Episodi
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Iraq Central Bank: We will launch a major initiative to finance industrial projects
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If you 'd like to support My FX Buddies:https://www.paypal.com/paypalme/tishwashHe added, "This initiative was recently proposed by the Cabinet as part of the government's banking sector reform program and government measures with the Central Bank," noting that "the Cabinet agreed to cooperate between government banks with a financial surplus to finance a package of industrial projects through the Industrial Bank."
He explained that "all other projects are funded according to their sectoral channels, as part of the government's general approach to supporting industrial, agricultural, housing, education, health, investment, and other projects."
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Iraq prepares to receive a delegation representing 50 American companies.link to My FX Buddies Blog
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he Iraqi Embassy in the United States announced on Saturday arrangements to receive a delegation representing 50 American companies specializing in energy, healthcare, education, and other sectors.
A statement published by the Iraqi Embassy in Washington, followed by "Ultra Iraq," stated that "Iraqi Ambassador Nizar Al-Khairallah met with Steve Lutes, Vice President of the U.S. Chamber of Commerce and President of the U.S.-Iraq Business Council, along with his deputies.
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Episodi mancanti?
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Rafidain Bank begins distributing April salaries to retireeslink to My FX Buddies Blog
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The month of April.
The bank said in a statement monitored by Al-Masry, "Rafidain Bank announces the commencement of distributing the salaries of civilian and military retirees for the month of April through electronic payment methods."
He pointed out that "retirees who receive text messages can go and collect their salaries from wherever they are."
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Iraqi PM: Restrictions are useful, and I asked the Americans about their silence on the dollar chaos before me!
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After assuming the premiership, I faced the issue of the agreements between the previous government, the Treasury, and the US Federal Reserve, which were two years old at the time, regarding a roadmap for Iraq to enter the global financial compliance circle. However, the previous government did not implement any of them, and the deadline expired at the beginning of my government.
My government was able to transform the challenge and commitment to the U.S. Treasury and the Federal Reserve into an opportunity to reform the Iraqi financial and banking system. This came at a social and political cost, which our opponents exploited. However, we leveraged the issue to end the anomalous situation of dollar-selling shops, which we all complained about, and we were able to implement the imposed obligations.
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Al-Nusairi: 2025 indicators: a strong economy, a recovering dinar, and developing banks.
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If you 'd like to support My FX Buddies:https://cash.app/$tishwashAl-Nusairi said in an interview with Al-Eqtisad News that the local currency issued amounted to approximately 100 trillion dinars, and our dinar is recovering and gradually returning towards an exchange rate against the US dollar towards the equilibrium price targeted by the Central Bank. Our banks are developing and proceeding at a steady pace in accordance with the Central Bank’s strategy for reform, development, digital transformation and compliance with international standards. The number of Iraqi banks that have banking relations and accounts in solid international correspondent banks and deal with them directly in foreign transfers has reached approximately 20 banks and deal in multiple foreign currencies at the end of 2024.
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Al-Sudani: Iraq is witnessing a state of recovery, growth, progress, and prosperity.
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Prime Minister Mohammed Shia al-Sudani affirmed on Tuesday that Iraq is witnessing a clear state of recovery, growth, progress, and prosperity, and that we are working to advance this process. He emphasized that establishing security and stability will enable the state to provide services and implement development and economic projects.The Prime Minister's Media Office said in a statement, seen by Al-Eqtisad News, that "Commander-in-Chief of the Armed Forces, Prime Minister Mohammed Shia al-Sudani, joined officers and fighters of the Land Forces Command for a Ramadan iftar meal."
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Economic collapse vs. constitutional rights: Iraq's oil revenue dilemma
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A growing demand for direct pay-outs from Iraq’s oil revenues has sparked lawsuits and warnings from economists, with one expert cautioning that such a move could push the country to the brink of bankruptcy within a year.Economic expert Nabil Al-Marsoumi estimated Iraq’s 2024 oil revenues at $90 billion, while non-oil revenues stand at just $13 billion, barely enough to cover government spending on electricity, gas, and food rations.
