News, Rumors and Opinions Thursday PM 1-9-2025
KTFA:
Clare: Rafidain: 1395 departments have started activating electronic collection
1/9/2025 Baghdad
Rafidain Bank announced today, Thursday, that 1,395 departments have started activating electronic collection.
The bank said in a brief statement received by "Al-Eqtisad News", "The departments that have started activating electronic collection and collecting amounts electronically have reached 1,395 departments." LINK
Clare: Al-Nusairi: Explains the new mechanism for external transfers after the platform is closed
1/9/2025 Baghdad
Economic and banking advisor Samir Al-Nusairi explained that closing the electronic platform on 12/31/2024, which was used by the Central Bank for prior auditing and controlling the transparency of foreign transfers and ensuring their arrival to the final beneficiary and overcoming suspicions of money laundering and terrorist financing, is not, as some believe, closing the platform is a closure of foreign transfers, but rather a change in the mechanisms to achieve fluidity and speed by reducing the links.
Al-Nusairi said in a televised interview that it is not normal for the Central Bank or the US Federal Reserve to carry out executive procedures, but rather the task of central banks is supervision and control, and the electronic platform was a stage in this direction, and now we have reached the stage that is practiced in the countries of the world according to international banking standards through the direct relationship between local banks and correspondent banks.
He added that transfers in other currencies will enable Iraqi banks that do not have correspondents in American banks to conduct their transfers through correspondent banks in other countries such as China, Turkey, the United Arab Emirates, India, Europe, Jordan and Saudi Arabia. This will lead to expanding the number of Iraqi banks that participate in foreign transfers and reduce pressure on other banks.
He stressed that the exchange rate announced as the parallel rate does not reflect the price reality, firstly because Iraq does not have the parallel market situation, which is only achieved when it has sources of dollars and currencies other than the Central Bank, such as private sector exports, remittances from residents abroad, tourism, etc., so it has exchange rates that correspond to the official exchange rate at the Central Bank, and that speculation in dollars on the black market is punishable by law.
Secondly, limiting the sale of cash dollars to travelers and through a strict mechanism has made cash dollar sales at a minimum level, and therefore what is in circulation is what remains with travelers. We should look at the price at which the Central Bank covers all external operations, including imports and personal transfers for the purposes of study and treatment abroad and legitimate purposes, which explains the stability of prices in light of the current inflation rate, which is about 3.1% less than the inflation rates in Arab, regional and neighboring countries. This means that the Central Bank has achieved a basic objective of monetary policy.
Al-Nusairi expressed his surprise that some people calculate the banks’ revenues from selling the dollar by measuring the difference between the market price and the official price, which is a big mistake because the banks do not transfer at the market price but at the official price monitored by the Central Bank
. He explained that the foreign currency selling window is dedicated to securing the Iraqi dinar for the purposes of the Ministry of Finance’s operating budget and to enhance the banks’ balances in foreign currencies for external transfers and to cover the cash dollar for travelers and for other legitimate needs of citizens. LINK
************
Courtesy of Dinar Guru: https://www.dinarguru.com/
Jeff Up Until, through the end of September...was the government's busiest time period for having and holding sessions of parliament, getting record steps done, all in preparation for them to revalue. Since September they only got a few odds and ends done. Why so little? Because they have a rate change date and they are working around that date...awaiting the revaluation...In this month of January you're witnessing them on a small level starting to implement their banking reforms via what they're doing through the currency auctions. That's another critical preparation step for them to revalue the currency...
PompeyPeter They won't carry on until they have something out on Forex. Let's not forget the importance of that because that's attached to WTO. I think that's an enormous indicator of where we're at. They've got to pull the plug. They've got to show that rate internationally on Forex even if they show 1310, which they won't because they'll implode economically, but they've got to put something up on that board. They've got to show the international world the currency...It's got to be up there.
NEW FIGURES REVEAL: Dollar Reserves Crash to 30-Year Low as Banks Stockpile Gold
Taylor Kenny: 1-9-2024
The U.S. dollar’s global reserve share has hit a 30-year low, signaling declining confidence in its stability. Central banks worldwide are diversifying into gold as the risks of hyperinflation and a currency reset loom.
This video explores the rapid de-dollarization trend, its historical parallels, and what steps you can take today to safeguard your financial future.
CHAPTERS:
00:00 The Dollar’s Global Reserve Share Hits a 30-Year Low
00:31 The Vicious Cycle of Inflation and De-Dollarization
01:33 How Quickly Could the Dollar’s Dominance Collapse?
03:15 Lessons from the 1970s: Inflation and Reserve Decline
05:34 Alternatives to the Dollar: CBDCs and Geopolitical Shifts
07:46 Central Banks Move to Gold: The Safe Haven Asset
09:37 The “Frog in Boiling Water” Analogy