BROTHERS TECHNOLOGY
Everyone Should really quit the countdown.
Why IRAQ 
ANNOUNCED THEIR BANKING SYSTEM IS INTERNATIONAL FOR ONE.
TWO. HOW CAN A COUNTRY BANKS BE INTERNATIONAL WITHOUT A INTERNATIONAL CURRENCY.
THREE. Remove the anxiousness from your spirit and demeanor,
IN ORDER TO BE IN CONTROL BECAUSE NOW IT’S LITERALLY HOURS FROM THE ANNOUNCEMENT AND EVERYONE HAS TO BE IN ORDER OTHERWISE you’re going to be too anxious and discard your PLANS OF 20+ YEARS OF WAITING IMO, carry on
Shafaq News/ On Wednesday, the Central Bank of Iraq (CBI) announced the successful completion of its program transitioning foreign transfers from its electronic platform to being handled directly by Iraqi banks through their international correspondent banks.
"This process began with the foreign currency sales and purchase window, progressed to the electronic platform for foreign transfers, and culminated in the gradual enhancement of balances during 2024, fully realized in the final week of the year," the CBI said in a statement.
The statement hailed the achievement as a “fundamental shift aligned with international best practices to establish a stable and secure financial system,” noting that the initiative had received significant international support and recognition at every stage.
Moreover, the central bank stressed that the new methodology reflects global standards by clearly delineating the roles and responsibilities of central banks from those of commercial banks, "This transition aligns with international practices (ISBP) in separating the Central Bank’s supervisory duties from the commitments and roles of commercial banks."
The bank also announced its continued support for Iraqi banks, confirming it will bolster their balances in correspondent banks using a diverse range of currencies, including the US dollar, Indian rupee, Chinese yuan, euro, UAE dirham, Saudi riyal, and Jordanian dinar.
Highlighting the broader implications of this move, the statement noted, "This achievement enhances the efficiency and security of foreign transfer operations, adopting methods consistent with global practices. It marks a new chapter in Iraq’s financial relationships regionally and internationally, supporting government efforts to expand economic ties and foster investment opportunities."
In conclusion, the CBI expressed its commitment to assisting Iraqi banks in improving their governance, compliance, and anti-money laundering measures, "We are fully prepared to support all Iraqi banks in advancing their performance, thereby bolstering international and regional trust in them and contributing to strengthening Iraq’s banking system and economy as a whole.”
DINAR GURUS UPDATE
❓ : The mixed reactions regarding the credibility of the news about ending currency auctions highlight the uncertainty surrounding Iraq’s financial reforms. Analysts stress the importance of waiting until the specified date to determine the veracity of the claims. This cautious approach reflects the complexities of Iraq’s economic landscape and the need for careful scrutiny of financial developments.
🏦 Transition to Global Banking Standards: Iraq’s shift towards operating like other countries with standardized banking systems is a significant step. It indicates a push for modernization within the financial sector, which could attract foreign investment and enhance economic stability. As Iraq aligns itself with global practices, its financial institutions may become more robust and trustworthy.
💵 New Exchange Rate Implications: The expected introduction of a new exchange rate is anticipated to elevate the purchasing power of Iraqi citizens. This change is seen as a culmination of efforts by the CBI to restore economic stability and build confidence among the populace. A stronger currency could lead to improved living standards and foster a sense of security among the citizens.
🤝 Strengthening U.S.-Iraq Relations: The ongoing developments in Iraq’s currency reform process are likely to enhance the relationship between Iraq and the United States. A stable and prosperous Iraq is in the interest of the U.S., and improved economic conditions could lead to increased collaboration in various sectors. This partnership is crucial for Iraq as it navigates its path towards financial independence and security.
In conclusion, Here are the highlights of significant updates in Iraq’s currency reform journey, reflecting a transition towards stability and modernization. The anticipated changes, including the cessation of foreign currency auctions and the introduction of a new exchange rate, are poised to have lasting impacts on the Iraqi economy and its standing in the international community. The insights provided by various commentators underscore the importance of these developments and the cautious optimism surrounding them.
CBI: We have achieved a great achievement in abroad remittance
The Central Bank of Iraq announced today, Wednesday, a major achievement in abroad remittance, indicating that it will continue to follow modern methods in managing monetary policy in Iraq.
A statement by CBI, obtained by the Iraqi News Agency (INA), stated that “the bank succeeded in adhering to its program related to the transition from abroad transfers through the electronic platform to the work of Iraqi banks through their foreign correspondent banks,” noting that “this transition took place through stages that went through the abroad transfer process, starting with the window of buying and selling foreign currency and moving to the stage of the electronic platform for foreign transfers, and ending with the operations of gradually strengthening balances during 2024 and fully realized in the last week of this year”.
CBI continued, “This achievement is a radical transformation compatible with the best international standards and practices to achieve a stable and secure financial system, and this work has received international support and praise throughout the stages of its application,” and the Central Bank of Iraq will continue to strengthen the balances of Iraqi banks with their correspondent banks in US dollars along with a group of other currencies, such as (Indian rupee, Chinese yuan, euro, UAE dirham, Saudi riyal, and Jordanian dinar).”
It pointed out that “the efforts in this important achievement came through a series of procedures and detailed technical agreements, and great support from the Iraqi government, and that the bank will continue to follow modern methods in managing monetary policy in Iraq, in line with its key role in achieving financial stability, and its position among central banks in the region and the world, which will reflect positively on the confidence and support of the external financial sector of Iraq and international financial and economic organizations.
”
The statement concluded that “the Central Bank of Iraq shows full readiness to support all Iraqi banks that are working to develop and enhance their performance in the field of governance and compliance, and to combat money laundering in a way that reflects positively on the confidence of international and regional banks in them to contribute to strengthening the Iraqi banking system and the Iraqi economy in general.”
https://ina.iq/eng/37417-cbi-we-have-achieved-a-great-achievement-in-abroad-remittance.html
ȺɾìҽӀ
@Prolotario1
Showtime At The Bank Exchange
Curtains rise on long-held dreams the vault doors creak open, and the audience of patient holders takes center stage.
The spotlight gleams on crisp notes, and whispers of revaluation ripple like a well-rehearsed overture. The long wait wasn’t for nothing it was for the grand reveal, the final act in a performance years in the making.
Today, fortunes dance beneath chandeliers, and those who held the line now toast to a future rewritten. The exchange isn’t just a transaction it’s the encore we've been waiting for. Are you ready to take center stage?
Have you read the script? Have you rehearsed your lines? Because you are about to put on a live performance of a lifetime.
Let's give the people what they want and put on a show no one will ever forget. Step into your role, because "The Final Act" is what will change the course of history for us all. Goodluck out there everyone.
