Saturday, December 16, 2023
"RV UPDATE" BY SAMSON, GOLDILOCKS & JEFF, 17 DEC
Samson
Article: "The delegation of the Central Bank of Iraq ends its meetings with the delegation of the US Federal Reserve and the US Treasury in Dubai" Quote: "December 14, 2023 Representatives of the US Federal Reserve Bank and the US Treasury appreciated the efforts made by the Central Bank of Iraq"
Goldilocks
Iraq has completed all of their banking competencies required by the CBI in Iraq to meet International Banking Standards. And tomorrow, they are expected to finish their banking reforms with their managers per a recent article.
Jeff
You'll be able to go to 53rd Bank on the east coast [to exchange your dinar]. I've already consulted with them. You'll be able to exchange your foreign currency there and they won't charge you any fees to exchange your foreign currency..
The Iraqi currency exported…to where?, 17 DEC
The Iraqi currency exported…to where?, 17 DEC
Introduction: Shawan Zangana
The Iraqi currency issued is the banknotes issued by the Central Bank for circulation (i.e. printed), with the exception of cash in the vaults of the Central Bank, and is usually found in the vaults of local banks, and in the possession of citizens.
The size of this monetary mass depends on the economic situation in Iraq, from Where the growth of the gross domestic product, the speed of monetary circulation, and the level of prices therein, however, the monetary data of the Central Bank of Iraq confirm that the increase in the volume of the monetary mass exported does not fall under the influence of the usual economic factors, which were mentioned above, but rather is controlled by the political mood and random trends. The monetary policy pursued by the Central Bank and the Ministry of Finance, despite the Central Bank’s claim that the quantities of Iraqi currency are printed according to the needs of the Iraqi economy and within strict standards.
If we took a look at the volume of cash issued in previous years until this year, and according to the data of the Central Bank of Iraq, we would find a steady, unnatural increase in the volume of printing of the Iraqi dinar, which is not at all commensurate with the need and growth of the Iraqi economy, especially in the last five years, which was recorded in the last three years. The last of which is the pinnacle of printing.
Monetary data:
Data on the issuance and printing of the Iraqi dinar, by year, showed the following:
January 2004: 6 trillion and 189 billion dinars
As of 2/2013 AD: 36 trillion and 845 billion dinars
K2/2014 AD: 40 trillion and 786 billion dinars
K2/2019 AD: 44 trillion and 374 billion dinars
K2/2020 AD: 51 trillion and 964 billion dinars
K2/2021 AD: 68 trillion and 948 billion dinars
K2/2022 AD: 78 trillion and 206 billion dinars
K2/2023 AD: 93 trillion and 511 billion dinars
November 2023 AD: 102 trillion and 601 billion dinars
The Iraqi dinar in Iraqi banks in October 2023: 9 trillion 37 billion dinars
Source: Central Bank of Iraq website/statistical website/monetary sector, www.cbi.iq
Notes:
1- About 40 trillion dinars were issued during a period of 10 years, from 2/2004 AD, until 2/2014 AD, which is the period after the occupation, when a new Iraqi currency was printed, and this printing came to meet the market’s need, in accordance with the economic controls and mechanisms followed. about this.
2- The size of the issuance amounted to about 44 trillion dinars in February 2019, that is, a difference of 4 trillion Iraqi dinars over the period between February 2014 and February 2019, which took 5 years, with a growth rate of about 10%, and this issuance volume is the size of Printing minus the amount of destruction, and this limited increase in edition is consistent with the economic reality that Iraq has experienced due to the ISIS crisis.
3- From the beginning of 2019 AD until the beginning of 2020 AD, which is the period between Iraq’s emergence from the ISIS crisis and its entry into the Corona pandemic (Covid-19), which is the period of economic recession in Iraq, the volume of dinar issuance increased from about 44 trillion, to about 52 trillion dinars, with a difference About 7.5 trillion dinars, and the reason for resorting to this size of issuance may be the growing hoarding tendencies among citizens, due to the Corona virus, and the high rates of smuggling abroad, which led to a reduction in the monetary supply in the markets, and the increasing government demand for the dinar for the purpose of public spending.
