💳🇮🇶 Central Bank: Digital Currency to Solve 90% of Iraq’s Financial Problems – Key Highlights 💳
🏦 Closing Gaps in the Financial System
The Governor of the Central Bank of Iraq, Ali Al-Alaq, emphasized that lasting solutions must address gaps in the financial system.
Modern technology and digital tools are key to effective solutions.
These measures aim to strengthen the financial system and reduce vulnerabilities.
💵 Reducing Cash Dollar Dependency
Al-Alaq highlighted the main issue between the Iraqi treasury and society: widespread use of the US dollar in cash.
Iraq has implemented alternatives that limit cash dollar use, including a “traveler’s dollar” system.
According to the US Federal Reserve, Iraq ranks first in controlling cash dollar use.
These measures have cut foreign currency usage by 80% and shifted most transactions to the Iraqi dinar.
🌐 Digital Currency: A Radical Solution
Work is underway to develop Iraq’s digital currency.
Expected to solve about 90% of financial system problems.
Represents a major step forward in modernizing Iraq’s financial infrastructure.
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Central Bank Governor: Digital currency will solve 90% of the problems in the Iraqi financial system
The Governor of the Central Bank of Iraq, Ali Al-Alaq, affirmed on Thursday that lasting solutions must be built in a way that closes the gaps in the financial system. He explained that the tools available today, especially modern technology, offer effective solutions and address many of these gaps.
Al-Alaq said during the "Investing in Reconstruction... The Role of Banks" conference in Beirut that "the main problem between the Iraqi treasury and society is the use of the dollar in cash within Iraq, which is a normal social matter in Iraqi society. He added: "We have worked on this issue and presented other alternatives that reduce dependence on cash, and we have developed the financial system so that cash dollars are restricted to travelers only."
He explained that the "traveler's dollar" system prevents any attempts at circumvention, emphasizing that the US Federal Reserve indicated Iraq ranks first in controlling the use of cash dollars within the country. He noted that these measures have reduced the use of foreign currency by 80% and shifted the majority of domestic financial transactions to the Iraqi dinar.
Al-Alaq concluded his remarks by noting that work is underway to develop the digital currency, which is expected to solve about 90% of the financial problems in Iraq, stressing that this step represents one of the radical solutions for the financial system in the country. link