Federation of Chambers of Commerce: Iraq sent a positive message to the world after entering the SWIFT platform

[NMP2017]

Shouldn't take too long to implement but then again this is Iraq...Warka was using SWIFT back in the day until the Gov and CBI...well we know what they did and are still doing to them and us clients

[screwball]

8 hours ago, 6ly410 said:

Iraq will be linked to the global SWIFT system, and this will deprive us of some ways to circumvent the US sanctions imposed on us End8

 

On 2/2/2023 at 7:59 AM, NMP2017 said:

SWIFT? Warka was using SWIFT WAAAAY back in the day. Why are they making a big deal about SWIFT?

maybe because swift and swift forex are two different things....

[screwball]

7 hours ago, BETTYBOOP said:

Just wondering if they can do this at a programme  rate 🤔 

yes they did years ago...I use ATM to withdraw money....rate was a killer

[screwball]

swift forex - currency boards and forex rates...this will not be program rate

[6ly410]

An economist for / Nina / Linking Iraq to the global Swift system will monitor the quality of the Iraqi banking system

Wednesday 22 February 2023 08:00 | EconomicalNumber of readings: 196

Linking Iraq to the SWIFT global system will enhance the quality of the Iraqi banking system (ninanews-com.translate.goog)

Baghdad / NINA / - The expert in economic affairs, Safwan Qusay, confirmed that linking Iraq to the global Swift system will monitor the quality of the Iraqi banking system.

Qusai said in a statement to the National Iraqi News Agency ( NINA ) that "it is clear that Iraq will comply with the requirements of the US federal system and the international remittance system, given that the process of securing international transfers will contribute to enhancing confidence in the Iraqi banking system and thus attracting investment and creating job opportunities for Iraqis."

He added that the process of linking Iran's economy to the sanctions and the attempt to export Iranian goods to the Iraqi interior without external transfer, in my estimation, contributed to an increase in the exchange rate in the parallel market, given that Iranian goods are sold in Iraqi dinars, and then the dollar is bought from the parallel market and an attempt is made to extract the dollar by several means, indicating that Previously

, the transfer process was carried out by following a system of transfers to secondary correspondent banks and inflated bills for prices that contribute to the withdrawal of the Iraqi dollar without bringing goods or services. checked daily.”

He added that the Iranian side should demand the organization of trade with Iraq through the US Federal Reserve to buy Iran's economic needs through a clear trade system between Iraq and Iran in order for us not to be subject to US sanctions because the violation of sanctions on the Iraqi side could lead to subjecting the Iraqi banking system to sanctions. Certainly, securing trade will be followed by the process of establishing a new base for importers to Iraq, and this system will certify the quality of the Iraqi banking system.”

A member of the Iranian Chamber of Commerce, Ali Shariati, confirmed that linking Iraq to “Swift” hinders Iran’s circumvention of sanctions.

Iran’s Arabic website quoted Shariati as saying : Soon, Iraq will be linked to the global Soviet system of financial courtship, and this matter will deprive us of some ways to circumvent the US sanctions imposed on us.

And Shariati continued: We have to increase the volume of our trade exchange with Iraq and China and work to enhance our exports to the rest of the world. / End 8

[6ly410]

Economist for / Nina / electronic platform "SWIFT" system will make the process of selling dollars easier and safer

Wednesday 22, February 2023 08:10 |EconomicalViews: 182

Economist for / Nina / electronic platform "SWIFT" system will make the process of selling dollars easier and safe (ninanews-com.translate.goog)

Baghdad /Nina/ Economist Dergham Muhammad Ali said that the electronic platform "SWIFT" system will make the process of selling dollars easier and safer. Mohammed Ali said in a statement to the Iraqi National News Agency /
/ that "the Central Bank of Iraq's reliance on the electronic platform "SWIFT" will lead to controlling the process of selling dollars in one way or another so that the dollar is not sold to more than one person and knowing where the money obtained by banks as well as exchange companies went in the auction of the Central Bank directly qualifies them without passing through intermediaries or without monopolizing them from the banks and selling them at more than their price.
He added: Therefore, the adoption of the electronic platform contributes to removing the circle of intermediaries who were intermediaries between banks and citizens, and also makes banks a temporary intermediary unable to manipulate as it was previously, as banks were agreeing among themselves to monopolize the dollar and sell it at higher prices, whether through remittances or others, which led to the rise of the dollar. He stressed that "this electronic platform will make the sales process easier, but it is also possible to adjust the rhythm more if the introduction of ATM / ATM devices deals in dollars in a limited way for MasterCard holders throughout Iraq."

Ali Shariati, a member of the Iranian Chamber of Commerce, said that linking Iraq to SWIFT hinders Iran's circumvention of sanctions.
The Iran Arabic website quoted Shariati as saying: Iraq will soon be linked to the global Soviet system of financial exchanges, and this will deprive us of some ways to circumvent the US sanctions imposed on us.
Shariati continued: "We must raise the volume of our trade exchange with Iraq and China and work to enhance our exports to the rest of the world." / End8

[screwball]

1 hour ago, 6ly410 said:

Iraq will soon be linked to the global Soviet system of financial exchanges, and this will deprive us of some ways to circumvent the US sanctions imposed on us.

Here we go….know one seen this? BRICS an following irans steps with being linked to Russias payment system…

[screwball]

This means managed float and multiple payment system…one with Russia and one with JP chase Morgan to settle yuan payments…this is great news 

[Theseus]

22 hours ago, 6ly410 said:

A member of the Iranian Chamber of Commerce, Ali Shariati, confirmed that linking Iraq to “Swift” hinders Iran’s circumvention of sanctions.

