What else is in the news?
😊Yes, there is some good news too to share. There is yet another measure taken to block the dollars from getting into the hands of Iran. Please read article titled “TRADE BANK OF IRAQ STOPS CASH WITHDRAWALS VIA ATMS OUTSIDE IRAQ“. The Trade Bank of Iraq announced today, Wednesday, the suspension of cash withdrawals via automated teller machines (ATM) using electronic cards (Visa and MasterCard) outside Iraq,
as part of preventive measures to avoid security risks associated with the misuse of these cards. This is yet another temporary move to dry up the paper CASH of dollars from getting in the hands of the parallel black market and then into the hands Iran via these ATMS withdrawals of dollars from outside Iraq by these bank cards.
Remember that ATMS inside Iraq DO NOT dispense US dollar only dinars. Yes, they will find any way they can to get dollars to Iran. Its all good!
😊We must keep in mind that even though the issues with Iran and cutting off Iraq from Iranian influence, the CBI keeps moving ahead with the needed banking reforms. This process does not stop. This next set of articles are essential for the Iraqi banking system to be fully integrated with the world banking systems by means of electronic payments and transfers. We witnessed late last year the correspondent bank effort for replacement of the currency auctions. At that time Iraq was limited in the number of banks for this effort. With this news today it will enable Iraq to correspond with yet more international banks doing business with Iraqi trade imports. Wouldn’t Iraq want this to be successful if they are going to use the dinar someday from trade and reinstate their currency? It’s all connected. But they tell us the inclusion rate is still only 40% butmuch better than last year in late December. So, there is more work to be done in this area. The title of the articles on this subject matter are “CENTRAL BANK: ACHIEVED INTERNATIONAL INTEGRATION BY LINKING THE IRAQI ELECTRONIC PAYMENT SYSTEM TO GLOBAL NETWORKS” and “CENTRAL BANK GOVERNOR INAUGURATES THE 9TH FINANCE AND BANKING CONFERENCE” Both are good reads but basically talk about the same thing. I quote from the articles “The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Wednesday, that the financial inclusion rate has risen to more than 40%, noting that the bank has achieved international integration by linking the Iraqi electronic payment system to global networks. Al-Alaq said in a speech during the ninth annual exhibition and conference for finance and banking services in Iraq, “There is a complete roadmap for digitizing banking services through electronic payment as a main tool for digital transformation”.
😊 Next we hear news that Iraq is working on yet another measure to curb the corruption with the dollar and stop the illegal transfers to Iran. The article is titled “ALI AL-ALAQ: WE ARE WORKING ON CREATING A DIGITAL CURRENCY FOR THE CENTRAL BANK TO GRADUALLY REPLACE PAPER CURRENCY ‘. I have to say this is a “WOW!” article because this effort may also force the recall of our dinars that we hold. In other words we are allowed to exchange them at the RV rate once the digital currency is issued. If the CBI can pull this off, the RV might happen much, much sooner than we expect. Think about the advantages – there is no cost of currency to print and they could issue the newer lower denominations safely and without controversy. The CBI in a country like Iraq, needs to fully track where all the money is going. This would allow this to happen. Remember that the CBI told us a few years ago that they DO NOT intend to every go to the global Centralized “CBDC”. I certainly hope this is still the case. Instead, it seems in the article they tell us and I quote from the article – “The Governor of the Central Bank, Ali Al-Alaq, revealed today, Wednesday (February 26, 2025), the creation of a digital currency specific to the Central Bank to gradually replace paper currency. The key word here is “gradually” and “specific” to the Central Bank of Iraq. The Al-Alaq goes on to say “The financial and banking system will witness fundamental transformations, including the decline of paper currencies to be replaced by digital payments for central banks.”
I encourage everyone to continue our prayers. These are the prayers that God wants to hear. He needs to know your concerns and wants to help. Remember we don’t know how this is all going to turn out but we do know it will. Be patient and let God do His work in the middle east.
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