4- The year 2020 AD is considered the year of the pandemic and economic recession, as the government imposed the economic closure, and the price of Iraqi oil fell below 20 dollars, so the government was forced at the end of it (December) to take the decision to deflate the dinar from 1,190 dinars to the dollar, to 1,460 dinars, and it appears This measure was not sufficient to cover the general budget deficit, so the government printed large quantities of dinars, until the volume of issuance reached 69 trillion dinars at the beginning of 2021 AD, and this means printing about 17 trillion dinars during the year 2020 AD.
5- The three years, from 2021 AD until the end of 2023 AD, were characterized by excessive issuance and printing of the local currency, as the volume of issuance increased from about 69 trillion dinars in January 2021 AD, to about 102 trillion dinars in November 2023 AD, an increase of about 33.5 trillion AD. These are the years that followed the decision to deflate the Iraqi dinar, and coincided with the imposition of the electronic platform on the Central Bank of Iraq, by the Financial Crimes Office of the US Department of the Treasury, which restricted the transfer of dollars that were smuggled to neighboring countries, led by Iran, through bank transfers. The Central Bank of Foreign Affairs, which led to smuggling operations being directed to local markets, causing a major and chronic imbalance in the dollar exchange rate in Iraq, from which Iraq is still suffering.
6- The printing of the dinar, in this huge quantity, in the last three years, in light of the aforementioned circumstances, came to meet the market need, and to compensate for the shortage in the local currency, which was under pressure, due to the decision to deflate on the one hand, and smuggling operations on the other hand, so it added a reason. Another is due to the high rates of inflation in Iraq, and this printing did not come due to the rapid circulation and circulation of the currency, to meet the needs of development and production, and this is an economic dilemma in itself.
7- The size of the monetary mass exported in October 2/2023 is about 102 trillion dinars, and the volume of what banks have of it is about 9 trillion in October 1/2023.. This means that there are about 93 trillion dinars in the possession of citizens, and in the markets, and it has appeared Reports and news, recently, indicate the loss of trillions of Iraqi dinars from Iraqi markets, and their smuggling to neighboring countries, but the Central Bank of Iraq denied that news, and claimed that the printing of the Iraqi currency comes according to the needs of the Iraqi economy and within strict standards, which is inconsistent with The reality of the situation… there is an actual shortage in the Iraqi monetary mass in the local markets, and the Central Bank also has, as evidenced by its delay in sending the Kurdistan region’s dues due to the shortage in the availability of its local monetary mass, and the printing of cash does not come in accordance with the needs of the Iraqi economy, as the Central Bank claims, as The economy did not witness growth in the gross domestic product in parallel with the high levels of currency printing, and the local markets did not witness tangible economic activity in conjunction with this steady increase in the printing of the dinar. Rather, the opposite is the case with the markets, as they suffer from a lack of cash and a lack of its circulation. Accordingly, the central bank does not He prints the dinar for local economic needs, but rather to compensate for the deficit resulting from smuggling operations, which he is, essentially, the main reason for their implementation and sustainability, without taking real deterrent measures to eradicate them.
8- The reasons for the lack of local monetary supply in Iraqi markets are many. Smuggling to neighboring countries, especially Iran, comes at the top of those reasons, and in conjunction with the smuggling of the dollar, in order to complete the smuggling cycle, without the need to exchange them for goods and benefits from outside the country. Inflation and deflation of the local currency also push the citizen to search for a safe haven for his dinar savings, in order to protect them and reap profits, so he buys the dollar, or gold and hoards it, or invests in stock exchanges, cryptocurrencies, and others, which was not the economic habit of Iraqis previously. Because of the stability of the local currency’s exchange rate at the time, perhaps the most dangerous thing in this area is that the citizen enters the spiral of “expectation inflation.” Whenever the citizen feels that his local currency will lose its purchasing power over time, he will experience future expectations of the dinar’s contraction, so he resorts to hedging. And constantly getting rid of its local monetary mass, this will cause a chronic contraction of the dinar and a chronic and continuous rise in inflation, and the prices of goods and utilities. This is the most severe dilemma in the world’s economies: that inflation is chronic and structural, as it will push the economy into chronic inflationary stagnation, which is difficult to address in the long term. Perspective.
