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

 

Iraq advances digital transformation to boost financial efficiency and economic diversification, 26 DEC

 Iraq advances digital transformation to boost financial efficiency and economic diversification

The Iraqi Ministry of Finance has announced significant strides in digital transformation and electronic payment systems, marking a pivotal step toward enhancing financial efficiency and reducing dependency on cash transactions. The ministry also reported progress in automating customs procedures to ensure financial sustainability and diversify the national economy.
 
Speaking at the Fourth Annual International Scientific Conference, titled “Digital Financial Services: Challenges and Future Prospects,” the Ministry’s representative, Deputy Minister Ribaz Mohammed Hamdan, emphasized that digital financial services have undergone rapid development in recent years, driven by cutting-edge technology that has revolutionized financial processes .
 
“The ministry has achieved major milestones in digital transformation, including online financial transfers, electronic payments, internet-based loan services, and mobile banking. These advancements have accelerated financial transactions, minimized reliance on cash, and extended services to individuals previously excluded from traditional banking systems,” Hamdan noted.
 
He also highlighted the ministry’s commitment to fostering innovation and collaboration in financial technology while addressing key challenges such as cybersecurity risks. Discussions during the conference explored solutions for enhancing security measures and mitigating future risks in the sector.
 
Additionally, the ministry has made significant progress in automating customs procedures, promoting integrity, transparency, and anti-corruption measures. Training programs at the Financial and Accounting Training Center are equipping employees with the skills needed to utilize the new digital systems, aiming to improve financial performance, enhance public trust in the financial system, and support Iraq’s broader economic goals.

FIREFLY: I told you I'm going to give you purchasing power, 26 DEC

  Frank26  

 [Iraq boots-on-the-ground report] 

  FIREFLY: Television is reshowing the speech of Sudani from the other day when he said citizens want something realistic and they are tired of promises. 

 FRANK:  The fact they reshowed it is extremely important.  Sudani is going out almost on a daily basis telling the Iraqi citizens, I got you!  I told you I'm going to give you purchasing power.  I got you.

FRANK26: " They're telling the citizens they're going to add value to their currency" #iqd

 

CBI Governor: We Issued Regulations for Licensing Digital Banks in Iraq, 26 DEC

 CBI Governor: We Issued Regulations for Licensing Digital Banks in Iraq

Baghdad – INA
The Governor of the Central Bank of Iraq-CBI, Ali Al-Alaq, announced today, Tuesday, the launch of strategic projects to support digital transformation, highlighting the issuance of regulations for licensing digital banks in Iraq.

Speaking at the Fourth Annual International Scientific Conference, titled "Digital Financial Services - Challenges of Reality and Future Prospects" attended by The reporter of Iraqi News Agency (INA), Al-Alaq stated, “The conference was organized in partnership between the Financial and Accounting Center and several universities and academic institutions. It aims to discuss advancements in digital financial services, the challenges faced, and to anticipate the future of this vital sector.”
 
He added, “Since the late 18th century, the world has witnessed four major inventions that reshaped its course. These include the steam engine, electricity and mass production, the mid-20th century revolution in electronics and information technology, and, since 2000, developments centered on artificial intelligence, the internet, robotics, and big data.”

Al-Alaq emphasized that "the Central Bank has prioritized digital transformation as one of its core objectives within its third strategic plan (2014–2026). This plan seeks to enhance banking efficiency, improve financial performance, and meet customer needs in light of rapid technological advancements."  

He noted that the Central Bank has taken significant strides to support digital transformation by upgrading technological infrastructure and issuing regulations that enhance financial inclusion. Strategic initiatives have been launched, including the Immediate Payments Project, local card systems, unified payment gateways, and, notably, issuing regulations for licensing digital banks in Iraq, all while ensuring cybersecurity and addressing risks associated with this shift.

The Governor stressed the importance of the conference's goals, which include identifying current challenges in digital financial services, forecasting future trends, fostering innovation, and promoting collaboration among stakeholders. “These goals underscore the pressing need for joint efforts,” he remarked.

Al-Alaq also highlighted cybersecurity as a critical challenge, explaining that “the Central Bank has launched projects to strengthen cybersecurity by developing tools and systems for its Cybersecurity Management Center and adopting advanced approaches to safeguard the bank and the broader banking sector.”

He concluded by underscoring the growing role of artificial intelligence in digitizing financial services.

“AI opens new horizons for innovation and service improvement. At the Central Bank of Iraq, we believe financial technology is shaping the future of the financial sector. This necessitates concerted efforts to prepare national cadres capable of understanding and advancing these technologies,”
 He reaffirmed the Central Bank's commitment to driving digital financial transformation while promoting innovation and sustainability in the financial sector.

SANDY INGRAM CC HIGHLIGHTS NOTES, 26 DEC

 SANDY INGRAM CC HIGHLIGHTS NOTES

Summary

In this video, the discussion centers around the complex dynamics of Iraq’s current economic situation, particularly in relation to U.S. travel advisories and foreign investment.

