News — Dinar Recaps Blog Page — Dinar Recaps (2024)

He pointed out that "thecentral bank, with the aim of maintaining market stability, sells foreign currency to the market through the currency sale window and auction, to withdraw liquidity a second time and repeat it again so that there is a natural growth in theexported currency."

Mazhar Muhammad Salih noted that, “In this case,when the government wants liquidity in the Iraqi dinar, the cash issuance increases, that is,

instead of absorbing it from the market, anew issuanceoccurs, and

this is whatled to a jump intheexported currency, but

there is no problem with that because it is100% covered.”/End H

https://ninanews.com/Website/News/Details?key=1146399

Saleh: There Is No Problem With Liquidity At All, And What Happened In The American Markets Requires Caution

Read: 572 times {Economic: Al-Furat News}Thefinancial and economic advisor to the Prime Minister, Mazhar Muhammad Saleh,denied that there was a problem withcash liquidityin the Iraqi currency. Saleh said in a press statement,

“There is no problem withliquidityat all becauseit is covered byforeign currency,” indicating that

“themechanism for obtainingcash liquidityis thatoil sales are converted into US dollars, and

when the government needsdinars for internal exchange,oil sales are exchanged for dollars and go to a bank.” The monetary issue that is the central bank to give it currency.” He pointed out that

"thecentral bank, with the aim ofmaintaining market stability,

sells foreigncurrency to the market through the currency sale window and auction, to
withdraw liquidity a second timeand
thenrepeat it againso that there is a natural growth in the exported currency."

As for thesizeof themonetary supply, Saleh explained,

“There has been anincrease inliquiditywithin a year,as the issued currency has become more than 100 trillion dinars, after it was 80 trillion dinars,” stressing that

“these surgeshave no effect as long asthey are covered by foreign currency.”

The financial advisor to the Prime Minister believes that theworld's economic circles were surprised by sharp fluctuations and declines in theUS stock marketamid awave of panic over fears about a possible recession in the largest economy in the world, and that

"these declines were built on a combination of local and global economic factors that led to weak investor confidence in the performance of... The American economy, and

if the situation continues for six continuous months, the recession will turn into a major depression that will hit all the world’s economies.” Saleh pointed out,

“The US Energy Information Administration previously announced that it expects average prices to reach about $89 per barrel for the rest of 2024,

butthere is a gradual decline in global oil prices, which has begun to coincide with the decline in the value of financial assets in the American markets, especially the decline in oil.”

The signal is (Brent crude), which ranges at about $76 per barrel in futures contracts after it reached approximately $88 per barrel last June, which requires more caution and economic calculation.”
https://alforatnews.iq/news/صالح-لا-مشكلة-بالسيولة-اطلاقاً-وما-حدث-في-الأسواق-الامريكية-يستوجب-الحذر

Leaks About The Dismissal Of The Governor Of The Central Bank Of Iraq: The Hidden Reasons And Implications

Dismissal of the Governor of the Central Bank of Iraq: Financial disputes or a political conspiracy?

Al-Independent/ -Informed sources reported that the Governor of the Central Bank of Iraq,Ali Mohsen Al-Alaq, faces imminent dismissal in the coming days, not because he has reached the legal age as previously thought, but because ofhis opposition to financing projects and loans worth millions of dollars provided by the Sudanese government.

The scene became more ambiguous as Al-Alaq remained silent and refused to answer questions from the media.

According to a source who requested anonymity to Al-Mustaqila’s correspondent, Al-Alaq strongly opposed the financial arrangements that included financing huge projects and loans from the Sudanese government, and

this position appears to have been the main factor behind the moves to remove him from his position.

The sources have not yet revealed precise details about the type of these projects or loans, but the large amounts associated with them have sparked disagreements between Al-Alaq and the Iraqi government.

Thesame source indicated that the potential replacement for Ali Mohsen Al-Alaq’s position is already ready, and

he is a person who is expected to quickly take over the position once it is vacated.

It is expected that the replacement will follow policies in line with the current government's trends, which may explain the speed of the decision to dismiss.

In a related context, some media and political sources issued warnings to the Prime Minister regarding the influence of a group of personalities or parties on government decisions related to the financial sector.

The warnings indicated the need to be wary of these individuals and their potential impact on monetary and financial policy in Iraq.

The government of Muhammad Shiaa Al-Sudani is accused of corruption, even though Al-Sudani was a critic of the government of Mustafa Al-Kadhimi.

