Frank26: "DIGITAL CURRENCY IS SO HARD TO STEAL... ISN'T IT PARLIAMENT?", 3 MARCH

 KTFA

Frank26:  "DIGITAL CURRENCY IS SO HARD TO STEAL... ISN'T IT PARLIAMENT?".....F26

The digital currency to be launched in Iraq.. between economic opportunities and potential risks

 2/26/2025  Baghdad

Today, Wednesday (February 26, 2025), the expert in international economic affairs, Nawar Al-Saadi, revealed the importance of the Central Bank of Iraq launching its own digital currency.

Al-Saadi told Baghdad Today, “From an economic standpoint, this step has great benefits, but at the same time it involves challenges and risks that must be dealt with carefully.”

He explained that “the importance of this step lies in several aspects, most notably that it provides a more efficient and transparent means of electronic payment, which reduces reliance on paper money and limits the informal economy,” adding: “It also contributes to enhancing financial inclusion by facilitating digital transactions, especially in a country like Iraq where a large percentage of the population is still outside the formal banking system.”

He added, "The central bank's digital currency could help reduce the costs of printing and managing paper currency, and improve control over cash flows, which would help combat corruption and money laundering."

“However, this step is not without risks, especially in light of the challenges facing the Iraqi financial system,” he added, indicating that “the most prominent concerns are the possibility of using digital currency in smuggling operations, especially if there are no strict mechanisms to monitor digital transactions. Iraq already suffers from challenges in controlling money transfers through informal channels, and any weakness in managing digital currency could lead to its exploitation by illegal networks.”

Al-Saadi also warned that “there are risks related to monetary stability, as the rapid transition to digital currency may lead to pressures on the traditional banking system, especially if banks are not technically and practically prepared for this change.” Moreover, any security or technical flaw in the digital infrastructure may make the financial system more vulnerable to cyber attacks or hacking.”

The international economic affairs expert pointed out that “in order to ensure the success of this step, it is necessary for the Central Bank to follow a well-thought-out policy to implement it gradually, with a clear legal framework to regulate the use of digital currency,” stressing “the need to strengthen the digital banking infrastructure and ensure the readiness of the financial system to accommodate this transformation without affecting economic stability.” If this policy is implemented with caution and transparency, the Central Bank’s digital currency can be an effective tool to strengthen the Iraqi economy and push it towards more modernity and financial openness.”

Earlier on Wednesday, the Central Bank Governor, Ali Al-Alaq, revealed the intention to create a digital banking currency to replace paper currencies.

Al-Alaq said, in a speech during the Ninth Finance and Banking Services Conference and Exhibition, which was followed by “Baghdad Today”, that “the financial and banking system will witness fundamental transformations, including the decline of paper currencies to be replaced by digital payments for central banks.”

He added that "the Central Bank is moving to create its own digital currency, to gradually replace the paper process as is happening in some central banks in the world," indicating that "we are seriously considering establishing a data center in Iraq, and the bank has begun to move on this issue as part of the digital transformation steps."  LINK

MAJEED UPDATE, 3 MARCH

 MAJEED

Urgent: The collapse of the Iranian Toman (currency) caused the Iranian Parliament to dismiss Abdolnaser Hemmati, the Iranian Minister of Finance. This was accompanied by a rise in the value of the Iraqi dinar against the dollar in the markets, recording 147 thousand for $100, after it was more than 151 thousand. The relationship between the Iranian Toman and the Iraqi Dinar is inverse.

Quote

مجتهد كوردستان✹

@MujtahidKURD

·

4h

عاجل : انهيار التومان الايراني بسببها البرلمان الايراني يقيل عبدالناصر همتي وزير المالية الايراني. رفق ذلك صعود قيمة الدينار العراقي امام الدولار في الاسواق ليسجل 147 الف مقابل 100$ بعدما كان اكثر من 151 الف. حيث العلاقة بين التومان الايراني و الدينار العراقي عكسية.

2:50 PM · Mar 2, 2025

FNU LNU : There is a hold on the RV for an unspecified amount of time! @...

Frank26: "MIGA!!!"......Make Iraq Great Again!! , 3 MARCH

 KTFA

Frank26:  "MIGA!!!"......Make Iraq Great Again!!  .F26      

 After calling for cutting funding to Baghdad, US representative: Let's make Iraq great again

2/28/2025

US Republican Representative Joe Wilson called for "making Iraq great again" and stopping Iran's control over it, after his previous calls to stop funding Iraq, according to the American Fox News channel.

