Iraq’s Financial Revolution: A Journey Towards Digitalization and Growth, 22 OCT

 Iraq’s Financial Revolution: A Journey Towards Digitalization and Growth, 22 OCT

In the heart of the Middle East, far removed from the clamor of the foreign media, a quiet revolution is stirring. Iraq, a nation often portrayed as a turbulent hotbed of conflict, is now spearheading a transformative shift in its financial sector, seeking to usher in an era of digitalization and economic growth. This narrative isn’t forged in the crucible of sensational headlines, but it’s a story worth telling, for it signifies Iraq’s relentless drive towards stability and prosperity.

Steering the Winds of Change

The Prime Minister of Iraq, Muhammad Shaaa Al-Sudani, recently led a crucial meeting focusing on the unified treasury account and the electronic payment system – two pillars that could potentially redefine the nation’s financial landscape. Al-Sudani emphasized the pressing need to activate the work and responsibilities of the Payments Council at the Central Bank. This is more than a bureaucratic directive; it’s an urgent call to modernize Iraq’s banking sector, a critical step towards a broader economic transformation.

The Prime Minister also insisted on receiving a final report on the progress made, reflecting a demand for accountability and transparency. His directive to all ministries to implement the fourth paragraph of the Cabinet Resolution (3581 of 2023), and to accelerate the formation of committees, underscores the urgency of the task at hand.

(Read Also:  Pentagon Bolsters Missile Defenses in Middle East Amid Rising Iranian Threat)

Al-Sudani’s call for an analysis of the non-moving bank accounts for each ministry within a month is a testament to the government’s resolve to tackle financial stagnation and inject momentum into the economy. It forms part of the larger effort to make the financial system more responsive and agile, aligning it with the changing dynamics of the global economic order.

Building a Digital Economy

At the first banking conference of the Central Bank of Iraq held in Erbil, the shift towards a digital economy was front and center. The conference, graced by the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, the Second Deputy Speaker of the House of Representatives, Shakhwan Abdullah, and various political, economic, and business figures, showcased Iraq’s commitment to banking sector growth and international collaboration.

The Governor of the Central Bank, Ali Al Alaq, highlighted the risks associated with a cash-based economy, such as financial crimes and illicit practices. He painted a vision of a digital economy, where technology serves as a catalyst for growth and transparency. Al Alaq emphasized the importance of maintaining the stability of the exchange rate and prioritizing the infrastructure of financial systems and business rules.

(Read Also:  In the Face of Conflict: Israel Warns of Military Offensive Against Iran)

The Governor also underscored the importance of compliance with anti-money laundering and terrorism financing laws, demonstrating Iraq’s commitment to international norms and standards. These efforts aim to ensure the transparency and safety of financial operations and make Iraq a more attractive destination for international investments.

Moving Towards a Sustainable Future

The developments in Iraq’s banking sector are not isolated events but part of a larger narrative of progress and modernization. The country is taking significant strides towards building a stable, safe, and effective financial system, which is vital for attracting investment, promoting economic growth, and improving the overall quality of life for its citizens.

From the Prime Minister’s directives to the Central Bank’s initiatives, Iraq’s commitment to transforming its financial infrastructure is clear. Amid the challenges and complexities, the nation is charting a course towards a future defined not by conflict and crises, but by stability, growth, and digital empowerment. This is the untold story of Iraq – a story of resilience, ambition, and an unwavering resolve to secure a prosperous future for its people.

https://bnn.network/finance-nav/iraqs-financial-revolution-a-journey-towards-digitalization-and-growth/

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Interior Ministry: 17,900 pledges not to deal in dollars in Iraq, 22 OCT

 Interior Ministry: 17,900 pledges not to deal in dollars in Iraq, 22 OCT

The number of written pledges that the Ministry of Interior took from shop owners not to deal in dollars during buying and selling amounted to 17,900 pledges from last May until this October.

This was reported by the Director of Operations at the Organized Crime Directorate, Brigadier General Hussein Al-Tamimi, to Al-Sabah, noting that the campaigns launched under the direction of the Ministry since last May to support the Iraqi dinar resulted in the arrest of a number of foreign currency speculators and smugglers.

He explained that the Ministry has taken written pledges obligating the owners of car showrooms, electrical materials stores, tourism and travel companies, wholesalers, and key cards, as well as the owners of residential complexes, not to deal (in dollars) during buying and selling

And to deal exclusively in the Iraqi dinar according to the price specified by the Central Bank / otherwise The violator is subject to legal accountability in accordance with Article 306 of the Iraqi Penal Code No. 111 of 1969, which stipulates imprisonment and the imposition of a fine on anyone who refuses to deal in the Iraqi dinar, indicating at the same time that the Central Bank and the Council of Ministers have permitted merchants importing basic and necessary materials from outside the country to enter. To the electronic platform and deal in dollars through it only.   link

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US Issues Travel Warning for Iraq Due to Attacks on US Personnel, 22 OCT

 US Issues Travel Warning for Iraq Due to Attacks on US Personnel, 22 OCT

An Advisory Amidst Rising Conflict

In the recent light of events, the U.S. State Department has issued an advisory cautioning U.S. citizens to refrain from traveling to Iraq. The advisory is a call for precaution amidst growing incidents of violence in the region, primarily encompassing threats of terrorism, kidnapping, armed conflicts and civil unrest. The advisory states, “Do not travel to Iraq due to terrorism, kidnapping, armed conflict, civil unrest, and Mission Iraq’s limited capacity to provide support to U.S. citizens.”

