Central Bank: 80% Of Currency Stored In Homes, 10 Banks Liquidated
Time: 2025/08/12 12:50:23 Read: 1,170 times {Economic: Al Furat News} The Governor of the Central Bank of Iraq, Ali Al-Alaq, stressed that the Banking Reform Document (2025) represents a strategic step to enhance confidence in the Iraqi banking system and address shortcomings. Al-Alaq pointed out in a press statement that “about (80%) of the Iraqi currency is stored outside banks in homes due to the lack of confidence in the banking system.”
Al-Alaq explained that “the reform document aims to modernize banks according to international standards and attract global partnerships.”
He revealed that only (10%) of the banks expressed reservations about the plan, while there are (10) banks under liquidation due to their inability to return customer deposits. LINK
High Exchange Rate In Baghdad
Economy | 12/08/2025 Mawazine News – Baghdad – Exchange rates against the Iraqi dinar witnessed a significant increase on Tuesday in local markets in Baghdad. The prices were as follows:
– Selling: 141,500 Iraqi dinars for every $100. – Buying: 139,500 Iraqi dinars for every $100.
https://www.mawazin.net/Details.aspx?jimare=264941
Al-Alaq: The Reform Plan Aims To Stabilize The Iraqi Banking Sector And Enhance Local And International Confidence In It
Tuesday, August 12, 2025 | Economic Number of reads: 191 Baghdad / NINA / The Governor of the Central Bank, Ali Al-Alaq, stressed: “The banking reform plan aims to stabilize the Iraqi banking sector and enhance local and international confidence in it.
A statement by the Central Bank’s media office said: “Al-Alaq and the specialized team held a meeting with Oliver Wyman to discuss what was stated in the letter of the Iraqi Private Banks Association regarding the banking reform plan.”
Al-Alaq confirmed, according to the statement: “The Central Bank completed an extensive discussion in which the attendees expressed their understanding of the axes mentioned in the letter and ways to adapt some provisions of the plan flexibly to facilitate implementation steps.
The company began studying the available means to present the best proposals and ideas in this regard as soon as possible.”
He pointed out: “The goal of what was stated in the plan is to reach a real project in building and stabilizing the banking sector to operate safely and effectively in accordance with international practices and standards and local laws, in order to enhance governance, compliance, and risk management, to transition banks to an economic role that enhances the development process and provides services with the highest degrees of efficiency and effectiveness and the use of best practices and modern technologies.”
He stressed: “The plan will enhance local and international confidence in the Iraqi banking sector, especially since implementing the plan and adhering to its provisions will lead to restoring the relationships of all banks that meet the plan’s requirements with internationally accredited correspondent banks, especially banks that do not currently have international banking relationships.” https://ninanews.com/Website/News/Details?Key=1246080
The Central Bank Unveils A Comprehensive Plan For Banking Reform
Economy | 12/08/2025 Mawazine News – Baghdad – The Governor of the Central Bank, Ali Al-Allaq, announced a comprehensive plan for banking reform on Tuesday.
A statement issued by the bank stated that “the Governor of the Central Bank of Iraq, Ali Mohsen Al-Allaq, and the specialized team held a meeting with Oliver Wyman to discuss what was stated in the letter of the Iraqi Private Banks Association regarding the banking reform plan.”
The statement added that Al-Allaq confirmed that “the Central Bank completed an extensive discussion in which the attendees expressed understanding of the axes mentioned in the letter and ways to adapt some provisions of the plan flexibly to facilitate implementation steps. The company has begun studying available means to present the best proposals and ideas in this regard as soon as possible.”
The statement stressed that “the Central Bank, as announced during the months-long plan preparation period, the goal of what was stated in the plan is to achieve a real project to build and stabilize the banking sector to operate safely and effectively in accordance with international practices and standards and local laws, in order to enhance governance, compliance, and risk management, to transition banks to an economic role that enhances the development process and provides services with the highest levels of efficiency and effectiveness, using the best practices and modern technologies.”
He continued, “The Central Bank affirms that the plan will enhance local and international confidence in the Iraqi banking sector, especially since implementing the plan and adhering to its provisions will lead to restoring the relationships of all banks that meet the plan’s requirements with internationally accredited correspondent banks, especially banks that do not currently have international banking relationships.”
According to the statement, the Central Bank thanked all banks for their interaction with the plan and their fruitful cooperation with the Central Bank to achieve common goals serving the public interest, stressing that “the success of the plan depends on the cooperation of all concerned parties.”
He pointed out that “the bank has succeeded in many aspects during the past period and hopes to succeed in moving forward with this plan and completing it to the fullest extent.” https://www.mawazin.net/Details.aspx?jimare=264969
Gold Prices In Local Markets
Tuesday, August 12, 2025 | Economic Number of reads: 173 Baghdad / NINA / Gold prices in the local markets in Iraq recorded a remarkable stability today, Tuesday, coinciding with the global gold ounce recording $3,354. The following are the selling prices of mithqals in the local market:
21-carat mithqal: 662 thousand dinars.
18-carat mithqal: 567 thousand dinars.
22-carat mithqal: 693 thousand dinars.
24-carat mithqal: 756 thousand dinars. / https://ninanews.com/Website/News/Details?key=1246021
Basra Heavy and Medium Crude Oil Declines by About 2%
Economy | 12/08/2025 Mawazine News – Baghdad – Basra Heavy and Medium crude oil prices fell in trading on Tuesday. Prices were as follows:
– Basra Heavy crude prices fell 87 cents, or 1.33%, to $64.73.
– Basra Medium crude prices fell 87 cents, or 1.26%, to $67.98. https://www.mawazin.net/Details.aspx?jimare=264936
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