News — Dinar Recaps Blog Page — Dinar Recaps (2024)

Good Evening Dinar Recaps,

Now Reuters reported that five payment providers have applied, citing sources. They are Google Pay, Walmart-backed PhonePe, Cred, Amazon Pay and Mobikwik.

PhonePe is India’s leading payments app, followed by GooglePay. Together they make up 85% of transactions and value for UPI, India’s successful instant payment solution, which processes almost 14 billion transactions monthly.

Not mentioned among the digital rupee applicants is third ranked player PayTM, which has a 6% UPI market share. Cred is fourth, AmazonPay is sixth and Mobikwik is sixteenth, but the UPI figures drop off significantly beyond the big three.

If the CBDC follows UPI, then banks might end up playing second fiddle to the payment apps.Three banks rank in the top ten for UPI apps – Axis, ICICI and Kotak Mahindra – with the largest in the fifth spot. However, the three banks combined have a market share of less than one percent.

~~~~~~~~~

~~~~~~~~~

~~~~~~~~~

@ Newshounds News™

Read more:

Newshound'sDaily Breakdown PodcastLink

Newshound'sNews Telegram RoomLink

Q & A ClassroomLink

Follow theRoadmap

Follow theTimeline

Seeds of Wisdom Team™Website

Subscribe toNewsletter

Thank youDinar Recaps

Here Are The Dollar Prices In The Iraqi Stock Exchanges

Economy 2024-08-06 | 2,525 views Alsumaria News – Local Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Tuesday, August 6, 2024.

The dollar prices decreased with the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,800 dinars for every 100 dollars.

As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,750 dinars, while the purchase price reached 148,750 dinars for every 100 dollars. On February 7, 2022, the Council of Ministers announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.

For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets. LINK

More Than 1000 Contractors Declare Bankruptcy In Sulaymaniyah

2024-08-06 Shafaq News/ The Contractors Union in Sulaymaniyah Governorate renewed, on Tuesday, its demand to pay contractors’ dues for completed projects that have been stopped since 2014, revealing at the same time the bankruptcy of more than 1,000 contractors in the governorate.

The spokesman for the Contractors Union, Sulaymaniyah branch, Zain Abdullah, said during a press conference attended by Shafak News Agency, that contractors have been suffering since 2014 until now from the non-payment of financial dues for completed projects, as well as the non-granting of a financial guarantee letter, and the non-disbursem*nt of insurance related to completed projects.

He added that after holding two separate meetings with the management of the regional bank and the central bank in Sulaymaniyah, it was agreed to form a committee and disburse financial insurance and the financial guarantee letter according to the completion rates of the projects within a period not exceeding three days.

Abdullah also pointed out that during the period from 1/2/2023 to 7/1/2024, a financial amount of 179 billion dinars was disbursed for new projects only in Sulaymaniyah, while the financial amounts were not disbursed for the completed projects implemented in 2014.

The union demanded that all dues be paid as soon as possible and that clearing houses be opened between companies so that funds can be transferred to the companies’ bank accounts.

He continued on behalf of the union that the contractors declared bankruptcy, and out of a total of 1200 contractors in Sulaymaniyah, there are now only 100 contractors working, and the rest have stopped working due to lack of financial liquidity. LINK

Oil Issues Clarification Regarding Basra-Haditha Pipeline

Tuesday 06 , August 2024 | Economic Number of readings: 50 Baghdad / NINA / The Ministry of Oil issued a clarification regarding the (Basra-Haditha) pipeline.

The ministry stated in a statement: "Despite the many statements published by our ministry, which clearly explained the full truth of the Basra-Haditha crude oil pipeline project with all its details and the economic feasibility of its establishment, some still insist on addressing the project, describing it with inaccurate and unrealistic information.

From time to time, articles are still circulating in the media or on social media insisting on calling the project by a name other than the official name announced for it, drawing unrealistic scenarios that are not consistent with the direction of the ministry, which leads the oil wealth with confident steps and wise policies witnessed by everyone, achieving distinguished successes at all levels of extraction, transportation, refining and distribution."

She added: "The Ministry of Oil has been keen, as is its custom, to be transparent in sharing with the Iraqi people all the developments witnessed by the oil sector and the important achievements made in it, out of its keenness to convey accurate information, as not a period passes without news to our people about completed projects and others under construction or in the process of starting implementation, as these achievements are backed by the tremendous efforts of our ministry's cadres and its various formations."

She continued: "Based on this principle, the ministry is currently preparing to start implementing one of the giant strategic projects in the field of transporting crude oil from Rumaila in Basra Governorate in the south to Haditha in Anbar Governorate in the north, as the project serves two main goals: diversifying export outlets and supplying current and future refineries and power stations with crude oil."

The Ministry clarified in response to the recent article that discussed the project with inaccurate information, the Ministry of Oil would like to say that the officials in our Ministry have stated in more than one forum and occasion that the project does not extend to the port of Aqaba and does not contain any new pipelines outside the borders,

but rather work is being done in parallel with the implementation of the project to link it with the Iraqi-Turkish export pipeline by linking the Haditha warehouse to the (IT1A) station in Baiji with a 200 km long pipeline, where the cadres of our Ministry, represented by the formations of the Oil Projects Company, the Lines and Pipelines Company, and the North Oil Company, have rehabilitated and maintained the pipeline extending from the (IT1A) station in Baiji to the Turkish border point in Fishkhabur,

which was severely damaged during the events that the northern governorates were exposed to during the past years, where the Ministry provided, by resorting to the maintenance option, despite its difficulty, large sums of money estimated at 500 million dollars.

She added that the halt of oil exports through the Turkish port of Ceyhan costs the state large financial fees and causes the loss of customers in Europe and North America, which calls for accelerating the start of this vital project, as all the oil produced from the Kirkuk fields and the northern region is consumed in the refining sector and the halt of crude oil exports from the Kurdistan Region.

