FINANCIAL INCLUSION IN IRAQ: A SUCCESS STORY THAT DEFIES THE ODDS, 11 JUNE

FINANCIAL INCLUSION IN IRAQ: A SUCCESS STORY THAT DEFIES THE ODDS

In the wake of the American invasion of Iraq in 2003, the financial system collapsed and the phenomenon of hoarding money spread, as a result of the loss of confidence in the banking sector after the closure of most branches of foreign banks operating in Iraq, and the faltering of some local banks.

To address this crisis, the Iraqi Deposit Insurance Company began establishment procedures in 2008 with the aim of protecting depositors’ funds and enhancing their confidence in the banking system, which is vital for achieving sustainable economic development.

The company has achieved remarkable success in its mission, as it has witnessed a significant increase in the number of bank accounts and the size of deposits since its establishment. In 2009, total deposits in Iraqi banks amounted to $8.05 billion, and this number rose to $76.5 billion in 2021. This significant increase is largely due to the company’s efforts to enhance confidence in the banking system and encourage citizens to save.

This significant increase in deposits clearly reflects the effective role played by the company in stimulating the culture of savings and encouraging citizens to deposit their money in banks instead of keeping it at home. These numbers indicate that the Iraqi Deposit Insurance Company is on the right track towards achieving its strategic goals, which are enhancing financial stability and reducing the phenomenon of hoarding, and thus contributing to advancing economic growth in Iraq.

"RV UPDATE" BY MNT GOAT, 11 JUNE

  Mnt Goat 

 Iraq...when ready, they will drop the three zeros and give the citizens so many days to turn them in the old three zero notes for exchange of the new lower currency denominations. This exchange will most likely be electronic. It will be a 1:1 exchange but not like many think...

I DO NOT mean one dollar for one dinar. I mean, for instance, a 25k note for a new 25 note. This is the 1:1 the CBI has talked about many times. Yes, the dinar may revalue first in-country to just over a dollar, but this is still not what the CBI meant by 1:1 in the past...the VALUE of the dinar has always been there...only when they drop the three zeros it becomes more manageable and nominal.  The VALUE is still the same.

The electronic systems are taking hold...This will allow the shrinkage/withdrawal of the tangible currency notes from the market that is needed in the process to Delete the Zeros...a critical part of it...

I can remember hearing as far back as 2010 from Dr Shabibi the importance of the electronic banking effort and its advantages to the process. Yes, they MUST shrink down the currency mass...if you shrink down the monetary mass than what is left will be worth more.

🔥 Iraqi Dinar 🔥Focus On New Exchange Rates, Lower Notes, and Economic T...

"IMPORTANT IRAQ NEWS : INTECH IN IRAQ: HOW IS IRAQ RESHAPING ITS FINANCIAL FUTURE? : WITH " FINANCIAL INCLUSION IN IRAQ" BY MNT GOAT, 11 JUNE

INTECH IN IRAQ: HOW IS IRAQ RESHAPING ITS FINANCIAL FUTURE?

Financial technology (FinTech) has become a major driver of innovation in the global banking sector, providing innovative solutions to facilitate financial services and increase their efficiency.

In Iraq, banks have begun to adopt these technologies, which has contributed to improving customer experience and expanding the scope of financial services provided. The Iraqi Deposit Insurance Company plays an important role in supporting this trend, as it is a pillar of financial stability, by encouraging banks to adopt financial technology and providing a regulatory environment supportive of innovation.

Financial technology has demonstrated its ability to enhance financial inclusion in Iraq, as it can provide affordable and accessible financial services to wide segments of society, especially in remote and rural areas. Through mobile applications and online banking, individuals and businesses can access a variety of financial services, such as money transfers, paying bills, and obtaining loans, without having to visit bank branches.

The Iraqi Deposit Insurance Company is working to enhance the use of financial technology in Iraq, through cooperation with banks and financial technology companies to develop innovative solutions that meet the needs of the Iraqi market. The company is also working to provide the necessary regulatory framework to ensure the security and safety of digital financial services, and to protect consumer rights.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

"RV UPDATE" BY MARKZ, 11 JUNE

  MarkZ  

 [via PDK]  “The United Nations development program has issued a 49 page report on investment opportunities in line with Iraq’s sustainable goals”  These are things to develop a very robust Iraq economy.  

 “The  UN sees progress in Iraq’s anti corruption  efforts and lists recommendations..”   The UN seems pretty happy with all the efforts you have made Iraq …here’s you “atta boy”...This is actually important to see all the sanctions going away and Iraq being free and clear to change values on the world stage.

 ... Sudani signed a cooperation agreement  with the trade bank of Iraq and the German export credit corporation. If everybody thought nothing was going to happen in Iraq -then they would not be signing these extremely high level deals. You are watching them become a major player on the international stage. 

 I found this one encouraging. One of the things they are going to need to be taken seriously on the world stage is the value of their currency. Vietnam is also running into that problem right now. They need to revalue up.

...there is contention as to whether the president has signed it [the budget] yet or not...And attempts by Maliki to delay things. Don’t panic- they are not allowing a delay and will push forward with the printing of the budget…and execution. Maybe we will see the printed budget by Saturday now...I’m still hearing positive things for the 7th through the 9th.

https://dinarevaluation.blogspot.com/2024/06/rv-update-by-markz-7-june.html

Iraqi dinar ✅ WOW Gezette News Budget,Iraqi Dinar Exchange Rates are App...

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"THIS MEETING WILL EQUAL THE HCL!!!" BY FRANK26, 10 JUNE

 KTFA

FRANK26:"THIS MEETING WILL EQUAL THE HCL!!!"............F26

Details of a meeting in Baghdad to resume the export of Kurdistan oil

6/9/2024

Baghdad -
The head of the Kurdistan Regional Government Office, Omid Sabah, revealed today, Sunday,the details of a meeting held between a delegation from the regional government and the Ministry of Oil, in the capital, Baghdad, which is the first meeting of its kind to reach a comprehensive agreement regarding resuming the export of the region’s oil through the “Corporate Oil Company.” Sumo, National.----

Sabah said, in a statement received by Mawazine News Agency, that “the delegation discussed with Oil Minister Hayan Abdul Ghani and senior officials in the ministry the outstanding issues between the governments of Erbil and Baghdad and issues of common interest.
He added that the meeting focused on the dues of oil companies operating in the region and the process of Resuming the export of Kurdistan oil, production costs, and mechanisms for addressing these issues, reaching a comprehensive and balanced agreement within the framework of the constitution, and  re-pumping through the Iraqi Oil Marketing Company “SOMO” as soon as possible.

LINK