SUDANESE ADVISOR: DIGITAL TRANSFORMATION OF THE NATIONAL CURRENCY IS A STEP TOWARDS FINANCIAL SYSTEM STABILITY., 26 MARCH

 SUDANESE ADVISOR: DIGITAL TRANSFORMATION OF THE NATIONAL CURRENCY IS A STEP TOWARDS FINANCIAL SYSTEM STABILITY.

The Prime Minister’s Advisor, Mazhar Mohammed Saleh, stated on Thursday that the digital transformation of the national currency is an important step towards enhancing the stability of the national financial system.

In a statement to Al-Sa’a Network, Saleh stated that “the digital transformation of the national currency represents a stable and transparent payment instrument that contributes to improving the efficiency of the national economic system .”

He explained that “digital currency differs from paper currency only in terms of improved transaction speed and system quality, which reduces costs and provides greater control over payment flows .”

He added that “this transformation provides the Central Bank with a greater opportunity to implement its regulatory and supervisory policies, while ensuring high confidentiality in citizens’ financial transactions.” He noted that “the digital currency will become part of global payment systems while maintaining its exchange value as paper currency,” in addition to its “role in settling payments and transferring funds into foreign currencies in a transparent manner .”

He stressed that “this step will contribute to enhancing financial inclusion, especially for the most vulnerable segments of society, by facilitating their access to the banking system, and that digital transformation contributes to combating financial crimes such as money laundering .”

He explained that “Iraq will gradually enter the era of digital financial technology, in cooperation with the global financial and technical community,” noting that “this process requires two basic conditions: a high level of digital monetary culture among the public, and an advanced infrastructure, both electronically and legally .”

He pointed out that “the exchange rate system in Iraq, for more than six decades, has been based on pegging the Iraqi dinar to the US dollar,” stressing that “the transition to the digital dinar will not affect the value of transactions or financial transfers .”