Sunday, March 16, 2025

JULIAN ASSANGE: Global Currency Reset: Zimbabwe Dollar, Iraqi Dinar, and Vietnamese Dong

Reassuring Citizens, The Central Bank Told NINA: We Have Ample Cash Liquidity, 16 MARCH

Reassuring Citizens, The Central Bank Told NINA: We Have Ample Cash Liquidity

Saturday, March 15, 2025, 4:35 PM | EconomicNumber of reads: 335 Baghdad / NINA / The Central Bank of Iraq (CBI) reassured the banking and community circles of ensuring the availability of cash liquidity to cover all local transactions in Iraqi dinars.

The Governor of the Central Bank, Ali Al-Alaq, said in a statement to the National Iraqi News Agency ( NINA ), that "the Central Bank is the last entity that can be without cash liquidity in Iraq."

He explained that "the Central Bank has wide scope to provide local currency to the extent that this currency is covered by foreign reserves, which currently far exceeds the level of local sufficiency, and more than we can finance."

He added, "There is frequent confusion between the position of the Central Bank, which is a completely different situation from the financial situation related to the financial policy in the country or the Ministry of Finance," indicating that "the Ministry of Finance's revenues are based in dollars through Iraqi oil sales in the global market."

Al-Alaq stressed that "the Central Bank deals in Iraqi dinars for all amounts it receives in dollars, and this is very available under any circumstances," calling for distinction and separation between the financial situation at the level of the government and the Ministry of Finance, and the availability of cash at the Central Bank of Iraq. / https://ninanews.com/Website/News/Details?Key=1192029

FIREFLY & FRANK26: FRANK: Sudani sends the budget tables to the COM? Are you kidding me?, 16 MARCH

Frank26

[Iraq boots-on-the-ground report]

FIREFLY:Mr. Sammy...says watch for when the budget tables make it to Council of ministers (COM) because they already said they would review it and vote on it as soon as possible. The the COM is where and when that rate will show up...

When it goes to the COM that's when to get excited because soon they will vote and the COM will do it quickly. ..That's what we need, Council of Minister first...then that rate will show...Parliament is just a formality.

FRANK: Sudani sends the budget tables to the COM? Are you kidding me? I didn't know he was going to do that. He's not going to send it to parliament?

Oh my goodness that's like Sudani telling parliament to pick a finger and you might as well pick the middle finger because he's not going to share anything with them...until the very last second...

FRANK26….3-14-25……GHOSTED

Al-Sudani's advisor: Iraq's foreign reserves reach $110 billion, 16 MARCH

Al-Sudani's advisor: Iraq's foreign reserves reach $110 billion

3/16/2025- Baghdad

The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Sunday that Iraq's foreign exchange reserves are a safety net against economic fluctuations, noting that they are estimated at approximately $110 billion.

"Iraq's foreign exchange reserves are one of the most important indicators supporting investment, both domestic and foreign, as the country has a stable foreign exchange portfolio estimated at approximately $110 billion, distributed between gold, dollars, and foreign currencies," Saleh said in a statement to the official agency, followed by "Al-Eqtisad News."

He explained that "these reserves contribute to strengthening macroeconomic stability, both domestically and externally, making them a protective factor against global economic fluctuations and shocks. They also provide strong coverage for the monetary base and financial indicators related to trade and international debt maturing soon."

He added, "The current account of the balance of payments is recording positive rates that enhance the stability of the value of the Iraqi dinar, thus reducing the impact of fluctuations in global oil markets, given the nature of Iraq's rentier economy."

He noted that "Iraq, as the fifth largest oil producer in the world, enjoys sustainable foreign financial flows, enabling it to quickly and efficiently support its cash reserves."

