Ibtisam Al-Hilali, an MP from the Shiite Coordination Framework (CF), told Shafaq News Agency that "the Ministry of Finance will send the budget tables to the Cabinet next week for discussion and voting,” noting that the tables will reach the Parliament BEFORE THE END OF THIS MONTH. (mid-end March doesn’t matter to me).
in other words:
RATE CHANGE FIRST THAN THE BUDGET TABLES/SCHEDULES REACH IRAQ PARLIAMENT (imo).
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REMEMBER: Iraq Internal Financial Budget Runs From {April-March}.
MEANING: The 2025 Budget year begins April 1st & a NEW EXCHANGE RATE will need to happen in March for Iraq government to open up the 2025 dinar budget.
CENTRAL BANK: 20 IRAQI BANKS PRACTICE DIRECT TRANSFER OPERATIONS IN 8 FOREIGN CURRENCIES
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, that there are 20 Iraqi banks practicing direct transfer operations in 8 foreign currencies.
Al-Alaq said, according to the official agency, that “the recent quarterly meetings with the US Federal Reserve and the Treasury Department, which were held in Dubai, were very positive, as the steps taken by the Central Bank to improve the foreign transfer system and convert operations to international practices in a safe, transparent and highly organized manner were praised.”
Al-Alaq pointed out that “this transformation is the first of its kind in Iraq, which witnessed transitional stages from (the window) to (the platform) and then to correspondent banks.”
He continued, “Today, there are 20 Iraqi banks practicing direct transfer operations with international correspondents in eight foreign currencies, within the new system.”
Al-Alaq explained that “the other banks that are still outside this framework are now working to qualify them according to specific standards, in cooperation with an international consulting company, to apply the necessary standards that qualify them to join foreign transfer operations.”
He stressed that “there are no new sanctions or changes, but on the contrary,
there is praise and appreciation from international bodies, especially with regard to the mechanism of selling cash dollars.
” Al-Alaq stressed the “need to focus on these successes to show a positive image of the transformations in the Iraqi banking sector, which will be positively reflected in the dealings of international financial institutions with Iraqi banks.”
They're still focused in on that digitization of Iraq and digital currencies. The effects of that are going to be profound...The use of currency is not going to be the way it was in the past in Iraq.
They are going to a cash less society. Not completely no cash but they're going that way.
The amount of small denominations that they've talked about will be limited.
It won't be as profound as it has been in the past that's for sure.
MAZHAR SALEH: GEOPOLITICAL CONTROLS PUSH TOWARDS SHIFTING TO OFFICIAL CHANNELS FOR CURRENCY TRADING
Mazhar Muhammad Salih, the financial advisor to the Prime Minister, confirmed that the geopolitical controls imposed on informal trade contribute to expanding dealings with official outlets for foreign currency, which contributes to financing foreign trade through the sound international financial system.
He pointed out in his statement to {Euphrates News} that “this shift aims to move away from informal financing from the parallel dollar market intensively, especially with the change in the behavior of small traders
;in avoiding the parallel market linked to the countries’ regional and geopolitical problems.”
Saleh added that “this shift comes in the context of the importance of increasing Iraq’s foreign reserves and confronting money smuggling operations, in addition to facilitating external transfer operations through Iraqi banks that deal with international banking correspondents, at an official exchange rate of 1,320 dinars per dollar.”
He also stressed that the end of the compliance platform phase adopted by the Central Bank of Iraq in the past two years and the country’s entry into a new phase has contributed to providing great flexibility in financial transfers through official channels.
Member: Will Iraq have an RV or an RI ? (Revalue or reinstatement)
MZ: I think it will be an RI. Around $3.23 or so at the bare minimum….. More if they take into account-inflation.
MZ: On the bond side we continue to hear of great successes and I continue to be told that by the 17th or 18th of March all bonds would be paid. I was always told only a portion needed to be paid before we get to go.
MZ: I think how we get further into this it will be harder to hide what is going on. How its moving…what is moving…. and who has money. I think things will get pretty exciting over the upcoming week.
Member: Jentel says 80% of bonds are done
MZ: I don’t think they are done yet…but they are all positioned and when they release those funds….boom…she is right and 80% will be finished immediately.
Member: Mike Bara said he know of bond people that got paid and asked to make a currency exchange and the appointment is today
MZ: I do some have been asked to make currency appointments but do not know anyone who has an appointment before the 7th. I am trying to get an update to see if they actually still have that appointment …but I havnt heard anybody say they have appointments today.
RATE CHANGE FIRST THAN THE BUDGET TABLES/SCHEDULES REACH IRAQ PARLIAMENT (imo).