“News and Views” From KTFA Members 1-3-2024
KTFA:
Clare: Mr. Al-Hakim: We will not allow anyone who wants to bring back the days of conflict, and Iraq today is stronger with its forces and its mobilization.
1/3/2025
The head of the National State Forces Alliance, Mr. Ammar Al Hakim, confirmed his rejection of attempts to return Iraq to “disagreement and conflict.”
In his speech at the mass gathering in Najaf on the anniversary of the martyrdom of the Martyr of the Mihrab, Grand Ayatollah Sayyid Muhammad Baqir al-Hakim {may his secret be sanctified}, Mr. Al-Hakim said: “There will be no compromise on the security and stability of our country, and we will not allow anyone who wants to return the scene to the days of disagreement and conflict and to play on the feelings and unity of the Iraqis.
Iraq today is stronger with its men, government, leaders, army, federal police, crowd, Peshmerga, and all branches of our armed forces, which are rising with the arms of its zealous sons.” LINK
Clare: In support of Mr. Al-Hakim’s proposal.. Advisor to Al-Sudani: Iraq strengthens its sustainable economic partnerships
1/3/2025
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, announced that the current Iraqi government seeks to strengthen sustainable economic partnerships with major countries.
Saleh told {Euphrates News}: "Iraq has left behind the legacy of isolation and regional and international conflicts since 2003, and our country is currently experiencing a very high level of stability with the international economic community and building economic relations that achieve common interests, led by openness to an international strategic investment environment based on the path of development, which is led by central infrastructure in improving transportation, energy and port networks."
He added, "In addition to establishing free industrial and economic zones to attract real foreign direct investment with high added value."
Saleh continued, "Also, continuing the strength of traditional trade tributaries, especially in crude oil trade and traditional trade, will remain important factors in building our country's interests with the world, by dealing with Iraq's international partners, led by major friendly countries, namely India, Turkey, China, Korea, the United States, Japan, and sister and friendly countries such as the Emirates, Saudi Arabia, Iran and the rest of the neighboring countries."
The head of the National State Forces Alliance, Mr. Ammar al-Hakim, stressed during his speech at the mass gathering in Najaf on the anniversary of the martyrdom of the Martyr of the Mihrab, Grand Ayatollah Sayyid Muhammad Baqir al-Hakim {may his secret be sanctified} that combating corruption, establishing security, and building a balanced economy are our gateway to building a strong state, while calling for striving through Iraq to establish long-term economic ties and common interests that our peoples and the peoples of our Arab and Islamic region enjoy.
Mr. Ammar al-Hakim also stressed the importance of focusing on reconstruction projects, economic development, and increasing investments in the country. Raghad LINK
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Clare: Iraqi Central Bank Streamlines International Transfers
2nd January 2025 By John Lee.
The Central Bank of Iraq (CBI) has announced the successful transition of external transfers from an electronic platform to direct operations by Iraqi banks through their international correspondent banks.
According to a CBI statement, this milestone, fully achieved at the end of December, aligns with global best practices, promoting a stable and secure financial system.
Key highlights include:
Modernisation Journey: Transfers evolved from a currency sale window to an electronic platform and now to correspondent banking systems.
Diverse Currency Support: Iraqi banks can now enhance balances with correspondent banks using various currencies, including USD, INR, CNY, EUR, AED, SAR, and JOD.
Global Integration: The system improves efficiency and aligns Iraq's financial operations with international standards, boosting regional and global financial relationships.
Investment and Trust: This achievement strengthens Iraq's appeal for investment and enhances international financial confidence.
The CBI attributed this progress to extensive technical planning, governmental support, and the contributions of its staff, Iraqi banking institutions, and international partners.
The bank reaffirmed its commitment to fostering good governance, compliance, and anti-money laundering measures, further solidifying Iraq's financial system.
(Source: CBI) LINK
Clare: Government Advisor: Monetary Stabilization Mechanism Will Maintain Financial Stability in the Country
1/3/2025 Baghdad - WAA - Amina Al-Salami,
the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that the Central Bank has adopted the monetary reinforcement mechanism to feed the national banks' requests for foreign currency, indicating that the monetary reinforcement mechanism will maintain financial stability in the country.
Saleh told the Iraqi News Agency (INA) that "the function of the Central Bank will continue to move in two directions: the first is to meet the needs of national banks for foreign currency with their correspondents, which confirms that the new monetary reinforcement mechanism will work to provide monetary stability on the part of the monetary authority in the two issues of continuing the monetary sterilization policy that is concerned with controlling the levels of local liquidity by exchanging foreign currency for the dinar"
Noting that "the new monetary reinforcement mechanism will maintain a fixed exchange rate of 1,320 dinars for every dollar, which will enable the Central Bank to achieve stability in the external value of the Iraqi dinar by controlling the growth in the money supply within the operational objectives of monetary policy through what is called the monetary transmission mechanism to achieve intermediate or real long-term goals in achieving stability in the general price level or reducing growth in inflation rates, and this comes in conjunction with the stability of the exchange rate and the growth of the money supply to achieve stability in the general price level."
Saleh added that "the second trend is to provide foreign currency to correspondents of national banks in order to facilitate the stability of the real supply of basic goods and services flowing into the domestic market with high fluidity, and to make compliance control of foreign currency transactions on two levels: national through the Anti-Money Laundering and Terrorist Funds Office, and external through the role of correspondent banks that undertake the task of auditing compliance issues." LINK
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David: the new monetary reinforcement mechanism will maintain a fixed exchange rate of 1,320 dinars for every dollar. I’m not sure that’s the news we wanted to hear.
BLKFish: How's that possible with them issuing lower notes?
BMS32: IMO They may be saying the 1320 rate sort of how Kuwait said they weren't going to do anything any time soon with their currency and then ended up changing their rate. I have been seeking the bad news that would be similar to Kuwait and this seems pretty similar to that! Bring on the bad news! Remember, IMO, Sudani said they would have the strongest currency (or something along those lines) - 1320 is weak sauce..
Clare: SALEH IS TALKING ABOUT THE RATE RIGHT NOW AND HE IS NOT THE ONE THAT WILL ANNOUNCE THE NEW RATE. IMO