FRANK26: "A CASHLESS SOCIETY STARVES CURRENCY THIEVES.".......F26
Al-Sudani inaugurates the Digital Transformation Center: It will reduce financial costs and fight corruption
2/17/2025
Prime Minister Mohammed Shia Al-Sudani inaugurated the Digital Transformation and Automation Center on Monday, while stressing that the contact between the citizen and the employee is a source of procrastination, and digital transformation will overcome the most important obstacles, in addition to reducing financial costs and fighting corruption.
Al-Sudani's media office said in a statement received by Shafaq News Agency that the latter "opened the Digital Transformation and Automation Center at the headquarters of the Ministry of Higher Education and Scientific Research, and toured the center, and reviewed the new mechanism for adopting automation and ending paperwork, in implementation of the government's vision in implementing administrative reform, simplifying procedures, and eliminating bureaucracy and routine."
He added that " the Supreme Committee for Digital Transformation was formed under the chairmanship of the Prime Minister and the membership of the relevant ministers, so that the transformation would be an effective decision and not limited to separate steps. It was also decided, based on a study submitted by a technical committee, to establish a (National Center for Digital Transformation) and a (National Center for Cybersecurity).
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Al-Sudani stressed, according to the statement, that “ all transactions, starting from the application procedures for students, up to acceptance, and the transactions of employees and citizens, are moving towards digital transformation, and this includes 2,500 employees working at the ministry’s headquarters, which constitutes a turning point and an achievement for the ministry, indicating that converting citizens’ requests to electronic form will make the process easier in various applications.”
Al-Sudani continued : " The government program confirmed that the current government is a government of service, and it is directly linked to the digital transformation . We do not want the digital transformation to be just a media show , but the citizen must feel the changes in the service he receives."
He pointed out that " we must move within 3 years to the level of an independent body or ministry concerned with digital transformation and cybersecurity , and the plans do not prevent ministries from taking the initiative to improve their service towards digital transformation in order to improve the service provided to the citizen ," adding that " the contact between the citizen and the employee is a source of procrastination, and digital transformation will overcome the most important obstacles, and digital transformation provides direct service , reduces costs, and fights corruption ."
He added, " The more we are able to improve this service and facilitate it for the citizen, the more we will have achieved the slogan of service and follow-up of work, and we will join the world in the field of artificial intelligence and qualitative leaps, and all efforts must be made in the field of electronic transformation and keeping pace with global scientific development ."
He pointed out that " young students have the capabilities and willingness to make efforts in the field of development , digital transformation and the use of artificial intelligence , and we must choose the qualitative specializations required in the labor market that prepare human capital for the digital transformation process ."
A good one from Iraq. “Parliamentary praise for the strategy to support national industry”
this one talks about everything Sudani is doing.
He is convinced they have one shot to fix things and give a new value to the currency of the people in Iraq. They are creating a “juggernaut” of a good economy in Iraq.
FRANK26: "SETTING THE RECORD STRAIGHT ON THE MONETARY REFORM OF IRAQ".....F26
Al-Nusairi: No sanctions on Iraqi banks, and false reports cause panic
Financial and Banking Advisor Samir Al-Nusairi
2/17/2025
Baghdad
The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed that there are no sanctions on Iraqi banks, stressing that the US Treasury Department and the US Federal Reserve have not issued any decisions to impose new sanctions, and that the information circulating in this regard is inaccurate and aims to create confusion in the Iraqi market.
Al-Nusairi said in an interview with the Rudaw media network, which was followed by Al-Eqtisad News, "There are no sanctions and no sanctions have been issued. The evidence is the statement issued by the Central Bank of Iraq yesterday, which clarified the results of its discussions with the US Treasury Department and the US Federal Reserve, in the presence of global auditing and consulting companies operating in Iraq, and the meeting was held in Dubai."
The advisor to the Private Banks Association believed that “the official statement issued by the Central Bank of Iraq must be adopted, because it confirms the transparency of the Central Bank of Iraq, as well as the transparency of international financial and auditing organizations and institutions, including the US Treasury and the US Federal Reserve.”
He noted that "this statement included praise from the US Treasury Department and the US Federal Reserve for the development of the cash dollar distribution system in Iraq, according to the mechanism established by the Central Bank of Iraq in 2024, which has proven effective in reducing manipulation and dollar smuggling, and has been classified as one of the most advanced systems in the world."
Updating foreign transfer mechanisms and market control
Regarding the mechanisms of foreign transfers, Al-Nusairi explained that the Central Bank of Iraq "achieved a qualitative shift in foreign transfer operations, as it began working on January 1, 2025 with a new mechanism that relies on opening accounts for Iraqi banks with global correspondent banks in America and China, instead of the previous electronic platform."
Al-Nusairi criticized the unspecialized media and unspecialized analysts who published misleading information about the alleged sanctions on Iraqi banks, saying: “They have been annoying citizens for two days with false claims that there are sanctions on five Iraqi banks, and that the number of sanctioned banks will reach 37 banks. They even went so far as to promote false information about the sanction of Rafidain Bank, without relying on any official source.”
