Wednesday, December 25, 2024
Iraq announces great strides in digital transformation, 25 DEC
Iraq announces great strides in digital transformation
Economy News – Baghdad
The Ministry of Finance announced on Tuesday that it had made great strides in digital transformation and electronic payment, while pointing to progress in the field of automating customs procedures to ensure financial sustainability and diversification of the economy.
The representative of the Minister of Finance / Undersecretary of the Ministry, Ribaz Mohammed Hamdan, said in a speech during the fourth annual international scientific conference, entitled (Digital Financial Services – Challenges of Reality and Future Foresight), that “our conference today comes within the government efforts in the implementation of the government program, as digital financial services have witnessed a rapid development in recent years and modern technology has contributed to accelerating the financial process.”
He added that “the ministry has made great strides in the digital transformation, including money transfers, electronic payment, online loans and mobile banking services, which has increased the efficiency of accelerating financial transactions and reducing the need for cash transactions and providing services to people who do not have access to traditional banking services, noting that “innovation and development in this field have been promoted and ways of cooperation between the relevant authorities in the field of financial technology and discussed and reviewed the most prominent solutions related to cyber security and future risks in this sector and how to take precaution for those risks.”
He added that “the ministry has advanced in the field of automating customs procedures to ensure financial sustainability and the diversity of the economy in accordance with the principle of integrity, transparency and anti-corruption, and the implementation of programs in the Financial and Accounting Training Center to train employees on the use of new digital systems with the aim of enhancing digital skills in the ministry, improving financial performance and enhancing confidence in the financial system.”
FIREFLY: "We're going digitally with a new rate" , 25 DEC
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: All banks according to Mr. Sammy have stopped all cash transfers from today to January 7th as part of early inventory. We have declared a two-day holiday on Christmas and then the next day. This is the first time that we've ever done anything like that on Christmas.
FRANK: Soon you will have purchasing power for the first time in a long time.
FIREFLY: This will also mark the end of using or handling cash as ever before...We're going digitally with a new rate...
What are Iraqis waiting for after the news of the “sudden suspension” of the dollar sale platform by the Central Bank?, 25 DEC
Baghdad Today – Baghdad
The financial and banking specialist, Alaa Al-Fahd, commented on Tuesday (December 24, 2024) on the impact of the suspension of the “platform” by the Central Bank on the markets during the next phase.
Al-Fahd told Baghdad Today that “the Central Bank of Iraq worked during the previous period with a plan through the auction of the sale of currency in the first phase, then the establishment of the electronic platform and intensive work to find correspondence methods between local banks and foreign banks with which we have commercial relations and their output in external transfers, and that is why the bank announced for a while that the end of this year the platform will be stopped and there will be direct correspondent banks.”
He pointed out that “this is normal. All central banks in the world are tasked with maintaining monetary policy and not selling currency. There is no central bank in the world that sells currency and mediates in the sale and purchase of currency. This work is the responsibility of banks and exchange companies, and this is true and it is a great challenge so that banking commercial relations are directly, according to monitoring by the Central Bank of Iraq.”
He added that “stopping the platform will not affect local markets from the dollar exchange rate, but there are those who try to broadcast rumors that this step will change the exchange rate, so selling the dollar itself that the Central Bank of Iraq was selling through the platform will be sold to banks and banks that have relations with foreign banks so that the transfer is direct according to electronic and monitored transactions, and for this the situation is under control and there is no fear of the impact of the markets.”
Economist Ziad Al-Hashemi revealed on Monday that the Central Bank of Iraq was suddenly suspending the operation of the dollar transfer platform before the scheduled date and without an official announcement and without taking into account the interests of Iraqi companies and markets, in a step that is said to be far from professionalism and transparency.
Al-Hashemi said in a post on the social networking site “Facebook”, followed by “Baghdad Al-Youm”, that “the suspension of the platform without an official announcement by the Central Bank may indicate that there is uncertainty and fear of the results of the platform’s suspension on dollar exchange rates, and the non-announcement can give the central opportunity to renege and evade the decision to stop the platform and return to the platform to operate the platform, even in case the dollar begins to rise to large rates.”
CRYPTO TRADER: HERE IS THE THEORY!!, 25 DEC
CRYPTO TRADER
Last year they revalued dinar to 1310 on February 7th,Which was a tuesday. Here is the theory.
Tomorrow being Tuesday and Christmas eve they can revalue after the US markets close as all forex closes till 5 pm Christmas day.
They have ample time just like Sunday and it's a perfect diversion . It will hit forex on boxing day which is Thursday .2 days of adjustments on forex and 2 days of weekend. And people can start exchange from 30th Monday which is a new moon day.
Lot of financial market positive moves happen on newmoon ,historically. And like sudani promised its just 1 day before the year end.
They can adjust their books according to the New rate for the new fiscal year starting Jan 1st 2025.
It's a perfect storm if it happens. Both Sudani and Alaq would be delivering on their promise if this theory is realized. Again it's just my thought process. Please use your discernment. Happy Holidays!
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