FRANK26: "THE AGREEMENT CANNOT BE BROKEN!!!", 9 DEC

 KTFA

FRANK26: "THE AGREEMENT CANNOT BE BROKEN!!!"..........F26

The Turning Point: Iraq's Leap into the Digital Economy

4th December 2024
 

From the United Nations Development Programme (UNDP):

The Turning Point: Iraq's Leap into the Digital Economy

In a world increasingly defined by digital finance, Iraq has taken a transformative step with the Digital Payment Regulation No.2 of 2024.

This landmark policy marks more than just regulatory progress; it signifies a realignment of Iraq's financial infrastructure with global standards.

Aimed at reducing the country's overreliance on cash, this move fosters greater financial inclusion and economic transparency, hinting at a future of resilience and innovation within Iraq's financial sector.

Beyond Compliance: A Shift Towards Better Financial Inclusion

The Central Bank of Iraq (CBI) has set a clear direction: digital payments are now an essential part of Iraq's economic future. With funding from the United States Agency for International Development (USAID) in Iraq, and support from the United Nations Development Programme (UNDP) Iraq, this regulation is a catalyst for ensuring that digital transactions are accessible not only to urban business hubs but also across diverse sectors, bridging public and private financial landscapes.

Iraq's transition to digital payments will unlock a range of economic benefits, including streamlined operations, enhanced data visibility, and improved financial security.

"The collected amount from the digital payment reaches (7.6 Trillion Iraqi Dinars), after it was (2.6 Trillion Iraqi Dinar) in January, 2023"- Mohammed Shia' Al-Sudani, Prime Minister of Iraq

Currently, Iraq's cash-dependent economy presents significant challenges for financial circulation and transparency. The new Digital Payment Regulation disrupts this status quo, incentivizing businesses to adopt tools like POS systems, e-wallets, and online gateways. As the nation embraces this evolution, UNDP Iraq continues to support the government in developing a legal framework aligned with Sustainable Development Goals (SDGs) and international best practices.

"Iraq now possesses advanced infrastructure capable of accommodating electronic payment tools and financial services. We will soon transition to digital banks, where smartphones will drive various banking operations. This shift will facilitate financial accessibility of services for citizens, reduce opportunities for corruption and fraud, and provide crucial data at the national level regarding the nature of transactions, their content, oversight, and compliance achieved through this comprehensive system."  Ali Al-Alaq, Governor of Central Bank of Iraq

UNDP's Strategic Role in Laying the Foundation

UNDP's contribution extends beyond technical support to a strategic partnership designed to foster Iraq's digital financial ecosystem. By working closely with the CBI, UNDP provided the technical expertise needed to craft policies that enable the shift to a digitally driven economy while safeguarding inclusivity and sustainability. This partnership highlights how collaborative, forward-thinking strategies can drive lasting structural change in emerging markets.

"This regulation is more than a technical leap forward; it is a foundational shift towards economic resilience, inclusion, and transparency in Iraq. By modernizing the financial system, we are opening pathways for every Iraqi to engage fully in the economy and contribute to a stable and innovative future." Auke Lootsma, UNDP Iraq Resident Representative.

"USAID is proud to support Iraq's journey towards digital finance as part of our commitment to fostering sustainable development and economic opportunity. This regulation reflects Iraq's determination to build an economy that's inclusive, resilient, and aligned with the needs of its people. We are honored to be a part of this transformative chapter in Iraq's financial history," said Erin Mone-Marquez, USAID/Iraq's Acting Mission Director.

BROTHERS TECHNOLOGY: CBI TRAINING PLANS FOR 2025, 9 DEC

 BROTHERS TECHNOLOGY

CBI Training Plans For 2025 

In the presence of His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alak, the Center for Banking Studies at the Central Bank of Iraq announced its training plan to be implemented during 2025.

The Director General of the Center for Banking Studies, Dr. Mustafa Munir, said that the center will provide accredited courses and tests specialized in the fields of the financial and banking sector,

providing workers in this vital sector with accredited international certificates and practices, as well as providing consultations and sober scientific studies in the financial and banking fields of the Iraqi banking system.

The attendees expressed their interventions on the plan and reinforced its details, in light of the observations and suggestions expressed by each of them at the level of the approved specialized certificates and the axis of workshops and training courses, 

which reflect the actual training needs of banking institutions and non-banking financial institutions, to raise the level of efficiency of the performance of the work in the banking system, towards achieving the goals of sustainable development in implementation of the government program with the required qualitative achievement.

The deliberative meeting concluded with the comments and proposals that would reflect positively on the effectiveness of the training plan to be launched in 2025, and prepare it in its final form, taking into account the flexibility of the plan and its ability to absorb the developments and keep pace with developments.   Central Bank of Iraq Media Office

BROTHERS TECHNOLOGY: BANKS ARE READY TO GO AND SO ARE WE!! @DINARREVALUATION #iraqidinar

 

FRANK26: "NO!!! NO!!!... LOOK SUDANI CONTROLS THE EXCHANGE RATE", 9 DEC

 KTFA

FRANK26: "NO!!!  NO!!!... LOOK SUDANI CONTROLS THE EXCHANGE RATE".........F26

Parliamentary Finance Committee considers reconsidering the price of a barrel of oil in the 2025 budget

 

12/5/2024

Information / Special .. 

