Monday, January 20, 2025
l-Nusairi: Banks Are The Lever Of Sustainable Development, 20 JAN
l-Nusairi: Banks Are The Lever Of Sustainable Development
Banks Economy News – Baghdad Economic and banking advisor Samir Al-Nusairi confirmed, on Sunday, the completion of the Central Bank’s procedures for implementing the goals and initiatives of its third strategy 2024-2026, which is concerned with developing and restructuring the banking sector in accordance with what the consulting and auditing companies that are currently cooperating with the Central Bank and with the government in this field have reached, and that it should not be limited to support, but rather go beyond that to include the banking sector in making economic, financial, banking and investment decisions.
Al-Nusairi spoke about the challenges of the Iraqi economy and the opportunities for reform of the banking sector in the government’s program and the prospects of the Central Bank’s future vision for the role of the banking sector in sustainable development.
In light of the efforts currently being made to activate and revolutionize the productive economic sectors other than oil to diversify sources of national income and achieve financial sustainability, and the role of the Central Bank in regulating foreign trade financing and completing infrastructure projects to achieve comprehensive digital transformation and expand the use of electronic payment tools in achieving financial inclusion.
He explained that the opportunities for reforming and developing the banking sector in 2025 are as follows:
1- Developing the Iraqi banking system and its compliance with international banking and accounting standards.
2- Enhancing citizens’ confidence in the banking sector locally and internationally recognizing its transparency, progress, and strict commitment to international standards and obtaining the confidence of solid correspondent banks to deal with it.
3- Converting banks to their primary function, which is financing and bank lending for development.
4- Banks that do not provide loans and banking facilities that help in development as a lever for sustainable development lose their meaning as banks, which requires a specific position towards them from the Central Bank in 2025.
5- Seeking to move from a cash economy to a digital economy and withdrawing money outside the banking cycle and introducing it into the banking system.
He pointed out that all the above goals, although the period specified for their implementation according to the timetable of the government program and the strategy of the Central Bank ranges between (1-4 years), what was achieved in 2023 and 2024 constitutes about 60% as announced, which led to the evaluation and classification of banks based on their achievement of the planned goals.
There are banks that are moving towards the required development and banks that still need an additional period of time to achieve the goals, and there are troubled banks that are now making exceptional efforts from the Central Bank and the administrations of these banks to rehabilitate them.
He added that what concerns us here is the real functional role of banks in providing loans and banking facilities and moving from a banking role to a developmental role. There are two important observations that must be taken into consideration regarding the issue of providing loans and banking facilities to stimulate the economy and development.
The first: The nature of banks’ activities depends on the nature of the activities of the economic sectors, and as long as economic activity is focused on trade (imports), banks’ activity remains focused on external transfers and what is related to that, so unless other sectors move (industry, agriculture, tourism, etc.).
It is worth noting that without controlling imports, these sectors will not develop. Second: It is necessary to provide the legal environment and extend the authority of the law in order to control the speculation market in the US dollar on the black market and to eliminate the phenomenon of illegal trade through unofficial outlets. https://economy-news.net/content.php?id=52082
AJ: BELOW ARE THE -- IQD TO DOLLAR VALUE!!, 20 JAN
AJ VIA X
GM - Hope you all had a great weekend. Today is a very exciting day for us Americans and for freedom. I was asked what I thought about the CBI issuing new security features on the 2021 notes -- it's aimed at taking counterfeits out of circulation before the CBI issues new lower denomination notes. In Iraq, they use the 1000 dinar note just like we use the $1 bill here.
See the video clip below from inside Iraq..
BELOW ARE THE -- IQD TO DOLLAR VALUE.
250 IQD: 250 IQD = 0.19 USD
500 IQD: 500 IQD
= 0.38 USD
1000 IQD: 1000 IQD = 0.76 USD
5000 IQD: 5000 IQD = 3.81 USD
10000 IQD: 10000 IQD = 7.63 USD
25000 IQD: 25000 IQD = 19.08 USD
50000 IQD: 50000 IQD = 38.16 USD
All these goods 
in Iraq will need to be repriced with the new lower denomination notes pricing. When they switch the old notes out for the new ones.
I'm still out of town -- be back tomorrow.Central Bank Of Iraq: 95% Of Dollar Sales To Boost Foreign Balances, 20 JAN
Central Bank Of Iraq: 95% Of Dollar Sales To Boost Foreign Balances
01/19/2025 Mawazine News – Economy The Central Bank of Iraq revealed, on Sunday, that foreign remittances constituted more than 95% of its daily sales, with the participation of 6 banks and 19 exchange companies.
According to a statement issued by the bank, its sales in today's auction amounted to 281 million, 623 thousand, and 107 dollars, at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and 1310 dinars per dollar for foreign remittances, while cash dollars were sold at 1305 dinars per dollar.
The bank indicated that most of the sales, worth 269 million, 823 thousand, and 107 dollars (equivalent to 95.91%), were allocated to strengthening foreign balances through remittances and credits, compared to cash withdrawals, which amounted to only 11 million and 800 thousand dollars.
With regard to the participating banks, the number of banks that purchased cash dollars was only one bank, while 5 banks met requests to strengthen balances abroad. 19 exchange companies also participated in the daily auction. https://www.mawazin.net/Details.aspx?jimare=258782
GOLDILOCKS: We are going to have to wait and see, 20 JAN
GOLDILOCKS
With everything going on with the inauguration on Monday, it hardly seems like they will have time to raise the debt ceiling in Congress by Tuesday. We are going to have to wait and see.
If nothing happens regarding raising the debt ceiling, the dollar will go into a default and create room for other currencies to move into new payment positions around the world.
On the 14th of this month, an executive order (Executive Order 14141 of January 14, 2025) went into play for Artificial Intelligence to step up. AI will have new calculations that will begin to form new chart patterns if the dollar falls.
I am not calling an RV, but the new mechanisms coming into play at just the right time does make me think the markets are positioning themselves for new calculations on local currencies around the world.
A newly listed Introductory Product Offering (IPO) typically takes several months to find its true market value, with the first few weeks often characterized by high volatility as investors assess the company and its stock price stabilizes.
This does not mean we have a long time to wait for new prices to begin to form. Currencies fluctuate all the time, and exchange rates are often given to people in the midst of an exchange during times of volatility.
It will be very important for us to watch what happens in the signing of over 100 executive orders by President Trump on his first day in office. We do need to see a form of crypto clarity to move forward inside the new digital banking system where AI can be applied to the new monetary volumes that will come through.
The new Executive Order 14141 gives the President power to enact new laws such as the ones we have been witnessing form the last 5 years in this room. We have been told it's going to be an interesting 90 to 100 days ahead of us. The time has come for change to become a living reality.
© Goldilocks
https://www.federalregister.gov/documents/2025/01/17/2025-01395/advancing-united-states-leadership-in-artificial-intelligence-infrastructure
https://www.whitehouse.gov/about-the-white-house/our-government/the-executive-branch/
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