Central Bank Governor: Digital Currency Will Solve 90% Of The Problems In The Iraqi Financial System
banks Economy News – Baghdad The Governor of the Central Bank of Iraq, Ali Al-Alaq, affirmed on Thursday that lasting solutions must be built in a way that closes the gaps in the financial system. He explained that the tools available today, especially modern technology, offer effective solutions and address many of these gaps.
Al-Alaq said during the “Investing in Reconstruction… The Role of Banks” conference in Beirut that “the main problem between the Iraqi treasury and society is the use of the dollar in cash within Iraq, which is a normal social matter in Iraqi society. He added: “We have worked on this issue and presented other alternatives that reduce dependence on cash, and we have developed the financial system so that cash dollars are restricted to travelers only.”
He explained that the “traveler’s dollar” system prevents any attempts at circumvention, emphasizing that the US Federal Reserve indicated Iraq ranks first in controlling the use of cash dollars within the country. He noted that these measures have reduced the use of foreign currency by 80% and shifted the majority of domestic financial transactions to the Iraqi dinar.
Al-Alaq concluded his remarks by noting that work is underway to develop the digital currency, which is expected to solve about 90% of the financial problems in Iraq, stressing that this step represents one of the radical solutions for the financial system in the country. https://economy-news.net/content.php?id=62785
The Central Bank Of Iraq Announces The Success Of Its Monetary Policy In Curbing Inflation.
banks Economy News – Baghdad The Central Bank of Iraq confirmed on Thursday that there is no intention to change the official exchange rate. While noting that the rumors that are spread from time to time aim to speculate in the parallel market, it pointed out that its monetary policy has succeeded in curbing inflation, as evidenced by international recognition.
Alaa Al-Fahd, a member of the Central Bank’s media office, said, “There are parties trying to fish in troubled waters and spread rumors and false news that are far from the Central Bank’s jurisdiction in order to raise exchange rates in the parallel market,” indicating that “the Central Bank always defends monetary policy and the general price level.”
Al-Fahd added that “inflation rates in Iraq have reached, according to international testimony (the IMF and the World Bank), low and historic rates compared to the countries of the region, and have even reached the negative rate, which is happening for the first time and is considered an achievement for monetary policy in preserving purchasing power, especially for the poor classes.”
He explained that “the Central Bank continues to finance foreign trade with high smoothness, while diversifying the basket of foreign currencies (Chinese yuan, UAE dirham, Turkish lira), as well as shifting from the electronic platform to strengthening balances through direct correspondence with global banks,” stressing that “these measures have achieved clear monetary stability.”
Regarding the difference between the official and parallel market rates, Al-Fahd explained that “the price in the parallel market does not reflect the real demand for the dollar, but rather represents an illegal and unofficial demand for speculation, since the Central Bank covers the legitimate demands for financing trade and travel,” noting that “any talk about changing the exchange rate issued by non-experts aims to confuse the public.”
Al-Fahd stressed that “determining the exchange rate is the exclusive prerogative of the Central Bank according to the legal article in Law No. 56 of 2004, and despite coordination with the government and the Ministry of Finance, the technical opinion of the Central Bank at this stage does not support any change or increase in the exchange rate due to the stability achieved in monetary reserves and price levels.” https://economy-news.net/content.php?id=62791
Trump’s Envoy: There Is No Place For Armed Groups In Iraq
November 27, 2025 London – Al-Zaman : US President Donald Trump’s envoy, Mark Savaya, confirmed on Thursday that the Iraqi government must identify those responsible for the attack on the Kormor oil field and bring them to justice, while noting that it should be clear that there is no place for armed groups in Iraq.
Savaya said in a post on the X platform that “illegal armed groups, driven by hostile foreign agendas, launched an attack yesterday on the Khor Mor gas field.”
He continued: “The Iraqi government must identify those responsible for this attack and bring them to justice. Let it be crystal clear: there is no place for such armed groups in a fully sovereign Iraq.” He added that “the United States will fully support these efforts, and every illegal armed group and every supporter of it will be tracked down, confronted, and held accountable.”
He added, “The United States supports a strong Kurdistan within a unified and stable Iraq, and we encourage Baghdad and Erbil to deepen their security cooperation and work closely to protect vital infrastructure for the economy and energy.”
He noted that “the United States reaffirms its unwavering commitment to assisting the Iraqi government in strengthening its defense capabilities and building its national forces. Together, we will continue to protect Iraq’s resources, defend its sovereignty, and ensure the security and well-being of all its citizens.” LINK
Brent Crude Futures Stabilize
Economy | 28/11/2025 Mawazin News – Follow-up: Brent crude futures saw little change as investors awaited progress in Russian-Ukrainian peace talks and the outcome of Sunday’s OPEC+ meeting for clues about potential supply changes that could impact prices.
Brent crude futures for the nearest delivery month settled unchanged at $63.34 a barrel in thin trading after rising 21 cents at Thursday’s settlement, while the more actively traded February contract fell 2 cents to $62.85.
U.S. West Texas Intermediate crude rose 35 cents, or 0.60%, to $59 a barrel. There was no trading in U.S. crude on Thursday due to the Thanksgiving holiday in the United States.https://www.mawazin.net/Details.aspx?jimare=270878
Gold Continues To Rise And Is On Track For Its Fourth Consecutive Monthly Gain.
Economy | 28/11/2025 Mawazin News – Follow-up: Gold prices rose, continuing their upward trajectory towards achieving monthly gains for the fourth consecutive month, supported by increasing expectations of a US Federal Reserve interest rate cut next month. Silver also continued its ascent, nearing a new record high, just one dollar away.
Gold traded near $4,190 an ounce, up about 5% during the week, bolstered by a wave of statements from Federal Reserve officials and delayed US economic data due to the government shutdown, which increased the likelihood of a rate cut. Swaps traders are pricing in a probability exceeding 80% for a quarter-point cut in December.
The US government shutdown, the longest in history, has delayed the release of key economic statistics, and some may not be released at all, making it difficult for the Fed and investors to assess the state of the world’s largest economy and reinforcing the trend towards gold as a safe haven.
Gold has posted near-monthly gains throughout the year and is on track for its best annual performance since 1979, supported by heavy central bank buying and strong investor inflows into exchange-traded funds (ETFs). This pushed it past $4,380 an ounce last month, a record high.
Gold has held steady above $4,000 this month despite retreating from its peak, while ETF inflows have remained stable for the fourth consecutive week. Silver rose 1%, nearing its all-time high, supported by tight supply, increased ETF inflows, and expectations of interest rate cuts. Gold climbed to $4,190.17 an ounce by 10:03 a.m. in Singapore.
The spot dollar index remained steady, platinum edged higher after a strong 1.6% jump on Thursday, and silver and palladium continued to post notable gains.
Global markets are awaiting all the expected signals before the Federal Reserve enters its period of media silence, at a time when alternative assets, including gold, are witnessing increasing demand as investors withdraw from government bonds and currencies. https://www.mawazin.net/Details.aspx?jimare=270876
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