AL-ALAQ: DIGITAL CURRENCIES WILL RESHAPE THE TRADITIONAL BANKING SYSTEM
The Governor of the Central Bank of Iraq, Ali Al-Alaq, affirmed on Monday that digital currencies represent a key pillar in the future of the financial sector and could contribute to reshaping the traditional banking system. He called for serious investment in artificial intelligence and financial technology.
In his speech at the Iraqi Banking Sector Reform Conference, Al-Alaq said, “The Central Bank aims to achieve an advanced economy based on modern tools capable of keeping pace with global transformations.” He emphasized the “need to increase investments in research and development in the field of artificial intelligence, as it constitutes an effective element in developing banking services.
”
He added that “digital currencies have the potential to restructure the traditional banking system and create more flexible and inclusive financial models,” noting that “the Central Bank of Iraq announces its full readiness to implement a comprehensive reform plan for the banking sector, in line with the country’s economic vision.”
Al-Alaq ‘s statements come at a time when global financial markets are witnessing increasing interest in digital transformation, which opens the door for Iraq to keep pace with this development and modernize the banking structure in a way that enhances stability and economic growth.
😊In an article today we again learn Ali Al-Alaq talking about the new digital dinar. It’s found in the Article Section under the title “AL-ALAQ: DIGITAL CURRENCIES WILL RESHAPE THE TRADITIONAL BANKING SYSTEM”.
The Governor of the Central Bank of Iraq, Ali Al-Alaq, affirmed on Monday that digital currencies represent a key pillar in the future of the financial sector and could contribute to reshaping the traditional banking system.
😊In the article titled “JPMORGAN STRENGTHENS COOPERATION WITH IRAQ BY INCREASING CORRESPONDENT ACCOUNTS AND PROJECT FINANCING.” In the article we learn that the bank JPMorgan/Chase announced its readiness to expand cooperation with Iraq by increasing the number of correspondent accounts opened for Iraqi banks,
in addition to financing a number of important investment projects. WOW! WOW! WOW! Also was discussed “mechanisms for securing credits and financial transfers and ensuring their delivery to those entitled to them in Europe and the United States
.”
Is was stressed the importance of expanding the scope of partnership between Iraqi banks and one of the largest global banks JP Morgan/Chase, noting “the government’s readiness to provide all forms of support to strengthen this relationship.”
😊Yet more GOOD news in article titled “DURING A MEETING WITH AL-SUDANI, AN AMERICAN BANK EXPRESSED ITS WILLINGNESS TO FINANCE INVESTMENT PROJECTS IN IRAQ.”
US bank JPMorgan/Chase also expressed its willingness to enhance financial cooperation with Iraq by expanding the number of accounts opened by Iraqi banks and financing investment projects in the country.
This came during a meeting held by a delegation from the bank with the Iraqi government.
Folks, could the news get any better short of the reinstatement? Oh…but this is what is going to get us the reinstatement, get it?
PARLIAMENTARY FINANCE COMMITTEE: LAUNCHING THE BANKING REFORM PLAN IS THE BEGINNING OF ECONOMIC REFORM
Parliamentary Finance Committee Chairman Atwan al-Atwani affirmed on Monday that the launch of the banking reform plan is the beginning of reforming the Iraqi economy.
In a speech at the Iraqi Banking Sector Reform Conference, attended by an Al-Eqtisad News correspondent, Al-Atwani said, “Developing the banking sector is a fundamental pillar for developing the Iraqi economy beyond oil revenues.”
The head of the Finance Committee called for “diversifying revenue sources to cover the financial deficit.”
He pointed out that “the reform and development process must be accompanied by engagement with international banks to regulate foreign remittances.”
He stressed that “unofficial border crossings cause a waste of public money.”
😊This next article titled “AL-SUDANI’S ADVISOR TALKS ABOUT A “NEW CHAPTER” WITH WASHINGTON AND THE AGENDA OF A US DELEGATION IN IRAQ SOON.”
According to Farhad Alaaldin, the Iraqi Prime Minister’s advisor for foreign affairs, spoke about a “new chapter in the Iraqi-American partnership.”
He also touched on a “promising” opportunity for American companies specializing in the manufacture of floating platforms and the supply of liquefied natural gas to participate effectively in Iraq.
So, let’s talk more about American companies from this article: This visit is likely to result in the signing of an unprecedented agreement between General Electric and the Iraqi Ministry of Electricity, aiming to produce highly efficient power bridging the gap in electricity demand away from Iran.
Parallel efforts to address this challenge to complete the Gulf Electricity Interconnection Project, which aims to deliver electricity from the electric grid to the Gulf Cooperation Council countries via the State of Kuwait by 2025. Yes, this year not years down the road.
Also, Iraq’s natural gas sector also highlights the significant opportunities available to advance the country’s energy development. Huge quantities of associated gas are still being flared daily,
around the clock, due to weak infrastructure and the urgent need for advanced international expertise in processing and exploiting this vital resource. In this context, American companies possess advanced technical and technological capabilities, making them ideal partners in this field.
On March 4, Iraqi Oil Minister Hayan Abdul Ghani announced that the ministry is in the process of importing a floating regasification platform (FSRU) to secure gas supplies for the country’s power plants. The bidding process is currently underway.
Over the past two and a half years, Iraq has awarded more contracts to American companies than ever before, reflecting the growing level of trust and partnership between the two countries.
Let’s go deeper into the VERY GOOD news…. So, what is this “new chapter” in relations with America they are now talking about? It is the move from the Obama/Biden era of relations to the Trump era. Like I told everyone this policy of first economic giant then RV will not work.
At some point all the reforms must work together to get the economy they desire and the reinstatement the Iraqi dinar is part of it. Then let the country grow and rebuild yet even more, using the investment wealth generated from the currency reform.
So, this new era I believe includes a new thinking in different terms to get the Iraqi currency reforms completed too and not to delay. But remember, as we have been reading recently, there are banking reforms with Rafidain bank that still need work and the digital dinar currency for inter-banking transfers.
LAUNCHING A PRIVATE BANKING REFORM PLAN IN PARTNERSHIP WITH IRAQI AND INTERNATIONAL INSTITUTIONS
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the launch of a comprehensive plan to reform private banks, in partnership with local and international institutions. He emphasized that the next phase will witness a qualitative shift in the nature of banking services, based on innovation and digital transformation.
During the Iraqi Banking Sector Reform Conference, which was attended by an Al-Eqtisad News correspondent , Al-Alaq said that Iraqi banks have made significant strides in developing their banking services, but they are required to further embrace modern technology. He emphasized that artificial intelligence must be at the core of future investments in the banking sector.
He added: “The world is witnessing a broad transformation in the financial structure and banking systems, which requires traditional banks to keep pace with this radical change by offering innovative services that meet customer aspirations amidst the tremendous technological acceleration.”
The Central Bank Governor indicated that digital currencies will play a vital role in accelerating payment and money transfer transactions, requiring banks to develop their digital infrastructure.
He also noted that central bank digital currencies (CBDCs) could reshape the global banking landscape, adding: “Successful banks of the future will be those that embrace digital transformation tools and integrate artificial intelligence into their daily operations.