She pointed out that the projects implemented by our ministry, especially the strategic ones, are subject to in-depth studies at all technical and economic levels that extend over many years, taking into consideration long-term oil policies and market needs.

Reputable international companies are called upon to prepare technical and engineering documents in order to mature them before they are ready for implementation. Accordingly, the statement that the project is not economically feasible is contrary to reality, as the Ministry of Oil is the most keen on the success of the projects it implements and ensuring their economic feasibility.

She explained that a large part of the oil from this pipeline will be consumed locally by equipping the refineries of the central and southern regions of Nasiriyah, Samawah, Karbala, Najaf, Diwaniyah and the refineries of the northern region, in addition to supplying power stations with crude oil during peak times.

She added that our ministry has repeatedly stated that the Haditha-Aqaba pipeline project is not included in the ministry's plans and that in any case it will be subject to a technical and economic feasibility study, but some people, due to their lack of full understanding of the project's components, continue to present it inaccurately, describing the project in a way that it does not contain, provoking people's emotions in obstructing the project and putting obstacles in the way of the country's progress and prosperity.

She pointed out that the project will be a fundamental pillar in driving the Iraqi economy by maximizing financial resources, raising the country's overall growth level, and delivering Iraqi oil to European and American markets through the port of Ceyhan and perhaps in the future through the port of Tartous or the port of Tripoli on the Mediterranean Sea at competitive costs that allow the sale of oil at rates higher than the price offered for oil available at Gulf ports thanks to the short distance and low shipping costs.

The project, with its large facilities extending along the pipeline route, whether the giant warehouses in both Rumaila and Haditha or the pumping stations, will create significant job opportunities for the country's people.

The project's location near the development road will support the government's orientations to raise the globality of the project and make it a global energy corridor alongside the trade corridor and push surrounding countries to invest in oil and gas transport projects through Iraq, which will positively reflect on the country's economy.

The Ministry of Oil stressed that it is the guardian of the country's oil policy and the guarantor of the success of the projects that are planned accurately and with the most efficient Iraqi expertise and employing the latest technologies by harnessing major international companies in the field of consulting, planning, manufacturing and implementation.

It called on all media interested in the oil field to clarify information from the accredited media outlets in our ministry or through the responsible authorities in the formations of the Ministry of Oil in order to obtain accurate information and an objective and constructive presentation in describing projects in general and the Basra-Haditha crude oil pipeline project in particular. /

https://ninanews.com/Website/News/Details?key=1145998

Iraq Exports More Than 8 Million Barrels Of Crude Oil And Its Derivatives To America In A Month

2024-08-06 Shafaq News/ The US Energy Information Administration announced on Tuesday that Iraq exported more than 8 million barrels of crude oil and its derivatives to the United States during the month of May of this year.

A schedule of the administration, which Shafaq News Agency has reviewed, showed that Iraq's exports of oil and its derivatives in April amounted to 8.460 million barrels, down by 2.52 million barrels from what it recorded in April, which amounted to 10.512 million barrels.

The US Energy Information Administration stated that OPEC's exports of crude oil and its products to America during April amounted to 47 million and 348 thousand barrels, with Saudi Arabia leading the highest rate of exports to America, amounting to 15 million and 69 thousand barrels during the same period of time.

Iraqi oil exports to the United States have increased significantly over recent years, with export figures reaching record levels in some months, due in part to Iraq's ability to increase its oil production, as well as rising global demand for oil.

Oil trade relations between Iraq and the United States play an important role in strengthening economic relations between the two countries, and contribute to enhancing the stability of the global oil market and providing energy to the American and global economies. LINK

Iraq Dinar Update - IQD Revaluation - Central Bank Governor - Stability of Exchange Rate

MilitiaMan and Crew: 8-6-2024

https://www.youtube.com/watch?v=n-gLlQMWvaY

Decoding Economics: New Black Monday, Stock Markets Crash

Tuesday, 6 August 2024, 6:35 AM

On a day that will undoubtedly be etched in the annals of financial history, Japan’s Nikkei Index faced an unprecedented fall, plummeting 12.40% to 31,458.42 points. This remarkable downturn has been labeled the new “Black Monday,” a term that conjures images of financial chaos and market panic, reminiscent of previous stock market crashes. But what triggered this massive sell-off, and what does it imply for Japan and the global economy?

The catalyst behind this startling decline was an amalgamation of concerns centered on a potential global recession. Weak economic data emanating from the United States has heightened fears about the broader economic landscape. It isn’t merely the numbers that are alarming; it’s the narratives they weave, signifying a possible slowdown that could ripple through nations and continents.

Prior to this downturn, the Nikkei 225 had been riding high, with a peak of approximately 42,400 points reached in mid-July. Investors were optimistic, buoyed by a robust recovery from the pandemic and strong export performance. However, as global sentiments shifted and indices began to display signs of volatility, the stage was set for a dramatic correction.

One of the critical factors contributing to the Nikkei’s downfall was the sudden and sharp appreciation of the yen, which, although typically a sign of strength, began to pose challenges for Japan’s export-driven economy. A stronger yen makes Japanese goods more expensive for foreign buyers, effectively hurting sales in international markets. Consequently, companies that thrive on export revenues found themselves caught in a tightening vise, resulting in a steep decline in stock prices across the board.

This situation not only affected domestic sectors but had a domino effect on markets in the region. Asian financial markets responded swiftly, with notable declines in Hong Kong, Shanghai, Mumbai, Bangkok, Manila, and Jakarta. Investors’ apprehension was palpable, creating a sense of uncertainty that cast a long shadow over market activities.

