DINAR REVALUATION REPORT: Iraqi Central Bank and US Federal Reserve Discussions Achieve Advanced Results, 7 SEPT

Iraqi Central Bank and US Federal Reserve Discussions Achieve Advanced Results

Discussions between the Central Bank of Iraq (CBI) and the US Federal Reserve have reached advanced stages, marking a significant milestone in bilateral financial relations. 4 The CBI recently announced the outcomes of a high-level delegation visit to the United States, led by Governor Ali Mohsen Al-Alaq, from August 26 to 29, 2024. 1 The delegation engaged in extensive meetings in New York with key US financial institutions, including the US Treasury, the Federal Reserve, and major players such as Visa, Mastercard, MoneyGram, Citi Bank, JP Morgan, and international auditing firms like KPMG, Ernst & Young, K2i, and Oliver Wyman.

Advancements in Foreign Transfer Monitoring and Cash Sales of US Dollars

The meetings highlighted the CBI's significant progress in monitoring foreign transfers and cash sales of US dollars, aligning its systems and policies with international standards. These efforts have bolstered transparency in foreign trade financing and strengthened defenses against money laundering, terrorism financing, and other financial crimes. 1

Transition to Direct Banking Relationships

Among the notable outcomes was the CBI's announcement of plans to shift from the current electronic platform for foreign transfers to direct banking relationships between Iraqi banks and international correspondent banks by the end of 2024. 1 This move, developed in consultation with global partners, aims to enhance the stability, transparency, and efficiency of Iraq's foreign trade financing, contributing to a more stable exchange rate and a stronger financial system.

Expanding Correspondent Banking Network

Discussions in New York also focused on expanding Iraq's network of correspondent banks and preparing Iraqi banks to meet the requirements for opening accounts with international banks, facilitating transactions in both US dollars and other foreign currencies. 1

Regulated Dollar Transactions Rising

In a related development, Iraq has significantly increased overseas dollar transactions through the official global SWIFT system, as part of reforms to combat money laundering and ensure compliance with international sanctions. 5The Central Bank's Deputy Governor Ammar Khalaf reported that transactions through the Central Bank electronic platform have considerably increased, reaching around $200 million per day, consistent with Iraq's economic size. 5

Conclusion

The advanced results of the discussions between the CBI and the US Federal Reserve underscore Iraq's commitment to financial reforms and international cooperation. These developments are anticipated to contribute to a more robust and transparent financial system, improving Iraq's economic stability and international trade.

Government Advisor: The Discussions Between The Iraqi Central Bank And The US Federal Reserve Achieved Advanced Results, 7 SEPT

 Government Advisor: The Discussions Between The Iraqi Central Bank And The US Federal Reserve Achieved Advanced Results

 
Economy   4-09-2024  Baghdad - INA - Amna Al-Salami   Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Wednesday, that the 

renewed understanding with the US Federal Reserve will allow the monetary authority to restore an internal banking market, while he indicated that the
 
results of the discussions between the Central Bank and the Federal Reserve are good and consistent with business rules, and pointed out that
 
it will allow the implementation of a precise path between... Iraqi and international banks.  Saleh said to the Iraqi News Agency (INA):

“We notice from the statement of the Central Bank of Iraq that there is optimism about the results of his delegation’s discussions with the Federal Reserve in the United States of America in particular and consultations with the parties of the main banking system in the United States, specifically (the large international banks concerned with banking operations). international cross-market ), and that
 
an advanced model of understandings has been achieved at this stage.”  He added,
 
"This came to document the path of steps and banking mechanisms adopted in external transfer, especially related to
 
     financing foreign trade for the benefit of the Iraqi market, and to
     ensure a degree of streamlines and high flexibility in the scope of external transfer operations and
 
through the active role that will be played by global correspondent banking entities that have high standards in terms of strong compliance." Disclosure and Governance.  He added,
 
