasan al-Mustaqbal (pb). LINK
Popeye7: Terrific article Don.. You hit the high points of it per usual… Love the line,
“Unless there is a major reorientation of the fiscal policy of the comprehensive recovery approach.”…
There is going to be… It will be the economic shot in the arm heard around the world…
Don961: Transforming Iraq’s economy into market systems, theory and practice
Growth is expected to rise to 8.1 percent in 2020, mainly due to higher oil production and exports. Non-oil growth is expected to remain positive on the back of higher investment needed to rebuild the infrastructure and private consumption network Wallstroke
However, the recently approved 2019 budget represents a significant increase in recurrent spending. Unless there is a major reorientation in the fiscal policy of the comprehensive recovery approach, there will be limited fiscal space to support post-war recovery and long-term development.
And the adjustment of monetary policy under the supervision of the Central Bank to achieve monetary policy consistent with the development plans and regulate the market selling currencies and strengthen the role of the Central Bank in the control of the work of banks and invest cash reserves in line with international changes.
The study included valuable proposals for the development of the Iraqi economy. link
Samson: Al Rashid announces the implementation of the comprehensive banking system in its branches
18th April, 2019
Al-Rasheed Bank announced on Thursday the implementation of the comprehensive banking system in its branches, indicating that the system is in place in international banks.
“The bank has signed a special contract for the comprehensive banking system, which will be applied in its branches,” the bank’s information office said in a statement received.
He added that “the implementation of this system will achieve speed and ease and away from routine,” noting that “this system is in place in international banks and will depend on the use of modern technology in banking transactions.” LINK
Don961: The Iraqi Trade Bank opens the first branch in Saudi Arabia
Friday 19 April 2019
Baghdad / Al-Sabah
Deputy Prime Minister and Minister of Finance Fouad Hussein opened the first branch of the Iraqi Bank for Trade (TBI) in the Kingdom of Saudi Arabia in the presence of the Governor of the Saudi Monetary Agency Ahmed Al-Khulaifi, the Deputy Governor of the Monetary Corporation Turki Al-Mutairi, and the Director General and Chairman of the Board of Directors of the Iraqi Trade Bank Faisal Homs.
The ceremony was attended by senior Iraqi and Saudi officials, investors and representatives of the leading banks in the region, “the bank said in a statement.
The statement quoted Deputy Prime Minister and Minister of Finance Fuad Hussein as saying: “Today is a historic event for the financial sector in Iraq, as the opening of the first branch of the bank outside Iraq is a big step forward to strengthen our relationship with the Saudi government, and look forward to strengthening ties Bilateral cooperation between the two brotherly countries, especially after the support provided by the Kingdom to investors and investors to invest in Saudi markets. “
“Nestor today is a new success in the Bank of Iraq’s record of achievements, and we, as employees, partners and clients, are proud of this significant step,” said Faisal Al-Hims, General Manager and Chairman of the Board.
“Personally, I have been waiting for this moment since we announced the expansion plan, and I look forward to seeing the significant economic benefits that the new branch in Saudi Arabia will bring to our strategic partners and customers.”
“I thank the Custodian of the Two Holy Mosques and His Highness the Crown Prince for their high guidance to support and facilitate the opening of our branch in Riyadh, capital of Saudi Arabia, and the rest of our partners in the Kingdom,” he added.
“The opening of the branch of the first bank of its kind outside Iraq in the framework of activation and revitalization of the movement and banking and commercial activity at the regional and international levels, and takes the new branch of the Saudi capital Riyadh-based.”
“This step supports the Bank’s efforts towards further growth and expansion. It also affirms the Bank’s commitment to implementing international compliance standards in accordance with the banking model adopted in the global banking sector and contributing to the economic development of Iraq in order to achieve growth and prosperity for the country.”
“The new branch will soon begin banking and financial operations shortly after the completion of the procedures.
The expansion of the BTI’s business will provide an opportunity to expand business and investment and contribute to building a network of banking relationships with major institutions in the financial and banking sectors in Saudi Arabia. Enormous opportunities in the Iraqi market, which is witnessing continuous growth. ”
The Bank of Iraq opened a representative office in Abu Dhabi, the capital of the UAE at the end of 2017, and has successfully strived to achieve its strategic objectives to witness a new phase that will enable it to sustain the Bank’s sustainable growth and assist in the reconstruction of Iraq. And enhance its presence in the region’s financial market as a financial institution with close links to global financial networks.
Its success is directly linked to the stability and prosperity of the country and has a strong impact on Iraqi society. link
MilitiaMan: Looks like they are following up with what we learned yesterday.
It was a big day.
We learned not only did the Citizens and even the Kurds get their pay on time electronically and through out the 04/08/2019 – 04/18/2019 time period, then the ITB did a ribbon cutting bank ceremony and were somewhat vague on when they would open branches oce done bragging about it, just as the Rasheed Bank was vague as well. Why be vague? Smart move.. Imo
Yet today, the ITB forecasts mid May to be open and be operational for investors in and out of the Kingdom? Well, imo there is a possible logic for that. It is an Iraq Bank in a foreign brotherly land. Therefore, they will need to meet the needs of both brothers, imo.
We also should know by now that investors that trade internationally and by the same international standards, typically trade in quality and not at “Sub Par”. A program rate is by far, sub par.
Just look at the ISX pricing when at a program rate. Most stocks wouldn’t qualify for the Pink Sheets in America. Way to risky. The Board of Directors by laws don’t allow it for real investors.
The real players in the region expect Sakuk! The whole regional area does. GCC, AMF, etc.. They will not be looking to buy stocks that trade at $.00002 a share. (well if they did they may/would own the whole stock exchange in seconds.. lol).
The NASDAQ opening bid price is $2.00 – $4.00 per share with qualifiers at the lower end.. So, when they say they are serious, they mean it, as in they say this: “especially after the support provided by the Kingdom to investors and investors to invest in Saudi markets. “
They told us yesterday that Iraq has the full resources from the Saudi Arabian Kingdom to further their progress in re construction and oil exploration in the Sahara. This supports they are waiting on an international rate to be exposed for them to be secure in that investors are taken care of in kind, imo. They want safe and secure, a level playing field if you will. Sound familiar? Lol
So lets look at this quote.. We were just talking about resources.. Well the citizens, banks, businesses, etc need resources.. lol They need new products.. They need the new small category notes that have been baught and paid for already..
(“The head of the Central Bank of Iraq Branch of Basra in a press statement briefed by the “Covenant News”, said that in view of the small groups of the Iraqi currency traded in the markets, the Iraqi Central Bank branch in Basra sought to provide these quantities for the purpose of facilitating the deal between a single trader And the citizen. He stressed that the provision of cash from all groups will facilitate the sale and purchase between citizens and owners of shops.”)
Well all groups are just that!! All groups, as in also change.. imo ~MM