Iraq has put its banks on overtime. Four of them now open on Fridays, normally a day off in Iraq, starting tomorrow, and every bank is working holiday hours to push through payments abroad. The Central Bank’s adviser says about $3 billion in payments importers booked before the October 7 rate change was paid at the old rate. The banks are working their days off to clear the rest. We could be watching Iraq clear its old ledger before it opens a new one, at a new rate.
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