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Laid Back

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Everything posted by Laid Back

  1. - Al-Kazemi's Financial Advisor Talks About Changing The Exchange Rate - The International Monetary Fund Expected A Significant Growth In The Iraqi Economy To Reach 10.5 Percent In 2022, And A Decrease In The Inflation Rate To 4.5 Percent. - The Central Bank of Iraq announced, on Wednesday, that 19 private Iraqi banks obtained a classification from international agencies. - The Arab monetary fund, in cooperation with the IMF. Organizes a course on “exchange rate policy”. All I see is GOOD news.! In my opinión we are pretty close to see the international value of the IQD Go Iraq Go international Go RV
  2. The banking system continues moving towards an open market economy. Getting ready for international business.! Go CBI Go banking system Go development Go open market economy Go growth
  3. Development of electronic banking and mobile banking services to become the primary means of the payments system to encourage more access to traditional banking services and enhance financial inclusion. Go CBI Go Reforms Go RV
  4. You are welcome Floridian, There are 5 Axis on the White Paper Reform Project. They said it will take 3 to 5 years to complete the reforms. Axis 1: Achieving sustainable financial stability with the aim of slowing down or stopping the financial bleeding and giving a longer opportunity to achieve the other structural reforms. Axis 2: Implementing macroeconomic reforms according to strategic principles, giving priority to productive economic sectors and creating sustainable jobs, with the aim of providing realistic and sustainable economic alternatives based on the productive sectors that can be mobilized quickly to strengthen the non-oil sectors and their contribution to the GDP. Axis 3: improving the basic infrastructure that contributes to the advancement of future sectors, with the aim of creating enabling platform to expand and diversify the economic base and re-map its strategic tracks in order to achieve the required competitiveness on the long term. Axis 4: Providing the key services and rationalizing and directing social care, giving priority to the poor, and protecting them during and after the reform process. The aim is to meet the urgent needs of the population and provide the necessary protection for the vulnerable groups during the reform process and its remedial measures. Axis 5: Develop governance and the legal and administrative environment to enable individual institutions to implement the reform. It aims at reforming the key institutions with leading roles in implementing the reforms and ensuring the sustainability of its effects. This is just my opinion. I don’t think Iraq can wait 3 to 5 years to move to an open market economy with an international recognized currency.
  5. I would like to know which are the new CBI instructions regarding sales of hard currency. Maybe there’s a news article here in DV? @yota691 Thanks for all you do
  6. You’re correct DoD. I Agree with your comment , this was a directive from IMF-SBA years ago. Now is part of the White Papers reform project. ~ White Papers Axis 2: Achieving macroeconomic reforms according to strategic principles, giving priority to productive economic sectors, and creation of sustainable employment opportunities. 1- Rehabilitation of Financial sectors (a) Banking sector Objective: The reform of this sector aims to “reform government banks towards working according to commercial standards, reduce their hegemony over the banking sector and pave the way for private banks to ensure the development of the sector and take its role as a lever for the Iraqi economy, end the role of government banks as an arm to finance government spending, return to the independence of these banks from the Ministry of Finance and restore people's confidence in the sector Banking in general”, through the following steps 1) Addressing the level of capital of all government banks and organizing the process of increasing their capital, if necessary 2) Establishing and activating the basic banking system in the Rafidain and Rasheed banks, and continuing with the steps previously taken towards restructuring these two banks after conducting a full financial review by international auditing companies 3) Appointing an international law firm to conduct a full audit of the international legal position of Al-Rafidain and Rasheed banks in order to return them to international dealings 4) Reconsidering the Industrial Bank Law and increasing its capital in order to expand its business base and present it as a model for reforming other government banks 5) Accelerate the development of electronic banking and mobile banking services to become the primary means of the payments system to encourage more access to traditional banking services and enhance financial inclusion. 6) Strengthening the ability of the Central Bank to perform its supervisory functions and enabling it to effectively supervise and regulate the banking sector, including the power of forced merger of low-performing banks 7) Implementing a deposit insurance system in order to enhance the confidence of depositors in the private banking sector 8- Complete the application of international accounting systems in all banks to improve their transparency practices and according to the Central Bank's instructions in this regard 9) Providing an appropriate environment to encourage private banks to lend a stimulus to the economy and move away from focusing on generating revenues through the issuance of guarantees, the currency window and other fees. 10) Adopting market mechanisms in determining the interest rate and profits for the Iraqi financial markets. Iraq continues moving forward on their quest to an open market economy. Go White Papers Go reforms Go development Go growth Go RV