The fallout from the Nikkei’s plummet was global. European markets in Frankfurt, Paris, and London experienced significant declines, though they were less severe than their Asian counterparts. Such trends underline a growing interconnectedness within the global financial system, where turmoil in one major economy can lead to widespread unease elsewhere.

Social media platforms lit up with analysis and commentary, as traders, analysts, and economic pundits sought to make sense of the situation. Many expressed a deep concern for the prolonged health of the global economy and the interconnected nature of financial markets. The reactions varied from panic to caution, signaling that investors are weighing their options in a climate of heightened uncertainty.

As we move forward, the question remains: what does this mean for the future? Economists warn that before recovery can commence, stabilizing factors must be addressed. Central banks might need to reassess policy schemes to shield economies from volatility, while businesses might have to adapt their strategies to weather economic headwinds.

Investors will undoubtedly remain vigilant, watching for indicators of recovery in the U.S. and elsewhere. The road ahead could be tumultuous, but it is crucial for market players to recalibrate expectations and remain cautious of potential market overreactions.

In conclusion, Japan’s “Black Monday” serves as a stark reminder of the fragility of markets in the face of economic uncertainty. As we navigate through these turbulent times, vigilance, informed decision-making, and a keen understanding of underlying economic indicators will be essential for investors and businesses alike.

The path to recovery may be long, but one thing is clear: the world is watching, and the ramifications of this day will echo across markets for time to come.

Watch the video below from Decoding Economics for more information.

https://youtu.be/PvZLQREipaA

Is This The "Everything Bust" Of The "Everything Bubble"? | John Rubino

Liberty and Finance: 8-5-2024

The S&P 500 has declined by nearly 10% from its peak. John Rubino (https://rubino.substack.com) highlights the vulnerability of the stock and real estate markets.

He notes that almost all asset classes are experiencing bubble-like conditions. Recent market movements and financial crisis in Japan could signal the onset of a widespread downturn.

We may be witnessing the "everything bust" of the "everything bubble." This situation suggests significant challenges ahead for investors.

INTERVIEW TIMELINE:

0:00 Intro

1:55 Real estate

13:15 "Emergency" rate cuts

15:50 Fiat collapse

20:20 The "everything bust"

22:25 Preparedness

https://www.youtube.com/watch?v=Pix9_CyDGT8

Global Market MELTDOWN (this is just the beginning)

Taylor Kenny: 8-5-2024

BREAKING NEWS: Dubbed Black Monday 2.0, the world is witnessing a dramatic global stock MELTDOWN.

With concerns escalating as the Federal Reserve faces calls for an emergency rate cut to prevent an even deeper recession.

Taylor Kenney is here to bring you the latest developments as they continue to unfold.

https://www.youtube.com/watch?v=yVP33pUgC8M

TNT:

Tishwash: Former MP: Iraq's financial autonomy is lost because of Washington

On Monday, former member of the Finance Committee, Muhammad Al-Shabki, accused Washington of dominating the oil revenues in the US Federal Bank.

Al-Shabki said in a statement to the “Al-Ma’louma” agency, “There are issues imposed on Iraq and domination of the Iraqi economy by the United States,” noting that “this policy that America placed on Iraq is the reason for the calamity in its economic situation.”

He added, “Iraq does not have autonomy over its money coming from oil exports in the US Federal Bank,” calling on the government to “be freed from this pressure and have a say in reformulating the relationship with the Americans.”

He stated that "Iraq is asking the American side for a lot of money, which represents the proceeds of the amounts in the Federal Bank."

Earlier, a member of the Al-Fatah Alliance, Ali Hussein, warned in a statement to the Al-Ma'louma Agency about the American control over the oil financial revenues in the Federal Bank, accusing Washington of exploiting this control to exert pressure on Iraq. link

Tishwash: The power of the "Federal Forces"... Iraq is moving to achieve financial autonomy

The United States of America still dominates the Iraqi economy through economic agreements concluded by Washington according to what primarily serves its interests, as the American administration seeks to block the way for those trying to rid the country of its control over Iraqi oil sales funds.

The United States of America continues to impose its influence on Iraq in many vital files, including depositing the funds from the sale of Iraqi oil in the US Federal Bank, amid clear blackmail by passing many files, most notably the dollar bill, which puts great pressure on the government.

Iraq seeks to get rid of this dominance by depositing the money in the Federal Bank and sending it directly to the Central Bank.

Speaking about this file, Al-Fatah Alliance member Ali Hussein calls on the government to seek to find alternatives and take the step of liberating the country from the dominance of the dollar and the continuing American sanctions, while stressing that Iraq's move towards lifting the restrictions of the US Federal Bank is a must.

Hussein said in an interview with the Maalouma Agency, “It will be a bold step, but it will succeed if the atmosphere is created and contracts are made with alternative international banks,” noting that “it is necessary to bring in companies from international countries.” that do not deal in the US dollar.”

He continues, “Entering into the Shanghai system and other global organizations will be the first stage of liberation from the dollar,” adding that “the movement to end the dollar’s ​​hegemony over the world, led by major countries, has greatly succeeded.”

He adds, “Contracting from companies from Eastern countries and bringing them to work inside Iraq will avoid the economic blockade,” pointing out that “the government is required to seek to find alternatives and take the step of liberating the country from the dominance of the dollar and American sanctions." link

************

Harambe: Telegram: Reports of 2 American soldiers killed in the bombardment of 7 missiles by the Iranian proxy on the Ain Asad base in Iraq

🔸 Reports of 2 American soldiers killed in the bombardment of 7 missiles by the Iranian proxy on the Ain Asad base in Iraq.

🔸 Report on American military activity at the Arar border crossing between Saudi Arabia and Iraq. Possible US reinforcements on their way to Iraq.

Telegram Link:

https://t.me/beholdisraelchannel/37017

************

Tishwash: Iraq, EU discuss combating terrorism

Good Morning Dinar Recaps,

"Next Generation, which has close ties with Tempo France, previously launched EURT with the Stellar Foundation as one of the first stablecoins in 2017.

@ Newshounds News™

Read more:

