Monday, September 16, 2024
Governor Of The Central Bank Of Iraq: We Have Come A Long Way In The Process Of Reforming The Banking Sector, 16 SEPT
Governor Of The Central Bank Of Iraq: We Have Come A Long Way In The Process Of Reforming The Banking Sector
The Central Bank of Iraq participated in the conference on electronic payment towards financial stability in Iraq, which was held under the patronage of the Iraqi Prime Minister, Mr. Muhammad Shiaa Al-Sudani, and organized by the Association of Iraqi Private Banks, with wide participation of the parties concerned with electronic payment and the Iraqi banking sector.
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, said during the first session of the conference that the digital transformation movement in Iraq, especially the financial and economic part, constitutes a priority for the government and the Central Bank of Iraq and aims to provide the best banking services, stressing that there is a great movement to advance the digital transformation, which represents the sector.
Banking and finance are a major pillar of it. He noted that despite the challenges and obstacles that the country has faced in recent decades, the process of digital transformation is taking place quickly through the indicators available at the Central Bank, stressing that it is moving in the right direction.
The Governor stressed that there is a very important aspect of keeping up with developments and changes.
There is direct communication with internal and external parties, which is at two levels. The first includes capacity building within the banking sector by providing competencies and various applications, as the Iraqi staff is characterized by adaptation and development, and the second is
cooperation.
The International Bank and the Central Bank of Iraq have broad and effective relationships with international financial and monetary institutions and banks around the world.
His Excellency revealed the process of reforming the banking sector, especially the government sector, noting that it has come a long way and it is now possible to implement what was stated in the Central Bank’s plan in the banking reform process until the end of this year.
Regarding the experience of digital banks, His Excellency the Governor indicated that the developments and employing them in a direction that serves the public made us move towards digital banks in Iraq as it is a new experience in countries of the world, indicating that
Iraq will be one of the countries that are progressing in digital banks as the number of requests for digital banks increases.
It reached 60-70 banks, and the bank will choose a limited number as a first stage, in accordance with the applicable controls and conditions, and it will be subject to an evaluation stage by the Central Bank of Iraq. Central Bank of Iraq Media office September 14, 2024 uhttps://cbi.iq/news/view/2670
MELANIA HINDS CC NOTES HIGHLIGHTS, 16 SEPT
Summary
Iraqi dinar owners should watch the live stream for vital intel on revaluation, digital banking developments, and emerging economic stability in Iraq.
Highlights
- 📈 Significant surge in financial inclusion in Iraq.
- 💻 70 digital banks applied for licenses from the Central Bank.
- 🔒 Counterfeit currency seized, enhancing trust in the banking system.
- 🔄 Stable exchange rate is crucial for the dinar’s revaluation.
- 🛣️ Development Road Project funded by China to boost Iraq’s economy.
- 🤝 Direct banking relationships with foreign banks are being established.
- 🙏 Prophetic insights emphasize the imminent value increase of the dinar.
Key Insights
- 🌍 Economic Recovery: Iraq is witnessing a rise in financial inclusion, indicating a shift towards a more stable and trustworthy banking environment. This enhances investor confidence.
- 💼 Digital Banking Revolution: The approval of 70 digital banks signals a significant modernization of Iraq’s banking sector, facilitating smoother foreign transactions.
- 🔍 Counterfeit Crackdown: Recent actions against counterfeit currency bolster the integrity of the dinar, making it a safer investment for holders.
- ⚖️ Importance of Stability: The stable exchange rate of 1310 dinars to the US dollar is essential for potential revaluation, suggesting a planned and measured approach to currency value adjustments.
- 🚀 Investment Opportunities: The Development Road Project could transform Iraq into a key player in global trade, leveraging its strategic location between East and West.
- 📊 Shift in Banking Relationships: Moving towards direct banking relationships with major foreign banks enhances Iraq’s financial autonomy and could lead to improved economic conditions.
- ✨ Prophetic Insights: The speaker emphasizes a spiritual perspective, suggesting that faith in the dinar’s future value is essential for investors, as divine timing plays a role in economic shifts.
Economist: The Path Of Development Will Pass Through 12 Iraqi Governorates And Will Move Iraq To Global Status, 16 SEPT
The economic expert, Abdul Rahman Al-Sheikhli, confirmed that the development road will pass through 12 Iraqi governorates and will have great investment opportunities. Al-Sheikhli said {to Al-Furat News} that:
“The development path will move Iraq from a regional to a global situation in terms of trade, as it will pass through 12 Iraqi governorates and will have great investment opportunities.”
He added, "The development road project will provide Iraq with great regional and international relations. It will also attract Iraqi manpower, and we are optimistic about it."
Al-Sheikhli continued, "The stability of the security situation reflects the extent of interest in the future and the increase in investment opportunities in the country," noting that "the economic system in Iraq has changed since 2005 to a
market system, and on this basis the system must be transformed from a rentier economy to a productive one."
https://alforatnews.iq/news/خبير-اقتصادي-طريق-التنمية-سيمر-بـ12-محافظة-عراقية-وسينقل-العراق-الى-العالمية
Coffee with MarkZ. 09/16/2024
"THE ENTIRE WORLD IS AWAITING !!! #FREEIRAQ BY REINALDO JC, 16 SEPT
REINALDO JC
The entire world is awaiting!!! #FreeIraq
#FreeIraq #FreeIraqREINALDO JC
Foreign Currency Exchange
Swift has upgraded to the iso20022 compliance system. Swift is preparing for currency exchanges in the quantum financial system.
Department of the Navy & the Defense announced new codes being implemented into the banking system relevant to foreign currencies exchanges & recorded/archived in the federal register (similar to the iraq gazette).
Laws being/has been implemented for our military officer & contractors around the world on how they’ll be able to exchange foreign currencies in the new quantum system.
Swift is now transitioning to be able & allow us to go to Banks & exchange our foreign currencies in the new quantum financial system on the digital platform.
-freedomfighter
I’m sticking to my prediction!!!
LFG