He considered that "the official source in Iraq is the Central Bank of Iraq, in addition to the consulting and auditing companies and organizations that we deal with, and our ongoing relations with the US Treasury Department and the US Federal Reserve."
Yesterday, the Central Bank of Iraq denied that Iraqi banks were subject to international sanctions, calling for “reliance on official channels to know the latest news,” after media reports indicated that the US Treasury intended to impose sanctions on 5 Iraqi banks, without specifying their names.
Banking sector reform and adherence to international standards
The methodology of financial and banking reform pursued by the Iraqi government and the Central Bank is proceeding according to a fixed plan, Al-Nusairi said, adding: “There are no sanctioned banks, and the US Treasury has not announced any Iraqi banks subject to sanctions.”
He stressed: "The Central Bank of Iraq is the body responsible for protecting the financial system in Iraq, and any decision issued by any international body, whether from the US Treasury Department, the US Federal Reserve, or any other organization, regarding a penalty on any bank, the Central Bank of Iraq will immediately take measures to stop it, transfer this penalty, and stop its dealings."
He added, "Protecting the Iraqi financial system is a top priority for the Central Bank and the government, and cannot be compromised."
Number of banks subject to dollar restrictions
He recalled that the number of banks whose use of the dollar has been restricted amounts to 28 banks since 2022, 2023 and 2024, in addition to 4 banks that were sanctioned by the US Treasury Department (OFAC), bringing the total number to 32 banks, "all of which were audited by international consulting firms such as Ernst & Young, Quito and Oliver Wyman, and none of them were proven to have violated instructions or dealt with countries subject to sanctions."
In March of last year, the Central Bank of Iraq and the US Treasury agreed to review sanctions imposed on Iraqi banks, according to a statement issued by the bank at the time.
The agreement came after Iraq asked the United States in February to reconsider imposing sanctions on 21 Iraqi banks, noting that the reasons behind imposing such sanctions were not stated.
But "Iraqi banks restricted from dealing in dollars are currently working to correct their situation and adhere to international standards, which was praised by the US Treasury and the US Federal Reserve during the last meeting," the advisor to the Private Banks Association pointed out.
The US measures led to a decline in the value of the Iraqi dinar against the dollar, as the official exchange rate is 1,320 dinars to the dollar, while it is traded in the parallel market at about 1,500 dinars.
New mechanism for foreign transfers according to international standards
The advisor to the Association of Private Banks noted that the Central Bank of Iraq "has moved since January 1, 2025 to a new mechanism for foreign transfers, whereby operations are carried out directly between the bank that has a correspondent bank and the correspondent bank itself, while regulatory authorities, such as the US Federal Reserve and the US Treasury Department, audit the transfers after they are sent, and not before that as was previously the case."
He explained that "the Central Bank no longer carries out executive procedures for transfers, but rather its role has become focused on economic stability and monetary policy, in accordance with international standards and with high transparency, which strengthens the pillars of monetary policy."
The Iraqi economy has moved from the stage of "fragility"
Al-Nusairi touched on the strength of the Iraqi economy, noting that “according to reports from the World Bank and the International Monetary Fund, the Iraqi economy has moved from a stage of fragility to a stage of recovery, and these are international reports based on transparent and accurate data.”
In response to a question about the availability of dollars to traders, the advisor to the Private Banks Association stated that “the dollar is available to all traders and companies in Erbil, Sulaymaniyah and all Iraqi governorates, according to legal banking procedures, but any trader who has not registered his company or works in retail trade without complying with banking standards will be held legally accountable.”
He stressed that "the Iraqi dinar will regain its strength and the exchange rate will return to balance sooner or later, but that depends on completing the methodology of financial and banking reform, and addressing the issue of the remaining cash use of the dollar in the market."
Regarding the strength of the local currency and the amount of liquidity, he explained that “the Iraqi dinar is fully backed and covered by the US dollar, with a cash reserve exceeding $117 billion, while the local liquidity issued exceeded 100 trillion dinars, which means that the Iraqi economy is solid and solid, despite the regional and global political and security challenges.”
Reform and reduce the number of banks
In conclusion, Al-Nusairi pointed out that “Iraq currently has 72 private banks and 7 government banks, but there are plans to reform the banking sector in cooperation with international consulting firms such as Ernst & Young and Oliver Wyman, which may lead to reducing the number of banks and merging some of them so that the final number becomes more in line with the size of the Iraqi economy.”
He explained that "the number of banks may decrease to 40 banks or less, to match the actual needs of the Iraqi market."
Article: "Britain: Iraqi government supports private sector, encourages international investment"
Iraq is making headway and the Iraqi-British Council see what Iraq has to offer for international investment and the private sector!
The World Bank is in agreement! The signs of Iraq opening to the International Financial System are everywhere Al-Sudani Prime Minister of Iraq turns! It is truly amazing to watch take shape! All investors in the Iraqi dinar should be smiling large! I know I am.