Frank26 and KTFA Members Tuesday 5-16-2023
KTFA:
Frank26: FRANK TOLD WALKINGSTICK THEY JUST TOLD
THEM TODAY IN IRAQ THE HCL IS IN THE BUDGET.
WS RESPONDED AND SAID NOT AT A PROGRAM RATE. IT WILL NOT
WORK WITH THE ACCOUNTING.
THE KNOWLEDGE OF THE HCL IN THE BUDGET IS NOT A CLUE OR A HINT ABOUT A NEW EXCHANGE RATE, IT IS A FACT OF THE MONETARY REFORM EDUCATION TO THE CITIZENS.
Clare:
Iraqis banned from trading in US dollar
May 14th, 2023
Bolstering the Iraqi dinar: Traders, civilians
banned from buying, selling in U.S. dollar
ALBWABA – The Iraqi Ministry of Interior issued a ban on
Sunday, prohibiting traders and civilians from conducting business in the
United States (US) dollar, according to Arabian Business.
Organized Crime Directorate’s Director of Operations Brig.
Gen. Hussein al-Tamimi confirmed that a circular was issued by the ministry,
prohibiting the use of U.S. dollars in business transactions.
Merchants and citizens are told to use the Iraqi dinar in
markets, shops and commercial centers, he added.
Written pledges are being collected from traders across
the country, as part of the Central Bank's "Bolstering the Iraqi
Dinar" campaign, al-Tamimi explained.
The effort is aimed at limiting exploitation in the U.S.
dollar black market, he underlined, and mitigating dollarization in Iraq.
According to the Iraqi official, undercover and civilian
police personnel have been deployed in shops and markets around the nation to
support the enforcement of the band.
Under the ban, transactions in the U.S. dollar will be
limited to the Central Bank of Iraq and exchange shops, the Al Eqtisadiya news
website highlighted.
Understanding the Iraqi monetary scene
In November 2022, the United States imposed tighter
measures on U.S. dollar exchange outlets in Iraq, in an effort to curb dollar
smuggling into and out of neighbouring countries.
These measures entail a 15-day waiting period on dollar
purchase requests submitted to the central bank. As well as the issuance of
manifests detailing the names and entities involved in every purchase.
Overall, these measures reduced the amount of U.S. dollars
purchased from the central bank by market operators.
This resulted in a shortage in the amount of dollars in
supply locally in Iraq, as reported by U.K.-based news and media outlet The New
Arab.
Instead of procuring dollars from the central bank, buyers
have been buying from illicit operators, who sell at higher prices than the
official exchange rate.
As of January this year, the US dollar was being sold at
more than IQD200 over the official exchange rate, according to the UK-based
media outlet.
Since then, the Iraqi Dinar has fallen against the U.S.
dollar, from IQD1,460 to IQD1,600. Whereas the Iraqi government has been unable
to break its currency’s decline.
The central bank also banned currency brokerage and set
the exchange rate at IQD1,320, but the dollar is still being exchanged at
IQD1,445, according to Al Eqtisadiyah on Sunday.
So far, the government is hopeful that backing policy with
enforcement and rallying the market behind the central bank’s policy would help
rectify the situation. LINK
**********
Frank26: WALKINGSTICK & I
WANT YOU TO KNOW THIS IS TALKING ABOUT IRAQ BECOMING A FINANCIAL CENTER &
ECONOMIC HUB IN THE MIDDLE EAST AND AROUND THE WORLD. (See article below) THIS
ARTICLE TALKS ABOUT WORLD BANKS POURING INTO THE CBI/IRAQ.
THEY ARE CREATING, IN THE SOUTHERN REGION A CITY OF
FINANCIAL POWER COMPRISED OF PRIVATE BANKS, COMMERCIAL BANKS, LAND BANKS
WHICH ARE REAL ESTATE BANKS, AGRICULTURAL BANKS FOR RESOURCES,
MINING/DRILLING/UNTAPPING IRAQ’S RESOURCES.
ALSO WE WANT TO SHARE IN OUR OPINION CHASE BANK WILL BE A
PART OF THIS…..FRANK26
For the first time in Iraq... planning to
establish a "huge" financial center in a southern governorate
5/15/2023
The Iraqi economist, Hussein Al-Hanin,
revealed, on Monday, the details of establishing the idea of a financial center
for the first time in Diwaniyah Governorate, stressing that this will cause an
economic boom in the financial situation of the governorate.
Al-Hanin,
who is the owner of the project idea, told Shafaq News agency, "The idea
of establishing a financial center is a new and unprecedented idea in Iraq, and
the idea was launched due to an old effort to establish two branches of the
Commercial Bank of Iraq (TBI) and the Industrial Bank in Diwaniyah,"
pointing out that "The financial center will be on a land area of 6
dunums, and its location will be towards the south of the center of Diwaniyah
Governorate, and close to the public markets."
He explained that "the center will include 4 banks
(Al-Rafidain, Al-Rasheed, Al-Sana'i, and TBI), and there may be a fifth
distinguished private bank," noting that "the banks are naturally
looking for distinguished places, and this designated place is designed mainly
for financial services, and it will also include a stock market and a special
market for corporate traders." Banking, and the facade of the financial
center design will include international brands that enter for the first time
in Diwaniyah Governorate, as well as the center will include an indoor garage
with three floors.
Al-Hanin stressed, "Some people imagine that the
funds for establishing the center are from the budget, and in fact its
financing will be preceded by negotiation with the Commercial Bank of Iraq, and
perhaps the cabinet will be approached through the governor of Diwaniyah, if
the funding ceiling exceeds the permissible limits for the administration of
the Commercial Bank of Iraq, for the purpose of Obtaining the approval of the
Council to finance the project.
The owner of the idea of the project noted
that "the benefit of this center in Diwaniyah specifically is to
facilitate projects, give loans and mobilize the labor force, as well as rotate
capital in the province, and move the investment wheel. by her
family." LINK