Frank26: "ONCE AGAIN CBI REACHED TO THE INTERNATIONAL THEATER, NOT AT 1310!!!".....F26
CBI Governor announces integration of Iraq's e-payment system with global networks
BAGHDAD
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced on Wednesday the details of electronic payment in all of Iraq, he pointed out that the financial inclusion rate has increased to more than 40 percent, he emphasized that the bank has achieved international integration by linking the Iraqi electronic payment system to global networks
Al-Alaq said in a speech during the ninth annual exhibition and conference for finance and banking services in Iraq, which was attended by a reporter of the Iraqi News Agency (INA): “There is a complete roadmap for the digitization of banking services through electronic payment as a key tool for digital transformation, as the number of devices reached 63 thousand devices in the governorates of Iraq.”
“The number of ATMs has reached more than 4,000 devices and the number of bank cards is about 17 million,” he added.
“The Central Bank supported the licensing and operation of mobile e-wallets that allow charging, transferring and paying bills, which raised the rate of financial inclusion to more than 40% compared to 20% three years ago,” he said.
“
The number of permanent wallets has reached one million and 200 thousand wallets, and we have achieved international integration by linking the Iraqi electronic payment system to global payment networks,
allowing the transformation of the acceptance of foreign cards locally and expanding the acceptance of Iraqi cards internationally,” he said.
“The achievements in the field of information technology and electronic payments at the Central Bank are a fundamental shift in the financial system,” he said. LINK
Question: Mark did Iraq ever revalue their currency before or will this be the first time?
MarkZ: Iraq has revalued its currency 4 times in the last 120 years. There is a lot of historic precedence for this.
I believe it was in the 1970’s that we last saw Iraq RV a major move “up”.
Bond people possibly starting getting paid has nothing to do with the rate we will get on currency.
They are two separate gigs. But if they are starting to receive dollars - it very much tells us it is soon. Do we know when? No we do not. Not yet... Some of the bond facilitators have gotten spendable dollars
The Iraqi Ministry of Finance announced on Sunday the results of the meetings that took place with the International Monetary Fund in the Jordanian capital Amman, where it was agreed to intensify efforts to expand cooperation with foreign correspondent banks, in a move aimed at enhancing financial stability and supporting the national economy.
A statement issued by the ministry, received by Mawazne News
The Iraqi delegation, headed by Finance Minister Taif Sami Mohammed and the Governor of the Central Bank of Iraq, concluded its meetings with the International Monetary Fund from 24 to 26 February 2025, where Iraq’s economic performance and prospects for sustainable growth were discussed, indicating that the progress achieved in various economic sectors was assessed.
The statement pointed out that the discussions focused on macroeconomic indicators, as a significant growth in non-oil GDP of 5% was recorded for 2024, supported by the expansion of the agricultural sector and increased public spending, indicating that growth was expected to continue by 3.5% in 2025, reflecting an improvement in economic diversification and reducing dependence on oil, which enhances the stability of the national economy.
The modernization of the public debt strategy was also discussed, stressing the importance of developing the banking sector to support investments and attract foreign capital, contributing to improving financial stability.
The International Monetary Fund stressed its support for Iraq in developing fiscal policies by providing consultants and experts to help the ministry manage public debt and improve the tax system.
Within the framework of promoting financial stability, it was agreed to intensify cooperation with foreign correspondent banks, which contributes to facilitating foreign trade financing and promoting the use of the Iraqi dinar in major transactions.
In conclusion, the statement stressed that the meetings confirmed the continued progress in financial and economic reforms,
reflecting the commitment of the Iraqi government to achieve financial sustainability that supports development and drives investment, in light of an ongoing strategic partnership with the International Monetary Fund.
Question: "How do you see this impacting the physical dinar we hold?"
The Iraqi Dinar will always be a paper currency needed...for domestic commerce. The Iraqi Dinar will be electronic at the same time just like the USD ie: credit cards, debit cards, however,
there will be a necessity for cross-border payments and receipts. If Iraq wants to buy dates from Italy, they must pay for them but how
? Cross border payment...Iraq is being schooled right now on digital currencies and how to use them ie: K2 and Wyman.
The IQD will never be replaced with a crypto currency as the crypto will be used for cross-border payments only...The new digital currency is not made to replace the IQD, it is made to make it work more efficiently. I believe, this is how we will be paid for the RV..
