Clarification from the Association of Banks to the 964 network regarding imported dollar shipments
2023-12-20 | 964 Director of the Iraqi Private Banks Association, Ali Tariq, told the 964 Network that Iraqi banks, based on the instructions of the Central Bank, were allowed to import foreign currency in various currencies, for the benefit of their customers who have incoming remittances from outside Iraq, indicating that the process makes it easier for banks to obtain cash and deliver it to its clients.
Clarification from the Association of Banks to the 964 network regarding imported dollar shipments Small
Governmental and private banks imported about $255 million within two weeks - a government source
He explained that when an Iraqi customer receives an external transfer, the transfer process is electronic and he needs to withdraw money from his account in Iraqi banks, and because the latter may not have sufficient liquidity in dollars, he resorts to withdrawing money from his accounts abroad and delivering it to his customers.
The Iraqi Bank plays the role of mediator in the process, as the imported funds belong to it in its accounts outside Iraq, according to Tariq, who noted that importing funds does not mean buying them, but rather transferring cash from abroad to inside for the benefit of bank customers.
Tariq confirmed that the coming period will witness operations to import money into banks, to meet customers’ demand for dollars. https://964media.com/277648/
Clare: Sudanese Advisor: Discussions with 5 countries to import factories in exchange for sovereign guarantees
12/21/2023
Today, Thursday, the Prime Minister’s Advisor for Technical Affairs, Muhammad Sahib Al-Daraji, revealed discussions between Iraq, Germany, Italy, Spain, Japan, and China to import factories in exchange for sovereign guarantees.
Al-Daraji said in a statement, “There is a committee formed under the direction of Prime Minister Muhammad Shiaa Al-Sudani to implement a paragraph in the budget that stipulates granting the government sovereign guarantees in favor of importing production lines and agricultural equipment for the Iraqi private sector.”
He added, "The government is in the process of agreeing with Germany, Italy, Japan, China, and Spain, in addition to the Islamic Development Bank, to supply factories to Iraq in exchange for sovereign guarantees and to manage them by the private sector."
The Prime Minister's Advisor for Technical Affairs described it as "excellent for strengthening the Iraqi economy and changing its performance philosophy." LINK
FCH1962: Frank, so you said the other night on your Utube 'Bank Story' phone call that you knew about this daily $5000.00 increment amount, but never wanted to discuss it with us? Even as you were telling the viewers that "You are Mr Clampet, and they're Mr. Drysdale". What was the reason for that? So, Capital Controls on people's money isn't a big deal to you! Am I going to be 'Kicked Off' for this question? I'd like to hear an explanation... This is a sincere question!
HarleyQuinC3: These employees are going by Chase’s current foreign exchange policy that’s in place for customers travelling to other countries.
When I travel overseas, I notify my bank of what currency I need. It takes a few days and they get up to $5,000 worth of pounds, for example, for when I go to England. They do it in $5,000 increments because there’s a special form that has to be filled out for transactions over $10,000.
When I come back and convert the leftover pounds back into dollars, it works the same way, if I pull out cash there’s a $5,000 limit. Digital deposit can be higher amounts (I’ve personally never done one for more than £15,000), but basically it’s just to control the amount of paper cash going in and out of the branch.
Chase DOES charge a fee for this, anywhere from 1-5% depending on the amount, it’s usually right about 3%. This is their fee for offering the exchange service.
With that said, and IMO, this kind of exchange post-RI, will be treated as a special case. You won’t be dealing with a teller at the desk. It will be a pre-arranged appointment and they’ll do all the FinCen forms there.
I believe that’s why the wealth manager in Virginia mentioned he was waiting for ‘instructions’ on how to do the RI exchanges. It’ll be a special event.
I have talked to my private banker, Jose, here in Texas. He told me they would charge a flat $350 fee and exchange all at once. It will be a pending transaction for a couple of business days, and there will be limits on what can be spent till the transaction resolves.
He told me he thought it would take about an hour and a half to do the whole process, because they’ll be opening several holding accounts, which take a bit of time. Again, that’s just IMO based on what Chase told me.
