The majority of Iraq's financial assets are in US dollars. Al-Sudani's advisor discusses linking Iraqi banks to US banks

  The majority of Iraq's financial assets are in US dollars. Al-Sudani's advisor discusses linking Iraqi banks to US banks.

On Wednesday, April 30, 2025, Mazhar Mohammed Salih, advisor to the Prime Minister for Financial Affairs, spoke about the repercussions of linking Iraqi banks to American banks.

As long as Iraq is within the dollar zone like other OPEC countries, with the US dollar constituting the majority of its financial assets from oil revenues, it is in our country’s interest to deal equally with the US commercial banking system as a global correspondent power for national banks, especially when dealing with more than one US bank operating globally (Global Bank) that has major global branches and arms, ” Saleh said in a press statement followed by Al-Jabal.

He pointed out that "the Central Bank of Iraq's efforts to link national banks with major banks and financial institutions in the United States, with more than one bank that enjoys international standing, is an important means of providing economic stability and improving the investment, trade, and development climate in our country through integration with the dollar trade, banking, and investment zone, which remains one of the strongest and most important monetary zones in the world."

He stressed  that "reducing the costs of foreign banking transactions requires direct banking cooperation with more than one American (Global) bank, and that the Central Bank of Iraq is moving in the right, open, and rapid direction in assessing its priorities to serve the stability of the national economy at the level of foreign banking transactions and implementing them with the required speed and high guarantees ."

He pointed out that "the second American bank is responsible for providing opportunities for Iraqi banks as a global correspondent bank with multiple branches and operations to quickly implement banking operations, whether in transfers or financing foreign trade for our country's markets, without obstacles and with transparency and high governance. In addition, it provides financing and credit lines for trade and investment in Iraq, as well as benefiting from digital banking services and highly advanced international standards, which will bring our national banks to the required global level. 

These are factors that encourage the investment and business climate in our country at the same time, in the midst of integration and cooperation with the international banking system."  link

GOLDILOCKS: Iraq is actively working toward implementing ASYCUDAWorld across all its customs sites by mid-2025

GOLDILOCKS

Iraq is actively working toward implementing ASYCUDAWorld across all its customs sites by mid-2025, as part of a broader effort to modernize customs processes and boost trade efficiency.

The Ministry of Finance is making progress with automating its programs, and is currently implementing the ASYCUDA (Automated System for Customs Data) system within its customs sector. This system aims to modernize customs operations, improve revenue collection, and facilitate trade. 

ASYCUDA is a computerized customs management system that covers various foreign trade procedures, including declarations and accounting. 

Iraq’s adoption of ASYCUDAWorld at key shipping ports like Umm Qasr and other customs sites is a transformative step toward modernizing its trade infrastructure. The system is already yielding significant results, such as increased customs revenue and higher import volumes, and is poised to expand nationwide by mid-2025. By aligning with international standards and improving efficiency,

ASYCUDAWorld enables Iraq to strengthen its position in global trade, attract investment, and reduce economic reliance on oil. The sources cited provide robust evidence of the system’s implementation and its positive impact on Iraq’s international trade capabilities.

Yes, many countries are exploring and implementing the use of their own currencies within the banking system to align with evolving international standards and potentially move away from the dominance of the US dollar.

This is happening through the development of Central Bank Digital Currencies (CBDCs) and the increasing use of national currencies in cross-border payments. 

It remains to be seen if the dinar will replace the dollar in these shipping port transactions. The current trend would say so, but many geopolitical tensions are still in flux. And, it is too early to tell what is about to happen in Iraq at this time.

Watch the water.

© Goldilocks

https://www.iraq-businessnews.com/2025/04/02/iraqi-customs-implements-new-measures-to-boost-trade/#:~:text=Iraq's%20General%20Customs%20Authority%20has,reduce%20delays%20and%20streamline%20processes.

Mayhem w/ Mel 🔹: UPDATES for other Countries that the US, on Exchange/ Redemption QFS #iqd #iraq

 

Fuad Hussein arrives in Oman to exchange views on "current challenges"

 Fuad Hussein arrives in Oman to exchange views on "current challenges"

Fuad Hussein arrives in Oman to exchange views on "current challenges"
The Iraqi Ministry of Foreign Affairs announced the arrival of its Minister, Fuad Hussein, to the Omani capital, Muscat, on an official visit aimed at strengthening bilateral cooperation between the two countries.

The ministry said in a statement that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein is scheduled to hold meetings during the visit with a number of Omani officials, most notably the Omani Minister of Foreign Affairs, Badr bin Hamad Al Busaidi, to exchange views on regional and international developments and current challenges."

