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Carrello
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Posts posted by Carrello
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16 minutes ago, Dretown39 said:
@CarrelloHello thanks for your input. You have stated below
The WTO will convene in Baghdad on October 4, 2024, a WTO
Did you October 4, 2023?
I'm sorry. I did meant 2023. The date is October 4, 2023. As I said, way too early.
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Tidbit: Salaries are lagging, infrastructure services have not been refurbished/builtout. But Sadr doesn't have citizens rioting, protesting. Why? 3 months ago or so, PM Sudani told the citizens the IQD would be worth more than the dollar. When Iraqi Muslims traveled to Saudi Arabia for Haj, it was reported they did not spend dinars but spent dollars. Why? Look at the blueprint.
The dollar black market will die a very quick death when the dinar is worth more than the dollar. Poof! Immediate! That is why the exchange companies are complaining. It is against the law to use the dollar currently to even buy a car. The dollar has been outlawed in Iraq.
You cannot build out a country with roads, housing, ports, airports at a rate of 1310 and investors won't touch it at that rate. It just doesn't pencil.
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"THE FOREIGN MINISTERS OF IRAQ, JORDAN AND EGYPT DISCUSS ENHANCING TRIPARTITE COOPERATION AND COMMON AREAS" A meeting was held between the foreign ministers of Iraq, Jordan, and Egypt on the sidelines of the high-level part of the 78th session of the United Nations General Assembly in New York. The meeting focused on ways to enhance tripartite cooperation between these countries in several economic and political fields. During the meeting, it was agreed on the importance of accelerating the completion of joint projects and presenting new ideas and projects in various fields such as electrical connection, renewable energy, communications, trade, industry, transportation, health, pharmaceutical industries, housing and reconstruction. Areas related to culture, tourism, youth and sports were also discussed, in addition to security and defense cooperation between these countries. The ministers also discussed the situation in the Middle East region, stressing the importance of achieving security and stability there, and touched on many issues, including the Palestinian issue and the efforts made to find a solution to the Syrian crisis. The ministers agreed to continue coordination between them to prepare for the upcoming tripartite summit scheduled to be held in Cairo.
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* Census scheduled for 2024
* Only 40 feet of hard cast remain on the front of the new CBI building
- The WTO will convene in Baghdad on October 4, 2024, a WTO
- Iraq acceptance symposium. In
- c/ Ceorder to be accepted into the WTO Iraq will need an internationally acceptable exchange rate.
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The USTreasury has spent from June 2023 until currently with a team finalizing new banking systems at the CBI. "Al-Sudani stressed that the government has taken several measures with the Central Bank of Iraq in implementing financial reform, which is considered a key to economic reform in achieving the government’s goal of moving from a unilateral economy towards a productive and multi-economic economy, where, for the first time, a financial database ""was created"" for banking transactions, in a way that achieves confidence***. ""Required in dealings with banks and international banks"".
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The 3-year budget was approved in June 2023 for 2023-202024-25 with two definite portions: Service and development. There was not adequate funds in the 23' budget to cover just the service/salaries portion of the budget. Funds have not been spent for the 23' portion of the budget. Recently funds have been spent for salaries, retirees, etc from accounts with unpaid balances, funds from stolen monies brought back into Iraq (crooks have been given amnesty if the funds are returned). So what is Iraq waiting on to spend 23' money? The rate.* HCL is about ready to pass, but IMO we don't need it. The HCL needs a rate, the rate doesn't need the HCL.
* Sudani went on a PR tour in New York at the recent UN General Assembly meeting. MOUs, contracts, etc have been signed in the past few months in Baghdad with countries, companies, wanting to do business in Iraq.
* IMO we are there! Too early from my brain (3:30 am here) to include more progress that has been achieved in Iraq, but they have turned around and are ready to run. Maliki is even praising and supporting this government.
| Today, 13:47 |
- Baghdad
The "Today" news agency publishes, today, Saturday, (September 23, 2023), a summary of the meetings of Prime Minister Mohamed Shaia Al-Sudani on the sidelines of the United Nations General Assembly at its 78th session held in New York.
