Expert: 70% of dollar transactions have disappeared in Iraq, and the Central Bank wants to end the era of “dollarization”, 16 OCT

 Expert: 70% of dollar transactions have disappeared in Iraq, and the Central Bank wants to end the era of “dollarization”

Posted, 2023-10-15

Expert - 70 percent of dollar transactions have disappeared in Iraq and the Central Bank wants to end the era of dollarizationBaghdad – 964

An economic expert says that the Central Bank eliminated 70% of dollar transactions in the Iraqi market, noting that this is the result of the policies followed by the bank’s governor, Ali Al-Alaq, throughout a year of assuming responsibility, as he began restricting “dollarization.”

Nabil Jabbar Al-Tamimi – economic expert for the 964 Network :

Since Central Bank Governor Ali Al-Alaq assumed the position, he has been working on a policy of ending dollarization.

What is meant by dollarization here is to end excessive dealings with the US dollar, which Iraqis have used since 2003 as the primary currency to pay for most purchases in the market.

The senior leadership in the Central Bank believes that this excessive dealing in the dollar threatens the reserve of the American currency, in addition to the continued fluctuation of its prices locally.

The Central Bank’s policy has now eliminated 70% of dollar transactions in the Iraqi market, and the remaining 30% is linked to the issue of remittances abroad within the framework of the banking sector, especially those heading to Iran, then Lebanon and Syria.

There are people within the Central Bank who may work to obstruct the implementation of the bank’s policies, which has caused the significant rise in the value of the dollar.

964media.com

IQD meeting in North Africa international finances BY NADER FROM MID EAST

"RV UPDATE" BY PIMPY, 16 OCT

 Pimpy

  Question: "Please explain what you mean by dirty float."  There are different monetary policies that people could put into place to control their exchange rates.  A dirty float is a free float with the government's ability to intervene at any time.

 There's no proof whatsoever that anybody inside our congress hold Iraqi dinar.  Now I'm not saying they don't because the truth of the matter is most of them are in the know. 

So if something big is going to happen I guarantee they're going to have Iraqi dinar.  But where's the proof that congress has Iraqi dinar?  Where's the proof that Trump has it?  

You know that's a funny thing, I believe Trump was asked one time and he said he didn't have any at the time but was thinking about it..

Question: "I'm confused, are you for an RV or you saying it's not going to happen?"  What do you  mean?  

What part are you confused about?  I'm for an RV, hell yeah man! Let it happen tomorrow.  Geez.  I'm for an RV, I'm just saying  we're grounded...I'm not negative.  I'm telling you the truth...I'm saying the RV will happen in increments.  Are you talking about a reinstatement, the $3.22 rate?  No, that's not going to happen... 

 The one major issue with Iraq is they rely too much on oil.  I don't care what them guys tell you about, 'oh, they're article VIII compliant.' 

 That doesn't mean crap.  Compliant what?  Article VIII of what?  What article VIII are you talking about? 

 The biggest issue with Iraq besides the fact they don't have a stable economy and their government is not stable is they rely way too much on oil...

Al-Sudani Directs To Simplify Banking Procedures: We Are Determined To Implement Financial Reform, 16 OCT

 Al-Sudani Directs To Simplify Banking Procedures: We Are Determined To Implement Financial Reform

Economy News – Baghdad   Prime Minister Muhammad Shiaa Al-Sudani directed, on Sunday, to simplify all banking procedures, and to prepare a proposed list of facilities and simplified procedures to be submitted within a week.

Al-Sudani’s office stated in a statement, “Within the framework of his follow-up to the plan to implement financial and administrative reforms in the financial and banking sectors, Prime Minister Muhammad Shia’ al-Sudani chaired, this evening, Sunday, a meeting that included the Governor of the Central Bank and the directors of government banks, in which the procedures and work mechanisms taken to achieve... Banking reform, which constitutes one of the basic steps of financial and economic reform that the government adopts in its executive approach.”

Al-Sudani stressed, “Financial reform is not just a slogan, but rather a series of terms and procedures that the government is determined to implement without hesitation, and will face all the challenges and obstacles that hinder the implementation of systematic and thoughtful reform plans.”

Al-Sudani directed to "simplify all banking procedures, and prepare a proposed list of facilities and simplified procedures to be presented within a week, in addition to providing a summary of the obstacles that obstruct the banking reform process, and proposing effective and implementable treatments for them, in a way that helps in overcoming the approved traditional contexts, which prevent... Achieving the government’s goal of developing this important economic and service sector.”

156 views 10/15/2023 https://economy-news.net/content.php?id=36979

The Kurdistan Government Announces The Adoption Of The Iraqi Dinar Instead Of The Dollar In Customs Duties, 16 OCT

 The Kurdistan Government Announces The Adoption Of The Iraqi Dinar Instead Of The Dollar In Customs Duties

Monday 16, October 2023  Economical Number of readings: 268  Baghdad / NINA / The Kurdistan Regional Government announced, today, Monday, the adoption of the Iraqi dinar in customs duties instead of the US dollar.   The Regional Government's Media and Information Department said in a statement, "The Kurdistan Regional Council of Ministers decided to adopt the Iraqi dinar at all border crossings. "

The statement added, "All ministries are obligated to implement the decision, and in the event of a violation, legal measures will be taken against them."

https://ninanews.com/Website/News/Details?key=1084085

"RV UPDATE" BY MARKZ, 16 OCT

 MarkZ  

 [via PDK]  There are a lot of interesting articles on de-dollarization coming out of Iraq. “KRG to collect customs fees in dinar exclusively”  This is the Kurdish region in northern Iraq.  They have fully jumped on board with the de-dollarization effort.  Comment:  In Iraq –they took all the dollars out of the ATM’s - dinar only.  MarkZ:  Yes…it’s all part of the de-dollarization...I can tell you from my sources they agree…and Kuwait did the same thing before they RV'd.  Back then all fees and transaction had to also be paid in Kuwaiti dinar.  To me this tells us we are circling around the drain on finishing this thing.

 ...What one person calls a redemption center-another calls a bank. But overwhelmingly redemption centers are in banks…Banks that are set up with people trained to exchange currencies and all the procedures and equipment…. Call it whatever you want. Call it a “redeeming bank”…Most work in dual roles…in wealth management and will be assisting with exchanges when it happens…so most are already employed at banks.

  We are watching it happen…and yes it is just moving so slowly. Slowly, slowly then suddenly it’s going to go. BAM

Iraqi Dinar International Entry and $2.75 to Aspirations | International...