  7. Thanks @Carrello Baghdad today – Baghdad Today, Monday, the leader of the Sadrist movement, Muqtada al-Sadr, affirmed work to improve and raise the level of the Iraqi dinar to be in the ranks of global currencies gradually. Al-Sadr said in a speech after announcing the results of his bloc’s victory, which I followed (Baghdad Today): “This is your day, O people of Iraq, in which reform has won. It is the day of Iraq, determination and steadfastness.” He added, “Praise be to the one who cherished reform with its largest Iraqi bloc, neither eastern nor western, and there is no place for corruption and corrupt people after today,” noting that “all embassies are welcome provided that they do not interfere in Iraqi affairs or form the government.” Al-Sadr stressed that “the arms are confined to the hands of the state and prevented from using them outside this scope,” noting that “it is the Iraq of the reference and the wise, and we will be enlightened by their opinions.” He stated that “it will not be for the government or the parties to control the money and wealth, but it is for the people,” threatening to “displace corruption and the corrupt.” He continued by saying: ” The people’s oil is for the people, and we will improve the dinar to be in the ranks of international currencies gradually and activate the role of clans to support the stability of Iraq,” calling for “the confiscation of arms in the hands of the state, even if it claims to represent the resistance.” Al-Sadr called for “celebrating the victory without harassing others or causing inconvenience to them.” The Sadrist bloc won 73 parliamentary seats, according to the results announced by the Electoral Commission on Monday, to occupy the first place. 10/11/2021 20:49
  8. BAGHDAD (AP) — An alliance of Iraqi candidates representing Shiite militias supported by neighboring Iran has emerged as the biggest loser in the country’s national elections, according to partial results released Monday. The results, posted online successively, also showed the bloc of Iraq’s populist Shiite cleric Muqtada al-Sadr maintaining the most seats in parliament, leading in several of Iraq’s 18 provinces, including the capital Baghdad. Al-Sadr, a maverick leader remembered for leading an insurgency against U.S. forces after the 2003 invasion, appeared to have increased his movement’s seats in the 329-member parliament from 54 in 2018 to more than 70. With 94% of the ballot boxes counted, none of the competing political blocs appeared on track to win a majority in parliament and consequently name a prime minister. But as the results stand, al-Sadr’s bloc will be able to take a leading role in the political horse-trading to find a compromise candidate and set the political agenda for the next four years. Al-Sadr’s candidates beat out Iran’s favored candidates from the Fatah Alliance to come out first, according to preliminary results. The Fatah Alliance, led by paramilitary leader Hadi al-Ameri, is comprised of parties and affiliated with the Popular Mobilization Forces, an umbrella group of mostly pro-Iran Shiite militias. The alliance rose to prominence during the war against the Sunni extremist Islamic State group. It includes some of the most hard-line Iran-backed factions, such as the Asaib Ahl al-Haq militia. It was not immediately clear Monday how many seats the Fatah Alliance lost, from the 48 they got in 2018. Voter turnout was 41%, a record low in the post-Saddam Hussein era signaling widespread distrust of the country’s leaders and the vote for a new parliament. That’s down from 44% in the 2018 elections, which was an all-time low. Still, U.N. Secretary-General Antonio Guterres congratulated the Iraqi people “for the way the elections took place.” He appealed for calm as the results are announced and for political discussions on the formation of a new government to be carried out in “an environment of peace, of security and of tranquility.” The weekend’s election was held months ahead of schedule as a concession to a youth-led popular uprising against corruption and mismanagement. But the vote was marred by widespread apathy and a boycott by many of the same young activists who thronged the streets of Baghdad and Iraq’s southern provinces in late 2019, calling for sweeping reforms and new elections. Tens of thousands of people protested in late 2019 and early 2020, and were met by security forces firing live ammunition and tear gas. More than 600 people were killed and thousands injured within just a few months. Although authorities gave in and called the early elections, the death toll and the heavy-handed crackdown — as well as a string of targeted assassinations and attempted killings — prompted many protesters to later call for a boycott of the vote. Many of the young activists who took part in the 2019 protests also raged against Iran’s heavy-handed influence in Iraqi politics, including armed militias who rival the state’s authority. Many blamed the militias for taking part with security forces in brutally suppressing the protests, possibly playing a role in Fatah’s poor showing. Al-Sadr, a black-turbaned nationalist leader, is also close to Iran, but publicly rejects its political influence. The election was the sixth held since the fall of Saddam Hussein after the U.S.