He warned that using oil revenues for direct cash payments would deplete central bank reserves, forcing the government to borrow or print money to cover salaries and social benefits, which cost $70 billion annually.
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Distributing oil revenues to Iraqis: "Economic collapse inevitable within two years"
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Controversy is escalating in Iraq over lawsuits filed by citizens demanding their share of oil revenues. An expert has warned of the disastrous economic consequences of such demands, asserting that direct distribution of oil revenues would lead to the collapse of the Iraqi economy within just one year.
Oil revenues for 2024 are estimated at $90 billion, while non-oil revenues are estimated at only $13 billion, barely enough to cover the government's electricity, gas, and ration card purchases, expert Nabil al-Marsoumi told Shafaq News Agency.
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Iraq’s Al-Rafidain bank: New AML system deployedlink to My FX Buddies blog
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“This reflects our commitment to global AML and counter-terrorism financing standards,” the bank stated, noting the move aims to strengthen trust in Iraq’s banking sector.
The platform enables real-time surveillance of financial activity, centralized auditing via the AML Reporting Department, and improved detection of suspicious transactions.
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Rafidain Bank deploys five ATMs in Baghdad that provide 24/7, commission-free services.
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To facilitate withdrawal and deposit operations
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Rafidain Bank announced on Friday, as part of its financial inclusion initiative, the deployment of automated teller machines (ATMs) at several stations in Baghdad. These machines facilitate commission-free withdrawal and deposit transactions around the clock, without the need to visit traditional branches.
As part of its ongoing efforts to promote financial inclusion and facilitate access to banking services for various segments of society, Rafidain Bank has announced the deployment of automated teller machines (ATMs) at a number of stations. This allows customers to conduct withdrawals and deposits easily and securely around the clock, without any commission.
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Oil exports from Kurdistan Region set to resume next week, confirms Iraqi parliament official
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Speaking at a press conference, Halbousi highlighted the progress made in recent discussions, emphasizing that key amendments to the budget law and agreements on export routes through the port of Ceyhan are well underway.
In a significant development for Iraq’s energy sector, Haibat Halbousi, chairman of the Iraqi parliament's oil and gas committee, announced on Wednesday that oil exports from the Kurdistan Region will officially resume next week.
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Iraq confronts economic crises with the "digital dinar." The parallel market is threatened with "extinction."link to My FX Buddies Blog
The digital dinar is a digital currency issued by the central bank, officially part of a country's monetary system. It is similar in value to the traditional dinar, but is traded electronically via digital wallets or approved financial applications. It facilitates instant money transfers within the country or across borders, reduces the logistical burden of issuing paper or metal currency, and enables broader segments of society to access digital financial services. This project comes in light of the significant economic challenges facing Iraq, such as its heavy reliance on paper money and the phenomenon of hoarding. The digital dinar aims to address these challenges by providing a safe and effective digital alternative to paper money.
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To reduce speculation, a Sudanese advisor reveals a new monetary strategy.
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If you 'd like to support My FX Buddies:https://cash.app/$tishwashSaleh emphasized that "these steps coincide with enhancing the freedom of the foreign exchange process, with a high commitment to transparency and money governance in line with international standards."
He pointed out that "this strategy is being implemented in an organized and precise manner by the Iraqi banking system, and specifically targets large transfers, especially those related to financing wholesale trade." -
Economist: Markets will face a recession during Eid due to weak purchasing power
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Economic expert Salah Nouri predicted that market activity would be limited as Eid al-Fitr approaches, explaining that this is linked to the scale of citizen demand, which directly depends on purchasing power.
Nouri explained in an interview with Al Furat News Agency that "most citizens are low-income, low-level employees, and covered by social welfare, which affects the level of spending in the markets."
He also predicted that "the dollar exchange rate will decline on the parallel market in the coming period, due to low demand for purchases."
