Thursday, March 6, 2025
MEMBER OF THE PARLIAMENTARY FINANCE COMMITTEE REVEALS TWO PROPOSALS TO DEVELOP THE BANKING SECTOR WITH COMMENTS OF MNT GOAT, 6 MARCH
MEMBER OF THE PARLIAMENTARY FINANCE COMMITTEE REVEALS TWO PROPOSALS TO DEVELOP THE BANKING SECTOR
Member of the Finance Committee in the House of Representatives, Hussein Mounes, revealed today, Monday, two proposals from the committee to develop the banking sector in Iraq.
Mounes told the Iraqi News Agency (INA): “The digitization of the banking system in Iraq is part of the government program voted on in the House of Representatives, so it is a necessity that must be adopted, and we see that there is a major transformation and it is an opportunity to ensure the principle of transparency, limit the amounts of money and reduce banknotes, and it is also a necessity that must be taken into account, given that there is a global trend in the issue of digitization and the adoption of bank transfer companies. ”
(Mnt Goat- but does digitization include going as far as a total digital currency? I think he means just electronic transfers and payments.)
He pointed out that “the Finance Committee is following up on the process of financial digital transformation and is in contact with the Central Bank to develop plans to resolve this issue,” indicating that “we have no choice as a country trying to launch its banking system except to proceed quickly and expedite the resolution of matters.”
Mounes added that “the Finance Committee has two proposals: the first is to amend the law of private banks; to ensure their participation and raise the efficiency of local banks, and we have a proposal to adopt the Federal Revenue Control Authority, and these two legislations are very important for developing the banking system in Iraq.”
MAJEED : This is lining perfectly!, 6 MARCH
MAJEED
This is lining perfectly
By March 8, Saturday ….Iran, is officially out of Iraq and the US exemption that was issued by Barack Obama to allow Iraq to export Iranian oil…. Will expire.
And Iraq will be Energy independent
That’s why they will send the budget table next week … because Iraq cannot do anything for Iran….
And since the foreign currency sales auction was stopped this week
Specially, after Iraq meeting with IMF and were told to do major transactions in dinar
IRAQ AMONG THE BEST IN THE WORLD IN CONTROLLING THE SALE OF THE DOLLAR, 6 MARCH
IRAQ AMONG THE BEST IN THE WORLD IN CONTROLLING THE SALE OF THE DOLLAR
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, that Iraq has become one of the best countries in the world in controlling the sale of the dollar. Al-Alaq said in an interview with the official agency, followed by Iraq Observer, that
“Iraq has today become one of the best countries in the world in controlling the sale of the dollar, as this process is carried out with transparency and accuracy, and through it the citizen verifies his documents and his departure from the country,”
explaining that “this mechanism is the most disciplined, transparent and controlled in the world, as indicated by international experts.”
Al-Alaq added that “false news and media distortion may harm the interests of Iraq and the banking sector,” stressing the importance of being proud of the major developments witnessed by Iraq. He explained that “the government and the Central Bank are working hard to establish sound practices that are compatible with international standards,” calling for “the need to highlight these achievements in the media.” He pointed out that “highlighting these transformations and developments helps enhance international confidence in the Iraqi banking sector, which is vital to continue developing the financial system in Iraq.”
STATUS OF THE RV . PART. 6 BY MNT GOAT, 6 MARCH
STATUS OF THE RV . PART. 6
In another recent article on this topic titled “SANCTIONS AND MISTRUST.. HOW WILL THE IRAQI DIGITAL CURRENCY BE BORN?” The financial and banking expert Mustafa Hantoush confirmed that talking about launching an Iraqi electronic currency at the present time is premature, in light of a banking system that suffers from structural problems and weak infrastructure.
He explained to “Jarida Platform” that “the culture of electronic payment in Iraq is still immature, and unless the government intervenes and imposes the adoption of electronic payment in government departments, we will not witness any real development in this field.”
So, although the finance committee may like the idea as it may solve many issue with the dollar, it may also cause other issues. One being the infrastructure for electronic payments is now barely off the ground as electricity is not yet even full 24/7 service in most provinces.
The hardware also will be needed and the establishment of servers and a data center. I get the feeling after reading this article this will not happen any time soon and we will be far out of this investment before this happens. This was all futuristic talk by the finance committee. The next question is will the U.S. even allow a digital currency in Iraq, as Donald Trump is not in favor of the U.S. ever having a digital currency. It will surpass privacy and instill deep control over the population, something that impedes upon the virtues of a FREEDOM and LIBERTY.
What would happen if Iraq did institute a digital currency prior to the RV?
This action would impede and slow down the necessity to RV since they would not have to conduct the project to delete the zeros and there would be no longer pressures to do so. On the other hand, it would force the turn-in of all hard cash to the banks for credit and thus finally all this cash back into the banking system for liquidity. But there are other ways of doing this too, as we are now seeing taking place. Will the people of Iraq accept this lack of FREEDOM of privacy of their expenditures and the government controlling their every dinar spent? Of course, many Iraqi may feel this might be a step up from what they now have, without realizing all the future ramifications it will cause. Bottom line is I am not worried about this transition to a fully digital currency unless I firmly hear the CBI come out with a directive policy to begin the process. I don’t think this is going to happen until we are way out of this investment and the dinar has already been reinstated.
I want to bring you one more article and this one is from the past. I stumbled on this one while searching for the past articles on the digital currency stuff. Take a look at it as it is very interesting and tells us so much of Ali Al-Alaq and his mind set for the dinar. Look at the date….. So, in today’s news we just read that from Saturday Alaq said and I quote from Alaq that “IRAQ AMONG THE BEST IN THE WORLD IN CONTROLLING THE SALE OF THE DOLLAR”. Really? So, you see some the news is just hopeful. The CBI does have plans but it might change as the dynamics of the politics change too. This was during the first Trump administration.
If the CBI could really control the dollar so well than after 7 years from this article you would think the CBI could have the dinar equal to the dollar by now? Folks its been 7 years since this article. Are you listening what I am trying to tell you? I am not trying to discourage you but to wake you up to the reality of what is really happening in Iraq. There are some strange things happening in Iraq!
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