Walkingstick
Remember, the value of their currency is items [assets] tapped and items untapped. Therefore, it is far more than what they are registering.. .
All resources in Iraq as whole whether they are mined or unmanned, tapped or untapped, oil and gas resources, all of this counts towards their reserves and towards the value of their currency.
KTFA
FRANK26: "THIS IS PART OF THE MONETARY REFORM AND TO LEAVE THE BORDERS".....F26
6/9/2025
He pointed out that "the will was vested in the Central Bank of Iraq and the financial sector as a whole—banks and electronic payment companies, which have contributed significantly to shifting the economy from cash to cashless."
He continued: "The number of cards, according to the statistics available to us, has exceeded 22 million, and thus this number is constantly increasing. The coming days will witness a higher rate of increase, given that on July 1, cash will no longer be accepted at all state institutions. While cash is currently available, it will be available in its entirety, including at gas stations."
Regarding card usage, Al-Najjar explained that "the number of cards in use exceeds 17 to 18 million, and the situation is on the rise. We're talking about more than 40% of citizens using electronic payment tools, and the coming days will witness further change."
He added, "Most citizens own more than one card from more than one company and more than one bank. Their use is limited, and some only use them at government institutions. We need to educate more about the use of these cards in commercial markets and shops. This issue falls on us to raise awareness about the culture of electronic payment."
In this context, Al-Najjar announced a new campaign to spread the culture of electronic payment, saying, "I announce that the "We Will Reach You" campaign, which was launched on January 11, 2025, will be available in the coming days, at the beginning of next month or the end of this month. We will be present in the Kurdistan Region to spread the culture of electronic payment widely."
He explained that Iraq is striving to achieve global standards in this field, saying, "The global system speaks of one POS device for every 37 citizens. Today, in Iraq, we are striving to reach this point by deploying POS devices in shops, large and small markets, and even among kiosk owners."
He pointed out that "electronic payment companies are trying to make these devices available and encourage their use by citizens through loyalty programs launched by companies and banking institutions."
Regarding the situation in the Kurdistan Region, Al-Najjar said: "Today, the Kurdistan Region has entered the localization phase, so the POS deployment phases will be faster and more acceptable to the public, given that they have already gone through this experience in previous phases, but today it is becoming widespread."
He explained that the devices are often distributed free of charge, and that sometimes a small insurance fee of no more than 200,000 to 300,000 dinars is imposed, which is refunded when the device is returned without defects.
Al-Najjar considered Halabja Governorate to represent a strategic launch for the "We Reach You" campaign, explaining: "Today, Halabja Governorate is a new Iraqi governorate. We used to have 18 governorates, now we have 19. Therefore, our people in the Kurdistan Region have a significant share of the electronic payment culture."
He continued: "Choosing Halabja Governorate to launch the "We Will Reach You" campaign from this governorate is a move towards the Kurdistan Region, and also the northern regions of Iraq. I mean here the areas bordering the Kurdistan Region: Mosul, Kirkuk, Salah al-Din, and also the other governorates."
Al-Najjar confirmed that this campaign is being directly sponsored by the Central Bank of Iraq and supported by several financial institutions, including the Bank of Baghdad, the Development Bank, Arab Bank, K-Card, Rafidain Bank, Al-Saqi Bank, Bank of the South, Amwal Bank, Al-Ahli Bank, and others.
He concluded his remarks by pointing out that "banking financial institutions and electronic payment companies are sparing no effort to motivate citizens through loyalty programs, under the direct supervision of the Central Bank of Iraq, the Payments Department, the Financial Inclusion Division, and other relevant departments, with the goal of delivering financial services directly to citizens."
Sandy Ingram
Iraq is on the Forex market... but not in the same way as major global currencies like the US dollar, Euro or British pound.
The IQD is not freely convertible internationally.
You can't walk into a bank or forex platform in the United States or Europe and easily trade IQD. Most major Forex brokers do not list the Iraqi dinar for retail trading because it is a non-convertible restricted currency. Its trading is confined mainly to inside Iraq or in niche physical currency exchanges abroad, often for speculative purposes.
KTFA
FRANK26: "EVERYTHING WILL BE OVERHAULED!!!".....F26
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.
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.
SANDY INGRAM: Why the Iraqi Dinar Isn't on Forex Yet. IQD Adjustment Timeline
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🛢️📊 Analysis: The Role of Iraq’s Sovereign Wealth Structure and Its Potential Impact on Dinar Stability 🧭 1. Context: What the “Develop...