GOLDILOCKS UPDATE, 25 DEC

 GOLDILOCKS

"His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, announced the launch of strategic projects to support digital transformation in the country."

Here we go. As we have been discussing in this room for the last four and a half years, the Iraqi Banking System is about to populate its Banking System to Banks all over the world. It will be done "digitally."

Iraq is telling us through the CBI their intentions are to begin the process of implementation of their new Digital Financial Services.

Yes, digital financial services (DFS) can include foreign currency, such as cryptocurrencies and stablecoins: 

Cryptocurrencies

Digital currencies that use distributed ledger technologies, like blockchain, to facilitate secure digital transactions. Cryptocurrencies are a type of digital token that allow people to make direct payments to each other online. 

Stablecoins

Digital assets that remain stable in value against a pegged external traditional asset class. Stablecoins reduce price volatility.

Digital financial services (DFS), also known as financial technology (FinTech), are financial services that are delivered and used by consumers through digital technologies. These services are accessible, convenient, and secure, and can be used through digital platforms like the internet and mobile devices. 

Examples of digital financial services include: 

Online banking

Instant payments

Online payment and transfer services

Peer-to-peer lending

Digital wallets

Personal investment advice and services

Payment apps like PayPal, Venmo, Zelle, and Cash App

Personal finance apps like Mint, YNAB, and Quicken Simplifi

DFS can be offered by a variety of providers, including banks, microfinance institutions, digital credit providers, payment providers, and FinTech companies. 

Benefits of digital financial services include: Faster completion of common tasks, Automation of tasks like sending and receiving invoices, and Eliminating the need for paper. 

© Goldilocks

https://cbi.iq/news/view/2745

https://www.visualsp.com/blog/digital-transformation-in-banking/

https://www.usaid.gov/digital-development/digital-finance#:~:text=Digital%20Financial%20Services%20(DFS)%20(,pressing%20humanitarian%20and%20development%20challenges.

https://economy-news.net/content.php?id=51236

MAJEED : ONCE THE IQD GO ON FOREX , IT WILL BE LIKE THE SHOTGUN TO LET THE OTHER CURRENCIES REVALUE

 

Government adviser: Iraq is seeking to form a sovereign wealth fund, 25 DEC

 Government adviser: Iraq is seeking to form a sovereign wealth fund

The financial adviser to the Prime Minister, Mazhar Mohammed Saleh, confirmed Iraq’s quest to form a sovereign wealth fund.

Saleh told {Euphrates News}: “Iraq is seeking to form a sovereign wealth fund, especially after conflicts and wars were lost for less than half a century of time and the previous system played a major role in wasting the country’s resources and wealth, it turned the surplus underlying the current account of the balance of payments into a net deficit due to the deterioration of the national export sectors of the economy, especially the oil sector.”

Saleh pointed out that “the increase in external debt, in the past decades, as an alternative to the establishment of a sovereign fund for external wealth, which adopts oil rent surpluses, which can be invested in a diversified investment portfolio that provides its returns, the general budget of the state in general, the investment budget and according to the absorptive capacity in particular, similar to countries such as Norway, China, the Gulf countries and other countries of the world.”

Iraq has previous experience in establishing a sovereign wealth fund, through the establishment of the Iraqi Fund for Foreign Development, which was established under Law No. 77 of 1974, but then the work of this fund was limited to managing Iraq’s financial contributions to regional and international organizations and bodies, and there was an attempt to establish two sovereign funds for Iraq in 2018, but they remained without practical implementation.

The economies of countries in terms of the source of revenue are divided into 3 sections; economies with various revenue sources, economies with a single revenue source “one-basket economies”, and the third section is between them.

Iraq is part of the second group, as Iraq is one of the rent countries, due to its almost total dependence on revenues from the sale of crude oil, as oil revenues constitute more than “90 percent” of the total general budget revenues, and also contribute about “45-60 percent” of the composition of the gross domestic product.

