The Association Of Banks Announces A New Project To Facilitate Financial Transfers Within Iraq Electronically
02/26/2025 Mawazine News – Economy The Iraqi Private Banks Association announced, on Wednesday, a new project to facilitate financial transfers within Iraq electronically, while indicating that efforts are being made to facilitate the transfer of funds through open banking.
The Executive Director of the Iraqi Private Banks Association, Ali Tariq, said in a statement to the official agency: "The service of transferring electronic financial accounts between banks or cards is currently not available in Iraq, and therefore the Central Bank is working on developing a special platform based on the open banking system, which will greatly facilitate money transfers within the country via mobile phones or websites and allow the transfer of funds from one bank account to another and from one card to another."
He added that "electronic payment devices are witnessing continuous development, especially with the presence of the national switch in the Central Bank of Iraq, although some cards and payment devices still rely on specific systems.
" Tariq stressed that "there is a great focus on developing electronic payment systems in Iraq," noting that "the decisions of the Council of Ministers and the Central Bank aim to stimulate the use of electronic payment, and have led to clear development over the past two years, with expectations of greater growth in the future." https://www.mawazin.net/Details.aspx?jimare=259867
I consider this [Kurdish oil] to be the final countdown. Many things are waiting for the new exchange rate but IMO the most important thing is this oil.
Article: "Al-Sudani and US Secretary of State discuss areas of coordination between the two countries by phone"
This phone call was magic IMO. You know when you strike a match everybody can smell you struck that match? Sudani and the US Secretary of State are talking about coordination between the two countries..
General Electric announced on Wednesday its plans to work on securing electricity in Iraq, while confirming work under the supervision of the Ministry of Electricity to develop the necessary plans to secure energy.
The company’s director in Iraq, Rashid Al-Janabi, said in a statement to the official agency: “Our participation this year in the Iraq Energy Exhibition in the tenth edition, which is sponsored by the Minister of Electricity, the Deputy Prime Minister, the Minister of Oil, the Prime Minister and all parties concerned with this sector is part of our work in Iraq,” noting that “GI Vernova is an international company operating in the field of energy research and energy production technology, as well as in the field of manufacturing and providing this technology to all government and private institutions around the world.”
He added that “our work in Iraq extends to more than 6 decades and enjoys great sponsorship from the concerned authorities in this sector, as we work under the supervision of the Ministry of Electricity and work with experts and specialists from the ministry very close to develop the necessary plans to secure the need for the increasing demand for electricity,” pointing out that “this work has been accelerated in the last two decades, and work continues with the Iraqi government, through which a vision was presented by GE Vernova represented by ten main pillars to meet the need for electrical energy, secure it, secure the demand for energy in Iraq and push the wheel of economic development in Iraq.”
He pointed out that “through our close work with the Iraqi government and the Ministry of Electricity in particular, we notice that there is a great progress done by the Ministry of Electricity for the work carried out by GI Vernova in a large number of these strategic pillars to secure and fill the need.”
He pointed out that “one of these pillars and the important work that has been done is to work closely with the Ministry of Oil to benefit from the associated gas burned today to produce electrical energy and work directly with the Ministry of Electricity through a long-term maintenance agreement concluded with the ministry at the end of last year,
in addition to working on the maintenance of the 7 GW electricity production system of electrical energy and is maintained periodically and continuously to prepare it for the summer season. This is an ongoing work to prepare the system for next summer, as well as updating the system of electricity production units and updating it with the latest technology from GI Vernova, this modernization helps to add production capacity to the production units. For the system and raises the efficiency of the energy system, in addition to preparing and sustaining it for the summer season.”
He continued, “Implementation and completion of the linkage of the Iraqi national transport network with the Jordan network,” noting that “this strategic project was implemented by JI Vernova last year and is also essential within the action plan and the business strategy to secure energy in Iraq.
In the latest updates from Dinar Guru, significant developments in Iraq’s economic landscape are highlighted, particularly regarding oil exports, currency valuation, and population census results.
The report discusses an agreement between Iraq and Turkey for resuming oil exports, which is expected to have a profound impact on Iraq’s economy and the value of the dinar. Frank 26 emphasizes the importance of oil exports to the currency’s value, suggesting that as oil flows out of Iraq, the dinar will likely strengthen.
Recent population census results show a notable increase, which could influence resource distribution in the country. The report also mentions calls for radical economic reforms, particularly concerning the exchange rate of the dinar and the need to transition away from its peg to the US dollar.
With the approval of the 2025 budget on the horizon, there is a sense of urgency for Iraq to implement necessary changes to stabilize its economy and enhance the dinar’s international standing.
🌍 Agreement to Restart Oil Exports: Iraq has reached an agreement to resume oil exports to Turkey, signaling a positive shift in economic activity.
📈 Population Growth: The latest census indicates a substantial increase in Iraq’s population, emphasizing the need for equitable resource distribution.
