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 "Iraq is Getting Ready" - Fri. PM KTFA Thoughts/News 3/8/19 DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

"Iraq is Getting Ready" - Fri. PM KTFA Thoughts/News 3/8/19

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 "Iraq is Getting Ready" - Fri. PM KTFA Thoughts/News 3/8/19 Empty "Iraq is Getting Ready" - Fri. PM KTFA Thoughts/News 3/8/19

Post by Ssmith Sat Mar 09, 2019 10:13 am


Don961 » March 8th, 2019

Preparations for the organization of the «Iraq banking» in Baghdad

Wednesday 06 March 2019

Baghdad / Hussein Thagb

Preparations are underway to organize the Iraq Banking Forum at its fourth session in Baghdad on 26-27 March, under the auspices of the Central Bank of Iraq under the supervision of the International Economy and Business Group, which will address the topics that will promote the local financial sector and with the participation of elite Iraqi and Arab banking leaders , A group of experts and specialists, and officials of specialized technological companies.

Digital Banking Services

The meeting addresses several topics, the most important priorities of the Central Bank of Iraq and elements of the five-year plan 2016-2020, harmonization of monetary and financial policies, and the return of the Iraqi banking sector to the international arena, as well as digital banking services and trends of modern technology and Iraqi banks towards electronic banking services, The role of specialized technology companies and prospects for cooperation with the Iraqi banking sector ATM.POS and the evolution and expansion of payment point networks.

"Iraq is on the threshold of a period of radical political, security and economic changes that have been translated into completion of the liberation phase and the launching of reconstruction and construction workshops in parallel with the adoption by the government of a comprehensive economic plan and measures to develop the investment climate and enhance the role of the private sector to encourage," said Walid Abu Zaki.

To attract new investments towards vital sectors, and the consequent need for significant financial flows. "

Application of international standards

He pointed out that "the catalysts of the organization of such meetings stems from the fact that the Central Bank of Iraq attached special importance to the need to keep pace with the application of international standards, which enhances the confidence of international banking institutions in the sector and its relationship with correspondent banks, including compliance standards, as well as international financial standards, With IFRS 9, and the need to raise the efficiency of the human resources working in the sector and to refine their expertise through training and capacity building. "

Periodic platform for interaction

Between Abu Zaki that "amid these developments, comes the Iraq Banking Forum fourth session, organized by the Economic and Business Group in cooperation with the Central Bank of Iraq and the Association of Iraqi banks private on 26-27 March,link

Popeye7 » March 8th, 2019

This article is like WOW WOW WOW. I think we are so tired from the journey many walk by this article with a yawn... but they telling us we are on the THRESHOLD OF ECONOMIC CHANGE.... Seems this banking conference 3/26 is HUGE

Iobey777 » March 8th, 2019

YES!!! I agree, it certainly seems like HUGE news to me! Tells me Iraq is getting ready for a very important date and announcement!! IMO!

Doc.K » March 8th, 2019

Used Google translate. to see more of the story click on link

To be Announced on March 29th


Banks, the return of the "gold standard": gold in financial statements becomes money

What is happening on the world gold reserves? On the gold market there is a cold war climate: for the first time in 50 years, central banks bought over 640 tons of gold bars last year, almost twice as much as in 2017 and the highest level raised since 1971, when US President Richard Nixon (pictured) closed the era of the Gold Standard.

The interesting fact is that the European central banks, together with the Asian ones, have been the most aggressive in their purchases: fear of the euro crisis and of currency wars?

In reality, and this is especially true in Europe, behind the great maneuvers on gold reserves there is not only the traditional protective shield against major risks: there is also the call of opportunity. A reminder of which few still seem to know, despite the appointment is now a matter of a few weeks: those that are missing March 29, 2019.

The day of judgment for the Brexit will also be the advent for the gold market. risk reserves between derivatives and Gold lease 25 February 2019

Those mysteries on the gold of State

It is not clear whether by choice or by chance, the Bank of International Settlements of Basel, the «Central Bank of Banks» for its key role in the world financial system, has set an appointment with the story for March 29: resurrection of the Gold Standard in the banking world. For almost 60 years, the gold standard has regulated the convertibility between gold and dollar, engaging the market value: in 1971 it was the American president Richard Nixon, frightened by the bearish pressures that were likely to sink the dollar in the cold war, to cut the cordon with gold decreeing the end of the gold standard. Now something starts moving in the opposite direction.

Gold as cash

Il Sole 24 Ore has discovered that among the complex but well-known reforms of the standards for credit and finance from the "Basel 3" plan, there is an accounting alchemy able to turn gold into money in the balance sheets of large banking groups . From 29 March, by decision of the BIS, the gold in the portfolio of commercial and business banks becomes "Cash Equivalent", an asset equivalent to cash and therefore "risk free".

In fact, it is the first "reassuring of gold" since the time of the Bretton Woods agreement: technicians call it "Gold Remonetization", a process that is the reverse of the "demonetization" of gold decided by Nixon.


