Sunday, March 9, 2025
Governor of the Central Bank: We will witness a comprehensive digital transformation in the financial sector, 9 MARCH
The Governor of the Central Bank, Ali Al-Alak, announced on Saturday the imminent transformation of banks into smart platforms using artificial intelligence, pointing out that Iraq will witness a comprehensive digital transformation in the financial sector.
Al-Alak said: “Despite the great way that has been made to activate electronic payment methods, which is an essential step in digital transformation, we will put this stage behind our backs soon, because even the current electronic payment methods and tools are being changed and developed very quickly.”
He pointed out that “in the near future we will notice a great difference in the tasks and functions of banks, and we will see many banks change the nature of their work, and there will be a digital financial identity for each citizen through which he can conduct many operations in his accounts or identify his balances or even invest inside and outside Iraq,” stressing that “banks will soon turn into smart platforms that organize financial operations and benefit from technologies and artificial intelligence.”
He added that “this great work is accompanied by the work of the Central Bank, like the rest of the central banks, by thinking about having a digital currency under the supervision of the Central Bank. We are not talking about cryptocurrencies that are outside the framework of central banks, but about a digital currency issued by the Central Bank. This is a great work being worked on in the Central Bank in coordination with specialized organizations and entities internationally and in the Arab world, and directly with the Arab Monetary Fund.”
He continued: “We believe that this trend will be in the near future and will impose itself, and this represents solutions to major economic, financial and social problems, as well as will establish a tight framework for monitoring funds and reducing corruption, money laundering and financing of terrorism, because all financial movements will be within a tight and transparent system that can monitor all financial operations, and at the same time it is easy for its bearers to conduct large-scale operations even in other countries of the world.”
He added: “We expect young people, through the tools and human resources we have, to benefit from these tools. Indeed, we follow that many young people are investing through these wallets and tools in multiple fields outside Iraq, but some need caution and caution because there is a lot of circumvention that is happening, and we are working to prevent the citizen not to fall victim to any fraud.”
TIDBIT FROM GOLDILOCKS, 9 MARCH
GOLDILOCKS
ust this past week, we read an article about the Iraqi Dinar going digital.
First, this tells us we have a currency that is about to be valued differently on a blockchain.
Second, we have been given an indicator that International inclusion is no longer a hope and a dream, but it is about to become a foregone conclusion.
Third, this is why we have been studying the governing laws that will run the QFS these past 5 years in this room.
Fourth, we now have a formal announcement from the digital governing bodies and our President Trump that the new golden age of finance is here.
Fifth, Scott Bessent, the Secretary of the Treasury, told us that we are currently onboarding stablecoin / payment systems onto the blockchain.
And finally, real world assets of the US Treasury and Market assets are being integrated onto the new 21st century digital economy platform.
Next month, tariffs will create massive issues with volatility, but these new digital assets will disrupt those Market fluctuations with a new and real value designed to bring equilibrium over the course of many trades that take place in a given day.
Enjoy!
© Goldilocks
Government adviser: Only 83% of the annual spending ceiling will be disbursed and budget tables before parliament soon, 9 MARCH
The Financial Advisor to Prime Minister Mazhar Mohammed Saleh stressed that the hypothesis of a partial deficit in the annual budget will depend on the efficiency of the implementation of operational and investment expenses.
Saleh pointed out to {Euphrates News} that “historical data show that the efficiency of the exchange did not exceed 83% of the total annual spending ceiling of about 200 trillion dinars.”
He pointed out that “the final picture of spending will be clear through the budget tables, which will soon be submitted to the House of Representatives for approval, based on the provisions of Article 77/II of Law No. 13.”
He stressed that “the government executive apparatus applies the highest degrees of control in exchange and internal control over expenses, as well as efforts to enhance non-oil revenues with accuracy and high governance, to support cash flows and ensure financial stability.”
Ragheed
GOLDILOCKS: BREAKING FROM IRAQ: First Time In History They Must Report Currency Exchanges To The IRS, 9 MARCH
GOLDILOCKS: BREAKING FROM IRAQ: First Time In History They Must Report Currency Exchanges To The IRS
Highlights
Summary
In the latest episode of Goldilocks Global Banking News, hosted by Freedom Fighter, significant updates concerning the Iraqi Currency (Iraqi Dinar) and its integration into a more transparent financial system are discussed.
