Tuesday, March 5, 2024
Central Bank: Using the best internationally approved systems and standards in the field of electronic payment, 5 MARCH
Central Bank: Using the best internationally approved systems and standards in the field of electronic payment
The Central Bank of Iraq announced today, Monday, the use of the best internationally approved systems and standards in the field of electronic payment, while indicating that it spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for the development of electronic payment in Iraq.
The Deputy Governor of the Central Bank, Ammar Khalaf, said in a speech at the first Iraqi Digital Economy Forum, attended by an Earth News correspondent, that “the digital financial transformation in Iraq began with the localization of the salaries of state employees and the opening of bank accounts, the primary purpose of which was to use electronic payment in daily transactions.” Whether inside or outside Iraq.”
Khalaf added, “Iraqi society prefers to rely on cash in daily transactions, but the government’s efforts to support digital transformation, especially in the financial sector and other sectors, gave a strong impetus to the Central Bank over the past year and it continues to encourage and activate electronic payment in Iraq by issuing many Among the laws, controls and instructions that encourage the use of electronic payment in Iraq.”
He pointed out that “some ministries responded quickly to the directives of the Central Bank and the Iraqi government, especially the Ministry of Oil by making collections at gas stations and others via electronic payment, as well as the Passports Directorate, which obligated payment to be electronic, in addition to the General Traffic Directorate and other ministries.” He stressed that “all this support gives a very strong impetus to electronic payment.”
He pointed out that “the Central Bank has been the only influencer for many years, as it has embraced the importance of digital transformation in most of its transactions, and spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for developing electronic payment in Iraq through the use of the best internationally approved systems and standards in this field.” link
"RV UPDATE" BY FRANK26, 5 MARCH
Frank26
IQD on Forex is on the private side. [Found by Forex Girl]
2. Click Live Charts. This is free but there is a private side. We can at least get a little example.
3. Click EURUSD in the top left of the chart.
4. Delete EURUSD in the top left box and type in USD/IQD. Wow! Oh, my goodness...
The Iraqi dinar is going through a phase where it's being traded internationally on a private side of Forex. It is live. In December it was trading about $2.40 to $2.50. In January it was trading at about $2.60. Last month it was about $2.63 or so. Sunday it was $2.70...IMO this is a trend that is going towards the reinstate phase of the Monetary reform to reach the $3.22 that it was.
Evening News with MarkZ. 03/05/2024
"ANALYSIS OF IRAQ NEWS:THE IRAQI CENTRAL BANK CONFIRMS TO SHAFAQ NEWS THE PROVISION OF FIVE FOREIGN CURRENCIES AS AN ALTERNATIVE TO THE DOLLAR FOR MERCHANTS," BY MNT GOAT, 5 MARCH
MNT GOAT
In Shafaq News the Central Bank of Iraq confirmed, on Saturday and I quote from the article- “that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank. This was just the start as deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee)”.
But here is the best part of today’s news, as if it was not very good already these past weeks. I quote from the article – “He added, “These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay in the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency.”
I would like to briefly explain how trade payments work between countries. For example, factory owners in China don’t want anything but the Chinese yuan, just like factories in the US want US dollars. So according to this article today, now China (the first country) will accept the dinar but through trade brokers at the bank that will convert the dinar to yuan for the companies. My main point is this – the dinar is now slowly being rolled out and recognized as a valuable currency to the world and soon to be widely accepted as a global currency by many more countries. Get it? It is slow to roll out but this move by the China and the CBI is a very important one. Just remember now that just over a year ago no one wanted the dinar. China, of all the developed countries, is now willing to trade using the dinar as payment. WOW!
NEWS
THE IRAQI CENTRAL BANK CONFIRMS TO SHAFAQ NEWS THE PROVISION OF FIVE FOREIGN CURRENCIES AS AN ALTERNATIVE TO THE DOLLAR FOR MERCHANTS
2024-03-02
Shafaq News/ The Central Bank of Iraq confirmed, on Saturday, that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank.
Deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee).
He added, “These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency.”
Last week, the Central Bank of Iraq’s total sales of hard currency in US dollars amounted to more than one billion dollars.
Shafaq News Agency correspondent stated that the Central Bank sold during the past week, and for a period of five days during which the auction was opened, one billion and 52 million and 796 thousand and 86 dollars, at a daily rate of 210 million and 559 million and 217 dollars, lower than what it recorded the previous week, when it amounted to one billion and 62. One million 587 thousand and 198 dollars.
"STATUS OF THE RV: Status of joining the WTO, (PART2)" BY MNT GOAT, 5 MARCH
Status of joining the WTO:
In the news this period we hear of the World Trade Organization (WTO) assigning the Saudi representative to the organization, Saqr Al-Muqbel, to manage the file of Iraq’s accession, and he came to Baghdad on an important visit and met with the Iraqi negotiating team, and many issues were addressed, the most important of which were the files of goods and services, as well as the legislation. What legislation? Remember there is law that parliament must still first pass to facilitate investors coming into Iraq.
In todays, news also on this WTO topic, Bloomberg revealed the reasons for Iraq’s current inability to join the World Trade Organization. The agency said in a report, “Libya, Lebanon, Sudan, and Iraq are among the countries trying to join the WTO, but due to conflict and fragility, this hinders their accession”. But this article by Bloomberg does not, of course, tell the entire story and we as investors know more details then revealed even in this article about Iraq’s accession in particular.
Just wanted to let everyone know that you don’t have to step on to the daily. Weekly RV roller coaster. There is a better way and that is knowing the TRUTH about the monetary reform process and just where Iraq now is in the process.
The monetary process to revert back to a global economy remains basically the same since Dr Shabibi time period, but the requirements to meet the process have been tightened down so tight during the Obama administration and now still carried out by the Biden administration. Dr. Shabibi understood how he could make it all work in 2011 when the CBI and IMF outlined their plan. This is why he was ready to go in January of 2013. He even had timelines, as we found out in later years by his news media interview, but the Obama era caused a drastic change in the requirements which I believe was to delay and allow for all this corruption we now see playing out, that is a challenge now for the current CBI leadership under Ali Alaq to overcome.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/Future of the Iraqi Dinar & Digital Dinar in 2026
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