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Re: Recap of Fed CBI meetings

Posted: Wed Nov 15, 2023 8:08 am
by Dollarsign
Advisor To The Prime Minister: The Government Worked In Two Directions To Defend Economic Stability
On 2023-11-15
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that the government worked in two directions to defend economic stability, while noting that the country’s foreign currency reserves are the largest in Iraq’s financial history, and the package to address exchange rates aims to prevent profiteering at the expense of economic stability. Saleh said to the Iraqi News Agency (INA): “The country’s foreign currency reserve is the largest in Iraq’s financial history and exceeds 100 billion dollars, as it constitutes Iraq’s central reserve portfolio,” indicating that “market demand to finance external exchanges for the private sector is done through these.

Central Bank of Iraq data until the end of May 2023 regarding foreign reserves and gold


109 Billion 153 Million dollars cash, and 132.7 Tons of gold as May 2023. (from the infographic on the CBI page)


Re: Recap of Fed CBI meetings

Posted: Wed Nov 15, 2023 11:11 am
by Dollarsign
Iraq’s al-Sudani Government, One Year Later
It’s been an eventful year for Iraq, with mixed results. But on balance, the prime minister has navigated it with relative stability.

Thursday, November 2, 2023 / BY: Sarhang Hamasaeed
PUBLICATION TYPE: Analysis and Commentary
Further in the publication)

What’s the outlook for al-Sudani’s second year in office? Looking ahead to the second year of al-Sudani’s term, he possesses the important ingredients to proceed with key economic, development and diplomatic agendas that would solidify his position, stabilize the government and bolster Iraq’s progress. However, key tests are also on the way. The political impact of the Israel-Hamas war is still unfolding, and the attacks on U.S. military personnel have added another wrinkle to the situation, but al-Sudani publicly defended U.S. troops by stating they were in Iraq at the invitation of the Iraqi government.

The fight against corruption and illicit drugs, concerns about shrinking civic space and human rights, the return and reintegration of displaced Iraqis from places such as the al-Hol camp in Syria, and the impact of climate change will remain on the radar of Iraq’s various stakeholders. The outcome of provincial elections this December will be a major insight into the mood of the Iraqi people and will undoubtedly factor into al-Sadr’s next political move. Meanwhile, the stability of the economy and the value of the Iraqi dinar, political partners’ continued patience with the slow implementation of commitments, the actions of regional countries (primarily Iran), and the international community’s level of engagement will all help determine the course of the al-Sudani government’s second year in office and the trajectory of Iraq overall.


Re: Recap of Fed CBI meetings

Posted: Thu Nov 16, 2023 12:26 pm
by Dollarsign
Iraq is in the process of rejoining the international community as outlined in the Strategic Framework Agreement. After 20 years their Banking system, and exchange rate will be next, possibly announced in conjunction with the Prime Minister's visit to the White House. Rapid succession of events...

Iraqi Airways was cleared to resume flights to European cities, and began on November 10th

Iraq becomes member in European Bank for Reconstruction and Development
Amr Salem November 16, 2023
Baghdad ( – The European Bank for Reconstruction and Development (EBRD) said on Thursday that Iraq has become its 74th member.

After 38 years, Iraq joins UNESCO’s Executive Board
Amr Salem November 16, 2023

Re: Recap of Fed CBI meetings

Posted: Mon Nov 20, 2023 9:15 am
by Dollarsign
Embassy of the Republic of Iraq in Washington, D.C.

The Governor of the Central Bank of Iraq’s Meeting with the US Treasury Department and the Federal Bank in Washington, DC

The Governor of the Central Bank of Iraq, Ali Al-Alaqq, met, on Friday, February 10th, 2023, with the US Treasury Department and the Federal Bank in Washington, DC. The two parties expressed their willingness to work jointly to meet the challenges of working with the electronic platform for cash and money transfers, in addition to supporting the Bank's economic reform efforts and the US Treasury's readiness to provide the required support.
The attendees listened to a presentation by the Governor of the Central Bank of Iraq regarding the Bank's directions, options, and proposals to ensure market stability within the requirements of the US Federal Reserve and international banks.[/b]

The groundwork was set, and we're just waiting on the announcement.


Re: Recap of Fed CBI meetings

Posted: Mon Nov 20, 2023 1:43 pm
by ETA
Long Road 20 years ! strategic framework agreement.... By Design NOT chance no mistake at this level . on a global scale TIMING IS EVERYRTHI NG what's happening Financial system world debt , supply chan issues, the right people in the right place at the right time all the correct actions that have been taken over the last few years it seems to be pretty pretty Darn obvious! Yeah it seems that so many are oblivious to what is happening on a global scenario so caught up in their everyday lives getting by there's a very good chance of a one in a lifetime moment.
A Black Swan event ! They don't happen often, But they do Happen!

Re: Recap of Fed CBI meetings

Posted: Tue Nov 21, 2023 4:28 am
by Dollarsign
It has been an arduous journey, that has tried the very limits of our endurance! But, in keeping with the theme of your last post, timing is everything, there are no accidents at this level, and following the movements of key people, will always lead you to significant events...