Below is a summary of the meetings:
From Europe:
●German Chancellor
●The Spanish Prime Minister
●Bulgarian President
●Norwegian Prime Minister
● The Dutch Prime Minister
● President of Cyprus
●British Deputy Prime Minister
From Asia:
● President of the Republic of South Korea
● Prime Minister of Malaysia
From the countries of the region:
●Chairman of the Yemeni Presidential Leadership Council
●The Iranian President
●The Kuwaiti Prime Minister
●The Lebanese Prime Minister
As well as:
■ US Secretary of State
■ Secretary-General of the United Nations
■ Secretary General of NATO
■ US President's Special Envoy for the Middle East and North Africa McGurk
■ U.S. Treasury Undersecretary
■ Director of the United Nations Development Program
■Economic and Social Commission for Western Asia (ESCWA)
Research centers, seminars and interviews
▪︎ Dialogue session with the US Council on Foreign Relations
▪︎ Panel discussion organized by Al-Monitor Foundation and Simafor of the Americas
▪︎Meeting with members of the American Chamber of Commerce in the presence of businessmen, investors and representatives of major American companies
▪︎Interview with Bloomberg Channel
▪︎Interview with CNN
▪︎Interview with the National newspaper
▪︎Meeting with the New York Times
Companies
• Meeting with the American company General Electric
• Meeting with the Honeywell Multinational Technology Group
• Coveken American law firm (??)
The Director of Prime Minister Rabie Nader's Information Office confirmed today, Saturday (23 September 2023), that Prime Minister Mohammed Shiaa Al-Sudani, over a period of six days, best presented Iraq's official speech, which is based on balance, building serious economic partnerships and building bridges of cooperation.
Nader said in a post on the platform (x) Twitter previously, followed by "today," that "an important and active Iraqi movement in New York, included meetings and meetings with an unprecedented number of leaders and leaders of countries from different trends and continents, and the common link between all of them the great desire to open up to and work with Iraq."
He added that "the Prime Minister, over the course of six days, presented, in the best way, Iraq's official speech based on balance, building serious economic partnerships and building bridges of cooperation."
Nader continued: "It is remarkable that most of those met by the Prime Minister, leaders and presidents, are very attentive and interactive with the priorities he adopts," noting that "more than one head of state expressed the sincere desire to visit Iraq, in a clear manifestation of (productive diplomacy) adopted by this government, keen to stay away from formal relations that do not exceed the stage of taking souvenir photos."
He stressed that "besides the presidents and leaders, there was a clear interest from research centers and institutions, which were keen to hold seminars; with the aim of listening to the convictions and policies pursued by the Prime Minister in politics, security, economy and foreign relations."
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The HCL needs the rate.
The rate does not need the HCL.
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Aloha, Laid Back! I am so happy to see you are safe and sound.
I hope I didn't cause unneeded concern as I really thought you lived by the old Lahina airport.
So glad to see you!
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Laid Back could be fine and might not be able to communicate on the Internet due to infrastructure being burnt out.
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- Popular Post
- Popular Post
Laid Back has given so much of his time, expertise, and basically himself, to people he has never met here for a long time, while helping us to have a better understand of our investment. Please send prayers and white light protection to not only LB, but all the people and animals impacted by this fire. Lahaina was once my home and I understand what a magical place it is and what it means to the locals, and how important it was to LB.
Hurry back, LB. We've got an RV party to attend real soon and you promised to buy the first round of Mai Tai's and puu puus. ♥️
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23 minutes ago, cutter73 said:
NO, and I have a family friend on the island as well.
Thank you. We wait.
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On 8/13/2023 at 10:05 AM, Laid Back said:
The never ending story of the Oil and Gas law…. Underway since 2005.
Patience is a Virtue 😀
Has anyone heard from Laid Back since Sunday? He lives on Maui and I believe in Lahaina.
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28 minutes ago, keylime said:
They had an agreement. Some camel nuts went against the agreement. They know what the agreement is and will rectify it. They'll vote and pass it. Done deal.
Notice Halbousi hasn't said tomorrow's session isn't cancelled. This guy was the governor of Kirkuk and under investigation for corruption, exactly what the new systems and budget cancel out: corruption!
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Okay. Okay. But just vote yes and move on. There is a much larger horizon out there.
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2 minutes ago, rvmydinar said:
This is just someone opinion. It's not directly from the cbi. But , if I say if the cbi really print 50 dinar , is this considered as a new lower denoms?
Yes.
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Show me a denomination I can buy a stick of gum with!!!
Thanks, Mary B.
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Border outlets stress the need to move work to electronic governance
May 17 22:10
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On Wednesday, the head of the Border Crossings Authority, Major General Omar Al-Waeli, stressed the need to implement the government program and move to electronic governance.
A statement of the authority received by Al-Maaloumah stated, “The customs and border crossings project team held its periodic meeting in the presence of the head of the Central Agency for Standardization and Quality Control in the Ministry of Planning, a representative of the General Company for Iraqi Exhibitions and Commercial Services, a representative of the General Authority for Customs in the Ministry of Finance, and a representative of the authority.” General Tax, a representative of the Ministry of Communications, a representative of the General Land Transport Company in the Ministry of Transport, and the director of the Trade Exchange Window Directorate in the Border Ports Authority.
