DELTA: US agency: Baghdad Tehran to negotiate the purchase of natural gas in Iraqi dinars https://www.sotaliraq.com/2019/04/24/
MilitiaMan: It looks like the work in progress is heating up since late last year. Now that Iraq and Iran must make a deal in dinar to circumvent sanctions (possibly have made one), something they both need, imo. Iran needs trade for local liquidity sake at home, just as the Iraqi's need electricity for a different sort of liquidity, as in A/C units.. lol
The citizens, may not want to bare another summer like the last, especially with no purchase power. Look who is talking about MOUs still in regard to alleviating pressure from the lack of adequate services. Not only is Saudi Arabia, but, similarly so too, is Jordan.
All aside from what Iraq can produce on her own. They clearly have on the books noted that they are aware they need to stop flaring gas and start storing for to be self sufficient.
I may be wrong on this but, the spread on present IQD and Riyal is about 35 times +-. IQD @ 1,190 to 1 USD and the Rial being about 41,666 to 1 USD at present. They will need to make a deal.
I'll bet Mr. T knows that full well and is and has been all over it behind the scenes anyway, for some time. I suspect the pressure in Iran is red hot to get a proper deal done with the neighbor and in a currency that has value or at least adjust as to not take a hit in trade value between Iraq, and so an appropriate deal can be utilized to alleviate disparity in exchange rates and to avoid sanctions by the rules in place per the USA.
They'll need to get guarantees that money can move through appropriate and transparent measures in an Iraq Bank inside of Iraq. Therefore, that money can be managed accordingly by those who over see the audits, accounting, etc., and can make any assurances to those that need to know the facts.
With the potential of a lets say for instance the IQD has an initial rise up to say just 1IQD to 1USD. Then that just blows up Iran's spread and makes their currency vastly inferior in value by far more between the Rial and the IQD, just as the Rial is to the USD today.
So, lets not forget that Iran has stated they are toying with dropping four zeros. That may just do the trick for trade to stay effectively the same. Effectively nothing changes in value between Iraq and Iran if that happens, if I have that right, imo. Iraq, RIs and Iran is forced to lop.. all imo..
We shall see if Iran makes a proper deal to sweeten the pot or not for her citizens.
My take is regardless, it is getting very hot.. lol ~ MM IMO
Samson: International Smart Card Company contributes to financial inclusion
24th April, 2019
Over the past four years, the Central Bank of Iraq has been able to achieve a technical revolution in the field of payment systems and modern banking technologies and electronic payment, which led to the transfer of banking products to advanced services to serve customers and compete the offer of Arab and foreign banks of the services of its customers.
What is important here is that e-payment companies, owned by private shareholders, have supported the direction and implementation of the Central Bank's strategy for the years (2016-2020) in the development of payment systems and electronic payment techniques, reflecting the high financial coverage ratio according to the latest World Bank report from 11% to 22%.
Which is to be confirmed here is the role played by the International Company for smart card (K), which is the first company that introduced electronic payment technologies to Iraq in 2007 in partnership with Rafidain Bank and Rashid using the card (smart card) to pay the salaries of retired civilian and military beneficiaries of welfare salaries Which is the first national mixed company run by the Iraqi private sector and the state banking sector.
This product has been able over the past years to provide rapid service and without risk to the ways to 7 million subscribers by thousands of ports and that the most prominent features of the product can be filled card in all branches of the Rafidain Bank and by the ports spread along the geographical area of Iraq and can be reissued in case of loss Theft or fraud without any risk to the customer or money in the card due to biometric technology.
The company has also issued a MasterCard card, a global bank card which provides the opportunity to deposit money or spend it electronically or by ATM. Duck bank account, making the company cross the borders of Iraq through its partnerships with global payment systems, making a national product in order to compete on a global level to take pride in what is "Made in Iraq".
So we have said that KI is the leader in the national private sector in providing electronic payment services. LINK
MilitiaMan: Financial Inclusion and Financial Coverage are both addressed here.
They have as we know gone hand and hand and not only with respect to the State, but with the help of the private sector. They are telling the citizens most important, but, they are also telling us now how far they have come and how safe and secure it is to bring in your money and get cards.
They can facilitate all your needs and concerns through the Smart Cards. They are telling them with a card you can not only deposit but, spend.. lol Who doesn't like spending? ha..
So, clearly this is now well within supporting that Financial inclusion is becoming and more likely is a success and rolling out now as we speak to a level they see fit for MR to date.
Lets see if it has a finality this week in respect to how the process is unfolding and at what level they feel is enough Financial Inclusion for the state as a whole.
With IDB and ITB having similar and more reaching rolls starting into the region and the world economy at large, it sure looks promising that re construction can and will get a foothold like no one may deny any longer. imo ~ MM
Don961: Iraq is a member of the Board of Directors of the Union of Arab Banks
Tuesday, April 23, 2019 Baghdad / Al-Sabah
Iraq joined the Board of Directors of the Union of Arab Banks, and thus will be an important voice alongside the banks of the Arab banking system.