Oh, and concerning the spread, Jose told me it WAS negotiable depending on how much money I left with Chase’s wealth management department. He said it might be waived entirely if I used their management services solely. In other words, it would be possible to negate the 3% (ish) spread if I left the money with Chase. Again IMO.
ToyVP: MAYBE I CAN HELP SHED A LITTLE LIGHT ON THAT SUBJECT, FOR "CASHING OUT" THEY CAN ONLY DO SO MUCH AT A TIME FOR SEVERAL REASONS.........
1) THEY DON'T CARRY THAT MUCH CASH AT BANKS ANYMORE SO THEY HAVE TO PUT IN A REQUEST FOR TRANSFERS TO THEM SO THEY CAN ACCOMODATE IT.............
2) THE FEDERAL RESERVE HAS PUT A LIMIT ON HOW MUCH CASH CAN BE REMOVED FROM YOUR ACCOUNT PER DAY..........................
.BUT TO EXCHANGE AND DEPOSIT IT INTO YOUR ACCOUNT IS NO BIG DEAL THEY WILL BE ABLE TO DO THAT IN THE SAME DAY "IMO" I HOPE THIS HELPS
{Economic: Al-Furat News} The Ministry of Planning revealed a meeting to be held next month to approve the decisions of the joint committee between the federal government and the Kurdistan Regional Government on border crossings.
The ministry’s spokesman, Abdul Zahra Al-Hindawi, said in a press statement that “the high-level meeting that brought together the federal government and the Kurdistan Regional Government {last week} took about three hours, during which very important files related to customs policy at the national level as well as the management of border crossings were discussed.” “The files were discussed with a deal, and all parties put forward their own perceptions and visions about the process of managing these important joints,” he said. On the outputs of the meeting, Abdel Zahra pointed out that “there are decisions that were referred to a committee that emerged from the meeting, and there will be a subsequent meeting within a month, and the decisions that were agreed upon will be ready for signature and ratification and then sent to the Federal Council of Ministers for approval.” He added that “the joint committee includes the Federal Minister of Interior, the Minister of Interior in the Kurdistan Region, the Border Crossings Authority and other personalities from the Kurdistan region and the federal government,” noting that the committee “will take into account everything that has been reached and crystallize it in the form of decisions and recommendations to be approved at next month’s meeting, and thus the results will be satisfactory to everyone.” The planning spokesman described the finding as “very important, and will represent a real shift in solving many of the problems that have been surrounding the border crossings.” On December 11, the Ministry of Planning announced the holding of a special meeting chaired by Minister Mohammed Tamim to “review the procedures for the unification of customs policy at the border crossings with the Kurdistan Region,” stressing that the two parties expressed their readiness to “continue joint work in order to address all the problems surrounding the reality of border crossings, customs policy and the pre-examination of imported goods and goods.”
A country's exchange rate is the result of the success and growth of their own economy. When you have a weak economy, you have a weak exchange rate. Until Iraq passes laws, diversifies their economy and increases their GDP, nothing will happen with the dinar. When Iraq passed their tripartite 3 year budget a few months back, it created the conditions for them to diversify and privatize their economy over the next three years. Now Iraq is on the clock to accomplish such.
There's a new article out that many people are translating and confusing. They are not talking about an RV in Iraq, they are talking about the spread being in compliance early next year.
Just a reminder the spread is the difference between the official rate and the market rate or street rate and has been way out of whack recently in Iraq. This article simply means they expect the spread to come down closer to the official rate early next year. There is no RV.
A very important statement was made back in 2020 by the prime minister's economic advisor Mohamed Salah who used to be Deputy Governor of the CBI under Shabibi. He stated that Iraq's entire wealth including all minerals in the ground amounts to only $16 trillion dollars. Knowing that information one can then determine that there is no way a significant RV could ever occur with over 90 trillion dinar in circulation. It doesn't make sense...
They...have to have the dinar stabilized within the country and within the 2% rule mandated by the IMF in order to then accept IMF article VIII and begin to float the dinar which would raise its value based on supply and demand. All of these processes and or steps required time.
Now, we plan to go running into the banks to get cash after the first year, no I don't think so. We're going to get up to $3,000 at the redemption centers when we go in for our redemption of Zim and currency exchanges.