However, his rule witnessed an increase in corruption and its penetration into the joints of the state.

One of the controversial decisions during his reign was to reduce the exchange rate of the dollar against the dinar, which caused losses to the state budget exceeding 15 billion dollars. https://mustaqila.com/علي-محسن-العلاق/

For current and reliable Iraqi news please visit:https://www.bondladyscorner.com/

Good Afternoon Dinar Recaps,

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2) "[...] AND THIS ADMINISTRATION TRULY ISSERIOUS ABOUT HITTING THE RESET BUTTON ON THEIR WAR ON CRYPTO, THERE SHOULD BE NO APPEAL."

3) "WHAT WE NEED AS A COUNTRY IS TOHIT THE RESET BUTTON [...] AND CREATING CLEAR LAWS."

4) "THE COMBINATION OF OUR LITIGATION OUTCOME, THE COMBINATION OF THE ELECTIONSEASON WE´RE IN, WE CAN REALLY SEE A RESET BUTTON HERE"

@ Newshounds News™

Read more:

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Speaking of RESET

Here is the New US Debt Clock image from yesterday

AND NEW BOXES WERE ADDED TO THE DEBT CLOCK YESTERDAY

@ Newshounds News™

Source:US Debt Clock

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Source:

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Is U.S. Dollar Becoming an ‘Unhinged Paper Currency’? ‘It’s Worst It’s Ever Been!’ – Art Laffer

Kitco News: 8-9-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Dr. Arthur Laffer, Founder & Chairman of Laffer Associates and Former Economic Advisor to President Reagan and President Trump.

Laffer says the U.S. dollar is moving towards becoming an “unhinged paper currency.” He discusses de-dollarization, the implications of the weaponization of the U.S. dollar, and the competing global payment alternatives gaining traction, including Bitcoin and gold.

00:00 Coming Up

02:07 Introduction: U.S. Dollar

04:27 Global Economic Decline

07:23 U.S. Economic Indicators

15:18 Trade and Sanctions

19:24 De-dollarization and Global Monetary System

26:06 Economic Policies and Future Outlook

40:46 King Dollar and Global Prosperity

41:24 U.S. Economy

43:14 Sanctions vs. Military Strength

47:02 The BRICS and Alternative Currencies

52:53 Bitcoin as a Strategic Reserve Asset

01:10:14 Global Economic Prosperity

https://www.youtube.com/watch?v=GnvXRxejwVI

TNT:

Tishwash: Sudden escalation"... America threatens Iran with a "devastating strike" and reveals a message to it

America threatened Iran today, Thursday, August 8, 2024, with a "strike and devastating consequences" if it launched a major attack against Israel, in revenge for the assassination of former political bureau chief Ismail Haniyeh in Tehran at the end of last month.

The Wall Street Journal quoted an American official as saying, "We warned Iran that it could suffer a devastating blow if it launched a major attack on Israel."

"We sent a message to Iran that there is a risk of escalation if it launches a major retaliatory attack," the US official added.

He said, "Our message to Tehran did not include a threat to carry out an American strike against targets in Iran," stressing that "they warned Iran of consequences for its economy and the stability of its government if it launched a major attack."

For its part, the US State Department announced that "escalating the conflict could harm the Iranian economy," adding, "We continue to make clear to Iran that it should not escalate the conflict."

The US State Department stated that the US administration "does not communicate directly with Hezbollah, but we have partners in the region who are talking to the party."

The world, the countries of the region, and Israel are awaiting the Iranian military response to the assassination of the former head of the political bureau, Ismail Haniyeh, at his residence in Tehran on July 31, a day after the inauguration of the new Iranian president.

In the latest Iranian threats, Iran's acting Foreign Minister Ali Bagheri told France Presse today, "Our response to Haniyeh's assassination will be costly for Israel, but it will be in the interest of the region's security," stressing that "Israel is not in a position to wage war against Iran." link

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Tishwash: Parliamentary Committee: Consultative meetings to amend the Investment Law

A member of the Parliamentary Investment Committee confirmed, on Friday, that consultative meetings will be held to amend the investment law in the country.

Committee member Asaad Al-Bazouni told {Al-Furat News} agency that “the parliamentary investment committee is working on amending the investment law, especially with regard to industrial investment, and discussing its paragraphs through large advisory sessions, especially since Iraq is now heading towards the private investment sector, so there is a need for the law to be suitable for the Iraqi environment and for investors from other countries.”