The gold of Caracas in London frozen by the US: Deutsche Bank in the saga

Same status as sovereign bonds

The operation of the BIS, as reconstructed by the Sole24Ore, carries the signature of the FED, the ECB, the Bundesbank, the Bank of England and the Bank of France, the G-5 of the great global monetary powers. In 2016, when the new rules of the banking system included in the "Basel 3" package were defined, the Central Bankers Committee inserted an epoch-making norm that no one, however, has ever openly discussed in public.

In practice, gold in "physical" bullion - hence not under the "synthetic" form as the certificates - returns to be considered by regulators as the equivalent of the dollar and the euro in terms of asset security, thus eliminating the obligation to weight the risk for the purpose of capital absorption, as with any other financial asset, excluding (for now) the government bonds of the euro area.

The turning point is not insignificant, for the gold market and for the very role of national gold reserves. The result is significant: with the new rules of Basel 3, gold is given the same status that is now recognized for sovereign bonds in banks' balance sheets.

A question therefore arises: is the promotion of gold the premise for applying a weighting of risk to the government securities held by banks? From the debt crisis, the regulators' objective was in fact twofold: to impose on the banking system to hold an adequate equity to cover the extent of the risks. In the crosshairs there are mainly government securities, which according to current rules can be held by banks without any impact on their assets.

The issue mainly concerns low-rating countries such as Italy, Spain, Portugal and Greece, which were seen to be special after the debt crisis in 2011.

The banks of these countries, both to increase profitability (carry trade) and to facilitate the issue of public debt in auctions, have the highest amount of government securities in the euro area. And this phenomenon is particularly felt in Italy, where the banking system has 400 billion BTp on the 2.4 trillion of public debt.

Hammy14 » March 8th, 2019

Wow, this one seems to have just a tad bit of importance to it. You might not want to walk by this one, IMO.

Alison: It seems the 26th and 27th of this month could turn out to be a significant time frame for improved banking practices in Iraq if that article is to be believed.

But I am scratching my head why no one in here has commented or posted anything about the fact that effective just a few days later on March 29th the Bank of International Settlements (BIS) will apparently implement SOMETHING VERY SIGNIFICANT for bank financial statements world wide!

Under the headline "New Rules of the BIS" there is a very interesting article found in the Finance and Markets section of the Italian publication Il Sole 24 Ore with the title "Banks, the return of the 'gold standard': gold in financial statements becomes money". That article points out that on March 29th, apparently, the BIS has designated that date to be the day for "resurrection of the Gold Standard in the banking world" !!!!!!!!!

I quote from that article:

"Il Sole 24 Ore has discovered that among the complex but well-known reforms of the standards for credit and finance from the "Basel 3" plan, there is an accounting alchemy able to turn gold into money in the balance sheets of large banking groups . From 29 March, by decision of the BIS, the gold in the portfolio of commercial and business banks becomes "Cash Equivalent", an asset equivalent to cash and therefore "risk free".

This appears to be the first time since Bretton Woods that gold has been oficially "remonetized". What this means for the timing of the reinstatement of the Iraqi dinar remains to be seen but... given the apparent amount of Iraq's gold reserves...

In Monday's CC at the end of the tape recording with Delta Frank referred to the California gold rush and then said "It may seem quiet in our investment right now but it's not. There is so much happening. And I'm grateful for it "There's gold in them thar hills."

Then there was this exchange between Frank and WS near the end of that call:

"Frank, the CBI says it has 96 tons of gold in its vaults. No they don't! Frank, they have many more times that 15, 30, 40 times the 96 tons of gold in the ground. And its not the oil that is important. The reason countries are pouring in is because we want them to sell the minerals. Frank, Iraq used to be really necessary for oil...

The IMF and the WTO want a relationship with Iraq because it will be profitable for them. And gold offers more respect for Iraq than oil."

Quoting Frank from Monday's call:

So Trump, how is our American dollar? Americans what is your knowledge about gold and silver and precious mineral rights? I think you are going to be learning a lot in the next few weeks. The value of the new small category notes is also in the ground.

Hubba hubba

link to the English translation of the above cited Il Sole 24 Ore article: Link

Don961 » March 8th, 2019

hence .. the reason for highlighting the date/dates of the conference .. you noticed Alison.. .. btw .. for what it's worth ... the article is from the semi-official news agency of the GOI ...

Samson » March 8th, 2019

Kuwait-Iraq Free Zone Plan

8th March, 2019

Kuwait is reportedly planning to build towns close to the Iraqi border, and talking with Iraqi authorities to develop a “free zone” between the two countries.

According to Kuna, First Deputy Prime Minister and Minister of Defence Sheikh Nasser Sabah Al Ahmad Al Sabah (pictured) said the plan was currently “the preoccupation and focal task” of the government and the Supreme Planning Council.

He added that Kuwait’s planned Madinat Al Harir (Silk City) is expected to attract between $400- and $650-billion in investment over 25 years. LINK

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