Militia Man
Article "Explains the new mechanism for external transfers after the platform is closed"
Here again we're learning they've changed the dollar auctions to the new reinforcement mechanism
...That's why you're hearing people squeaking pretty loudly about pricing going up on the streets because they can't get the dollar..
KTFA
FRANK26: THE NEXT STEP OF THE MONETARY REFORM HAS 2 OPTIONS.".....F26
Al-Nusairi: Explains the new mechanism for external transfers after the platform is closed
1/9/2025
Economic and banking advisor Samir Al-Nusairi explained that closing the electronic platform on 12/31/2024, which was used by the Central Bank for prior auditing and controlling the transparency of foreign transfers and ensuring their arrival to the final beneficiary and overcoming suspicions of money laundering and terrorist financing, is not, as some believe, closing the platform is a closure of foreign transfers, but rather a change in the mechanisms to achieve fluidity and speed by reducing the links.
Al-Nusairi said in a televised interview that it is not normal for the Central Bank or the US Federal Reserve to carry out executive procedures, but rather the task of central banks is supervision and control, and the electronic platform was a stage in this direction, and now we have reached the stage that is practiced in the countries of the world according to international banking standards through the direct relationship between local banks and correspondent banks.
He added that transfers in other currencies will enable Iraqi banks that do not have correspondents in American banks to conduct their transfers through correspondent banks in other countries such as China, Turkey, the United Arab Emirates, India, Europe, Jordan and Saudi Arabia. This will lead to expanding the number of Iraqi banks that participate in foreign transfers and reduce pressure on other banks.
He stressed that the exchange rate announced as the parallel rate does not reflect the price reality, firstly because Iraq does not have the parallel market situation, which is only achieved when it has sources of dollars and currencies other than the Central Bank, such as private sector exports, remittances from residents abroad, tourism, etc., so it has exchange rates that correspond to the official exchange rate at the Central Bank, and that speculation in dollars on the black market is punishable by law. Secondly, limiting the sale of cash dollars to travelers and through a strict mechanism has made cash dollar sales at a minimum level, and therefore what is in circulation is what remains with travelers. We should look at the price at which the Central Bank covers all external operations, including imports and personal transfers for the purposes of study and treatment abroad and legitimate purposes, which explains the stability of prices in light of the current inflation rate, which is about 3.1% less than the inflation rates in Arab, regional and neighboring countries. This means that the Central Bank has achieved a basic objective of monetary policy. ( PROFITEERING HAS ENDED ALLOWING THE MONETARY POLICY TO FLORISH -F26)
Al-Nusairi expressed his surprise that some people calculate the banks’ revenues from selling the dollar by measuring the difference between the market price and the official price, which is a big mistake because the banks do not transfer at the market price but at the official price monitored by the Central Bank. He explained that the foreign currency selling window is dedicated to securing the Iraqi dinar for the purposes of the Ministry of Finance’s operating budget and to enhance the banks’ balances in foreign currencies for external transfers and to cover the cash dollar for travelers and for other legitimate needs of citizens.
Walkingstick
[Iraqi bank friend Aki update]
AKI: We are just sitting here waiting for the introduction of the new exchange rate that will come from the '25 budget.
We wait for the budget laws that will expose the budget and its components and the new rate..
KTFA
FRANK26: "IRAQI BANKS RESTRUCTURED FOR THE MONETARY REFORMS' NEW POLICIES"....F26
1/9/2025
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Prime Minister: Restructuring government banks to ensure availability of capabilities and openness with international specifications
1/9/2025
Prime Minister Mohammed Shia Al-Sudani confirmed, on Thursday, that government banks with their current structures are unable to open up and address problems, indicating that this is why they have been restructured in a way that ensures the availability of all capabilities and openness with modern international technical specifications.
The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Prime Minister Mohammed Shia Al-Sudani chaired a special meeting to discuss the development of the work of government banks, in the presence of representatives of Ernst & Young for auditing and financial consulting."
The statement added, "The Prime Minister was briefed on the plan for the restructuring project of Rafidain and Rashid Banks, and the technical and administrative procedures related to the project, which includes a comprehensive review and structural administrative reforms with the aim of providing integrated banking services to citizens and companies."
The Prime Minister explained - according to the statement - that "the completion rate of the project to restructure Rafidain Bank has reached the final stages," stressing "its entry into force in the coming period, within the framework of a plan that has been studied and implemented according to the established standards and specifications."
Al-Sudani added that "government banks with their current structures are unable to open up and address problems, and for this reason they have been restructured in a way that ensures the availability of all capabilities and openness with modern international technical specifications."
Sandy Ingram
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