Economist: New steps by the Central Bank regarding dollar transactions, 7 JAN

  Economist: New steps by the Central Bank regarding dollar transactions

Economic expert Safwan Qusay revealed today, Sunday, that there are new steps by the Central Bank to enhance transparency and global openness.

Qusay said in a statement to Al-Maalouma Agency that “the Central Bank of Iraq and the US Federal Reserve are moving towards authorizing Iraqi banks to contract with international auditing companies, instead of relying on the dollar selling platform alone, with the aim of auditing credits and transfers before they are implemented."

He explained that "this measure is in the interest of the Central Bank, as it contributes to avoiding the risks of money laundering cases and international sanctions," noting that "this step is a turning point that contributes to drawing a clear map for the work of Iraqi banks on the global stage, as they will deal with international correspondents and financial guarantees in addition to instant transfers, which enhances their position in global markets.”

He pointed out that "it is possible to rehabilitate banks that are currently facing restrictions, which will lead to achieving greater stability in the exchange rate," indicating that "the Central Bank attaches special importance in the next stage to increasing foreign currency reserves, which contributes to facilitating trade operations and supporting economic activity.” link

TIDBIT FROM MARKZ, 7 JAN

 MarkZ  

 [via PDK] 

   Auctions in Iraq have been occurring.  I was told by a contact over there that this is the final part of their de-dollarization. 

  Article:  “The Iraqi dollar and the first day “passed peacefully” The Central Bank is innocent and free for the dinar”

 According to Iraqi Press today is the first day without the auctions. I am feeling good about auctions ending which should mean a new rate.  I am told Iraq was reducing their reserves to de-dollarize the market. This in anticipation of a rate change.

FIREFLY: CHECKMATE!! : IRAQ MUST ADD VALUE TO THE DINAR ONCE STOPS THE CURRENCY AUCTION #iqd

 

The Iraqi dollar and the first day “passed peacefully”.. The Central Bank is innocent and devoted to the dinar, 7 JAN

  The Iraqi dollar and the first day “passed peacefully”.. The Central Bank is innocent and devoted to the dinar

Quick review by Mahmoud Dagher

 “The first day passed peacefully,” said Dr. Mahmoud Dagher, a prominent financial expert, commenting on the first day of official work after the New Year’s holiday and the start of implementing the decision to cancel the dollar selling platform for traders and companies, which had been controversial for 20 years.

Since Sunday morning, there has only been a slight increase in the dollar price. According to Dagher, who managed the operations of the Central Bank for many years, the platform’s function has changed from being a seller of dollars to Iraqi companies, to an intermediary between Iraqi banks and foreign correspondent banks (JP Morgan and Citibank)

Which will be responsible for auditing and approving the transfers, instead of the Central Bank of Iraq, which has cleared its responsibility in this way according to an understanding with international institutions and the US Federal Reserve, and is currently devoted to taking dinars from Iraqi traders and converting them into dollars to be transferred to foreign banks that have begun to organize Iraqi trade.

Dr. Mahmoud Dagher - Economic Expert:

Canceling the platform does not mean that the Central Bank is not converting dinars into dollars.

The Central Bank receives the dinar from the banks, which is the money of the customers (traders), and converts it into dollars and delivers it to the foreign correspondent banks. It will not undertake the auditing, but they will undertake that.

The currency selling window will remain, but its mission will not be to sell dollars but to convert dinars into dollars, and there was no problem in the market today, Sunday, although the dollar rose very slightly. link

TIDBIT FROM MILITIAMAN , 7 JAN

  Militia Man 

 [Iraqi] Banks are closed.  Sudani said he was going to make...the dinar stronger than the dollar.  I think it's going to still hold true.  I think that's the expectations of the world.  We're going to see that happen.

To be a global economic powers [Iraq's] exchange rate will need to be far different than 1310.  It's just the way it's going to be.  They haven't done anything yet.  They're hiding things when it comes to that.

Article:   "Monetary stabilization mechanism will maintain financial stability in the country"  What is that going to be?

  It's the reinforcement mechanism, it's the new one.  It's not the old dollar auction.  They're still going to use the dollar and many different foreign currencies.  Realize, when Iraq turns their currency on to go international, Iraq is going to be a foreign currency that will be traded on international markets.  So when they talk about "foreign currencies" think about Iraq being one of them.  So when they talk about a "basket of currencies", Iraq is going to be one of them within it.

BROTHERS TECHNOLOGY: Iraq Banks are online and the world will witness an economic shift by 1/20/25.

 

Iraq and America discuss activating the strategic framework agreement, 7 JAN

 Iraq and America discuss activating the strategic framework agreement

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed with the Chargé d'Affaires of the US Embassy in Iraq, Elizabeth Kennedy Trudeau, preparations for holding a meeting of the Iraqi-US Joint Committee to activate the Strategic Framework Agreement.

 Hussein said in a post on the (X) platform, "Yesterday, I met with Ms. Elizabeth Kennedy Trudeau, Chargé d'Affairs of the US Embassy in Iraq. We reviewed the developments in the region and the importance of continuing to coordinate positions, especially in confronting the terrorist organization ISIS."

He added, "We discussed preparations for holding a meeting of the joint Iraqi-American committee to activate the strategic framework agreement for friendship and cooperation between the two countries link