Saturday, January 4, 2025
Government Advisor: Monetary Stabilization Mechanism Will Maintain Financial Stability in the Country , 4 JAN
Government Advisor: Monetary Stabilization Mechanism Will Maintain Financial Stability in the Country
1/3/2025 Baghdad - WAA - Amina Al-Salami,
the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that the Central Bank has adopted the monetary reinforcement mechanism to feed the national banks' requests for foreign currency, indicating that the monetary reinforcement mechanism will maintain financial stability in the country.
Saleh told the Iraqi News Agency (INA) that "the function of the Central Bank will continue to move in two directions: the first is to meet the needs of national banks for foreign currency with their correspondents, which confirms that the new monetary reinforcement mechanism will work to provide monetary stability on the part of the monetary authority in the two issues of continuing the monetary sterilization policy that is concerned with controlling the levels of local liquidity by exchanging foreign currency for the dinar"
Noting that "the new monetary reinforcement mechanism will maintain a fixed exchange rate of 1,320 dinars for every dollar, which will enable the Central Bank to achieve stability in the external value of the Iraqi dinar by controlling the growth in the money supply within the operational objectives of monetary policy through what is called the monetary transmission mechanism to achieve intermediate or real long-term goals in achieving stability in the general price level or reducing growth in inflation rates, and this comes in conjunction with the stability of the exchange rate and the growth of the money supply to achieve stability in the general price level."
Saleh added that "the second trend is to provide foreign currency to correspondents of national banks in order to facilitate the stability of the real supply of basic goods and services flowing into the domestic market with high fluidity, and to make compliance control of foreign currency transactions on two levels: national through the Anti-Money Laundering and Terrorist Funds Office, and external through the role of correspondent banks that undertake the task of auditing compliance issues." LINK
REINALDO JC: 🚨 Best opportune time to RI is NOW!!, 4 JAN
REINALDO JC
Iraq
Best opportune time to RI is NOW, remember all types of credit/loans activity was suspended on 12/15/2024, and loan applications and other banking services will not be promoted-(currently its ALL stopped).
They said It Will resume in “early 2025”… noticed, they DON’T want to give out that date because we can figure out the release timeframe date. BEST time to go international is NOW while all credits are STOPPED!!!
They cannot keep loans/credit on hold for a significant timeframe, bc the economy will feel the pressure. On top of NO CASH TRANSACTIONS {they’re not using dollars in house-Iraq}. Reinstatement of the Iraqi Dinar is imminent!!!
**most important note: Iraq NEW INTERNAL budget year begins April 1st, in which a NEW DINAR RATE is needed for the new 2025 Budget!!! The Dinar RATE increase is GUARANTEED to happen anytime between {Jan 7th-March 31st}.
MY eyes are stuck in JANUARY!!!!!!
This previous post below
needs to happen (imo) as well before we investors see the new rate internationally.Iraqi Central Bank Streamlines International Transfers , 4 JAN
Iraqi Central Bank Streamlines International Transfers
2nd January 2025 By John Lee.
The Central Bank of Iraq (CBI) has announced the successful transition of external transfers from an electronic platform to direct operations by Iraqi banks through their international correspondent banks.
According to a CBI statement, this milestone, fully achieved at the end of December, aligns with global best practices, promoting a stable and secure financial system.
Key highlights include:
Modernisation Journey: Transfers evolved from a currency sale window to an electronic platform and now to correspondent banking systems.
Diverse Currency Support: Iraqi banks can now enhance balances with correspondent banks using various currencies, including USD, INR, CNY, EUR, AED, SAR, and JOD.
Global Integration: The system improves efficiency and aligns Iraq's financial operations with international standards, boosting regional and global financial relationships.
Investment and Trust: This achievement strengthens Iraq's appeal for investment and enhances international financial confidence.
The CBI attributed this progress to extensive technical planning, governmental support, and the contributions of its staff, Iraqi banking institutions, and international partners.
The bank reaffirmed its commitment to fostering good governance, compliance, and anti-money laundering measures, further solidifying Iraq's financial system.
(Source: CBI) LINK
CLARE: [That] IS NOT A FOREIGN CURRENCY AUCTION. IT IS A REPORT ON THE NEW SYSTEM - "Foreign exchange window results", 4 JAN
Clare
Question: "I thought the CBI used the electronic transfer system to send USD abroad for the daily currency auctions, yesterday's news stated they stopped the electronic transfer system.
How could they have officially stopped it yesterday, when they sold 283 million USD ABROAD in today's auction?"
[That] IS NOT A FOREIGN CURRENCY AUCTION. IT IS A REPORT ON THE NEW SYSTEM - "Foreign exchange window results"
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