"Such correspondent banking entities  around the world will undoubtedly be a counterpart to the 13 private commercial banks referred to in the statement of discussions issued by the Central Bank of Iraq, which dealt with the results of the discussions between the monetary authorities of both Iraq and the United States of America."  He stressed,
 
"This matter will allow the implementation of a clear and precise path in accelerating payments and settlements between Iraqi banks and global correspondent banks, as well as the final beneficiary in the trade financing cycle in the international trade and exchange areas that Iraq deals with by paying in different reserve currencies," noting that
 
"In addition to the dollar as a payment and settlement currency, other global currencies such as the euro, the British pound, and the Chinese yuan will take over the task, as well as important stable currencies such as the Emirati dirham and the Indian rupee, and the
 
basis of this coordination with the monetary authorities in the United States comes from the source of the country’s basic reserves  before going. To diversify into other international currencies is the United States dollar itself, verified from oil receipts deposited in the petrodollar currency at the Federal Reserve Bank.”  

He stated,   “Based on the above, such a renewed understanding, in accordance with the road map, will provide the monetary authority in our country with a clearly defined and highly flexible plan to rebuild the internal banking market and on solid reform foundations that are consistent with the standard work rules adopted in international banking, especially in the issue of Building external banking relationships and safely moving funds across the global financial and banking systems.”
 
https://www.ina.iq/216201--.html   

LATEST FROM MARKZ, 7 SEPT

MARKZ

MZ: Actually some lovely news came overnight last night….Will give you a warm and fuzzy feeling

 MZ: Some Nesara contacts that I have not heard from in quite awhile have suddenly come alive….Not just my contacts…but others as well……and they are suddenly very excited……they say Nesara could happen as early as mid month……They believe this is it!!!

MZ: Crossing my fingers and hopin it is accurate. But hearing a lot of chatter that makes me feel good.

MZ: Redemption contacts do not think they have to work this weekend though. They are still a little salty about being on call last weekend and them messing with vacations ect…..

MZ: Iraq was quiet overnight…but there was lots of news over the last 2 days.

Member: What happens if Nesara goes first?

MZ: This is my opinion……I have been told that the first thing to happen with Nesara is a formal cancellation of fractionalized institutional debt. Then I expect it will go on from there with the rest.

Member: Will they release the RV on weekends or week days?

MZ: I am told its easier to release it on a weekend- Saturday night to Sunday morning …but anytime is fair game.

Member: What is your gut feeling for RV Mark?

MZ: You guys will give me hell whether it’s right or wrong….nobody knows the timing…….but my gut feeling is between the 11th and 15th……just a guess……

MZ: They will not tell you where to go ahead of time for security reasons. They want to keep it as private as they can. But I was told 90% of Americans will have an exchange location within 50 miles of their house….If you are in remote rural areas ….you may have further to go…..not sure about other countries.

MZ: They are the same things…..The redeeming banks/redemption centers…are bank locations with trained staff and equipment to handle our exchanges.  

DINAR REVALUATION UPDATE: IRAQ DISCUSSED WITH US. TREASURY & THE FEDERAL RESERVE THE FUTURE OF THE IRAQI DINAR, 7 SEPT

 Iraq's International Status and Developments on the Dinar and Investment Laws as of September 2024

As of September 2024, Iraq has made significant strides in its international standing, with promising developments in both the value of the Iraq Dinar and the country's investment laws. 1

Iraq's International Standing

Iraq's progress in international relations has been marked by a period of relative calm and stability since the appointment of Prime Minister Mohammed Shia al-Sudani in October 2022. This stability has allowed the Iraqi government to focus on key reforms aimed at addressing unemployment, reducing poverty, and improving government services. 3

Economic Recovery and Fiscal Policies

The Iraqi economy has seen a gradual recovery from the dual shocks of the oil price drop and the COVID-19 pandemic in 2020. Real GDP growth in 2021 edged up, and both oil and non-oil sectors are on track to reach pre-pandemic levels. The non-oil economy, particularly the services sector, has shown robust growth, outpacing the oil sector.  2

