Central Bank of Iraq expands foreign transfers with new currencies, 20 DEC

 Central Bank of Iraq expands foreign transfers with new currencies

The Central Bank of Iraq announced the expansion of foreign transfer channels for local banks to include new currencies: the Jordanian dinar and the Saudi riyal, and allowing Iraqi banks to finance trade with Turkey in euros after it was previously limited to using them with European Union countries, in addition to transfers available in US dollars, Emirati dirhams, Chinese yuan and Indian rupees.

The bank explained that this step comes within its efforts to expand foreign trade financing options in various currencies and channels, and the bank has begun taking the necessary measures to meet banks' requests in these currencies.

The Central Bank indicated that this expansion in foreign transfer channels provides transfer operations at the official price, and aims to streamline transfers and involve a greater number of banks in foreign transfer operations, and expand the horizons of economic cooperation between Iraq and other countries, especially in light of the bank's efforts to find other channels to meet the volume of demand for various foreign currencies according to Iraq's dealings with those countries.

It is worth noting that a smooth transition took place during 2024 from the electronic platform to directly accredited correspondent banks, thus the Central Bank achieved a fundamental transformation in line with international banking practices, and this transition is widely praised.

ARIEL: IRAQ DINAR UPDATE, 19 DEC

 ARIEL

Iraq Dinar Update (Important Read) #4 The Final Step First Strategic Objective: Support and Enhance Monetary Stability This strategic framework outlines four key sub-objectives with their corresponding initiatives to maintain monetary stability: 1. Stability of the General Level of Prices - Issue medium or long-term securities capabilities - Manage monetary policy rates in alignment with monetary stability and economic growth requirements - Support and stimulate microfinance development - Implement a comprehensive national lending strategy 2. Stability of Exchange Rates - Transition from platform-based to correspondent bank systems for foreign remittance procedures 3. Manage Reserves According to Best Practices - Diversify investment tools based on source - Enhance and increase gold reserves 4. Improve the Quality and Structure of the Iraqi Currency - Introduce new high-quality currency issues with reduced environmental impact - Establish a dedicated currency examination laboratory - Implement automation for cash operations, including counting and sorting functions Do you see how close we are?

What is the 1st thing they have to do in #4? Introduce a new currency correct?

And they also stated that they want to complete this within 10 days which brings us to Christmas.

JON DOWLING: We are 3-7 days away from glory! @DINARREVALUATION #iraqidinar #iraqidinarinvestor

 

In Jordanian Dinar and Saudi Riyal..Iraq expands foreign transfers with new currencies, 20 DEC

  In Jordanian Dinar and Saudi Riyal..Iraq expands foreign transfers with new currencies

The Central Bank of Iraq announced, on Thursday, the expansion of external transfer channels for local banks, to include new currencies other than the dollar, namely: the Jordanian dinar and the Saudi riyal.

The bank also decided to allow Iraqi banks to finance trade with Turkey in euros, after it was previously restricted to use with European Union countries, in addition to transfers available in US dollars, Emirati dirhams, Chinese yuan and Indian rupees.

The bank explained in a statement today that "this step comes within its efforts to expand foreign trade financing options in various currencies and channels, and the bank has begun taking the necessary measures to meet banks' requests in these currencies."

The statement also indicated that "this expansion in the foreign transfer channels provides transfer operations at the official price, and aims to streamline the transfer and involve a greater number of banks in foreign transfer operations, and expand the horizons of economic cooperation between Iraq and other countries, especially in light of the bank's efforts to find other channels to meet the volume of demand for various foreign currencies according to Iraq's dealings with those countries."

The bank confirmed that "a smooth transition took place during 2024 from the electronic platform to directly approved correspondent banks, and thus the Central Bank achieved a fundamental transformation in line with international banking practices, and this transition is widely praised." link

TIDBITS FROM FRANK26, 19 DEC

 Frank26 

 Do you think the Iraqi dinar has anything to do with Trump's changes for the Middle East?  What makes the world go round?  What makes the Iraqi dinar new exchange rate powerful? 

 Let's see, three hours after he became elected he calls Sudani and he sends a team over there to talk about...oil. 

 The banks that we communicate with are well prepared.  In fact for over two week they have been preparing for clients like you [Iraqi citizens] and me...Sudani is moving at a quick pace.  

All American banks and all CBI private banks are ready to make the successful transaction from the three zero notes to the new lower notes with the new exchange rate.  Iraqi banks have also been readied.

MNT GOAT: I am told by my CBI contact that this is the precursor to the Project to Delete the Zeros

 

THE CENTRAL BANK AND THE SECURITIES COMMISSION SIGN A JOINT MEMORANDUM OF UNDERSTANDING TO ENHANCE COOPERATION, 19 DEC

 THE CENTRAL BANK AND THE SECURITIES COMMISSION SIGN A JOINT MEMORANDUM OF UNDERSTANDING TO ENHANCE COOPERATION

The Securities Commission announced today, Sunday, the signing of a joint memorandum of understanding with the Central Bank to enhance cooperation.

The Deputy Chairman of the Securities Commission, Nagham Hussein Ismail, said: “Based on the joint cooperation between government institutions, and in view of the desire of the Securities Commission and the Central Bank of Iraq to create a joint cooperative framework for both parties that contributes to achieving the goals of sustainable development in the banking sector, a memorandum of understanding was signed between the two parties.”

She added, “The signing of the agreement came to enhance cooperation between the two parties in the field of information related to shareholders, and to benefit from the electronic window of the shareholders’ system approved by the Iraq Stock Exchange.”