MilitiaMan: MECHANISM…… No RATE No DATE… So I’ll use MECHANISM… lol…
SWIFT did a joint venture with China recently.. Which imo was a 180 degree move from August 2020. They did it in January of 2021…. They were to clear Yaun digitally.. Just as Iraq and the USD is to have been interlinked 05/01/2021….
MECHANISM is a tool.. An exchange rate regime is a tool.. imo….. A tool for implementation in respect to integrating the 2021 budget even. Imo….. “the budget law has begun to be implemented and instructions for its implementation were issued by the Federal Ministry of Finance, despite the governmental appeal to the Federal Court.”……….. BEGUN……..
MilitiaMan: “”the federal government has not sent the region’s share yet, and a technical delegation from the region must visit Baghdad to agree with the federal government on a mechanism for implementing and implementing Article (11) of the Budget Law regarding the Kurdistan region’s share.” “…… ” to agree with the federal government on a mechanism for implementing “….
There may be items to be done prior to the rate exposure. As in sign off on the mechanism for their share… imo…..
“During the meeting, they discussed bilateral relations between the two countries and ways to enhance them in the political, security, economic and cultural fields in the context of the strategic dialogue between the two countries and in accordance with common interests, and the importance of continuing work in combating terrorism and eradicating its roots in the whole region was emphasized.”
The statement continued, “The latest regional and international developments of common interest were also discussed.”…….
To the above quote… Enhance “ECONOMC” is in there. I recall the USA is in full support of the ITB and the CBI… This delegation would know that and be apart of that.. imo ” strengthening its economy,” they say.. too…. use gave green light….
“For its part, the delegation expressed the continued support of the United States of America to Iraq, their commitment to the strategic partnership, and work together for a strong, sovereign Iraq.”…
For a strong sovereign Iraq… Interestingly enough that fits with a mechanism… A strong one.. lol….
I like this too. “The investment in repairs that will allow plants to generate up to 2.7 gigawatts of power, was backed by the UAE’s export credit company, Etihad Credit Insurance. The ECI will insure GE’s debt, provided by lender JP Morgan.”…. JPM will be clearing through the BUNA…
See what I mean.. Things are in motion.. The big boyz get the fat first… lol…. Al-Kazemi names the “reconstruction engineer of Erbil” as his advisor…. The guy is astute!….
“Nawzad Hadi, who is dubbed “the engineer”, managed the tasks of the local government in Erbil, the capital of the Kurdistan Region, for more than 15 years, and Erbil was known during his period with a construction and industrial revolution, in addition to attracting well-known investment companies.”…..
Baghdad Municipality called on Tuesday for Saudi companies to implement electronic automation project and infrastructure projects in the capital….
Sounds like the Saudis are looking to get SMART in Iraq.. Electronic implementation.. interesting. .
The Mayor of Baghdad called on Saudi companies to “implement the electronic automation project,” stressing that “one of the important projects that the secretariat relies on in the administrative and financial organization of the institution and projects to develop the urban landscape and preserve the heritage buildings, as well as participate in the infrastructure projects as part of the Baghdad Renaissance campaign launched by the Municipality. Baghdad and includes all areas of the capital.”…..
Read that link and then think about what the delegation is talking about. interesting.. imo………
“Regarding the accumulation of the past four months (from 1 month to 4 month), Al-Sudani said, “The ministry stated that it is going through its calculation and will be disbursed in the coming days.”“………..MilitiaMan
FROM PETRA:: I have received several PM’s asking about the auctions so I thought I would take a second and explain a few things and remind us all about the current need for auctions.
Remember, the Dinar is still at a PR (sanctioned) rate. Even though they have been given a clear approval to move forward by the IMF/WB/UST they still are under the old rate. And, because of that, they CANNOT use the IQD to purchase goods outside of their country.
The only ‘mechanism’ they have currently is to trade their Dinars with the banks for USD to purchase medicines, computers, Pepsi, and other goods that are not manufactured in Iraq.
So, they must continue to purchase using USD until they change their rate to an internationally recognized and accepted currency.
At the same time, what are people turning in to purchase the USD??? Yup….Dinar!
So, the auctions serve two purposes: it allows for import purchases as stated previously as well as draw in more notes from the citizens. Will this change after the RI…you bet! But for now, this is the necessary process in order to continue international trade to provide what Iraqi’s need to live. All IMO
As to today’s posts there clearly are some great nuggets that demonstrate progress on the financial front: All focused on “income” to the CBIs ledgers.
Post 64 “Oil prices rising”…that only bodes well for all the gulf states including Iraq. Samson brought in a great post 137 that shows the Ministry of Oil announcing an increase in revenues from 1B per month to 6B USD/month. (remember, all oil transactions currently in the GCC are in USD).
I like this one, Post 66: The Basra Investment Commission announced, on Wednesday, the inclusion of mega projects within the current year’s plan, the most prominent of which is the implementation…. Did you catch that? “The current years plan!”
Remember the meeting a week ago Sunday where they discussed the implementation of the budget? Well, there you go! Yes, they announced this last week but for a reason, repeated this announcement again! Interesting I would say!
