Article: "The Governor of the Central Bank of Iraq receives a delegation from the World Bank" Separate article quote: "The World Bank confirmed on Wednesday that the infrastructure for electronic payment systems in Iraq is the best in the region."
Article: "A government advisor details indicators of the efficiency of foreign reserves: Iraq is in the best financial condition" Quote: "All indicators of the efficiency of foreign reserves mentioned above indicate that Iraq today is in the best condition in its financial history."
Article: "A government advisor details indicators of the efficiency of foreign reserves: Iraq is in the best financial condition" Quote: "...The financial advisor to the Prime Minister, Mazhar Muhammad Salih, detailed indicators of the efficiency of foreign reserves, while confirming that they indicate that Iraq today is better off in its financial history"
Article: "Advisor to the Prime Minister: The financial situation in Iraq is stable and sound"
Quote: "Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Thursday, that the future outlook for the financial situation in Iraq is stable, while indicating that oil market indicators are still more than 10% above the price specified in the budget until now"
Article: "Romanowski regarding the US Treasury’s visit to Iraq: enhancing cooperation between the two countries”
Quote: “The United States and Iraq share the goal of supporting a sound and strong financial system in Iraq, which will attract investment and ultimately benefit the Iraqi people. She added: I am pleased with the visit of US Treasury Undersecretary Ryan Nelson to Iraq, stressing that this visit has strengthened this important cooperation."
Article: " The Credit Bank of Iraq achieves a profit of 17.5 billion dinars during the year 2023”
Quote: "For the year 2023... its assets rose to 507.7 billion dinars, while it was 406.7 billion dinars in the year 2022, a growth rate of 24.8%...The bank's profits grew by 63.5% during the year 2023 compared to the year 2022, which reached 10.7 billion dinars ”
Clare: With the closure...the dollar price decreased
1/20/2024
The main stock exchange in the capital, Baghdad, closed today, Saturday, due to the decline in the exchange rate of the dollar against the Iraqi dinar.
Selling prices in money exchange shops in local markets in Baghdad reached 153,250 Iraqi dinars for 100 dollars, while purchasing prices reached 151,250 dinars for 100 dollars. LINK
The Governor Of The Central Bank Announces The Imminent Launch Of A Mechanism For Selling The Dollar
06/02/2024 2480 views The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, that the electronic payment file is a high government priority, and while he indicated a significant decrease in inflation compared to the beginning of 2023, he announced the imminent launch of a special mechanism for selling the dollar to ensure that it reaches real travelers only. Al-Alaq said,
“The Central Bank and the government give high priority to the issue of electronic payment because of its important economic repercussions and raising the level of transactions away from excessive use of cash,” noting that
“the Iraqi economy is a cash economy par excellence and the electronic payment process aims to significantly reduce the degree of economic cash cash.”. He added,
"The Prime Minister is very supportive of the process of converting to electronic payment and holds successive and continuous meetings in order to strengthen the procedures related to this issue.
We have made important progress in arranging electronic payment at the level of collection and payment in state institutions, in addition to that the Council of Ministers approved a number of important packages and decisions." Which facilitates this process and does not burden the citizen with the resulting commissions.”
He stated that “the Central Bank has a broad strategy in the electronic payment file and has developed the infrastructure and covers any type of electronic payment, whether by cards, via mobile phone, or other means,” indicating that “the Central Bank is also working on a strategy of financial inclusion and increasing users of financial services.”.
He continued, "There are direct decisions issued to support the use of electronic payment, including obliging government agencies to make payment and receipt through cards, and
also linking the process of renewing licenses in stores and approving them in buying and selling operations with the incentives granted, especially the government decision to bear 50%, which will make it marginal." At the same time, Al-Alaq stressed that “the Central Bank is working to complete the establishment of Riyada Bank, which will focus on supporting small projects by relying on the use of financial services away from cash dealing.”
He stated that "the indicator of the success of monetary policy in any country is controlling the general level of prices and reducing inflation," explaining that
"inflation has now decreased significantly compared to the beginning of 2023, which indicates, as the US Treasury Assistant stated a few days ago, that
the low level of inflation indicates... Foreign trade is covered by the official rate, and foreign financing operations take place smoothly, and all importers and traders can obtain and control the dollar at the official rate.”
He pointed out, "The Central Bank's adherence to the rules and principles of external transfer in accordance with the conditions and requirements it set and its insistence on implementing them is what prompted many hesitant merchants to enter the platform for selling foreign currency, especially since using it is easy and safe and it provides them with the dollar at the official rate."