But they will possibly give us a mix of USD and USN notes a mix of mixture a combination of the old money and the new and the new money is going to be available as I said but the old US demons we have right now in our pockets or whatever will no longer be used after the 20th of February.
So we get to the 20th of February to get rid of all that USD when you've got on your mattress or in cans out in the yard or wherever you stored in USD currency - spend it - deposit it - get rid of it by the 20th of February because just the new money will be gone combination of USD and USN at the redemption center if we want some cash, don't get it if you don't want any of us getting more than that - if you're if you liked to have a little cash around gp ead and get some – up tp about 3,000 - now they want us to read more than 3000 bucks because they don't want us to get picked off – or hijacked - or whatever -you know by having cash. Too much cash.
You will have a debit card in your exchange a quantum card which you don't use for anything but moving funds from the quantum financial system accounts into your primary or secondary Wells account.
That's your that's your wrap up. The USN has been traded globally for over two weeks now.
It's been traded it's out there okay. This is a digital format of the US in digital.
Al-Rasheed notes for travelers who want to buy dollars for travel purposes, 21 DEC
{Economy: Al-Furat News} Al-Rasheed Bank announced the opening of the platform for travelers wishing to buy the dollar at eight in the evening on Thursday.
A statement by the bank, a copy of which was received by {Euphrates News}, said that: “The new mechanism requires prior reservation of the traveler during access to the link in the bank’s official page to obtain the reservation, which enables it to visit the branch to deliver Iraqi cash and receive the dollar from the bank’s branch inside Baghdad International Airport.”
“This measure will make it easier for the citizen to buy the dollar smoothly,” he added, stressing “to enter the data in the fields correctly to make the seizure process successful.”
What the IMF is saying is really good. But, no, the exchange rate isn't going change tomorrow. It's just another step in the right direction for Iraq...
Iraq is still taking the steps necessary to stabilize their economy, stabilize their currency, give value and strength to the Iraqi dinar.
Article: "IMF expresses optimism about non-oil financial growth in Iraq" This is a major must for Iraq. They need... non-oil financial growth...
They can't get to this fast enough. They can't get this to grow quick enough. The fact they rely so much on oil is going to hurt them instead of benefit them...If oil prices fall, they're back to square one and they'll start devaluing the Iraqi dinar if they can't find alternative to generate revenue for the state.
Everybody's asking me what's going on. What's the news. The news, you will see it on the 1st of January - what exactly is going on. They already gave you a date. I told you the 1st of January we'll be out of the dollar. We will not work with the dollar anymore in Iraq.
When we told you new currency coming out, it is. When we told you the rate will change, it is. Now, it depends how it's going to go. If they continue to attack the embassy and continue the bull shit over there it can slow down things.
But here's my expectation, I can be wrong, I can be right, my expectation the 1st of January will be no more [dollar]. Couple days later, a week later, new currency will come out. And maybe 2 or 3 days later a rate will come up...That's what I think.
The United States have signed off on everything and threw the ball to the IMF. Now everything is in the hand of the IMF. The World Bank, Treasury, CBI, all met...This how it's going to go now - As soon as they delete all the dollars from Iraq...things going to change.
There is a question raised about what some media outlets are reporting these days, as the media is talking about negotiations regarding requests submitted by the Iraqi side to the US Federal Reserve to obtain payments of cash deposited in the Federal Reserve’s coffers to finance the movement of exchanges and trades in the Iraqi market or to finance foreign trade according to invoices issued Delaying its disbursement or sometimes rejecting it under conditions restricting disbursement, and
it is not clear to the citizen who reproduces these rumors the accuracy of what is being said, which requires clarification to the media by the relevant authorities to enhance public confidence in monetary policy and put an end to these rumors and what is rumored in the media. Tendency regarding the continued custody of Iraqi funds.
Everyone knows that Iraq has regained its natural role after Security Council Resolution 1959 of 2008, but under the Strategic Framework Agreement with the United States, it resorted in the years (2009 to 2013) to the method of protecting funds from commercial creditors by the American government, and because of the circumstances that the country went through.
The annual protection request was repeated, the last of which was the request recommended by the Ministerial Economic Committee on May 22, 2013.
