We have some bank stories I think you will enjoy... I thought this was a fantastic one: I am editing the name of the bank for the bank and the individual’s safety: I have an account with -----------I was there the other day talking with a bank manager.
I asked her if she knew about Basel 3 and the changes in banks requirements in becoming a world’s currency exchange center and gold backed institution…She said they knew about the changes...and that they had been watching me (The bank customer) and had a portfolio on me and they were excited for me and hoped they could keep me as a customer…. She said that was all she could say…and she may have said to much. I think this was fantastic. We have heard similar stories from other members.
Lots of financial experts are... still hoping we see the RV by Dec 1st. That is their goal. And Iraq has been very clear it needs to go by Jan 1st.
In Iraq they do not have a rate posted yet. But we continue to hear great things that should happen in the coming days. We don’t know the timing but it sure appears close...I believe this currency window is still wide open waiting for someone to say “go” ...
Parliamentary Finance Identifies A Single Factor For The Stability Of The Dollar And Dinar
Economy| 08:43 - 11/24/2023 Mawazine News – Baghdad The Finance Committee in Parliament considered that diversifying the sources of foreign currencies in commercial transactions is the only way to address the problem of the increasing demand for the dollar, and to create a parallel market for selling hard currency.
The head of the committee, Atwan Al-Atwani, said in a statement received by Mawazine News, “The Central Bank’s response to our previous call regarding addressing the problem of the increasing demand for the dollar and creating a parallel market for selling hard currency has come a long way in the mission of restoring market stability.”
He added, "By starting to open different windows to deal with other foreign currencies and adopting the (clearing) system in trade exchange with various countries, the Central Bank has come a long way in getting rid of the dominance of the dollar and strengthening the strength of the Iraqi dinar and bringing it into the line of global commercial transactions."
He stressed "the importance of this approach as an effective solution and a well-thought-out strategy to open new horizons that ensure the facilitation of commercial transactions procedures at various levels," reiterating "full support for the steps of the Iraqi Central Bank."
He stressed that the Iraqi Central Bank "is moving steadily towards developing real solutions to the crisis, while we look forward to other steps that will restore stability to the market and end the problem of exchange rate fluctuations and increasing demand for the dollar."
Media Advisor To The Prime Minister: The Battle For The Dollar Is Almost Over
Political Baghdad – IA The media advisor to Prime Minister Hashem Al-Rikabi confirmed today, Friday, that the battle for the dollar is nearing its end.
Al-Rikabi said in a blog post on his account on the “X” platform, followed by the Iraqi News Agency (INA): “The reform plans for the financial and banking system undertaken by the government and the Central Bank of Iraq aim to build strong foundations for the stability of the economy, pave the way for creating a suitable climate for investment, and end the eras of unfair trade.”
Legitimacy, dollar smuggling, and speculative operations in the market.” He added, "In short, the battle for the dollar is almost over." https://www.ina.iq/197977--.html
US forces attacked 4 times in Iraq, Syria within hours
Attacks purportedly being carried out by Iran-backed militias have continued to target US forces in neighbouring Iraq and Syria.
U.S. forces were attacked four times in Iraq and Syria on Thursday with rockets and armed drones, but there were no casualties or damage to infrastructure, a U.S. military official said.
Speaking on condition of anonymity, the official said U.S. and international forces were attacked at two sites in northeastern Syria with multiple rockets and a one-way attack drone.
In Iraq, multiple one-way drones were launched at the Ain Al-Asad airbase west of Baghdad and a drone was launched at a base housing U.S. forces near Erbil airport in northern Iraq.
A group calling itself the Islamic Resistance in Iraq, which analysts say is a catch-all for several Iran-aligned Iraqi armed groups, had claimed attacks on those locations earlier in the day.
The attacks come the day after the U.S. struck the Iran-aligned Kataeb Hezbollah (KH) armed group south of Baghdad in an attack that KH said had left eight members dead.
The attack was condemned by the Iraqi government as escalatory and a violation of sovereignty.
U.S. officials said the United States had struck Iran-aligned groups after an escalation in their attacks that have targeted U.S. and international forces dozens of times since October 17, 10 days after Israel's war on Gaza began.
As of Thursday, there had been 36 attacks in Iraq and 37 in Syria, the U.S. military official said.
Central Bank of Iraq: Washington responds to our needs of the dollar
24/11/2023, 13:06:47
Highlights: The Central Bank of Iraq seeks to stop the dependence of the dollar in internal transactions. Governor Ali Al-Alaq said that the Federal Reserve (US Central Bank) and the US Treasury Department respond to all requests related to providing and enhancing what Iraq needs from the dollar. He said that in the meetings, all matters are reviewed, with emphasis and focus on the issue of regulating external transfers in order to ensure the integrity of the financial system. The Central Bank has completed the procedures for opening accounts in dirhams, Chinese yuan and Indian rupees.
The Governor of the Central Bank of Iraq said that the US Central Bank and the Treasury Department respond to all requests related to providing and enhancing what Iraq needs from the dollar by following the proper rules and standards for the movement of funds.
The Central Bank of Iraq seeks to stop the dependence of the dollar in internal transactions (Al-Jazeera)
The Governor of the Central Bank of Iraq Ali Al-Alaq said that the Federal Reserve (US Central Bank) and the US Treasury Department respond to all requests related to providing and enhancing what Iraq needs from the dollar by following the proper rules and standards for the movement of funds.
Al-Alaq said – in an interview with the official Iraqi News Agency (INA) on Friday – that the Central Bank of Iraq is in constant communication with the US Treasury Department and with the US Federal Bank, noting that "this communication continues permanently, and there are quarterly meetings held to review all matters related to this relationship."
He added that in the meetings, all matters are reviewed, with emphasis and focus on the issue of regulating external transfers in order to ensure the integrity of the financial system, especially after the implementation of the new system of external transfer, which requires a lot of coordination.
He pointed to the creation of a new relationship between Iraqi banks and internationally accredited correspondent banks abroad, where the process is confined between them, and the role of the Central Bank of Iraq and the US Federal Reserve is the process of monitoring and supervision, pointing to the start of a while ago to find a relationship between correspondent banks and Iraqi banks.
Iraq has succeeded in opening more than 40 accounts for Iraqi banks with correspondent banks or abroad, al-Alaq said.
The relationship between the Central Bank of Iraq has diversified the currencies in which transfers are made abroad (Iraqi press)
Currency Diversification
To increase flexibility and facilitation in the external transfer process, Al-Alaq indicated that the Central Bank of Iraq has diversified the currencies in which transfers are made abroad, and there are transfers in addition to the dollar, in both the euro and the UAE dirham.
He stressed that the Central Bank has completed the procedures for opening accounts in dirhams, Chinese yuan and Indian rupees, pointing out that there are understandings with the Turkish side to make transfers through Turkish banks in euros or Turkish currency, noting that all this is done in coordination with the Federal Bank and the US Treasury.
The Governor of the Central Bank said that they aim to reduce pressure on the demand for cash dollars, as importers must carry out import operations through the fundamentalist external transfer, but some traders in Iraq do not take this path, but go to pressure the dollar cash in the market, so the imbalance in the price occurs, and to counter that, the government issued a decision that it is not permissible to deal with the dollar locally.
He pointed out that the general principle approved by the Council of Ministers that trading or payment inside Iraq is in dinars, but there are cases currently being studied that can be excluded.
