This statement from the Central Bank of Iraq (CBI) signals that Global Odeme Hizmetleri is now authorized to handle foreign remittances alongside Western Union and MoneyGram.
This means they are ready to implement the monetary reform. Western Union & MoneyGram are IS exchange sites. This opens up more channels for converting IQD to USD, increasing options beyond just banks.
Their banks are internationally linked and and carry out more secure & safe exchanges. The new currency notes are supposed to be available today. I will look more into this because we are reading official statements from the Central Bank.
The only logical reason I presume they have not released the new notes/exchange rate is because their Stock Market opens on January 7th. Will they wait until then? Not sure. But the option ofcourse is there.
The only thing that contends with this is their announcement a couple of days ago where Jan-2nd was the day the new notes were supposed to be released. Stay tuned..
Is the Ministry of Finance hiding the facts?.. An expert reveals the main reason for the shortage of “cash liquidity”
Economic researcher Haider Al-Sheikh revealed, today, Wednesday (January 1, 2025), the direct reason behind the shortage of cash liquidity at the Central Bank of Iraq.
The sheikh told Baghdad Today, “The Central Bank lacks cash liquidity, due to the citizen’s lack of confidence in the banking system. There is a lack of confidence among citizens in both government and private banks, and this has led to the storage of cash (the Iraqi dinar) in citizens’ homes.”
He explained that “the cash held by citizens exceeds 15 trillion dinars, and the government and the Central Bank must address inflation in economic policies by providing banking facilities to citizens in a real and more serious manner.”
The economic researcher added, “The cash currency circulating between banks and merchants and in the market as well, amounts to nearly 85 trillion dinars.”
On Sunday (December 2024), the Ministry of Finance denied the existence of a shortage of liquidity to finance employees’ salaries for the current month, stressing its commitment to financing salaries .
The ministry stressed in a statement received by “Baghdad Today” that it is “fully committed to the process of financing employees’ salaries, as the Accounting Department has financed the salaries dues of ministries, governorates and non-affiliated entities for the current month of December according to the schedules specified for each of them, and it is continuing its efforts to ensure the continuity of disbursing financial dues without any delay or interruption.”
"WITH THE BEGINNING OF THE NEW YEAR, THE US DOLLAR ENTERS A NEW PHASE IN IRAQ"
"The job of the Central Bank is to maintain the cash reserve and the unified exchange rate, so it is not its job to sell the dollar, but rather it is the job of the banks."
"This achievement is a radical transformation in line with the best international standards and practices to achieve a
stable and secure financial system" "The Central Bank's statement concluded that "providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation. Any other price traded outside of these channels is an abnormal price that those with unorthodox or illegal practices resort to (parallel market),
FRANK26: FOREIGN EXCHANGE AUCTIONS END... KNOW THE DIFFERENCE".....F26
Central Bank announces major achievement in foreign transfers
January 01, 2025
The Central Bank of Iraq announces its success in adhering to its program related to the transition from foreign transfers via the electronic platform to the work of Iraqi banks through their foreign correspondent banks. This transition took place through stages that the foreign transfer process went through, starting with the window for buying and selling foreign currency and moving to the stage of the electronic platform for foreign transfers, and ending with operations to gradually enhance balances during the year 2024 and was fully achieved in the last week of this year.
This achievement is a radical transformation in line 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 its implementation stages.
The new transfer methodology is consistent with international practices followed in this field, which separate the responsibilities and duties of the Central Bank from the obligations, responsibilities and role of commercial banks. From this standpoint, the Central Bank of Iraq will continue to enhance the balances of Iraqi banks with their correspondent banks in the US dollar, in addition to a group of other currencies, such as (the Indian rupee, the Chinese yuan, the euro, the UAE dirham, the Saudi riyal, and the Jordanian dinar). This achievement has enhanced the efficiency and safety of foreign transfer operations, and their transition to the method followed in all countries of the world,
which will make Iraq approach a new stage in its financial relations regionally and internationally and enhance the government’s orientations in expanding its economic relations and enhancing investment opportunities.
The efforts in this important achievement came through a series of ongoing detailed technical procedures and agreements, and great support from the Iraqi government, and the bank will continue to follow modern methods in managing monetary policy in Iraq, in line with its essential role in achieving financial stability, and its position among central banks in the region and the world, which will be positively reflected in the confidence and support of the external financial sector of Iraq and international financial and economic organizations.