Media spokesman at the Central Bank of Iraq d. Bassem Abdul Hadi counting the step of selecting a representative of the private sector in the Board of Directors of the Union of Arab banks on the task, and this choice is in line with the Iraqi Constitution, which placed the functions of managing the national economy of the private sector.
A new addition
He said: "The presence of Iraq in this edifice added new and important, and strengthen confidence in the private banking sector, which is expanding outside the country and has branches in several countries, and here we congratulate the Iraqi private sector to prove its presence and representation of the country outside the country.
The statement of the Association of Iraqi private banks received "morning" a copy of it, "Iraq's accession to the Board of Directors of the Union of Arab banks, comes to achieve integration between Iraq and its regional environment."
The Executive Director of the Association of Banks Ali Tariq that "the first time that will represent Iraq in the Union representative of its private banking sector, the Chairman of the Board of Directors of the International Development Bank, Ziad Khalaf Abdul, to be a voice for all banks in Iraq," noting that "an important step for the opening of Iraq On Arab banks and partnerships to develop the infrastructure of the Iraqi banking sector. "
Established in 1973, the Union of Arab Banks is headquartered in Lebanon and operates under the umbrella of the League of Arab States. It aims to develop the Arab banking sector through partnerships between Arab banks.
Tariq said that "the banking system in Iraq in front of an important stage is to prove the presence in light of competition with international banks that intend to enter Iraq, especially that the international effort to enter the Iraqi market and work in all joints, which requires a national banking device able to deal with the numbers And in this connection with the Arab banking system will witness the coming period and the escalation of work on the development of its banking reality. "
In turn, the engineer Ziad Khalaf that "the banking system in Iraq needs to achieve integration with the regional and international environment, especially that the reality of banks globally depends on advanced technology contributed to the creation of products and harmony needs of customers and individuals and companies, and the next task will expand cooperation with Arab banks in the way that serves National economy"..
He pointed out that "Iraqi banks are the oldest in the region, and we have human resources capable of mastering the advanced technology witnessed by the world and this facilitates much of the developmental tasks of the Iraqi banking system." link
MilitiaMan: As we can see the Arab Union of Arab Banks has clout and it comes at a time of Financial Inclusion (FI) and it's implementation.
I find it interesting that when we saw the article about Financial Inclusion day to be on 04/25/2019 then they told us they would have FI through the 04/30/2019.
Prior to this week we witnessed another mile stone for the Iraq Trade Bank (ITB) opening in Saudi Arabia according to an article for mid May, 2019. ~ MM
Effectively the Iraq Trade Bank may have just passed the baton so to speak to the Chairman of the board of the International Development Bank. The key word that strikes me in the article is "wins". The International Development Bank (IDP) "wins" the membership of the board of directors of the Union of Arab Banks.
Well like the ITB the IDP is a commercial bank that is in this case having for the first time a voice for the Iraqi Banking sector, not unlike the ITB being a representative bank of 430 banks in the region. Not that the ITB will not be, it comes at a time they told us when FI day arrives they would issue an award for the best bank. Well today, this one says the IDB wins the membership of the Board of Directors of the Union of Arab Banks (UAB).
Sounds to me like they just told us early who was the best bank in the region for to be a voice for many many banks in the whole of the Arab Region.
We know from above the AUB are connected to the Arab League. Then look who is in Iraq today as well. The GCC is there. If this doesn't start telling us they are on fire, I am not sure what will.
So, if the Chairman winning a spot on the Board of Directors for the AUB and it is not for a Financial Inclusion award for being the best, then why being a winner of that massive feat be over shadowed by even the Children being part of the program?
Notice below they imo let the cat out of the bag. They appear to be doing things earlier than expected.. Imo.. ~ MM
Samson: The arrival of the Gulf Cooperation Council delegation headed by the Secretary General of the Council to Baghdad
Baghdad, on Tuesday, the delegation of the Gulf Cooperation Council led by Abdul Latif Zayani, the President of the Council."The delegation will discuss the development and strengthening of fraternal, economic and political relations between Iraq and the Gulf Cooperation Council (GCC) countries," the sources said. LINK
Samson: The Association of Iraqi Private Banks establishes an effective definition of the concept of financial inclusion
23rd April, 2019
On Tuesday, the Association of Iraqi Private Banks held an activity to introduce the concept of financial inclusion in the Creative Development School, with the participation of the Iraqi Trade Bank "TBI" and the Iraqi Investment Bank
The event included providing gifts and games by participating banks, and introducing students to the importance of banking transactions and the services they provide to citizens
Participating banks highlighted the importance of the banking sector in achieving economic
"International Development Bank for Investment and Finance Iraq" LINK
MilitiaMan: "Financial inclusion is going to be for atta boys for the best bank that gets the most deposits. and products sold , etc.. They said they will be given awards.. Again, my view is the new products will have had to be show cased prior to the end.. That is by 04/30/2019.. I believe it is still more likely to be before they finish the 25th.. ~MM"
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