he last few years has been difficult for so many people across the board. Our world is simply looking for direction to move forward. "Without a vision, the people perish."
These words have never been more true in the history of our world as it is now. We are beginning to gain steam in a new direction Globally, and those who participate in this new world will find themselves expanding within it.
Others will not participate in the New World, and it has a devastating effect of disconnecting people from the very energies the new world provides to sustain you.
These choices draw our attention to a wisdom deeply embedded within us all and endowed by our Creator at the moment of our birth. This is to freely choose from a myriad of paths a life in front of us a road of destiny.
Each of us have gifts and talents that can be utilized in the New World, and these are opportunities for us to explore a strange new world, to seek out life in all its forms, for the benefit of transforming ourselves and those around us in our co-creative relationship between our Creator and ourselves United by a power of peace.
CLARE: {Financial digitization}.. a factor to reduce inflation and absorb hoarded funds
3/10/2024
Baghdad: Haider Falih Al-Rubaie
Economic affairs specialists have identified the most prominent advantages that digital transformation can achieve in banking, placing at the forefront of these advantages the elimination of inflation through the use of small denominations, and the absorption of citizens’ hoarded cash mass, estimated at more than 95 trillion dinars, while they praised the Central Bank’s measures. In providing the appropriate ground for achieving financial digital transformation, they stressed the necessity of doubling the distribution of points of sale and working to oblige all government and private institutions to operate with electronic cards.
“The electronic transformation of the use of money in daily transactions” is of utmost importance in the government’s directions, which is making great efforts to complete this direction, especially after “the Council of Ministers had previously obligated private educational institutions, universities, private colleges, fuel processing stations, centers and shops of all kinds, In addition to restaurants, pharmacies, private medical clinics, stores, all wholesale and retail marketing outlets, and professionals, there must be a minimum amount of their cash receipts through the electronic point-of-sale (POS) system.
Despite the short period of time during which it was officially decided to actually start using electronic payment methods (POS) in the country, “the World Bank believes that the infrastructure for electronic payment systems in Iraq is the best in the region,” praising during a previous meeting with the Governor of the Central Bank, Ali Mohsen Al-Alaq, Director of the World Bank Office in Iraq, Richard Abdel Nour, briefed on “the Central Bank’s procedures for facilitating financial transfers to different segments in Iraq.”
The process of “banking digitization” also represents a vital factor in achieving many economic advantages in the country, according to the banking expert and member of the Board of Directors of the Iraqi Association of Islamic Banks, Dr. Abbas Fadel Rahim, who stressed that “digital transformation has become an important factor in all countries of the world, and it is “This makes it imperative for all banking institutions in Iraq to use the latest knowledge in this field to keep pace with the development of banking work that most countries of the world have reached.”
In an interview with “Al-Sabah” on the sidelines of an economic symposium on the importance of digital transformation in banking, Abbas believes that “technical developments in banking can help financial institutions and individuals achieve a number of positives, including investigation, financial inclusion, security, profitability, and liquidity,” indicating that “All banks in Iraq, private and government, operate under the umbrella and laws of the Central Bank, which has achieved important steps in the field of electronic banking, and has worked to provide the appropriate ground for achieving electronic banking transformation, as well as enabling financial institutions to work and advance in this direction to be able to It provides advanced financial business.” Abbas pointed out that the electronic transformation of banking carries a number of advantages that can be reflected positively on the economic reality in the country, especially in the field of absorbing part of the citizens’ accumulated cash mass, as the digital transformation will relieve citizens of the need to carry or hoard sums, in addition to that The transformation is able to play a vital role in reducing the high rates of inflation, due to the use of parts of the currency in electronic trading, and therefore the matter will save families sums of money that can meet other parts of their daily requirements when using electronic cards, indicating that trading in small denominations of less than 250 dinars is almost non-existent, so the use of electronic cards will use those amounts, noting at the same time that the high inflation rates are the result of many global factors that have greatly affected prices, especially the Russian-Ukrainian war.
Abbas also explained that among the advantages that the digital transformation of banking in Iraq can bring is the complete elimination of the circulation of counterfeit currencies, and the reduction of bribery operations due to reducing friction and direct dealing between citizens and employees, calling for intensifying efforts to increase electronic card sales stations ( POS). In turn, the researcher specializing in economic affairs, Durgham Muhammad Ali, explained that there are a number of steps that would make electronic payment operations successful in Iraq, noting that among those steps is “the availability of promotional and procedural elements,” indicating that “the procedural elements are primarily based on encouraging economic activities.” From shops, restaurants, malls and markets to acquire electronic payment devices (POS) and provide financial privileges in the form of granting tax allowances or other incentives to users of electronic cards.