In 2014, the reserves of the Central Bank of Iraq reached about 80 billion dollars.
At that time, the President of the United States of America, Barack Obama, decided to lift the immunity granted to the Development Fund for Iraq and private property belonging to the Iraqi government abroad, and attributed the reason to the development taking place in the Iraqi government’s capabilities to manage The consequences accompanying the debts incurred by the previous dictatorial regime.
Since then, Iraq has managed its money independently, while media data reveal to us obligations and requirements related to international agreements and treaties, suggesting that the management of the financial and monetary file is related to external wills.
What reinforces the content of these data are the statements related to Iraqi requests to the US Federal Reserve and the US Treasury to meet the request. Cash shipments for 2024.
Yes, the international financial system, in light of the war in monetary currencies, and similarly to electronic currencies in a turbulent world full of conflicts and international interests, has the advantage of the power of the powerful, which is formed by dominating modern payment tools and mechanisms based on electronic technologies,
which sometimes limit and sometimes interfere in the affairs of financial and monetary policies in countries in the context of... Its control over the global banking system, and here the banking rule that says that property rights are always creditor in nature may fall, because how can the debtor control the creditor? https://alsabaah.iq/89050-.html
Our new USN currency – our folding new money that replaces the USD will actually go into the ATMs on New Year's Eve night.
Let's call it New Year's Eve because that's what it is. While we're watching Dick Clark's New Year's Eve or celebrating with a loved one or whatever you're celebrating New years this year - It could be way different for them to have ever celebrated before.
While that's happening the new USN will be going into the ATMs so that when you leave switching on and off and on change the software - software will take care of it. So when you go if you were to go, and I'm not suggesting that we do this, but if you were to go and get some cash out of the ATM on New Year's Day when the banks are closed, it should be there ready for you to get the new USN currency.
Otherwise, you have to wait to go into the bank on the second of January and that will be in the banks will be open after the first of January which is New Year's Day which is a holiday. So the money will be transitioning. Starting New Year's Day and the ATMs and on the second of January in the banks.
[via PDK] Article: “Iraq pushes to shift away from dollar dependency” they are going to need a currency- one that works internationally and carries a value…. They are telling us…we are just frustrated it’s taken so long. We know their de-dollarization goal is Jan 1st.
The big news is the article and report...from the IMF...where they quite literally say that Iraq has a fantastic year ahead and much of that is due because of the passing of the exchange rate revaluation. The IMF released an actual bulletin discussing how well their meetings went with Iraqi officials…they talk about all the things Iraq did right and what the world is going to be…
they even mention that part of what will make their economy so successful in 2024 is the exchange rate revaluation...I asked an Iraqi contact in government/finance his thoughts about if the revaluation they mention was the one in Feb where the dinar went from 1562 to about 1300 dinar per one dollar. …He said NO this is not what they are referencing. …so this is exiting straight from the IMF itself. Now we just need to cross the finish line.
An Economic Vision On Linking The Dinar To The US Dollar: A Weak Point For Iraq
Today 19:40 Information/private.. Today, Wednesday, the economic expert, Diaa Al-Mohsen, considered the link of the Iraqi economy to the dollar currency a “weak point” for the country, while indicating the “optimal” way to overcome this problem.
Al-Mohsen said, in an interview with the Maalouma Agency, that “pegging the local currency to the US dollar represents a state of weakness for the country’s economy, because the green currency changes depending on changes in the US economy, such as raising the interest rate by the Federal Bank, which will cause the value of the dollar to rise, and so on.”
He added, "Relying all purchases on the dollar could have a negative or positive impact," pointing out that "this issue can be overcome when there is a basket of currencies, that is, when the value of a particular currency is low, the government can move toward another currency." The economic expert explained, "This happens when Iraq has a sufficient balance of these currencies, which gives it smooth conversion to the euro, the Russian ruble, and the Chinese yuan."
Earlier, the head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, confirmed that Washington used the dollar 4 times during 2023 to pressure Baghdad to achieve a political agenda, which led to provoking crises and raising prices at rates of up to 10%, especially for basic materials, due to the impact of the dollar’s liquidity and its control by about 90%. of transactions directly.