Iran’s Arabic website quoted Shariati as saying : Soon, Iraq will be linked to the global Soviet system of financial courtship, and this matter will deprive us of some ways to circumvent the US sanctions imposed on us.

Someone might want to check the source on their quote from above. Iraq is saying SWIFT and Iran is saying BRICS for Iraq.  Let's go with Iraq for the reasons Iraq states SWIFT. And since Iraq is already part of the SWIFT system (has been since 2016).Why? Because of this quote:

 

Ali Shariati, a member of the Iranian Chamber of Commerce, said that linking Iraq to SWIFT hinders Iran's circumvention of sanctions.

 

 

Edited February 23, 2023 by Theseus

[Theseus]

-

 

Edited February 23, 2023 by Theseus

[yota691]

Expert: Dealing with the "Swift" system for dollar transfers needs time and there is a quick solution

2023.03.08 - 10:34

 

Baghdad - Nas  

The academic and economic researcher, Abdul Karim Al-Issawi, said that what matters to the Iraqi street is how to bridge the gap between the two prices (official and parallel to the dollar), which has reached high levels, in addition to the lack of complexity in the process of obtaining dollars by small merchants who finance their imports, which resulted in continuous increases in prices. .  

  

  

  

Al-Issawi believes, in an interview with the official newspaper, followed by “Nass”, (March 8, 2023), that “the Central Bank of Iraq concluded an agreement with the (JP Morgan) group to act as a mediator and settlement between the private sector and the exporters of Iraq, which is very necessary and would create a kind of Transparency in foreign financial transfers to Iraq.  

  

At the same time, Al-Issawi pointed out that dealing with foreign transfers through the (Swift) system still needs additional time in order for banks to adapt to it, so it is necessary to take treatments that accelerate the response to the need of ordinary individuals for the dollar and work to increase the outlets for selling foreign currency and not limit them. in specific banks.  

[6ly410]

Federation of Chambers of Commerce: Iraq sent a positive message to the world after entering the SWIFT platform

Layla Waleedsince day one

Federation of Chambers of Commerce: Iraq sent a positive message to the world after entering the SWIFT platform – First News Agency (awla.news)

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The Federation of Chambers of Commerce confirmed on Sunday that Iraq has promising investment opportunities in all disciplines, while pointing out that its entry into the SWIFT platform gave a positive message to all countries of the world.

The head of the Federation of Iraqi Chambers of Commerce Abdul Razzaq Al-Zuhairi, told the official agency (Al-Oula News), that "Iraq has thousands of promising investment opportunities and all the specialties of oil, agricultural, industrial, commercial and tourism, especially since it is a country with multiple goods and sites."

He added that "there are great opportunities that can be global," stressing "the real need to extend the law and send a positive message to the world that Iraq is a safe environment for investment, in addition to the need for banks to have a global correspondent through which the investor can enter and exit funds."

He explained that "Iraq's entry into the platform in SWIFT gave the world a positive message that Iraq has its money and financial dealings white," noting that "the Union has all the powers to approach international companies through the federations of chambers of commerce and industry in the countries of the world."

He added, "Iraqi investments are large and widespread in all countries of the world, including Oman, Dubai and Turkey, because the laws there are easy and simplified," calling on "the government to improve the administrative of those operations and eliminate red tape, bureaucracy, nepotism and other matters that keep the investor away from investing his money in Iraq."

[Officiallytook]

Swift ... I like it ... would be real swift alright if they ever get around to changing the rate... Smh

[Carrello]

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.

[WheresmyRV?]

This sounds huge! 

[Officiallytook]

2 hours ago, WheresmyRV? said:

This sounds huge! 

See why I like it lol

[Laid Back]

Good News.!!!!

 

The dollar crisis was created by the implementation of SWIFT.

 

Go Stronger Dinar 1+

[6ly410]

 

Economist: Entering Iraq with the Swift platform led to market stability and prevented currency smuggling

Posted 7 seconds ago

 Economist: Entering Iraq with the Swift platform led to market stability and prevented currency smuggling (iraqakhbar-com.translate.goog)

 

Baghdad / h. g

Economic expert Alaa Al-Fahd said today, Tuesday, that Iraq's entry into the Swift platform led to market stability and prevented currency smuggling abroad.

Al-Fahd said, in an interview followed by the (Iraqi Information News Agency /) that "the monetary policy in Iraq seeks to create stability in the market of exchange rates and currencies, and this has a significant impact on reducing cases of corruption and currency smuggling abroad."

He added, "Iraq's entry into the list of the Swift platform for external transfers has a positive impact on Iraq, which has led to market stability on the one hand and preventing smuggling on the other hand."

And that "this will reflect positively on the development of the Iraqi economy and the state of recovery expected as a result of the application of this system, which will limit cases of smuggling of the dollar currency to other countries." He continued, "The currencies were up to three countries whose trade depended directly on Iraq, and the application of this system will limit smuggling cases, and this will reflect positively on the stability of market prices in the future in Iraq."he said.

[Theseus]

Ah geez Louise, Iraq  is going SWIFT. Guess that quote from that Iranian dude was wrong. Ah shucks, golly gee willikers Batman! Should have had a V8! Or slept in a Holiday Inn Express the night before. 

[DinarDavo]

The transition to the "swift platform" has created a lot of confusion in Iraq since there is not an equivalent term in the Iraqi language. Many have opted to refer to it as the "soon platform" for simplicity's sake.    

Edited May 19, 2023 by DinarDavo