The statement added, "The topics on the agenda were discussed, and after the authority's chairman welcomed the attendees, it was emphasized that double efforts would be made in implementing the government program, which emphasized the automation of customs and the procedures taken at the border crossings, where the measures previously taken by the team were reviewed and confirmed. Developing the programs prepared and currently implemented in a way that rises with the size of the challenges facing the workflow at the border crossings, with the need to start implementing the issued government decisions, the most important of which is the networking of sonar devices at the border crossings and the establishment of operations centers to follow up the work of the sonars and check the goods, as the Border Crossings Authority has completed the networking at the border crossings (Zarbatiya, Mandali, Al-Mundhiriya and Trebil) by the team assigned according to Cabinet Resolution 23150 of 2023 headed by the Vice President of the Ports Authority and under the direct supervision of the Prime Minister’s Advisor for Customs, Ports and Transport Affairs.
The statement indicated that "the meeting witnessed the interventions of the team members, which were as follows:
1- The head of the Central Organization for Standardization stressed the need to expedite the activation of the ASYCUDA program by the General Authority for Customs for the purpose of linking the examination results issued by the examining companies to the program in order to simplify procedures and speed up customs clearance.
2- The representative of the General Authority for Customs stated that the authority is working in two parts, the first is the Escuada project, as it has come a long way from the first stage of the program, and the implementation rate for the first stage reached 56%, and in the month of September / 2023, work on the program will be activated in 5 customs centers, including the air freight center at Baghdad Airport As for the second part of the work of the General Authority for Customs, the electronic declaration program has been initiated in the ports of Mandali / Al-Mundhariya / Trebil / Umm Qasr ports, and employees are currently being trained to use the program, which was prepared by self-efforts by the cadres of the
Customs Authority
3- The representative of the Directorate of the One-stop Trade Exchange indicated that its cadres are continuing to work with the exempted goods program and cooperate with the General Authority for Customs, as the validity of the issuance of exemption books and the quantities of goods have been significantly controlled and counterfeiting has been prevented.
4- The representative of the General Company for Land Transport affirmed the continuation of the work on the land manifest program and awaiting the completion of the customs of the Asecuada program for the purpose of electronic linking.
5- The representative of the Ministry of Communications indicated the necessity of activating the electronic signature and instructing the General Authority of Customs to provide it with the needs of the electronic signature so that the Ministry of Communications could hold an introductory workshop on the mechanism of working with the electronic signature and its importance.
The head of the authority, Major General Omar Al-Waeli, stressed, according to the statement, the need to implement the government program and move to electronic governance as soon as possible, and he also stressed the need to implement the Cabinet Resolution No. In this matter, linking four outlets (Mandali – Al-Mundhariya – Zurbatiya – Trebil) and equipping 17 computers for the purpose of connecting them to the networking operations room. The representative of the General Authority for Customs stressed the need to create a similar room for it at the headquarters of the General Authority for Customs for the purpose of linking with the networking operations room at the headquarters of the Border Crossings Authority and the national data center in the General Secretariat of the Council of Ministers, as this link will have a major role in preventing smuggling operations and manipulation of the sex of the goods.
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Thank you, 6ly410. I'm grateful for what you bring everyday to DV, and the dedication you have to inform strangers and friends. It takes a big person to show such selflessness. All posters show this type of character and perseverance. It's hard work to post the news and takes many more steps, discernment, and time than simply a copy and past motion.
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Iraqis banned from dealing in US dollars
Government warns of punishments as it tries to control currency crisis that has led to price rises
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Money changers and customers at a foreign currency exchange market in Baghdad. Reuters
Sinan Mahmoud The Iraqi Interior Ministry has banned people from dealing in US dollars in the latest move by authorities to control a fluctuating black market exchange rate.
The surprise announcement on Sunday reflects an attempt to close the gap between the official exchange rate and that on the black market, which has fuelled high prices and caused anger.
“The dinar is the national currency in Iraq,” the ministry said. “Your commitment to transact in it instead of foreign currencies boosts the country’s sovereignty and economy.”
It said dealing in other currencies “is a violation that is punishable by law” and threatened to “hold accountable anyone who attempts to undermine the Iraqi dinar and the economy”.
The Interior Ministry's Anti-organised Crime Directorate has sent its forces to markets across Baghdad and other cities, asking traders to sign a pledge to sell goods
only in dinar, Brig Gen Hussein Al Tamimi told The National.