The United States of America continues to impose its influence on Iraq in many vital files, including depositing the money from the sale of Iraqi oil in the US Federal Bank, amid clear blackmail by passing many files, most notably the dollar bill, which puts great pressure on the government. End 25/R
FIREFLY:TV special saying we are seeking monetary sovereignty over the dollar.
FRANK: When they say the word monetary, they are talking about your currency. And when they say sovereignty they're talking about you only using your currency the Iraqi dinar and not suing any other currency like the American dollar. That's why the dollar is going down in value.
That's how your dinar is gaining value. Sudani said it clearly, I am adding value to our currency. They want the American dollar to go down. They want your currency to dominate...
FIREFLY: Bank guy said the dinar inside our country has steadily being established with stability...Because of these efforts the dollar is dropping every day this whole week. It had a major decline...the dollar will continue to drop. Start the new year with no dollar actions allowed anywhere.
FRANK: ...I believe somewhere around the first they have no choice but to give you value.
“FROM THE IMF, FROM THE HORSE’S MOUTH… GIVES PERMISSION TO PULL THE FINANCIAL LYNCHPIN ON THE GRENADE OF THE MONETARY REFORM !!! !!! !!!”…………F26
IMF Staff Concludes Staff Visit with Iraq
December 19, 2023
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.
Economic activity is recovering, although oil production cuts are weighing on overall growth, and at the same time inflation has declined.
The large fiscal expansion in the three-year budget law poses significant risks to fiscal and external sustainability over the medium term.
Fiscal prudence and structural reforms are critical to safeguard macroeconomic stability, ensure sustainability, and achieve durable and more inclusive growth.
Washington, DC: A staff team of the International Monetary Fund (IMF) led by Jean-Guillaume Poulain met with the Iraqi authorities in Amman, Jordan during Dec 12-17 to discuss recent economic developments and outlook as well as policy plans.
At the end of the mission, Mr. Poulain issued the following statement:
“Against the background of a large fiscal expansion, non-oil GDP is expected to grow by 5 percent in 2023. Continued budget execution should help sustain strong non-oil growth in 2024. However, lower oil production, following the closure of the Iraq-Turkey pipeline and OPEC+ production cuts, will reduce overall GDP growth in 2023 and 2024.
Inflation has declined from its January peak and is projected to stabilize in the coming months—helped by the Central Bank of Iraq’s (CBI) tighter monetary policy, passthrough from the exchange rate revaluation, lower international food prices, and normalization of trade finance as compliance to the new anti-money laundering/combating the financing of terrorism (AML/CFT) [GM1] framework improved.
“The three-year budget approved in June 2023 marked a shift in Iraq’s budgeting practice, envisaged to improve fiscal planning and continue important development projects over the medium term. Despite a late start of budget implementation, the fiscal balance is expected to shift from a large surplus in 2022 to a deficit in 2023. Staff projects that the deficit would widen further in 2024 reflecting the full year impact of recent measures. The large fiscal expansion, including a substantial increase in public hiring and pensions creates permanent spending that will put pressure on public finances over the medium term.
“Ensuring fiscal sustainability, in context of uncertain outlook for oil prices, requires gradually tightening the fiscal policy stance while safeguarding critical infrastructure and social spending needs. This would require mobilizing additional non-oil revenues, containing the large government wage bill, and reforming the pension system. These measures should be supported by moving toward a more targeted social safety net that better protects the vulnerable.
“The mission welcomed the government’s plans to strengthen public financial management including steps towards the establishment of the Treasury Single Account. In this context, the mission reiterated the importance of adhering to the framework for managing government guarantees.
“The CBI has appropriately tightened its monetary policy, including by increasing its policy rate and reserve requirement. The mission welcomed the progress in strengthening the domestic liquidity management framework and encouraged continued efforts to mop up excess liquidity and develop an interbank market to strengthen monetary policy transmission.
“Structural reforms to spur private sector led economic diversification and job creation remains pivotal for sustainable and inclusive growth. Priorities include creating a level playing field for the private sector through banking and electricity sector reforms, reducing distortions in the labor market, and continuing efforts to enhance governance and reduce corruption.
“The IMF staff team stands ready to support the authorities in their reform efforts and would like to thank them for candid and productive discussions during this mission.”