Iraq’s Central Bank of Iraq (CBI) has recently announced the implementation of a new requirement for exchange companies to report currency exchanges and exchange rates. This involves the use of a specific form (Form 5471), which will enable the CBI to monitor cross-border transactions accurately.
The introduction of this form marks a crucial step towards transparency in Iraq’s financial dealings, which were previously marred by manipulation and corruption.
The video emphasizes the importance of establishing relationships with wealth managers and how these connections can facilitate better financial planning and wealth generation for members of the Goldilocks community.
The discussion also touches on the broader context of a global shift towards a digital asset banking system, highlighting the role of cryptocurrencies and the anticipated revaluation of various assets.
- 🌍 New Reporting Requirements: Iraq’s CBI mandates exchange companies to report currency exchanges and rates using Form 5471.
- 💼 Building Relationships: Community members are successfully establishing connections with wealth managers, enhancing their financial planning.
- 🔍 Transparency Milestone: The introduction of mandatory reporting aims to eliminate corruption and provide a more transparent currency exchange process.
- 📈 International Exchange Rates: The new requirements ensure that exchange rates will be accurately recorded for cross-border transactions.
- 💡 Digital Banking System: The video discusses the shift towards a new digital banking system, emphasizing the importance of digital assets.
- 📊 Community Success Stories: Personal accounts of community members highlight their successes, reinforcing the effectiveness of the Goldilocks platform.
- 🚀 Potential for Wealth Generation: The discussion concludes with optimism for the future, as members are encouraged to seize opportunities for wealth generation.
Key Insights
🔑 Insight 1: Shift Towards Transparency
The CBI’s requirement for exchange companies to use Form 5471 represents a significant shift towards transparency in Iraq’s financial system. Previously, the lack of oversight allowed for manipulation and corruption, but with this new mandate, there’s a formal mechanism for reporting and accountability. This change could enhance trust in the Iraqi Dinar and potentially stabilize its value in the international market.🌐 Insight 2: Cross-Border Transactions
The requirement for exchange companies to report exchange rates for cross-border transactions is crucial in a global economy. It ensures that all parties are aware of the value of the currencies being exchanged, fostering fair trading practices. As Iraq begins to engage more fully with international markets, this transparency is vital for building confidence among foreign investors and trading partners.🏦 Insight 3: Importance of Wealth Managers
The video highlights the success stories of community members forming relationships with wealth managers. This emphasizes the importance of personalized financial advice and planning in building wealth. Wealth managers can provide tailored strategies for currency investments, helping individuals navigate the complexities of financial markets, particularly in regions with emerging economies like Iraq.📉 Insight 4: Elimination of Previous Corruption
The transition from a loosely regulated exchange system to one that requires formal reporting could significantly reduce the corruption that has plagued Iraq’s currency markets. By mandating transparency, the CBI is taking steps to ensure that all exchanges are properly documented, which could lead to a more stable currency environment and reduce the risks associated with currency speculation.📈 Insight 5: Digital Asset Integration
The discussion around the new digital banking system and the integration of cryptocurrency is timely. As the world moves towards digital transactions, Iraq’s financial mechanisms will need to adapt accordingly. This integration could enhance the efficiency of currency exchanges and open up new avenues for investment, aligning Iraq with global financial trends.🔄 Insight 6: Potential for Asset Revaluation
With the new requirements in place, there is potential for the revaluation of various assets, including the Iraqi Dinar. The transparent reporting of exchange rates may contribute to a more stable and appreciated currency value, attracting both domestic and international investors who see the potential for growth in Iraq’s economy.💪 Insight 7: Community Empowerment
The Goldilocks community’s focus on establishing relationships and sharing success stories is empowering individuals to take control of their financial futures. The collective knowledge and shared experiences can provide valuable insights and motivate members to engage with their financial planning actively, fostering a culture of support and success within the community.
In conclusion, the latest updates from Goldilocks Global Banking News signal a transformative period for Iraq as it moves towards a more transparent and accountable financial system.
The emphasis on reporting and regulatory compliance not only aims to curb corruption but also sets the stage for a more stable and integrated global currency landscape.
As community members continue to build relationships with wealth managers and navigate these changes, the potential for personal and collective financial growth becomes increasingly evident.
The ongoing shift towards digital assets and the anticipation of currency revaluation reflect a dynamic and promising future for those involved in the Iraqi Dinar investment landscape.
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