Through this, the management of the Central Bank of Iraq seizes this important opportunity to express its thanks and appreciation to all those who contributed to achieving this great accomplishment, first and foremost the cadres of the Central Bank of Iraq, the banking sector in Iraq, and all international partners.
Finally, the Central Bank of Iraq expresses its full readiness to support all Iraqi banks that work to develop and enhance their performance in the field of governance, compliance, and combating money laundering in a way that positively reflects on the confidence of international and regional banks in them to contribute to strengthening the Iraqi banking system and the Iraqi economy in general.
The Central Bank announces the suspension of the electronic platform mechanisms related to selling the dollar
1/1/2025
Baghdad
The Central Bank of Iraq announced, today, Wednesday, January 1, 2025, the suspension of work on the electronic platform mechanisms related to selling the dollar.
The Deputy Governor of the Central Bank, Ammar Khalaf, told the official agency, which was followed by “Baghdad Today”, that: “The mechanism of work on the electronic platform related to foreign transfers has stopped working, but financing foreign trade continues through correspondent banks according to different mechanisms that are parallel to what is in effect in the countries of the world.”
He pointed out that "dollars will continue to be given to travelers at airports according to the approved mechanism, which is the best in limiting the traveler's access to dollars."
The Central Bank of Iraq announced yesterday, Wednesday, that it had achieved a major accomplishment in foreign transfers, while indicating that it would continue to follow modern methods in managing monetary policy in Iraq.
The bank's statement stated that "the bank succeeded in adhering to its program related to the transition from foreign transfers via the electronic platform to the work of Iraqi banks through their foreign correspondent banks," noting that "this transition took place through stages that the foreign transfer process went through, starting with the window for buying and selling foreign currency and moving to the stage of the electronic platform for foreign transfers, and ending with operations to gradually enhance balances during the year 2024 and was fully achieved in the last week of this year."
Central Bank: We have started working with the corresponding banking system
1/1/2025
Baghdad
The Central Bank of Iraq confirmed, today, Wednesday (January 1, 2025), its success in adhering to its program related to foreign transfers and moving to work with the correspondent banking system.
A statement by the bank, received by “Baghdad Today”, said, “The transition has been made from external transfers via the electronic platform to the work of Iraqi banks through their banks via external correspondence.
The bank added, “This transition is taking place through stages of the external transfer process, starting with the foreign currency buying and selling window and moving to the stage of the electronic platform for external transfers, and ending with operations to gradually enhance balances during 2024.” and was fully achieved in the last week of this year.”
He stated that "this achievement is a radical transformation and is in line 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 its implementation stages," indicating that the new transfer The methodology is consistent with international practices followed in this field, which separate the responsibilities and duties of the Central Bank from the obligations, responsibilities and role of commercial banks.
The Central Bank of Iraq confirmed its readiness to support all Iraqi banks that work to develop and enhance their performance in the field of governance, compliance, and combating money laundering in a way that positively reflects on the confidence of international and regional banks in them to Contribute to strengthening the Iraqi banking system and the Iraqi economy in general.
Member: (From Dinar Guru) Guru Mnt Goat ...my CBI contact...told me that the next in-country rate change of the dinar is coming and sooner than we might think.
MZ: I am definitely hearing that….and conversations in Iraq abut “small notes” (lower denominations) . they would not be talking about this in Iraq if the dinar were not about to have a higher value.
MZ: Still zero news on CMKX and I expect to start hearing bond news starting this afternoon. Folks are arriving at their destinations and hope to hear from bond folks and groups by tonight.
MZ: “Closing the dollar selling platform: US directive raises concerns about market stability and rising prices” Auctions are different now…going through 7 banks and are titled “Overseas enhancement requests.”
The new system is up and running….things have changed drastically and we need a little time to figure it out.
MZ: If things are working- I was told we would see HCL and a value change in a couple days. If things are working as they are supposed to – we will see a full international and capable Iraqi banking system
Meber: This statement from the Central Bank of Iraq (CBI) signals that Global Odeme Hizmetleri is now authorized to handle foreign remittances alongside Western Union and MoneyGram.
MZ: We continue to get reports of the closing of the auctions. “At last : Salaries of Kurdistan region employees to be delivered next week” I was told it will be on Sunday from a great contact who said money is liquid and in place after the holidays .