Conclusion
The printing of the local currency (the Iraqi dinar) began since the restructuring of the Central Bank after the occupation, and it was carried out according to the needs of the Iraqi economy in its early days. However, printing has increased rapidly and steadily in the last five years, not to meet the needs of the economy, but rather to provide a mass of cash prepared for smuggling, and in plain sight. The government’s reputation and financial management.
The dinar was subjected to deflation due to the smuggling of the dinar and the dollar. This burdened the Iraqi economy and exposed it to chronic inflation. It created in the citizen an estranged expectation of his local currency, and he began seeking to get rid of it by investing it in safe havens, thus changing his character that he had previously become accustomed to when he hoarded the dinar. He saves it, for its strength and stability.
The continuation of smuggling operations brings with it an excessive increase in the printing of the dinar, which will suffer from a noticeable and chronic contraction, in conjunction with high rates of prices and inflation, in light of a stagnant economy, in which cash is not invested for the sake of development and production, but rather for cash exchanges aimed at profit through organized, semi-organized smuggling operations. Officially… This situation will create a state of coexistence for the citizen with his local currency, in which he loses confidence. This path has a clear direction, as it is heading towards an inflationary stagnation.
I recommend stopping the printing of local currency, planning to withdraw excess currency from local markets, and taking a bold, clear and immediate step to prevent the smuggling of dollars and dinars to neighboring countries, especially to Iran, and to stop taking cartoonish measures that are used to cover up major corruption operations, under the guise of addressing problems. Monetary and financial matters in Iraq, and being satisfied with this amount of laughing at the chins of the Iraqis, and paying attention to the interests of the people.
shafaq.com
"RV UPDATE" BY CLARE , 17 DEC
Clare
Article: "Iraq agrees with the UAE to launch financial transfer and trade financing operations between the two countries"
Quote: "The Central Bank stated in a statement...that Central Bank Governor Ali Mohsen Al-Alaq met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hana Al Rostamani, indicating that during the meeting it was agreed to launch financial transfer operations between the two countries and finance trade and imports between them. Iraq and the United Arab Emirates in the UAE dirham currency through First Abu Dhabi Bank "
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-clare-sandy-ingram-15-dec.html
Article: "Samsung: Iraq represents the most prominent market in the Middle East"
Article: "The World Gold Council announced, on Thursday, that Iraq and 4 Arab countries possess more than one million tons of global gold reserves ." Quote: "Iraq maintained its ranking of 30th globally out of the 100 countries listed in the table with the largest gold reserves, as it has not purchased gold since May, bringing its gold possessions to 132.7 tons, which represents 7.7% of the rest of its other reserves."
Article: "Zain Cash relaunches the “Western Union” service"
Quote: "In light of the rapid development in the world of financial transfers and a renewal of the company’s commitment to providing safe and reliable services to its customers, Zain Cash has relaunched the Western Union service after updating and developing it, "
Article: " Government source: Starting to implement the banking arrangements agreement with Türkiye”
"RV UPDATE" BY BREITLING, 16 DEC
Breitling
Question: "When it does revalue, when do we get out? How long do we wait?"
That depends on your own needs. Are you trying to get a house? Are you trying to pay off a loan? What is it because once you hit that number get out. Or if it doesn't go up to that number - Let's say you're trying to make...$250,000 and you realize the investment is only going to get you about $180,000, then get out! Diversify. Get into something else. Don't just stick around.
The only way you can answer those questions is you have to put a piece of paper down and realistically what is it that you want. You have to be realistic about it.
You can't say the first thing is I'm going to start off with a $50 million dollar mansion. Don't be stupid...Let's be a little more practical. A home over your head, debt free, for you and your family...then you can go for the big stuff. Your investments are based on that...what it is you want.
Statement of the Iraq Economic Contact Group of the G7, European Union and World Bank, 16 DEC
Statement of the Iraq Economic Contact Group of the G7, European Union and World Bank
December 2023
On December 12, the Iraq Economic Contact Group (IECG) held the final meeting of 2023, co-chaired by Italy and the United States.