Al-Bazouni pointed out that "work is underway on the law because it is of great importance in the field of investment, especially since Iraq needs investment because Iraq relies on oil and other simple resources," indicating that "by activating investment and the private sector, there will be other doors for Iraq's income. The budget now has a large deficit and the decline in oil prices is declining and putting us in a big problem, especially since the budget was calculated on the basis of $60 per barrel."

He added, "Reliance on oil resources causes us major problems, and we must rely on more than one resource. Iraq is capable in its industry, agriculture, investment, and lands, and we need to provide a safe and suitable environment for economists, foreign investors, and major international companies. "link

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Tishwash: Parliamentary Finance: Political and economic reasons prevent Iraq from opening foreign currency channels

The Parliamentary Finance Committee confirmed, today, Friday (August 9, 2024), that there are political and economic reasons preventing Iraq from opening channels for foreign currencies other than the dollar.

Committee member Jamal Kojer said in an interview with Baghdad Today, "Iraq's failure to open channels for foreign currencies other than the dollar is certainly due to political and economic reasons and internal and external factors."

Kocher explained that "opening a window for foreign currencies is done through the presence of tourism, various foreign investments, and foreign industry inside Iraq, and until now the security environment and the political environment are not conducive to providing such an atmosphere, and for this reason there is no window for foreign currencies, and therefore the matter is limited only to dealing in dollars."

It is noteworthy that the Central Bank of Iraq decided on July 4, 2024, to start selling dollars to travelers, exclusively through corporate and banking outlets at international airports.

Meanwhile, the Central Bank decided to grant category “AB” exchange companies the ability to record internal and external remittance activities via the FITR platform. link

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Tishwash: Revealing the ministries that constitute 80% of the value of salaries in Iraq

Today, Thursday, August 8, 2024, the head of the "Iraq the Future" Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed the ministries that constitute 80% of the value of salaries in Iraq.

Al-Obaidi said in a post on Facebook, followed by Sumaria News, that the ministries that constitute 80% of the value of salaries are: the Ministry of Interior 14 trillion dinars annually, the Ministry of Education 10 trillion dinars annually, the Ministry of Defense 8 trillion dinars annually, the Council of Ministers and all the bodies under it 6 trillion dinars annually, in addition to the Ministry of Health 5.6 trillion dinars annually, and higher education 2.6 trillion dinars annually, in addition to the Council of Representatives 500 billion dinars annually.

He added that most ministries witnessed annual growth in their salaries during 2024 and 2023, noting that some ministries, such as electricity, oil, industry and communications, have mostly self-financed directorates, so their salary schedules do not appear in the government's operating expenses. link

Zimbabwe Approves Roadmap to Replace US Dollar with Gold-Backed Currency

August 7, 2024

HARARE– Zimbabwe’s cabinet has approved a comprehensive plan to transition from the US dollar to the country’s gold-backed currency, the Zimbabwe Gold (ZiG), in economic transactions.

The roadmap for this shift will be detailed by Finance Minister Mthuli Ncube.

“On modalities to operationalize the ZiG currency as legal tender for use in the economy, a de-dollarization roadmap is now in place,” Information Minister Jenfan Muswere announced at a post-cabinet briefing in Harare on Tuesday.

He mentioned that the timeline for implementation would be presented by Minister Ncube but did not specify when this announcement would occur. The Treasury has not provided immediate comments on the matter.

For the past 15 years, Zimbabwe has heavily relied on the US dollar, which currently constitutes about 70% of all economic transactions, according to central bank data. When the gold-backed ZiG was launched in April, the dollar was used in 85% of transactions.

President Emmerson Mnangagwa has indicated that the ZiG might become the sole currency by 2026, ahead of the initial target year of 2030, a move that has garnered support from the banking sector.

In the interim, authorities are planning to increase penalties for those involved in “unjust price hikes, manipulation of the ZiG currency, smuggling, and all forms of unfair trade practices” to encourage the adoption of the ZiG, Muswere stated. The fines will be raised from a minimum of $200 to a maximum of $5,000 or the equivalent in ZiG.

