DINAR REVALUATION

Saturday, September 14, 2024

Iraq's Digital Banking Revolution: 2024 Conference Highlights

DINAR REVALUATION REPORT: Governor of the Central Bank of Iraq Foresees a Surge in Digital Banking, 14 SEPT

Governor of the Central Bank of Iraq Foresees a Surge in Digital Banking

On September 14, 2024, the Governor of the Central Bank of Iraq (CBI), Ali Al-Allaq, made a significant prediction during the Electronic Payment Conference on Financial Stability in Baghdad. 1 Al-Allaq anticipated a substantial increase in the number of digital banks in Iraq, potentially surpassing the digital banking presence in neighboring countries. 1 This projection comes as Iraq moves toward embracing the digital transformation that is reshaping the banking sector across the Arab world. 3

Recognizing the Global Trend of Digital Banking

Ali Al-Allaq highlighted the global trend of digital banking, noting that digital banks are rapidly expanding worldwide, with annual financial transactions amounting to approximately 7 trillion by 2027. 1 Al-Allaq emphasized the importance of aligning with technological advancements and their application in various operational directions. 1

Iraq's Position in the Digital Banking Landscape

Al-Allaq stated that Iraq is expected to be one of the leading countries in digital banking, with a greater number of digital banks compared to its neighbors. 1 This prediction is based on the country's strategic efforts to stimulate and focus on the digital banking sector. 1

Regulatory Frameworks and Digital Banking in Iraq

Before launching the licensing round for digital banks, the CBI conducted extensive studies and reviewed experiences from other countries. 1 The bank has established the necessary rules and regulations for licensing this type of bank. 1 This approach is in line with the Arab Monetary Fund's emphasis on the importance of digital transformation in reshaping the banking sector in Arab countries. 3 The fund advocates for regulatory frameworks that balance stimulating digital transformation with managing and mitigating risks. 3

Digital Banking Regulations in Iraq

The CBI has launched a regulation for licensing digital banks in Iraq on March 28, 2024. 5 Digital banks operating in Iraq must understand and adhere to the regulatory requirements set by the CBI, including capital requirements, shareholder composition, and other licensing conditions. 5 Digital banks must also implement robust governance and risk management frameworks, comply with anti-money laundering and counter-terrorism financing regulations, and enhance cybersecurity measures. 5

Conclusion

The Governor of the Central Bank of Iraq's prediction of a rise in digital banks in Iraq, surpassing those in neighboring countries, is a testament to the country's strategic vision for the future of banking. 1 This projection is supported by the CBI's proactive approach to creating a conducive regulatory environment for digital banking. 1 As Iraq moves forward in its digital banking journey, it is poised to become a leader in the region, aligning with global trends and embracing the digital transformation that is reshaping the banking sector. 1

NADER FROM MID EAST NOTES HIGHLIGHTS, 14 SEPT

Summary

The Governor of the Central Bank of Iraq predicts a rise in digital banks, surpassing those in neighboring countries, during a conference in Baghdad.

Highlights

📈 Governor expects growth in digital banks in Iraq.
🌍 Iraq aims to lead in digital banking compared to neighbors.
💰 Global financial transactions via digital banks reached $5 trillion.
📊 Anticipated growth to $7 trillion by 2027.
🏦 Over 70 applications for digital bank licenses submitted.
📚 In-depth studies conducted to establish licensing rules.
✅ Central Bank prioritizes careful selection of applicants.

Key Insights

🚀 Digital Banking Growth: The shift towards digital banking indicates a significant transformation in financial operations, which aligns with global tech trends. This growth is essential for Iraq’s economic modernization.
🌐 Regional Leadership: Iraq’s ambition to surpass neighboring countries in digital banking showcases its commitment to innovation and economic development, positioning itself as a regional leader.
💸 Market Potential: With financial transactions projected to increase significantly, Iraq has the opportunity to tap into a growing market, enhancing its financial ecosystem and attracting investments.
📈 Regulatory Framework: Implementing a strong regulatory framework is crucial for fostering a safe and stable environment for digital banks, ensuring consumer protection and maintaining trust in the financial system.
🔍 Study-Driven Approach: The Central Bank’s thorough analysis of global best practices before launching licensing rounds reflects a strategic approach to ensure successful digital banking operations in Iraq.
⚖️ Selective Licensing: By carefully evaluating applicants, the Central Bank aims to foster quality over quantity in the digital banking sector, promoting sustainable growth.
🤝 Collaboration and Innovation: The emphasis on digital banks signals a collaborative effort between the government and financial institutions to innovate and enhance financial services, contributing to overall economic stability.

