Sudani is slowly allowing banks to be relicensed again but he's bringing in these currency exchange centers as well.
When he relicenses a bank, he will have full control of that bank.
When he brings in these money exchange centers/banks he will have full control of them also. Sudani and the CBI watch every process of the monetary reform...
They will be giving a percentage to these centers and banks of the volume they will be bringing in. It is a symbiotic relationship where they will both benefit...
Establishment of the “Iraqi Money Changers Syndicate” in Baghdad.. and Al-Taie as its President
In a move that is the first of its kind in Iraq, the establishment of the “Iraqi Money Changers Syndicate” was announced today, Wednesday, and the election of Diaa Al-Taie as its president, to lift the injustice against the owners of money exchange offices and companies and secure their rights.
The “Jarida” platform attended the founding conference of the union at the “Mansour Melia” Hotel in central Baghdad, which was held by a group of owners of exchange offices and financial companies, and attended by a number of parliamentarians, including the head of the Parliament’s Investment Committee, Hassan Al-Khafaji, and a member of the Finance Committee, Hussein Mounes, in addition to businessmen.
The election of Diaa Al-Taie as the head of the Iraqi Money Changers Syndicate took place in a clear and fair manner in front of those present, in a step that is the first of its kind to bring together most of the companies and money changers in a syndicate to present ideas, communicate with each other, and crystallize their positions with the Iraqi government.
This is what Al-Taie emphasized, that the establishment step had been under study for some time, and today this idea has matured and crystallized with the establishment of the “Iraqi Money Changers Syndicate.”
The attending representatives, most notably Hassan Al-Khafaji and Hussein Mounes, supported the idea of establishing it in a speech they delivered during the conference, indicating that the parliamentary committees support this legal regulatory path, stressing that this step is important for direct communication through legal paths with the Central Bank of Iraq, Iraqi banks, and those concerned from exchange companies to deal with each other regarding the local market.
The representatives promised to communicate and support this idea, which will open broad horizons between the Iraqi government and the private sector, which includes exchange companies represented by the “Iraqi Exchange Union.” link
Article: "I WANT TO SPREAD AWARENESS ABOUT ELECTRONIC PAYMENT? READY TO USE IT?”
...we can interpret these electronic debit cards as yet another move by Iraq to open up to the rest of the world...yet another move out of the sanctioned - mode that Iraq has been in just occurred.
Thus they are joining the world stage again but bigger and better this time...
Article: "I WANT TO SPREAD AWARENESS ABOUT ELECTRONIC PAYMENT? READY TO USE IT
?”
...we read from this article that ONLY now are the banks finally issuing these debit cards that can be used globally, such as in the U.S...
Yes, they are finally being released...
Yes, it is time for them now...the rate is determined at the bank, when the transaction goes through at the bank when the card is used...NO rate on the card...The rate is controlled by the currency exchange or the CBI (official rate) whichever one they are linked to.
MP: The 2025 budget cannot be passed without sending the final accounts for the past two years
The Parliamentary Finance Committee announced the date for the arrival of the 2025 budget tables to the House of Representatives, which will be at the beginning of next year.
In turn, the Ministry of Finance indicated the possibility of collecting 3 trillion dinars per month during the coming period, and that the Finance Committee called on the government to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.
In the same context, member of the Economy, Industry and Trade Committee Yasser Al-Husseini confirmed that it is not possible to approve the 2025 budget without obtaining final accounts for the previous budgets.
Al-Husseini told Iraq Observer that “it is not possible for the Council to approve any measure coming from the government,” noting that “the current government differs from previous governments because one of its most prominent goals is to improve the current economic reality by fighting corruption in any form and under any circumstances.
”
He added that "Parliament is waiting for the final accounts of the 2023 and 2024 budgets to be sent, after which the 2025 budget will be considered for approval," noting that "if a budget is submitted to the House of Representatives without the final accounts, this is considered an aspect of corruption, so the House of Representatives refuses to receive a budget without the final accounts tables for the past two years."
He continued that "the committee is closely following up on how the budget funds are distributed, to ensure that they are used effectively to serve citizens and enhance the national economy, and ways to increase government revenues by developing the tax and customs system will be discussed from time to time." link
Community Comment: "Iraq just got licensed for foreign currency exchange."
Back in 2004 they were licensed for this but there was a shitload of restrictions...A lot of those restrictions are being lifted.
This is really good news for the Iraqi dinar...
If being on the SWIFT system is the 'football game', this step right here is you're in the warmup before the game.
It's really good news. That's something Iraq needed.
They'll warm up a little bit with this...
This is going to bring a lot of liquidity into the country. What they're telling people is Iraq is getting ready to step in and start becoming a big player with the big dogs.