Iraq Puts Its Banks on Overtime
Iraq's banks work holiday hours to November 30 after $3 billion of old transfers were paid at the old rate, as the budget goes back and an Iran crossing shuts.
Thursday, October 22. Tomorrow is Friday, the start of the weekend in Baghdad, and four of Iraq's banks have been told to open anyway.
The Central Bank's adviser, Mahmoud Dagher, named them. The Trade Bank of Iraq, Al-Ahli, Al-Mansour and Bank of Baghdad open on Fridays to clear the transfers that have piled up. Behind them sits a Central Bank circular, issued on Tuesday. It tells Iraq's banks to add hours on official holidays until November 30, so that customers' transfers abroad are not held up. And Dagher said roughly $3 billion of transfers booked before the rate change was paid at the previous rate.
On Wednesday we carried the $3 billion and the Friday opening in a single line. What is new is the circular, its end date, the four banks by name, and the old rate.
Put it beside the rest of this week. The 2027 budget has been sent back to the Finance Ministry. A crossing on the Iran border is shut. And Washington has asked Baghdad to vet every state contract.
Today: the overtime, the budget, the border, the requests from Washington, the street, the reserves, and Iran.
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