Kurdistan Banks Will Take Their Share Of Sanctions .. Economic Shows The Reasons
Economy Yesterday, 12:40 |Baghdad today – Baghdad Economic expert Hevidar Shaban, today, Thursday (27 February 2025), is the reasons for imposing US sanctions on a number of banks in the Kurdistan region.
Shaaban said in an interview with “Baghdad Today” that “in the context of coordination between the US Treasury and the Central Bank of Iraq, sanctions will be imposed on banks in the region, including joint banks in my accounting project for employees salaries in Kurdistan.”
He added that “this process is to control the
smuggling of currency in some banks in the region, control
money laundering,
illegal dealings, and the
structural organization of banks.”
Earlier this month, two informed sources reported that the
Central Bank of Iraq would prevent local banks from dealing with dollars.
“The Central Bank of Iraq will prevent 5 local banks from dealing with dollars in the US Treasury request.” The two sources added,
“3 companies for payment services will be banned from dealing in dollars according to the US Treasury request,” the two sources added. They pointed out,
“America has submitted its request due to
severe cash violations and the
smuggling of the dollar outside the country.”
https://baghdadtoday.news/268804-مصارف-كردستان-ستأخذ-نصيبها-من-العقوبات.-اقتصادي-يبين-الأسباب.html
The Digital Currency To Be Launched In Iraq … Between Economic Opportunities And Potential Risks
Economy Yesterday, 16:12 | Baghdad today – Baghdad The specialist in the international economic affairs, Nawar Al -Saadi, revealed today, Thursday (27 February 2025), the importance of the Central Bank of Iraq to launch its own digital currency.
Al -Saadi told “Baghdad Today” that “economically, this step carries great benefits,
but at the same time it involves challenges and risks that must be dealt with with caution.” He indicated,
“The importance of this step lies in several aspects, most notably that
it provides a more efficient and transparent electronic payment method, which
reduces dependence on paper criticism and
limits the informal economy.”
He continued, “The digital currency of the central bank can contribute to
reducing the costs of printing and
managing the paper currency, and
improving monitoring of cash flows, which contributes to
fighting corruption and money laundering.”
He added, “Nevertheless, this step is not without risks, especially in light of the challenges facing the Iraqi financial system,” noting that “the most prominent concerns, the possibility of using the digital currency in smuggling operations, especially if there are no strict mechanisms to control digital transactions, and Iraq is already suffering from challenges in controlling transfer of money through informal channels, and any weakness in the management of the digital currency may lead to exploitation before Legal.
Al -Saadi also warned that “there are risks related to cash stability, as
the rapid shift to the digital currency may lead to pressure on the traditional banking system,
especially if the banks are not technically and practically prepared for this change, moreover,
any security or technical defect in the digital infrastructure may make the financial system more vulnerable to electronic or piracy attacks.”
The specialist in the international economic affairs pointed out that
“in order to ensure the success of this step, it is necessary for the central bank to
follow a deliberate policy to implement it gradually,
with a clear legal framework to regulate the use of digital currency,” stressing “the need to
enhance the digital banking infrastructure and
ensure the readiness of the financial system to accommodate this transformation without affecting economic stability, and
if this policy is applied with caution and transparency, the
digital currency can form The Central Bank has an effective tool to
enhance the Iraqi economy and
push it towards more modernity and financial openness. “
The Governor of the Central Bank, Ali Al -Alaq, revealed earlier on Wednesday,
the approach to the establishment of a bank digital currency, to replace paper currencies.
Al-Alaq said, in a speech during the Ninth Finance and Banking Conference and Exhibition, and followed by “Baghdad Today”, that “the financial and banking system will witness fundamental transformations,
including the decline of paper currencies to be replaced by digital payments for central banks.” He added that “the central bank is moving to create a digital currency of its own,
to gradually replace the paper process as it is taking place in some central banks in the world,” noting that “we are seriously thinking about establishing a data center in Iraq, and the bank starts moving in this matter within the steps of digital transformation.”
https://baghdadtoday.news/268817-العملة-الرقمية-المزمع-اطلاقها-في-العراق.-بين-الفرص-الاقتصادية-والمخاطر-المحتملة.html
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