Iraq to Alter the Global Trade Landscape BY SANDY INGRAM

Iraq to convert lusivity to electronic payment in mid-2024, 5 MAY

Iraq to convert lusivity to electronic payment in mid-2024

Economy News – Baghdad

The financial adviser to Prime Minister Mazhar Mohammed Saleh confirmed on Sunday that the government’s strategy encouraged citizens to enter the climate of digital payments, while noting that monetary use will witness a gradual closure in favor of digital financial inclusion starting from next year 2025.

Saleh said, to the official agency, and followed by “Economy News”, that “the customs and traditions that have remained prevalent in the practice of monetary demand behavior according to the primitive monetary methods in the settlement of financial and commercial transactions, are not in accordance today with the developments of the modern digital institutional society in our country, especially the change in the settlement of financial transactions and the gradual abandonment of the use of direct cash payment methods in favor of digital payments.”

He added that “the behaviors of payment, delivery, settlement of financial rights and settlement of transactions are being reflected in the cash demand function, which is changing behaviorally in favor of dealing with a modernist pattern imposed by digital payments in the country.”

He added that “since the government launched the electronic payment strategy a few months ago, the public has for the first time in our country has gone by their will to enter (the second phase) in the digital payments climate, by moving from withdrawing receivables in cash through payment cards and dealing with the inherited methods in payments based on the cash payment of transactions, by shifting towards keeping its money inside their bank accounts so that it can use the same payment cards for many times within the framework of high and renewable digital payment in settling various transactions within the daily life of the citizen.”

He pointed out, “The second phase of digital payments constitutes an accelerated development to achieve an advanced digital stage in banking life by the establishment of digital banks, as three issues were helped by the increasing use of mobile phones in the settlement of digital transactions, the second is the development of the numbers of opening bank accounts that support the digital payments activity, and the third is the rapid growth of digital government government leallusivity.”

Saleh stressed that “by the middle of this year, the government luse will almost completely shift to payment through credit cards and other approved digital payment methods, which are witnessing today in all fuel sales stations to end up paying taxes, fees, wages and government transactions to be all through digital payment cards.”

He pointed out that “large joints of institutions and private sector individuals are rapidly settling their payments by feeding each other’s accounts with easy transfer, such as (feeding their digital cards) to settle the rights between them digitally, as well as the use of pos and similar means of assistive technology for payments, which have become widespread and facilitated in our country.”

He continued, “Starting from 2025 upwards, the payment habits within the economic community will shift towards a completely different digital life. Electronic payment cards become one of the modern habits in changing the monetary behavior of society. Monetary use will witness a gradual closure in favor of digital financial inclusion, and then the cash leaks will move in their current form, which still rest outside the banking system to automatically take their natural way into the banking system itself and under the influence of the new environment for digital payments.”

However, “the use of digital payments has added millions of new bank accounts for adults who have not previously dealt with the banking system,” he said, predicting that “in the coming months, bank accounts will cover the adult generation, because electronic payment cards are linked to the bank account itself.”

He pointed out that “cash liquidity will be automatically transferred within the banking system, which will help high levels of certainty and low liquidity risk in the banking system itself, which encourages the levels of cash credit granted to the public for the purposes of economic activity and at the same time helps to ensure the flow of the state’s cash revenues within the developments of the unified treasury account, which at the same time maintains moderate growth rates in the growth of public liquidity to match its growth inversely with the escalation of the growth of the uses of digital payments.”

https://economy-news.net/content.php?id=43161

"CBI Banker in Iraq Contact" BY GOLDILOCKS, 5 MAY

 GOLDILOCKS

CBI Banker in Iraq Contact

Dee and I just finished a conversation with our CBI Banker in Iraq with ties to the Foreign Remittance Department.

Iraq is currently increasing the amount of Gold they hold that will support their currency. 

Iraq is encouraging people to use a debit (Visa & Master) Card as much as possible, so they can get used to becoming a cashless society. 

As far as a rate is concerned, they are looking to move from 1,310 to 1,000 soon. 

Many new agreements have been signed with other countries to increase the demand for their currency as of late. 

He expressed that they still need more goods to sell to increase their money velocity. 

Iraq has not moved to a position of removing the three zeros on their currency just yet.

It was mentioned that they are still working with their Foreign Corresponding Bank to complete their banking reforms this year.

© Goldilocks

Economy Entering 'Death Spiral'? Markets Are 'Cornered' | Clem Chambers

"BECAUSE... THE NEW LOWER NOTES ARE READY TO MARCH!!!" BY FRANK26, 5 MAY

 KTFA

FRANK26: "BECAUSE... THE NEW LOWER NOTES ARE READY TO MARCH!!!".......F26

Economist reassures: Financial liquidity is available and there are no risks to the Iraqi dinar

5/1/2024 Baghdad,

Economic affairs expert Safwan Qusay confirmed that financial liquidity is available and there are no high risks regarding the existence of the Iraqi dinar.

Qusay said, in a televised interview followed by Mawazine News, that “oil revenues rose during the first three months of this year, and this is thanks to the current government’s policy and with Muhammad Shiaa Al-Sudani personally supervising this success.”

He added, "Iraq currently embraces more than 600 investment projects, including the Baghdad Metro."

He pointed out, "Iraq has completed all its financial needs, and the rest of it needs the price of a barrel of oil to reach only $96 to cover the financial deficit."

He pointed out that "there should be rationalization and advice in local financial consumption." LINK

"ABOUT THE ALTERNATIVE CURRENCY OF THE BRICS GROUP" BY GOLDILOCKS, 5 MAY

 GOLDILOCKS

The international group could create an alternative currency based on their national legal tenders, according to Alexey Mozhin FILE PHOTO. © Iliya Pitalev; Ria Novosti

The BRICS group of nations could offer an alternative currency in the event of a collapse of the dollar and the international monetary system, according to Russia’s executive director at the International Monetary Fund, Alexey Mozhin."

Do you ever wonder why the Dollar Act (HR 556) is currently in the legislative books just in case the above does happen? See the link below.

© Goldilocks 

https://www.azerbaycan24.com/en/brics-should-be-ready-for-dollar-collapse-russian-imf-rep/#google_vignette

https://www.congress.gov/bill/118th-congress/house-bill/556

World bank report on Iraq BY NADER FROM MID EAST