ARIEL: IRAQ NEWS UPDATE, 26 DEC

 ARIEL

Iraq News Update "Now This Is A Merry Christmas" This is a crazy development here. Totally out of left field but in the most amazing way for Iraqi citizens and the world. I knew something was brewing in the background. This can only mean one thing. Because this will definitely force their hand to act expeditiously in order to quell any potential instability in the market. The only thing left to do is to pull the trigger anytime before January 1st I would presume based on what just happened. I just do not see how they can survive without doing so. When platforms facilitating currency transfers are suspended, liquidity tightens, and rumors about exchange rate fluctuations can spread rapidly. This can lead to panic in the markets as businesses and financial institutions anticipate changes. A gap between the official exchange rate and black-market rates could widen. This could encourage the growth of parallel markets where currency is exchanged at higher rates, undermining the Central Bank's control over monetary policy. The logical next step to prevent destabilization might be for Iraq to introduce the new exchange rate. By doing so, they could: • Stabilize market confidence. • Reduce speculation. • Align market forces with the anticipated economic reforms. With the auctions suspended and the new year approaching, the window for inaction is small. Iraq may be positioning itself for a currency adjustment or revaluation before January 1st to avoid starting 2025 with uncertainty.

ARIEL: "People who hold IQD should be ready to get things moving in whatever manner suits you best"

 

Central Bank of Iraq launches strategic projects to support digital transformation, 26 DEC

  Central Bank of Iraq launches strategic projects to support digital transformation

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, announced the launch of strategic projects to support digital transformation in the country.

In a speech during the fourth annual international scientific conference, which was titled (Digital Financial Services - Challenges of Reality and Future Foresight), His Excellency the Governor stressed that "the Central Bank has paid great attention to digital transformation as one of its goals within its third strategic plan for the years from 2014 to 2026 to enhance the efficiency of banking work, improve financial performance, and meet customer needs in light of rapid technological development."

His Excellency noted that "the Central Bank has taken great steps to support digital transformation by developing the technical infrastructure and issuing regulations and instructions that contribute to enhancing financial inclusion," referring to "the start of launching strategic projects, including the instant payments project, local cards, and unified payment gateways, as well as issuing controls to license digital banks in Iraq, taking into account cybersecurity requirements and the risks associated with this transformation."

His Excellency added that "cybersecurity is one of the most important challenges facing us today, so the Central Bank has launched projects to enhance cybersecurity by developing the tools and systems of the Cybersecurity Management Center, and adopting an advanced approach to enhance the cybersecurity of the Central Bank and the banking sector."

His Excellency stressed "the Central Bank's commitment to continue its efforts to achieve financial digital transformation and enhance innovation and sustainability in the financial sector."

Central Bank of Iraq
Media Office
December 24, 2024  link

MAJEED: " BANKS GOING INTERNATIONAL IN IRAQ" , 26 DEC

 MAJEED

banks going international in Iraq CBI is not holding auction anymore It was stopped yesterday all of a sudden going to Forex “Economist Ziad Al-Hashemi revealed on Monday that the Central Bank of Iraq was suddenly suspending the operation of the dollar transfer platform before the scheduled date and without an official announcement and without taking into account the interests of Iraqi companies and markets, in a step that is said to be far from professionalism and transparency”.

JENTEL NOTES : A RATE WAS POSTED TO PAY CONTRACTORS AT $3.92 @DINARREVALUATION #iraqidinarinvestor

 

Parliamentary Finance: The budget will be passed with integrity and fairness, 26 DEC

 Parliamentary Finance: The budget will be passed with integrity and fairness

Member of the Parliamentary Finance Committee, Hussein Al-Saabari, confirmed today, Tuesday, that the proposed tables in the draft budget law are under study, and it is expected that they will be finally passed. 

Al-Saabari stressed in a statement to the Al-Maalouma Agency, “the necessity for the budget to be real and reflect everyone’s interests,” warning that “some amendments may benefit some parties at the expense of others, which is unacceptable.” 

He explained that "the budget must be fair and just for all Iraqis, while ensuring that resources are distributed in a way that achieves the public interest without prejudice to the rights of any party."

He pointed out that "the draft budget law has not yet reached Parliament, and that the Council and its Finance Committee are ready to receive it as soon as it arrives." 

It is noteworthy that the House of Representatives previously hosted Prime Minister Mohammed Shia Al-Sudani and his deputies, the Minister of Planning, the Minister of Foreign Affairs, and the Minister of Interior, where the amendments to the budget for next year 2025 were discussed .  link

TIDBIT FROM MNT GOAT, 26 DEC

  Mnt Goat  

 Article:  "DOLLAR AUCTION.. WHAT IS THE TRUTH ABOUT STOPPING THE CENTRAL BANK’S PLATFORM FOR CURRENCY CONVERSION?" 

 Quote:  "This platform will be stopped at the end of this year, according to what the bank officially announced."

  The Central Bank of Iraq must break the parallel market (black market) in selling dollars and get them in line with the “official” rate of the Central Bank. This is critical to the process and the next step. The step we all want to happen.