💢💢💢IQD RV💢💢💢: DOING BIG STEPS TO STRENGHT THE IRAQI DINAR AND REDUCE DEPENDENCE ON THE US DOLLAR

💢💢💢IQD RV💢💢💢

In recent years, Iraq has made significant progress in the digitization of its banking system, a process that not only aims to modernize the financial infrastructure, but also to strengthen the stability of the Iraqi dinar and reduce dependence on the U.S. dollar.

Progress in banking digitalization in Iraq

The Central Bank of Iraq has implemented several initiatives to modernize the financial sector.

Automation of banking processes: the PS-GatePay solution has been implemented in several banks, enabling the automation of clearing and settlement processes, which improves efficiency and reduces human errors.ProgressSoft

National Payments System (NPS): Launched in 2020, the NPS facilitates electronic fund transfers, bill payments and other financial transactions, promoting financial inclusion and reducing cash dependency .FasterCapital+1FasterCapital+1

Mobile banking and digital payments: Apps such as ZainCash and eFloos have gained popularity, allowing users to make payments and transfers from their cell phones, especially in remote areas .FasterCapital+1FasterCapital+1

Digital identity and blockchain: The Central Bank has launched the National Digital Identity (NDI) project and is exploring the use of blockchain technology to improve transparency and security in financial transactions .

Relationship to the Iraqi dinar

These digital initiatives are closely linked to the Iraqi government's efforts to strengthen the dinar and reduce dependence on the U.S. dollar.

De-dollarization: As of January 1, 2024, Iraq has banned cash withdrawals in dollars, seeking to curb the misuse of its hard currency reserves and promote the use of the dinar in local transactions.

FilsCoin: The launch of FilsCoin, a digital currency backed by the Iraqi dinar and based on blockchain technology, seeks to provide a secure and efficient way for Iraqis to conduct transactions, especially those without access to traditional banking services . .​FasterCapital+1FasterCapital+1

Taken together, these advances in banking digitalization not only improve the efficiency of the Iraqi financial system, but also strengthen the position of the dinar in the local economy, reducing dependence on the dollar and promoting greater economic stability.

 Translation in Spanish 

En los últimos años, Irak ha avanzado significativamente en la digitalización de su sistema bancario, un proceso que no solo busca modernizar la infraestructura financiera, sino también fortalecer la estabilidad del dinar iraquí y reducir la dependencia del dólar estadounidense.​

Avances en la digitalización bancaria en Irak

El Banco Central de Irak ha implementado diversas iniciativas para modernizar el sector financiero:​

• Automatización de procesos bancarios: Se ha implementado la solución PS-GatePay en varios bancos, permitiendo la automatización de procesos de compensación y liquidación, lo que mejora la eficiencia y reduce errores humanos  .​ProgressSoft

• Sistema Nacional de Pagos (NPS): Lanzado en 2020, el NPS facilita las transferencias electrónicas de fondos, pagos de facturas y otras transacciones financieras, promoviendo la inclusión financiera y reduciendo la dependencia del efectivo .​FasterCapital+1FasterCapital+1

• Banca móvil y pagos digitales: Aplicaciones como ZainCash y eFloos han ganado popularidad, permitiendo a los usuarios realizar pagos y transferencias desde sus teléfonos móviles, especialmente en áreas remotas .​FasterCapital+1FasterCapital+1

• Identidad digital y blockchain: El Banco Central ha lanzado el proyecto de Identidad Digital Nacional (NDI) y está explorando el uso de la tecnología blockchain para mejorar la transparencia y seguridad en las transacciones financieras .​FasterCapital

Relación con el dinar iraquí

Estas iniciativas digitales están estrechamente vinculadas a los esfuerzos del gobierno iraquí para fortalecer el dinar y reducir la dependencia del dólar estadounidense:​

• Desdolarización: Desde el 1 de enero de 2024, Irak ha prohibido las retiradas de efectivo en dólares, buscando frenar el uso indebido de sus reservas de divisas fuertes y promover el uso del dinar en transacciones locales .​MarketScreener España

• FilsCoin: El lanzamiento de FilsCoin, una moneda digital respaldada por el dinar iraquí y basada en tecnología blockchain, busca proporcionar una forma segura y eficiente para que los iraquíes realicen transacciones, especialmente aquellos sin acceso a servicios bancarios tradicionales .​FasterCapital+1FasterCapital+1

En conjunto, estos avances en la digitalización bancaria no solo mejoran la eficiencia del sistema financiero iraquí, sino que también refuerzan la posición del dinar en la economía local, reduciendo la dependencia del dólar y promoviendo una mayor estabilidad económica.​

FIREFLY: They are telling us to go and deposit our 3 zero notes at these ATM machines!!#iraq #iqd

 

Iraq and Germany Discuss Proposed Development

Iraq and Germany Discuss Proposed Development

By John Lee.