“The widespread campaign aims at protecting the dinar,” said Mr Al Tamimi who heads the directorate's operations department. He said representatives from the Central Bank of Iraq and the Interior Ministry's intelligence department joined the patrols.
Those who breach the pledge will face a fine of one million Iraqi dinar (around $680), he added.
“If the violator repeats it he will face an imprisonment penalty of up to one year plus the one-million Iraqi dinar financial fine,” he added. “In case of a third violation, that penalty will be doubled and we will have the business licence turned.”
Market dealings in the dollar went underground on Monday and exchange offices, fearing arrest by undercover agents, were selling dollars only to trusted clients, at the black market rate.
The Gulf War in 1991, followed by harsh UN-imposed economic sanctions and the US-led invasion in 2003, caused a substantial devaluation of the Iraqi dinar. As a result, Iraqis have turned to the US dollar. A wide range of dealings, from wholesale trading to retail purchases, are settled with it.
During the past six months, the Iraqi government has been attempting to stop a currency crisis that has led to an increase in the prices of goods, and brought protesters out on to the streets.
Since later November, the Iraqi dinar has experienced added volatility after the US's tightening of procedures for international transfers, with some blaming Washington for the dinar's problems.
The US has complained that the dollar is being funnelled to Iran, Syria and Lebanon through the foreign currency auction run by the Central Bank of Iraq. Iran and Syrian are under US sanctions.
Since then, the Federal Reserve Bank of New York has applied strict measures on requests for international transactions from Iraq, rejecting many and delaying others, leading to an increased demand for the US dollar in Iraq.
It has also blacklisted several Iraqi banks suspected of money laundering and of carrying out suspicious transactions.
Baghdad-resident Mohammed Hassan Jaafar wants to buy a house and says he is uncertain what to do, as the estate agent wants to be paid in dollars.
“For decades, everything here is pegged to the dollar and there are things, such as properties or cars, the owners ask to be paid in dollars in order to be on the safe side in terms of inflation or to have less banknotes in hand in comparison to the amount of money they get in dinars,” said Mr Jaafar, 55.
“There are people, like me, who don't meet the criteria set by the Central Bank to buy dollars at the official rate so we go to exchange offices to buy at the black market rate,” he added, referring to the CBI measures to sell dollars to merchants for importing goods or to people who were travelling abroad.
The Iraqi government blames the US for the dollar chaos. It has taken a series of unsuccessful measures to contain the public's anger.
Security forces raided Baghdad's biggest markets for the US dollar and arrested several traders, accusing them of manipulating the prices.
While the official exchange rate is fixed at 1,300 dinars against the dollar, the currency was trading at about 1,470 on the black market on Sunday.https://www-thenationalnews-https://www-thenationalnews-
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I can think of $1.54 reasons why.
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34 minutes ago, Fimum said:
Carrello thank you for the post. With the establishment of the BSRS to satisfy IMF requirements, do you think the fact that Iraq has put it in place is sufficient? Or will there need to be one or more quarters of reports before the IMF says they're good to go?
Thanks again!
Fimum.
Fimum, I do not have that kind of experiential knowledge. If I receive more input, I will post it. But...IMO if you are set up and ready to go, a settling-in period of additional quarters would not be required. The IMF has not been an overnight process, just like the WTO, but has taken years. Iraq also has the benefit of the US Treasury guiding and mentoring them, along with an administration dedicated to Iraq's success.
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Regarding the Banking Supervision Reporting System article I posted, it came to me with comments from someone that I highly respect (thank you!) with regards to the dinar, but do not have permission to post his comments publicly, so I will not name him:
The CBI is making its move to meet IMF reporting requirements under Article VIII.
· The CBI moved the TBI to its documentary credit platform
· Correspondent banks are still used, but on the ISO 20025 platform via the CBI; allowing the CBI to collect information to meet more of the IMF’s reporting requirements.
· Today’s article on the Banking Supervision Reporting System is what will allow the CBI to complete the reporting requirements from the private banking system including the non-banks.
Article VIII
Section 5. Furnishing of information
(a) The Fund may require members to furnish it with such information as it deems necessary for its activities, including, as the minimum necessary for the effective discharge of the Fund’s duties, national data on the following matters:
(i) official holdings at home and abroad of (1) gold, (2) foreign
exchange;
(ii) holdings at home and abroad by banking and financial
agencies, other than official agencies, of (1) gold, (2) foreign
exchange;
(iii) production of gold;
(iv) gold exports and imports according to countries of destination
and origin;
(v) total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin;
(vi) international balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items;
(vii) international investment position, i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information;
(viii) national income;
(ix) price indices, i.e., indices of commodity prices in wholesale and retail markets and of export and import prices;
(x) buying and selling rates for foreign currencies;
(xi) exchange controls, i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur; and
(xii) where official clearing arrangements exist, details of amounts awaiting clearance in respect of commercial and financial transactions, and of the length of time during which such arrears have been outstanding.
