A Dialogue Session Discusses The Central Bank's Measures For Banks Deprived Of Dollars, 16 MARCH

 A Dialogue Session Discusses The Central Bank's Measures For Banks Deprived Of Dollars

Saturday, March 15, 2025, 3:31 PM | EconomicNumber of readings: 166  Baghdad / NINA / The Iraqi Private Banks Association organized a dialogue session to discuss developments in the banking sector in Iraq, including those related to deprived banks and fines imposed by the Central Bank of Iraq. The session was attended by the Governor of the Central Bank and representatives of banks and electronic payment companies.

The Chairman of the Iraqi Private Banks Association, Wadih Al-Handhal, stressed the importance of joint cooperation between the Central Bank of Iraq, banks, and electronic payment companies to enhance financial stability and develop the banking system in accordance with the latest international standards.

He added, "The Special Committee for Assisting Deprived Banks, formed in the Ministerial Economic Council, called for the necessity of assisting deprived banks and suspending fines imposed on them, as they are going through difficult circumstances, which everyone knows." He indicated that "deprived banks work daily to implement global financial requirements and are subject to daily fines," calling for these fines to be suspended and reviewed by the Central Bank of Iraq.

For his part, the Governor of the Central Bank, Ali Al-Alaq, addressed the Central Bank's measures related to banks deprived of using the dollar, noting that there are signs of optimism in discussions with the American side on this issue.

Al-Alaq stressed that "the Central Bank of Iraq supports the establishment of digital banks, indicating that the number of applications has reached 75 banks, which contributes to accelerating the digital transformation of the banking sector in Iraq."

He pointed out that the first phase will be to grant only one or two licenses for the purpose of experimentation and studying the problems and challenges facing these digital banks.

He explained that "banks are required to work on raising the rate of financial inclusion by providing modern banking services targeting wider segments of society," stressing that "the transition towards a digital economy is an essential step to enhance financial stability and economic development." / https://ninanews.com/Website/News/Details?key=1192022

TIDBIT FROM MILITIAMAN, 16 MARCH

 Militia Man 

It's been a long road.  I understand. Everybody is waiting for what we're looking for.  Everybody should be excited because...

all the little bits and pieces if you tie them in together you're going to find that Iraq is ready to go international.  Internationalism is being put out in the news the last few days...one after another, one after another...Just myself alone I was able to get to about 16 or 17 articles out of hundreds...

JULIAN ASSANGE: Global Currency Reset: Zimbabwe Dollar, Iraqi Dinar, and Vietnamese Dong

 

Reassuring Citizens, The Central Bank Told NINA: We Have Ample Cash Liquidity, 16 MARCH

 Reassuring Citizens, The Central Bank Told NINA: We Have Ample Cash Liquidity

Saturday, March 15, 2025, 4:35 PM | EconomicNumber of reads: 335   Baghdad / NINA / The Central Bank of Iraq (CBI) reassured the banking and community circles of ensuring the availability of cash liquidity to cover all local transactions in Iraqi dinars.

The Governor of the Central Bank, Ali Al-Alaq, said in a statement to the National Iraqi News Agency ( NINA ), that "the Central Bank is the last entity that can be without cash liquidity in Iraq."

He explained that "the Central Bank has wide scope to provide local currency to the extent that this currency is covered by foreign reserves, which currently far exceeds the level of local sufficiency, and more than we can finance."

He added, "There is frequent confusion between the position of the Central Bank, which is a completely different situation from the financial situation related to the financial policy in the country or the Ministry of Finance," indicating that "the Ministry of Finance's revenues are based in dollars through Iraqi oil sales in the global market."

Al-Alaq stressed that "the Central Bank deals in Iraqi dinars for all amounts it receives in dollars, and this is very available under any circumstances," calling for distinction and separation between the financial situation at the level of the government and the Ministry of Finance, and the availability of cash at the Central Bank of Iraq. /   https://ninanews.com/Website/News/Details?Key=1192029

FIREFLY & FRANK26: FRANK: Sudani sends the budget tables to the COM? Are you kidding me?, 16 MARCH

  Frank26 

 [Iraq boots-on-the-ground report]   

FIREFLY:Mr. Sammy...says watch for when the budget tables make it to Council of ministers (COM) because they already said they would review it and vote on it as soon as possible.  The the COM is where and when that rate will show up...

When it goes to the COM that's when to get excited because soon they will vote and the COM will do it quickly. ..That's what we need, Council of Minister first...then that rate will show...Parliament is just a formality. 

FRANK:  Sudani sends the budget tables to the COM?  Are you kidding me?  I didn't know he was going to do that.   He's not going to send it to parliament? 

 Oh my goodness that's like Sudani telling parliament to pick a finger and you might as well pick the middle finger because he's not going to share anything with them...until the very last second...

FRANK26….3-14-25……GHOSTED

Al-Sudani's advisor: Iraq's foreign reserves reach $110 billion, 16 MARCH

 Al-Sudani's advisor: Iraq's foreign reserves reach $110 billion

3/16/2025- Baghdad 

The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Sunday that Iraq's foreign exchange reserves are a safety net against economic fluctuations, noting that they are estimated at approximately $110 billion.

"Iraq's foreign exchange reserves are one of the most important indicators supporting investment, both domestic and foreign, as the country has a stable foreign exchange portfolio estimated at approximately $110 billion, distributed between gold, dollars, and foreign currencies," Saleh said in a statement to the official agency, followed by "Al-Eqtisad News."

He explained that "these reserves contribute to strengthening macroeconomic stability, both domestically and externally, making them a protective factor against global economic fluctuations and shocks. They also provide strong coverage for the monetary base and financial indicators related to trade and international debt maturing soon."

He added, "The current account of the balance of payments is recording positive rates that enhance the stability of the value of the Iraqi dinar, thus reducing the impact of fluctuations in global oil markets, given the nature of Iraq's rentier economy." 

He noted that "Iraq, as the fifth largest oil producer in the world, enjoys sustainable foreign financial flows, enabling it to quickly and efficiently support its cash reserves."

He stressed that "these strong reserves provide a stable investment environment, which contributes to accelerating the pace of investment and supporting the country's promising economic growth."  LINK