CBI IS REVIEWING THE PROJECT DELETE ZEROS FROM DINAR TO BE APPLIED SOON ...

The Governor of the Central Bank announces the imminent adoption of the phone in completing banking operations in digital banks , 26 SEPT

 The Governor of the Central Bank announces the imminent adoption of the phone in completing banking operations in digital banks

9/25/2024  Baghdad - WAA - Wissam Al-Mulla

The Governor of the Central Bank, Ali Al-Alaq, announced today, Wednesday, the success of the digital transformation and electronic payment plan in Iraq, while stressing that digital banks will allow citizens to manage their operations through the phone.

Al-Alaq told the Iraqi News Agency (INA): "Through the data that was discussed in the electronic payment conference, it clearly indicates the success of the digital transformation and electronic payment plan, and the percentage rose from 20 percent a few years ago to 48.5 percent, which is double the percentage," indicating that "this percentage came during the last two years." 

He added that "there is a major transformation supported by a national strategy and a serious and direct government direction by the Prime Minister and giving the issue the momentum it deserves by providing the necessary infrastructure," explaining that "Iraq now has advanced infrastructure to accommodate electronic payment tools and financial services of all kinds so that we can soon move to the transformation to digital banks in which the mobile phone will be the one leading the various operations.

This facilitates services for citizens, reduces the chances of fraud, reduces the chances of corruption, and provides important data at the national level on the nature of transactions, their content, and oversight of them and the compliance achieved through the large system." 

He continued: “Many requests have been submitted to the Central Bank to establish digital banks, and this is evidence that the trend is receiving the attention of investors. There are more than 60 requests that the Central Bank is currently examining carefully to be able to meet the requirements and conditions that achieve success, because we must ensure that the first step in digital banks is a successful step,” stressing “the conditions, controls and rules that digital banks operate under, but they represent a major shift in banking services, and through them, citizens will be able to manage their operations through mobile phones.”

He pointed out that "a large percentage of Iraqis own mobile phones, and this is an advantage that we must invest in to carry out this task."   LINK

RV UPDATE BY JEFF, 26 SEPT

 Jeff   

September has been the most active month and it's been the most informative with news, actions, everything.  

September has been their busiest month preparing for this rate change throughout this entire year.  That's not coincidental.  They're preparing for the rate change.  And they're preparing to go international.

Jeff  

 Pretty much everything happening right now, along with Sudani being in the UN, everything has to do with Iraq going international...

Jeff 

 We had five of these articles talking about deleting the zeros...and then one today, so six total within 3 days.  Very amazing ...

Removing zeros is getting rid of the large 3-zero notes and replacing them with smaller size currency notes but at an increased value.  So when the rate changes the large notes have the same purchase power before the rate change as the smaller notes after the rate changes.  They would have to increase the value for the currency, strengthen it, to delete the zeros...

This news is looking really good.

https://dinarevaluation.blogspot.com/2024/09/rv-update-by-jeff-25-sept.html

DINARLAND HIGHLIGTS!! @DINARREVALUATION

DINAR REVALUATION REPORT: US Treasury Support for Al-Sudani’s Reform Agenda in Iraq 2024, 25 SEPT

US Treasury Support for Al-Sudani’s Reform Agenda in Iraq 2024

The US Treasury has shown strong support for Iraqi Prime Minister Mohammed Shia Al-Sudani's economic reform agenda aimed at enhancing the country's economic landscape. 1 Al-Sudani’s media office highlighted that the Prime Minister received US Deputy Treasury Secretary Wally Adeyemo and several Treasury officials on Monday, where they discussed bilateral economic relations and reviewed government efforts and plans for economic and financial reforms. 1

Financial and Banking Reforms

Al-Sudani’s office stated that the government has made significant progress in financial and banking reforms. The country has completed 95% of banking transfers through the electronic platform, with the remaining 5% expected to be finalized by the end of the year. 1 Following this, Iraq will transition to the correspondent banking system, aligning with the government’s commitment to enhancing the capacity of Iraqi banks to meet global standards and support the country's investment environment.

Economic Growth and US-Iraq Relations

Adeyemo praised Iraq’s progress in economic and banking reforms, noting the country’s 6% economic growth rate that aligns with the government's development efforts. 1 He expressed readiness for cooperation and partnership to advance economic development. During his pivotal visit to the US in April 2024, Al-Sudani met with President Joe Biden and engaged with American businesses, the Iraqi community, and think tanks in Washington before heading to Houston to interact with US energy companies. 3

Security and Strategic Framework Agreement

The visit also covered security and strategic frameworks. The US and Iraq convened the Higher Coordinating Committee of the 2008 Strategic Framework Agreement, a critical framework for bilateral relations. 2 Discussions included the US military presence in Iraq and US Treasury sanctions, as well as bilateral security, trade, economic, energy, and cultural ties. 3

US Treasury: Supporters of Al-Sudani’s Reform Agenda , 25 SEPT

 US Treasury: Supporters of Al-Sudani’s Reform Agenda

9/24/2024 Baghdad

The US Treasury Department confirmed, on Tuesday, its support for Prime Minister Mohammed Shia al-Sudani's reform agenda.

The ministry said in a statement, seen by "Al-Eqtisad News", that "Deputy Secretary of the Treasury, Wali Adeyemo, met with Iraqi Prime Minister Mohammed Shia al-Sudani on the sidelines of the United Nations General Assembly to discuss reforming the Iraqi banking sector, financial relations with the United States, and combating illicit financing."

The statement added, "The Deputy Secretary of the Treasury congratulated Al-Sudani on the great progress Iraq has made in reforming the banking sector, which has led to expanding Iraq's international financial connectivity and increasing financial inclusion."

According to the Treasury statement, Adeyemo affirmed “Treasury’s support for the Central Bank of Iraq and Prime Minister Mohammed Shia al-Sudani’s reform agenda.”

The Deputy Treasury Secretary praised the growth of the non-oil economy in Iraq by 6.0 percent, asking about "the steps the Prime Minister is taking to diversify the Iraqi economy from hydrocarbons," according to the US Treasury statement.

Earlier on Tuesday, Prime Minister Mohammed Shia al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and a number of Treasury officials.   LINK

$3.57 IS THE RATE OF THE IRAQI DINAR ON THE SCREENS NOW BY MARKZ, 25 SEPT

 MarkZ 

  [via PDK] 

  ..."Treasury supports CBI of Iraq” I think this is important.  The US Treasury is supporting the Central Bank of Iraq. 

Why is this important? 

Over the last few weeks articles states Iraq has full control of its money …and now the US Treasury is saying the CBI is doing a great job…Troops are getting moved out…and they are openly talking about their project to delete the zeros. Imo opinions things are warm and fuzzy in Iraq even if we do not know the timing yet.

 “ Iraq reviews the US Treasury the date of abandoning the currency auction” this is so important.  I was told Oct 1st - no more foreign currency auctions. This is the one thing I was told to look for –When they are done with foreign currency auctions…they would revalue. And this news just came out [Tuesday] that they are ending them.

  The chatter coming out of the banking side has been pretty severe today - in a good way.  They say rates are being seen…but I haven’t confirmed them …But I am hearing this from 3-4 different sources that work at different banking institutions…and they all agree on the rate of $3.57 on the screens...It’s certainly interesting this is being seen by so many …and the same rate.