.The IQD will not be stored in our reserves...This is all going to be unnecessary in the future world of FinTec...This is also why I believe the RV is taking so long and Iraq is stalling with all their lame excuses that are illogical and do not make sense. That is my opinion based on the fact that K2 and Wyman are there now, schooling them on cross-border payments which is a known fact.
Frank26: "APIKUR WANTS TO GET PAID...BECAUSE THEY TOO WAIT FOR THE NEW EXCHANGE RATE."....F26
'IOCs Demand Written Agreements, Payment Surety', APIKUR Spokesperson
3/1/2025 ERBIL –
As discussions continue over the resumption of oil exports from the Kurdistan Region, Colonel Myles B. Caggins III, spokesperson for the Association of the Petroleum Industry of Kurdistan (APIKUR), has emphasized the necessity of formal agreements before any further steps are taken.
Speaking exclusively to Kurdistan 24, Caggins laid out APIKUR’s conditions, stressing that without clear, binding agreements, international oil companies (IOCs) will not proceed with production and exports.
APIKUR’s Stance on Oil Exports
Caggins explained that APIKUR, which represents eight companies operating in the Kurdistan Region, collectively produces over 60% of the region’s oil.
He clarified that while APIKUR welcomes the Iraqi Oil Minister’s statement regarding the resumption of oil exports, the reality is that no formal agreements are currently in place. According to him, the lack of written contracts is a fundamental obstacle preventing exports from moving forward.
“We need agreements in writing. These are called sales agreements and lifting agreements. Our companies need to know that when they produce oil, they will get payment and the path for payment,” Caggins stated.
He emphasized that across the global oil industry, including in federal Iraq, such agreements are standard practice, ensuring both producers and buyers have a clear understanding of their obligations. Without these legal documents, APIKUR companies remain hesitant to restart production.
Caggins illustrated the issue with a simple analogy: “I was at a restaurant in Zakho a couple of days ago, and I had breakfast. The restaurant owner understood that if he gave me chai, I was going to pay him in Iraqi dinar. It’s the same concept. If our companies are producing oil,
they need to know how and when they will get paid.”
Aligning Payments with the Iraqi Budget Law
Another major concern raised by APIKUR is ensuring that payments to oil companies align with the Iraqi Budget Law.
Under the current arrangement, the Iraqi central government provides payments to the KRG based on total oil production in the Kurdistan Region. These funds are then allocated among oil companies based on production volumes.
Caggins highlighted the importance of ensuring that APIKUR companies receive payments consistent with their contracts with the KRG and in accordance with Iraq’s budget law.
He further stressed that the Iraqi Prime Minister has publicly expressed the need to resume oil exports for the benefit of all Iraqis.
The U.S. government, including Secretary of State Marco Rubio, has also voiced support for the continuation of Kurdistan’s oil exports, recognizing the economic benefits it brings to Iraq as a whole.
Caggins emphasized that honoring contracts with oil companies would enhance Iraq’s attractiveness to foreign investors across multiple industries.
Addressing Outstanding Payments and Future Export Volumes
Before resuming exports, APIKUR insists that there must be a structured plan to address outstanding payments. Caggins revealed that international oil companies operating in Kurdistan were not paid for the oil they produced between October 2022 and March 2023, resulting in over one billion dollars in arrears.
He stressed that before production resumes, there must be a written plan outlining how these arrears will be repaid.
“We just need to know that there is a plan in writing for us to get the money. That plan needs to be written on paper and agreed to for how the companies will get repaid and when they will get repaid,” he said, acknowledging that different companies may have their own individual decisions to make but stressing the need for a clear financial roadmap.
Furthermore, APIKUR seeks assurances regarding future oil export volumes. Decisions about how much oil will be exported and at what rates must also be specified in formal agreements.
“You see, it all comes back to these written agreements,” Caggins reiterated. “We cannot do business based on press statements and tweets. We need agreements on paper.”
As Baghdad and Erbil continue negotiations on the future of Kurdistan’s oil sector, APIKUR remains firm in its position that transparency and contractual certainty are non-negotiable.
With ongoing discussions between the KRG, Baghdad, and international stakeholders, the coming weeks will be crucial in determining whether an agreement can be reached that satisfies all parties.
Caggins concluded by reaffirming APIKUR’s commitment to its investments in Kurdistan and willingness to cooperate in securing a sustainable future for oil production in the region.
However, he made it clear that without written agreements, the resumption of Kurdistan’s oil exports remains uncertain. LINK