-led invasion of Iraq in 2003. Many were skeptical that independent candidates from the protest movement stood a chance against well-entrenched parties and politicians, many of them backed by powerful armed militias. Preliminary results showed several independent candidates getting into parliament, although the number of seats was not immediately known. There was a marked reluctance among young Iraqis — the country’s largest demographic — to get out and vote. Many expressed views that the system is immune to reform and that the election would only bring back the same faces and parties responsible for the corruption and mismanagement that has plagued Iraq for decades. The problems have left the country with crumbling infrastructure, growing poverty and rising unemployment rates. Under Iraq’s laws, the party that wins the most seats gets to choose the country’s next prime minister, but it’s unlikely any of the competing coalitions can secure a clear majority. That will require a lengthy process involving backroom negotiations to select a consensus prime minister and agree on a new coalition government. Prime Minister Mustafa al-Kadhimi has played a key role as a mediator in the region’s crises, particularly between regional rivals Iran and Saudi Arabia. Many in the region and beyond will be watching to see if he will secure a second term. The new parliament will also elect Iraq’s next president. https://apnews.com/article/baghdad-middle-east-iraq-boycotts-e51c2111acce2055b879f7a26430ba7b
  9. BAGHDAD, Oct 11 (Reuters) - Shi'ite Muslim cleric Moqtada al-Sadr's party was the biggest winner in an Iraqi election on Monday, increasing the number of seats he holds in parliament, according to initial results, officials and a spokesperson for the Sadrist Movement. Former prime minister Nouri al-Maliki looked set to have the next largest win among Shi'ite parties, initial results showed. Iraq's Shi'ite groups have dominated governments and government formation since the U.S.-led invasion of 2003 that toppled Sunni dictator Saddam Hussein and catapulted the Shi'ite majority and the Kurds to power. Sunday's election was held several months early, in response to mass protests in 2019 that toppled a government and showed widespread anger against political leaders whom many Iraqis say have enriched themselves at the expense of the country. But a record low turnout suggested that a vote billed as an chance to wrest control from the ruling elite would do little to dislodge sectarian religious parties in power since 2003. A count based on initial results from several provinces plus the capital Baghdad, verified by local government officials, suggested Sadr had won more than 70 seats, which if confirmed could give him considerable influence in forming a government. However, Sadr's group is just one of several that will have to enter negotiations to form a coalition capable of dominating parliament and forming an administration, a period of jockeying for position that may take weeks or longer. Sadr broadcast a live speech on state TV claiming victory and promising a nationalist government free of foreign interference. https://www.reuters.com/world/middle-east/iraq-counts-votes-after-lowest-ever-election-turnout-2021-10-11/
  10. Good news in my opinion. CBI is asking all authorized exchange companies to get theirs digital affairs in order as soon as possible. Our payday is getting closer.! Go CBI Go reforms Go RV Go as soon as possible
  11. from the White Papers Banking sector: Objective: The reform of this sector aims to “reform government banks towards working according to commercial standards, reduce their hegemony over the banking sector and pave the way for private banks to ensure the development of the sector and take its role as a lever for the Iraqi economy, end the role of government banks as an arm to finance government spending, return to the independence of these banks from the Ministry of Finance and restore people's confidence in the sector Banking in general”, through the following steps 1) Addressing the level of capital of all government banks and organizing the process of increasing their capital, if necessary 2) Establishing and activating the basic banking system in the Rafidain and Rasheed banks, and continuing with the steps previously taken towards restructuring these two banks after conducting a full financial review by international auditing companies 3) Appointing an international law firm to conduct a full audit of the international legal position of Al-Rafidain and Rasheed banks in order to return them to international dealings 4) Reconsidering the Industrial Bank Law and increasing its capital in order to expand its business base and present it as a model for reforming other government banks 5) Accelerate the development of electronic banking and mobile banking services to become the primary means of the payments system to encourage more access to traditional banking services and enhance financial inclusion 6) Strengthening the ability of the Central Bank to perform its supervisory functions and enabling it to effectively supervise and regulate the banking sector, including the power of forced merger of low-performing banks 7) Implementing a deposit insurance system in order to enhance the confidence of depositors in the private banking sector 😎 Complete the application of international accounting systems in all banks to improve their transparency practices and according to the Central Bank's instructions in this regard 9) Providing an appropriate environment to encourage private banks to lend a stimulus to the economy and move away from focusing on generating revenues through the issuance of guarantees, the currency window and other fees. 10) Adopting market mechanisms in determining the interest rate and profits for the Iraqi financial markets Go White Papers Go Reforms Go development Go growth
  12. Foreign currency reserves are growing…. That’s good news.! Higher reserves = Stronger currency Wok on progress….. We wait.! Go white paper Go reforms Go development Go open market economy
  13. Reviving the smuggled and stolen money recovery program, will help to enhance revenues and improving cash flow. Go white paper Go reforms Go development