Muhammad also stressed the importance of “facilitating the process of citizens obtaining electronic payment cards, by spreading more outlets for selling and charging these cards in residential and commercial areas outside banks,” pointing out at the same time that expanding the process of using electronic cards will achieve many positive economic factors.At the forefront of which is reducing the need for annual printing of money, and increasing circulation in cash denominations of less than 250 dinars, which is reflected at the end of the month in the family budget.
The economic affairs specialist called for the necessity of “reducing the operator’s commission or paying it by the state to encourage the adoption of these technologies to increase financial inclusion in the country.”
Integrity: Economic Relations Will Force Countries To Cooperate With Iraq To Recover The Money
Economy | 01:26 - 03/10/2024 Mawazine News – Baghdad The head of the Integrity Commission, Judge Haider Hanoun, announced that one million six hundred and thirty thousand dollars had been recovered out of seven million embezzled by the Director of the Economic Department of the Ministry of Electricity.
Hanoun said in a press conference followed by Mawazine News: “One million six hundred and thirty thousand dollars were recovered out of seven million embezzled by the director of the Economic Department of the Ministry of Electricity.”
He added, "Most of the money stolen was to finance terrorism, and that there is a country that embraces major corrupt people and is trying to distort the work of the Integrity Commission."
He pointed out that "we call on the countries that embrace the corrupt to reveal the accounts to recover the stolen money, as $250,000 was recovered from the convicted former Trebil Customs Director." https://www.mawazin.net/Details.aspx?jimare=243585
So let’s take a step back and remember how far Iraq has come already gone in the monetary reform process. In December of 2022 they completed war reparation payments to Kuwait. This opened up the door to move ahead aggressively with the monetary reform process to get to their ultimate goal, which is the reinstatement of their dinar back to FOREX and other currency exchanges.
Just keep your eye on the ultimate goal.
Getting to the ultimate goal was not going to be easy for Iraq. It would require a lot of changes and thinking about how to run their monetary system. Since Dr Shabibi’s time we heard about the desire for electronic banking and Point of Sale (POS) electronic payments. Many did not understand fully why the CBI was pushing this effort even a decade ago, but now we know as article after article tells the story now why this is so integrated in the process of the monetary reform.
Here is a list of just some of the items of importance of electronic transactions that I can list off the top:
Help to reduce corruption with the dollar
Will allow the shrinkage of the monetary mass in circulation (Remember if the monetary mass decreases the value of the currency typically increases. The CBI has certain goals in this manner before the Project to Delete the Zeros);
Help to stabilize the parallel dollar market within the “official CBI rate”
Puts more money in the banks that then allows capital for the banks to loan the funds for businesses, mortgages, investments, etc. But most importantly the banks now have alternative sources of income other than the spreads from the currency auctions. This will help curve banking corruption.
[via Babysmom] "EAST COAST BANK CONTACTS ARE "VERY EXCITED" AND ANTICIPATE INITIATING EXCHANGES EITHER LATE TONIGHT OR EARLY IN THE MORNING. TIME WILL TELL...
-----
EVEN THOUGH I DON'T SEE IT YET...THEY ARE TELLING US "IT'S DONE"...THIS HERE "RIDE" IS FINALLY COMING TO AN END...HOPEFULLY TODAY.
[via Vinterv] 3 LTR'S [3 LETTER AGENCIES] ARE ON A 24-HOUR WATCH...
♪♫•*¨*•.¸¸❤¸¸.•*¨•*♫♪ I'm so excited, and I just can't hide it. I know, I know, I know I see a RATE CHANGE! A SHO-NUFF "RATE CHANGE" ! ♪♫•*¨*•.¸¸❤¸¸.•*¨•*♫♪ Sooner THAN later ♫♪♫♪♫ I GOT A FEELIN ...TONIGHT'S GONNA BE A GOOD NIGHT ♫♪♫♪♫ times 3...
GOOD SOURCES INFORM THAT THEY ARE ATTEMPTING TO PUSH IT OUT "BEFORE" THE END OF THE MONTH...
