Saturday, September 28, 2024
"DIGITAL BANKS ARE THE FUTURE OF IRAQ." BY FRANK26, 28 SEPT
KTFA
FRANK26: "DIGITAL BANKS ARE THE FUTURE OF IRAQ."............F26
Central Bank Governor Announces Success of Digital Transformation Plan in Iraq
9/25/2024
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 official agency, which was followed by "Al-Eqtisad News": "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."
Friday, September 27, 2024
THE IRAQI DINAR WOULD BE STRONGER THAN THE JORDIAN DINAR BY FIREFLY, 28 SEPT
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:We see articles on the news, reporters saying the imminent change to our currency is coming. Then he talked about deleting the zeros and the good that this would do and the bad. Then said our dinar would be stronger than the Jordan dinar.
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Today the television here in Baghdad again is also talking about deleting the zero project just like the Kurds televisions yesterday...They're saying it is back in the spotlight. They're talking about the banking road map by Alaq...
FIREFLY: TV shows USA Treasury personnel and they're saying to us that Iraq is very close to competing their money transfers to electronic to offset money laundering.
FRANK: To see it coming from the US Treasury is good...You ain't close dude! Horse shoes and grenades are close. This is pinpoint laser accurate. It is done! It is being announced.
https://dinarevaluation.blogspot.com/2024/09/tv-in-baghdad-again-is-also-talking.html
"SUDANI BRAGS ABOUT HIS NEW MONETARY REFORM!!!" BY FRANK26, 28 SEPT
KTFA
FRANK26: "SUDANI BRAGS ABOUT HIS NEW MONETARY REFORM!!!"......F26
Prime Minister: The government has made great strides in the financial and banking reform file
9/24/2024
Baghdad
Prime Minister Mohammed Shia al-Sudani confirmed today, Tuesday, that the government has made great strides in the financial and banking reform file.
The Prime Minister's Media Office stated in a statement received by "Al-Eqtisad News" that "Prime Minister Mohammed Shia Al-Sudani received the US Deputy Secretary of the Treasury, Wally Adeyemo, and a number of officials in the Ministry of Treasury."
He added that "the meeting discussed bilateral economic relations between the two countries in various vital sectors, reviewed the government's efforts and plans for economic and financial reform, the move towards diversifying sources of Iraqi output, enhancing development targets, and practical measures implemented in the field of combating money laundering."
The Prime Minister stressed that "the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform," noting that "less than 5% remains to be completed by the end of this year, after which the transition to the correspondent banking system will take place, in accordance with the government's approach and commitment to raising the capabilities of Iraqi banks, in line with international standards and meeting the needs of the thriving
investment environment in Iraq."
For his part, Adeyemo praised "the progress that Iraq is witnessing in the field of economic and banking reforms that were achieved in
record time, and the state of economic growth that reached a total of about 6%, which enhances the government's efforts in development, expressing readiness to cooperate and work within a bilateral partnership that serves the interests of economic development."
RV UPDATE BY FRANK26, 28 SEPT
Frank26
Article: "The government forms a higher committee to adapt Iraq banks to International financial requirements" What does that mean? It means the Iraq dinar is going to float internationally in international markets.
But it's at a program rate?
No it's not.
But it has sanctions on the country?
No it doesn't. Wells Fargo says it's on the OFAC list,
that it's on the 'bad currency' list?
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...