Tishwash: Indonesia plans digital version of rupiah for financial market
Bank Indonesia will introduce Rupiah Digital, a digital version of Sekuritas Rupiah Bank Indonesia (SRBI), as part of a phased rollout through 2030.
The central bank plans gradual development, starting with experimentation in digital securities issuance, transfers, and withdrawals from 2025 to 2026.
Further testing will cover monetary operations and financial market transactions between 2027 and 2028, followed by advanced features such as programmability, composability, and tokenization in 2029 to 2030.
Rupiah Digital will be built on distributed ledger technology, according to the central bank’s Payment System Blueprint 2030.
Bank Indonesia also plans to issue BI-FRN, a new floating-rate note, to complement its existing monetary instruments.
Details on BI-FRN will be released in early November.
The instrument is intended to support the domestic financial market and real sector. link
Tishwash: An expert: 90 trillion dinars are hoarded by Iraqis and do not reach the banks.
Financial expert Mahmoud Dagher revealed on Sunday that the amount of cash held by the “public” is estimated at about 90 trillion dinars, out of a total of 98 trillion dinars that is the size of the cash mass in Iraq.
Dagher, who previously served as a director at the Central Bank of Iraq, told Shafaq News Agency that “the volume of issued cash is around 98 trillion dinars, of which 88 to 90 trillion are in the hands of the public.”
He added, “The public does not only mean the people, but also the merchants, the contracting companies, and the industrialists,” explaining that “Iraqis hoard money instead of depositing it in banks, because our society likes to deal in cash and needs a long time to get used to electronic payment methods, in addition to the lack of trust in banks among some depositors after the setbacks that occurred in the banks.”
He pointed out that “all these matters are considered behavioral issues, as people are accustomed to keeping a portion of their money, and so are companies, therefore Iraqis think this way.”
According to specialists, this phenomenon has many negative aspects, including that the central bank loses its actual control over the money supply, and that its tools such as the interest rate or rediscount become less effective, while banks suffer from a shortage of liquidity, which weakens their ability to finance projects and pushes investors towards informal financing, in addition to the difficulty of managing inflation due to the money supply not officially circulating, which negatively affects the central bank’s decisions in achieving its main goal, which is to control the general level of prices and achieve stability link
************
Tishwash: Al-Araji meets with the US Secretary of the Interior in the Bahraini capital, Manama.
National Security Advisor, Mr. Qasim Al-Araji, met with the United States Secretary of the Interior, Mr. Doug Borgum, on the sidelines of the Manama Dialogue 21 conference held in Bahrain.
During the meeting, discussions were held on the continuation of security cooperation between Iraq and the United States of America and the development of strategic partnership relations between the two countries in the field of exchanging information and expertise and combating terrorism and drugs.
The active role of Iraq in the stability of the region was also reviewed, through the Iraqi government’s policy of distancing itself from conflicts and bringing international and regional viewpoints closer together. link
*************
Tishwash: Al-Rasheed Bank calls on employees to update their data and warns of temporary account suspension.
Al-Rasheed Bank has called on all employees whose salaries are deposited with the bank to update their personal information via the bank’s mobile application, in accordance with the directives of the Central Bank of Iraq.
This update is intended to ensure the uninterrupted provision of banking services. The bank indicated that the update aims to organize and ensure the accuracy of the data, warning that failure to complete this procedure may result in the temporary suspension of the account until the update is completed. The bank clarified that this service is currently available only to employees and encouraged them to download the application from the App Store or Google Play. Users are advised to visit their nearest branch if they encounter any difficulties.
The bank stated in a statement:
Al-Rasheed Bank called on all employees whose salaries are deposited with it to quickly update their data exclusively through the bank’s application, based on the directives of the Central Bank of Iraq and to ensure the continued provision of banking services without interruption.
The bank explained in a statement that the update process is for auditing purposes aimed at organizing the data and ensuring its accuracy.
He noted that failure to update information may lead to the account being temporarily suspended until the required procedures are completed.
He explained that the service currently includes only employees and does not include retirees at this stage, calling for downloading the Al-Rasheed Bank application from the App Store or Google Play and completing the update process easily and securely.
The bank confirmed that if the update mechanism is unknown or if there is difficulty in using it, it is possible to visit the nearest branch of the bank. link