Al-Alaq pointed out, “The Central Bank confirms the possibility of meeting all requests for the dollar, whether personal, commercial, or any kind, as long as they are valid and legitimate, and
this is strongly supported by the size of the foreign reserves present at the Central Bank.” He pointed out, “The Central Bank has no problem with offering or selling the dollar, and it does not place restrictions on sales operations at all.
It has never specified for the bank how much it can buy a dollar, nor has it set an upper or lower limit for a merchant, importer, or user of the dollar, or any other limit.”
This gave the impression that there was no problem in responding to demand for the dollar and that speculation was useless because the rules for this speculation were not available and incorrect.” He added,
"Some groups are still trying, from here and there, to stay away from the platform for various reasons, whether to evade taxes, customs, etc., or for the presence of illegal trade, as the drug dealer cannot transfer it through the central bank, or if it is corruption money, it cannot be transferred." Through the Central Bank.
He pointed out that "the Central Bank is in a comfortable position to respond to requests to buy the dollar and we have sufficient reserves.
On the other hand, there are some countries that do not have sufficient reserves to respond to demand, and thus they have a large difference in the price between the parallel and the official price."
Regarding providing the dollar to travelers, Al-Alaq said,
“After the experience we had in how to sell the dollar to travelers and citizens, we found many observations, including that it is difficult for the real traveler to obtain the dollar, and therefore we had a meeting in this regard, and we will finalize a new mechanism after developing its programs related to this.” The subject, according to which only the real traveler will receive the dollar.”
He stated, "One of the things that helped calm and reassure the market is the stability of the exchange rate and the central bank's provision of payment options after currencies such as the euro, the dirham, the Turkish lira, and the Indian rupee, which are expanding." https://www.nrttv.com/ar/detail3/23091
3 LETTER GUYS ARE INDICATING THAT THE DINAR RATE IS STILL SET FOR $4.81 BUT MAY TEMPORARILY INTRODUCE LOWER...THEY ARE "WATCHING THE CLOCK"
REPORTS ARE COMING IN THAT THE PACE OF THE RATE INCREMENTS HAS INCREASED....LATER THIS WEEK LOOKS EXTREMELY FAVORABLE. EXTREMELY!!!
GOOD NEWS: A TOP SOURCE SAYS THAT THE BOMBINGS WERE "ACCOUNTED FOR" IN THE PLANNED RELEASE OF THE RV. SO, IT APPEARS THAT EVERYTHING IS "ON SCHEDULE" AS WE WERE INFORMED.
3-LETTER GUYS ARE INFORMING THAT THE "ISSUE" STOPPING THE RV HAS BEEN RESOLVED...
[via Babysmom] ..."EFFECTIVE 1/1/24 (BUT STARTED ALREADY) DEALERS (USA) CAN ONLY SELL YOU $1,000 WORTH OF DINAR PER 24 HOUR DAY. THAT'S NOT EVEN 1 MILLION DINAR TODAY."
[via Babysmom] ..."BANKERS CAN SEE RATES..."NOW" EVEN THOUGH THEY HAVE TO WAIT ON FOREX TO OPEN FOR THIS WEEK...WOOOOO HOOOOOO"
US BANKS HAVE THE RATES, SAID THEY WERE WAITING FOR FOREX TO LOAD BEFORE THEY CAN START ...THEY "THOUGHT" IT WOULD BE AT OPENING ON SUNDAY EVENING, BUT NOT YET. FEDERAL RESERVE IS SENDING ALL STAFF IN TOMORROW NIGHT TO OBSERVE THE "TRANSACTION" .
.. .I DO "BELIEVE" THAT IT HAS BEGUN!! RATES DID CHANGE IN IRAQ LAST WEEK...MAYBE AGAIN OVER THE WEEKEND?
WAITING TO HEAR FROM SOME FOLKS WHO WERE EXCITED LAST NIGHT AND WERE LOOKING TO SEE SOMETHING (BEHIND THE SCENES) THROUGHOUT THE NIGHT...TIME WILL TELL
The expected RV is now scheduled. Good news. This morning Iraq citizens were told in the next couple days. Sudani told ppl the rate is going to change in the next couple of days. I also go this from Tish she was watching in Iraqi tv. The RV was supposed to occur last nightThurs. 14 Dec.
