Tishwash: Iraq among the best in the world in controlling the sale of the dollar
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, that Iraq has become one of the best countries in the world in controlling the sale of the dollar.
Al-Alaq said in an interview with the official agency, followed by Iraq Observer, that “Iraq has today become one of the best countries in the world in controlling the sale of the dollar, as this process is carried out with transparency and accuracy, and through it the citizen verifies his documents and his departure from the country,” explaining that “this mechanism is the most disciplined, transparent and controlled in the world, as indicated by international experts.”
Al-Alaq added that “false news and media distortion may harm the interests of Iraq and the banking sector,” stressing the importance of being proud of the major developments witnessed by Iraq. He explained that “the government and the Central Bank are working hard to establish sound practices that are compatible with international standards,” calling for “the need to highlight these achievements in the media.”
He pointed out that “highlighting these transformations and developments helps enhance international confidence in the Iraqi banking sector, which is vital to continue developing the financial system in Iraq.” link
Tishwash: Financial Advisor: Central Bank Digital Currency Will Boost Transparency, Improve National Payments
The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, explained today, Saturday, that issuing a digital currency for the Central Bank will be an important step towards enhancing transparency and achieving a qualitative leap in the national payments system.
Saleh said in a statement to the official agency, followed by NRT Arabic, that “the Central Bank plans to issue a digital currency as a gradual alternative to paper currency,” noting that this step will contribute to reducing cash leakage and lowering the costs of printing paper currency, in addition to reducing the circulation of money outside the banking system.
He added that the digital currency will allow tracking financial flows, improve control over capital and foreign transfers, support anti-money laundering efforts, and contribute to enhancing financial inclusion, especially for groups less integrated into the banking system.
Saleh explained that Iraq’s transition to digital currency requires a strong technical infrastructure, including advanced internet networks and advanced cybersecurity systems to protect data and transactions.
Digital currencies will also support efforts to enhance economic and social integration through government use in collection operations and official transactions. link
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Tishwash: Federal Oil invites “APICOR” and Kurdistan Wealth to meet in Baghdad
The Federal Ministry of Oil has set next Tuesday as the date for a meeting with the Ministry of Natural Resources in the Kurdistan Region to discuss issues related to the concluded contracts and reach understandings that contribute to the development of oil fields, while an invitation was extended to foreign companies contracting with the Kurdistan Regional Government to develop the region’s fields.
The ministry stated in a statement, received by the Iraqi News Agency (INA) today, Saturday, that it “extended an invitation to international foreign companies under (APICOR) and contracted with the Kurdistan Regional Government to develop the region’s fields.”
The statement continued, “The ministry extended an invitation to the Ministry of Natural Resources in the region to attend in Baghdad next Tuesday for the purpose of discussing and debating issues related to the concluded contracts to reach understandings that contribute to developing the oil fields with the best international practices and in a manner that serves the national interest.” link
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Tishwash: Reasons for stopping cash withdrawals outside Iraq by TBI
Today , Friday (February 28, 2025), banking and financial affairs specialist Ahmed Abdul Rabbo revealed the reasons for stopping cash withdrawals outside Iraq by the Trade Bank of Iraq.
“There is a strong possibility that the decision is related to combating currency smuggling, as the Central Bank of Iraq and financial institutions have previously taken similar measures to limit the exit of the dollar through unofficial means,” Abdul Rabbo told Baghdad Today.
He explained that “some parties were using electronic payment cards to withdraw cash from abroad with money purchased at the official exchange rate inside Iraq, then reselling it at higher prices in the parallel market, which constitutes a type of currency smuggling.”
He explained that “there is a strong possibility that the decision came in response to American pressures related to regulating dollar flows and preventing its smuggling to countries subject to American sanctions, such as Iran. Washington has imposed strict restrictions on Iraqi banks in recent periods, and asked the Central Bank of Iraq to take strict measures to control financial transfers, especially after detecting currency smuggling operations through the use of electronic payment cards.”
He added that “the decision appears to have come as part of broader measures to control the banking sector and prevent the misuse of the dollar, and is an extension of previous measures imposed by the Central Bank, either in response to American pressure or as part of efforts to combat financial corruption and smuggling.”
Yesterday, Wednesday, the Trade Bank of Iraq announced the suspension of cash withdrawals via ATMs outside Iraq.
The bank’s media advisor, Aqil Al-Shuwaili, said in a brief statement, “Due to the risks resulting from the misuse of electronic cards (Visa and MasterCard), and to avoid these risks, cash withdrawals via ATM machines for these cards outside Iraq only have been stopped.”
He added, “Cards can be used to pay through POS machines and online.” link
