Baghdad Today, Thursday, the Director General of the International Monetary Fund welcomed Iraq’s accession to a ""non-financing program to support economic reforms"", during her meeting with Prime Minister Muhammad Shiaa Al-Sudani in Davos. The Prime Minister's Media Office stated, in a statement received by Al-News, that "Sudan met with the Director General of the International Monetary Fund, Kristalina Georgieva, on the sidelines of its participation in the Davos Economic Forum held in Switzerland." During the meeting, “financial cooperation relations between Iraq and the International Monetary Fund were discussed, within the framework of supporting the development path in Iraq.” Al-Sudani pointed to "the government's plans in the field of economic and financial reform, as a gateway and basis for all the reforms that the government plans in all vital sectors." Georgieva welcomed "Iraq's joining a non-financing program to support economic reforms, as meetings with the Fund will begin next month to implement this program." She also praised "the steps taken by the government in the field of the financial and banking system, and improving the business and investment environment," expressing its "understanding of Iraq's specificity and the challenges it faces." ----------------------------------------------------------------------------------------------------- After decades of invlovement between Iraq and the IMF, the specificity of many things are likely to be known by the IMF, exchange rate regimes be sure. For Iraq to be moving forward with all reforms that the governement has laid out, and that the IMF is aware of and supports it all, especially in that there is no financing needed should be eye opening for everyone. How does non-financing work with the IQD at 1,310 IQD to 1 USD for to pay for projects and comodities? It has not ever while with an IQD exchange rate of $.0006 or even $.0007 to the dollar. So why would it be any different now? It clearly wouldn't. Lets think about what the Foriegn Minister of Iraq told us early this week. Did he not tell us that before he left to Davos that there was an apparent agreement with the Kurds to export oil again out of Kurdistan? He did on Monday this week! That was on the 15th. Let that sink in. What did we see the Central Bank mention about populating more banks with cash to be ready for a deadline of 02/15/2024. Contracts tend to have agreements in 30 day increments for payments for both the buy and sell side of trades. So what would restore confidence after 8 years of waiting? Restoring confidence is the action of changing the exchange rate of Iraq would imo. Will the agreement made between the Kurds and Baghdad that Faud Hussein mentions be known as the day that the oil agreements could take place and be activated with a 30 day future payment date? So will the banks have the necsessary money to complete the transactions for trade from banks to correspondent banks? Between now and then we are likely to find out. We will just see how confidential those meetings in Davos are or were. Trades in the IQD/USD will not be long quiet if not already having been exposed from recent trading this week outside of 1310. We shall see. The global buzz out of Davos is buzzing!! Al-Sudani is home now.. So let these Ideas and correlations resonate and look at the verbage from 2016 from Al -Nusairi and Al-Alaq. It was about restoring confidence. Fast forward to Davos. "Restoring Confidence" forum. This is powerful data brought in by Militia Man & Crew that can be found in the our Patreon Forum and their DISCORD chat room.. Check it all out, you may be very surprised at the depth and value in it... ~ MM ------------------------------------------------------------------------------------------------------ 01/17/2024 Wednesday: Press/NEWS Today, Wednesday, ""Foreign Minister Fuad Hussein revealed the conclusion of a new agreement between Baghdad and Erbil to resume the export of Kurdistan region oil."" Hussein confirmed during his participation in the Davos Global Forum in Switzerland, “The matter was related to the Iraqi government and the Kurdistan Regional Government, but ""two days ago"" (01/15/2024) the two sides signed an agreement on how to deal with the oil problem .” ------------------------------------------------------------------------------------------------------- Snippet: "STRATEGY TO ENHANCE CONFIDENCE IN THE BANKING SECTOR" by Samir Al-Nusairi Fifth - Increase the ""capital of banks"" on the new date of ""February 15, 2024"", which is the deadline specified for the increase. -------------------------------------------------------------------------------------------------------------
- "STRATEGY TO ENHANCE CONFIDENCE IN THE BANKING SECTOR" by Samir Al-Nusairi On 6/23/2016, the Iraqi Banking Conference was held in Beirut under the title (Restoring Confidence in the Iraqi Banking Sector), in the presence of the Governor of the Central Bank at the time, Mr. Ali Mohsen Al-Alaq, and representatives of Iraqi private banks and branches of Arab banks in Iraq. The number of all private Iraqi banks was not more than 30 banks, and they were the savings rate in the banking system was 23%, the hoarding rate among citizens was 77%, and the financial inclusion rate was 11%. The reasons for this were attributed to the economic, financial and security challenges and shocks, the intertwining of policies, and the lack of clarity of vision in making decisions for financial reform despite all previous successive governments making efforts to do so, direction, but the desired reform was not achieved. .....
- [7:34 AM]After 8 years, the Governor of the Central Bank announced at the regular meeting of banking leaders two days ago that the Central Bank will adopt a special strategy to enhance confidence in the banking sector, accompanied by strategies and plans that will be implemented in 2024 in the footsteps of financial and banking reform, which will be carried out with support and joint cooperation with the government and with the support of Mr. President, The Council of Ministers, where the map of expansion in the number of banks changed and became 72 banks, and the financial inclusion rate exceeded 33.5%, and the number of bank accounts opened and operating in banks is more than 10 million accounts, and the number of credit cards issued and in force is approximately 18 million cards, and the digital transformation in the banking sector is moving in the direction accelerating the adoption of modern banking technologies and comprehensive systems, in addition to establishing the Iraqi Deposit Insurance Company. ...... (edited)
- [7:34 AM]Therefore, the deposits, which guarantee customers’ deposits at that bank, prevent it from performing its obligations towards them in accordance with the new amendment to its internal regulations. However, mistrust is still prevalent within the culture of citizens, with their reluctance to deal with banks, and we believe that the reason that led to this is the faltering banks, the methods of some banks in dealing with customers, complex routine procedures, and some banks’ circumvention of the Central Bank’s instructions, which outline mechanisms for transparent and proper dealing with citizens. Therefore, the new strategy to enhance confidence, as explained by the Governor on 1/11/2024, will depend on the following:
- First - Improving the level of banking services and products provided to customers.
- Second: The availability of the bank’s financial solvency and its ability to meet customers’ requests at the time of request without delay.
- Third: The bank’s control and direct supervision focus on measuring the level of service provided by banks to customers.
- Fourth - It provides external (international) confidence in the bank through its ability to adhere to international standards and obtain confidence from correspondent banks.
- Fifth - ""Increase the capital of banks"" on the new date of ""February 15, 2024"", which is the deadline specified for the increase.
------------------------------------------------------------------------------------------------------- Sudanese participates in the World Economic Forum in Davos, Switzerland 5 days ago 2024-01-13 08:21 This year’s edition of Davos carries the slogan “Restoring Confidence,” and will focus on the conflict in the Gaza Strip, along with issues of global concern, such as climate and artificial intelligence. | | | |
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