Government consultant: The number of bank accounts in Iraq has increased to more than 14 million, 1 DEC

 Government consultant: The number of bank accounts in Iraq has increased to more than 14 million

Economy News – Baghdad

The Prime Minister’s Advisor for Financial and Economic Affairs, Mazhar Mohammed Saleh, on Saturday, confirmed the rise in financial inclusion in Iraq, represented by bank accounts, to 14 million and a rate of 20 million users, while pointing out that Iraq is witnessing a boom by adopting e-governance as a basis for integrity and financial efficiency.

Saleh said, in a statement reported by the official news agency, and seen by “Economy News”, that “the basis of financial inclusion is the number of bank personal accounts, as inclusion aims to enable individuals and companies to access financial services appropriate to their needs in an easy and affordable way, while ensuring legal protection and transparency.”

He added that “financial inclusion focuses on promoting the financial inclusion of economically and socially marginalized groups, such as the poor, women and youth, as well as small and medium-sized enterprises that lack adequate access to financing in the banking system through the opening of a bank account.”

He pointed out that “national indicators confirm that financial inclusion in Iraq has increased from 20% to 48% at present compared to previous years,” explaining that “the reason is due to two main factors, namely the settlement of the salaries of employees, workers, retirees and social welfare, and the other is the spread of digital payments or digital financial inclusion. ”

Saleh stressed that “Iraq is witnessing a boom within the policy of the government program, which has enounted e-governance the basis of integrity, transparency, financial and economic efficiency and optimal investment of resources and time,” pointing out that “recent statistics indicate that the number of bank accounts is about 14 million bank accounts and more than 20 million payment card users, which means a high financial inclusion rate from 20% to 48%, which is measured by the number of bank accounts opened for adults of the population.”

He continued, “There are a number of inactive or zero open bank accounts that should be excluded to reach the correct number of the number of open bank accounts. There are open and yellowed accounts belonging to expatriates and deceased, bankrupt companies or leaving companies and individuals who have not benefited with their bank accounts opened in banks while they are under guardianship or distressed and many other factors and hope.”

He continued, “The real standard in adopting the bank account as a criterion for financial inclusion is the bank accounts open to effective people, not zero or inactive, which requires their exclusion from the statistics of banks and the general Iraqi banking system.”

---

TIDBIT FROM FRANK26, 1 DEC

  Frank26

  Question: "Are those that are in control of the monetary reform waiting for Donald Trump to become the president?" 

 IMO Iraq is waiting for Donald Trump...

Iraq simply wants peace.  They simply want security and stability for their reforms...

Trump IMO will protect the American dollar and in doing so Iraq's exchange rate is going to explode in the float and in the process...

JON DOWLING: THIS DECEMBER WILL BE A MONTH TO REMEMBER @DINARREVALUATION #iraqidinar #iraqidinarinve

 

Finance confirms the continuation of its efforts to implement automation plans and the use of modern electronic systems, 1 DEC

 Finance confirms the continuation of its efforts to implement automation plans and the use of modern electronic systems

Economy News – Baghdad

The Ministry of Finance confirmed on Saturday the continuation of its efforts to implement automation plans, digital transformation and the use of modern electronic systems.

A statement of finance, seen by “Economy News”, stated that “Minister Taif Sami chaired the periodic meeting of the Opinion Body, in the presence of the Undersecretary of the Ministry and the Directors General in the departments, banks, bodies and affiliated companies.”

He explained that “the meeting discussed a number of topics included in the agenda, including reviewing the recommendations of the committees formed by the opinion committee for previous sessions, determining the stages of progress and completion rates, as well as discussing the proposed amendments in order to develop the performance of the ministry and adapt it to the requirements and vision of modern financial management witnessed by the finance and business sector.

The statement continued, “The meeting stressed the implementation of the recommendations of the Council of Ministers, and the emphasis on continuing tireless efforts and providing capabilities within the framework of the government program to develop banking financial performance, and the implementation of financial and strategic plans, including automation and digital transformation, and the use of modern electronic systems and the promotion of the reality of work, to provide optimal services to citizens.

TIDBITS FROM BRUCE, 1 DEC

  Bruce 

 [via WiserNow] 

 ...our rate should be better at the redemption center...

dinar and Dong and I know they're gonna be a lot better on dinar  especially because we know there's a contract rate on Dinar that will be offered to us that is extremely high... 

