Sunday, September 1, 2024
DINAR REVALUATION REPORT: Rafidain Bank's Digital Transformation: Implementing the Comprehensive Banking System in New Branches, 1 SEPT
Rafidain Bank's Digital Transformation: Implementing the Comprehensive Banking System in New Branches
In a significant move towards digital transformation, Rafidain Bank has announced the implementation of the comprehensive banking system in three new branches in Iraq as of September 1, 2024. The branches, located in Baghdad and Karbala, are now equipped with the latest electronic systems, joining a growing list of branches that have already undergone this modernization process.
A Step Towards Digitalization
The implementation of the comprehensive banking system is part of a broader government initiative to move away from paper-based transactions and embrace digital systems. This initiative aims to enhance the banking sector's efficiency, reduce red tape for citizens, and improve the overall service delivery.
Current Status
As of July 2024, Rafidain Bank has successfully implemented the comprehensive banking system in 37 branches across Iraq. This expansion has been crucial in strengthening the banking system and aligning with the government's priorities regarding electronic transformation in financial transactions.
Key Objectives
The bank's primary objectives include: Enhancing the compliance system to meet international standards. Reducing bureaucratic procedures for citizens Shortening transaction times Simplifying banking processes Overcoming obstacles in service delivery Improving the quality of services provided to customers
Future Plans
The bank is committed to continuing the digital transformation plan and adopting the comprehensive banking system across all its branches. This will ensure that all bank branches are equipped with the latest technology, facilitating faster and more secure financial transactions.
Global Impact
The World Bank has highlighted the potential benefits of such digitalization efforts, noting that once Iraq's major ports are operational and fully digitized, the country will be placed on the global trade route between the East and Europe.
Conclusion
Rafidain Bank's implementation of the comprehensive banking system in new branches represents a significant milestone in Iraq's digital transformation journey. By embracing digital systems, the bank aims to enhance service delivery, improve efficiency, and align with global standards in banking and finance.
Rafidain announces the implementation of the comprehensive banking system in three new branches, 1 SEPT
Rafidain Bank announced on Thursday the implementation of the comprehensive banking system in the branches of Al-Akhal district in Baghdad, Al-Farouq, Diyala and Al-Khaldiyya, Anbar.
The media office of Rafidain Bank said in a statement received by “Economy News”, that “in implementation of the government program to move from paper to electronic transactions to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in the branches of the working district of Baghdad, Al-Farouk,
Badiya and Al-Khalidiya in Anbar to join the branches that activated the comprehensive system in Baghdad and the governorates, in addition to the branches of the border ports (Zarbatiya – Safwan – Arar – Trebil) so that the number of influential and completed branches of the system (40) branches,” indicating that “this came in an important step to strengthen the banking system and achieve its requirements, leave paper work and go to the total direction to electronic systems.”
The bank stressed that “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the timings set to include all branches of the bank by applying the system, especially since one of the priorities and adoptions of the government program is the electronic transformation in financial transactions, reducing routine circles for citizens, reducing time, simplifying procedures, overcoming obstacles and intensifying efforts to improve the level of services provided to customers and completing their transactions.”
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Added 2024/08/29 – 11:18 AM
https://economy-news.net/content.php?id=46908
Saturday, August 31, 2024
"IT IS VERY CLOSE" BY FRANK26, 1 SEPT
Frank26
I pray that this dream will come true for the both of us.
It is very close.
There's no doubt about it.
All the indications are pointing that it's very close. I just hope we get some good news when Alaq [returns from] New York...
Frank26
The new lower notes and the new exchange rate will revolutionize the whole Middle East, let alone the whole world...The monetary reform is the linchpin. It's the trigger. It's the button that will be pushed to change financial structures around the world...We investors of the dinar have a backup for a backup in order to survive this global financial change...
Frank26
Article: "Iraq and America to resume negotiations on the banking sector next Monday"
ALAQ'S VISIT IS ON IRAQI BANKS... IRAQI BANKS ONLY CARE ABOUT A NEW EXCHANGE RATE.
Frank26
I don't care about the WTO and HCL because it only waits for one thing, the new exchange rate. The only mechanism that everyone is waiting for is the new exchange rate.
That is the simple fact. This fact is real because Sudani is constantly reinforcing that idea...by constantly coming out on TV and talking to you [Iraqi citizens] about you're going to get purchasing power.
We found out the 3 zero notes are going to coexist with the lower notes for 10 years.