As friends and partners of Iraq, Canada, France, Germany, Italy, Japan, the European Union, the United Kingdom, the United States, and the World Bank commit to supporting Iraq in the implementation of a comprehensive and ambitious reform agenda, paving the way to sustainable and inclusive economic development.
The IECG is eager to strengthen its engagement with the Government of Iraq (GOI) through regular dialogue at both the political and technical level. This engagement is crucial to streamline cooperation between the two sides, identify and support common goals, and support the GOI’s priority reform areas. The IECG commends Prime Minister Mohammed Shiaa al-Sudani for appointing business and economics experts within his office and looks forward to collaborating with them.
The IECG was encouraged by Prime Minister Sudani’s announcement of new economic reform initiatives throughout 2023 and the passing of a historic three-year budget that laid the foundation for implementation of the government’s reform agenda. In October, Iraq gained membership to the European Bank of Reconstruction and Development (EBRD) – a move strongly supported by the IECG as the first step to unlocking new sources of investment and enhanced cooperation with other multilateral and bilateral financial facilities.
In the past month, the government convened conferences on Public Private Partnerships (PPPs) and tax reform, including a new bank sector reform project with Rafidain Bank. Further, the GOI recently announced the establishment of the Iraq Fund for Development (IFD) alongside the Development Road project, and the Prime Minister strengthened economic ties with regional partners. The GOI’s efforts to expand the use of digital platforms for financial transactions, with electronic payment and other e-commerce mechanisms, represent important steps to minimize the informal economy and reduce opportunities for corruption.
Looking ahead to next year, the IECG welcomes further cooperation in support of Iraq’s economic and financial sector development, including Prime Minister Sudani’s policies to strengthen the dinar and oversee monetary policy. Clear communication of new dinar policies during the transition period will help avoid adverse effects on Iraqi households and businesses as well as on development cooperation projects and foreign investments in Iraq.
The IECG also stands ready to support Iraq’s next steps to becoming an EBRD Country of Operations, its journey toward World Trade Organization accession, and its potential partnership with the European Investment Bank (EIB). EIB’s expertise in road, railroad, water and sanitation investments, climate action, environmental sustainability financing as well as urban transmission initiatives will accelerate key infrastructure measures and help facilitate a green transition.
The IECG urges further attention in 2024 to address the deficit and public sector wage bill, measures that would improve fiscal resilience. Timely budget execution will be critical to the GOI’s ability to sustain important infrastructure investment, particularly in expanding domestic power generation, distribution, and expansion of green energy. Long-term sustainable economic development is contingent on a dedicated response to pressing climate and environmental challenges. Sustained investment in water management and infrastructure is critical to counteract the debilitating impacts of climate change.
To accelerate private sector growth, the IECG encourages government action to identify and address the challenges faced by domestic and international business, including efforts to promote transparent and predictable regulations. In this vein, we welcome further progress on the PPP, Companies, Industrial Investment, Customs, and Arbitration laws as well as timely implementation of the recommendations from the recent PPP and tax reform conferences.
On January 1, Italy and the United States proudly hand over the IECG to incoming co-chairs France and the United Kingdom. Under their leadership, the IECG will continue to support an ambitious reform agenda, promote sustainable economic development, and stand by Iraq’s side as a reliable friend and partner in 2024.
Ambassador, Economic Opportunity, Events, News, Speeches & Statements
https://iq.usembassy.gov/statement-of-the-iraq-economic-contact-group-of-the-g7/
"CALIFORNIA GOLDEN VALLEY BANK STORY" BY FRANK26, 16 DEC
Frank26
[California Golden Valley Bank Story]
Bank Story Lady: (family friend) had an appointment yesterday. Whenever the banker found out how many dinar that we are holding in our group which is about half a billion he said that was too much, they weren't going to be able to handle that much...Then this morning he got a call from his bank Golden Valley and they said look we had a meeting about you and your group last night.
FRANK: They had a meeting about his issue with the dinar?
BANK STORY LADY: Yes, because it was so much. They invited him back...we're waiting for that update.
