STATUS OF THE RV , PART 2
So, let looks and yet more evidence of this coming economic boom.
😊In the article titled “RAFIDAIN BANK LAUNCHES OBDX SERVICE AFTER ACTIVATING ANTI-MONEY LAUNDERING SYSTEMS” we find that Rafidain Bank announced last Friday, the launch of its online banking service, OBDX (Online Banking Digital Experience),
following the activation of anti-money laundering and counter-terrorism financing regulations. This step aims to enhance digital transformation and comply with international standards.
“The OBDX service provides an integrated digital banking experience, enabling government agencies to conduct their financial transactions electronically and with the highest levels of security, which contributes to accelerating procedures and reducing reliance on paper transactions.”
This goes hand in hand with what the CBI has been telling us all along. That they are digitizing the banking system in Iraq. You would think they already had a similar system in place? I guess not…. Welcome to the 21st century…lol..lol… 😊 Finally !
😊In the article titled “AL-NUSAIRI CONFIRMS THAT THE COMPREHENSIVE BANKING REFORM PROJECT ANNOUNCED BY THE CENTRAL BANK WILL YIELD PROMISING RESULTS”, we find that economic and banking advisor Samir Al-Nusairi confirmed that the banking reform project is successful consistent with the methodology included and adopted in the government program and the Central Bank’s third strategy for the years 2023 and 2024.
It will yield promising results in cooperation with global consulting firms Ernst & Young, K2, and Oliver Wyman to build a transparent information base for comprehensive reform, starting with the banking sector as the first essential link in the economy. Without a sound, solid, and modern banking sector, a strong and robust national economy cannot be built.
Al-Nusairi pointed out that among the important initial results achieved is the commencement of the completion of the actual implementation of the plans drawn up during 2025 and 2026 for comprehensive reform, which are summarized in enhancing financial inclusion and achieving stimulating and sustainable returns for shareholders and investors.
If you can remember a decade ago how Iraq tried to get the influx of investors to Iraq and couldn’t. Why was this? We read so many articles about all their investment forums, but nothing really happened afterwards of any real significance. To answer this question we have to go back to the Chapter VII sanctions.
Once these sanctions were “fully” lifted in December 2022, it allowed Iraq then to move at a rapid pace to put the final touches on the needed banking reforms. Once the banks are stable, and investors have a real good assure that they money is not going to be stolen (or just disappear) only now does Iraq have that stable environment to attract investors, thus we begin to see them pour in.