Central Bank Governor: We Have Received 80 Applications To Establish Digital Banks.
Buratha News Agency 2025-10-09 The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced on Thursday that the bank has received approximately 80 applications to establish digital banks, stressing that the names of licensed digital banks will be announced soon. Al-Alaq told the official agency, “The Central Bank has received between 70 and 80 applications to establish a digital bank. This number can only be licensed according to a set of criteria based on market studies, the nature of the work, and the experiences of other countries, where the number of digital banks usually does not exceed two, three, or four.”
He continued, “Therefore, we have begun vetting processes to determine requirements in a way that ensures that licenses are granted to entities with the best qualifications.” He emphasized, “We are now in the final stages of announcing the banks that will be licensed.”
He added, “Before making the final decision, we engaged Oliver Wyman to review the criteria set by the Central Bank, based on which licenses will be granted.”
Al-Alaq also explained that “the aforementioned company has been studying these criteria over the past few days, having been preoccupied with the banking reform file and the comprehensive plan, and we believe we will receive a final answer within the next few days.” http://burathanews.com/arabic/economic/466243
Combating Financial Fraud Enhances Confidence In The Banking Sector.
Samir Al-Nusairi Due to the successes achieved by the government and the Central Bank during the years (2023-2025) in expanding the field of digital transformation, activating electronic payment, and spreading the culture of using electronic cards among citizens.
The Central Bank and banks have begun receiving complaints of electronic financial fraud involving the exploitation of the accounts of retirees and various segments of society, particularly this year. Several cases of electronic financial fraud have been identified, including the withdrawal of deposits and salaries from employees’ and bank customers’ accounts using various fraudulent methods, which constitute financial crimes punishable by the Iraqi judiciary.
In addition to the entry and exit of funds through unofficial border crossings, which are exploited for currency counterfeiting and money laundering, the Central Bank has announced the creation of a complaints platform and is urging banks to launch a broad media and advertising campaign to warn citizens of the dangers of engaging in these illegal activities and their potential to harm the national economy.
Government agencies, the judiciary, and oversight bodies in Iraq have amended their applicable laws, issued new instructions and proactive controls, and developed procedural and electronic means to combat these crimes and protect their funds and the national economy.
Iraq, like other countries, has activated its economic and legislative apparatus and institutions to combat these crimes. It issued Anti-Money Laundering Law No. 39 of 2015, which included 12 chapters and articles that defined the crimes covered by the law and the penalties for each financial crime.
It also adheres to international standards that limit money laundering issued by the FATF, in addition to the crimes of counterfeiting, forgery and fraud stipulated in the Iraqi Penal Code and the instructions issued by the financial and monetary authorities, represented by the Central Bank of Iraq and the Ministry of Finance, to combat these crimes with the aim of preserving Iraq’s funds, especially its foreign currency, due to the impact of these crimes on the national economy and the creation of stifling economic and financial crises, which reflects on sustainable development.
The serious matter that contributes to the spread of this phenomenon is the weak compliance of financial and banking institutions with international compliance rules and standards, which means they are exposed to financial risks of all kinds, the most important of which are reputational risks, which directly affect Iraq’s international economic, financial and banking transactions, which affect Iraq’s external economic relations with countries around the world, especially the financial and banking transactions of Arab and foreign correspondent banks.
However, laws alone and internal judicial procedures cannot combat these financial crimes, which requires the development of local and international proactive electronic oversight methods by adopting mechanisms and policies regulated by international agreements for cooperation in reducing financial crimes related to money laundering, terrorist financing and electronic financial crimes related to electronic payment operations. https://economy-news.net/content.php?id=60929
Gold Prices Fall Globally After A Record Rally
Thursday, October 9, 2025, 09:57 AM | Economics Number of reads: 249 Baghdad / NINA / Gold prices fell on Thursday, after a record rally that pushed the metal above the $4,000 per ounce barrier for the first time ever, as investors headed towards profit-taking following the historic rise amid economic and geopolitical uncertainty.
Spot gold fell 0.4% to $4,020.99 per ounce by 03:02 GMT, after hitting an all-time high of $4,059.05 on Wednesday. US gold futures for December delivery also fell 0.7% to $4,040.70.
In other precious metals, spot silver fell 0.1% to $48.83 an ounce after hitting an all-time high of $49.57. Platinum fell 0.8% to $1,649.81, and palladium fell 0.1% to $1,447.81. https://ninanews.com/Website/News/Details?key=1256074
Iraqi Oil Prices Stabilize Again In Global Markets.
economy | 09:40 – 09/10/2025 Mawazine News – Baghdad – Iraqi oil prices stabilized during daily trading on Thursday in the global market.
According to data released by Mawazine, Basra Medium crude rose to $65.63 per barrel, while Basra Heavy crude reached $64.08 per barrel, a change of -0.09 for both.
As for global oil prices, British Brent crude reached $66.16 per barrel, while US West Texas Intermediate crude reached $62.51 per barrel, with a change of -0.16 and -0.09, respectively. https://www.mawazin.net/Details.aspx?jimare=268083
The Dollar Closed Lower Against The Dinar In Baghdad.
Economy | 04:23 – 09/10/2025 Mawazine News – Baghdad The dollar exchange rate fell in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, today, Thursday, with the stock exchange closing at the end of the week.
The dollar exchange rate fell in Al-Kifah and Al-Harithiya, recording 141,600 Iraqi dinars for every $100, while this morning it recorded 141,700 dinars for every $100.
Selling prices also decreased in the exchange market in the local markets in Baghdad, where the selling price reached 142,500 dinars for every $100, while the buying price reached 140,500 dinars for every $100.
https://www.mawazin.net/Details.aspx?jimare=268110
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com