FRANK: The updates came...Turns out this bank has told this group of people...we can't handle that much volume at our banks, therefore we are sending you to an exchange center and they will give you 4.5% to put it in the bank. They said Morgan Stanley are the people we are going to introduce you to for a management company to help you when you come in towards the end of the year.
"RV UPDATE" BY NADER FROM MID EAST, 16 DEC
Nader From The Mid East
It's a very good video [Central Bank Iraqi's dinar propaganda/advertisement video that came out Friday - you can see it below Guru Frank26's 12-8-2023 post] . I like it a lot...It's an advertisement for Iraq to use only Iraqi dinars. That's very very very good thing. That's big big step. Big step we taken. It's not bad...I said it before and I'm repeating it, in January things it's going to change big, big, big, time. Big time. If I was you, I'll be ready.
They are start to prepare people to use only the dinar and they start advertisement...they call it education, I call it advertisement. Things are going good...somewhere 1 to 1.
[See the Iraqi dinar advertisement video under Guru Frank26's post below]
Question "Can you talk about the steps involved in cashing in dinars?" When exchange time comes we're going to have to go to three things - Redemption center, 1-800# or the army base. :)
[Nader is clearly joking about these three things]...People are telling them that. That's wrong. The only thing you can do to change your money, walk to your bank, if they accept it, or go through exchange offices. There's no redemption centers, no army bases, there is no 1-800#s, nothing that way.
[NOTE: Gurus disagree on the potential exchange procedures. Stay tuned to Dinar Guru as this important subject unfolds and become clear.]
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-nader-from-mid-east-11-dec.html
They are start to prepare people to use only the dinar and they start advertisement...they call it education, I call it advertisement. Things are going good...somewhere 1 to 1. [See the Iraqi dinar advertisement video under Guru Frank26's post below]
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-rayren98-clare-and-nader.html
Al-Barti: The political agreement included passing the oil and gas law, 16 DEC
Al-Barti: The political agreement included passing the oil and gas law
During the current session on Saturday, Vian Sabri, the head of the Kurdistan Democratic Party parliamentary bloc, expressed her support for the oil and gas law legislation.
Sabri mentioned in an interview that political parties are discussing the oil and gas law and moving towards legislating it within the Parliament.
She said, “The committees concerned are still working on resolving the law and sending it to the House of Representatives. It’s worth noting that the oil and gas law is one of the most important provisions of the state administration coalition agreement.”
According to her, the Sudanese government will pass the oil and gas law in the next phase based on a political agreement.
The Parliamentary Oil and Energy Committee has confirmed that the government and political parties are working to resolve the oil and gas law. They are overcoming obstacles and prioritizing the public interest to move towards legislating the law within Parliament.
"RV UPDATE" BY SANDY INGRAM, 16 DEC
Sandy Ingram
Article: "CIA warns Baghdad of serious consequences if attacks against US personnel continue" Since October 17th the US presence in Syria and Iraq has been under constant threat.
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-clare-sandy-ingram-15-dec.html
[We] tried to ignore this news however, that is not possible Article: "Iraqi PM places security forces under investigation over US embassy attack" Iraq is doing what they can, but have not been able to stop the attacks against American Forces in Iraq. Article: "Iran-backed militia vows more attacks after US Embassy in Iraq comes under fire" When you attack the embassy of another country, this is far more serious.
The Central Bank of Iraq confirmed some Iraqi banks are transferring dollars from their accounts to intermediary banks who are distributing the dollars to their customers. The Central Bank of Iraq said this will contribute to reducing the exchange rate of the parallel dollar...[We're] thinking this is to keep the black market intact. This means the decision to only use Iraqi dinar in all transactions beginning January 1, 2024 may cause concerns and the Central Bank of Iraq is making moves to control any possible issues.
Article: "Inflation rate in Iraq declines in 2023 compared to 2022"
The Central Bank of Iraq announced the inflation rate decreased in 2023 compared to 2022. Inflation in Iraq reached approximately 3.7% in August 2023, compared to 4.4% in August 2022. Iraq's inflation rate is good compared to many countries where inflation has reached 30% and 40%...