Source: (Bloomberg)

https://www.thezimbabwemail.com/banking/zimbabwe-approves-roadmap-to-replace-us-dollar-with-gold-backed-currency/#google_vignette

Seeds of Wisdom RV and Economics Updates Friday Morning 8-9-24

CFTC announces $1M award for crypto whistleblower
The United States Commodity Futures Trading Commission (CFTC) announced that a whistleblower who assisted the financial regulator in an enforcement action “connected to digital asset markets” would receive a $1 million reward.

In an Aug. 8 notice, the CFTC said it had brought an enforcement action against a firm connected to the digital asset space based on “information about improper trading” provided by an unnamed whistleblower. The regulator did not suggest which crypto firm it was referring to.

“Identifying unlawful conduct in the digital asset marketplace is a major priority for the CFTC, especially as everyday Americans are increasingly victimized by digital asset scams,” said CFTC enforcement director Ian McGinley. “During the last fiscal year, digital asset cases accounted for almost 50% of the CFTC’s docket, and the majority of whistleblower tips that year were related to digital assets.”

@ Newshounds News™
Source: Coin Telegraph

FTX, Alameda Research Must Pay Customers $12.7 Billion In Fraud Suit

Collapsed crypto exchange FTX and its sister trading firm Alameda Research must pay $12.7 billion to resolve a suit from the Commodity Futures Trading Commission (CFTC), according to a court order on Thursday, marking the latest financial blow for convicted head Sam Bankman-Fried’s once thriving crypto empire.

THIS COULD BE THE CASE ASSOCIATED WITH THE $1M Whistleblower Payout!

@ Newshounds News™
Source: Forbes

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US lawmakers introduce legislation to expand Secret Service authority in battling crypto crimes

The bill aims to address the urgent need for robust measures against the complex landscape of digital asset crimes.

A new bill introduced in the Senate seeks to strengthen the US Secret Service’s authority to investigate crimes involving crypto.

The bipartisan effort, led by Senator Catherine Cortez Masto (D-NV) and Senator Chuck Grassley (R-IA), aims to combat transnational cybercriminal activities, including unlicensed money-transmitting businesses, structured transactions, and fraud against financial institutions.

The bill aims to address the urgent need for robust measures against the complex landscape of digital asset crimes. The lawmakers said the legislation will empower the Secret Service to act decisively against these threats, ensuring the safety and security of the financial system.

Expanding authority
The proposed legislation aims to expand the Secret Service’s investigative authority, granting it increased jurisdiction to address crimes involving digital assets, including fraud, money laundering, and illegal money-transmitting businesses.

This expansion will equip the agency with the necessary tools to tackle the evolving nature of cybercriminal activities. According to Grassley:

“Cybercriminals are becoming more innovative and elusive. By enhancing the Secret Service’s authority, we can better protect Americans from financial fraud and other cyber-related crimes.”

The bill encourages enhanced collaboration between the Secret Service and other federal agencies, such as the Department of Justice and the Financial Crimes Enforcement Network (FinCEN).

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The crypto custodian now joins 27 other digital asset companies, including Coinbase and Ripple XRP, which have already secured full MPI licenses to offer crypto services in the city state.

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One Trading, a crypto trading platform incubated by Bitpanda, has secured a license from the "Dutch Financial Markets Authority", becoming the only perpetual futures trading venue in the European Union.

That’s because of the Digital Operational Resilience Act (DORA), which passed last year but isn’t set to be enforced until January of 2025. A report Thursday (Aug. 8) by CNBC examines the implications of the law, particularly in the wake of last month’s CrowdStrike outage.

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Iraq Dinar Update - Iraq Dinar News - Central Bank - No Influence on US Dollar -

MilitiaMan and Crew: 8-9-2024

https://www.youtube.com/watch?v=tzIMV3xpUVg

Why Gold is Your BEST DEFENSE Right Now

Taylor Kenny: 8-8-2024

Fueled by runaway government debt and relentless money printing, Taylor Kenney further explores the continuing collapse of the U.S. dollar.

As a currency reset looms with central banks worldwide scrambling, gold takes center stage as the ultimate financial safeguard.

Taylor reveals why now is the moment to shield your assets to prepare for what's coming next.

CHAPTERS:

00:00 Currency Reset

02:22 National Debt Skyrocketing

04:44 Unsustainable Debt Burden

07:14 Weimer, Germany

08:07 Central Banks Gold Demand

https://www.youtube.com/watch?v=6MG7enS-WJQ

Why GOLD; Dollar Death & New BRICS Gold Currency, Q&A | Andy Schectman

Soar Financially: 8-8-2024

Andy Schectman of Miles Franklin joins us at the Rule Symposium to discuss the decay of the US Dollar, the new BRICS currency "The Unit" which will be GOLD BACKED and answers audience questions.