Iraq, US discuss upcoming meeting between CBI, Treasury Department

Amr Salem November 20, 2023

Baghdad ( – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, and the US Ambassador to Iraq, Alina Romanowski, discussed on Monday the agenda for the Central Bank of Iraq (CBI) and US Treasury Department meetings set for next week. The discussion between Al-Sudani and Romanowski covered bilateral ties as well as collaboration in a number of areas, according to a statement issued by the Prime Minister’s Office (PMO).

The CBI and US Treasury Department’s cooperative relationship was also reviewed, as several subjects would be covered in their upcoming meeting next week. The two parties also talked about the terrible events taking place in Gaza, the acts of genocide against defenseless civilians by Israeli occupation forces, and the worsening humanitarian situation. The Prime Minister reaffirmed Iraq’s unwavering stance on the Palestinian issue, highlighting the need to stop the Israeli attacks, open safe corridors allowing the delivery of food and medical aid to civilians, and guarantee the rights of the Palestinians to live in security, according to the statement.

Al-Sudani also indicated Iraq’s commitment to protecting diplomatic missions and security advisors of the international coalition to combat ISIS, stressing that Iraqi security is taking the necessary measures to maintain security and stability in Iraq.

Something is about to happen, 20 years later.


Re: Recap of Fed CBI meetings

Posted: Tue Nov 21, 2023 4:35 am
by Dollarsign
Meeting between CBI and U.S. Treasury Department next week

2023-11-20 14:49
Shafaq News / A reliable source reported on Monday a forthcoming meeting between Iraq and the United States concerning the dollar.

The source informed Shafaq News Agency that an anticipated meeting is scheduled between the Central Bank of Iraq and the U.S. Treasury Department next week. Iraqi Prime Minister Mohammed Shia al-Sudani conveyed, on September 19th in New York, to the Acting U.S. Treasury Secretary the breadth of his government's efforts in curbing money laundering operations. The latter pointed towards the restoration of trust within global financial institutions.

the word is out...
The September 19th date referenced above, was at the U.N. General Assembly, where the U.S. Secretary of State extended an invitation for the Prime Minister to visit the White House.


Re: Recap of Fed CBI meetings

Posted: Fri Nov 24, 2023 6:56 am
by Dollarsign
A lot of information here, and all of it points to an early next year event.

Today, 12:49
The Governor of the Central Bank of Iraq (CBI) announced on Friday, the start of the inward supply of dollars through the accounts of Iraqi banks abroad.

Meeting with the US Treasury and the Federal Reserve

Al-Alaq said in an interview with the Iraqi News Agency (INA), that “the Central Bank of Iraq is in constant contact with the US Treasury Department and with the US Federal Reserve,” indicating that “This communication continues permanently, and there are quarterly meetings held to review all related matters within the framework of this relationship.” "There will be a meeting at the beginning of next month as part of the quarterly regular meetings between CBI, US Treasury and the Federal Reserve, where we will review all matters with emphasis and focus on the subject of regulating external transfer in order to ensure the integrity of the financial system, especially after using the new system of external transfer, which requires much coordination," he added. He stated that "These developments have been radical rather than formal in the context of properly structured trade and properly regulated external transfer", noting that "details on this subject require coordination and cooperation between the Central Bank and those sides."

The agreement to boost banks with dollars

"The Federal Reserve agrees with CBI that they should be away from the process of making operational aspects of the external transfer and their role is limited to supervision and control. And this is normal in central banks that do not exercise these executive roles or detailed processes in relation to external transfer, Therefore, the plan and the agreement between us were being away from these procedural processes, affirming a plan for the transfer of external transfers from the electronic platform, which will be completed early next year, " he continued. Opening more than 40 bank accounts He stated: “We have greatly succeeded in this regard, as we were able to open more than 40 accounts for Iraqi banks with correspondent banks or abroad.”

Currency diversification

"To increase flexibility and ease the process of external transfer, we have diversified the currencies in which transfers are made abroad, and we now have transfers in dollar, euro and UAE dirham." Discussions to make transfers through Turkish banks. “The procedures have been completed for opening accounts in the dirham, the Chinese yuan, and the Indian rupee,” he said. Noting that “there are preliminary understandings with the Turkish side to make transfers through Turkish banks in the euro or the Turkish currency.” "This case is important and is being coordinated with the Federal Reserve and the US Treasury and they are helping us with this." He noted. “This is the opposite of what some thought as an escape from the pressures of the Federal Reserve in relation to the dollar, these currencies are covered in dollars and we buy them from the dollar in the Federal Reserve with its coordination and support, as it wants to reach with us the desired goal, which is to have a relationship between Iraqi banks and correspondent banks.” "This is the first time that we have opened this number of accounts to our banks, which is a very important step to strengthen the banking system in Iraq BECAUSE THE ACCREDITATION OF THESE BANKS MEANS THAT THEY HAVE SYSTEMS CAPABLE OF BEING INTERNATIONALLY ACCEPTABLE. "CBI governor affirmed. "Any current correspondent bank accepts to open an account for an Iraqi bank after confirming that the bank possesses the necessary regulations, standards, conditions and rules under which it operates."