The Governor Of The Central Bank Sets The Conditions For Engaging In The Digital Technical Revolution
Wednesday 20, December 2023 14:40 | Economical Number of readings: 329 Baghdad / NINA / Today, Wednesday, the Governor of the Central Bank, Ali Al-Alaq, set the conditions for engaging in the digital technical revolution. While he pointed out that purging state institutions of corruption is fundamentally linked to the use of information technology, he stressed that providing data and information at the state level maximizes state revenues.
Al-Alaq said at the annual international scientific conference held under the auspices of the Minister of Finance: “The Financial and Accounting Training Center continues its efforts to cover basic and important aspects that represent the most important framework in aspects related to economic issues, especially in public finance and monetary policy,” indicating that “we are now in the midst of the fourth revolution.” Which was called at the Davos Conference in 2016 after the first, second and third industrial revolutions.
He added, “This fourth revolution is based on the pillars produced by the third revolution, which was represented by digitization and the use of the Internet in various fields, which changed many aspects of practices at all levels,” noting that “the fourth revolution is a revolution at the individual and societal levels, and it takes on broad dimensions that change everything.”
Today, many practices and trends are heading towards another world, through ministries without papers and without visitors, digital transformation in health, education and various sectors, and the transition to artificial intelligence, robotics, smart cities and other aspects that are expanding every day.”
He stressed that “reality indicates that we are far from the fourth revolution, and in the beginnings of engagement in the third revolution due to all the circumstances that the country has gone through and is going through,” pointing out that “the third revolution is a digital, technical revolution that has dimensions in organizing various aspects, and has broad economic and social effects.” ‘
And great, we are still finding the way for this revolution to take on its technical fields in agriculture, industry, trade, environment, education, health and other aspects that require a technical dimension that can carry out the process of managing these matters and these fields and sectors in another way.”
He stated, "We are still in the simple framework of digitization, which attempts to set the rules for work frameworks in their technical form, as this description and identification of what we are is very necessary in drawing the necessary steps and procedures to take the correct path," explaining that "engaging in the technical digital revolution requires a number of... Among the conditions that must be worked on and established in our reality so that we can actually be part of these transformations, including:
First : eradicating technical illiteracy, in which we need to increase technical awareness and expand its fields, starting with education in all its stages to a higher level in our various institutions and sectors.
State institutions are making progress in engaging in this trend, as we undoubtedly have a broad government and large authorities and agencies that include many formations dealing with different fields and are crowded with human resources. Therefore, institutions must be a model and role model in using these technologies to the highest possible degree, especially since they complain There are many negative phenomena in the performance of its work, in the organization of its activities, in its efficiency, and in its outputs, and it has solutions, which are technical solutions.”
He continued, "Cleansing state institutions of corruption is largely and fundamentally linked to the use of techniques and information technology to reshape the relationship between the institution, society, and the individual, which removes many areas that are the cause of institutional confusion, performance, corruption processes, weakness, or delay in the various procedures related to what these institutions provide." Institutions,” explaining that “employing information technology in state institutions is very necessary.”
Third: It is necessary to provide the infrastructure for this transformation, especially within the framework of communications, in terms of speed, cost, and service availability at the best possible, because it is a necessary condition for the success of technological work. Fourth:
Allocating financial and human resources to stimulate innovation in this framework, which is described as not being a focus area. In general planning, this is observed in the state’s general budget and elsewhere, while what is required is for this aspect to have an exceptional focus and sufficient allocations.”
He stated that “when the government structure was reconsidered years ago, two important ministries were abolished at the time, namely the Ministry of Science and Technology and the Ministry of Environment,” explaining that “the Ministry of Environment was restored, but the abolition of the Ministry of Science and Technology contradicts the developments and desired goals of focusing on this aspect and embracing all energies.” that can work in this direction.
He continued, "The companies that operate within this framework are the most profitable in the world, and we have human resources and young energies that deserve to have a role in stimulating and developing this important aspect."
Fifth: Coordination between state institutions within an integrated framework of information and data. The outputs of each institution must be transformed into inputs for another institution to integrate data and information to benefit from them with correct planning.