~~~~~~~~~

~~~~~~~~~

Hedera - HBAR

@ Newshounds News™

~~~~~~~~~

JUST IN: El Salvador bought more #Bitcoin today while everyone else is selling.

@ Newshounds News™

Read more:

~~~~~~~~~

"Although CBDCs are a form of digital currency, they are not a cryptocurrency. Compared to cryptocurrencies, CBDCs are centralized, meaning they’re issued and regulated by a monetary authority — in this case, a country’s government.

CBDCs are not a payment mechanism, but rather a form of currency and a digital means of storing value.FedNow, however, is a payment mechanism — in other words, it’s a means of moving funds from one bank account to another.

"To put things into perspective, the FedNow Service can be likened to a highway system, providing a fast and efficient infrastructure for the movement of payments between financial institutions.

CBDCs enable central banks to compete with private-sector offerings by providing a wider array of services to consumers, including a more stable, secure alternative to cryptocurrencies.

~~~~~~~~~

Newshound'sDaily Breakdown PodcastLink

Newshound'sNews Telegram RoomLink

Q & A ClassroomLink

Follow theRoadmap

Follow theTimeline

Seeds of Wisdom Team™Website

Subscribe toNewsletter

Thank youDinar Recaps

The National Currency Is Fluctuating.. An Expert To The “Iraq Observer”: We Need A Banking System That Creates Balance

August 5, 2024 Baghdad/Iraq Observer Dollar prices have witnessed a significant rise recently, with a difference of 20 thousand dinars from the official price, amid the absence of any real solutions to control it and limit its rise.

In this regard, Mustafa Hantoush, a researcher in banking and financial affairs, confirmed to the Iraq Observer that “the issue of currency stability and the exchange rate is determined according to monetary policy, which is represented by several axes, the most important of which is that the dollar currency and the rest of the foreign currencies are owned by a number of foreign countries.” He added, “At the same time, Iraq has policies and understandings with these countries, such as the United States, so the issue of trade with countries such as Iran and Syria must be done according to the platform,” pointing out that

“this trade is huge and must be financed according to a specific method by purchasing gold or making transfers.” Or goods are imported until there is an understanding with these countries.”

He continued, “The United States today prevents dealing with the dollar in official trade, so how can this trade be financed at a time when it is not allowed to deal in the dollar-denominated dinar?

The issue of the platform with Iran and Syria may raise the American momentum and reduce tensions, and thus stabilize the currency.” He pointed out that “to support and strengthen the national currency, there must be a basket of currencies that needs a banking system.

