Article: "The era of the digital republic has begun. Iraq is cashless, and the Central Bank imposes its authority as the 'ruler of the country.' "
Article: "Al-Atwani: Iraq's integration into the international financial system is no longer an option, but rather a necessity to enhance confidence in the national economy."
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Article: "Ali Al-Alaq: We are working on creating a digital currency for the Central Bank to gradually replace paper currency" Question: "Assuming this happens, will we need to turn in our currency and allow it to be converted to digital?
If so, where will it be held
?"
No, the physical paper will always remain outside the country. That was part of their agreement to sell it to build their own reserves.
We talked about this several years ago. Saleh stated the physical dinar currency would go into central banks around the world.
The digital transformation in Iraq is only for them. The reduction of physical dinar could take several years in Iraq.
Keep in mind that notes that we hold such as 25,000 notes will always be their printed value. The exchange rate to US dollars should gradually increase based on Iraq's economic growth (economic renaissance) and success over time and the development of their banking system.
The National Investment Commission announced details of Iraq's first investment forum on Tuesday, noting that the forum has strategic objectives to accelerate economic development .
The head of the commission, Haider Makiya, told the Iraqi News Agency (INA): "The upcoming investment forum, which the commission is organizing in coordination with the Iraqi Economic Council and under the direct supervision of the Prime Minister's Office, is the first of its kind since its establishment, and carries strategic goals to accelerate the wheel of economic development in the country ."
He added, "The forum seeks to introduce the 141 available investment opportunities that have received official approvals and are ready to be presented to local, Arab, and foreign companies," noting that "the opportunities cover diverse sectors
, including industry, housing, renewable energy, communications, pharmaceuticals, agriculture, and others ."
He added, "The forum aims to attract the largest possible number of foreign and Arab companies to participate in infrastructure projects in Iraq, in addition to introducing international expertise to quality projects, in line with the investment law that requires the employment of skilled and unskilled Iraqi workers in projects ."
Makiya pointed out that "the event will be attended by more than 300 international entities, including countries and companies, representing a historic opportunity to showcase Iraq's investment potential ." link
...Didn’t the UN just tell us that “IRAQ WILL BECOME A BANKING POWERHOUSE BOTH DOMESTICALLY AND INTERNATIONALLY”.
Yes, wealth is leadership and Iraq is certainly taking the point lead under Al-Sudani in this area.
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where...are...we...with the RV saga... The choo-choo train is still moving down the tracks quickly.
It may make stops along the way, such as to combat money laundering, implementing financial reforms, implementing the Development Road Project, etc, etc.
...Many of these plans are already accomplished, some now in motion and some still in the planning stages.
..
They do not have to implement all of these plans to get there...Later this wealth will sustain the value of the dinar once reinstated...all trains eventually make it to the end of track. This end is coming.
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hoo-choo train is still moving down the tracks quickly.
It may make stops along the way, such as to combat money laundering, implementing financial reforms, implementing the Development Road Project, etc, etc.
...Many of these plans are already accomplished, some now in motion and some still in the planning stages...
They do not have to implement all of these plans to get there...Later this wealth will sustain the value of the dinar once reinstated...all trains eventually make it to the end of track. This end is coming.
The European Union (EU) has confirmed it will maintain operational restrictions on Iraqi air carriers following a technical review that found insufficient progress in the country's aviation safety oversight capabilities.
Iraqi Airways and Fly Baghdad remain on the EU's banned carrier list, with both airlines subject to operating restrictions imposed in December 2015 and November 2023 respectively under Commission regulations.
The decision follows a technical meeting held on 23 April 2025 between the European Commission, the European Union Aviation Safety Agency, member states and the Iraqi Civil Aviation Authority (ICAA). During discussions, Iraqi officials presented updates on legislative and regulatory framework improvements alongside oversight performance enhancements.
The ICAA outlined ongoing efforts including personnel recruitment, training initiatives and drafting of updated national aviation regulations. However, European officials noted these measures remain in early implementation stages with significant concerns persisting over timing, consistency and alignment with international safety standards.
Critical reforms including adoption of revised primary aviation law and strengthening of safety oversight systems remain incomplete without verifiable outcomes, according to the assessment
.
The planned Union on-site assessment visit scheduled for September 2025 has been deemed premature given the need for further demonstrable progress across core aviation safety oversight areas.
Under current arrangements, EU member states must continue prioritising ramp inspections of all Iraqi-certified carriers to verify compliance with international safety standards. The Commission stated it would take further action if safety information reveals imminent risks from non-compliance with international standards.
The restrictions affect commercial operations within European airspace, maintaining safety protocols established under EU aviation safety regulations.
Iraq's Banking Reforms Update...The reforms aim to integrate Iraqi banks into the global financial system after decades of isolation due to sanctions and frozen assets.
Since November 2022, all bank transfers in Iraq have been processed through a Central Bank platform in cooperation with the Federal Reserve of the United States, marking Iraq's re-entry into global financial systems. The country now works with approximately 30 overseas banks, though challenges remain in opening international banking relationships.
Iraq is embarking on a comprehensive restructuring of its banking sector with the assistance of leading international consultancy firms, according to Dr Salih Salman, Advisor to the Iraqi Prime Minister, speaking at the Iraq Britain Business Council (IBBC) Spring Conference in London on Tuesday.
The Iraqi government has appointed Ernst & Young to restructure six of the country's seven state-owned banks, including the Industrial Bank, Real Estate Bank, Rafidain Bank, and Rasheed Bank.
The Trade Bank of Iraq (TBI) has separately engaged K2i and KPMG to help restructure its internal and external operations to meet international standards.
Dr Salman revealed that Rafidain Bank, Iraq's largest state-owned institution, will be reincarnated as the First Rafidain Bank with government participation reduced to less than 24 per cent. The remaining shares will be offered to private banks and international investors.
The restructuring plan is expected to be finalised and approved by the Iraqi government by the end of the year.
The private banking sector is also undergoing reform following a contract signed between the Central Bank of Iraq (CBI) and Oliver Wyman.
This two-to-three-year project will result in recommendations for private banks to either exit the sector, comply with international standards, or merge with other institutions.
(BTW Oliver Wyman, has been working on the private banking sector for some time. Hard to say how long they have left)
Iraq has made significant progress in electronic payment systems adoption, with financial inclusion rising from less than 10 percent in 2018-2019 to approximately 40 percent currently.
The number of debit and credit card points of sale (POS) has reached 60,000-70,000, whilst bank accounts have grown to 22-23 million.From June 2025, all government payments will be made electronically, with cash payments prohibited across government institutions.
The Iraqi government has launched awareness campaigns to encourage public adoption of electronic payment systems, moving away from the traditional cash-based culture.
The government has also introduced the Riyada programme, operated in partnership with the Central Bank of Iraq, to provide financing and training for small and medium enterprises.
The initiative offers a registration platform where participants can access training and potential financing opportunities.
Dr Salman emphasised that Iraq remains open to foreign investment and international consultancy services across all sectors, including legal, financial, accounting, auditing, and compliance services. The reforms aim to integrate Iraqi banks into the global financial system after decades of isolation due to sanctions and frozen assets.
Since November 2022, all bank transfers in Iraq have been processed through a Central Bank platform in cooperation with the Federal Reserve of the United States, marking Iraq's re-entry into global financial systems. The country now works with approximately 30 overseas banks, though challenges remain in opening international banking relationships.
The comprehensive banking reforms represent a significant shift towards international standards and greater private sector participation in Iraq's financial sector.
