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Tishwash:
Central Bank: Achieved international integration by linking the Iraqi electronic payment system to global network
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Wednesday, that the financial inclusion rate has risen to more than 40 % , noting that the bank has achieved international integration by linking the Iraqi electronic payment system to global networks.
Al-Alaq said in a speech during the ninth annual exhibition and conference for finance and banking services in Iraq, “There is a complete roadmap for digitizing banking services through electronic payment as a main tool for digital transformation, as the number of devices has reached 63 thousand devices in the governorates of Iraq,” according to what was reported by the official news agency.
He added, “The number of electronic teller machines has reached more than 4,000 machines and the number of bank cards is about 17 million cards,” indicating that “the Central Bank supported the licensing and operation of electronic wallets via mobile phone that allow charging, transferring and paying bills, which raised the rate of financial inclusion to more than 40 % compared to 20% three years ago
He pointed out that “the number of permanent wallets reached 1.2 million wallets, and we achieved international integration by linking the Iraqi electronic payment system to global payment networks, which allows the transformation of accepting foreign cards locally and expanding the acceptance of Iraqi cards internationally,” adding that “the achievements made in the field of information technology and electronic payments in the Central Bank represent a fundamental shift in the financial system.” link
Al-Sudani discusses with US Secretary of State areas of coordination between Iraq and the new Washington administration
Prime Minister Mohammed Shia Al-Sudani received a call from US Secretary of State Marco Rubio today, Tuesday (February 25, 2025). The call discussed bilateral relations between Iraq and the United States, with a focus on ways to enhance and develop them in various fields.
According to a statement by the Prime Minister’s media office, received by “Baghdad Today”, during the conversation, areas of coordination between Iraq and the new US administration were discussed, in addition to frameworks for cooperation within existing bilateral agreements.
According to the statement, the progress made in joint work between the two countries was reviewed, with an agreement to intensify communication and enhance cooperation to achieve common interests. link
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The dollar declines in Iraq.. Stability or temporary calm?
Today, Tuesday, the local Iraqi markets witnessed a noticeable decline in the exchange rate of the dollar against the dinar, as the selling price fell to 149,750 dinars for every 100 dollars, while the buying price reached 147,750 dinars.
This decline comes after months of volatility, as the dollar exceeded the 150,000 dinar barrier for a long time, raising widespread concerns about its impact on prices and inflation in the country.
What are the reasons for the decline?
There are several factors that may be behind this decline, most notably:
The measures of the Central Bank of Iraq aimed at controlling the exchange rate, by tightening control over dollar transfers and reducing reliance on the black market.
Recent government moves to combat financial speculation and take steps to control the flow of dollars in official markets.
Improvement in the flow of dollars through official channels, following agreements between Iraq and international financial institutions.
Will this decline continue?
Despite the current decline, the most important question remains: Will we witness real stability in exchange rates? Or is this decline merely a temporary decline due to immediate measures? Previous experiences indicate that the exchange rate is affected by many factors, including the political situation, cash flows, and US measures against banks a-----d of currency smuggling.
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Implications for markets and prices
Any decline in the dollar price is expected to contribute to a decline in the prices of imported goods, especially food, medicine and electronics, but the question remains: Will this decline be reflected quickly in the markets? Or will traders continue to price according to previous prices to achieve greater profits?
Conclusion
The dollar breaking the 150,000 dinar barrier for the first time in months is a positive development, but it does not necessarily mean that the crisis is over. The matter remains subject to the ability of the government and the Central Bank to maintain this stability and prevent speculation that may return the dollar to its upward path again. Is this decline the beginning of an economic breakthrough, or just a temporary break before a new wave of increases? link
Source: Dinar Recaps
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