Member of the State Support Bloc, MP Mohammed Al-Ziyadi, revealed on Thursday that the Parliamentary Finance Committee is studying the possibility of reconsidering the price of a barrel of oil and the exchange rate of the dollar in next year’s budget, despite the government sending an amendment to the federal budget.

Al-Ziyadi said in a statement to the Al-Maalouma Agency, “The amendments made by Al-Sudani’s government in next year’s budget, which were sent to Parliament, will affect making important changes to the 2025 budget schedules.” 

He added, "Prime Minister Mohammed Shia al-Sudani, during his discussion yesterday under the dome of Parliament, addressed the issue of amending the budget by the government," revealing that "the Parliamentary Finance Committee is studying the reconsideration of calculating the price of a barrel of oil and the dollar exchange rate with the government.”  

It is noteworthy that the House of Representatives hosted yesterday Prime Minister Mohammed Shia Al-Sudani and his deputies, the Minister of Planning, the Minister of Foreign Affairs, and the Minister of Interior, where the amendments to the budget for next year 2025 were discussed 

LINK

 

DINARLAND UPDATE, 9 DEC

DINARLAND UPDATE

Summary

Iraq’s political turmoil affects economic reforms and currency rates, with significant changes expected in banking and financial systems.

Highlights

• 💰 New exchange rates for IQD and VND may be released soon.
• 🏦 Over 6,000 redemption centers in the U.S. will facilitate currency exchanges.
• 📈 Contract rates for the Dinar may offer better returns than standard bank rates.
• 🔍 Political infighting in Iraq threatens economic stability and reform efforts.
• ⚖️ Sudani’s reforms aim for accountability amid pervasive corruption.
• 🌍 Improved banking systems could enhance international trade and investment.
• ⏳ Anticipation grows for significant market changes this weekend.

Key Insights

• 💵 Redemption Centers: The existence of over 6,000 redemption centers indicates a structured approach to currency exchange, significantly impacting investors and currency holders. This infrastructure aims to provide better rates and services, enhancing user experience.

• 📊 Contract Rates: The availability of contract rates for the Dinar suggests potential wealth creation opportunities for holders, as these rates are designed to incentivize investment and participation in the currency market.

• ⚠️ Political Landscape: The ongoing political struggles in Iraq, characterized by accusations and corruption, may hinder economic reform, underscoring the need for stable governance to support financial growth.

• 🔄 Economic Reforms: Sudani’s push for economic reforms signifies a critical turning point for Iraq, with potential benefits for the Kurdish economy and the citizens, provided these reforms can withstand internal resistance.

• 🤝 International Relations: Strengthening banking systems can facilitate better financial transactions between Iraq and international partners, promoting trade, investment, and economic cooperation.

• 📈 Market Anticipation: The phrase “white knuckling” highlights the anxiety and excitement surrounding potential market shifts, indicating that stakeholders should stay vigilant for upcoming announcements that could reshape financial landscapes.

• 🌐 Citizen Engagement: Increased citizen engagement in political and economic discussions is vital for fostering accountability and transparency, which are necessary for a healthy democracy and robust economy.

FIREFLY: THEY WON'T BE COMPLETED UNTIL THE EARLY PART OF 2025!! @DINARREVALUATION #iraqidinar

 

FRANK26: "NOISE.", 9 DEC

 KTFA

FRANK26: "NOISE."..........F26

Article 12 of the budget ignites a dispute in the Iraqi parliament.. What does it include?

 

12/5/2025

 

Once again, the Iraqi parliament is in a dispute over the general budget articles. Until now, neither the Finance Committee nor the political blocs have agreed on Article 12, which includes compensating the Kurdistan Regional Government for the costs of production and transportation for extracting oil in the region.

Regarding the details of the article to be amended, the representative of the Kurdistan Democratic Party bloc, Jiay Timur, says, “A specialized international company will visit the oil fields in the Kurdistan Region to find out the cost of extracting oil from those fields, according to the amendment to the budget law and the political agreement.”

Timur explained in an interview with Shafaq News Agency, "The Iraqi government previously calculated in the budget law the cost of extraction at $6, and this is a very small number, and foreign companies working on extracting oil say that the cost reaches $26 per barrel."

He added that "most of the oil fields in the region are in the mountains and rocks, and drilling oil wells reaches thousands of meters, which is very expensive."

The representative of the Kurdistan Democratic Party bloc continued, "The Iraqi government included in the amendment to the budget law $16 for the cost of extracting a barrel of oil in the Kurdistan Region."

For his part, member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, told Shafaq News Agency, "The Parliamentary Finance Committee held a meeting this afternoon to discuss amending the General Budget Law, and that the amendment includes Article 12 of the law only."

He pointed out that "the Finance Committee held a meeting with officials in the Ministry of Oil, considering that it is a technical body concerned with that, and also requested a meeting with the Minister of Finance, but unfortunately the Minister did not attend."

Al-Kadhimi also indicated that "the Parliamentary Finance Committee submitted a request to the Presidency of the Council of Representatives to withdraw the amendment to the budget law from the agenda of today's session, considering that the committee has not completed the observations and discussion on the budget law."

LINK