Today, the banking system is due to the mistake committed by the Central Bank of Iraq related to the lack of a platform system with countries such as Iran and Syria from day one, unlike countries in the region such as Turkey and others that have created a platform.”

Gold and remittances, as the banking system was stopped, restricted from the dollar, and eliminated with quasi-sanctions, which created a banking problem, and then introduced banks to foreign investors with another mistake.”

The researcher asked about banking and financial matters:

How are Iraqi banks given to foreign investors?

This matter led, as a result, to these investors transferring the dollar to their bank branches in their countries, to an account in Citibank and JP Morgan, and

their profits will be in exorbitant amounts transferred to foreign countries, as

the issue has begun to affect the sovereign financial security of Iraq.”

He explained, “Iraq needs to build a banking system that strengthens banking standards and

thus enables Iraq to build a banking system that provides a balance for the currency.

Also, the issue of people is not as important in monetary policies as the policies themselves are important,

because the presence of a specific person who follows the same policies and does not have any plan, he cannot benefit from it.

”Rather, there must be a plan related to monetary policy to achieve the

balance of the currency and the banking system,

plans for financing and attracting deposits, and

plans related to granting loans.

Whoever has banking policies will be the best.” https://observeriraq.net/العملة-الوطنية-تتأرجح-خبير-لـعراق-او/

A Financial Expert Diagnoses A “Fatal Error” In The Iraqi Banking System - Urgent

Economy | Today, 10:00 | Baghdad today – Baghdad Today, Tuesday (August 6, 2024), financial expert Saleh Al-Banker confirmed that Iraq is among the top countries in the Middle East in terms of hoarding money, while he diagnosed a grave error in the Iraqi banking system.

The banker said in an interview with “Baghdad Today” that “the accumulations that have been continuing for many years have led citizens to lose confidence in banks and resort to hoarding money in homes,” noting that “their percentage reaches 70% of financial flows, and these are large numbers that indicate that we are among The countries with the highest amount of money in the Middle East. He added, "Hoarding money in the financial concept is a grave mistake.

It will confuse the financial process and reduce the government's ability to provide cash to pay salaries," explaining that "resorting to electronic payment is a step in the right direction, but the most important thing is withdrawing cash, and there are several ways."

The banker pointed out that “the recent offering of treasury bonds is a correct decision, but the media propaganda to create a culture of safe investment on the street is very weak, and this is what creates low rates for dealing with them, even though the interest rates are attractive.”

He stressed "the necessity of seeking to expand the circle of withdrawing liquidity from homes and creating a movement of money that contributes to increasing the recovery of investment and granting government loans, especially with requests that are five times greater than the amount of funds allocated for loans in any sector, especially housing."

It is noteworthy that the Parliamentary Finance Committee commented on Saturday (July 13, 2024) on the impossibility of lifting US sanctions on some Iraqi banks.

Committee member Moin Al-Kazemi said in an interview with “Baghdad Al-Youm” that “there is no weakness in Iraq’s foreign policy and there is no defect in the Iraqi banking system that makes the United States of America not lift the sanctions on Iraqi banks.”

Al-Kadhimi stated, “There is a clear intention by the United States of America to continue these sanctions despite the clear development in the banking system and the restriction of foreign transactions through the electronic platform in the Central Bank, but Washington is using this file as a political file towards Iraq.”

He added, "The Iraqi government is working with everything it has to lift the sanctions on the banks, especially since those sanctions negatively affected the banking sector and contributed significantly to the dollar crisis."

https://baghdadtoday.news/254943-خبير-مالي-يشخص-خطأً-فادحاً-في-النظام-المصرفي-العراقي-عاجل.htm l

Imposing Guardianship On Zain Iraq Bank Reveals The Extent Of The Deterioration In The Banking Reality

August 6, 2024 Last updated: August 6, 2024 Independent/-TheCentral Bank of Iraqplacedthe “Zain Iraq Islamic Bank”underguardianship, in a step that reflects theimproper practicesandunsatisfactory performanceof the bank’smanagement, whichthreatenstheindependenceandintegrityof theIraqi banking system.

According to an official document obtained by Al-Independent, the decision of the Board of Directors of the Central Bank, No. 165 of 2024, was issued in accordance with the provisions of Article 59 of the Iraqi Banking Law No. 94 of 2004.

Jalal Abdullah Salman was appointed as trustee of the bank, in accordance with the provisions of Article 60 of the same The law, and is granted the powers specified in accordance with this decision. faces

Thebanking realityin Iraqmajor challengesthatnegativelyaffect thestabilityof thefinancial systemandinvestor confidence.

Thesechallenges include mismanagementof somebanksand theirlack of transparencyandgood governance.

The recentdecision to imposeguardianshiponZain Iraq Islamic Bankreflectstheweakness of the supervisory procedures and internal controls in this bank.

TheCentral Bank of Iraqis the bodyresponsibleforsupervisingthebanking systemandensuring its stability.

