KTFA:
Clare: Announcing the auction of remittances to the Central Bank of Iraq
August 16, 2023
We would like to inform you that the auction for traditional money transfers to the Central Bank of Iraq has been announced for a period (14) days with the number ( B303 ), and implementation will be on 8/23/2023, according to the details included in the announcement published on the Central Securities Deposit System ( CSD ), and banks can start By submission starting from the date of the announcement until the day of implementation.
Giants: FINAL ARTICLE #3223
“THE IQD IS ABOUT TO OVERTAKE THE USD… AND THAT IS THE GOAL OF THE MONETARY REFORM”……F26 The Sudanese government acknowledges the experience of dollar speculators and counts on September
Giants: IMO… There is an article from the CBI director today that says it is impossible to float the currency until they start trading in other currencies. This annoucement with the attached article give further clarity as to why they expect a huge decline in the exchange rate, if they do indeed start dealing in other foreign currencies on the 23rd of this month. Just put the pieces together to this Giant RV puzzle and you will begin to see the full picture. We may have to wait a little while longer…but we’re moving in the right direction.
************
FINAL ARTICLE #3203
“THE BUDGET IS READY FOR THE NEW EXCHANGE RATE IMMEDIATELY”……….F26
Clare: Al-Sudani issues directives immediately after the budget enters into force
8/8/2023 Baghdad –
Today, Tuesday, the Prime Minister, Mohamed Shia Al-Sudani, issued two immediate directives to ministries and entities not associated with a ministry.
A statement from his office stated, “The Prime Minister, Muhammad Shia’a Al-Sudani, directed, during his presidency of the thirty-second regular session of the Council of Ministers, today, Tuesday, that the ministries and agencies not associated with a ministry should immediately start implementing the projects and targets contained in the government program, which have completed their technical, financial and legal requirements.”
And updating the priorities for implementing projects in light of the allocations and within the framework of the five priorities of the government, which were included in the ministerial curriculum, and focusing on service projects with advanced rates of achievement that serve large sectors of citizens, provided that the Ministry of Planning is provided with the project requirements no later than August 15, 2023. .
He also directed, according to the statement, the Ministries of Planning and Finance to “prepare a detailed position on the financial allocations for the executive procedures (operational and investment) for the government program, each according to its competence, in accordance with the budget law and its instructions, no later than August 24, 2023.”
Giants: IMO…Now add this to what I posted earlier and you start to wonder why no later than August 24th?
************
Giants: MO…This is for reference from my two previous posts.
FINAL ARTICLE #3197
“CBI SECURES DEPOSITS OF ISLAMIC BANKS AS THEY PREPARE TO GO INTERNATIONAL”………F26
Announcement of the Islamic certificates of deposit auction
August 07, 2023
We would like to inform you that the auction of Islamic Certificates of Deposit No. ( ICD119 ) has been announced with a deadline of (14) days, and the date of implementation of the auction will be on Sunday 8/13/2023, according to what was published in the Central Depository System for Securities CSD , and Islamic banks can participate since the date Publication of the advertisement until the day of implementation.
Clare: We will not print dinars except under conditions.
Indomie is beyond need and fraudulent Iraqis… A detailed presentation of Al-Alaq’s statements about the dollar crisis
8/16/2023
The Governor of the Central Bank, Ali Al-Alaq, presented, on Wednesday, a detailed presentation on the exchange rate crisis, and controlling the critical balance between dollar supply and demand for it. Finance”.
Al-Alaq said, in the presence of a number of representatives of media institutions, that international financial agencies have investigated “strange imports,” including large quantities of indomie, even the US Federal Bank asked about the fact that “Iraqis love indomie so much.”
Al-Alaq ruled out the central bank’s resort to printing the dinar to secure the budget’s need, “unless we get an equivalent foreign currency.”
The statements of the Central Bank Governor during a media meeting, attended by the 964 Network correspondent:
“Some of the matters that go out to the media entail external positions and conditions that we face with organizations and others (…) They cite clips and media statements that embarrass us, so that some international banks turned their face away from Iraq because of what is happening.
What has happened in recent years is the fight against money laundering and terrorist financing and the issuance of sanctions against some countries.
The procedures have become strict due to US sanctions on some countries, because they have sovereignty over their currency, the dollar, and this created a kind of restriction.
The local currency is covered by the reserve, which is subject to protection from the foreign balance.
The balance is limited by a ceiling, but the use of several accounts affected the situation (…) We used to cover 4 million dollars a month, and in one day it jumped to 100 million.
People do not know that it is being monitored, especially card purchases. Smugglers are now smuggling only a small part of card money at airports, and the international observer said that the Iraqi people are smart, because they circumvented all procedures.
The Iraqi gold reserves are 132 tons, and the future of the currency reserves is linked to the yellow metal (…) I personally support this vision.
Selling dollars and foreign transfers has become at a high level of transparency, and we have made huge strides in combating money laundering and terrorist financing.
All parties have become alert, and are checking before passing any transaction, so as not to pose any threat to Iraq.
The daily newsletter does not mean that all sales are executed, some of which are suspended or rejected.
International committees have begun to investigate strange imports to Iraq. For example, indomie, they ask us about the truth about the large quantities imported, is it true (…) we tell them that the new generation is addicted to it.
Auditing on the platform led to negative effects, due to the reluctance of traders to use it.
It is not possible to float the dinar in Iraq, because we do not have diversified sources of foreign currency.
The central bank must supervise monetary policy and stay away from the crisis that took a lot of its energies and time.
We oppose the arrest of merchants, I informed the Prime Minister of that, and the solution lies in addressing the crisis from its roots, by stopping the collection of dollars and delivering them to speculators.
The Central Bank did not specify a specific share for banks, i.e. any bank can enter the currency sale window for any amount.
Previously, we defined the ceiling, and the goal was to encourage as many drains as possible to deal with the window.
Banks that committed themselves and agreed with a respected intermediary bank, their transfers became easier (…) and for this I was focusing with the banks on the need to find a network of correspondent banks abroad.
The sums that the government withdraws are illogical, because they depend on the guarantee of the oil price. The latter was not stable, and it will not be, and the solution is to conduct calculations “month by month,” not annually.
We will not print more dinars, unless we obtain an equivalent foreign currency, and withdraw the damaged to avoid inflation (…) and linking budget allocations to the balance is incorrect.”