We dive deep into the dealings of China in the silver market and other shenanigans by the big banks, including JP Morgan.

Chapters & Timestamps (AI generated):

00:00 Introduction

00:09 Erosion of the Dollar and Government Spending

00:25 New BRICs Settlement Currency

00:38 Special Coverage from the World Symposium

01:00 Introduction of Guests

01:14 Audience Questions

01:30 Precious Metals IRA and Exit Strategy

02:00 Benefits of Precious Metals IRA

02:37 Definition of IRA and Its Benefits

03:15 Undervaluation of Assets and Future Strategies

03:55 Market Trends and Precious Metals Allocation

04:36 Future of Precious Metals Market

05:00 Storage Business Potential

05:12 Importance of Storage and Brokerage Business

06:00 Future of Precious Metals Market Continued

06:50 Macro Questions: Gold and Silver Revaluation

08:00 Historical Perspective on Gold and Silver

09:00 Real Value of Gold and Silver

11:00 China and Bullion Banks

12:50 Importance of Gold to China

15:00 BRICs Currency and Project Enbridge

16:20 Project Enbridge and Central Bank Digital Currencies

17:50 Impact of New BRICs Currency on USD

19:00 Implications of New Settlement Currency

20:50 Transparency in Gold Holdings

22:00 Gold Revaluation Account

23:50 Repatriation of Gold by Countries

25:00 Project Enbridge and Cross-Border Payments

26:20 Impact on US Dollar

27:30 Presentation Highlights at Rule Symposium

29:00 Actions and Ramifications of US Policies

31:00 Resetting the System and Modern Monetary Theory

32:00 JP Morgan and Silver Price Target

33:50 JP Morgan's Role in Precious Metals Market

36:30 Interview with Chairman of Silver Institute

37:20 Closing Remarks and Call to Action

https://www.youtube.com/watch?v=aJOWsyd8WY8

Good evening Dinar Recaps,

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TNT:

Tishwash: Iraq raises its gold holdings to more than 148 tons

The World Gold Council announced today, Thursday, that Iraq has increased its gold holdings to more than 148 tons.

According to the latest report published by the Council in August 2024, which was reviewed by Al-Eqtisad News, Iraq advanced one rank to reach 29th place globally out of 100 countries included in the table, after it was ranked 30th.

The report indicated that Iraq ranks third in the Arab world after Saudi Arabia and Lebanon.

The report indicated that Iraq increased its gold holdings to 148.3 tons, after it was 145.7 tons, which represents 10.02% of its total other reserves.

The Council also indicated that the United States tops the list of countries with the largest gold reserves in the world, with 8,133.5 tons, followed by Germany with 3,351.5 tons, then Italy with 2,814 tons, while Suriname came at the bottom of the list with 1.2 tons.

The World Gold Council, headquartered in the United Kingdom, has extensive experience in analyzing market changes and includes the world's largest gold mining companies as members. link

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Tishwash: Al-Qurayshi: Political and economic interests are behind the American forces remaining in Iraq

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Tishwash: Saleh: There is no problem with liquidity at all, and what happened in the American markets requires caution.

The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, denied the existence of a problem with the cash liquidity in the Iraqi currency.

Saleh said in a press statement, "There is no problem with liquidity at all because it is covered by foreign currency," indicating that "the mechanism for obtaining cash liquidity is that oil sales are converted into US dollars, and when the government needs the dinar for internal exchange, it exchanges oil sales for dollars and goes to the cash issuing bank, which is the central bank, to give it the currency."

He pointed out that "the Central Bank, in order to maintain market stability, sells foreign currency to the market through a currency sale window and auction, to withdraw liquidity again and then repeat it again to achieve natural growth in the issued currency."

Regarding the size of the monetary mass, Saleh explained that “there was an increase in liquidity during the year, as the issued currency became around 100 trillion dinars, after it was 80 trillion dinars,” stressing that “these booms do not have an impact as long as they are covered by foreign currency.”

The Prime Minister's financial advisor believes that economic circles around the world were surprised by the sharp fluctuations and declines in the US stock market amid a wave of panic over fears of a possible recession in the world's largest economy, and that "these declines were based on a combination of local and global economic factors that led to a weakening of investor confidence in the performance of the US economy. If the situation continues for six consecutive months, the recession will turn into a major depression that will hit all economies around the world."

