MM&C 4/21/24 Transcript of Al-Alaq of the Central Bank of Iraq

[size=36]Transcript of Al-Alaq of the Central Bank of Iraq 04/21/2024[/size]

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  I'm live translating. He's doing an overview of Iraqi-American relationship so far He said he's addressed many of the reforms and concerns of America He's going over statistics Alaq He said there is a big plan underway now with major international companies “Government expenditures are minute and long delayed due to the circumstances that the country has gone through, and they must keep pace with the process of the major changes that have occurred and the technical and financial developments that have occurred.”
  
• [3:00 PM]He's talking about the sanctioned banks and saying they're dealing with it at a central level “In light of this, in light of the Central Bank of Iraq Law and the Banking Law, in accordance with the Anti-Money Laundering and Combating the Financing of Terrorism Law, penalties and fines are imposed on an ongoing basis, but the other aspect, which means penalties are different from the punishment.” “Who shares with them in this matter, but what we need is to establish the facts first and convey secondly the degree of seriousness of the violation.
  
• What is the corrective action that can be taken so that it is acceptable to go beyond this?” Talking sanctioned banks “Mr. Governor of the Central Bank of Iraq, I want to go to the break, and after the break, we will follow the Central Bank” “It is also present in other countries now due to technical developments and the use of various means of dealing across different sites and networks. Of course, this is an opportunity for transfer at the same time, which means that risks are also always present.” Of course, the priority of this government was to reduce the external debt It is one of the last references that the government made to remove some debts that were not used in projects, areas that should have been directed to loans. The government also removed these.
  
• [3:00 PM]Talking about central bank reserves The second is the era of recording these matters because my goal is to provide backups and respond to them Said it’s based on three principles I missed some of them “The Central Reserve Management carefully follows and monitors any deviation that occurs” The issue is plus if there are observations from the Federal Reserve and also from the Central Bank, all of which are analyzed and give weight They're talking about creating compeition between banks “The process of issuing letters of guarantee to government institutions, and the latter’s directive to the Prime Minister is to allow private banks to receive an account signed by” “The Ministry of Finance takes the Iraqi dinar in exchange for this and is available at any given time” (They're talking dinar)
  
•  Here you were acting as an intermediary between the Ministry of Finance and the market for dollars, and we would sell them on the market and even get dinars in return “This is the truth of the Central Bank, it monitors liquidity in the market” First time in years, they can lock in growth "it's continuous and fast" “Cash in control of this rapid growth has been blown and for this reason as you can see it has decreased” Prices and control inflation if there is a lot of money, but the divorce rate and its meaning are there By the Central Bank and its success in using appropriate tools to control this in the governorate We have a strong and ongoing relationship with the International Monetary Fund, and we attend the periodic meetings that take place at the same time as we attended the meetings Talking IMF support “There will be errors in some of the financial and the process of correcting some of the structures we have in place, a group of axes that work together to put them in the correct and sound framework. By God, you present to them, my father, a letter signed by the Governor of the Central Bank and the Ministry of Finance to the Fund, and the desire begins, and of course.”
  
• [3:00 PM]Talking about an IMF visit soon Talking IMF reforms The issue of combating money laundering and terrorist financing, especially in the past years. We worked intensively after Iraq was in the gray zone. We were able in 2008 to get out of this classification with some great efforts. Productivity in the country means supporting the private sector, especially in the industrial, agricultural and other fields, in a way that is safe “The program, wherever the government or the state, the Prime Minister, goes in order to achieve this, means how to improve the revenue base and also how to control the growth in operational expenses.”
  
•  Many details related to the government, for example in the framework of revenues, are now being reconsidered and the decisions have been criticized Dude Nor does the Ministry of Oil say that it is possible to achieve between nine and 10,000,000 annually Hella oil lol Electricity, electricity, costs about 13,000,000 dinars. One of these is also another 1/2 in resources that needs to be reorganized, and it is an achievement of at least the reasonable and reasonable part.
  
• Reducing such matters. All of these real matters help in reconsidering the structure of the state’s revenues and expenditures in a way that ensures There must be direct clarity in determining this effect to be estimated, but what I heard from the International Monetary Fund, between this effect on these events, the net ratio will be very limited. I do not know what the structure of these conclusions means. Certainly they have data. External transfers and external operations have led to the fact that this process has become frankly, meaning very precise.
  
• All external transfer operations, before being implemented, go through audit channels to verify who the sender is, who is delivered, and who is the subject. I mean, even if it is goods, from now on I give prices to the exporting party for the quantities. I mean, there is a truth.
  
• As for a very large amount of money laundering control operations, I repent to terrorism if they use banking channels to read this money abroad. As for internally, no, of course, there are detailed procedures that the Office of Combating Money Laundering and Terrorist Financing at the Central Bank undertakes frankly, and there have been major developments because it is the issue of the workers here. It depends on our every effort Before real estate established important rules, I think the citizen felt them until I returned to reducing real estate prices, meaning you per month, because now every real estate sale process goes through... No, it means no, I cannot be patient, my beloved, with the number he obtained from the relevant authorities. This means that the Integrity Commission would have been the first Ministry of Finance to be closer to these numbers. ""We must have a dollar in your account, but as we have shown, "" the first stop is to receive the Multi dollar.""
  
• Another one is definitely coming soon. Thank you. ""We wish you success in your visit to the United States.""  And you, our viewers, have reached the end of a new episode of the Iraqi program.
  
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• A very good interview that was pre recorded before Al-Alaq came to America. Keep in mind the Multi Dollar = to be a Revalued Dinar... ioo ~ MM - PP - Petra