He stated that "providing data and information at the state level represents the sound and correct basis for planning, organizing, and controlling the economic sectors that contribute to increasing gross domestic production and maximizing state revenues," pointing out that "the non-oil deficit exceeds 80 percent."
He stressed that "the Central Bank is the institution that most uses and benefits from modern and digital technologies," stressing "the necessity of stimulating and developing the development of these trends to regulate the work of the Central Bank."/https://ninanews.com/Website/News/Details?key=1096454
Will agreements with international banks contribute to solving the monetary problem in Iraq?
12/16/2023 Follow-ups|..
Economic researcher, Ziad Al-Hashemi, confirmed on Friday that the agreements with the banks of the Emirati First Gulf, Turkish Labor, Singaporean Development and others will not end the monetary problem in Iraq.
Al-Hashemi said in a post on the “X” platform followed by “Newspaper”, that “it is expected that these agreements will provide multiple cash alternatives that will help the merchant.” Iraqis can transfer their trade funds quickly and flexibly and reduce dependence on the dollar in foreign transactions.”
He explained, “These agreements will also help reduce the demand for the parallel dollar by attracting the segment of merchants who previously turned to the parallel dollar in search of quick transfers away from the platform, its complications, and delayed approvals.”
He added, “However, the demand for the cash dollar will remain high, and the official dollar will continue to be withdrawn and converted into a parallel dollar by powerful parties that own huge amounts of dinars, and have no relation to regular or official commercial work, and will continue to put pressure on the Iraqi economy to obtain the dollar in all ways and means.”
He continued, “This fact was confirmed by the exchange rates during this period, which maintained their high levels and did not decline despite these agreements and despite hundreds of millions of (imported dollars). This is what makes the exchange rates ready to rise at any moment and with any new event.”
He stated, “Despite the Federal Reserve’s tightenings and the Central Bank’s attempts, it is expected that the problem of the cash dollar, the parallel dollar, and the imbalance in exchange rates will continue with us during the coming year, and we are waiting for more stringent, serious, and courageous solutions to end this problem from its roots.” LINK
The Iraqi Private Banks Association said today, Friday, that the battle with dollar speculators has reached its final round, and while it praised the Central Bank’s measures to regulate the movement of funds to achieve financial and bank reform, it confirmed that it will contribute to reclassifying banks, increasing their capital and raising the level of services provided. For citizens.
The economic and banking advisor to the association, Samir Al-Nusairi, told the Iraqi News Agency (INA): “The Central Bank’s measures and efforts that have been made since the beginning of 2023, with the support of the government, have yielded results and have begun to give results according to what was planned.” The so-called parallel (black) dollar has begun to die, and the speculators who deal with it have been besieged to harm the national economy, and currently the battle is with them in the final round.”
He added, “This is what was stated in detailed procedures and administrative, technical, and negotiating steps.” With the US Federal Bank and the US Department of the Treasury and the understandings related to regulating the financing of foreign trade by approving the opening of accounts for Iraqi banks in American, Chinese, Emirati and Turkish correspondent banks to deal directly with them for external transfers in the currencies of these countries, which include the dollar, euro, Chinese yuan, Indian rupee, Emirati dirham and Turkish lira, and leaving the electronic platform in The year is 2024
And the supply of dollars and foreign currencies into Iraq from Iraqi bank accounts at correspondent banks or abroad. Reaching agreements to open 40 accounts for Iraqi banks in correspondent banks for foreign trade,” noting that “the Central Bank’s new strategy to reform the banking sector will adopt the reclassification of banks and increase their capital to the ceiling set by the Central Bank in accordance with the specified time frames until the end of 2024
Which will lead to… Raising 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, “Since the beginning of the year 2023, financial policies have been reconsidered according to 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 the imbalance and determining the road map and the executive steps and procedures that will be implemented.”
It has been and will be implemented at the level of the departments of the Central Bank, banks, bodies supporting banking work, 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 circulation of foreign currency in the monetary and commercial market.
Al-Nusairi added, “In August of this year, the Central Bank issued its important statement in which it defined its new strategy for organizing the financing of foreign trade according to new foundations that move Iraq to the stage of regularity in the global financial system, and in which it explained the executive procedures to control the stability of the exchange rate.”
