CENTRAL BANK GOVERNOR: WE ARE WORKING TO ESTABLISH A DATA CENTER THAT WILL BE A SUCCESS FACTOR FOR DIGITAL TRANSFORMATION, 26 MARCH

 CENTRAL BANK GOVERNOR: WE ARE WORKING TO ESTABLISH A DATA CENTER THAT WILL BE A SUCCESS FACTOR FOR DIGITAL TRANSFORMATION

The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on Thursday that the digital currency the bank intends to launch will enhance transparency and limit the flow of cash out of banks. He also revealed plans to establish a data center that will serve as a successful foundation for digital transformation.

Al-Alaq told the Iraqi News Agency (INA): “Financial technologies are developing rapidly, in line with the requirements of the financial and banking sector in terms of speed, accuracy, and economic efficiency, in addition to transparency and oversight. The reality of the digital revolution is imposing itself on all sectors, including the financial and banking sector, which stands to benefit most from the major transformations taking place.”

He added, “Digital currency can serve many purposes, limit the flow of cash outside banks, and achieve a high degree of transparency, as funds can be tracked, whether in the areas of consumption, investment, savings, or even in legitimate and illegitimate businesses. It also provides important databases for analysis purposes, not just for the movement of paper money, in addition to the economics that digital currency offers through printing and tracking currency.”

Al-Alaq confirmed that “we have begun taking steps in coordination with international organizations to review initial experiments in the digital currency file, which we do not wish to be late in,” explaining that “there are existing experiments in some countries in the region, and we are also following up with the Arab Monetary Fund to develop appropriate steps in this direction, and what is required is infrastructure.”

He continued, “The Central Bank possesses advanced infrastructure. The new bank building houses a sophisticated data center, and we are working to establish a data center that will represent a successful foundation for digital transformation.”

Jon Dowling : The SEC is down for the count! , 26 MARCH

 Jon Dowling

The SEC is down for the count! 

Now that  XRP is finally set free, watch the price go between $15-30 to start, then it’s off to the races! 

Next up: Velo is the way to go! 

With Ukraine/Russia getting a peace deal done, the Middle East between Iraq and Iran is next. Then Trump and Xi meet as Taiwan fins up with Vietnam being positively affected. Finally Israel is being saved for last.

The next two weeks will be absolutely massive! What if they named April fools day that name, in order to fool us into thinking that was a joke day instead of what it really is, as  the correct New Year’s Day on the right calendar and consequently the new fiscal year for the Middle East? No coincidences as usual.👀📈✅

Mr. Pool: Tier4b activation has begun!! @DINARREVALUATION #iraq #iraqidinar #iraqidinarinvestor

 

RAFIDAIN BANK DEPLOYS ATMS AT 5 STATIONS IN BAGHDAD WITH COMMENTS OF MNT GOAT, 26 MARCH

 RAFIDAIN BANK DEPLOYS ATMS AT 5 STATIONS IN BAGHDAD

Rafidain Bank announced today, Friday, the deployment of ATMs at five stations in Baghdad.

In a statement received by Al-Maalouma Agency, the bank stated that “as part of its ongoing efforts to enhance financial inclusion and facilitate access to banking services to various segments of society, Rafidain Bank announced the deployment of automated teller machines (ATMs) at a number of stations, allowing customers to conduct withdrawals and deposits easily and safely around the clock, and without any commission.”

He added, “This step comes as part of a strategy to expand the scope of digital banking services, contributing to the integration of more individuals into the banking system and enabling them to benefit from modern financial solutions without the need to visit traditional branches.”

The bank affirmed its commitment to “developing its banking infrastructure and deploying more ATMs in various areas, including malls and commercial centers, to ensure the provision of more efficient financial services and achieve the bank’s vision of promoting financial inclusion and offering innovative banking solutions that meet the needs of all citizens.”

He added, “This service can now be accessed through the devices available 24 hours a day at the following stations:

 • Station No. 13 – Al-Bayaa

 • Station No. 14 – Al-Amiriya / Popular Work Street

 • Station No. 18 – Al-Saydiyah

 • Station No. 19 – Al-Hussein neighborhood

 • Station No. 20 – Al-Jihad neighborhood.

The bank affirmed its continued development of its digital services, enhancing access to financial solutions and supporting the transition to a more inclusive and innovative digital economy.

(So, here is the article we were waiting for. Why in hell would they deploy yet more ATMs if they were not going to have CASH paper currency along with the digital dinar? Why not just use the digital wallet to conduct banking transactions outside the banks? Why the necessity for ATMs? Just asking? Remember also they told us that the ATMs will play a “pivotal role” in the Project to Delete the Zeros.)

MR. POOL : Tier4b activation has begun. , 26 MARCH

 Mon. 24 March Mr. Pool: Tier4b activation has begun. 

Final e*******n underway. The wait is over. The first notifications will be given today Mon. 24 March and tomorrow Tues. 25 March.

• The global financial system is in the midst of transition. Major banking institutions in Zurich, Reno, and Hong Kong have entered their final liquidity phase. Key sources confirm that notifications are being sent right now. This is not speculation, IT IS HAPPENING NOW!

• BREAKING NEWS: HISTORIC MOVES UNDERWAY! Multiple sources report that high-value transactions are being cleared through the QFS, ensuring large-scale liquidity deployment across multiple levels. Private banking sources confirm that funds are being transferred to designated accounts. This is the FINAL STAGE before public launch!

• URGENT: BANK SCREENS NOW DISPLAYING LIVE TRADING RATES!
  
  IQD: $9.35 – Already ACTIVATED on internal banking platforms!
  VND: $5.89 – Surpassing projected levels!
  ZIM: Processing – Elite groups already RECEIVING!