Post 67 again, more increase in revenues from the Ports…more than 10B dinars in April!!! Cha-Ching!!
Now, as MM has shared with all is the digitization of the Iraqi banking system….post 70. Very self explanatory and evidence of the E-Dinar in play. Notice the “limits” on cash withdrawls…why? Accountability and control! Something the IMF has asked for and they are obliging.
Many more articles Clare has brought forward to demonstrate that Iraq is getting financially stronger and truly getting their house in order under the direction of the IMF/WB/UST.
And now as Frank announced last night, the expansion of banking and representation in SA!!! Huge as now there are 2 banks that we know of strategically placed in Riyadh. This is very important to understand why!! Trade, and strength in the Gulf region not to mention…deep pockets and alliances that are necessary to strengthen the GCC, AAD, AMF, etc.
More articles discussing France and China engagements (contracts) all are telling a very exciting story for the strength growing daily of the IQD.
Stay the course!!!! All IMO PETRA
Ziad Khalaf: The Iraqi Summit For Digital Transformation Is A Gateway To The Country’s Development
Organized by Global Frontier Exchange
On May 5, 2021 The Independent / –
The Iraqi Digital Transformation Summit dealt with the prospects for digitization and the transition towards electronic transactions and automation and the role of governance in the development that the country seeks. For the Iraqi economy.
The conference, organized by Frontier Exchange, with wide global and local participation, shed light on the available opportunities and challenges, in order to advance the reality of digitization and electronic transactions in the country.
The Chairman of the Board of Directors of the Development Bank, Ziyad Khalaf, said: Humanity is now living in the fourth industrial revolution, which is the Digital Revolution, which is an objective merit and an extension of the third industrial revolution, which is the Information Revolution that we have witnessed at the end of the last century.
A strategy related to building the information and communication technology sector that includes a number of basic goals and objectives corresponding to the goals of the World Summit on the Information Society, aiming to open investment horizons, most notably investment in the telecommunications and information technology sector in order to make the center of Iraq within the technologically advanced countries, which will open new investment doors that enhance Economy, financial returns, and great job opportunities for Iraqi youth.
He pointed out that the Central Bank of Iraq launched the “digital enrollment service”, which is the first of its kind in Iraq, which is an integrated digital financial system that promotes independence and financial liberation from traditional financial systems, as it works to transform Iraq into a country less dependent on cash, which enables the state to bypass bureaucracy. In financial transactions within the operating banks in Iraq.
Khalaf added, “Our sponsorship of this conference confirms our interest in the issue of digital transformation, and our keenness to continue investing in infrastructure and database, applying the latest existing technologies, providing banking services in a large scale and investing in human capital for a better future for our upcoming generations.”
We are certain that digital transformation is the prevailing trend to achieve national integration, and it has been proven that we have three areas and outlets that are used in various fields, namely the land, the sea and the air.
Therefore, Iraq has to consider the cyberspace as its fourth field because of its effective and clear impact. In leading national tasks such as economic development, trade, transactions, social, medical and health interactions, government operations, and national security.
He said: Iraq adopted the National Cybersecurity Strategy to provide strategic measures and procedures to ensure the security and protection of the Iraqi presence in cyberspace, protect the digital infrastructure, and build and nurture a safe and reliable internet community, as this strategy consists of several supportive short, medium and long-term plans.
In turn, the representative of the organizing company Frontier Exchange, Ahmed Al-Jader, said: This event comes in an important exchange and coincides with the directives of the Iraqi government aiming to transform into a comprehensive electronic system in all state institutions, where the conference will discuss the possibility of applying automation processes in ministries, government institutions and their branches, and other related topics In digital transformation and e-government.
He added that this virtual summit contributes to converging views between life makers from the Iraqi government and local and foreign companies working in the field of information technology, automation and integrated technological solutions in addition to electronic payment companies, as our company owns a large database of many local and foreign companies working in this field.
As for the managing director of the Arab Company for Electronic Payment, Haider Al-Obeidi, he stressed that the direct cooperation between the Central Bank of Iraq and the providers of electronic lift services has contributed to the consolidation of the electronic payment infrastructure, in terms of the database, governance rules and instructions, and local and international compliance.
He pointed out that the companies licensed by the Central Bank, Visa and MasterCard, and the two operators were able to support most banks in issuing international cards and portraying the reality of electronic payment services. LINK
FROM PETRA: This is key:
“the direct cooperation between the Central Bank of Iraq and the providers of electronic lift services has contributed to the consolidation of the electronic payment infrastructure, in terms of the database, governance rules and instructions, and local and international compliance. He pointed out that the companies licensed by the Central Bank, Visa and MasterCard, and the two operators were able to support most banks in issuing international cards and portraying the reality of electronic payment services.”
Key words: consolidation, infrastructure, governance, local AND INTERNATIONAL compliance, INTERNATIONAL cards…etc. Really a huge article and note..this meeting is in the past!! IMO….PETRATags: ktfa /