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IMF Discusses Strengthening Iraqi Dinarlink to My FX Buddies Blog
Key discussions included:
Non-oil GDP growth of 5% in 2024, driven by agriculture expansion and increased public spending, with 3.5% growth expected in 2025.Reduced dependence on oil revenues, improving economic diversification and stability.Review of actual 2024 expenditures and 2025 revenue forecasts, alongside strategies for deficit financing.Public debt strategy update, ensuring fiscal sustainability and investor confidence in government bonds.Financial sector reforms, with the IMF stressing the importance of banking modernization to attract foreign capital.Expanded collaboration with international correspondent banks to facilitate trade financing.Increased use of the Iraqi dinar in major transactions to strengthen the national currency. -
Ramadan revives the Iraqi dinar and official expectations of a continued decline in the dollarlink to My FX Buddies Blog
If you 'd like to support My FX Buddies: https://buymeacoffee.com/tishwashThe decline is due to several factors, most notably the strict measures taken by the Central Bank of Iraq to control imports and electronic money transfers, in addition to the decline in economic activities of the Iraqi citizen during the month of Ramadan.
"strict measures"
Government advisor Alaa Al-Fahd says the decline in the dollar price in the parallel market is due to the Central Bank’s implementation of strict measures aimed at controlling imports and electronic money transfers.
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Mechanism for publishing data on buying and selling foreign currencies
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The Central Bank of Iraq explains the mechanism for publishing data on the sale and purchase of foreign currencies from the daily bulletin to the monthly report, which will include:
- Total enhancement of bank balances abroad.
- Settlements of electronic payments abroad.
- Cash sales.
The bank confirms that this decision came in conjunction with the transition from the electronic platform mechanisms to the mechanisms for enhancing the balances of authorized Iraqi banks with correspondent banks, and that the process of enhancing banks does not reflect the daily sales of bank customers until the operations are actually realized.
It draws attention to the Central Bank of Iraq's possession of sufficient foreign reserves to meet all official requests for foreign currency, which enhances confidence in the national currency. -
Digital Currency in Iraq: Crisis of Confidence.. The Biggest Obstaclelink to My FX Buddies Blog
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In a very distinctive step aimed at modernizing the financial system, Baghdad is exploring the possibility of issuing a national digital currency, in an effort to reduce reliance on paper money and enhance financial inclusion. However, despite the promising prospects of this step, the project faces a fundamental challenge represented by the lack of confidence of citizens in Iraqi banks, as a result of the accumulation of financial crises, administrative corruption, and weak banking services. Can such a step succeed in an environment that is ranked among the highest in the world in cash circulation outside the banking sector? -
Al-Alaq: We will witness a comprehensive digital transformation in the financial sectorlink to My FX Buddies BLog
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He added that "this great work is accompanied by the work of the Central Bank, like other central banks, in thinking about having a digital currency under the supervision of the Central Bank. We are not talking about encrypted currencies that are outside the framework of central banks, but rather about a digital currency issued by the Central Bank, and this is a major work being done in the Central Bank in coordination with international and Arab organizations and specialized bodies, and directly with the Arab Monetary Fund."
He continued: "We believe that this trend will be the one that will be imposed in the near future, and this represents solutions to major economic, financial and social problems, and will also establish a strict framework for monitoring funds and limiting corruption, money laundering and financing terrorism, because all financial movements will be within a strict and transparent system that can monitor all financial operations, and at the same time facilitates its holders to conduct extensive operations even in other countries of the world." -
‘Nothing achieved’ in Baghdad meeting over Kurdistan oil exports: Source
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https://buymeacoffee.com/tishwashThe meeting in Baghdad between Iraqi and Kurdish officials as well as international oil companies has concluded without reaching any deals despite US pressure, a meeting participant told Rudaw English.
“Nothing [was] achieved and there was no breakthrough,” the source told Rudaw English on the condition of anonymity, adding that, however, they agreed to form two committees between Erbil and Baghdad to address pressing issues, including debts, assurances of payment, and how the scope of the third party consultant.
A top American diplomat also attended the meeting as Washington is increasingly pressuring Baghdad to resume Kurdish oil exports swiftly, the well-placed source said. - Mostra di più
