Article: "CBI unveils new banknote security features"
Yes they are new bank notes but the difference between the new ones and the old ones is there are additional security features on there so no, there's no panic about you having to switch out your old notes for the new notes...
Why go through the hassle of putting on all these additional security features if you thought you were going to change your currency and give it a re-denomination without the zeros and change the exchange rate?
Doesn't sound to me like there is any plans in the very near future for them to go ahead and re-denominate as well as change the exchange rate.
Hantoush: Electronic payment reduces the cost of paper currency and supports economic transparency
Researcher and specialist in financial and banking Mustafa Hantoush confirmed today, Tuesday, that electronic payment reduces the costs of paper currency and supports economic transparency.
Hantoush said in a statement to the Al-Maalouma Agency, “There are major developments in the electronic payment sector in Iraq,” noting that “the government has formed a special committee in cooperation with the Central Bank to support this system.”
He pointed out that "the value of electronic payment in Iraq witnessed a huge leap, as it did not exceed 300 billion dinars during the years 2020-2021, but today it has reached 10 trillion dinars," indicating that "this development was accompanied by a significant expansion in the use of financial technology within state departments, as the number of government departments that rely on this system increased from only 8 departments to more than 600 departments.”
He added, "The number of point-of-sale (POS) devices has witnessed remarkable growth, jumping from 8,000 devices to more than 40,000 devices, reflecting the rapid expansion in the infrastructure needed to implement electronic payment systems."
He explained that "electronic payment exempts the state from the high cost of printing paper currency, in addition to providing solutions to the cash liquidity crisis. It also enables the government to accurately read the market, monitor profitable sectors, and determine the locations of money flow, which contributes to strengthening the national economy."
He pointed out that "the government has succeeded in marketing the culture of electronic payment, but it still needs to exert more efforts to enhance public awareness about the importance of this system and increase reliance on it." link
In this video, the speaker discusses the current economic situation in Iraq, focusing on the Central Bank’s efforts to modernize the banking system and achieve international acceptance. The conversation revolves around the ongoing complexities surrounding the 2024 budget and various financial reforms aimed at stabilizing the economy.
Key topics include Iraq’s transition from an outdated electronic platform for foreign currency transactions to a more efficient system utilizing international correspondent banks. The speaker emphasizes the importance of building confidence among local and international investors, the implications of new technologies like artificial intelligence and blockchain,
and the potential for Iraq’s currency to become stronger as the nation aims for global financial integration. The ongoing efforts to establish a stable financial environment are underscored, while the uncertainty surrounding the budget’s approval raises questions about Iraq’s future economic stability.
📈 Central Bank Modernization: The Central Bank of Iraq is working towards modernizing its banking system to facilitate international transactions.
🌍 Globalization of Iraqi Banks: A strategy to globalize Iraqi banks aims to enhance their acceptance and competitiveness in international markets.
💰 Importance of Correspondent Banks: The use of international correspondent banks is crucial for facilitating immediate currency exchanges.
📅 2024 Budget Delays: Delays in approving the 2024 budget could threaten economic stability and government operations.
🔄 Transition to New Systems: Iraq has successfully transitioned from an outdated electronic platform to a more robust financial system.
💡 Incorporation of New Technologies: Modern technologies like blockchain and artificial intelligence are expected to play significant roles in Iraq’s financial future.
🤝 International Cooperation: Iraq is calling for enhanced international cooperation to expedite progress and fulfill global commitments.
Key Insights
🔍 Insight 1: Transitioning to a Global Banking System The Central Bank of Iraq’s shift to utilize international correspondent banks marks a significant turning point in Iraq’s banking system. This transition enables Iraqi banks to engage in direct foreign currency exchanges, improving their ability to compete globally. By adopting international standards and practices, Iraq aims to elevate its banking sector’s credibility, which is essential for attracting foreign investments and boosting the economy.
📊 Insight 2: The Impact of Budget Delays The ongoing delays in approving the 2024 budget present a critical challenge for Iraq. With only a limited time left in the current government’s term, the lack of clarity in financial planning threatens economic stability and could lead to administrative paralysis. The urgency to pass these budgets is underscored by the potential risks associated with failing to implement essential projects
that require funding.
⚙️ Insight 3: Enhanced Financial Stability The Central Bank’s successful completion of transitioning to a new currency transfer system signifies a step towards achieving financial stability in Iraq. This shift not only allows for more efficient transactions but also fosters trust in the banking system, which is crucial for economic growth. By establishing a secure financial environment, Iraq is positioning itself for improved international relations and investment opportunities.
📶 Insight 4: The Role of Technology in Finance As the Central Bank looks to incorporate advanced technologies such as artificial intelligence and blockchain, the future of Iraq’s financial landscape appears promising. These technologies can streamline processes, increase transparency, and enhance security in financial transactions. By embracing digital innovations, Iraq can modernize its banking sector and improve its competitiveness on a global scale.
💬 Insight 5: Building Investor Confidence The focus on restoring confidence in the Iraqi dinar and the banking system is paramount for attracting foreign investment. By addressing concerns about stability and governance, Iraq aims to create a favorable investment climate. The government’s ongoing efforts to improve transparency and compliance will be crucial in rebuilding trust among international investors.
🌐 Insight 6: International Financial Relationships The Central Bank’s commitment to establishing relationships with international financial institutions is essential for Iraq’s economic integration. As Iraq seeks to align itself with global financial practices, enhancing cooperation with international partners can provide the support and resources necessary for sustainable development and growth.
📈 Insight 7: Future Prospects for the Dinar The discussions surrounding a potential increase in the value of the Iraqi dinar reflect a broader ambition to strengthen Iraq’s currency. While challenges remain, the commitment to moving away from the dollar auction system and adopting a more competitive approach could lead to a stronger dinar. This transition would not only benefit Iraq domestically but also enhance its position in the international financial market.
By recognizing the intricate dynamics of Iraq’s financial landscape, the speaker underscores the importance of strategic reforms and international collaboration in shaping the country’s economic future. The insights presented highlight both the challenges and opportunities that lie ahead for Iraq as it navigates its path towards global financial integration.
Al-Mashhadani: Iraqi-American relations will remain stable under Trump
Parliament Speaker Mahmoud Al Mashhadani expects bilateral relations between Iraq and the United States to stabilize under the new US President Donald Trump.
Al-Mashhadani said in a televised statement: "Trump's agenda is economic, not military, and he wants to put out fires and wars. Iraq is an oil country with many resources, and relations with America will remain stable."
He explained that "the Popular Mobilization Forces are a security institution and their existence is legal and linked to the Commander-in-Chief of the Armed Forces. The factions outside the control of the Commander-in-Chief of the Armed Forces are the ones being discussed.
" Al-Mashhadani ruled out "the United States and Iran going into conflict."
He pointed out that "if we need the presence of the international coalition, they will remain, and otherwise we will deal with it in the old way, which is negotiation," stressing that "coordination between the presidencies is at the highest levels."
The Speaker of the House of Representatives considered that "the current parliamentary session was born weak, and the election year is the weakest in terms of legislative and oversight productivity," noting that "the resolution of the accountability and justice file will be judicial." link
From what I can assemble from all sources everything from the banking side is complete and is ready to go, it is the political side and BRICs entry that is our delay at this point in time.
Prior to the months in is still the target.
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Well folks from everything I am hearing the new rate has been established, the CBI is recognized by FORED the people in country are spending the lower denom dinar and it is the Preiminer who is with holding the release for a political consideration from his cabinet.