The American report, which was translated by Shafaq News Agency, explained that Wilson, who is also a member of the Foreign Affairs Committee in the US House of Representatives, published a tweet on the "X" platform, in which he said, "Make Iraq great again," accompanied by a picture of the Iraqi flag.

The report noted that many people commented on Representative Wilson's tweet, including one who wrote to him saying, "America first? " , while another commented saying, "Forget Iraq and worry about the Americans."

The report indicated that "Representative Wilson spoke publicly on social media about various foreign countries, including Iraq and Iran, where he criticized Tehran's control over Baghdad, and repeatedly used the phrase "liberate Iraq from Iran."

The report quoted Wilson as saying in previous positions, "Iran runs the Iraqi government, as well as the army, judiciary, police and banks."

In a previous post, Wilson said that “the great people of Iraq, of all religions and ethnicities, are the heirs of a great civilization, and deserve better than to be ruled by a terrorist regime in Iran,” criticizing the former Joe Biden administration’s abandonment of the non-sectarian protest movement in Iraq, adding that “we must empower the Iraqi people to make Iraq great again and liberate Iraq from Iran.”

The report also mentioned Wilson's previous publications, in which he called for "stopping funding for Iraq" and "cutting off all aid to Iraq as long as Iran runs it."  LINK

Jon Dowling: Yes the idea of March are indeed upon us! , 3 MARCH

 Jon Dowling: Yes the idea of March are indeed upon us! 

🚨BIG BREAKING NEWS 

Israeli Government approves the calling up of 400,000 reserve troops to active duty. The attack on Iran and the grace surrender are incoming! 

It’s only a matter of time until XRP pairs against Bitcoin and supplants it! X marks the spot! 

Marco Rubio is working with Iraq and Ali Allaq their Central Bank Governor has announced they are releasing soon a digital asset backed currency. Thusly a new date has to be announced so they’re being forced into doing it, which we knew was necessary.👀👀✅🙏🙏🙏

MAJEED: The relationship between the Iranian Toman and the Iraqi Dinar is inverse!! #iraqidinar

 

Frank26: "MONETARY REFORM TEACHES... FROM THE RV TO THE RI.", 3 MARCH

 KTFA

Frank26:  "MONETARY REFORM TEACHES... FROM THE RV TO THE RI."......F26

Analysis detailing the reasons for the fluctuations in the exchange rate of the Iraqi dinar against the dollar over 21 years

2/28/2025

The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations attributed, on Friday, the reasons for the fluctuations in the exchange rate of the dinar against the US dollar in the parallel market over more than two decades in the country to internal and external factors.

This came according to an analysis issued by the institution, in which it explained these fluctuations from 2005 until 2024.

The institution stated in its analysis that "the exchange rate of the Iraqi dinar against the US dollar in the parallel market witnessed noticeable fluctuations over the course of 21 years, as it was affected by a group of factors ranging from political, legislative and economic."

The analysis added that "supply and demand were the most influential, as the patterns of exchange rate changes differed according to the months of the year as a result of internal and external factors, such as the timing of the launch of the general budget and official holidays in major countries exporting goods to Iraq, such as China and Iran."

He pointed out that "by analyzing the exchange rate data in the parallel market from 2005 to 2024, there appears to be a recurring pattern that reflects the dinar's value being affected by specific months more than others."

According to the institution, “December was the month with the most frequent increase in the value of the dinar, as it witnessed a decline in 13 years out of 21 years, followed by: August and June with increases in the value of the dinar against the dollar in 11 years, then April 10 times, while October and November witnessed an increase 9 times, and March 8 times.”

May was the month with the least frequent decline in the value of the dinar, as its value rose only 4 times during the period studied, which gives a semi-impression that the prices of the dinar against the dollar rise in the months of February, March and April, then decline again against the dollar in May as a result of the strong return of demand in May.

The institution warned in its analysis that "despite this clear seasonal impact on the exchange rate, there are other factors that cannot be ignored, such as the levels of dollar sales by the Central Bank of Iraq, which directly affect the size of the money supply in the market, as well as political and financial factors such as the timing of the release of general budget funds, in addition to geopolitical situations that may cause sudden disturbances in the demand for foreign currency."

The analysis concluded that “the seasonal effect remains one of the main elements in determining the exchange rate trends in Iraq, as a recurring pattern appears at the end of the year and the beginning of the fiscal year, in addition to being affected by official holiday periods in countries exporting goods to Iraq. However, other factors, such as monetary policies and political and economic developments, remain a direct influence on the parallel market, which makes it necessary to monitor all these variables to understand exchange rate changes more accurately.”  LINK