Militia Man
Article: "Iraq intends to increase the International Monetary Fund by equivalent of 1.45 trillion dinar."
They paid off their debt, inflation is down, interest rates have dropped, foreign currency reserves have increase, 152.6 tons of gold...Does that sound like a country that's still going to stay at 1310 with their exchange rate?
Al-Sudani takes a number of steps regarding financial and banking reform in Iraq
Prime Minister Mohammed Shia al-Sudani directed, on Friday, to take a number of steps within the framework of banking and financial reform in the country, including increasing the number of bank branches in the governorates, as most activities are concentrated in the capital, Baghdad.
Al-Sudani's media office stated in a statement today that "within the framework of efforts to reform the financial and banking system, as one of the priorities of the government program, and in light of the important steps achieved during the past two years, and in light of the challenges facing the financial and banking system, especially in the governorates, and since confronting them requires greater attention and radical improvements to ensure enhancing confidence in the financial and banking sectors, facilitating the process of economic development, increasing financial inclusion and raising its indicators throughout the country, and because most of the activities were concentrated in the capital, Baghdad, Al-Sudani directed that a number of steps be taken in this regard."
Among the steps, according to the statement, is “increasing the number of bank branches in the governorates to meet the needs of the local population, and in a way that contributes to expanding the scope of financial services, while paying attention to buildings, their modernity, and providing their basic requirements.”
The statement pointed out the necessity for all banks in the governorates to adopt modern technologies such as online banking services and mobile applications, which facilitates citizens’ access to their banking services easily.
The statement stressed the importance of banks developing their financial services to suit the needs of individuals and small businesses, such as soft loans and savings accounts.
The media office pointed out the enhancement of financial inclusion in the governorates by providing banking services to different segments of society, including districts and sub-districts in villages and rural areas.
The statement called for launching conferences and awareness campaigns in the governorates, to educate citizens about the importance of dealing with banks and how to manage and invest money properly.
The statement directed the organization of workshops to train young pioneers and local businessmen on how to deal with loans and financial services.
The statement added that the Ministry of Finance, the Central Bank of Iraq, and the Iraqi Private and Islamic Banks Associations will coordinate with the governors’ offices to accomplish the above tasks according to their jurisdiction and responsibility, and submit quarterly reports (every three months) to the Prime Minister’s Office regarding the progress of work on the steps mentioned above. link
ARIEL
Why do you all conflate what is going on there with what is going on in America? This is an Iraqi issue. And even then they to will have the option to exchange or convert their Paper Dinars into paper USD. This will be a process which will happen over years.
Digital ✅
Electronic ✅
Paper ✅
Metals ✅
We are going into a system where all of this will operate in conjuction. There is nowhere in any American policy by any government or bank who officially stated that American citizens will only receive their USD exclusively in digital currency.
Stop making this more confusing than what it actually happening. Iraq has not written any policy outlawing the use of physical paper transactions for digital money only. This will take years.
Do you understand?
Cash remains the predominant medium for transactions in Iraq. A 2023 report indicated that approximately 98% of transactions were cash-based, with digital payments being limited primarily to salary withdrawals by public servants and pensioners.
Do you know how long it will take Iraq to phase out paper money to only have digital currency? You all hop on one news item and go with it without doing any further research.
Please relax.
Al-Alaq describes the parallel dollar as “abnormal”: There is great stability in prices
The Governor of the Central Bank of Iraq, Ali Al-Alaq, described the prices traded in a real parallel market as “abnormal,” while pointing out that there is great stability in prices and a decline in inflation rates.
Al-Alaq said in an interview with local media outlets: “We understand the focus on the rise in exchange rates in local markets, but we believe that the focus should be on the ability of the Central Bank to implement full coverage of foreign transfers for commercial or other purposes, and this happens on a daily basis.”
He added, "The daily dollar selling rates are high and almost sufficient to cover the needs of traders, businessmen and even citizens, and therefore we look at the price through the amount of sales that the Central Bank undertakes daily at the official price."
He pointed out that “the Central Bank looks at another indicator, which is the inflation rate in the market, and we notice that there is great stability in prices and a decrease in the inflation rate, which indicates that foreign trade is covered by the official price, which is 132,000 dinars.” (Per dollar)
The Central Bank Governor continued: “The price that is traded in the market is in fact an abnormal price that does not reflect the true price. Usually, this price is called a parallel price when there is a real parallel market with sources of dollars other than the Central Bank.”
EXCERPTS FROM MARKZ
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