💰 Currency Value Discussions: Experts suggest that restoring the dinar’s value is imperative for economic recovery, with multiple indicators pushing for reform.
🔄 Radical Economic Reforms Needed
: There is a consensus on the necessity of immediate and radical reforms to stabilize Iraq’s financial situation.
📊 2025 Budget Preparations: The Ministry of Finance is finalizing the 2025 budget, which is expected to be presented for approval soon.
⚖️ Transition from US Dollar Peg: Calls for moving away from the dinar’s peg to the US dollar are gaining traction, with recommendations for a basket of currencies.
⏳ Impending Economic Changes: The report suggests that changes are imminent, as multiple economic indicators point towards the need for reform.
Key Insights
🛢️ Oil Exports as Economic Lifeline: The resumption of oil exports to Turkey is a critical development for Iraq, as oil revenue significantly contributes to the country’s budget and economic stability. This agreement not only alleviates previous disputes but also enhances Iraq’s standing in international markets. The flow of oil is closely tied to the value of the dinar, and as Iraq resumes its exports, it is likely to see a boost in its currency value, which will, in turn, improve the overall economic climate.
📅 Impact of Population Census
: The recent population census reveals that Iraq’s population has grown significantly since 1957. This increase necessitates a reassessment of resource distribution across the country. The census data will be crucial in ensuring that the government can allocate resources fairly and efficiently, addressing the needs of a larger population. This demographic shift could also influence social services, infrastructure development, and economic policies moving forward.
💵 Need for Currency Reform: Militia man’s statement underscores the urgency of reforming the exchange rate of the dinar to prevent a financial crisis. The current system is under pressure, and it has become evident that without raising the dinar’s value, Iraq will struggle to stabilize its economy. A higher value for the dinar can enhance purchasing power and improve living standards for the citizens, making it essential for the government to act quickly.
🔍 Economic Indicators Point to Change: The discussion among experts indicates that various economic indicators are signaling the need for drastic changes. These indicators include inflation rates, currency exchange rates, and international market dynamics. The pressure from these factors suggests that Iraq must take decisive action to reform its economy, particularly in light of the new budget and census data.
📊 Budget Approval Process: The 2025 budget is set to be a pivotal document for Iraq’s economic strategy. With the Ministry of Finance preparing the budget for Council of Ministers’ approval, the government is gearing up to implement strategies that could stabilize and grow the economy. The timely approval of this budget is crucial, as it will lay the groundwork for future financial policies and resource allocation.
🌐 Shift to a Basket of Currencies: The recommendations for Iraq to transition from a strict peg to the US dollar to a basket of currencies represent a significant shift in monetary policy. This approach could provide more flexibility and stability for the dinar, allowing it to respond better to international market conditions. Such a transition has been advised by financial institutions like the IMF and World Bank and could enhance Iraq’s credibility in the global economy.
⏳ Imminent Changes on the Horizon: The collective insights from various experts indicate that Iraq stands on the brink of critical economic changes. The combination of resumed oil exports, a new population census, upcoming budget approval, and calls for currency reform all suggest that the Iraqi government is being pushed toward necessary reforms that could significantly alter its economic trajectory. The timing of these changes is crucial, as they will determine Iraq’s ability to recover from its current economic challenges and strengthen the dinar in the international market.
In summary, the Dinar Guru updates reflect a pivotal moment for Iraq’s economy, with significant developments in oil exports, population demographics, and currency reform discussions. The interplay of these factors will likely shape the future of Iraq’s financial health and international standing, as stakeholders call for immediate action to address the challenges at hand.
The Special Representative of the Secretary-General of the United Nations in Iraq, Mohammed Al-Hassan, on Thursday, briefed Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, on the work of the UNAMI mission and the steps taken to end the mission by the end of this year.
This came during Fouad Hussein’s reception of Mohammed Al-Hassan in his office in the Iraqi Ministry of Foreign Affairs building, according to a statement received by Shafaq News Agency.
According to the statement, Al-Hassan explained that “the termination of the missions of the mission comes based on the UN Security Council resolution issued in May 2024, which provided for the withdrawal of the mission from Iraq by December 31, 2025, in response to the request of the Iraqi government.”
The ministry’s statement pointed out that “the two sides discussed ways to strengthen the relationship with the United Nations and activate the presence of Iraq in its organs, especially after Iraq assumed the presidency of the Group of 77 and China.”
According to the statement, Fouad Hussein praised “the role played by the UNAMI mission in providing assistance to Iraq over the past years, stressing Iraq’s keenness to continue fruitful cooperation with the United Nations in various fields.”
For his part, Mohammed Al-Hassan expressed his appreciation for the constructive cooperation between the Mission and the Iraqi Government, stressing the commitment of the United Nations to support Iraq in its march towards stability and development.
