Iraq Set to Ban Cash Transactions in US Dollars from 2024, 6 OCT

 Iraq Set to Ban Cash Transactions in US Dollars from 2024, 6 OCT

Iraq Set to Ban Cash Transactions in US Dollars from 2024

In an unprecedented move aimed at curbing financial crimes and promoting transparency, the government of Iraq has declared a ban on cash withdrawals and transactions in US dollars effective from January 1, 2024. The policy is a part of the government’s broader strategy to strengthen its financial system and encourage the use of its local currency, the Iraqi dinar.

A Bold Move Towards Financial Integrity

The decision to ban US dollar transactions is a significant step towards tackling financial crimes such as money laundering and terrorism financing in the country. The move also indicates Iraq’s commitment towards improving the integrity of its financial system. The Central Bank of Iraq is currently working on implementing mechanisms to enforce the ban and ensure compliance.

The Impact on Businesses and Individuals

This policy change is expected to have a substantial impact on businesses, individuals, and foreign investors who currently rely on US dollars for transactions. The transition to exclusive use of the Iraqi dinar may require significant adjustments, particularly for those entities with substantial financial operations and dependencies on the US dollar.

Concerns and Implications of the Decision

While the government’s move has been applauded for its intent, it has also raised concerns amongst financial experts. Key amongst these are the potential challenges and implications of shifting from a dual currency system to a single one in a relatively short span of time. Experts emphasize the need for adequate infrastructure, financial education, and awareness among the population to ensure smooth transition.

Looking Towards the Future

As Iraq moves towards implementing this new policy, the country stands at the threshold of a new financial era. With the right measures and support systems in place, the move could significantly enhance transparency and financial integrity. However, the transition will require meticulous planning, robust execution, and most importantly, the acceptance and cooperation of the Iraqi people.

https://bnn.network/world/iraq/iraq-set-to-ban-cash-transactions-in-us-dollars-from-2024/

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"RV UPDATE" BY JEFF, 6 OCT

  Jeff   

 A very very very important article came out... "Iraq prohibits cash withdrawals in dollar in early January 2024"  This is either very very extremely good new or very extremely bad news...

 Quote: "The country will ban cash withdrawals and transactions in dollars starting from January 1, 2024 in the latest effort to limit the misuse of the country's hard currency reserves in financial crimes"  

Again this is either very bad news or very good news.  If you receive it as good news it has nothing to do with the rate change specifically in the month of January.  The rate is not changing in January.

Article:   "The American decision still dominates Iraq.  What do we need to get rid of it?" 

 The United States still has possession and control over all of Iraq's OPEC dollars in Washington DC. 

 Quote:  "America is putting pressure on Iraq because it has not completely emerged from the UN resolutions..."  Those are the U.N. Chapter 7 sanctions.

Washington rejects Iraq's billion-Dollar cash request, 6 OCT

 Washington rejects Iraq's billion-Dollar cash request, 6 OCT

Shafaq News / Washington has denied Iraq's request for a billion dollars in cash from the Federal Reserve, citing concerns that it contradicts their efforts to curb Baghdad's use of the dollar and halt the flow of illicit cash to Iran.

According to The Wall Street Journal, since the U.S. invasion of Iraq two decades ago, the United States has been providing Baghdad with 10 billion dollars or more annually through bi-monthly half-monthly shipments. These funds are sourced from Iraqi oil sales revenues deposited with the Federal Reserve.

U.S. officials have expressed that "cash in the hands of Iraqis has become a profitable source for illegitimate dollars flowing to militias, corrupt politicians, and also to Iran." Through this request for an additional billion-dollar shipment, Iraq states its need for funds to assist in supporting its faltering currency. A prominent Iraqi official clarified that "the Central Bank of Iraq submitted an official request last week, which the Treasury Department is still reviewing, following the rejection of Iraq's initial request last month by Washington."

According to the newspaper, since last November, Washington has barred 18 Iraqi banks from dealing in dollars, imposing stricter rules for electronic dollar transfers from its banks.

Iraqi officials have revealed that Treasury officials informed the Central Bank governors that sending a large additional shipment contradicts Washington's goal of reducing Iraq's use of U.S. banknotes.

U.S. officials have cited compelling evidence that some of the dollars reaching Iraq have been illicitly funneled to Iran over the years, as well as to Turkey, Lebanon, Syria, and Jordan.

A spokesperson for the Treasury Ministry regarding Iraq's request stated, "The United States continues to support Iraq with dollar banknotes and has not restricted their access to ordinary Iraqis and companies," indicating the ongoing collaboration with the Central Bank of Iraq.

https://shafaq.com/en/Iraq-News/Washington-rejects-Iraq-s-billion-Dollar-cash-request

Starting next Wednesday: Turkey prepares to receive KRI's oil once again, 6 OCT

 Starting next Wednesday: Turkey prepares to receive KRI's oil once again, 6 OCT

Shafaq News / Turkish Energy Minister Alparslan Bayraktar declared on Thursday that the crude oil pipelines from the Kurdistan Region to Turkish ports are ready to operate starting from next Wednesday. He confirmed that Turkey is gearing up to commence oil shipments.

Turkey had halted the flow of oil from the region following a ruling by the International Chamber of Commerce, which compelled Ankara to pay compensations to Baghdad for unauthorized exports between 2014 and 2018. Kurdistan Region used to export nearly 450,000 barrels of crude oil daily before the pipeline shutdown. Ankara subsequently initiated maintenance work on the pipeline, responsible for about 0.5% of the world's oil supplies.

In an interview with Turkish channel "NTV," Bayraktar stated, "There are no longer any obstacles hindering the flow of Iraqi oil to the global markets." He had earlier announced on the sidelines of the "ADIPEC 2023" conference in Abu Dhabi that Turkey would start operating the Iraqi-Turkish oil pipeline this week, capable of transporting approximately half a million barrels to international markets.

He continued, emphasizing that his country constitutes a reliable transit route for oil and gas transportation.

In a related context, an Iraqi oil official, quoted by Reuters two days ago, stated that discussions aimed at resuming Iraqi oil exports through a pipeline passing through Turkey are still ongoing.

https://shafaq.com/en/Economy/Starting-next-Wednesday-Turkey-prepares-to-receive-KRI-s-oil-once-again

"RV UPDATE" BY BRUCE, 6 OCT

 Bruce 

  [via WiserNow]  They are trading the rates up. Iraq did what they needed to do. They're all good to go. 

They've already been sending out hydrocarbon law funds on the on the profit sharing, if you will of the oil and gas in Iraq...maybe we get notified Saturday, maybe it's Monday afternoon, but either way we go we're definitely moving forward this final result for us...

  [via WiserNow]  I don't really talk specifically on rates...But...we've got very strong rates on dinar and Dong well into double digits.

...they paid contractors...and they're also paying on the HCL Law...The oil and gas law...they've paid people that we know have already received it...So Iraq is rolling...they're doing everything that they said that they were going to do and bringing it out including their budget and all of that good stuff..

.I'm looking forward to everything transpiring. This is an incredible time for us.  Everything is ready to go...getting ready to get notified that appointments can start exchanges... hopefully as early as tomorrow [Wednesday] afternoon/evening.

Iraqi Dinar Breaking News: Iraq's Financial Revolution - Goodbye to Dollar