With our dinar and our products we are stronger... Support the Iraqi dinar

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With our dinar and our products we are stronger... Support the Iraqi dinar

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We made it easier and faster with electronic payment services Learn about the advantages of electronic payment in Iraq

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Central Bank discusses in Washington the re-integration of banks banned from the dollar

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The Central Bank issued a statement, seen by "Ultra Iraq", regarding the visit of the delegation headed by the Governor of the Central Bank, Ali Mohsen Al-Alaq, to the United States of America, in which he said that the delegation discussed the use of electronic payment cards and ways to organize and stimulate their use in line with Iraq's trend towards electronic payment.

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This came "during separate meetings with a group of companies such as (Visa, Mastercard and MoneyGram), as the international auditing company (KPMG) presented an extensive analytical presentation of the uses of these cards, supported by recommendations and proposals to enhance organized use and accommodate the significant increase in citizens' use of these cards."

The Central Bank of Iraq announces the results of its visit to New York: A high-level delegation negotiated with the US Treasury

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The Central Bank of Iraq confirmed in a statement received by Shafaq News Agency that a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank, in addition to meetings with a group of companies (Visa, Mastercard and MoneyGram) as well as banks (Citi Bank and JP Morgan) as well as international auditing firms (KPMG, E&Y, K2i and Oliver Wyman).

He added that the participants in the meetings praised the major transformations accomplished by the Central Bank of Iraq, which represent an unprecedented achievement at the country level, as the bank has achieved remarkable progress in the procedures for monitoring foreign transfers and cash sales of the US dollar, which has led to improving systems, policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, terrorist financing and financial crimes.

"Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency

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The Prime Minister's financial advisor, Mazhar Mohammed Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions.

Saleh said in a statement reported by the Rudaw media network, and seen by Al-Eqtisad News, that he rules out the possibility of the government removing zeros at present, indicating that “removing three zeros from the currency has nothing to do with the value of the currency, but rather with improving cash payment systems.”

Soon Resumes Investigation into Changes Made to the General Budget Law tables

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The Parliamentary Finance Committee confirmed that it will soon resume its investigation into changes to the general budget law tables that were officially approved by the Council of Representatives, and objected to by the Prime Minister's Office. Committee member, MP Moeen Al-Kazemi, said in a statement to the National Iraqi News Agency ( NINA ), that "the parliamentary investigation committee assigned by the Finance Committee will resume its work soon, to determine the reasons for the change in the general budget tables officially signed by the Speaker of Parliament and sent to the Council of Ministers."

Is Iraq heading towards printing new paper currency?

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Committee member Moeen Al-Kazemi said in a statement followed by "Al-Eqtisad News": "There is no intention to print new paper currency at the Central Bank," noting that "the Ministry of Finance began funding ministries and governorates with salaries two days ago." He added that "the cash mass required monthly to pay employees' salaries is estimated at four million employees and four million beneficiaries of the Retirement Authority and two million social care, which is approximately 7 trillion and 500 billion dinars." He

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Iraq's top court rejects lawmaker's challenge to budget approval

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In a statement to Shafaq News Agency, al-Maliki explained that the court justified its rejection by citing a lack of jurisdiction to hear the appeal in its current form against the parliamentary decision.

“The court seems to be suggesting that the challenge should be filed directly against the budget tables,” al-Maliki said. “However, even in that case, the appeal would likely be rejected based on the internal regulations that prohibit non-governmental entities, including members of parliament and citizens (Article 22 of the internal regulations), from filing such appeals.”

Government Advisor: “Petro Dinar” Requires Good Stock of Foreign Currencies and Gold

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The Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, explained today, Sunday, that "the adoption of the dinar in pricing oil, or what is called (petro dinar), requires, first of all, the availability of foreign reserve currencies or gold, as Russia did when it purchased Russian oil with gold-backed rubles, which caused problems that we will discuss later."

He added in press statements that "these foreign reserves must be available (as a necessary condition) and operate according to a high standard of efficiency that guarantees the stability of the exchange rate linked to oil (the petro dinar) in order to hedge against oil price fluctuations to ensure the stability of the exchange rate (the petro dinar) itself."

Has the spark ignited in the Iraqi dinar and the near-total collapse?

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Economic expert Mustafa Hantoush said today, Saturday, that the current thinking about changing monetary policies for the next stage is incorrect, regardless of the people who will be nominated for the position of governor.

Hantoush told the news agency, “Iraq is currently going through a phase of almost complete collapse in monetary policies, which are: “the policy of preserving the national banking system - the policy of international monetary relations - the policy of protecting the local currency against foreign currencies.”

Issuing a new currency in Iraq.. Implications and implementation challenge

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The talk is back Again about the project to remove zeros from the Iraqi dinar and also issue a new currency. This A procedure that several countries resorted to, including Turkey in 2005 and also Venezuela in 2021, but can this project be implemented, the project to remove zeros from the Iraqi currency during Currently, countries usually resort to adding zeros to confront waves of inflation and rising prices during periods of wars and crises, which of course lead to the erosion of the value of the currency, so the deficit in government budgets is financed through the issuance of cash...