Exclusively in Dinars: A Statement from the Central Bank of Iraq Regarding the "National Card" for Electronic Payment
#Electronic payment #Central Bank of Iraq #Dollar in Iraq #dollar #Iraqi dinar
Do not cancel Visa and MasterCard
On Friday, July 4, 2025, the Central Bank of Iraq issued a clarification regarding the National Electronic Payment Card Project, noting that the project does not cancel or restrict existing international cards.
In context: The suspension of Iraqi payment cards internationally comes into effect
The bank said in a statement received by Al-Jabal, "The National Electronic Payment Card Project is an additional local option used exclusively within Iraq and in Iraqi dinars. It does not cancel or restrict existing international cards such as Visa and Mastercard . There are also no plans to cancel these cards or prohibit transactions in dollars outside Iraq, as their holders can still use them inside and outside the country as is currently the case."
He added, "The project aims to reduce payment costs, enhance financial inclusion, diversify options for the public, and provide national cards to all institutions and segments within Iraq, while international cards remain the primary means of spending in dollars or other currencies outside Iraq and for purchases via global websites." link
Illicit oil smuggling from the Kurdistan Region to Iran via tankers continues, with revenues not remitted to the KRG, while the ruling KDP and PUK reportedly earn $250 million monthly from the trade, according to Ali Hama Saleh, leader of the opposition Stance (Halwest) Movement.
Meanwhile, civil servants remain unpaid for over two months as Baghdad withholds funds in response to the KRG’s refusal to hand over oil exports to the federal government, deepening a decade-long financial crisis.
: Hama Saleh's Facebook wall
--
BREAKING: Prominent Shiite cleric Muqtada al-Sadr has reaffirmed his decision to boycott Iraq’s upcoming November parliamentary elections. His statement comes amid reports that Prime Minister Mohammed Shia al-Sudani is considering talks with the electoral commission to explore a legal mechanism for extending the candidate registration deadline — seen by some as an effort to pave the way for Al-Sadr's potential return to the political process.
GOLDILOCKS: BREAKING NEWS: The BEGINNING of RV: All currencies are as good as GOLD (Dinar, Dong, USD)
Summary
The video from Goldilocks Global Banking News, presented by Freedom Fighter, provides an in-depth analysis of the recent implementation of Basel 3 regulations, which officially entered their “endgame” phase on July 1st.
Basel 3, a global regulatory framework for banks, primarily enhances capital and gold reserve requirements, affecting the stability and dynamics of international currencies, particularly the US dollar and foreign currencies.
The new rules allow banks to count 100% of gold’s value toward their capital requirements, a significant increase from the previous 50%, solidifying gold’s role in backing currencies during the ongoing revaluation (RV) process.
The speaker emphasizes that these changes will impact the dominance of the US dollar in global trade. While Basel 3 strengthens the US financial system by making it safer and more stable, it also introduces higher costs and stricter regulations that could reduce the competitiveness of US banks.
This may encourage capital to flow into other jurisdictions and foreign currencies, gradually diminishing the dollar’s global supremacy.
The video highlights the broader geopolitical and economic consequences of this shift, including ongoing US tariff negotiations promoting local currency trade and the gradual diversification of currency usage worldwide.
Importantly, the speaker notes that this is a long-term, multi-year process expected to unfold over three to five years (potentially until 2030), during which foreign currencies are expected to move toward their real values. Basel 3 regulations may temporarily depress the value of emerging market currencies, but gold-backed currency systems are expected to restore their value eventually. The video encourages viewers to adopt an exit strategy for currency exchange timing and stresses the significance of understanding these regulatory changes to prepare for the ongoing transformation in the global financial system.
Highlights
🏦 Basel 3’s official “endgame” phase began July 1st, marking a crucial step in global banking reforms.
🥇 Banks can now use 100% of gold’s value toward capital requirements, doubling the previous allowance.
💵 Basel 3 strengthens the US financial system but may weaken the US dollar’s global dominance in the long run.
🌍 The regulations encourage diversification of currency usage and increased use of foreign currencies in international trade.
⚖️ US tariff negotiations are pushing countries to trade in their local currencies, further reducing dollar dependency.
⏳ The currency revaluation process is gradual, expected to span 3 to 5 years, potentially until 2030.