He stressed that "these strong reserves provide a stable investment environment, which contributes to accelerating the pace of investment and supporting the country's promising economic growth." LINK

CBI Intel Call = Going International : The Shift Toward Digital Banking in Iraq, 16 MARCH

CBI Intel Call = Going International

The Shift Toward Digital Banking in Iraq

Introduction

The conversation surrounding the evolution of banking in Iraq significantly underscores the country’s transition towards a digital economy.

This chapter illustrates the details of a recent discourse involving representatives from the Central Bank of Iraq (CBI), with pivotal insights shared by Goldilocks, a figure actively involved in the discussions.

The overarching theme of this content is the emerging digital banking landscape in Iraq, which acknowledges the increasing adoption of debit cards, credit cards, and point-of-sale systems.

Understanding this transformation is vital for grasping the future financial ecosystem of the region, as it not only impacts how consumers interact with financial services but also the broader implications for economic growth and modernization.

The Context of Digital Transition in Iraq

Historical Background: Iraq has been slowly moving towards modern financial systems, but significant changes have accelerated this year.
Digital Transition Declaration: The CBI announced that Iraq recognized itself as a digital country in March-April 2023, marking a substantial milestone in its banking narrative.
Consumer Adoption: CBI indicated that Iraqis are increasingly utilizing digital banking solutions, which suggests a shift in consumer behavior towards technology-influenced financial transactions.

The Call and Insights from CBI

On October 14, a conference call was held involving Goldilocks and the CBI, emphasizing the growing collaboration between financial entities.
Participants in the Call: Goldilocks expressed gratitude for the opportunity to engage with CBI, highlighting the longstanding relationship they have maintained.
Key Developments Discussed:
- The adoption of debit and credit cards is set to increase as infrastructure improves.
- An anticipated widespread implementation of point-of-sale systems, which will facilitate easier transactions at retail and service locations.

Importance of the Shift to Digital Banking

Benefits of Digital Banking:
- Promotes financial inclusion by giving unbanked populations access to banking services.
- Encourages transparency and reduces corruption, often a concern in cash-heavy economies.
Economic Implications: The movement towards digital banking aligns with broader economic goals, suggesting that digital transactions could lead to increased tax revenues and enhanced regulatory oversight.

Challenges Facing Digital Banking in Iraq

Infrastructure Needs:
- The transition is not without challenges, as it requires significant investment in technological infrastructure.
- There is also a need for education and awareness campaigns to ensure that average citizens can navigate the digital banking landscape effectively.
Security Concerns : As digital banking grows, so does the need to address issues related to cybersecurity and fraud, critical for maintaining trust in these new systems.

Real-World Examples and Case Studies

Case Study: The successful implementation of digital banking in nearby regions such as the Gulf Cooperation Council (GCC) countries provides a blueprint for Iraq’s initiatives. These nations have demonstrated embracing technology leads to increased financial efficiency and consumer engagement.
Statistical Evidence: In other countries that have transitioned to digital banking, reports indicated that corresponding economic growth rates improved due to enhanced consumer spending capabilities facilitated by digital transactions.

Perspectives on Future Directions

Goldilocks emphasized the optimistic outlook on Iraq’s financial future due to these developments. The call with the CBI indicates a positive shift in institutional mindsets aimed at embracing technology.
The role of institutions committed to digital banking is crucial. These entities need to work collaboratively to create a favorable regulatory environment and market incentives.

Conclusion

The advances in digital banking in Iraq signify a pivotal moment in its economic evolution. As outlined through the dialogue with the CBI, the government’s recognition of a digital identity marks the beginning of significant changes in how financial transactions are conducted. The adoption of technology in banking not only aids in modernizing the system but also fosters economic growth and enhances financial inclusion.

Overall, the implications of advancing towards a digital banking system can greatly influence Iraq’s economic landscape, encouraging other nations with similar challenges to consider their digital transformations as vital for long-term societal advancement. In conclusion, for Iraq, the journey towards embracing a digital economy appears promising, yet the execution of supporting measures—educational initiatives, infrastructure investment, and collaborative partnerships—will ultimately determine the success of this transformation.

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