Iraqi Dinar Prosperity: Global Exchange Rts, Auction Sales, Treasury Bills #B322, Customs, Pipeline
A tender for the Central Bank treasury bill numbered B3.22 with a 14 day maturity has been announced with an execution date of January 7th, 2025. Hello everyone. Welcome back to Newsroom. I’m Chelsea Smith with your Middle East US entertainment news here on YouTube.
I air on Fridays bringing you the latest on reforms and economics of Iraq based on reports put out by the Middle east news outlets. I do this weekly review and it’s based off my interest. Thank you everyone for joining me. Last week we talked about our great investment currency issues, parallel markets, budget, public finance, financial markets and international relations in the banking sector.
We also discuss long term partnerships with Japan and the United nations development programs, American companies, natural gas fields, personal status law, the general amnesty law and digital transformations that are taking place in the financial sector. Let’s take a look at this week’s headlines. The Central bank of Iraq, the cbi, has successfully transitioned external transfers from an electronic platform to direct operations by the Iraqi banks through international correspondent banks. This move aligns with global best practice and promotes a stable financial system.
The highlights include modernization, diversified currency support, global integration and investments and trust. The CBI credits this program to technical planning, government support and contributions from the staff, Iraqi banking institutes and international partners. The bank also reaffirms its commitment to good governance, compliance and anti money laundering measures. Iraqi citizens have raised concerns about this new trading mechanism for dollars after the central bank stopped creating an electronic platform for foreign transfers.
This platform aims to regulate foreign foreign money transfers and limit manipulation of exchange rates. However, this decision to stop this platform may have several reasons behind it including controlling the dollar exchange rate, preventing dollar smuggling, strengthening the local economy and reducing dependence on the dollar. This impact of cancellation of this platform and the dollar prices will depend on how it’s implemented and the extent of the alternative plans to provide the currency for commercial and certain service sector. And we wanted to know what the financial advisor had to say for Chalet.
He confirmed today that the central bank in Iraq has adopted this monetary strengthening mechanism to meet national banks requests for foreign currency. Aiming to maintain financial stability, this mechanism will maintain a fixed exchange rate of 1320 dinars for every $100, enabling the central bank to control local liquidity levels and maintain compliance with regulations. Iraqi oil stabilized today Friday raising above 73 in global markets bars. Heavy crude reached 70.19 per barrel while British Brent in the US West Texas Intermediate crude prices rode to 73,32 per barrel.
Economic advisor Mouser Mohamed Shilla has emphasized the importance of promoting sustainability economic partnerships with major countries. He emphasizes the need for openness to international strategic investment environments, improving transport networks, energy and ports and also establishing free industrial and economic zones. Saleh also emphasized the need for combating corruption, consolidating security and building a balanced economy. A few of those friendly countries were named, including India, Turkey, China, Korea, the United States, Japan and brotherly countries and friendly countries such as the uae, Saudi Arabia and Iran.
Speaking about oil earlier in the week, the Iraqi MP Mathena Amin announced that the Iraqi government has requested the Parliament to amend a 2025 budget law section related to crude oil extraction costs in the Kurdistan region. Negotiations have led to an increase in cost. The Central bank of Iraq reported positive indicators in quarter three, 2024, with total deposits at banks growing by 4.2%, cash credits granted by public banks by 11.6% and private bank deposits by 14.1%. Cash credit granted to the private sector also increased by 15.1%.
Cash offers and cash supplies also saw growth, with the bank’s gold reserves growing by 57. The bank’s monetary policy has been successful, with annual inflation rates among the lowest in the region. For August and September 2024, the International Development bank has opened its 31st branch in Baghdad, reflecting its aspirations for growth and expanding banking services to meet customer needs and support local economic development. The Central bank of Iraq The CBI sold 298 million worth of US dollars in currency auctions.
The bank covered transactions at a base Exchange rate of 1310 IQD per dollar for the documentary credits, external settlements of electronic cards and foreign transfers. Most dollar sales were directed towards bolstering balances abroad through transfers and credits accounting for 90% of its total amount. Only one bank purchased cash dollars. A tender for the Central Bank treasury bill numbered B3.22 with a 14 day maturity has been announced with an execution date of January 7, 2025.
Conventional banks can participate and submit bids from the announcement until the execution date. The investment size 50% of private sector deposits is based on figures submitted from December 22, 2024 through the BSRS system. Current accounts and the amount of Investments in the 182 day maturity the D229 auction are excluded from the private deposits. The Iraqi government has approved the construction of a 2.25 million capacity Barzra had at the oil pipeline aims.
Demand from outsiders Al Sadic District the council administrators approved funds for rapid projects, schools, hospitals and road construction and authorized the Ministry of Finance to sign a financing loan agreement. They also approved a contract with Rod Al Kima company for the renewable one year contract and a management from the middle refinery companies. The Council also approved changes to integrated financial management information systems, including increased fees for gold, jewelry and bullion examinations. The Iraqi Prime Minister’s Information Office has announced the implementation of modern automated system for border port entry and central monitoring and the global ASY CUDA system for customs operations.
This move aimed to improve transparency, accountability and governance, reducing bureaucratic obstacles. The United Nations Special Representative Muhammad Hassan congratulates Iraqis on New Year’s and expressed confidence in the country’s future. He praised Iraq’s achievements in developments and infrastructure in 2024 and called for a continued effort to improve services in their country and you’ve been watching Newsroom Weekly Review I’m Chella Smith with your Middle East U S Entertainment news on reforms and economics of Iraq, bringing you all the latest in our news without to keep up with all the different outlets. I’m here on YouTube every Friday so don’t forget to subscribe and turn those notification bells on.
If you like my content, give me a thumbs up. If you really like my content, you can always see a super chat or super thanks in the comments section below. I pray everyone had a Happy New Year’s again. Thank you for being a subscriber and thank you for visiting Newsroom Chell Smith for your trusted in our news.
I’ll see you guys next week. Take care. Make sure you join us Fridays 4pm with newsroom updates with CH Entertainment News.
