More News, Rumors and Opinions Wednesday PM 1-1-2025
TNT:
Tishwash: The Central Bank decides to suspend withdrawals and deposits for four days
The Central Bank of Iraq decided, today, Tuesday, December 31, 2024, to suspend withdrawal and deposit operations for four days.
The Central Bank, in a directive to all banks, received by "Baghdad Today", attributed its decision to stop withdrawal and deposit operations "for the purpose of completing the annual budgets on the dates specified for them." link
Tishwash: Central Bank announces major achievement in foreign transfers
The Central Bank of Iraq announces its success in adhering to its program related to the transition from foreign transfers via the electronic platform to the work of Iraqi banks through their foreign correspondent banks.
This transition took place through stages that the foreign transfer process went through, starting with the window for buying and selling foreign currency and moving to the stage of the electronic platform for foreign transfers, and ending with operations to gradually enhance balances during the year 2024 and was fully achieved in the last week of this year.
This achievement is a radical transformation in line with the best international standards and practices to achieve a stable and secure financial system, and this work has received international support and praise throughout its implementation stages.
The new transfer methodology is consistent with international practices followed in this field, which separate the responsibilities and duties of the Central Bank from the obligations, responsibilities and role of commercial banks. From this standpoint, the Central Bank of Iraq will continue to enhance the balances of Iraqi banks with their correspondent banks in the US dollar, in addition to a group of other currencies, such as (the Indian rupee, the Chinese yuan, the euro, the UAE dirham, the Saudi riyal, and the Jordanian dinar).
This achievement has enhanced the efficiency and safety of foreign transfer operations, and their transition to the method followed in all countries of the world, which will make Iraq approach a new stage in its financial relations regionally and internationally and enhance the government’s orientations in expanding its economic relations and enhancing investment opportunities.
The efforts in this important achievement came through a series of ongoing detailed technical procedures and agreements, and great support from the Iraqi government, and the bank will continue to follow modern methods in managing monetary policy in Iraq, in line with its essential role in achieving financial stability, and its position among central banks in the region and the world, which will be positively reflected in the confidence and support of the external financial sector of Iraq and international financial and economic organizations.
Through this, the management of the Central Bank of Iraq seizes this important opportunity to express its thanks and appreciation to all those who contributed to achieving this great accomplishment, first and foremost the cadres of the Central Bank of Iraq, the banking sector in Iraq, and all international partners.
Finally, the Central Bank of Iraq expresses its full readiness to support all Iraqi banks that work to develop and enhance their performance in the field of governance, compliance, and combating money laundering in a way that positively reflects on the confidence of international and regional banks in them to contribute to strengthening the Iraqi banking system and the Iraqi economy in general.
Happy New Year to you all.
Central Bank of Iraq
Media Office
January 1, 2025 link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY:Television says the matter has been resolved, there is no money dollar currency auctions platform anymore after 20 years. FRANK: No wonder they're showing you the old lower notes. FIREFLY. This is from the CBI spokesman. FRANK: This is an official source then. They're over.
MarkZ [via PDK] There was a lot of news out of Iraq overnight …20 or so stories at least on ending the year…starting the new year…and the platforms. My take away is they are going to need the new value because of the new system. They have created this new system and now is the time to breathe life into it. In the coming days without auctions they are going to start operating like any other country with a standardized banking system. This is part of their “White Paper” reforms. We are about to see a huge step for Iraq.
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