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CBI Confirms Stability, Digital Iraqi Dinar Progress & Bank Reopenings
The Central Bank of Iraq has issued new reassurances about the country’s ongoing banking reforms — and the news is major.
link to My FX Buddies Blog CBI Governor Ali Mohsen Al-Alaq confirmed that the banks previously barred from accessing or dealing in dollars will return to normal operations once they complete the required reform stages.
This comes as part of a large, internationally monitored restructuring plan designed to modernize Iraq’s banking sector, restore compliance, and build a system that aligns with global standards.
If you'd like to Support the channel: https://cash.app/$tishwash... https://paypal.me/tishwash... a FREE transcript at: https://rss.com/podcasts/myfxbuddies....
Banks restricted from dealing in dollars will be readmitted
Only after completing mandatory reform steps
International bodies are monitoring compliance
All Iraqi banks have signed the official reform document
Contract was signed after the U.S. restrictions
Reforms ensure compliance with international money-laundering and audit standards
Goal: rebuild Iraq’s banking sector from the ground up
Compliant banks will gain access to EUR, CNY, AED, TRY and others
Gradual phased rollout
Expands Iraq’s global financial connectivity
Still under construction
Requires technical infrastructure
Designed to reduce cash dependency, improve transparency, and modernize payments
Al-Alaq was firm:
There is no intention to reduce or change the exchange rate.
Why? Because:
Inflation is currently at low, stable levels
A rate change would harm low-income households
It would weaken confidence in the national currency
Stability is a major success of current monetary policy
Al-Alaq warned that Iraq cannot use the exchange rate to fix structural financial problems.
Instead, Iraq must focus on:
Increasing non-oil revenues
Strengthening the private sector
Controlling expenditures
Diversifying the economy
Addressing long-standing financial inefficiencies
🔥 Key Announcements From Al-Alaq:1️⃣ Banned Banks Will Return to Normal Operations2️⃣ Oliver Wyman (O&W) Is Leading Deep Banking Reform3️⃣ Banks Will Be Allowed to Deal in Other Currencies4️⃣ Digital Dinar Project Is in Progress5️⃣ Exchange Rate Stability Is a Core Priority6️⃣ Structural Reforms Still Needed✨ Reset Naturally — Grab the Holiday Helper Plan 🎁https://buymeacoffee.com/tishwash/e/4...
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By Tish WashingtonThe Central Bank of Iraq has issued new reassurances about the country’s ongoing banking reforms — and the news is major.
link to My FX Buddies Blog CBI Governor Ali Mohsen Al-Alaq confirmed that the banks previously barred from accessing or dealing in dollars will return to normal operations once they complete the required reform stages.
This comes as part of a large, internationally monitored restructuring plan designed to modernize Iraq’s banking sector, restore compliance, and build a system that aligns with global standards.
If you'd like to Support the channel: https://cash.app/$tishwash... https://paypal.me/tishwash... a FREE transcript at: https://rss.com/podcasts/myfxbuddies....
Banks restricted from dealing in dollars will be readmitted
Only after completing mandatory reform steps
International bodies are monitoring compliance
All Iraqi banks have signed the official reform document
Contract was signed after the U.S. restrictions
Reforms ensure compliance with international money-laundering and audit standards
Goal: rebuild Iraq’s banking sector from the ground up
Compliant banks will gain access to EUR, CNY, AED, TRY and others
Gradual phased rollout
Expands Iraq’s global financial connectivity
Still under construction
Requires technical infrastructure
Designed to reduce cash dependency, improve transparency, and modernize payments
Al-Alaq was firm:
There is no intention to reduce or change the exchange rate.
Why? Because:
Inflation is currently at low, stable levels
A rate change would harm low-income households
It would weaken confidence in the national currency
Stability is a major success of current monetary policy
Al-Alaq warned that Iraq cannot use the exchange rate to fix structural financial problems.
Instead, Iraq must focus on:
Increasing non-oil revenues
Strengthening the private sector
Controlling expenditures
Diversifying the economy
Addressing long-standing financial inefficiencies
🔥 Key Announcements From Al-Alaq:1️⃣ Banned Banks Will Return to Normal Operations2️⃣ Oliver Wyman (O&W) Is Leading Deep Banking Reform3️⃣ Banks Will Be Allowed to Deal in Other Currencies4️⃣ Digital Dinar Project Is in Progress5️⃣ Exchange Rate Stability Is a Core Priority6️⃣ Structural Reforms Still Needed✨ Reset Naturally — Grab the Holiday Helper Plan 🎁https://buymeacoffee.com/tishwash/e/4...