Supposedly, the reason it didn’t is the U.N. filed a motion to take over the entire process. The judge denied the U.N. motion. It didn’t make any sense b/c the IMF already released it to the counties. Every country has money, reserved currency, and is waiting to go live. Our window of time is 4:30pm Eastern Fri. 15 evening until 5:00 pm Eastern Sun 17 Dec.of when this could go through. In Iraq today the Kurdistan region was told that today was the last day they can turn in three zero notes and actually get 25,000 dinar for a 25,000 note.
Sudani was telling ppl this morning in a town hall type of meeting that the rate is going to change in the next couple of days. The last day the rate changed was the 20th of December. If Iraq says today is last day, 4:30 EST is the next day Iraq time ~ a few minutes past midnight. They wanted to do it at 1:00 am eastern. This is how they want it to go down. In Iraq everyone is off Monday and Tuesday so they can go vote and the budget will be released onTuesday.All the money.
Always said they wouldn’t do that until the rate was changed. This hopefully will be our weekend. People who had bank appointments this weekend were told that there would be no fees during the exchange. If you go to the teller window, there will be fees. There is no turning back. US has released it. IMF released to each country so when it goes, they can start exchanging. The money is in place so they can operate with it. They can’t wait. Sudani saying in acouple of days.
Fri. 8 Dec. TNT: It was supposed to goThurs. night 7 Dec.Everyone was waiting on the IMF to release it. After a meeting earlier todayFri. 8 Dec,contacts said it will happen byMon. 11 Dec. Sun. 10 Dec. is Iraq’s Victory Day, so Tony thinks it might happen then.
People that have already contacted their banks are being called in to go over the procedures for the exchange, interest rates they would pay them, debit and credit cards that will be available to them, etc. Banks are acknowledging that it is happening and that they want people to choose them.
GOOD NEWS: A TOP SOURCE SAYS THAT THE BOMBINGS WERE "ACCOUNTED FOR" IN THE PLANNED RELEASE OF THE RV. SO, IT APPEARS THAT EVERYTHING IS "ON SCHEDULE" AS WE WERE INFORMED.
3-LETTER GUYS ARE INFORMING THAT THE "ISSUE" STOPPING THE RV HAS BEEN RESOLVED...
[via Babysmom] ..."EFFECTIVE 1/1/24 (BUT STARTED ALREADY) DEALERS (USA) CAN ONLY SELL YOU $1,000 WORTH OF DINAR PER 24 HOUR DAY. THAT'S NOT EVEN 1 MILLION DINAR TODAY."
[via Babysmom] ..."BANKERS CAN SEE RATES..."NOW" EVEN THOUGH THEY HAVE TO WAIT ON FOREX TO OPEN FOR THIS WEEK...WOOOOO HOOOOOO"
US BANKS HAVE THE RATES, SAID THEY WERE WAITING FOR FOREX TO LOAD BEFORE THEY CAN START ...THEY "THOUGHT" IT WOULD BE AT OPENING ON SUNDAY EVENING, BUT NOT YET. FEDERAL RESERVE IS SENDING ALL STAFF IN TOMORROW NIGHT TO OBSERVE THE "TRANSACTION" .
.. .I DO "BELIEVE" THAT IT HAS BEGUN!! RATES DID CHANGE IN IRAQ LAST WEEK...MAYBE AGAIN OVER THE WEEKEND?
WAITING TO HEAR FROM SOME FOLKS WHO WERE EXCITED LAST NIGHT AND WERE LOOKING TO SEE SOMETHING (BEHIND THE SCENES) THROUGHOUT THE NIGHT...TIME WILL TELL
The expected RV is now scheduled. Good news. This morning Iraq citizens were told in the next couple days. Sudani told ppl the rate is going to change in the next couple of days. I also go this from Tish she was watching in Iraqi tv. The RV was supposed to occur last nightThurs. 14 Dec.
Supposedly, the reason it didn’t is the U.N. filed a motion to take over the entire process. The judge denied the U.N. motion. It didn’t make any sense b/c the IMF already released it to the counties. Every country has money, reserved currency, and is waiting to go live. Our window of time is 4:30pm Eastern Fri. 15 evening until 5:00 pm Eastern Sun 17 Dec.of when this could go through. In Iraq today the Kurdistan region was told that today was the last day they can turn in three zero notes and actually get 25,000 dinar for a 25,000 note.
Sudani was telling ppl this morning in a town hall type of meeting that the rate is going to change in the next couple of days. The last day the rate changed was the 20th of December. If Iraq says today is last day, 4:30 EST is the next day Iraq time ~ a few minutes past midnight. They wanted to do it at 1:00 am eastern. This is how they want it to go down. In Iraq everyone is off Monday and Tuesday so they can go vote and the budget will be released onTuesday.All the money.