  14. Just the fact that they continue talking about the exchange rate, Is good news in my opinion.! Go white papers Go reforms Go development Go open market economy Go progress
  15. 22 years of Socialism = Hyperinflation. In the last 14 years, Venezuela has taken 14 zeros away from its currency. Very rich country destroyed by a dictator Go 🇻🇪
  16. If the want changes in the government………Vote for change.!!! 9 days left to elections Go Iraq 🇮🇶 Go elections Go changes Go prosperity
  17. Good news.!! Lets say they have 45 trillion IQD in circulation 45 trillion IQD / 1460 = $30.8 billion dollars Foreign currency reserves $62 billion dollars $62 billion dollars foreign currency reserves / $30.8 currency in circulation They can cover monetary mass by 201% The white paper reforms are working.! Go dinar Go foreign currency reserves Go Purchasing power
  18. Extracted from the White Papers b) Insurance sector Objective: The objective of the Insurance sector reform plan is to develop the insurance sector to ensure a stable environment for the economy, foster the sector’s contribution to the GDP, and promote the culture of insurance among individuals and firms through: (i) Open the door for Iraqi insurance companies to expand the geographic scope of their services in Iraq by creating allocations for companies operating in this field to benefit from the Iraqi insurance companies to cover insurance on assets in Iraq by amending the relevant legislations; (ii) Appointing an external consultant to prepare an organizational plan for the state-owned insurance companies, raise the technical level of the working cadres, promote insurance awareness among the public, and prepare a feasibility study for corporate branch networks. (iii) Increase insurance threshold that enable insurance companies to cover large economic projects, ensure access for the foreign companies operating in Iraq to insurance coverage from the Iraqi companies, and analyze the capitalization level of the companies by the Insurance Bureau to work with them to gradually increase their capital. (iv) Develop the existing insurance products and introducing new ones to expand the sector, improve insurance analysis for various companies and people, and gradually introduce the electronic insurance sector. (v) Improve investment management by understanding the real investment bonds of insurance companies, and investing funds by increasing investment in various projects and in foreign capital markets, in line with international best practices, while reducing bank deposits gradually. (vi) Setting controls to regulate access to insurance policy in cases of lease contracts and sales of (only commercial) properties, imports, housing and industrial loans, cars loans and health insurance in the public and private sectors, and allowing the sector to cover banking loans and facilities. (vii)Introduce guidelines for the banks,in cooperationwiththeCentralBankofIraqandthe Iraqi Private Banking League to provide insurance companies with the banking services they provide. (viii) Require the various official and non-official bodies to provide insurance coverage, including the operators of electrical transformers, fuel stations, and health insurance for public sector employees, industrial firms, ships and consignments, oil installations, refineries, poultry farms and trucks carrying products in excess of four tons.
  19. Just for fun 🤩 Oil prices are about $70 per barrel If they are planning to Value the barrel of oil at 45 dinars. That means 1 dinar will be equal to $1.55 I will be happy with $1.55 per dinar Go dinar Go purchasing power
  20. Remove exchange control and problem solved. It will end black market, smuggling and corruption Let it Float. Go end of exchange control Go float Go purchasing power
  21. Step by step they are following the White Papers aka reforms project . They are working on Rehabilitation of Financial sectors. (1) Rehabilitation of Financial sectors private banks, developing the insurance sector, and upgrading the stock exchange market. 1) Addressing the capitalization level of all government banks, regulating the process of increasing their capital, if needed, and establishing and operationalizing the Core Banking System in Al-Rafidain and Al-Rasheed Banks. 2) Accelerate the development of electronic banking and mobile banking services. 3) Activate the deposit insurance system in order to enhance the confidence of the people in the private banking sector. 4) Finalize roll-out of international accounting systems (IFRS) to all banks, to improve their transparency practices. 5) Increase insurance thresholds that enable insurance companies to cover large economic projects. 6) Enacting a new securities law and review the guidelines of establishing a Custodian bank. 7) Opening other specialized markets such as the commodity market and the currency exchange market (Forex) They need an international recognized currency to open a currency exchange market (Forex) (IFSR) International Financial Reporting Standards. The IFRS Foundation is a not-for-profit, public interest organisation established to develop a single set of high-quality, understandable, enforceable and globally accepted accounting standards (IFRS Standards ) and to promote and facilitate adoption of the standards. Go Iraq Go financial sector Go international Go RV
  22. Interesting 🤔 The attacks happened one day before PM Al-Kazemi visit to Iran. “The Iraqi Prime Minister, Mustafa Al-Kazemi, should courageously and directly request Iran to stop its support for armed militias, which threaten the Iraqi state and pose a real threat to the expected Iraqi electoral process, especially since these militias will work to manipulate the results of the elections." Elections through the force of uncontrolled arms in the majority of Iraqi cities." Go Iraq Go elections Go freedom
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