However, criticism is growing about the effectiveness of this oversight and its ability to detect and prevent financial abuses in a timely manner.

Thedecision to imposeguardianshipon the “Zain Iraq Islamic Bank”indicatesthedelay in supervisory intervention, which raises questions about the feasibility of the preventive measures taken by the Central Bank.

Oversight of banks and the Central Bank must not be limited to them alone, but the

IraqiCouncil of Representativesmust have an effective role in following up and monitoring financial and banking performance.

However, theHouse of Representatives' oversight role appearsweakand oftenineffective, leavingthedoor open to furtherviolationsandimproper practices.

Theabsence of parliamentary oversight contributesto theexacerbationoffinancial problemsandweakens confidencein theIraqi financial system.

In conclusion, thedecision to impose guardianship on“Zain Iraq Islamic Bank”reflects the urgentneedforradical reformsin thebanking systemandstrengthening financial oversightby theresponsible authorities.

It requiresjoint cooperationbetween theCentral Bank, banks, and theHouse of Representativestoensurethestabilityandsafetyof thefinancial systeminIraq. https://mustaqila.com/مصرف-زين-العراق/

The Governor Of The Central Bank Chairs The Meeting Of The Supervisory Committee On The Restructuring Process Of Rafidain Bank

August 05, 2024 The supervisory committee for the restructuring process of Rafidain Bank met under the chairmanship of His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, and in the presence of the committee members from the Ministry of Finance and the advisors of the Prime Minister and the advanced staff at the Central Bank of Iraq, as well as the presence of the international consulting company (Ernst & Young). Ernst & Young).

The progress of work on the plan adopted by the government was reviewed in coordination with the Central Bank within the framework of the expanded program to reform the banking sector, improve its performance and services, and achieve financial stability.

The attendees discussed the process of organizing the administrative, financial and technical structure of Rafidain Bank, to move towards the best global banking practices.

It is worth noting that the aforementioned committee holds a monthly meeting under the chairmanship of the Prime Minister to provide a presentation on the steps taken and to monitor the progress of the process and provide guidance regarding it.

Central Bank of Iraq information Office August 5, 2024 https://cbi.iq/news/view/2631

For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/

Iraq Dinar Update-Central Bank of Iraq-Action-Security-Stability-transparency-Exchange Rates-USD-IQD

MilitiaMan and Crew: 8-5-2024

https://www.youtube.com/watch?v=hFkyOQ2wsmI

Good Evening Dinar Recaps,

Burdened byoutdated technology, traditional financial institutions face mounting challenges in delivering modern digital services.

The growing dominance of FinTechs — securing nearly half of all new account openings — highlights the urgency for banks to modernize their infrastructure.

Withconsumer expectations rapidly evolving toward seamless digital experiences, banks must navigate the high costs and complexities of updating their core systems.

The report reveals that 75% of banks struggle with implementing new digital solutions due to their legacy infrastructure,underscoring the critical nature of modernization efforts.

~~~~~~~~~

~~~~~~~~~

Amazon Founder Jeff Bezos sold $1.65 billion worth of $AMZN at the exact top - man deserves a round of applause for these trades!

@ Newshounds News™

Read more:

~~~~~~~~~

~~~~~~~~~

~~~~~~~~~

Newshound'sDaily Breakdown PodcastLink

Newshound'sNews Telegram RoomLink

Q & A ClassroomLink

Follow theRoadmap

Follow theTimeline

Seeds of Wisdom Team™Website

Subscribe toNewsletter

Thank youDinar Recaps

Good Afternoon Dinar Recaps,

However, participation from legacy organizations brings with it a growing risk of reproducing the same kinds of centralized structures that blockchain set out to dismantle.

In this era of heavy skepticism,financial governance in the U.S. looked down its nose at this whole ecosystem—if it even dared to look at all.

Yet now, as the two start to realize the potential upside of Wall Street ETFs, we seem incredibly eager to shine a light on their arrival.

Decentralized, open-source zero-knowledge (zk) bridges may not be a silver bullet, but they offer a more promising and equitable future.

"Imagine instead a world where thousands of blockchains communicate seamlessly—a future where fragmented liquidity becomes a cohesive, high-performance ecosystem.

This vision is within reach. We are on the cusp of making blockchain as efficient and interconnected as the internet itself.

Decentralized, horizontal scalability is the only way forward, making crypto truly useful for the wider global community."

@ Newshounds News™

Read more:

~~~~~~~~~

During the past ten years it has varied by less than 5%. Given the decline in the US dollar in the last few days, the riel has now slightly appreciated against the dollar over the past year. Other currencies in the region such as the Thai Baht, have depreciated a little."