Saleh pointed out that “the US Energy Information Administration had previously announced that it expected average prices to reach about $89 per barrel for the rest of 2024, but there is a gradual decline in global oil prices, which has begun to coincide with the decline in the value of financial assets in the US markets, especially the decline in the benchmark oil (Brent crude), which ranges around $76 per barrel for futures contracts after reaching nearly $88 per barrel last June, which requires more caution and economic precaution.” link

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Tishwash: Al-Alaq: The financial situation in Iraq is going according to plan

The Governor of the Central Bank, Ali Al-Alaq, confirmed the stability of the financial situation in Iraq, and revealed new mechanisms to facilitate foreign trade, including a new mechanism for small traders’ transfers. He also pointed to the importance of the upcoming meeting in New York to resolve the problem of sanctioned banks, stressing the existence of a government move to strengthen the banking sector.

Financial situation in Iraq

Al-Alaq confirmed in an interview with the Iraqi News Agency (INA) that "the financial situation in Iraq is still proceeding according to what is planned in the state's general budget, despite external and local challenges." He explained that "there is high coordination between the Central Bank, the Prime Minister and the Ministry of Finance to ensure the stability and sustainability of the financial aspect."

He added: "We are working closely with the Ministry of Finance to implement the financial plan drawn up in the general budget, which ensures that the objectives, programs and needs are covered." He also pointed out that "the rotation of allocations for governorates and ministries is happening for the first time, which contributes to providing the necessary balances for their role."

Foreign trade

Al-Alaq stated that “the Central Bank is making a major shift in organizing foreign trade to achieve transparency in foreign transfer operations, starting from the transfer and reaching the final beneficiary.” He explained that “this process includes international auditing institutions to ensure that the information is in line with local and international standards.”

Al-Alaq pointed out that "the audit process used to be conducted later, but now the process does not proceed unless all conditions and documents are met." He stressed that "large and medium-sized importing companies have adopted this new system, which contributes to securing their imports with high fluidity."

Other international currencies

Al-Alaq said: “The Central Bank has opened channels for Chinese, Turkish, Indian and Emirati currencies, which represent a significant weight in foreign trade.” He added that “the suspension of these operations for a period was aimed at providing sufficient oversight of these operations, and that a new audit mechanism has been put in place by an international company.”

He explained that "commercial foreign transfer operations are now subject to review by the competent international company, to ensure the safety of the operations."

The difference between the market and the official price

Al-Alaq confirmed that "the Central Bank sells more than $250 million daily at the official price to cover foreign trade, which explains the absence of inflation or price increases." He explained that "the parallel market consists of illegal trade or trade escaping from the fundamental procedures."

Al-Alaq pointed out that "the view of the dollar price should focus on the Central Bank's sales at the official price to settle various needs."

low inflation

"The central bank's main goal is to maintain the general price level and limit inflation," Al-Alaq said. "Monetary policy has succeeded in controlling this aspect, as the level of inflation in Iraq is much lower compared to other countries," he added.

Cooperation with the US Treasury

Al-Alaq praised the cooperation with international organizations such as the International Monetary Fund, the Federal Reserve and the US Treasury, explaining that "there is great praise for the transformations, management and organization of the external transfer process in the Central Bank of Iraq."

Al-Alaq pointed out that "the Central Bank is working to create a direct relationship between the Iraqi bank and the correspondent without going through the Federal Bank, with the aim of facilitating transfer operations."

Upcoming meeting in New York

Al-Alaq announced that "meetings will be held with the Federal Reserve and the US Treasury Department at the end of August to review all aspects related to external transfer operations and discuss sanctions on some banks."

Lifting restrictions on banks

Al-Alaq stressed that "lifting restrictions on some banks is of interest to the Central Bank," noting that "the banking reform plan includes auditing previous operations and contracting with an international consulting firm to develop a future strategy for the banking sector."

Housing Initiative

Al-Alaq revealed "a government move to increase capital to support the housing sector through the Real Estate Bank and the Housing Fund." He added that "the Central Bank plays an exceptional role in bridging the housing financing deficit."

Al-Alaq explained that "the government will increase the capital of the Real Estate Bank and the Housing Fund to support the housing sector," stressing that "the Real Estate Bank will work to meet all requests to purchase housing units." link