AL-SUDANI ANNOUNCED PLANS TO ENHANCE THE VALUE OF THE DINAR@DINARREVALUATION

Al-Sudani: The development path will turn Iraq into an open state, 14 SEPT

Mawazine News – Baghdad

Prime Minister Mohammed Shia Al-Sudani said on Saturday that the development path project will turn Iraq into an open state, while capital finds in Iraq an opportunity amid security and political stability.
Al-Sudani said during a dialogue symposium through development and available investment opportunities, that “Iraq relies on oil as a single source to cover its expenses, which have begun to increase,” pointing out that “it is necessary to think correctly to activate oil support sectors.”

He added that “the development path project needs further study and clarification,” explaining that “the government has begun to establish and implement the development path project.”

He stressed that “the development road project will turn Iraq into an open state,” pointing out that “Iraq has natural materials that have not been exploited in industries.”
He pointed out that “the government opened the World Bank to start implementing the development path from Basra to Mosul,” noting that “the agreement with international companies is a positive indicator with the international partnership.”
He pointed out that “capital finds in Iraq an opportunity amid security and political stability,” stressing that “Iraq today is on the right track.”
He pointed out that “Iraq will enter the gas market after investing several fields.”

https://www.mawazin.net/Details.aspx?jimare=25487

LATEST FROM BRUCE : CONTRACT RATE FOR THE IQD IS EXTREMELY HIGH AND TIED TO THE SAME RATE THAT IRAQ SELL A BARREL OF OIL, 14 SEPT

Bruce

[via WiserNow] ...contract rate for the Iraqi dinar, I've told you, is extremely high and is tied to and is the same as the rate that Iraq is selling a barrel of oil for to other countries like Egypt, like Turkey, etc. wherever else they’re selling it -

So it's a very good rate. Of course, it's always subject to change, and their selling price of a barrel of oil might vary. Okay - That's great news, and...from my understanding is they will offer us who have Iraqi Dinar - the contract rate for the Dinar..

BRUCE
Thurs. 5 Sept. 2024 Bruce

“The Dinar is trading on the Forex, but the rate is not exchanging yet. My sources say R&R payments will be paid the first ten days of September.

The amounts will be shown in our new accounts on the Quantum Financial System when we go in to redeem.

Bond Holders can already see their money in their accounts, but they do not have access to it yet. My sources say that the days of Sept. 6, 7 and 8 will be important dates for us.”

----

Bruce

[via WiserNow]

Sunday night...five o'clock Eastern...after the Forex...opens back up for trading... we're going to see all new rates on all currencies...

They should see all brand new rates Sunday night period. Now – we would see them, probably Tuesday since Monday is a holiday. ...we don't have this absolute,

but my belief is we can get notified on Monday which is is labor day here in the United States - and then set our appointments and start on Tuesday...I'm just believing that we are finally at the end.

Thurs. 29 Aug. Bruce

On Thurs. 29 Aug. 2024 there were solid but lower bank screen rates on the Redemption Center gray screens.
On Thurs. 29 Aug. 2024 the Global Financial System was fully implemented and ready to go.
All the banks have been totally integrated.
The Dinar rate was three times higher at a Redemption Center than it was at a bank.
The Dong rate was twice as high at the Redemption Center than it was at a bank.
Zim has to be redeemed at a Redemption Center, not a bank.
Tier4b should be notified to set appointments on Mon. 1 Sept.
Mortgages and credit card debt elimination was starting Wed, Thurs, Fri, 4,5,6 Sept. and will run to Sun. 15 Sept.
R&R should kick in the first week of September.
Global arrests are taking place right now.
The Forex comes up Sun. at 5pm EST with the new rates.
If you are a Zim Holder the Redemption Center will give you a coupon for a Q phone.

https://dinarevaluation.blogspot.com/2024/08/dinar-and-dong-rates-in-redemption.html

MZ COMMENT ON TAX'S : " IM HEARING IT AS UNTAXED" , 14 SEPT

MZ COMMENT ON TAX'S:

I've posted this LINK a couple of times….. So no taxes on the exchange???

Read this from the US state Dept, on Iraq:

Go to section 6 Financial Sector: The last sentence says “There are no taxes or subsidies on purchases or sales of foreign exchange.” https://www.state.gov/reports/2022-investment-climate-statements/iraq/

MZ: I am still hearing it is untaxed but we don’t know for certain. I have set aside extra currency to cover a tax if there is one.