Judy Note
The new Iraqi Dinar denominations are out in Iraq and new rates were showing up on certain but not all, bank screens. That couldn’t happen unless they had revalued the Dinar.
From past Intel it appeared that the RV began on Fri. 13 Sept. when banks received financial transactions and were given up to 72 hours to finalize them, or risk a fine of $20 billion per institution.
Bond payments were expected to complete by next Wed. 18 Sept.
Al-Sudani confirms Iraq's openness to partnership with all those wishing to contribute to the development road project
Prime Minister Mohammed Shia al-Sudani stressed, on Saturday, the necessity of intensifying research and explanations regarding the Grand Faw Port and Iraq's Development Road projects and the opportunities they will provide, noting that these two projects are a basic gateway to economic growth in Iraq and the region, and an important pillar for expanding the non-oil economy.
This came during the dialogue seminar held in the capital, Baghdad, under the title (The Path to Development - Opportunities and Development), in the presence of an elite group of economic experts, investors, businessmen and media outlets, according to a statement by Al-Sudani's office, received by Shafaq News Agency.
Al-Sudani stressed that the quadripartite agreement between Iraq, Turkey, Qatar, and the UAE constitutes the axis of operating the development road, but the project is open to positive partnership with all those who wish to contribute to this international development effort, stressing that the global economy today has come to depend on the main corridors for trade, manufacturing, and integration, and the development road project will be an important axis of these international corridors.
He pointed to the industrial cities that will be established along the road, starting with the industrial city in Al-Faw, which will transform Iraq from a country landlocked in commercial and industrial routes to an open country, through its contribution to expanding Iraq's maritime effectiveness and raising the importance of its ports, most notably the Grand Faw Port.
The statement pointed out that the symposium included several axes related to the strategic development road project, including the economic and developmental feasibility of the project, which constitutes one of the future paths of the Iraqi economy, and how Iraq will move through it to become a new major player in the international shipping and transport arena, in addition to the thousands of job opportunities the project will provide, mechanisms for developing partnerships with the private sector, and the challenges facing the partnership between the government and the private sector. link
Militia Man
Digital Banks Boom
Iraq is set to have more digital banks than its neighboring countries, with the Central Bank Governor expressing confidence in their shift towards digital banking.
Global Attention: An electronic payment conference is underway in Iraq, attended by representatives from international central banks, ministries, and financial institutions, indicating global interest in Iraq's financial stability.
Blockchain Under the Radar: While not explicitly mentioned, the use of blockchain-oriented systems and technologies is hinted at, with references to enhanced transparency, fraud detection, and compliance.
Economic Leap: Iraq is witnessing a significant shift from a cash-based economy to digital payments, with the government's e-governance policies driving this transformation.
Global Integration: The Arab Monetary Fund's involvement signals Iraq's integration into the global economy, with digital diversity and foreign investment on the horizon.
Iraq trades more than two trillion dinars electronically in a month
The Executive Director of the Iraqi Private Banks Association, Ali Tariq, revealed on Sunday the volume of electronic trading in the country during the month of August, confirming that it exceeded two trillion Iraqi dinars.
Tariq told Shafaq News Agency, "The value of electronic trading in the past month of August alone exceeded two trillion Iraqi dinars," indicating that "the amount was transferred and traded using electronic payment systems of various types, whether cards or payment systems."
Tariq pointed out that "the amount reached two trillion dinars for only one month, and this amount will double to more than that in the coming months."
He explained that the number of electronic cards reached 20 million cards, which means that approximately 50% of the Iraqi population own electronic payment cards, and some citizens own two or three cards.
Tariq concluded by saying, “The number of electronic payment devices in the public and private sectors has exceeded 30,000 devices.”
In October 2023, the Iraqi Council of Ministers issued several executive measures related to the electronic payment system and electronic points of sale (POS), and said at the time in a statement that they "aim to enhance the use of electronic payment in Iraq and facilitate financial and commercial operations." link
MNT GOAT If you remember last month, at just about this timeframe, the Iraqi economist Yasser Al-Mutawali asked the question to the Financ...