Iraq's Ministry of Planning held discussions with representatives of the German Agency for International Cooperation (Deutsche Gesellschaft für Internationale Zusammenarbeit; GIZ) in Iraq to explore cooperation and developmental transformation.

Key areas of focus included a joint international cooperation agreement, the establishment of offices for the German Development Bank (Kreditanstalt für Wiederaufbau; KfW)  and the GIZ in Iraq, and Germany's support for development activities across the country.

Dr. Saher Abdul-Kadhim, Director General of the Department of International Cooperation at the Ministry of Planning, emphasized that the talks aimed to enhance cooperation prospects and expand future bilateral relations.

(Source: Ministry of Planning)

💢💢💢IQD RV 💢💢💢: THE PROCESS OF DE-DOLLARIZATION

 💢💢💢IQD RV 💢💢💢

The de-dollarization process in Iraq has advanced significantly since early 2024, with the Central Bank of Iraq (CBI) implementing a series of measures to reduce dependence on the US dollar in the national economy.​

🏦 Restrictions on dollar transactions

Since January 1, 2024, Iraq has banned cash withdrawals of US dollars. This measure seeks to combat the illicit use of the country's currency reserves and prevent the evasion of international sanctions, especially towards Iran. It is estimated that up to 50% of the $10 billion that Iraq imports annually in cash from the New York Federal Reserve was misused.​

💱 Internal transactions in dinars

Furthermore, the CBI has established that all domestic commercial transactions must be carried out in Iraqi dinars, with the exception of those intended for travelers. This policy aims to control the general price level and reduce inflation, which has been a key indicator of the effectiveness of monetary policy.​

presstv.co.uk

🏦 Restrictions on banks and payment signatures

In February 2025, the CBI banned five local banks from carrying out transactions in US dollars, as part of efforts to combat money laundering and dollar smuggling. These restrictions also applied to three payment services companies.​

Reuters

📉 Official exchange rate vs. parallel market

Despite these measures, the exchange rate of the Iraqi dinar against the US dollar in the parallel market remains above the official exchange rate. This indicates that, although the CBI policies have had some impact, challenges still remain in the effective implementation of de-dollarization.​

In summary, Iraq has taken significant steps toward dedollarization, but continues to face challenges in implementing these policies.​

MARKZ: BANKS ACCEPTING IQD, VND, IDR : To me this is a great sign we are very close!! #iraq #iqd

 

US Bill to Sanction Iraq for Importing Iranian Gas

 US Bill to Sanction Iraq for Importing Iranian Gas

By John Lee.

A group of Republicans in the US Congress have introduced a bill to provide for the imposition of sanctions with respect to the importation of natural gas from Iran by the Government of Iraq.

Bill H.R. 2574 -- the "No Iranian Energy Act" -- has been referred to a number of committees, including the Committee on Foreign Affairs.

The full text of the bill can be read here.

(Source: US Congress)

💢💢💢IQD RV💢💢💢 : The Role of filscoin and its interaction with Iraqi dinar notes!!

💢💢💢IQD RV💢💢💢

The Role of filscoin and its interaction with Iraqi dinar notes

🪙 What is the FilsCoin?

It is a digital currency backed by the Iraqi dinar, launched at the initiative of the Central Bank of Iraq. It is not a speculative cryptocurrency like Bitcoin, but rather a stable digital asset (stablecoin), pegged 1:1 to the value of the physical dinar. It runs on a blockchain-based infrastructure, allowing for more transparency, traceability and security.

💵 How do they interact with the physical dinar?

Users can convert physical dinar bills to FilsCoin through authorized banks, digital ATMs or banking apps.

That conversion can go both ways: you can convert your FilsCoins back to physical bills if you need to.

2. Complementary circulation

FilsCoin facilitates digital payments, especially in urban areas, stores, transport apps, invoices, etc.

Meanwhile, the physical dinar remains dominant in rural areas or where digital infrastructure is limited.

3. Reduction of the informal economy

By promoting digital transactions with FilsCoin, the use of unregistered cash is reduced. This limits tax evasion and increases economic transparency.

4. Support for monetary policies

The Central Bank gains more control: it can monitor the flow of money, adjust liquidity more precisely, and combat money laundering or illicit financing.

It can also have a more direct influence on the supply of FilsCoin than on the banknotes in circulation.

It may also have a more direct influence on the supply of FilsCoin than on the bills in circulation.

🔁 Practical example.

Imagine that a citizen receives his salary in FilsCoin in his digital wallet. 

He can pay directly with that at the supermarket, online or even pay utilities.

 If he needs physical bills, he goes to the bank teller or an exchange point to get traditional dinar.