EXCERPTS FROM MARKZ, 25 DEC

 EXCERPTS FROM MARKZ

MZ: Right now I have people who are absolutely positive it is happening this week. They are ending auctions in Iraq and I am being told it’s the 28th-which is a Saturday . I think the worst case scenario with People I know is somewhere between now and the 7th…or right after the inauguration.

MZ: Nobody knows the exact timing. Maybe 6-7 in the world may know- but we are not one of those.

Member: Banks - closing down for year end accounting purposes. Think they will RV then or wait until afterwards into 2025 for tax & Trump credit purposes?

Member: I was hoping for Christmas Day? They could send out notifications to book appts to cash in on 28 Dec

Member: Member Ariel just posted that tonight is a very logical night for RV to go.

Member: HOLLY has just reported that her sources suggest that the RV/GCR will initiate on JAN. 6th or 7th which is also Christmas to a lot of people.

MZ: Yes between here and there- I’m feeling good.

THOM SIELOFF: CBI FREEZING TERRORISTS FUNDS : Why is this happening now? @DINARREVALUATION

 

Governor of the Central Bank: We issued controls for licensing digital banks in Iraq, 25 DEC

 Governor of the Central Bank: We issued controls for licensing digital banks in Iraq

Economy News _ Baghdad

The Governor of the Central Bank, Ali Al-Alak, announced on Tuesday the launch of strategic projects to support digital transformation, while pointing out that the Central Bank has issued controls to license digital banks in Iraq.

Al-Alak said in a speech during the fourth annual international scientific conference, entitled (Digital Financial Services – Challenges of Reality and Future Foresight) and followed by “Economy News”, that “The conference was organized in partnership between the Financial and Accounting Center and a number of universities and academic institutions, which gives a picture aimed at discussing developments in the field of financial and digital services and the challenges they face in addition to foresighting the future of this vital sector.”
He added that “the world has witnessed since the late eighteenth century, four inventions that changed its face, the first with the invention of the steam engine, the second electric, the great production, and the third that occurred in the mid-twentieth century in the electronics and information technology revolution, which began in 2000, which focused on artificial intelligence, the Internet and robots, as well as huge information.”
He explained that “the Central Bank paid great attention to digital transformation as one of its goals within its third strategic plan for the years from 2014 to 2026 to enhance the efficiency of banking, improve financial performance and meet the needs of customers in light of rapid technological development. ”
He continued: “The Central Bank has taken great steps to support digital transformation by rotating the technical infrastructure and issuing regulations and instructions that contribute to enhancing financial inclusion,” pointing to “starting the launch of strategic projects, including the project of instant payments, local cards and unified payment gates, as well as issuing controls to license digital banks in Iraq, taking into account the requirements of cybersecurity and the risks associated with this transformation.”
He pointed out that “the objectives of the conference, which include identifying the current challenges of digital financial services, orientalising future trends and promoting innovation and cooperation with the relevant authorities, reflect the urgent need for joint work.”
He stressed that “cybersecurity is one of the most important challenges facing us today, so the Central Bank has launched projects to enhance cybersecurity through the development of cyber security management center tools and systems, and adopting an advanced approach to enhance the cyber security of the Central Bank and the banking sector.”
He continued, “Artificial intelligence and its role in the digitization of financial services has become a subject that cannot be ignored, as it opens new horizons for the innovation and improvement of services, and we at the Central Bank of Iraq believe that financial technology complements the future of the financial sector, which requires strengthening efforts to prepare national cadres capable of absorbing and developing these technologies,” stressing “the Central Bank’s commitment to continue its efforts to achieve financial digital transformation and promote innovation and sustainability in the financial sector.”

MAJEED: The council of minister approved sending funds to cover Kurdistan region salary shortfall, 25 DEC

 MAJEED

Here we go ; after they adjusted the payroll And launched the digital payment officially today in Iraq The council of minister approved sending funds to cover Kurdistan region salary shortfall for November and December LFGGGGGG The amount is not determined because it is based on the new rate LFGGGGGG

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#BREAKING: The Iraqi Council of Ministers has approved sending funds to cover the Kurdistan Region’s salary shortfall for November and December. However, the exact amount remains undecided, reports Zoom News’ Akam Fahmi from Baghdad.