The most important of which is security... Al-Rafidain lists seven advantages of electronic payment
1/1/2024
Today, Monday, Rafidain Bank indicated 7 features of the electronic payment system in Iraq. The bank stated, in a statement received by Al-Mutala’, that: “Electronic payment consists of:
1- Switching from dealing in manual cash to electronic cash.
2- Moving from a cash society to a cashless society and leaving cash payment to electronic card payment.
3- Collecting and collecting funds electronically.
4- Using POS devices in financial and commercial transactions.
5- Proceeding with plans for financial inclusion and digitization in banking transactions.
6- Establishing a culture of bank financial accounts instead of using direct cash.
7- Adopting an electronic card is safer than carrying cash and moving around in markets and other places. LINK
All of this is coming together. There's no reason for any pessimism or snide remarks for anybody around in dinarland... There's shouldn't be any doubt anymore that this is a real process and it's underway...
Iraq is going to be interconnecting with international countries and they're going to be doing it by International standards and guess what they're not going to be doing that with a 1310 program, or I call it, a punishment rate..
The facts are in the pudding.
Anybody that says it's never going to happen has not done any study...When people do that I think it's reckless and I don't think they've done their research properly...
The economist, Bask Jamil Antoine, expected to achieve a decrease in dollar exchange rates with interest to the Iraqi individual.
“The low exchange rates of the dollar can bring benefits to the economic reality of the individual if a balanced society is available,” Antoine said {Euphrates News}.
He stressed “the need to follow up the pockets of speculators and traders who do not lower prices even if the dollar exchange rate falls.”
“The dollar directly affects imported goods, but goods that are produced locally, we do not expect that their impact will be significant,” Antoine explained.
To reduce dollar prices in the local market, the Central Bank of Iraq, on Sunday, determined the parties covered by obtaining their foreign transfers in cash in dollar currency starting from January 2, 2024.
This included foreign remittances for diplomatic missions, all international organizations and agencies operating in Iraq, and non-governmental civil society organizations registered in the General Secretariat of the Council of Ministers in the event that the foreign donor stipulated the payment of foreign remittances received in dollar currency inside Iraq.
It also included government contracts in force in US dollar currency, and continuous contracts on grants, loans and foreign agreements,” noting that “40 percent of the remittances received by Iraqi exporters resulting from their exports abroad.
Selling prices in banking shops in local markets in Baghdad were recorded on Monday, 153,250 dinars, while the purchase price was 151,250 dinars per 100 dollars.
By mid-January 2024 the CBI is giving a time frame where the IQD CBI exchange rate will be one in the same as the market rate. That's all that matters. Let's see what that rate is by mid-January. The black market rate will be no longer...that shows great control of the CBI official exchange rate for their currency...
The goal to de-dollarize has been the goal all along of the monetary reform - to remove the American dollar from Iraq's banking structure. The fact that we are there is exciting.
1310 is actually a really good rate right now because it's good to keep control of the IQD exchange rate. By keeping it at 1310 until they're ready to pull the trigger, there's no profiteering. There's no reason to steal a dinar.As the CBI maintains the exchange rate value of the IQD it is affecting the rate of the USD verses IQD...The CBI is controlling the dinar...
Shafaq News/ On Monday, the Iraqi Prime Minister promised the Iraqis that the year 2024 would be a year of achievements.
Al-Sudani said in a statement distributed by his media office and reported to Shafaq News Agency: “I extend to our honorable Iraqi people my warmest words of congratulations, and I pray to God Almighty to protect them in our beloved Iraq.”
He added, “We enter a new year, in which we carry the aspirations of our people, hold out hope and determination, and renew our insistence that it be a year full of progress, work, and giving, and to carry on with what the government has committed to in its program and executive priorities, that it is a government of services, reform, and fulfillment of requirements and needs, which meet the aspirations of citizens everywhere.” From this dear country.
He continued, “Our new year will be (the year of achievements), God Almighty willing. It will be the year of transforming plans into work reality, and reaping and reaping the fruits of effort, in a way that meets the ambitions of our citizens everywhere.”
