Monday, March 3, 2025
Al-Sudani receives a delegation from the Chinese company (Power China) to review the projects it is implementing in Iraq, 3 MARCH
Al-Sudani receives a delegation from the Chinese company (Power China) to review the projects it is implementing in Iraq
Prime Minister Mohammed Shia Al-Sudani received today, Sunday, the CEO of the Chinese company (Power China) Chen Guan Fu, and his accompanying delegation.
A statement from the Prime Minister's Office stated that during the meeting, the projects implemented by the company in Iraq were reviewed, including solar energy projects, combined cycle projects and gas stations, within the framework of government orientations seeking to diversify energy sources
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Al-Sudani was briefed on the plans and procedures followed to implement these projects, and the mechanisms for expanding the work of the Chinese company based on the plans set by the government, in addition to discussing joint projects with the Iraq Development Fund, especially in the field of investing and implementing clean and renewable energy projects in Iraq. link
AJ UPDATE, 3 MARCH
AJ
Iraq becomes the first Arab country to adopt digital currency as a replacement for cash. (CBDC)
In an attempt to modernize the financial system and improve transparency, the Central Bank of Iraq is getting ready to launch a digital currency. By using developments in financial technology, the project seeks to progressively replace physical currency.
The introduction of a central bank digital currency (CBDC) would represent a significant shift in Iraq's payment system, enhancing financial efficiency and supervision, according to Mazhar Muhammad Saleh, the prime minister's finance adviser.
Saleh claims that the shift to digital currency would prevent uncontrolled cash transactions, cut down on cash leakage, and lessen the cost of making and distributing paper money. By giving authorities the ability to trace financial flows, keep an eye on spending, and strengthen monitoring of capital transfers, the action is also anticipated to increase financial transparency. It will also assist control international transactions and bolster Iraq's anti-money laundering policies.
By giving underprivileged groups access to banking and promoting wider economic integration, the adoption of digital money is also seen as a step toward greater financial inclusion. To safeguard financial activities, Saleh underlined that the transition calls for a strong technology foundation, including safe internet networks and cutting-edge cybersecurity tools.
Additionally, he emphasized the need of public acceptability and urged government agencies to spearhead the adoption by incorporating digital payments into official transactions and tax collection.
The digital currency would enable online and mobile transactions while preserving conventional monetary functions like a unit of account, medium of exchange, and store of value, helping to create a more effective and stable financial system in Iraq.
Frank26: "ONCE AGAIN CBI REACHED TO THE INTERNATIONAL THEATER, NOT AT 1310!!!"
KTFA
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.
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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
TIDBIT FROM MARKZ, 3 MARCH
MarkZ
[via PDK]
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
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