🔑 Gold-backed currency systems will ultimately support foreign currencies’ real value despite short-term pressures from Basel 3.
Key Insights
🏛️ Basel 3 as a Catalyst for Banking Stability and Reform: Basel 3 enhances the capital requirements for banks, making the financial system safer and less prone to risky behavior. By mandating banks to hold more capital and allowing full valuation of gold holdings, it strengthens institutional resilience. This reduces systemic risk but also increases operational costs and regulatory burdens on banks, particularly in the US, potentially reducing their competitive edge globally.
💰 Gold’s Renewed Role in Backing Currencies: The increase from 50% to 100% in the value of gold banks can use for capital purposes is a major shift. It reinforces gold’s position as a critical asset in currency backing, especially in the context of the RVGCR (revaluation global currency reset). This change enhances the stability and value of currencies backed by gold, providing protection against crashes and devaluation, which is particularly important for emerging market currencies transitioning away from dollar dependency.
🌐 Gradual Decline of the US Dollar’s Global Dominance: While Basel 3 supports the US dollar’s status as a safe haven in the short term, the increased capital requirements and regulatory costs incentivize banks to diversify and reduce reliance on the dollar. This is compounded by international tariff negotiations that encourage local currency trade. Together, these forces are gradually shifting global trade and finance away from dollar hegemony toward a more multipolar currency system.
🔄 Currency Realignment over a Multi-Year Horizon: The speaker highlights that the changes initiated by Basel 3 will not cause an overnight shift but rather a slow, steady realignment of currency values over three to five years. During this time, foreign currencies are expected to appreciate as they move toward their true market values, supported by continuous trade and demand. This extended timeline underscores the importance of strategic planning and patience in navigating the currency revaluation process.
📉 Short-term Pressure on Emerging Market Currencies: Basel 3 is anticipated to put downward pressure on emerging market currencies initially, as these countries adjust to the new regulatory environment. The video references IMF Article 4 consultations that have helped countries strengthen their financial systems in preparation for these changes. While Basel 3 can depress these currencies short-term, the eventual adoption of gold-backed currency systems is expected to restore and enhance their value.
💼 Impact on Cross-Border Transactions and Currency Exchange Costs: By increasing capital requirements, Basel 3 may raise the cost of cross-border banking and currency exchanges. This could discourage risky financial activities and reduce market liquidity, making some international transactions more expensive and less frequent. This shift will likely encourage banks and corporations to seek alternative, more cost-effective trade arrangements, including increased reliance on local currencies.
🔑 Importance of Having an Exit Strategy: The video stresses the necessity for individuals and investors to have a clear exit strategy regarding when and how they exchange currencies during this transitional period. With currencies expected to rise gradually over the coming years, strategic timing will be crucial to maximizing gains and minimizing losses amid the evolving global financial landscape.
Conclusion
The video provides a comprehensive overview of Basel 3’s impact on the global banking system, currency values, and the evolving role of gold. It frames these changes as part of a broader, gradual shift away from US dollar dominance toward a more diversified and gold-backed global currency system. Understanding these dynamics and preparing strategically will be key for investors, banks, and individuals navigating the coming years of financial transformation.
The US Treasury Department has imposed sanctions on a network of companies led by Iraqi businessman Salim Saeed, accusing them of smuggling Iranian oil under the cover of legitimate Iraqi trade in a scheme worth billions of dollars since 2020. The sanctions also target vessels allegedly involved in covert shipments, as Washington intensifies efforts to dismantle Iran’s so-called “shadow fleet.”
--
The first group of PKK members, numbering between 20 and 30, will disarm between July 10 and 12 in Sulaimani province in the Kurdistan Region,” Zagros Hiwa, spokesperson for the Kurdistan Communities Union (KCK) — the PKK’s umbrella group — told the Associated Press (AP).
: AP
-
The IAEA has confirmed that its inspectors, who remained in Tehran during the recent military conflict, safely left Iran on Friday and returned to Vienna, as Director General Rafael Grossi emphasized the urgent need to resume monitoring and verification activities in Iran. The announcement follows a Wall Street Journal report that the inspectors were evacuated through Armenia over safety concerns, in coordination with Iranian authorities.
: Reuters