Okay, not at the bank but at the redemption centers. Just so you know. 

FIREFLY: HERE ARE THE MONETARY REFORMS POLICIES IN ACTION CONTROLLING THE BLACK MARKET!!

 

After the decision to cancel the platform.. Will we witness a crazy rise in dollar prices in Iraq?, 1 DEC

After the decision to cancel the platform.. Will we witness a crazy rise in dollar prices in Iraq?
In a move that has attracted the attention of economic and financial circles, the Governor of the Central Bank, Ali Al-Alaq, announced the bank’s intention to cancel the electronic platform for financial transfers early next year.

This decision comes as part of a series of reforms aimed at facilitating financial procedures and stimulating the economy, but at the same time it raises questions about its potential impact on the stability of the dinar exchange rate.IraqibeforeDollarAmerican.

The concept of the electronic platform and its role in currency stability

The electronic money transfer platform is a mechanism adopted to ensure the regulation of foreign money transfers and to limit manipulation of exchange rates.

The platform documents commercial transactions and money transfers by banks and financial companies, ensuring more effective control over hard currency flows in and out of the country.

This platform has greatly contributed to narrowing the gap between the exchange rate.OfficialAnd priceThe marketBlack, where it prevented many money laundering and smuggling operations.

However, with the decision to cancel this platform, questions are raised about how it will be regulated.The marketAnd transfer management.

The impact of deplatforming on the priceDollar

1. Increased demand forDollarinThe marketBlack, with the absence of an electronic platform, the demand for it may increase.DollarinThe marketBlack money is the result of the absence of control mechanisms, which leads to higher exchange rates outside official channels.

2. Weak confidence in the dinar, as cancelling the platform may weaken confidence in the Iraqi dinar, especially if effective alternatives are not put in place to ensure stability.The marketLack of confidence means that citizens and investors are likely to withdraw their money in dinars and transfer it toDollarAs a safe haven.

3. The impact of smuggling and money laundering, as cancelling the platform could cancel strict control over smuggling operations.DollarSmuggling and money laundering practices may expand, increasing demand forDollarSignificantly and affects the central bank's reserves.

4. AccreditationThe marketOn supply and demand, with the platform being cancelled, the currency market may become more affected by direct supply and demand. This may lead to extreme fluctuations in the exchange rate, especially in unstable economic and political conditions.

Chances of facing a riseDollar

1. Activating alternative control tools

The government and the central bank can rely on other supervisory tools such as strengthening the role of local banks and imposing strict restrictions on foreign transfers.

2. Increase reserves ofDollar

The Central Bank may resort to pumping more dollars intoThe marketTo meet demand and maintain price stability.

3. Promoting local investments

By encouraging investment and reducing dependence on foreign currencies, pressure onDollarAnd strengthen the dinar.

4. Cooperation with international organizations

The government may cooperate with international institutions such as the International Monetary Fund and the World Bank to develop economic plans that contribute to stability.The market.

The decision to cancel the electronic platform for money transfers represents a major challenge to the Iraqi economy, and may have direct effects on the exchange rate.DollarIn front of the dinar. To achieve economic stability in the next phase, it will be necessary to take proactive measures to compensate for the absence of the platform and ensure the continuity of supervision overThe marketFinancial.

The balance between facilitating economic procedures and protecting the national currency will be the decisive factor in determining the success of this decision and its effects on citizens and investors.

The Governor of the Central Bank, Ali Al-Alaq, confirmed in a statement to the official agency, which was followed by:Sumerian“Next year, we will launch a new approach to expand and enhance citizens’ remittances for various purposes, such as travel, treatment, or any legitimate remittances abroad, just as we did for commercial remittances,” he said, noting that “there are also agreements currently in place with relevant companies such as Visa, Mastercard, MoneyGram, Western Union, to establish a new framework for implementing these operations, which will constitute another shift in controlling these operations.”

Al-Alaq added, "Next year or the beginning of next year 2025 will witness the completion of the current procedures, and we seek to provide reassurance, especially with some people's questions about the fate of transfers after the completion of the electronic platform at the end of this year 2024."

“There is no sudden transition, but rather a gradual transition that began in 2024, where the banks’ relationship was transferred directly to correspondent banks without passing through other links, and the process has been completed with continued success,” he continued, stressing that “more than 95% of this goal has been achieved, and this process will be completed successfully within the next two weeks,” noting that “there is international anticipation to celebrate this occasion.”  link