AJ
Important Recap
also New followers: I posted last year about the CBI ending the Currency Auction. So let me explain how important this means for Iraqi dinar holders.
The CBI has shifted how Iraqi banks handle external transfers (sending money abroad) from an electronic platform to a system where Iraqi banks deal directly with their international correspondent banks.
This change was fully rolled out by the end of December 31, 2024. Think of it as upgrading from a middleman-managed app to a direct hotline between banks worldwide. See pinned post 
Now, Iraqi banks connect directly with global banks (called correspondent banks) to handle transfers themselves. This is a big leap toward modern banking, aligns with global best practices, with international standards.
Iraqi banks can now work with a bunch of currencies—not just the US dollar (USD), but also
Indian Rupees (INR)
Chinese Yuan (CNY)
Euros (EUR)
UAE Dirhams (AED)
Saudi Riyals (SAR)
Jordanian Dinars (JOD)
This flexibility makes trade and payments easier with more countries.
The CBI opened Sub-accounts of e-payment service providers were opened from the CBI`s main account at JPMorgan, as they were fed for electronic card settlements purposes.
CBI also opened sub-accounts of banks in Iraq from its account with Citibank for Western Union and MoneyGram settlements.
It signals to investors and foreign partners that Iraq’s banking is reliable, which could bring in more business and cash.
It’s like Iraq’s financial system went from flip phones to smartphones—more connected and capable.
2016 CBI-started 8 years of planning and tech upgrades. After 34 years of isolated from global banking from sanctions and wars. In 2003 Iraq had 160 Billion of external debt, it took until 2015 to restructure the debt. Today they have less then 9 billion of external debt to be paid off 2028.
also New followers: I posted last year about the CBI ending the Currency Auction. So let me explain how important this means for Iraqi dinar holders.
The CBI has shifted how Iraqi banks handle external transfers (sending money abroad) from an electronic platform to a system where Iraqi banks deal directly with their international correspondent banks.
This change was fully rolled out by the end of December 31, 2024. Think of it as upgrading from a middleman-managed app to a direct hotline between banks worldwide. See pinned post
Now, Iraqi banks connect directly with global banks (called correspondent banks) to handle transfers themselves. This is a big leap toward modern banking, aligns with global best practices, with international standards.
Iraqi banks can now work with a bunch of currencies—not just the US dollar (USD), but also
Indian Rupees (INR)
Chinese Yuan (CNY)
Euros (EUR)
UAE Dirhams (AED)
Saudi Riyals (SAR)
Jordanian Dinars (JOD)
This flexibility makes trade and payments easier with more countries.
The CBI opened Sub-accounts of e-payment service providers were opened from the CBI`s main account at JPMorgan, as they were fed for electronic card settlements purposes.
CBI also opened sub-accounts of banks in Iraq from its account with Citibank for Western Union and MoneyGram settlements.
It signals to investors and foreign partners that Iraq’s banking is reliable, which could bring in more business and cash.
It’s like Iraq’s financial system went from flip phones to smartphones—more connected and capable.
2016 CBI-started 8 years of planning and tech upgrades. After 34 years of isolated from global banking from sanctions and wars. In 2003 Iraq had 160 Billion of external debt, it took until 2015 to restructure the debt. Today they have less then 9 billion of external debt to be paid off 2028.