Wealthy Iraqis move to the Caribbean. Guess who's on the list? ...The leader of the Kurdistan region and the former governor of the Central Bank of Iraq and other businessmen suspected of corruption...Iraq's politician are monitored by the organized Crime and Corruption Report Project (OCCRP)...This is part of the effort to catch
individual involved in corruption.... The project reported the purchase of Dominica (tiny Caribbean island) citizenship...enabling them to travel worldwide without a Visa...This country's visa is magical. Citizens can travel to 144 countries without a visa..
The reason countries have foreign reserves is to make sure that a country has backup funds if its national currency rapidly devalues or becomes entirely worthless. It's common practice for central banks of different countries around the world to hold large amounts of reserves of foreign exchange. Most of these reserves are held in US dollars since it is the most traded currency in the world...The amount of monies a country holds in its reserves has a lot to do with the county's currency rate...Iraq has the largest foreign currency reserves in its' history.
Article: "Inflation rate in Iraq declines in 2023 compared to 2022"
The Central Bank of Iraq announced the inflation rate decreased in 2023 compared to 2022. Inflation in Iraq reached approximately 3.7% in August 2023, compared to 4.4% in August 2022. Iraq's inflation rate is good compared to many countries where inflation has reached 30% and 40%...
Wealthy Iraqis move to the Caribbean. Guess who's on the list? ...The leader of the Kurdistan region and the former governor of the Central Bank of Iraq and other businessmen suspected of corruption...Iraq's politician are monitored by the organized Crime and Corruption Report Project (OCCRP)...This is part of the effort to catch
individual involved in corruption....The project reported the purchase of Dominica (tiny Caribbean island) citizenship...enabling them to travel worldwide without a Visa...This country's visa is magical. Citizens can travel to 144 countries without a visa..
The reason countries have foreign reserves is to make sure that a country has backup funds if its national currency rapidly devalues or becomes entirely worthless. It's common practice for central banks of different countries around the world to hold large amounts of reserves of foreign exchange. Most of these reserves are held in US dollars since it is the most traded currency in the world... The amount of monies a country holds in its reserves has a lot to do with the county's currency rate...Iraq has the largest foreign currency reserves in its' history.
"RV UPDATE" BY TEXAS SNAKE, 16 DEC
Thurs. 14 Dec. Texas Snake:
I have received a notice today and then had it confirmed by several entities unrelated to the original message. The word I received was the Bondholders as well as CMKX and the Indian Tribes would be notified late tomorrow Fri. 15 Dec. into Saturday 16 Dec, as to how their funds were going to be delivered. Tier4b and Bond Holders would receive our notices late .
Sun. 17 Dec. into early Mon. Tier 4b could begin scheduling appointments starting next Wed. 20 Dec.
to exchange. The 20th is an important date in country relative to the Iraqi budget. Everything in country is positive for a Wed. 20 Dec. RV.
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-texas-snake-15-dec.html
Wed. 29 Nov. Texas Snake:
It could happen at any moment, banks and exchange centers are trained and ready, it is mostly political at this point with the number on nations involved. He has 5 states he is responsible for with about 40 centers. They are prepared. “We cannot have two US currencies at the same time, so how do they cover this situation?
They create a meltdown in banking and the Securities Markets. They suspend trading and access to your funds. Then they announce the return to asset backed currencies and direct you to take your currency to your bank to exchange for the new Treasury backed currency. We foreign currency holders will be exchanging at the same time, so not to panic.
https://dinarevaluation.blogspot.com/2023/12/rv-tidbits-by-texas-snake-10-dec.html
The Association of Banks announces the imminent death of the parallel dollar market, 16 DEC
The Association of Banks announces the imminent death of the parallel dollar market, 16 DEC
Baghdad - Iraq Today:
The Association of Iraqi Private Banks said that the battle with dollar speculators has reached its last round, and the so-called parallel dollar (black) began to die, and while praising the procedures of the Central Bank to regulate the movement of funds in order to achieve financial reform and the bank, it stressed that it will contribute to reclassifying banks, increasing their capital and raising the level of services provided to citizens.
