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Reset Intelligence: Iraq Puts Its Banks on Overtime.
By Reset Intelligence | @EXIT_FIAT
Iraq's Central Bank has put the country's banks on holiday hours to clear transfers abroad, and four banks now open on Fridays.
Its adviser says about $3 billion of transfers booked before the October 7 rate change was paid at the old rate.
The tell
Mahmoud Dagher, who advises and speaks for Iraq's Central Bank, named the four: the Trade Bank of Iraq, Al-Ahli, Al-Mansour and Bank of Baghdad. A transfer abroad, he said, should take 3 to 4 days, and the bank has dropped old rules that made a company wait months before it could send one.
What moved this week
The budget - members of parliament say the 2027 budget was sent back to the Finance Ministry to add money for the new ministries before it goes to parliament.
The contracts - sources say the US Treasury asked Baghdad to vet every state contract so that no public money reaches companies under Iran-related sanctions.
The border - Iraq shut the Al-Sheeb crossing with Iran on Wednesday. The government cites technical readiness and forged money coming through it; unnamed sources say the US Treasury asked for the closures.
The street - Baghdad closed Wednesday at 168,900 IQD for $100, against the bank's 152,000.
The question
Old transfers paid on the old terms, and everything else cleared on overtime. Is this a central bank clearing its old books, and what should a holder watch while it does?
That is the short version. What the bank is clearing, why it matters for the IQD you hold, and the one number to watch - that is the daily read.
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Want it straight from the horse's mouth? The CBI Rate Alert pings you the moment the Central Bank of Iraq moves the official rate. The number itself, not a rumour about it. It comes with our free resource library and the daily breakdown of what is actually moving in Iraq. Sign up free: The CBI Rate Alert
Got a dinar question? Reset Intelligence runs an on-call research assistant: ask it anything they have published. It answers in seconds and will conduct deep research to find you the answer. Try it: the Iraqi dinar research assistant
Common questions, answered straight: When will the Iraqi dinar revalue? and Is the Iraqi dinar revaluation real?
The design behind all of it is mapped in Head of the Snake, and the free guides live in the Iraqi dinar resource library.
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