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?
Credit: Written by Reset Intelligence — David E. Atterton, author of Head of the Snake (@EXIT_FIAT). Read the full briefing: Iraq Puts Its Banks on Overtime
Research and commentary only. Not financial, legal, or tax advice. Consult qualified counsel in your jurisdiction before acting on any position.