 It highlights the challenges posed by the U.S. State Department’s classification of Iraq as a Level Four “Do Not Travel” country, which affects the influx of independent investment. 

The talk elaborates on how this travel warning restricts U.S. investors, despite the potential profitability of investing in Iraq’s market. The speaker points out that while wealthy investors might navigate security issues to invest, the overall climate remains challenging for broader investment opportunities.

 The interconnectedness of Iraq’s currency revaluation and the travel advisory is emphasized, suggesting that a safer Iraq could lead to increased foreign investment, thereby stabilizing the currency. However, the video also notes that Iraq has demonstrated resilience without substantial Western financial involvement, although this limits its growth potential. The recent increase in the Iraqi dinar’s exchange rate against the U.S. dollar on December 25th is mentioned as a positive indicator amidst these challenges.

Highlights

• 🌍 Iraq’s Travel Advisory: The U.S. State Department has classified Iraq under its Level Four “Do Not Travel” warning, impacting foreign investment.
• 💰 Investment Potential: Despite security threats, there are significant investment opportunities in Iraq’s economy, which remain largely untapped due to travel restrictions.
• 🔒 Security Concerns: The persistence of security threats in Iraq influences the U.S. government’s ability to control investment flows, impacting economic growth.
• 📈 Currency Revaluation: The potential for currency revaluation in Iraq is connected to the stabilization of its economy and the lifting of travel advisories.
• 💵 Impact of Western Money: Iraq’s economy has shown that it can survive with limited Western financial support, but this limits its potential for significant growth.
• 📊 Recent Currency Performance: The Iraqi dinar saw a slight increase in its exchange rate against the U.S. dollar, indicating some positive economic shifts.
• 🌐 Global Financial Interactions: The importance of global financial engagement in enhancing Iraq’s economic stability and growth is emphasized in the discussion.

Key Insights

• 🔍 Travel Warnings Impact Investment: The U.S. State Department’s Level Four travel advisory plays a critical role in deterring foreign investment in Iraq. This classification not only affects public perception but also significantly limits the ability of U.S. investors to engage with the Iraqi market. The advisory creates a perception of high risk, which can deter even those with the resources to invest safely. The reality is that many potential investors might be interested in the opportunities available, but the travel restrictions create substantial barriers.

• 🌟 Wealthy Investors vs. General Investors: While it is true that some wealthy investors may navigate the risks associated with travel to Iraq, the broader investment landscape remains severely restricted. Most independent investors are deterred by the potential dangers and the logistical challenges posed by the travel advisory. This disparity highlights the need for a change in the security situation for significant capital to flow into Iraq, which would otherwise enhance its economic prospects.

• 📉 Economic Holding Pattern: Iraq seems to be in a “holding pattern,” where the economy is not able to reach its full potential due to the lack of foreign investments and ongoing security threats. This stagnation is not just a surface issue but is deeply rooted in the geopolitical climate and the internal stability of the country. The inability to attract substantial foreign investment stifles innovation and economic growth, leading to a cycle of underdevelopment.

• 💡 Global Financial Interactions are Crucial: The video emphasizes that Iraq’s economy, despite some resilience, cannot thrive without global financial interactions. The limited involvement of Western funds has been a double-edged sword; while it may foster a sense of independence, it also restricts essential capital inflow that could propel the economy forward. The absence of these interactions creates a ceiling for economic growth, stunting potential developments in various sectors.

• 📈 Positive Currency Movement: The recent uptick in the Iraqi dinar’s exchange rate against the U.S. dollar is a noteworthy development that suggests some level of economic improvement. While this could indicate a shift towards stability, it is essential to understand the broader context in which this improvement occurs. It may reflect underlying changes in the market or investor sentiment but does not negate the need for structural changes to ensure sustained growth.

• 🔄 Interconnected Dynamics: The speaker argues that the removal of Iraq from the Level Four travel advisory list is intricately linked to the country’s economic health and stability. A safer Iraq, free from security threats, would likely encourage foreign investments, leading to improved economic conditions. This interconnectedness suggests that addressing security challenges is necessary to unlock Iraq’s economic potential and facilitate a favorable investment climate.

• 🔑 Long-Term Economic Strategy Needed: For Iraq to achieve long-term economic stability and growth, a comprehensive strategy that addresses both security and investment climate is essential. This would involve not only improving internal security but also fostering a positive environment for foreign investors. A strategic approach could potentially ease travel advisories, enhance the confidence of investors, and ultimately lead to a more robust economic framework capable of attracting diverse investments.

In conclusion, the video sheds light on the multifaceted challenges faced by Iraq as it navigates its economic landscape amidst travel warnings and security concerns. The interconnectedness of these issues suggests that a holistic approach is necessary for Iraq to realize its economic potential fully.

ARIEL: Iraq's Currency Revaluation: A Merry Christmas Surprise! @DINARREVALUATION #iraqidinar