Fri. PM KTFA News Articles from Iraq 11-3-23




Clare » November 3rd, 2023


#1. I was in Philadelphia, I went to Chase to deposit money and decided to ask if they exchange foreign currency, the branch manager immediately had me talk to a private banker who set up an appointment for me and my husband to speak to a private banker in wealth management we went yesterday we’re treated so nicely! We were told they currently exchange Dong along with other currencies we hold.  She knew all about the IQD and we were told once it’s on OFX – FOREX and the rate changes to call and they will have everything set up for us to come in and exchange. A truly wonderful experience. The bank is in PA.

#2. I believe banking experiences are driven by the individual location and especially the training level of the bankers. I mentioned my investment to a baker at Chase yesterday, and she immediately dug out a “Private Client” business card, different than the one on her desk. She said “When that happens, call me.” 

Iraq launches Visa Direct service to combat corruption, illicit funding

11/3/2023   Rudaw

ERBIL, Kurdistan Region – In a bid to curb money laundering, illicit funding, and the smuggling of dollars out of the country, the Visa Direct services were announced in Baghdad earlier this week.




The event was organized jointly by the First Iraqi Bank (FIB) and Visa Global.

Visa Direct, is a money transfer service aimed at transforming global money movements between Iraq and the rest of the world.

“This represents a remarkable development in Iraq. The Iraqi Prime Minister is pleased because the system and program introduced by FIB will play a crucial role in curbing money laundering and God forbids the flow of funds to terrorist activities and other illicit purposes,” said Ala Talabani, vice chairwoman of the board of directors at FIB, told Rudaw. 

One of the contributing factors to the instability of the Iraqi dinar is the absence of an electronic banking system. The Iraqi central government is actively pursuing an e-economy, partnering with companies to transition from the traditional paper-based economy.

“The central bank’s current plan focuses on enabling the government to adopt e-payment methods, reducing the reliance on paper currency and transitioning to an e-economy. While Visa and MasterCard are currently in use within Iraq, there is a need to promote their efficient, transparent, and cost-effective online usage for international transactions,” stated Ali Mohsen al-Alaq, Governor of the Central Bank of Iraq (CBI).

Most civil servants in Iraq receive their salaries through their accounts. In the Ministry of Labor and Social Affairs alone, over 300,000 individuals receive electronic payments.

“We have agreements with several electronic payment companies to utilize credit cards and MasterCard for social welfare recipients with disabilities. Visa Direct will undoubtedly contribute to extending the advantages of electronic payments for all,” mentioned Ahmed al-Asadi, Minister of Labor and Social Affairs.




Visa Direct partners link accounts with over five billion users globally, enabling the exchange of money in more than 160 different currencies.

Visa Direct eliminates the need for lengthy waits to withdraw or send money abroad.

The Iraqi dinar continues to lose value against the US dollar despite ongoing efforts from the federal government to control the instability

The depreciation of the Iraqi dinar has been attributed to the smuggling of dollars out of the country, mainly to neighboring Iran.

The US in July banned transactions with 14 Iraqi banks for allegedly violating its rules. The move further dropped the value of the Iraqi currency.   LINK

Source: Dinar Recaps


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