Indeed, the past few months have seen a surge in hostile activities against U.S. forces stationed in Iraq and Syria. The escalation in conflicts arrived in tandem with the surfacing strife between Israel and the Hamas militants in Gaza. Recent highlights include an incident where a U.S war vessel intercepted over a dozen drones and several cruise missiles fired by Iranian-backed Houthi militias from Yemen.

Alert for Personnel and State Activities

Furthermore, the advisory has reinforced the plea for U.S government affiliates like non-emergency personnel and eligible family members based in the U.S embassy in Baghdad and the U.S consulate General Erbil to depart the premises. This action is grounded in the context of proliferating security threats against U.S. personnel and interests.

The war and its associated tensions, primarily between Israel and the Palestinian Islamist faction Hamas, have caused regional tensions to skyrocket. The war induced by Hamas’ violent actions against Israel has resulted in devastating consequences, including the loss of over 1,400 lives. In retaliation, Israel has launched numerous lethal airstrikes on Gaza, bringing the death toll to over 4,700, as per Palestinian official reports.

Emerging security challenges are an essential factor for the State Department’s advisory, as U.S. government personnel stationed in Baghdad are strictly advised against using Baghdad International Airport. The reason lies in the scope of threat that the region currently represents.

US Military Reinforcements

Given growing security concerns, the United States has escalated its naval power dispatched to the Middle East. Recent reinforcements include two aircraft carriers, their ancillary support ships as well as approximately 2,000 Marines. In addition to the naval force, a Terminal High Altitude Area Defense (THAAD) system, along with supplementary patriot air defense missile system battalions, is slated to be deployed to the Middle East, as confirmed by the Pentagon.

https://bnn.network/world/us/us-issues-travel-warning-for-iraq-due-to-attacks-on-us-personnel/

Iraqi Prime Minister and French President Unite in Urgent Call for Ceasefire and Humanitarian Aid for Gaza, 22 OCT

 Iraqi Prime Minister and French President Unite in Urgent Call for Ceasefire and Humanitarian Aid for Gaza

In a crucial diplomatic development, Iraqi Prime Minister Mohammed Shia Al-Sudani and French President Emmanuel Macron have jointly called for an immediate ceasefire in the ongoing crisis in Gaza. This heartfelt plea underscores the urgent need for humanitarian aid delivery to the besieged residents of Gaza and concerted international action to prevent further escalation.

Urgent Plea for Peace

Iraqi Prime Minister Al-Sudani and French President Macron joined forces to emphasize the pressing need for a swift ceasefire to end the violence in Gaza. They are deeply concerned about the grave incidents unfolding due to continued assaults on civilians in the Gaza Strip.

(Read Also: Teachers and Retirees in Iraqi Kurdistan Demand Salary Disbursements and Job Security )

Addressing Ongoing Crisis

Both leaders stressed the profound roots of the Gaza crisis, extending back decades of non-compliance with international laws by Zionist occupation authorities. They underlined that the unjust imprisonment of an entire population has led to a pervasive sense of oppression and injustice, not only in Palestine but beyond.

(Read Also: Israel deepening attacks on Gaza to prepare for ‘next stages of the war’, says military)

Preventing Escalation and Humanitarian Suffering

President Macron and Prime Minister Al-Sudani underscored the necessity of serious actions to prevent the conflict from spreading and to protect civilians from further consequences of escalation. They agreed on the vital importance of securing an immediate ceasefire, opening humanitarian corridors for aid delivery to Gaza, and ending the humanitarian suffering in the region.

https://bnn.network/politics/iraqi-prime-minister-and-french-president-unite-in-urgent-call-for-ceasefire-and-humanitarian-aid-for-gaza/

"RV UPDATE" BY SANDY INGRAM, 22 OCT

 Sandy Ingram 

 Article: "Iraq to end all dollar cash withdrawals by Jan. 1 2024 - Central Bank official". 

  Iraq is back on track...starting January 1, 2024.  The Central Bank of Iraq will only do banking with Iraqi citizens using the Iraqi dinar...

IQD investors outside of Iraq may have difficulty exchanging the currency.   Why? 

 Because we will not have access to IQD banking. 2.  The IQD may not be available on the Forex market thus not exchangeable by US banks...

In other words it is not beyond the US Federal Bank to help Iraq come up with a plan that could exclude individuals with Iraqi dinar but include different countries around the world...If we do not address this issue there is a real possibility we may have difficulty exchanging the IQD for the USD.

  [Note:  Be sure you're on the Dinar Guru Alert list to stay informed about possible exchange procedure updates.  Blue box at top of this page...it's free.]