@ Newshounds News™

Read more:

~~~~~~~~~

~~~~~~~~~

~~~~~~~~~

@ Newshounds News™

Read more:

~~~~~~~~~

~~~~~~~~~

Newshound'sDaily Breakdown PodcastLink

Newshound'sNews Telegram RoomLink

Q & A ClassroomLink

Follow theRoadmap

Follow theTimeline

Seeds of Wisdom Team™Website

Subscribe toNewsletter

Thank youDinar Recaps

After Sanctions.. A New American Step Towards Iraqi Banks

Buratha News Agency652024-08-05 The United States of America did not stop at punishing some Iraqi private banks by preventing them from participating in the currency auction held by the Central Bank of Iraq daily to sell the dollar, but the US Treasury Department recently returned and informed it of the need to merge and close some of those banks, thus deciding their fate after many suspicions had been raised about them.

Four Iraqi private banks were subjected to sanctions during the past period, most notably the Middle East Bank owned by businessman Ali Ghulam, who arrived in Iraq on November 19, 2022 and was arrested at Baghdad International Airport, based on an arrest warrant issued against him in accordance with Article 456, and then released on bail.

Informed sources say, "The Iraqi delegation that visited the United States of America a few days ago, headed by Foreign Minister Fuad Hussein, Central Bank Governor Ali Al-Alaq, and Prime Minister's Advisor Kazim Al-Hassani, discussed with the US Treasury and the Federal Reserve the issue of restricting the dollar from Iraqi banks."

The sources added that "the US Federal Reserve recently requested from its Iraqi counterpart a plan to reform the banks restricted from using the dollar, which includes closing a number of them and establishing new banks through a coalition of a number of banks among themselves."

She stressed that "the Federal Bank suggested to its Iraqi counterpart to seek the assistance of an international company to present a broad reform plan for the banking sector, and in the coming months this company will submit its report on the banking sector to the Central Bank and the Iraqi government."

The sources noted that "the Federal Bank wants to reduce the number of Iraqi banks from 72 to less than 40 banks during the current phase."

The US Treasury and the US Federal Reserve had previously restricted the dollar's access to 32 Iraqi private banks, through four stages starting in 2022. The companies restricted from using the dollar in Iraq also reached more than 250 companies, most notably "Fly Baghdad" Airlines.

In turn, a banking official, who refused to reveal his name, explained that “the banking market has become monopolized by five banks, which makes it difficult for other banks to compete with them. Therefore, forming a coalition of five banks, one of which is a foreign bank, will contribute to reducing the monopoly in the banking market and increase competition.”

He stressed that "reforming restricted banks will be through restructuring them, starting with changing ownership, employees, developing risk management departments, combating money laundering and terrorist financing, and others."

The banking official stresses that "at the end of this year, the Central Bank of Iraq will cancel the dollar transfer platform, and will rely on banks that have intermediary banks. During the coming month of September, a meeting will be held between the Central Bank of Iraq and the Federal Reserve in America, which will include presenting the Central Bank's plan to reform the sector."

The United States is working to prevent the Iranian government and private sector companies from using the dollar, so it has begun to restrict its access to some Iraqi banks accused of leaking the dollar.

For his part, economic researcher Mustafa Akram Hantoush believes that “merging banks is a very excellent step, and will contribute to reducing the number of banks operating in the country. Banks that have been in trouble for years must also be closed.”

Hantoush points out that "the Central Bank of Iraq bears part of what happened in the Iraqi banking sector, because it is unable to confront the US Treasury or the Federal Reserve."

He points out that "there are good banks that have been restricted by the United States of America, and the Central Bank of Iraq must defend them and return them to work because the Iraqi banking sector is being massacred in favor of foreign banks."

In November 2022, the US Treasury representative met with representatives of 35 Iraqi private banks to warn them of issues of smuggling dollars from Iraq and adhering to instructions regarding hard currency transfers for import purposes, threatening them with sanctions in the event of non-compliance.

It is worth noting that the meeting was held in the absence of the Central Bank of Iraq, and lasted for two hours, according to leaked information.

It is noteworthy that the Iraqi banking sector is also neglected by citizens who have lost confidence in it. According to World Bank figures issued last year, only 23 percent of Iraqi families have an account in a financial institution, which is one of the lowest percentages in the Arab world, especially since the owners of these accounts are government employees whose salaries are distributed to public banks at the end of each month.

However, these salaries also do not remain in the accounts for long, as queues quickly form in front of banks from employees who withdraw their salaries in cash and prefer to keep them at home. https://burathanews.com/arabic/economic/449413

Al-Sudani And Allawi Discuss The General Situation, The Government's Efforts And Its Serious Steps To Achieve Economic Reform

Sunday 04, August 2024 19:04 | Politics Number of readings: 96 Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani received today, Sunday, former Prime Minister, head of the Iraqi National Accord Party, Iyad Allawi.

The meeting witnessed, according to a statement by the Prime Minister's Office, discussing the general situation in the country, and discussing the government's efforts and serious steps to achieve economic reform, which is the basis for developing all vital sectors, and improving the economic and living conditions of citizens throughout Iraq. Al-

