STATUS OF THE RV , PART 4
So, here is yet another article from today’s new about the decline of the dollar and a reason why. It is titled “PM ECONOMIC ADVISOR: TRAVELERS’ E-PAYMENTS FUEL IRAQI DINAR RISE”.
Iraq’s dinar continues to strengthen against the US dollar, fueled by a shift toward electronic payments and tighter foreign trade financing, Saleh attributed the currency’s recent strength to a drop in physical dollar demand, driven by expanded use of electronic payment cards, particularly among travelers.
Travelers now access dollar allocations legally through airport facilities, reducing reliance on the parallel market,” he also noted, adding that private-sector trade transactions conducted through correspondent banks at the official rate of 1,320 dinars per dollar have reinforced market stability.
Saleh further credited the Central Bank of Iraq’s recent reforms—including the dismantling of the old payment platform and the launch of compliance-based mechanisms—with reducing cash dollar demand in secondary markets. “These steps have made official payment channels more flexible and cost-effective, marking a major achievement for monetary stability and regulatory oversight.” The dinar has posted steady gains in recent days.
What else is in the news?
😊I want to bring your attention to the news about EBRD in article titled “EBRD ENABLES EXPANSION INTO IRAQ”. Why would they want to do this? Articles like this one only reinforce what we already know about the future of Iraq. It is going to be a financial powerhouse. 😊 Could this also help in full accession to the WTO? Of course it will. What do you think? 😊 Just yet another event where we shake our heads and ask – where is the RV? So, what is the EBRD and why so important for Iraq?
The European Bank for Reconstruction and Development (EBRD) has amended its statutes, enabling it to expand operations into sub-Saharan Africa and Iraq.
According to a statement from the bank, this pivotal change redefines the Bank’s geographic remit and follows approval by its Board of Governors in 2023. The amendment will formally take effect in three months.
The move sets the stage for Iraq to become a full country of operation, alongside several sub-Saharan nations. Iraq, along with Benin, Côte d’Ivoire, and Nigeria, has already joined as a shareholder, while Senegal, Kenya, and Ghana are currently undergoing the membership process.
It paves the way for our governors to grant recipient status to countries in sub-Saharan Africa and Iraq, which will enable us to start operations in our first countries in the region.” The EBRD currently has 75 national shareholders, in addition to the European Union and the European Investment Bank. WOW! This is all related to Iraq getting back on the global stage.
