FRANK26…1-21-25……..LD’S AND A VOTE

Expert: 70% Of Iraq's Remittances Are Controlled By Jordanian And Gulf Banks, 24 JAN

 Expert: 70% Of Iraq's Remittances Are Controlled By Jordanian And Gulf Banks

Buratha News Agency992025-01-22  Economic expert Ahmed Abdel Rabbo confirmed today, Wednesday, that Jordanian and Gulf banks control more than 70% of financial transfers in Iraq, noting that the dollar is delivered to only four Jordanian and Gulf companies.

Abdul Rabbo said in a statement to / Al-Maalouma /, that "Jordanian banks did not provide any real services to Iraq," adding that "closing the dollar selling platform opened the way for Jordanian and foreign banks to take over the Iraqi financial market, which raised questions about the role of Iraqi financial institutions in this regard."

He pointed out that "Jordanian banks control more than 70% of financial transfers in Iraq," explaining that "this control constitutes a direct harm to Iraq's sovereignty and financial decisions, especially with the absence of any effective role for these banks in serving the Iraqi economy."

He called for "reviewing financial policies and strengthening the local role to ensure the stability of the country's financial sector."

Reports indicate that 8 Jordanian and Gulf banks control money transfer operations in Iraq, which led to these banks controlling the flow of dollars into the country. This control forced the exclusion of more than 1,000 Iraqi banks and offices, raising concerns about negative effects on the local economy and financial sovereignty.  https://burathanews.com/arabic/economic/455449

TIDBIT FROM PIMPY, 24 JAN

  Pimpy   

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.

SANDY INGRAM : Iraq's 2025 Budget & Non-Oil Revenue IQD Exchange Rate

Hantoush: Electronic payment reduces the cost of paper currency and supports economic transparency, 24 JAN

 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

MILITIAMAN CC HIGHLIGHTS NOTES, 24 JAN

 MILITIAMAN CC HIGHLIGHTS NOTES

Highlights

Summary

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.

FIREFLY: Everybody waits for the new exchange rate! WE ARE CLOSE!! @DINARREVALUATION #iraqidinar