The electronic platform

Al-Alaq confirmed that “this will lead to the end of using the electronic platform in 2024,” explaining: “We have reached an advanced level, and with the completion of the other steps, we will leave using it.” He stated, "In this case, operations will be faster, easier, and more disciplined because these internationally accredited correspondent banks have complete systems for conducting audit and monitoring operations before implementing this operation."

Expanding the diversification of foreign transactions for all Iraqi banks

"Our goal is that all banks must have correspondent banks, and we have confirmed this issue for years, as a bank that does not have correspondent banks, it cannot do its real business and will discontinue from the world," He explained. “Some banks were late in depending this matter as the easy methods were available, so some did not bother to work seriously on this issue, but now all banks have realized that there is a necessity, so they began to adopt this system successively.” He added: "Whenever the bank provides the correspondent bank with the fact that it has the required system to control the movement of funds, provide conditions and follow international standards, and the existence of a system to control the issue of money laundering and terrorist financing will enter this field faster," he said, noting that "some banks have started to hire international companies competent to regulate these aspects until they become eligible."

Import of various currencies comes into effect

He pointed out that "import operations in various currencies have entered into force. For example, with the Chinese side and the euro, they were initiated some time ago, and the UAE dirham will begin next week."

The mechanism for private banks importing dollars

Al-Alaq announced the start of importing dollars into the country from the accounts of Iraqi banks abroad, explaining that “the supply of dollars from abroad comes from what is in the accounts of Iraqi banks abroad. For example, we have an account in a bank, so we can withdraw it in cash or a check, and it is transferred in cash, there are benefits, including that the amounts come internally instead of externally.”
He explained that the instructions of the Central Bank will not allow the bank to keep a large amount of foreign currency abroad, as there are certain percentages, in addition to preventing misuse of this currency coming into the country, and we have set rules for its use.

A study to restructure banks in Iraq

Al-Alaq stressed that “there is a broad reform plan for private banks with mergers and correction operations in some of their situations, and there is a broad plan for government banks, some of its details will be announced, and we are working with Prime Minister Muhammad Shiaa Al-Sudani on this matter,” pointing out that “Government banks represent the greatest value of the banking sector, and we must put them as best as possible."


Re: Recap of Fed CBI meetings

Posted: Sat Nov 25, 2023 6:19 am
by Dollarsign
It's our time...

Added 11/24/2023 - 12:17 PM
Last updated 11/25/2023 - 7:14 AM

The Iraqi Private Banks Association, in cooperation with the Central Bank of Iraq, organized a workshop on “Importing Foreign Currency from Outside Iraq,” with the participation of the Investment Department of the Central Bank, representatives of the Banking Control Department, the President of the Iraqi Private Banks Association and a number of chairmen of the boards of directors of private banks and authorized directors. The Executive Director of the Association, Ali Tariq, welcomed the guests and spoke about the importance of the Central Bank of Iraq’s decision to import foreign exchange into the country and diversify it during the coming period, by importing the euro and other currencies, noting that a number of banks have succeeded so far in importing foreign exchange. Via Erbil and Baghdad airports. Tariq stressed that importing foreign currency is a major transformation in the financial sector, and will lead to the creation of a currency market within the Iraqi economy, through receiving and sending remittances in other currencies such as the yuan, rupee, dirham, euro, and others. The workshop answered the questions of Iraqi private banks regarding the mechanism of importing foreign exchange and communicating with correspondent banks, the cost of transportation and insurance, and the method of delivering it to customers.


Re: Recap of Fed CBI meetings

Posted: Tue Nov 28, 2023 2:50 pm
by Dollarsign


Baghdad ( –
The Iraqi Prime Minister, Mohammed Shia Al-Sudani, chaired a meeting on Monday to review the comprehensive reform plan of the banking sector in Iraq. The meeting included representatives from Ernst & Young, one of the biggest accounting firms in the world, the Minister of Finance, the Governor of the Central Bank of Iraq (CBI), the Director General of Rafidain Bank, and the Prime Minister’s advisors, according to a statement released by the Prime Minister’s Office (PMO). The meeting addressed the plan prepared for banking reform, which will start with government banks that represent 80 percent of the banking sector in Iraq. The meeting also tackled carrying out the development plan of the Rafidain Bank as part of a studied reform process falling within comprehensive economic reforms that constitute one of the priorities of the government program. Ernst & Young representatives presented their reform plan for the Rafidain Bank, which requires eight months to be implemented. The reform plan introduced by Ernst & Young includes a comprehensive review and evaluation of the bank’s work and the introduction of structural administrative reforms to provide a package of integrated banking services offered to both individuals and companies, making the bank able to meet the requirements of the banking sector worldwide. The reforms will also include the adoption of advanced electronic programs and modern technologies in all banking transactions, the optimal use of human and technical resources, and the transition to automated work.