The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS)
Today, Thursday, the Central Bank of Iraq announced the launch of the "Banking Supervision Reporting System (BSRS), indicating that the new system will collect financial data from banks and non-banking financial institutions represented in (quarterly data tables for banks, mandatory reserve reservation tables, trial balance tables for non-banking financial institutions, liquidity and capital adequacy tables, and financial inclusion data), as well as the data of the permanent record of each bank or non-banking financial institution approved by this bank, and the unification of the database of codes of these banks and companies and their branches.
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Just now, Carrello said:
The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS)
Central Bank of Iraq
Media Office
27 - Apr - 2023
Today, Thursday, the Central Bank of Iraq announced the launch of the "Banking Supervision Reporting System (BSRS), indicating that the new system will collect financial data from banks and non-banking financial institutions represented in (quarterly data tables for banks, mandatory reserve reservation tables, trial balance tables for non-banking financial institutions, liquidity and capital adequacy tables, and financial inclusion data), as well as the data of the permanent record of each bank or non-banking financial institution approved by this bank, and the unification of the database of codes of these banks and companies and their branches.
The bank explained that the system provides the banking control department and the various departments of the bank with a clear perception of the financial situation of financial institutions by relying on the capabilities provided by modern technology in downloading and auditing data, enabling regulatory authorities to monitor the financial soundness of banks and non-banking financial institutions faster and more accurately, and enabling the bank to address potential risks within financial institutions.
It is worth mentioning that the launch of the Banking Supervision Reporting System (BSRS) comes in implementation of the strategic objectives set by the Central Bank of Iraq in developing institutional performance, upgrading banking control tools and reducing risks through the adoption of regulatory technologies and automating the events and functions carried out by the Central Bank and its departments to regulate the work of the Iraqi banking sector.
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The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS)
Central Bank of Iraq
Media Office
27 - Apr - 2023
Today, Thursday, the Central Bank of Iraq announced the launch of the "Banking Supervision Reporting System (BSRS), indicating that the new system will collect financial data from banks and non-banking financial institutions represented in (quarterly data tables for banks, mandatory reserve reservation tables, trial balance tables for non-banking financial institutions, liquidity and capital adequacy tables, and financial inclusion data), as well as the data of the permanent record of each bank or non-banking financial institution approved by this bank, and the unification of the database of codes of these banks and companies and their branches.
The bank explained that the system provides the banking control department and the various departments of the bank with a clear perception of the financial situation of financial institutions by relying on the capabilities provided by modern technology in downloading and auditing data, enabling regulatory authorities to monitor the financial soundness of banks and non-banking financial institutions faster and more accurately, and enabling the bank to address potential risks within financial institutions.
It is worth mentioning that the launch of the Banking Supervision Reporting System (BSRS) comes in implementation of the strategic objectives set by the Central Bank of Iraq in developing institutional performance, upgrading banking control tools and reducing risks through the adoption of regulatory technologies and automating the events and functions carried out by the Central Bank and its departments to regulate the work of the Iraqi banking sector.
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What Is the SWIFT Banking System?
The Society for Worldwide Interbank Financial Telecommunications (SWIFT)system powers most international money and security transfers. SWIFT is a vast messaging network banks used by financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions. In this article, we explore what SWIFT does, how it works, and how it makes money.
KEY TAKEAWAYS
- Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a member-owned cooperative that provides safe and secure financial transactions for its members.
- This payment network allows individuals and businesses to take electronic or card payments even if the customer or vendor uses a different bank than the payee.
- SWIFT, today, is the largest and most streamlined method for international payments and settlements.
- SWIFT works by assigning each member institution a unique ID code (a BIC number) that identifies not only the bank name but the country, city, and branch.
- SWIFT has been used to impose economic sanctions, such as on bad actors like Iran and Russia.
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Thanks, HotCurl. Not looking for anyone to right or wrong, but appreciate anyone actually thinking and analyzing the situation.
I was thinking back about the IMF requiring the dinar to be held within a 2% range for, I believe, 120 days.
Parliament Finance: Three months against the dollar to return it to the official exchange rate
in Iraq & Dinar Related News
Posted
From now on I will think of you as the Fool of Facts. Good luck.