Do you understand the power behind that?
That means we're going to be able to participate in not only the float but the Real Effective Exchange Rate (REER)
Frank26
The goal is what? Retrieve those [Three zero notes].
How?
As soon as we raise the value, give them purchasing power, as soon as we drop the 3 zeros, they're going to bring in all that 80 something percent [still in Iraqi mattresses]...The monetary reform plan is brilliant...It is moving at a very fast pace.
DINAR REVALUATION
ANALYSIS OF WHAT EDDIE TOLD TO FRANK26:
"Then Saleh talking about oil being sold in dinars instead of dollars."
Economist back on tv saying it’s time to drop the zeros."
---It sounds like there's a couple of interesting economic discussions happening in Iraq right now!
Saleh and Oil Sales in Dinars: Saleh's suggestion to sell oil in dinars instead of dollars could be aimed at strengthening the Iraqi dinar and reducing dependence on the US dollar. This move could potentially stabilize the local economy and improve national financial sovereignty. However, it would also require significant adjustments in international trade agreements and currency exchange systems.
Dropping Zeros from the Dinar: The economist's call to drop zeros from the dinar is a common monetary policy strategy known as "currency redenomination." This involves introducing a new unit of currency that is worth a thousand or more times the old unit. It's often done to simplify transactions and improve the currency’s image after periods of high inflation or economic instability. For Iraq, this could be a step towards stabilizing the currency and restoring confidence in its value.
Both of these measures reflect efforts to address economic challenges and enhance the stability of Iraq's financial system. The success of these strategies will depend on how they are implemented and their impact on the broader economy.
SEEMS THAT WE ARE REALLY CLOSE TO OUR DESIRED RV!!!
https://dinarevaluation.blogspot.com/2024/08/dinar-revaluation-update-seems-that-we.html
DINAR REVALUATION REPORT: PURPOSE OF THE CONTRACT BETWEEN CBI & AUDITING FIRM IN NY, 1 SEPT
Purpose of the Contract
Central Bank of Iraq Contracts International Auditing Firm in New York
The Central Bank of Iraq (CBI) has contracted with an international auditing company, Oliver Wyman, based in New York, to undertake a comprehensive review of the conditions of Iraqi banks. This initiative, led by CBI Governor Ali Al-Alak, who is currently in New York, specifically targets banks that have been banned from dealing in US dollars.
The primary goal of engaging Oliver Wyman is to develop practical solutions for the reintegration of these banks into the Iraqi and international banking sectors. The company will also focus on improving banking procedures in line with international standards.
Enhancing Banking Relations
This initiative aims to facilitate the process of establishing direct banking relations and improve the quality of services provided by banks to support the Iraqi economy. Oliver Wyman is scheduled to start its operations in the coming period.
Diversifying International Transfers
In a related development, the CBI delegation in New York announced the commencement of a new phase in international transfer operations involving 13 Iraqi banks. The initiative is aimed at diversifying currencies and facilitating global transfers, which will now include the Euro, Chinese Yuan, Indian Rupee, and UAE Dirham.
The international auditing firm E&Y has also been engaged to review these transfer operations to ensure compliance with international standards. This move underscores CBI's commitment to maintaining high levels of transparency and security in foreign transfer operations.
Ongoing Efforts for Economic Growth
These initiatives are part of the Central Bank's ongoing efforts to support economic growth and expand international cooperation with global markets. The CBI is currently conducting an unannounced visit to the United States to discuss developments in Iraq's banking sector.
The Central Bank of Iraq contracts with an international auditing company in New York, 1 SEPT
Shafaq News / The Central Bank of Iraq announced on Saturday that his delegation headed by Governor Ali Al-Alak, who is currently visiting New York, concluded a contract with Oliver Wyman to conduct a comprehensive review of the situation of Iraqi banks, especially banks prohibited from dealing in the US dollar currency.
A statement issued by the Central Bank of Iraq explained that the company will work to develop practical solutions for the reintegration of these banks within the Iraqi and international banking sector, in addition to improving the level of banks’ procedures in accordance with international standards.
The statement added that this initiative aims to facilitate the process of establishing direct banking relations, and improve the quality and quality of services provided by banks to serve the Iraqi economy, as the company is scheduled to start its business during the next few years.
https://www.shafaq.com/ar/اقتصـاد/البنك-المركزي-العراقي-يتعاقد-شركة-تدقيق-دولية-في-نيويورك
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