• PRIVATE JETS LANDING – HIGH-LEVEL TRANSACTIONS CONFIRMED!
• Military and government agents have arrived in Reno and Hong Kong. Elite banking officials are being escorted under security protocols; something historic is happening.

• THE NEXT 6-12 HOURS ARE CRUCIAL! The D********e C***l has lost control: desperate moves are being halted in real time. The new gold-backed financial system IS HERE. This is global economic liberation in ACTION. THE FINAL SWITCH IS FLIPPING! BE PREPARED! Keep an eye on your inbox. Once this process is complete, NOTHING CAN STOP IT. …MR. Pool

MR. POOL IQD: $10.21, VND: $6.42, ZIM: special handling @DINARREVALUATION #iraqidinarinvestor

 

Iraq Confronts Economic Crises With Digital Dinar, Parallel Market Threatened With Extinction, 26 MARCH

 Iraq Confronts Economic Crises With Digital Dinar, Parallel Market Threatened With Extinction

 
Reports  Economy News – Baghdad  The Central Bank of Iraq is preparing to launch the digital dinar, 
marking the transition to digital currency management. The  digital dinar is a digital currency issued by the central bank,  officially part of a country's monetary system.
 
It is  similar in value to the traditional dinar, but is   traded electronically via digital wallets or approved financial applications.

It
 
     facilitates instant money transfers within the country or across borders,
     reduces the logistical burden of issuing paper or metal currency, and
     enables broader segments of society to access digital financial services.
 
This project comes in light of the 
significant economic challenges facing Iraq, such as its
 
      heavy reliance on paper money and the phenomenon of
     hoarding.
 
The digital dinar aims to address these challenges by providing a safe and effective digital alternative to paper money.
 
Central Bank Governor Ali Al-Alaq had previously stated during a speech he delivered at the Finance and Banking Conference and Exhibition that
 
"the financial and banking system will witness fundamental transformations, including the
 
     decline of paper currencies and their
     replacement by digital payments for central banks." He explained that
 
"the Central Bank is moving to create its own digital currency, which will gradually replace paper transactions, as is the case with some central banks around the world."
 
Mazhar Saleh Mohammed, the Prime Minister's advisor for financial and banking affairs and former deputy governor of the Central Bank,
 
highlighted the
 
     importance of the digital dinar and
     its relationship to the dollar exchange rate in local markets.

Speaking to Al-Eqtisad News, Mohammed emphasized that the
 
digital dinar is a global trend in the development of payment systems, particularly in the description of monetary units that will acquire digital rights bearing the same legal force issued by the monetary authority as banknotes in the discharge of debts, as
 
they are units of
 
     account,
     exchange, and
     storage of value
 
within the digital economic community and via a highly sophisticated, rapid, and accurate information system. 

He added that these monetary units will be used with
 
     high transparency to
     cover various real transactions of goods and services, as well as to
     settle small and large obligations. He noted that
 
all exchange transactions will be transparently recorded between traders, up
to the point of purchasing a loaf of bread, under the supervision of the monetary authority, thus
 
ending the ambiguous or illegal uses of money once and for all.
 
Regarding the digital dinar's relationship to exchange rates,
 
Al-Sudani's advisor explained that the
 
official exchange rate will be the prevailing and sole rate, the digital exchange rate adopted by monetary policy.
 
The parallel market will disappear in its current form, as
 
it is difficult to invent a secondary digital market whose operations operate outside the control of the digital monetary authority. However,
 
usurious digital markets may emerge among the same traders. He pointed out that the
 
digital cash system provides the banking system with sufficient digital cash liquidity to grant loans without the risk of liquidity risk within banking markets.

This
 
     encourages investors to borrow easily,
     increases economic growth levels, and
     promotes sustainable development. It also
     facilitates access to global digital exchanges for global payments and settlements.
 
"Introducing digital currency requires two things," according to the Prime Minister's advisor. He explained that the
 
first is a high level of public awareness of the digital monetary system, while the
 
second is the availability of an advanced information, communications, and data technology infrastructure that evolves continuously over time. He pointed to the
 
need for a legal infrastructure to protect digital currency transactions, particularly in
protecting the rights of users to their income and wealth, which
cybersecurity provides against any dangerous digital breaches.
 
Many questions are being raised about the digital dinar and its differences from cryptocurrencies, which economic expert Ziad Al-Hashemi answers. Al-Hashemi points to
 
a "significant difference" between digital currencies and cryptocurrencies:
 
"The former are issued and regulated by central banks, such as the digital dollar and the digital dirham, while
 
cryptocurrencies such as Bitcoin are not subject to any official authority and
 
their value depends on supply and demand, making them highly volatile." He stated that
 
if the Central Bank of Iraq issues the digital dinar,
 
it will be the sole entity
 
     controlling the issuance and distribution of the digital currency,
     facilitating oversight and
     preventing financial crimes,
 
unlike cryptocurrencies, which operate on a decentralized system that is difficult to control. He pointed out that the
 
digital dinar will be fully backed by the central bank and have a relatively stable value, similar to paper currency.

However, it will be
     traded electronically only through bank accounts and wallets, contributing to
     reducing the use of paper money,
     achieving financial inclusion, and
     reducing reliance on the dollar in daily transactions. Al-Hashemi noted that the
 
primary goal of this step is to eliminate the phenomenon of cash hoarding, whereby citizens hold large sums of money outside banks due to lack of confidence in the banking system.
 
This hinders the flow of funds and negatively impacts economic activity.
 
If the project implemented well, the
 
digital dinar could help

     disburse hoarded liquidity and

     stimulate lending and credit.
 
views 1872     Added 03/17/2025 - 10:31 AM    
  
https://economy-news.net/content.php?id=53480