Sudani and Allawi touched on the situation in the region, and the challenges it faces in light of the increasing pace of bloody attacks by the Zionist occupation authorities against the Palestinian people in Gaza, and emphasizing the sovereignty of Iraq, and its security, which is a gateway to the security and stability of the region. /https://ninanews.com/Website/News/Details?key=1145636

Central Bank Governor Explains Reasons For Dollar Price Fluctuations: 85% Of Remittances Do Not Pass Through The US Federal Reserve

Economy | 04/08/2024 Mawazine News – Baghdad The Governor of the Central Bank, Ali Mohsen Al-Alaq, revealed today, Sunday, the reasons for the fluctuation of the dollar price, noting that 85% of transfers do not pass through the US Federal Reserve.

A statement by the Parliament's media department received by (Mawazine News) stated that "the governor of the Central Bank provided a full briefing on the reasons for the fluctuation of the exchange rate, the mechanism of the electronic platform and its role in controlling internal and external trade, in addition to the housing initiative file, US sanctions on Iraqi banks, and the status of the foreign currency reserve at the Central Bank." Al-Alaq explained, according to the statement, that "Iraq's foreign currency reserve is sufficient to create balance in the market," indicating that "the Central Bank sells more than $250 million daily to meet the requirements of foreign trade." https://www.mawazin.net/Details.aspx?jimare=252729

Al-Alaq: Our Foreign Exchange Reserves Are Sufficient To Create Balance In The Market

Governor of the Central Bank of Iraq Ali Al-Alaq

Banks Economy News – Baghdad Central Bank Governor Ali Mohsen Al-Alaq confirmed on Sunday that our foreign currency reserves are sufficient to create balance in the market.

The media office of the head of the Finance Committee in the House of Representatives stated in a statement, which was reviewed by "Al-Eqtisad News", that "the Governor of the Central Bank, Ali Mohsen Al-Alaq, provided a full briefing during his hosting of the Finance Committee on the reasons for the fluctuation of the exchange rate, the mechanism of the electronic platform and its role in controlling internal and external trade, the housing initiative file, US sanctions on Iraqi banks, and the status of the cash reserve of hard currencies at the Central Bank of Iraq."

Al-Alaq stated, according to the statement, that "our reserve of hard currency is sufficient to create balance in the market," indicating that "the Central Bank sells more than 250 million dollars daily to meet the requirements of foreign trade," indicating that "85 percent of foreign transfers are currently taking place between Iraqi banks and correspondent banks, without going through the US Federal Reserve."

He pointed out that "the housing initiative is of great importance to the bank, and that the volume of loans granted within the real estate initiative amounts to 10 trillion dinars," adding that "the Central Bank is now heading to cover the financing of the construction of 23,000 housing units, and priority will be given to completed residential complexes." - https://economy-news.net/content.php?id=45911

With The Document.. The Central Bank Of Iraq Imposes Guardianship Over Zain Iraq Islamic Bank

Monday 05 , August 2024 12:46 | Economic Number of readings: 151 Baghdad / NINA / The Central Bank of Iraq issued an administrative decision to impose guardianship on Zain Iraq Islamic Bank. / End 9 https://ninanews.com/Website/News/Details?key=1145790

Meeting At The Central Bank Of Iraq To Restructure Rafidain Bank

Monday 05 , August 2024 14:26 | Economic Number of readings: 236 Baghdad / NINA / The Central Bank of Iraq announced today, Monday, that its governor chaired a meeting of the Supervisory Committee for the Restructuring of Rafidain Bank.

The bank stated in a statement that "the Supervisory Committee for the Restructuring of Rafidain Bank met under the chairmanship of the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, and in the presence of committee members from the Ministry of Finance and advisors to the Prime Minister and senior staff at the Central Bank of Iraq, in addition to the presence of the global consulting firm (Ernst & Young)."

He added, "The progress of work on the plan adopted by the government in coordination with the Central Bank was reviewed within the framework of the expanded program to reform the banking sector and improve its performance and services and achieve financial stability," indicating that "the attendees discussed the process of organizing the administrative, financial and technical structure of Rafidain Bank, to move towards the best global banking practices."

It is worth noting that the aforementioned committee holds a monthly meeting headed by the Prime Minister to present a presentation on the steps completed and to monitor the progress of the process and provide guidance on it. / https://ninanews.com/Website/News/Details?key=1145818

Central Bank: Restructuring Of Rafidain Bank Continues

Banks The Supervisory Committee for the Restructuring of Rafidain Bank met, headed by the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, and attended by members of the committee from the Ministry of Finance, advisors to the Prime Minister, and senior staff at the Central Bank of Iraq, in addition to the presence of the global consulting firm (Ernst & Young).

The progress of the plan adopted by the government in coordination with the Central Bank was reviewed within the framework of the expanded program to reform the banking sector, improve its performance and services, and achieve financial stability.

The attendees discussed the process of organizing the administrative, financial and technical structure of Rafidain Bank, to move towards the best international banking practices.

It is worth noting that the aforementioned committee holds a monthly meeting headed by the Prime Minister to present a presentation on the steps taken, monitor the progress of the process, and provide guidance on it. 157 views 08/05/2024 - https://economy-news.net/content.php?id=45930

For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/