Samir Al-Nasiri, economic and banking advisor to the Association, said in a press statement: "The Central Bank's procedures and efforts made since the beginning of 2023 and with the support of the government have borne fruit and began to give their results as planned, and the so-called parallel dollar (black) began to die and the speculators who deal with it were besieged to harm the national economy and currently the battle with them in the last round."
He added, "This is what was explained in detailed procedures and administrative, technical and negotiating steps with the US Federal Bank and the US Department of the Treasury, and the understandings on regulating foreign trade financing by approving the opening of accounts for Iraqi banks in US, Chinese, Emirati and Turkish correspondent banks to deal directly with them for foreign transfers in the currencies of these countries, which include the dollar, the euro, the Chinese yuan, the Indian rupee, the UAE dirham and the Turkish lira, leaving the electronic platform in 2024 and supplying dollars and currencies foreign banks into Iraq from Iraqi bank accounts with correspondent banks or abroad."
"Reaching agreements to open 40 accounts for Iraqi banks in correspondent banks for foreign trade," al-Nasiri said, noting that "the central bank's new strategy to reform the banking sector will adopt reclassifying banks and increasing their capital to the ceiling set by the central bank according to the specified timelines until the end of 2024, which will raise the capabilities of our banks to provide the best banking products and services to customers, which will reflect positively on the movement of the economy, investment, development and the transition to comprehensive digital transformation."
He added that "since the beginning of 2023, financial policies have been reviewed in accordance with a new vision for banking reform that complies with the requirements of the global financial system, and a new strategy has begun to be implemented with mechanisms based on studying and diagnosing the causes of imbalances and determining the roadmap, steps and executive procedures that have been and will be applied at the level of the Central Bank departments, banks, banking support bodies and government agencies related to comprehensive economic reform, as the Central Bank has previously issued new instructions for external transfers for the year 2023. And three procedural packages to facilitate and control the movement of circulation of foreign currency in the monetary and commercial market. "
Al-Nasiri added that "the Central Bank issued in August of this year its important statement, in which it outlined its new strategy to organize foreign trade financing according to new foundations that move Iraq to the stage of regularity in the global financial system, in which it clarified the executive measures to control the stability of the exchange rate, and the most prominent of what is stated in it:
Adopting the electronic platform exclusively for foreign remittance transactions, controlling illegal trade through official and informal border crossings, and stopping trading and dollar transactions on the black market. Preventing all websites and media television channels from publishing exchange rates on the black market for violating the law, importers proving that all their imports were made through the platform at the official price, and the Customs Authority and the General Tax Authority implementing proposals and treatments for the entry of small traders to the platform duly, and this is in line with the government's initiative to launch the national project to control prohibited imports.
He continued, "As we are in the last days of 2023, the Central Bank's strategy for banking reform in all its axes has become clear features for the coming year 2024 and subsequent years, and it is an embodiment of what it set out in the roadmap that he explained in the roadmap that he explained in theWe are with the government in accordance with the provisions of the government curriculum in axis 12 (financial and banking reform) and paragraph 7 thereof, which is related to the development and empowerment of banks to contribute to development and investment."
He explained that "we can summarize here the plan of the Central Bank, which is currently working to implement it accurately and as follows: First:
Providing a stable financial system that lies in accompanying financial electronic systems.
Second: Commitment to establishing the rules of compliance, risk management, transparency and integrity of financial operations.
Third: The transition from the monetary economy to the digital economy and the so-called fourth revolution and the accompanying measures that have achieved a qualitative leap in dealing between the government and the Central Bank.
Fourth: Implementing the financial and banking reform plan that is characterized by international standards that keep pace with global developments in the field of financial digital economy.
Fifth: Work to strengthen international relations, including the establishment of a network of relations with foreign correspondent banks.
Establishing Riyada Bank in line with the Prime Minister's initiative and redirecting work on initiatives to finance small and medium enterprises according to specific criteria.
Preparing and launching a strategy for financial inclusion and putting it into implementation in coordination with the relevant authorities.
Launching the national lending strategy based on the financial capabilities of banks in attracting deposits and investing them in providing the best banking products to customers and contributing to development.