Budget and Fiscal Expansion

Iraq's parliament approved a record-breaking three-year budget in June 2023, the largest in the country's history, signaling the government's commitment to financial reforms and investment in the economy. The budget's focus on fiscal expansion has been instrumental in supporting the non-oil economic recovery. 3

Developments in the Iraq Dinar

Dinar Revaluation

The Central Bank of Iraq (CBI) announced a revaluation of the Iraqi Dinar in February 2023. This move, aimed at stabilizing the currency and improving trade finance, has contributed to the decline in domestic inflation to 4 percent by the end of 2023. 4

Investment Laws and Reforms

Reforms in investment laws have been a critical component of Iraq's economic strategy. The government has been working on implementing structural reforms to address the grievances of its citizens, including the diversification of the economy away from oil. The passage of new legislation and the ongoing efforts to improve the business environment have attracted more foreign direct investment (FDI). 1

Financial Reforms and U.S. Delegation

A high-level delegation from the Central Bank of Iraq, led by Governor Ali Mohsen Al-Alaq, visited the United States in August 2024. The delegation held meetings with the U.S. Treasury, the Federal Reserve, and major financial institutions, where they discussed financial reforms and the future of the Iraqi Dinar. 5

Conclusion

Iraq's international standing has been bolstered by its economic recovery, fiscal expansion, and the revaluation of the Iraqi Dinar. The government's focus on reforming investment laws and diversifying the economy has attracted more FDI and improved the business environment. As of September 2024, these developments have positioned Iraq for continued growth and stability in the global market. 6

IRAQ PM CONFIRMS DINAR REVALUATION

"DON'T LEAVE HOME WITH YOUR 3 ZERO NOTES... BRING YOU MC/VISA CARD INSTEAD" BY FRANK26, 7 SEPT

KTFA

FRANK26: "DON'T LEAVE HOME WITH YOUR 3 ZERO NOTES... BRING YOU MC/VISA CARD INSTEAD".......F26

https://www.facebook.com/tbiraq

 

Be the first... Life is faster with electronic payment cards.
(As part of the national campaign to support the culture of electronic payment in Iraq).
#Trade_Bank_of_Iraq

 

(CLICK THE LINK TO WATCH THE VIDEO)

"STAY UPDATED ON IRAQI DINAR NEWS!!!, 7 SEPT

Summary

Stay updated on Iraqi Dinar news, investment opportunities, and weekly giveaways. Remember, our content is informational, not financial advice.

Highlights

• 💰 Reports suggest payments for Dinar may be rolling out soon.
• 📜 Iraq’s Investment Law amendments are crucial for economic progress.
• 🌍 Iraq’s currency compliance with international standards is improving.
• 🔄 Ongoing discussions between the Central Bank of Iraq and the US Federal Reserve show positive developments.
• 🚀 95% of the electronic banking transfer process has been completed.
• 📈 Iraq maintains a B-minus credit rating, reflecting economic stability.

Key Insights

• 🏦 Currency Revaluation Potential: The likelihood of the Iraqi Dinar’s revaluation is heightened by positive news from multiple sources, indicating significant financial movement. 📈
• 🔍 Importance of Amendments: Changes to the Iraq Investment Law are pivotal for attracting foreign investment, which could further stabilize the economy. 💼
• 📊 International Compliance: Iraq’s currencies are now aligning with international standards, enhancing investor confidence and facilitating foreign trade. 🌐
• 🤝 Central Bank Collaboration: Advanced discussions between the Central Bank of Iraq and the US Federal Reserve signal a collaborative effort towards stabilizing the banking sector. 🔗
• 📅 Completion of Banking Reforms: With 95% of the electronic platform transition completed, Iraq is nearing the end of its banking reforms, which may catalyze economic growth. ⏳
• ⚖️ Stable Credit Rating: Maintaining a B-minus credit rating indicates Iraq’s financial resilience, crucial for potential currency revaluation. 📉