Article: "The Iraqi Central Governor reveals the plan to reform the banking system and talks about sanctions" Quote: “the detailed study of this project will be presented in the eighth month, and then there will be clarity about the road map..." Im not sure how to take this. Standing on this side of the rate change makes me naturally want to say something negative, but I have to consider all the facts.
Iraq did not JUST NOW begin their banking reforms. They also did not JUST NOW begin to do a study of their monetary reform, exchange rate, or otherwise...
I’m pretty sure there has never been anything like what Iraq is going through right now. There are no experts that have actually done this exact thing before. It really is a monumental task that will have a global impact. I'm as ready as anyone to cash in and I wish it were that simple. Truth is though, it is happening. We are so far down this road now there is no turning back.
During the visit of the Prime Minister to Washington and his meeting in the presence of the Governor of the Central Bank with the delegation of the US Treasury and the negotiations that took place on the financial and banking reform strategy implemented by the government and the Central Bank, the American side emphasized the praise of the reform measures and steps that resulted in regulating the financing of foreign trade and compliance with international standards in 2023 and the past months of 2024 and the bridging of part of the gap between the official rate and the equivalent exchange rate of the dinar against the US dollar.
This refutes the criticisms, allegations and media amplifications of some satellite channels by abusing the Central Bank and the banking sector and referring to some violations in the issue of controlling the cash dollar, which was addressed at the time of the beginning of the application of the electronic platform.
The important thing, which must be confirmed now, is that 100% of the external transfers made in accordance with the new relationship between our banks and the international banks correspondent in accordance with the instructions and mechanisms of the electronic platform are sound and transparent transfers in accordance with international standards and that the window of the sale of foreign currency is an economic indicator that achieves one of the objectives of monetary policy.
“The charges are directed at the Central Bank and banks to waste foreign currency without evidence of suspicions of corruption, money laundering or smuggling of currency, and the proposal that says that the sale of currency is a waste of public money, this is a description that has nothing to do with the economic process.”
It should be noted that “the process of the currency sale window began by the Central Bank on 4/10/2004 in implementation of Article 28 of the Central Bank Law No. 56 of 2004, which allows the Central Bank to sell and buy foreign currency.
This process has continued to meet the needs of the Ministry of Finance of local currency for the purposes of the operational budget by purchasing the dinar from the public for the purpose of controlling liquidity levels, which is known as the process of monetary sterilization on the one hand, rotate the dinar and resale to the Ministry of Finance for the purposes of paying salaries and wages and securing government expenses, as well as meeting and covering imports, and maintaining a stable exchange rate targeted by the Central Bank.”
And that “the foreign currency sale window is considered one of the largest open market operations in controlling the local liquidity levels and putting the cash surplus in its sound paths, which is a good economic indicator and achieves one of the objectives of monetary policy.
This is in line with the multidimensional functions exercised by the Central Bank of Iraq, it is concerned with financial stability, managing the payment system, managing foreign reserves, licensing and monitoring banks and financial institutions, and establishing preventive controls, in addition to other tasks related to the issuance of monetary and publishing data, indicators and economic forecasts.
And that “the main tasks carried out by the central bank are to manage monetary policy aimed at controlling inflation, stimulating the economy, balancing the balance of payments and achieving monetary stability.”
You saw Sudani coming back home. You saw he was not big screens...Now we have to watch. Now he's going to come out and he's going to say, 'okay guys, we have to change the exchange rate.' It think it's going to happen soon now. They're almost ready. I think they wrapped up with the United States government and I think it's going to be a good thing.
'Everybody's like, hey Nader you're there for the announcement?'
There's no announcement. There's not big screens...They're going to come out with a new exchange rate maybe a little smaller for now yes..
.You see they talking about changing the exchange rate again. Yeah, they're going to do it soon. We'll see what it is. It could be 1000. Remember we said 1000 and then they eliminate the three zeros...You're going to have to be patient.
The US State Department confirmed that Prime Minister Mohammed Shiaa al-Sudani’s visit to Washington was successful, while noting that Iran “does not respect” Iraq’s sovereignty.
“We find it particularly worrisome to resume attacks against U.S. individuals just hours after Iraqi Prime Minister Mohammad Shiaa al-Sudani completed a successful visit to Washington, so it seems clear that Iran does not respect Iraqi sovereignty,” ministry spokesman Matthew Miller said at a press conference.
“We have seen these attacks in the past, and we have made it clear that we will defend our interests, we will defend our people, and that remains the case,” Miller added.
US Central Command Centcom had announced that coalition forces had foiled a missile attack near the Ramilan base in Syria, and no U.S. personnel were injured.
Earlier, Reuters quoted two Iraqi security sources as saying that at least 5 rockets were fired from the Iraqi town of Zammar towards a US military base in northeast Syria on Sunday.
Question: There is a rumor a contractor living in the US used his CBI card and the rate was about $3.91...Do you believe the $3.91 story is real?
Yes I do believe it’s real...But, I do not believe that is the rate everybody gets because I have talked to some with these debit cards in the US and they have not seen that rate change. Whereas others have…so I think they are priming the pump and testing the system.
I get reports from Iraq and bankers that things are well underway. And when they get to a certain point they will pull the trigger for us.
We don’t know when it’s going to happen but the earliest I am hearing is yesterday or today…the latest I am hearing is May 9th.