Among its most prominent items: adopting the electronic platform exclusively for foreign transfer transactions, controlling illicit trade through official and unofficial border crossings, stopping trading and transactions in dollars on the black market, preventing all websites and media television channels from publishing exchange rates on the black market due to their violation of the law, and importers proving that all Their imports were made through the platform and at the official price, and the Customs Authority and the General Tax Authority implemented proposals and procedures for small merchants to enter the platform in accordance with the rules, and this is consistent with the government’s initiative to launch the national project to control prohibited imports.
He continued, “And we In the last days of 2023, the Central Bank’s strategy for banking reform in all its axes became clear for the coming year 2024 and subsequent years, and it is an embodiment of what it specified in the road map that it clarified in cooperation with the government in accordance with what was stated in the government’s curriculum in Axis 12 (Financial and banking reform) and paragraph 7 thereof and special By developing and enabling banks to contribute to development and investment.”
He explained, “Here we can summarize the Central Bank’s plan, which it is currently working to implement accurately, as follows:-
First – Providing a stable financial system lies in accompanying financial electronic systems.
Secondly – Commitment to consolidating the rules of compliance, risk management, transparency and safety of financial operations.
Thirdly – The transition from the cash economy to the digital economy and what is called the fourth revolution and the accompanying measures that have achieved a shift. Quality of dealings between the government and the central bank.
Fourth – Implementing the financial and banking reform plan that is characterized by international standards keeping pace with global developments in the field of the financial digital economy.
Fifth – Working to strengthen international relations, including establishing a network Relations with foreign correspondent banks.
Sixth – Establishing Riyada Bank in line with the Prime Minister’s initiative and redirecting work on initiatives to finance small and medium enterprises in accordance with specific standards.
Seventh – Preparation Launching a strategy for financial inclusion and putting it into effect in coordination with relevant authorities.
Eighth – Launching the national lending strategy, relying on the banks’ own financial capabilities to attract deposits and invest them in providing the best banking products to customers and contributing to development. LINK
Prime Minister’s adviser to technical affairs, Mohammed Habih al-Daraji, revealed on Thursday, talks between Iraq, Germany, Italy, Spain, Japan and China to import factories in exchange for sovereign guarantees.Al-Darraji said in a statement, “There is a committee formed under the guidance of Prime Minister Mohammed Shia’ Al-Sudani to implement a paragraph in the budget that provides for granting the government sovereign guarantees in favor of importing production lines and agricultural equipment for the Iraqi private sector.
”He added that “the government is in the process of agreeing with the countries of Germany, Italy, Japan, China and Spain, as well as the Islamic Development Bank to supply factories to Iraq in exchange for sovereign guarantees and their management by the private sector.”He described the prime minister’s adviser for technical affairs as “excellent to strengthen the Iraqi economy and change its philosophy in performance.”
“FOR THE SUCCESS OF THE MONETARY REFORM… FOR NO OTHER REASON!!!”………F26
Advisor to the Prime Minister: Iraq today has the highest levels of foreign reserves in its financial history
12/17/2023 Baghda
Advisor to the Prime Minister, Mazhar Saleh, confirmed that Iraq today has the highest levels of foreign reserves in its financial history.
Saleh defended the banking restrictions aimed at “verifying these transfers,” with the aim of reassuring “the international financial community and also for reasons related to Iraqi society: Do these transfers actually go to finance Iraq’s trade?”
He added, “What is happening has nothing to do with the strength of the Iraqi economy. Iraq today is at the highest levels of foreign reserves in its financial history.” Rather, “structural changes have occurred in issues of dealing with foreign currency.” LINK
The Iraqi Trade Bank decides to stop working on money transfers, starting next Sunday
12/20/2023
The Iraqi Trade Bank decided to stop working on financial transfers, starting next Sunday
In a statement, a copy of which {Al-Furat News} received, the bank explained the reason for stopping work on financial transfers: “For purposes related to the annual inventory, it was decided to stop work on money transfers starting from Sunday, 12/24/2023,” noting that “the last date for receiving financial transfer requests will be on Thursday, 12/21/2023.
He added, “This service will resume work on Wednesday, 01/03/2024.”LINK