The statement indicated that the Iraqi Ambassador to Muscat, Qais Al Ameri, and embassy staff attended the reception ceremony.  link

💥💥Mayhem w/ Mel💥💥: Question about Iraq Filling BANKRUPTCY 4-30-25

 💥💥Mayhem w/ Mel💥💥

             Question about Iraq

Filling BANKRUPTCY  4-30-25

💥Mel addresses the Question with a simple yet shocking answer, she says with Iraq filing bankruptcy doesn’t that leave all the Dinar having NO VALUE? Answer YES, she explains…💥

💥BRICS role is to implement Nations to the Quantum SYSTEM, the IMF and the World Bank have worked along side ( Iraq) them signing over from IMF to World Bank, as Countries are getting all their  loans paid back, meaning BRICS is in Control💥

💥Mr POOL Comms, about Chapter 11 Bankruptcy , it’s all a PART of breaking down the OLD SYSTEM to bring in the NEW SYSTEM….THEREFORE, Mel says that Iraqi Bankruptcy is A GOOD THING, the bankruptcy takes the old to zero, and get the NEW RESET, she says , OK, yes, it’s COMING💥

💥Another Question was about the DONG, was it going to be exchanged in Australia?  Mel said, her Wealth Management Team said they will contact her about the DONG, as she will inform everyone here whenever she has more information..💥

💥Major Banks in Australia , COMMONWEALTH BANK (CWB),is the ONLY currency bank in Australia, if a holder has large sums to exchange, they may get an appointment to go to a different section of the bank, that is set up for EXCHANGE 💥

💥HSBC in Australia is also set up for Exchanges/ Redemption, remember every Country is different, SO, sit back and watch it play out, Mel says let it UNFOLD… Happy to Share, she is certainly very pumped up, see you later bye for now💥

💥💥Mayhem w/ Mel by td in America 💥💥

FIREFLY: they are still hiding Article 12-2C because it's rate related for the budget #iraq #iqd

 

The Rise In The Value Of The National Currency Has Local And International Causes

 The Rise In The Value Of The National Currency Has Local And International Causes

 
Economic 04/27/2025  Baghdad: Hussein Thaghab   The Iraqi dinar's exchange rate against the US dollar has witnessed a  significant improvement over the current period, supported by a number of internal and external factors.  

Most notably, the
 
     country's large financial reserves, the
     prudent monetary policies pursued by the Central Bank of Iraq, and
     signs of a thaw in US-Iranian relations have
 
combined to boost the value of the national currency.
 
Deputy Governor of the Central Bank of Iraq, Dr. Ammar Hamad, said that the
improvement in the Iraqi dinar's exchange rate against the dollar in local markets
is due to the central bank's recent policy. He added that
 
Financial Reserves
 
the country's massive financial reserves are one of the main reasons
behind the improvement in the value of the dinar against the dollar, and
 
we expect the dinar's value to continue to  improve in the coming period. He pointed out that
 
the Central Bank of Iraq is working to consolidate the national currency
by adopting policies that are consistent with Iraq's
 
     financial capabilities and the
     requirements of the national economy.
 
Dollar Flow
 
Dr. Nabil Al-Abadi said:
 
“The past few days have witnessed a significant improvement in the exchange rate of the dinar against the dollar,
which is the result of a combination of internal and external factors.
 
On the monetary policy side, the Central Bank has taken strict measures, including
 
     restricting the flow of dollars through auction platforms and
     imposing strict oversight on banks. It has also
     raised the interest rate on dinar deposits,
     which has stimulated the transfer of some cash liquidity.  

External Factors, such as the
 
     improvement in oil prices and the
     accompanying increase in foreign reserves,
 
have also contributed to this improvement.”  He added that
 
Stabilization
 
these measures, while effective in achieving short-term stability, remain subject to several risks.
 
The Iraqi economy's dependence on oil revenues makes it hostage to global market fluctuations.
 
Furthermore, some austerity measures, such as
import restrictions,
could negatively impact citizens' purchasing power
if they are not accompanied by policies that support local production. He stated that
 
Productive Sectors
 
ensuring the sustainability of this improvement requires structural reforms,
starting with
     diversifying the economic base and
     reducing dependence on oil, through
     developing productive sectors such as agriculture and industry.
 
This also requires
 
     a comprehensive overhaul of the banking system and
     simplifying customs procedures to boost non-oil exports, as well as
     enhancing investment confidence through stabilizing legislative policies. He stated that
 
improving the exchange rate is not an end in itself,
but rather must be a starting point for deeper economic reform.
 
International experience demonstrates that
sustainable monetary stability can only be achieved
through a productive economy capable of confronting external shocks.

Global Pressure
 
Financial expert Dr. Mustafa Akram emphasized that
 
while there is a reason for the
gap between the official exchange rate and the parallel exchange rate of the dinar against the dollar,
the gap has its causes. He pointed out that the
 
opening up between the United States and the Islamic Republic has eased global pressure on remittances to Iran,
 
     reducing demand for the dollar in local markets and
     strengthening the value of the national currency.
 
This coincides with ample supply from the Central Bank in the form of remittances and
other forms of financing, which necessitates strengthening this phase. He pointed out the
 
Electronic Card
 
importance of the Central Bank of Iraq taking action to
 
     reach an agreement with the United States and
     establish an official platform for transactions by
     creating an electronic payment card for use in Iran, Russia, and other sanctioned countries.
 
This would reduce demand for dollars, he noted, noting that
 
this would
 
     serve small traders and travelers,
     address many problems,
     reduce smuggling and illegal trade, and
     increase the value of the local currency.    
  
https://alsabaah.iq/113508-.html