Always said they wouldn’t do that until the rate was changed. This hopefully will be our weekend. People who had bank appointments this weekend were told that there would be no fees during the exchange. If you go to the teller window, there will be fees. There is no turning back. US has released it. IMF released to each country so when it goes, they can start exchanging. The money is in place so they can operate with it. They can’t wait. Sudani saying in acouple of days.
Fri. 8 Dec. TNT: It was supposed to goThurs. night 7 Dec.Everyone was waiting on the IMF to release it. After a meeting earlier todayFri. 8 Dec,contacts said it will happen byMon. 11 Dec. Sun. 10 Dec. is Iraq’s Victory Day, so Tony thinks it might happen then.
People that have already contacted their banks are being called in to go over the procedures for the exchange, interest rates they would pay them, debit and credit cards that will be available to them, etc. Banks are acknowledging that it is happening and that they want people to choose them.
Iraq calls on US Treasury to reconsider sanctions on civil banks
Mawazine News – Baghdad
The Iraqi Foreign Ministry called on the US Treasury to reconsider the decision to impose sanctions on some civil banks.
The Ministry of Foreign Affairs said in a statement received by Mawazine News that "the Deputy Prime Minister and the Minister of Foreign Affairs received a phone call yesterday evening, from US Secretary of State Anthony Blinken, as part of the follow-up of the most prominent developments and regional and international issues of common interest."
The statement added, "The Secretary of State touched on the sanctions imposed by the US Treasury on seven Iraqi banks recently preceded by sanctions on fourteen Iraqi banks, as the reasons behind the imposition of such sanctions have not been stated, and whether Washington's imposition of these sanctions came due to the undiscipline of these banks in implementing banking instructions and compliance rules, or for other political reasons, especially as the US Treasury Department is in constant contact with the Central Bank of Iraq."
He pointed out that "these banks have an important and significant role in financing the expenses of the ration card and providing the food basket for Iraqi families with limited income," he officially called for "a review of the US Treasury decision on the subject."
He pointed out that "Iraq is keen to build partnership and cooperation relations with friendly countries and joint work towards facing economic and security challenges and in a way that supports consolidating stability in the region."
The global economic landscape is on the cusp of a monumental shift as key oil-producing nations, including Russia and Saudi Arabia, are increasingly eyeing the Chinese yuan over the US dollar for oil trades.
This has considerably critical implications for not just for the oil market, but for the broader global economy, particularly impacting the US dollar’s global standing.
The Dollar’s Diminishing Dominance
The US dollar has long been the core currency of the global oil market, a status that has significantly bolstered its strength and stability on the world stage.
However, the shift towards the yuan, and other currencies, for oil trades would trigger a decrease in global reliance on the dollar, which would have severe implications.
Dramatic Economic Consequences for the U.S.
Impact on Dollar Exchange Rates: A decrease in the global demand for the US dollar for oil trades could lead to a depreciation in its value. This devaluation could affect everything from the cost of imports and exports to the financial strategies of multinational corporations.
Reduced Demand for US Treasuries : The US dollar’s strength and stability have traditionally made US Treasury bonds a highly attractive investment for foreign governments and investors. A shift away from the dollar in oil trade could reduce this demand, potentially increasing interest rates in the US as the Treasury may have to offer higher yields to attract buyers.
Escalating US Inflation: The decreased demand for the dollar will lead to increased inflation in the US. As the dollar’s value drops, it would become more expensive to import goods, contributing to rising prices domestically.
Challenges in Exporting US Debt: A significant advantage for the US has been its ability to export its debt, borrowing money at relatively low interest rates due to the high demand for its debt instruments globally. A reduced demand for the dollar will disrupt this ability, leading to higher borrowing costs for the US government.
Global Economic Realignments: This shift might not only affect the US but will also lead to broader economic realignments. As countries adapt to new trading currencies, we will see significant changes in global trade partnerships and financial alliances.
While these developments might seem distant, they will impact everyday life. From changes in gas prices to fluctuations in the stock market, the ripple effects of a shift in the global oil trade currency will reach the pockets of both consumers and investors alike.
While the full extent of these changes remains to be seen, the growing shift away from the US dollar in global oil trade signifies a major economic realignment with far-reaching implications.
Understanding the dynamics at play and their possible impacts is key to navigating this new economic terrain.